Hey, it’s Marc!
“The two megatrends of the next decade are not AI and crypto.
It’s AI and Internet Capital Markets.”
— Kyle Samani, Managing Partner, Multicoin Capital
This was the biggest week for digital assets yet.
Bitcoin hit a new all-time high, surging past $125,000, fueled by strong ETF inflows (notably from BlackRock and Fidelity). Stablecoin circulation has surpassed $300M. Ethereum is also close to its all-time high and is now trading at $4,750 with a strong inflow in both the ETH spot ETF and ETH accumulation by treasury vehicles. Ethereum treasuries and ETFs now hold over 10% supply.
Corporate digital asset treasuries (DATs) now total $135B, showing rapid institutional adoption. Ethereum and Solana are becoming a key treasury asset alongside Bitcoin. There is a new wave of mid-cap and small-cap companies using digital asset treasuries’ strategy to raise funds.
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NYDIG publicly criticised the “mNAV” metric (market cap ÷ crypto holdings) used to value Bitcoin Treasury (DAT) companies, calling it misleading or disingenuous. The warning came in the context of Strive Asset Management acquiring Semler Scientific (NASDAQ: SMLR 0.00%↑), creating a combined treasury of over 10,900 BTC. Whereas VanEck warns that unstaked ETH holders face dilution as Ethereum shifts from fee-driven yield to a monetary-focused asset.
Also this week:
BitMine Immersion Technologies now holds 2.83M ETH
Propanc Biopharma pivots to build a $100M digital asset treasury company
Hyperscale Data holds Bitcoin equivalent to ~44% of its market cap
Solana Company adds 2.2M SOL to its treasury
And much more.
Let’s dig in.
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Digital assets for next-gen treasury (Standard Chartered)
The Chairman’s Message with Dan Ives | World & The Power of 8 (Eightco)
Treasury Stocks Are Crypto’s Story of the Moment (Investopedia)
Inside Pantera’s $500M Solana Treasury Play, with Cosmo Jiang (Fiftyone)
The crypto market showed a strong rebound over the past week, with total market capitalisation rising 10.2% to $4.29T and trading volume up 14.5% to $204.5B, signalling renewed investor activity. Bitcoin continues to dominate, with circulating supply growing slightly to 19.93M BTC, and public company holdings now accounting for 5.22% of total BTC. The total BTC held in treasuries increased 0.36%, reaching 3.71M BTC, and the BTC price jumped 10.3% to $124,769, lifting the total value of BTC treasuries to $463.1B, a 10.7% increase.
Ethereum also saw significant growth, with ETH in reserve increasing 5.2% to 12.5M ETH, while public company holdings jumped 7.8% to 5.66M ETH, reflecting heightened institutional interest. ETH’s price surged 13.9% to $4,750, driving the total value of ETH treasuries up nearly 20% to $59.4 billion. Despite a small drop in staking APR from 2.86% to 2.81%, Ethereum ETFs saw strong inflows, with AUM rising 14.9% to $25.7B, while Bitcoin ETFs grew 12.3% to $161.6B.
Takeaway: Overall, the data points to renewed market momentum, institutional adoption, and growing treasury accumulation by public companies, reinforcing the narrative that both BTC and ETH are increasingly being used as strategic corporate and investment assets.
Propanc Biopharma (NASDAQ: PPCB 0.00%↑), a Melbourne-based cancer drug developer, announced plans to establish a $100M digital asset treasury within 12 months, shortly after raising $4M in its NASDAQ IPO. [NEWS]
So what? A pre-revenue biotech building a $100M crypto treasury is a capital strategy. This feels like another story of companies following the hottest narrative to attract capital that they could never raise from rational investors. This new wave is coming from small-cap and mid-cap firms using tokenised treasuries to access capital faster, generate yield, and gain relevance with investors.
Hyperscale Data (NYSE: GPUS 0.00%↑) just increased its Bitcoin holdings by 312% in a single week, pushing its digital asset treasury to $41M. This hedge represents 44% of the company’s entire market capitalisation. The company is explicitly aiming to accumulate Bitcoin equal to 100% of its market cap, funding this through a mix of mining and aggressive dollar-cost averaging on the open market. [RELEASE]
So what? With nearly half its market cap in BTC, Hyperscale is materially increasing its balance sheet volatility. Each 1% move in Bitcoin (~$1,235 per BTC at $123,513) translates into ~$410k swing in market capitalisation, meaning traditional equity valuation now closely tracks digital asset price movements. At 44% allocation, Hyperscale is now a hybrid: part tech holding, part Bitcoin ETF proxy. This could re-rate the stock depending on BTC price trends, liquidity, and investor appetite for correlated crypto exposure.
KindlyMD teams with Antalpha to finance Bitcoin treasury growth. Link
MARA Holdings (NASDAQ: MARA 0.00%↑) adds 373 BTC in September, total holdings $6.4B. Link
Amdax raises $35M to build European Bitcoin treasury, targets 1% supply. Link
Prenetics (NASDAQ: PRE 0.00%↑) exits ACT for $72M, strengthens cash and Bitcoin treasury, and boosts IM8. Link
Strive names Bitcoin specialist Ben Werkman as new CIO. Link
CleanSpark (NASDAQ: CLSK 0.00%↑) sells $48.7M Bitcoin, September treasury reaches 13,011 BTC. Link
B HODL (AQUIS: HOLD 0.00%↑) holds 128 BTC (£10.8M), publishes first proof-of-reserves. Link
BitMine Immersion Technologies just poured another $823M into Ethereum, bringing its total ETH treasury to a staggering $13M. The company, chaired by Fundstrat’s Tom Lee, now holds 2.83M ETH, making its Ethereum holdings more than three times larger than its closest competitor, SharpLink Gaming. [NEWS]
So what? Bitmine’s ambition to accumulate 5% of Ethereum is becoming a reality. However, with financial institutions like VanEck questioning the validity of mNAV as a metric for evaluating digital asset treasury companies (DATCOs), it remains to be seen whether Tom Lee’s assertion that Bitmine’s ETH per share provides a fair measure will accurately reflect the company’s growth and investment strategy.
Eightco (ORBS 0.00%↑) stock jumps 34% after adding Ethereum to reserves. Link
SharpLink’s ETH treasury gains exceed $900M, boosting share value. Link
South Korea’s ETH treasuries boom raises warnings of retail-driven risk. Link
Kaixin Holdings launches crypto treasury, targeting BTC, ETH investments. Link
Solana Company (formerly Helius Medical Technologies) (NASDAQ: HSDT 0.00%↑) just added 2.2M SOL (~$530M) to its treasury. [NEWS]
So what? Solana treasury is gaining traction rapidly, like the Ethereum treasury. Public companies are now treating Solana as liquid yield instruments (~7%), replicating Strategy’s strategy. However, the performance will depend on their fundraising technique and how they manage Sol per share and mNAV.
Sharps Technology, a small-cap medical device firm that pivoted to become the “largest Solana digital asset treasury,” is now launching a $100M share buyback. The move comes after the company’s stock (STSS) cratered, falling from a high of $16 to just $6.52. This Nasdaq-listed company holds 2M SOL, currently valued at roughly $448M, after a $400M private investment round that included heavyweights like ParaFi and Pantera Capital. Link
So what? Management is using a traditional Wall Street lever, repurchasing shares, to signal that the market is undervaluing its stock relative to its massive crypto holdings. The stock price drop suggests investors don’t know how to price a medical device company whose primary asset is now a volatile cryptocurrency. The buyback is a direct attempt to close that valuation gap. It’s a playbook other firms with significant digital asset treasuries will be watching closely.
Eightco (NASDAQ: ORBS 0.00%↑) launches video series to expand its Worldcoin treasury vision. Link
MAIA Biotechnology, Inc. (NYSE American: MAIA 0.00%↑) adopts a crypto treasury strategy holding up to 90% in BTC, ETH, and USDC. Link
Avalanche Treasury plans $1B AVAX buy. Link
World Liberty sells tokens to Hut8 for treasury reserves. Link
Tether plans $200M fund to build XAUT gold treasury. Link
Fitell buys 216M PUMP tokens, expanding Solana digital treasury. Link
Mobcast HD launches Solana treasury, plans $9.5M SOL purchase. Link
CEA Industries (NASDAQ: BNC 0.00%↑) holds 480,000 BNB, $663M crypto and cash. Link
That’s all for today.
Best,
Marc
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