Hey, it’s Marc!
“Solana is just faster, cheaper, and more accessible. It maps perfectly to the same consumer demand cycle that made Amazon unbeatable.”
— Cosmo Jiang, General Partner at Pantera Capital
The US and UK have launched a joint task force to align policy and regulatory approaches for digital assets and capital markets. A key objective is reducing frictions for UK and US firms raising capital internationally, potentially boosting liquidity and competitiveness in both markets. [Read more]
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Digital asset treasuries are providing a backdoor entry into digital assets for retail. With the rise of DATs, there has been an emergence of treasury funds and ETFs, for a more accessible, compliant and secure way to invest in digital assets.
This week, David Knox, formerly PayPal’s head of capital markets, has joined Hyperion DeFi (HYPE treasury company) as CFO. Amber Premium has launched an institutional-grade digital asset treasury platform to help publicly listed companies manage their crypto holdings safely and in compliance with regulations. Meanwhile, some struggling public companies are turning to digital asset treasury strategies to stabilise their business and attract new capital.
Market Psychology: The rise of DATs reflects investor hunger for narrative-driven equities. However, stock market participants are chasing stories that connect them to crypto’s upside, even if the operating businesses have little to no blockchain utility.
Unless larger corporates embrace treasury crypto, DATs may remain niche, though a dedicated “crypto treasury stock” index or ETF could legitimise and scale the trend.
Also this week:
Bit Digital plans to raise $100M for the ETH treasury
Hyperscale Data announced a Bitcoin treasury
Crypto.com invests in building the Solana treasury
And much more.
Let’s dig in.
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Inside Pantera’s $500M Solana Treasury Play, with Cosmo Jiang (Fiftyone)
How DATs Are Bringing Crypto Fever to US Stock Markets (Bloomberg)
$20B DAT Surge (Fiftyone)
FG Nexus Alpha Letter August (FG Nexus)
The past week shows a market cooling at the headline level, but under the surface, reserves and institutional flows tell a more nuanced story. Total crypto market cap slipped -0.75% to $3.88T, with volumes down -2.3%, suggesting a lighter trading environment rather than outright capital flight. Yet stablecoin supply rose +1.6% to $298B, with Ethereum public holdings increasing by 5.3% (266K ETH added).
BTC’s strength remains in long-term treasury positioning, but ETF outflows show softness in tradfi appetite. The bigger signal was ETF outflows: BTC ETF AUM dropped -4.8% ($7.3B in a week), and a 7.3% drop was seen in Ethereum ETF AUM.
Takeaway: ETF outflows may reflect short-term de-risking, but the underlying reserve and treasury flows remain constructive. BTC has averaged +22% in October and +46% in November since 2013. The seasonal pattern will continue with institutional demand.
Hyperscale Data (NYSE American: GPUS 0.00%↑) announced its Bitcoin treasury now totals $24.2M, representing 41.4% of its market cap. The goal is to to keep accumulating Bitcoin until its holdings are equal to 100% of the company’s market capitalisation. [NEWS]
So what? In traditional finance, a company whose market value only reflects the cash on its balance sheet is a failure. Hyperscale is actively engineering itself to become exactly that, but with a far more volatile asset. This is the MicroStrategy playbook taken to its most extreme and logical conclusion. Michael Saylor layered a massive Bitcoin bet on top of an existing software business; Hyperscale is systematically dismantling its operating businesses to become the Bitcoin bet.
BSE rejects Jetking listing over plans to use public funds for crypto. Link
Melanion launches Europe’s first private, regulated Bitcoin treasury model. Link
Metaplanet buys 5,419 BTC, becoming the fifth-largest corporate holder. Link
UK’s B HODL buys 100 BTC, joining corporate Bitcoin trend. Link
NYDIG urges bitcoin treasury firms to stop using misleading mNAV. Link
Bitcoin Well adds 31 BTC, total reserve now 42 BTC. Link
Former bitcoin miner Bit Digital (NASDAQ: BTBT 0.00%↑) is raising $100M in a convertible note offering, with help from Barclays and Cantor, for buying more Ethereum, after pivoting to an ETH staking and treasury model in June. [NEWS]
So what? In the digital asset space, treasury is becoming a leveraged hedge fund. Bit Digital is taking the Michael Saylor/MicroStrategy playbook, issuing debt to acquire a volatile digital asset, and applying it to Ethereum. However, as the market matures, such announcements are making treasury companies’ stocks more volatile as traditional investors see it as piling debt-fueled risk onto an already speculative asset.
BitMine holds 2.65M ETH, the largest corporate Ethereum treasury globally. Link
SharpLink will tokenise SEC-registered shares, holding 838K ETH treasury. Link
Quantum Solutions raises $180M to build Japan’s largest Ethereum treasury. Link
Sharps Technology (NASDAQ: STSS 0.00%↑), a company that makes smart-safety syringes, is now using Crypto.com’s institutional services to manage its digital treasury of over 2M SOL tokens, currently valued at more than $400M. It is also using Crypto.com’s OTC desk and custody to actively manage one of the largest corporate Solana treasuries in existence, with plans to deploy capital into Solana-native projects to generate yield. [RELEASE]
So what? This move brings Sharps among the top Solana-holding public companies with Forward Industries, DFDV and Upexi. It is even more interesting for what it says about Crypto.com’s strategy. Just last month, the exchange partnered with Trump Media to launch a new venture to accumulate its own CRO token. Now, it’s providing the institutional-grade plumbing for a medtech company to manage a $400M SOL treasury. So, can we say, Crypto.com is building a “Treasury-as-a-Service” business, becoming the go-to partner for digital asset treasuries?
VisionWave Holdings (NASDAQ: VWAV 0.00%↑), a defense tech company with a tiny $7.65M market cap, just hired a consulting firm to help it raise up to $300M for a digital asset treasury. The plan is to invest in assets like Bitcoin and Solana, stake 70% of it, and use the rest to fund its operations and M&A. The consultants stand to make $100k, 17 Bitcoin, and 250,000 shares if they can pull off this Hail Mary capital raise.
So what? Companies on life support are trying to latch onto the hottest narrative to attract capital that they could never raise from rational investors. Treasuries are becoming another speculative bet, but for the public companies, which raises the critical need to differentiate between genuine strategic innovation and a narrative-driven gamble. [NEWS]
Utah-based asphalt shingle recycler Sky Quarry (NASDAQ: SKYQ 0.00%↑) is seeking up to $100M to build a “digital asset treasury,” aiming to tokenise its physical assets. The company calls it a strategic move to use tokens as collateral with suppliers and cut accounting costs. [RELEASE]
So what? Sky Quarry has been reported for 14 open-market sales and zero purchases by insiders in the last six months. As a digital asset treasury becomes a hot narrative to attract capital that traditional markets don’t provide, companies may use this to grease the wheels of their industrial business. The heavy insider selling of Sky suggests executives may not be confident in the long-term outcome.
Flora Growth Corp. (NASDAQ: FLGC 0.00%↑) claimed $401M raise but only secured $13.7M cash. Link
Jiuzi Holdings plans $1B crypto treasury in Bitcoin, Ethereum, BNB. Link
Applied DNA raises $58M to start BNB-focused crypto treasury. Link
Hyperion DeFi adds $10M HYPE tokens to its treasury holdings. Link
That’s all for today.
Best,
Marc
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