Tokenized sovereign debt spent years sounding like a conference phrase in search of a market. But now, the category has enough working components to deserve serious attention: tokenized government money funds, onchain ownership records, programmable transfer rails, and a growing effort to turn government paper into collateral that digital markets can actually use. While this […]
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Strategy chairman Michael Saylor pushed back on critics who say companies that hold Bitcoin are reckless. He told a podcast that buying Bitcoin should be seen as a choice about where to put cash, not as a moral failing. Related Reading: Ethereum Staking Hits Record Levels As Buterin Urges Builders To Deliver Real Apps He said firms face few good options for idle money, and that Bitcoin is one of those options for companies that can stand big price swings. Corporate Bitcoin Treasury Choice Based on reports tracking public disclosures, publicly listed firms hold about 1.1 million BTC in total. That amount equals roughly 5.5% of the 19.97 million coins now in circulation. Strategy is the biggest public holder, with 687,410 BTC, according to BitcoinTreasuries data. Those numbers help explain why markets and regulators pay attention when companies buy large amounts. Saylor framed the issue as a simple accounting decision. He compared holding Bitcoin to other moves a firm might make with extra cash. Treasuries pay very little. Stock buybacks can fail if a company is losing money. He used a clear example: a company losing $10 million per year could still come out ahead if its Bitcoin position gained $30 million over the same time. That point is meant to show why some executives see Bitcoin as a way to improve net results. Risk Vs. Reward On Balance Sheets The argument has limits. Bitcoin can drop fast. A firm with heavy debt or thin margins may be forced to sell at the worst time. Not every company has the same ability to wait for a recovery. Strategy’s big size and long view make it hard to compare with smaller firms that don’t have the same runway or the same investor base. Investors and analysts see two sides. Some view large Bitcoin bets as proof of conviction. Others see concentration risk that adds volatility to corporate returns. That scrutiny grows as more firms add coins to their books. When holdings reach the hundreds of thousands, it is no longer a niche choice; it becomes part of how markets judge a firm’s financial picture. Related Reading: Ethereum On Fire: User Growth Sparks Massive Activity Spike Price Context Matters Bitcoin was trading around $95,250 at the time of writing, with an intraday range from about $94,320 to $95,660 on major exchanges. That level shapes how recent buyers are viewed. Gains make the strategy look smart. Losses make it look unattractive. Timing and cash needs often decide the outcome. Featured image from Unsplash, chart from TradingView
Strategy Inc. (formerly MicroStrategy) spent 2025 building the largest corporate Bitcoin reserve the public markets have ever financed, but the scale of that ambition ended up colliding with the logic of its own stock. What began as an aggressive accumulation strategy, powered by the company’s appetite for leverage and a willingness to dilute existing shareholders, […]
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American financial services company MSCI’s October consultation on “digital asset treasury companies” arrived at a time when the mechanics of Bitcoin (BTC) exposure had already begun to fracture. By mid-2025, three roughly equal-sized channels funneled institutional capital into BTC: regulated spot ETFs managing north of $100 billion, mining operations with embedded BTC exposure, and a […]
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El Salvador executed its largest single-day Bitcoin (BTC) purchase since adopting the cryptocurrency in 2021, acquiring roughly 1,090 BTC worth approximately $100 million as prices slid below $90,000 on Nov. 18. President Nayib Bukele disclosed the transaction on X with a screenshot from the government’s Bitcoin dashboard showing total holdings had climbed to 7,474 BTC, […]
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Earlier in the year, Europe’s Central Bank (ECB) President Christine Lagarde insisted that Bitcoin would not be included in the reserve portfolios of central banks under the ECB’s umbrella; the statement was intended to draw a firm boundary around sovereign engagement with digital assets. For more than two decades, reserve cohesion has served as a […]
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AsiaStrategy said Sora Ventures CEO Jason Fang is now its largest shareholder following a change to the ownership of its major shareholder, Pride River Limited. According to a company statement dated Nov. 10, Pride River’s cap table will shift under an agreement signed Nov. 7. It will move from 70% held by Mr. Ngai Kwan […]
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The corporate Bitcoin (BTC) treasury trade that validated itself through the second quarter hit a wall in the fall. Public companies added 159,107 BTC in the second quarter, pushing total corporate holdings to roughly 847,000 BTC, approximately 4% of the capped supply, and proving that “Bitcoin on balance sheet” worked as a capital-markets play. Then […]
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Steak n Shake just made fast-food and Bitcoin history. On white paper day, the 91-year-old American fast-food chain announced the creation of a Strategic Bitcoin Reserve (SBR), staking its claim (excuse the pun) as the first major U.S. restaurant chain to funnel all BTC payments straight into a corporate Bitcoin treasury. How Steak n Shake […]
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Set against recurring billion-dollar ETF inflows, Asia’s mid-caps are starting to look like the next structural bid for bitcoin’s free float. Japan’s Metaplanet has surpassed 30,00 BTC on its balance sheet, and Korea’s Bitplanet initiated a supervised, rules-based accumulation program. What began as isolated treasury experiments, such as Nexon’s 2021 purchase and Meitu’s short-lived holdings, […]
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Yesterday, Oct. 28, Metaplanet authorized a share buyback program disclosing a Bitcoin (BTC)-secured credit facility of up to $500 million. This capital allocation tool works best when the stock trades below its market-to-net-asset-value ratio, amplifying gains in Bitcoin rallies and magnifying losses in drawdowns. The Tokyo Stock Exchange filings set a buyback cap of ¥75 billion, […]
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Less than a week after its debut, Evernorth, a newly formed XRP-focused treasury company, has emerged as one of crypto’s most profitable institutional entrants. The firm’s swift accumulation of nearly $1 billion worth of XRP has already generated an estimated $75 million in unrealized gains, signaling that Wall Street’s quiet pivot toward the token may […]
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Bitplanet Inc. has purchased 93 BTC and initiated a daily Bitcoin buying program, positioning the company as a first mover in Korea’s public-market adoption of BTC for corporate treasuries. The Seoul-based firm says the transaction was executed entirely through regulated and compliant infrastructure. “This transaction marks the first Bitcoin purchase by a publicly listed company […]
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Wall Street’s appetite for companies holding Bitcoin on their balance sheets is cooling, and investors are starting to show it, according to the New York Digital Investment Group. Related Reading: MemeCore Explodes 3,800% For ATH — But Is A Collapse Around The Corner? Greg Cipolaro, the firm’s global head of research, said the disparity between share prices and net asset value (NAV) for major buyers is narrowing even as Bitcoin reached highs earlier this year. He pointed to several forces pushing those premiums down, from looming supply unlocks to increased share issuance. Premiums On The Slide Investor worry over future token unlocks is weighing on prices. Cipolaro listed other drivers: shifting corporate aims among digital-asset treasuries, fresh share sales, investor profit-taking, and a lack of clear differences between companies that simply hold Bitcoin. Companies often used as proxies for Bitcoin gains — names like Metaplanet and Strategy — have seen that gap compress. In plain terms, stocks that once traded at a healthy premium to the coins they own are now much closer to their NAVs. Buying Activity Slows Sharply Reports have disclosed that the combined holdings of publicly disclosed Bitcoin-buying companies peaked at 840,000 BTC this year. Strategy accounts for a third of that total, or about 637,000 BTC, while the rest is spread across 30 other entities. Data shows a clear slowdown in purchase size. Strategy’s average buy in August fell to 1,200 BTC from a 2025 peak of 14,000 BTC. Other companies bought 86% less than their March 2025 high of 2,400 BTC per transaction. Monthly growth has cooled too: Strategy’s monthly increase slid to 5% last month from 40% at the end of 2024, and other firms went from 160% in March to 7% in August. Share Prices And Fundraising Values Are Coming Under Pressure A number of treasury companies are trading at or below the prices of recent fundraises. That gap creates risk. If newly issued shares begin trading freely and owners decide to cash out, a wave of selling could follow. Cipolaro warned a rough patch may be ahead and advised companies to consider measures that support their share price. Related Reading: Why $50 XRP By December 2025 Isn’t ‘Hopium’ If ETFs Get Greenlight: Analyst Stocks May Face A Bumpy Ride One straightforward move suggested was stock buybacks. According to Cipolaro, crypto focused companies should set aside some capital raised to buy back shares if needed. That approach can lift prices by shrinking the number of outstanding shares. Meanwhile, Bitcoin itself has not been immune to swings. Based on CoinMarketCap quotes, BTC was trading around $111,550, down about 7% from a mid-August peak above $124,000. The price move tightens the margin for error for treasury firms: their fortunes are linked to the coin, but their stock prices can move independently and sometimes more harshly. Featured image from Unsplash, chart from TradingView
Ray Dalio, the billionaire behind Bridgewater Associates, says people should think about putting 15% of their money into gold or Bitcoin. His call comes as America’s debt nears the $37 trillion mark. He argues that holding hard assets can help when paper money loses value. Related Reading: Countdown To August 15: What XRP Investors Need To Know “If you were optimizing your portfolio for the best return-to-risk ratio, you would have around 15% of your money in Bitcoin or gold,” Dalio said during the Master Investor podcast this week. Dalio admits he owns only a little Bitcoin and still leans toward gold. But he’s clear that splitting that 15% between the two is up to each investor. Optimizing For A Debt‑Strained Dollar According to Dalio, the US government will need to sell about $12 trillion more in treasuries over the next year to deal with its growing bill. He pointed out that recent Treasury data shows borrowing in the third quarter of 2025 could hit $1 trillion—$453 billion above earlier estimates—and another $590 billion in the fourth quarter. He warns that printing or selling more debt tends to weaken a currency. That’s why gold and Bitcoin, which aren’t tied to any central bank’s balance sheet, can act as buffers against plain old dollars. Balancing Gold And Bitcoin Dalio said gold remains his go‑to choice. It has centuries of track record against inflation and crisis. Bitcoin, on the other hand, is newer and can swing wildly in price. It’s trading around $118,862, roughly 4% below its July 14 all‑time high of $123,250. While its ups and downs can add spice to returns, they can also give some investors sleepless nights. Dalio suggests you pick a mix that feels right. If you hate big price moves, tilt toward gold. If you can stomach Bitcoin’s roller‑coaster, you might give it a bigger slice. Midway Through The Conversation On Risk He raised the idea back in January 2022 with 1% to 2% in Bitcoin. Now he’s tripling that bucket. That jump shows how fast the mood can shift when national debt climbs. Dalio noted that other Western nations like the United Kingdom face the same “debt doom loop” he sees in the US. He said their currencies may lag behind hard assets, making gold and Bitcoin effective diversifiers when government bills keep piling up. Related Reading: Memecoins, NFTs Get Called Out By Their Own Architect: ‘Zero Intrinsic Value’ Role Of Reserve Currencies Despite his nod to Bitcoin, Dalio said it won’t replace the dollar or euro for central banks. He argued that public blockchains lack privacy. Every transaction is visible, so governments could still watch and intervene. Gold, in contrast, can change hands in private after it leaves the vault. That gives it an edge when you want to keep your holdings off the radar. Featured image from Meta, chart from TradingView
Wirehouse advisors are finding a new way to give clients a taste of Bitcoin and Ethereum without asking them to wrestle with private keys or new wallets. Related Reading: Wall Street’s Bold Bet: Bitcoin Could Hit $200K By December, Banking Giant Says They’re pointing clients toward shares in companies like Strategy (MSTR) and Bitmine Immersion Technologies (BMNR). Those stocks hold or mine crypto directly, so owning a share is almost like owning a slice of Bitcoin or Ether itself. Treasury Stocks Offer Direct Crypto Exposure According to recent filings, Ark Invest bought about 4.4 million shares of BMNR, a position worth roughly $175 million. That move highlights how big investors view treasury stocks: they’re a familiar vehicle wrapped around digital assets. Strategy, for example, has nearly 200,000 BTC on its balance sheet. Bitmine runs mining rigs in Texas and Canada. By picking these stocks, clients get qualified audits, clear tax forms, and the usual oversight that comes with public companies. Robinhood offering a 2% match for crypto transfers, and VCs and other investors shifting staked ETH into Treasury companies (DATs) to double their money when lockups expire. As with $MSTR $BMNR,Treasury stocks are a way wirehouse advisors can give clients exposure to BTC and ETH. https://t.co/CzxOudBSTl — Cathie Wood (@CathieDWood) July 26, 2025 A Safer Bet For Investors Advisors consider that setup safer than telling clients to hold coins in a self‑custodied wallet. It also cuts through some of the more confusing bits of crypto taxes. Instead of a 1099‑B for every sale, you might only see a single line item covering gains or losses on your brokerage statement. A 1099-B is a tax form used in the US to report capital gains and losses from the sale of securities and other financial instruments. For many investors who still find blockchain a bit foreign, this route feels more like buying energy or software shares. Robinhood’s Bonus Spurs Transfers Beyond the equity route, Robinhood is trying its own trick to nudge people toward the broader crypto ecosystem. According to Ark Invest CEO Cathie Wood’s post on X, the platform now offers a 2% reward when users transfer crypto off Robinhood into their own wallets. Related Reading: Bitcoin’s New Clock: How Wall Street Killed The Old Cycle, According To Expert That small boost can cover transaction fees, or even leave a bit of extra crypto in the user’s pocket. It’s an incentive to explore DeFi apps or staking services outside of Robinhood’s walls. The move tracks closely with Ethereum’s recent staking unlocks. As lockups on ETH expire, wallets are once again able to send tokens freely. Platforms want to capture that flow. By front‑loading a transfer credit, Robinhood hopes to win new users on the promise of more yield down the road. Featured image from Pexels, chart from TradingView
Fidelity will maintain traditional book-entry records as the official ownership ledger, though the share transactions will also be recorded on Ethereum.
Bitcoin sweeps new 2025 lows as Treasury yields rise, and the strengthening US dollar Index forces crypto analysts to revise their short-term price expectations.
Cantor Fitzgerald has been managing Tether’s now $90 billion Treasury portfolio since late 2021.