Hey, it’s Marc!
“Solana can do more transactions per day than all capital markets combined."
— Dan Morehead, Founding and Managing Partner at Pantera Capital
It’s a bold claim, but it shows why Pantera (backs BitMine) is betting big on Solana. Their latest move: backing Helius (NASDAQ: HSDT 0.00%↑), a newly listed public company building a Solana treasury. [Read below 👇]
Geoffrey Kendrick, Standard Chartered’s global head of digital assets research, argues that Ethereum’s staking-based yield makes it a more attractive reserve asset than Bitcoin if companies want sustainability and not just exposure.
This matters because digital asset treasury companies (DATCOs) now hold a meaningful slice of supply: 5% of Bitcoin, 4% of Ethereum, and nearly 1% of Solana. Companies’ buying power moves markets. The question is: which treasuries can survive long-term? The declining mNAVs of the digital asset treasury vehicles are becoming a concern. The current differentiator for DATCOs is:
Ability to raise cash to keep buying.
Scale (sheer size of holdings).
Yield-generation capacity (staking, lending, other strategies).
ETH and SOL treasuries have an advantage because staking offers built-in yield.
Plus: We interviewed Kyle Samani, co-founder of Multicoin Capital, an early Solana backer, and now Chairman of Forward Industries (NASDAQ: FORD 0.00%↑), a newly launched $1.65B Solana treasury company. He argues, “Ethereum has more capital sitting there. But Solana has more velocity, more usage, and more economic activity.”
Not just Solana, Wall Street is betting heavily on the BNB coin. David Namdar, CEO of BNB Network Company (BNC) and Galaxy Digital co-founder, said, “BNB is the most overlooked blue-chip crypto asset in the space. It’s tied to the largest company in crypto, and yet Western investors still don’t fully get it.” [WATCH FULL EPISODE]
Also this week:
Kindly MD (NAKA 0.00%↑) stock crashed 54% to $1.26
Strive (ASST 0.00%↑) introduced a Bitcoin native board
FG Nexus approves 1T shares to buy ETH
And much more.
Let’s dig in.
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Top Reads
FG Nexus Alpha Letter August (FG Nexus)
Creating The World’s Leading Solana Treasury Company (Multicoin Capital)
1 Million Bitcoin (Fiftyone)
DAT Value Creation (Pantera Capital)
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Market Moves
Historically, September is one of the weakest months for Bitcoin and Ethereum. This year, both BTC (+3.1%) and ETH (+3.8%) are defying that trend, showing stronger resilience than usual.
The overall crypto market cap rose 1.8% week-over-week to $4.01T, while stablecoins gained 1.2%, signaling steady demand for liquidity. Trading volumes dipped slightly (-3.4%), but capital inflows into ETFs tell a different story: BTC ETF assets under management climbed 4.2% to $150B, and ETH ETFs gained 2.3%, reflecting growing institutional appetite.
Bitcoin held in treasuries increased 0.6% to 3.69M BTC, now 18.5% of total supply, with public companies adding to their positions. Ethereum saw a stronger move, reserves rose nearly 2%, and public company holdings jumped 4.3% in a single week.
Macro: The US Fed is expected to cut rates multiple times before year-end. Odds of 3 cuts jumped from 22% → 49% in two weeks.
Treasury Highlights: Bitcoin
Strive’s $750M Bitcoin bet
Strive, Inc. (NASDAQ: ASST 0.00%↑) introduced a Bitcoin-native board, with leaders from Swan, The Bitcoin Bond Company, and The Bitcoin Opportunity Fund, and detailed plans to expand its Bitcoin treasury. The company, already holding 69 BTC, has raised $750M (plus another $750M possible via warrants) to buy more Bitcoin. Tools include a $450M ATM, $500M stock buyback, and plans for a perpetual preferred equity security to fund more BTC accumulation. [RELEASE]
So what? Its stock tanked 24.7% Monday after announcing a $750M raise to buy Bitcoin for its treasury. The drop highlights the core risk of its model: public investors may view a Bitcoin-first treasury as leveraged exposure to crypto volatility rather than long-term innovation. The company is betting that becoming the premier publicly traded Bitcoin treasury will unlock value, but for now, Wall Street sees risk over reward.
“I encourage you to exit”,: said KindlyMD’s CEO
Kindly MD (Nasdaq: NAKA 0.00%↑) shares plunged 54% to $1.26 after CEO David Bailey issued a public letter urging short-term investors to “exit,” warning of steep volatility ahead as the company shifts into a full Bitcoin treasury model. The company has filed its Form S-3 registration to allow previously restricted PIPE shares (from a $200M deal) to be freely tradable. The merger with Nakamoto Holdings (Bitcoin-native) is complete; Nakamoto is now a wholly owned subsidiary and will operate the Bitcoin financial services line of business under the Nakamoto brand.
So what? Bailey’s letter marks a break from the typical playbook: rather than courting broad investor appeal, Kindly MD is pruning its shareholder base to align with Bitcoin-native conviction. The move signals a shift from MicroStrategy’s “leveraged balance sheet” approach toward a new model, companies reorienting their entire identity and capital strategy around Bitcoin, even at the cost of liquidity and near-term market support.
Hyperscale bets $100M on Bitcoin + AI
Hyperscale Data (NYSE: GPUS 0.00%↑) is putting $100M into Bitcoin while doubling down on its Michigan AI data centre, targeting up to 340 MW capacity.
So what? While Bitcoin mining companies are turning to AI data centres, this is a new tactic to pursue dual exposure to both Bitcoin and enterprise AI compute. While the main business opportunity is purpose-built for enterprise AI and GPU compute, Hyperscale is blending the risk/reward profile of Bitcoin as a treasury asset. It has greater upside exposure to cyclical and secular growth in both AI and digital asset markets relative to other public companies. [RELEASE]
Other News:
QMMM stock jumps 1,736% after $100M Bitcoin, Ethereum, Solana treasury plan. Link
LIXTE Biotechnology (LIXT 0.00%↑) allocates $2.6M crypto (Bitcoin + Ethereum. Link
China’s Next Technology plans $500M stock sale to expand Bitcoin treasury. Link
Strategy (MSTR 0.00%↑) buys $60M Bitcoin via preferred shares, now holds 639,000 BTC. Link
Capital B raises €58.1M to expand Bitcoin treasury, now holds 2,249 BTC. Link
KindlyMD’s Nakamoto (NAKA 0.00%↑) invests $30M in Metaplanet’s Bitcoin-focused equity raise. Link
UK-based B HODL to list, raising £13.3M for Bitcoin treasury strategy. Link
Treasury Highlights: Ethereum
FG Nexus approves 1T shares to buy ETH
FG Nexus (Nasdaq: FGNX 0.00%↑) secured shareholder approval to authorise 1 trillion shares, 900B common, 100B preferred, giving it what’s likely the largest capital flexibility of any U.S. public company. The move is designed to fund its goal of becoming the largest corporate Ethereum holder globally, with ETH accumulation, staking, and restaking at the core of its strategy.
So what? This isn’t financial engineering for buybacks, it’s a structural bet that Ethereum becomes the backbone of tokenised finance. By arming itself with effectively limitless issuance capacity, FG Nexus is building a “capital machine” to systematically acquire ETH and compete with MicroStrategy’s Bitcoin playbook, but on Ethereum’s yield-bearing rails.
Other News:
SharpLink Gaming (SBET 0.00%↑) buys back $15M shares. Link
BitMine (NYSEAMERICAN: $BNMR) now holds nearly $10B in Ethereum, becoming top corporate holder. Link
Allied Gaming (AGAE 0.00%↑) adds Bitcoin and Ethereum to treasury, shares jump 105%. Link
Other Digital Assets & ETFs Updates
Solana gets another $500M treasury vehicle
Helius (NASDAQ: HSDT 0.00%↑), with Pantera and Summer Capital, raised $500M to acquire and stake Solana (SOL), with warrants pushing the deal’s potential to $1.25B. Unlike BTC, SOL is yield-bearing (~7% staking rewards). Solana already processes 3,500+ TPS and 23B transactions YTD with ~3.7M DAUs. [RELEASE]
So what? By turning Solana into a yielding reserve asset, investors are reframing corporate treasuries from passive buffers (BTC/ETH) into active, cash-generating instruments. This positions Solana not just as the “memecoin chain,” but as infrastructure for tokenised finance, where balance sheets, payments, and capital markets converge onchain.
Avalanche’s $1B treasury bet
Avalanche Foundation is raising $1B across two U.S. deals: one Nasdaq PIPE led by Hivemind/Scaramucci ($500M), one Dragonfly-backed SPAC ($500M), to fund new crypto treasury companies. Proceeds will be used to buy AVAX directly from the foundation at a discount. [NEWS]
So what? Avalanche is trying to institutionalise AVAX demand by creating corporate digital asset treasuries (DATs) as a permanent buyer base. As there is a growing demand for BTC and ETH digital asset alternatives, this is the best time for AVAX to enter the treasury vehicle space.
Other News:
SEC delays decisions on staking for Ethereum, Solana, and XRP ETFs. Link
CEA Industries (BNC 0.00%↑) boosts BNB treasury to $368M, targeting 1% supply. Link
VanEck files for first HYPE ETF, boosting token 22% to record. Link
That’s all for today.
Best,
Marc
