Reading · Crypto Treasury Alpha

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“We’ve now got the single most powerful factor in all of investing that’s ever existed… Everything is tied to this debasement of currency.”
— Raoul Pal, Co-founder and CEO, Real Vision

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Public companies added roughly 14,400 BTC in October, bringing total holdings to over 1.05M BTC, while private firms barely increased their reserves, marking the lowest monthly accumulation of 2025. That’s a sharp slowdown from September’s 46,000+ BTC surge (both private and public companies).

The slowdown likely stems from valuation fatigue, tighter capital, fluctuating mNAVs, and high BTC prices that make treasury allocations harder to defend to shareholders. With stock values sliding and fundraising tougher, firms are reassessing digital asset exposure from a risk-adjusted return lens rather than pure growth.

Meanwhile, Ethereum’s treasury passed 6M ETH, out of which Bitmine’s share is 3.24M ETH. Ethereum is being positioned as both infrastructure and a core financial asset for balance sheets. Yield farming is also becoming a financial tool, with platforms like Aave and Morpho becoming part of treasury operations.

Implication: The next phase of Bitcoin treasuries may look more like strategic reserve management, slower, steadier, and more integrated into balance-sheet planning. We are also going to witness the acquisition of many nano-cap DATs by bigger companies.

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Also this week:

AI firm Hyperscale Data doubles down on Bitcoin
Bitmine added another 82,353 ETH
Tharimmune, Inc. will accumulate Cantor coin

And much more.

Let’s dig in.

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Crypto markets cooled sharply this week, with total market cap down 10.7% to $3.45T and Bitcoin falling 9.2% to ~$103K, its lowest level in six weeks. Trading volume surged 56%, signaling rotation rather than exit, as investors repositioned amid profit-taking and macro uncertainty. Bitcoin treasuries shrank slightly (-0.08%), marking the slowest month of corporate accumulation in 2025, while Ethereum holdings by public firms rose 1.3%, hinting at growing institutional interest despite ETH’s 15% price drop. Stablecoin supply remained flat, showing capital largely stayed in-system. ETF outflows were mild (-1.4%), suggesting long-term conviction remains intact.

Takeaway: Institutions aren’t exiting crypto, they’re pausing Bitcoin buys, rotating to ETH and waiting for cheaper entry points.

AI data centre company Hyperscale Data (NYSE American: GPUS 0.00%↑) announced its Bitcoin treasury has grown to $73.5M, which already represents 61% of its entire market capitalisation. Its publicly stated goal is to accumulate Bitcoin equal to 100% of its market cap as part of a wider $100M digital asset treasury (DAT) strategy. It’s executing this through a disciplined dollar-cost averaging plan, buying Bitcoin on the open market every week (acquiring 36.3 BTC last week alone) and supplementing it with its own mining operations. [NEWS]

So what? Hyperscale is pioneering a radical new model of corporate value. It is making Bitcoin the treasury’s core asset and a direct benchmark against its own equity value, effectively turning the company into a leveraged bet on Bitcoin’s price. While this strategy can amplify upside in a bull market, it also means equity value will swing with BTC volatility, highlighting a risky identity shift for public investors.

Strategy MSTR 0.00%↑ halts Bitcoin treasury acquisitions, citing uncertainty and execution risks. Link
Bitcoin Bancorp partners with Sailo to launch AI-powered treasury platform. Link
Strategy MSTR 0.00%↑ issues euro shares to fund further Bitcoin accumulation. Link
Amazing AI launches Bitcoin treasury to diversify beyond core AI business. Link
Sequans SQNS 0.00%↑ sold 970 BTC to redeem half of its convertible debt. Link
Brazil’s OranjeBTC halts Bitcoin buys, launches stock buyback program. Link
Prenetics buys 100 more Bitcoin as wellness brand hits $100M ARR. Link

10: DeFi enters mainstream through DATs

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