3: 1 million Bitcoin

Marc Baumann and Sangam Bharti

Sep 10, 2025

Hey, it’s Marc,

Nasdaq now requires shareholder approval for any public company stock issuances used to buy crypto. 184 companies planning $132B in token purchases this year are impacted.

For the first time, public companies now hold over 1M Bitcoin, nearly 5% of the supply. In just five years, corporate treasuries have amassed $110B in Bitcoin, echoing gold’s role as a reserve asset.

Since last week, Ethereum holdings by public companies also grew to 4.7M ETH ($20.55B) by 6.06%. BTC and ETH combined treasury value is now ~$460B, cementing “Digital Asset Treasury (DAT)” as the defining corporate theme.

“Traditional systems are built on debt, paying yesterday’s promises with tomorrow’s taxes. Ethereum’s system is built on participation, staking creates security and produces yield. That’s why we believe ETH is becoming “digital oil.””
— Maja Vujinovic, Digital Assets CEO at FG Nexus

Not just Ethereum, other digital assets, including SOL, HYPE and ENA, are attracting institutional capital in millions.

It has also been a great start to the Bitcoin ETFs, with $617.9M net flow in the first week of the month, whereas the ETH ETFs have a net flow of -$863M.

Also this week:

Strategy excluded from S&P 500 rebalancing, Robinhood added
Marathon Digital becomes the 2nd largest public BTC holder
Forward Industries raises $1.65B for Solana treasury
SharpLink eyes Linea for $3.6B ETH staking

And much more.

Let’s dig in.

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Market Moves

Crypto market cap rose 5.2% ($3.94T) even as volumes slid 14.5% ($146.5B), signaling capital rotation and longer-term positioning over short-term trading. Whereas, stablecoins edged up 0.6% ($286.2B).

BTC price climbed 3.5% ($111,979) and is consolidating at $110K. On-chain data shows BTC whales (1,000+ BTC) are reducing holdings, while mid-tier addresses (100–1,000 BTC) are steadily growing. This shift signals ETF custody flows and institutional accounts, fragmenting supply across mid-sized entities instead of remaining concentrated in whale wallets.

ETH circulation fell 0.29%, with 11.4M ETH locked in reserve, while the price gained 1.8% ($4,346). Treasury ETH value rose 3.8% ($49.5B) despite APR yields compressing from 3.12% → 2.81%.

BlackRock’s BTC ETF saw $289.8M inflows in a single day (Sept 4), reversing August’s outflows. Treasuries, ETFs, custody, and derivatives are aligning, turning crypto into a mainstream corporate finance strategy.

Treasury Highlights: Bitcoin

Strategy shut out of S&P 500

MicroStrategy (NASDAQ: MSTR 0.00%↑) was left out of the latest S&P 500 rebalancing, while AppLovin, Robinhood, and Emcor Group secured spots. That exclusion wiped ~2% off MSTR stock in after-hours trading. The firm also bought 1,955 more Bitcoin for $217M, totalling 638,460 BTC ($71B). [NEWS]

So what? Index inclusion is more than optics; it forces trillions in passive funds to buy your stock. MSTR shares are down 26% since July, trading at $335, and its valuation premium to Bitcoin (mNAV) has collapsed from 2.5x → 1.5x. For digital asset proxies, S&P 500 inclusion is the difference between being valued like a growth stock vs. a tracking vehicle. Without that stamp of approval, even massive BTC holdings can’t unlock institutional capital flows, making index recognition a critical lever for long-term stock performance.

MARA Bitcoin treasury hits $5.9B

Marathon Digital (NASDAQ: MARA 0.00%↑) now holds 52,477 BTC ($5.9B), cementing its spot as the second-largest public Bitcoin holder after MicroStrategy. The miner produced 705 BTC in August, capturing ~5% of all miner rewards, and has adopted a “full HODL” policy, retaining all mined BTC while raising cash ($850M private offering) to fund operations. [NEWS]

So what? Marathon is accumulating its mined Bitcoin and raising money through 0.00% convertible senior notes that save it from immediate interest payments. The conversion feature gives lenders equity upside if MARA’s stock rebounds, but shares are already down 13.5% YTD, and it has lost the mining market-cap crown to IREN Energy. The move highlights both discipline (protecting cash, retaining BTC) and risk (future dilution, dependence on stock recovery).

Sora Ventures launches $1B Asia Bitcoin fund

Taiwan-based Sora Ventures introduced Asia’s first $1B Bitcoin treasury fund, with $200M already committed. Unlike Japan’s Metaplanet or Hong Kong’s Moon Inc. (which hold BTC directly), Sora will pool institutional capital to back treasury firms and create cross-border synergies. [NEWS]

So what? Asia is moving beyond single-company Bitcoin bets (Metaplanet) to pooled, fund-scale treasuries, an institutional upgrade that could rival North America’s corporate-led model. With $200M already secured and friendlier regimes in Hong Kong and Singapore, Asia is positioning itself as the next hub for Bitcoin as a reserve asset.

Other News:

Nakamoto, Winklevoss back $147M for Dutch entity Treasury B.V. Link
Metaplanet (TYO: 3350) buys $15M Bitcoin, now holding 20,136 BTC. Link
Hong Kong’s Hashkey launches $500M fund for digital assets. Link
Sadot (NASDAQ: SDOT 0.00%↑) hires Bitcoin Bancorp (OTC: $BULT) to design an institutional Bitcoin treasury strategy. Link
Altvest rebrands Africa Bitcoin Corp, plans $210M corporate Bitcoin treasury. Link
DDC Enterprise (NASDAQ: DDC 0.00%↑) partners with Gemini to expand Bitcoin treasury strategy. Link

Treasury Highlights: Ethereum

SharpLink eyes Linea for $3.6B ETH staking

SharpLink Gaming plans to explore staking part of its $3.6B Ethereum treasury (~0.69% of total ETH) on Ethereum’s Layer-2 network Linea, set to launch September 10. The company currently stakes nearly all ETH via custodians Anchorage and Coinbase, but is seeking higher-risk-adjusted yields through diversified staking vehicles, including Linea and liquid staking protocols. SharpLink is also a Linea Consortium member, which will steward 75% of the network’s token distribution, aligning treasury strategy with network bootstrapping and ETH value capture. [NEWS]

So what? ETH treasuries are evolving from static holdings to active yield portfolios, leveraging Layer-2 networks to amplify returns and influence ecosystem growth. Businesses with large ETH positions must weigh yield diversification, risk-adjusted strategies, and strategic alignment with emerging infrastructure to protect and grow capital.

Jack Ma buys ETH

Jack Ma's Yunfeng Financial Group bought $44M of ETH(10,000 ETH). Shares reacted positively, rising 9.5% on the day. [ANALYSIS]

So what? This signals Asia’s growing appetite for ETH treasuries as a hedge, yield tool, and tech enabler. Corporate ETH treasuries are expanding beyond the U.S. with Ethereum becoming the settlement layer of modern financial economy.

Other News:

Bitmine (NYSEAMERICAN: $BNMR) holds 2.069M ETH, the second-largest crypto treasury globally. Link
Bit Digital (NASDAQ: BTBT 0.00%↑) holds 121,252 ETH, 86.6% staked, earning 2.94% yield. Link
ETHZilla’s (NASDAQ: ETHZ 0.00%↑) Ethereum treasury nears $500M amid CEO change, Cumberland deal. Link
Fidelity launches $200M Ethereum-based tokenised Treasury fund, FDIT. Link

Other Digital Assets & ETFs Updates

Galaxy, Jump, Multicoin bet $1.65B on Solana

Forward Industries (Nasdaq: FORD 0.00%↑) raised $1.65B from Galaxy, Jump, and Multicoin to launch a Solana treasury program, arguably the largest institutional Solana raise yet. With board seats locked by Kyle Samani (Multicoin), Chris Ferraro (Galaxy), and Saurabh Sharma (Jump), the company is well governed by the investors.

So what? The scale of this raise and board-level backing signals that institutional interest in Solana isn’t just growing, it’s accelerating faster than Ethereum did in earlier cycles, positioning Solana as a prime contender for institutional-grade DeFi and applications. [NEWS]

Other News:

Eightco (NASDAQ: OCTO 0.00%↑) adopts $250M Worldcoin treasury plan. Link
SOL Strategies uplists to Nasdaq, launches $1B Solana treasury. Link
Lion Group (NASDAQ: LGHL 0.00%↑) reallocates $600M crypto treasury, swapping Solana and Sui for Hyperliquid. Link
CEA Industries (NASDAQ: BNC 0.00%↑) expands BNB treasury by $33M, now holds 388,888 BNB worth $330M. Link
Tron Inc (NASDAQ: TRON 0.00%↑) treasury receives 312.5M TRX ($110M) boost from Bravemorning Limited. Link
XRP treasury partners with DOT Miners and Vivopower to launch a strategic corporate treasury program. Link
VivoPower (NASDAQ: VVPR 0.00%↑) launches a $200M XRP treasury yield program. Link
SUI Group Holdings Limited (NASDAQ: SUIG 0.00%↑) added ~20M SUI to its treasury, surpassing 100M SUI. Link
Mill City (NASDAQ: SUIG 0.00%↑) rebrands as SUI Group, advancing SUI treasury strategy. Link
Mega Matrix (NYSEAMERICAN: MPU 0.00%↑) files $2B SEC registration to build ENA treasury. Link
StablecoinX raises $530M to build Ethena ENA treasury. Link
FiscalNote (NYSE: NOTE 0.00%↑) is exploring cryptocurrencies as strategic reserve. Link