Hey, it’s Marc!
“Ethereum has more capital sitting there. But Solana has more velocity, more usage, and more economic activity.”
— Kyle Samani, Co-founder of Multicoin Capital and Chairman of Forward Industries (NASDAQ: FORD 0.00%↑)
Digital asset treasury companies (DATCOs) have raised $20B in 2025 so far. July alone accounted for nearly $10B, making DATs (digital asset treasuries) the single largest category of crypto fundraising this year. While Bitcoin still dominates, increasing flows are moving to Ethereum, Solana, TON, and other altcoin-focused DATs.
Treasury firms holding BTC are consolidating as mNAVs (market-to-NAV ratios) fall. Premiums are already compressing to par or discount.
That raises the bar: only DATs that can sustain NAV through yield, disciplined issuance, or structured capital will survive. Right now, capital toolbox matters more than valuation story. We can expect:
Larger players like MicroStrategy are buying out smaller ones, but that’s just rotation; no new demand is created.
Top treasury vehicles will lean on debt, structured capital, repo lines, staking revenue, and locked-token strategies (e.g., buying discounted locked supply with yield) to defend mNAVs while minimising share issuance.
The ultimate goal: restore premiums.
What to look at now:
Low dependence on continuous ATM issuance (cap ATM drip to <2% ADV)
Access to structured credit or repo facilities
Transparent unlocking schedules for locked tokens (and realized yield)
Active liquidity partnerships (MMs, options dealers)
Governance and regulatory readiness
Track M&A opportunities
The headline money phase is over. Now, it is the time for treasury companies to engineer liquidity, source non-dilutive capital, and execute yield strategies while avoiding forced liquidations.
Top insight: Treasuries may turn Ethereum into the default corporate digital asset reserve as it can both store and grow their assets via staking, something Bitcoin can’t do. Solana lacks scale and regulatory footing. That makes ETH the most structurally advantaged asset for treasury strategies going forward.
Also this week:
Bitmine holds 2% of the ETH supply
Scaramucci bets $550M on Avalanche
TNL Mediagene will add BTC, ETH, and SOL to the treasury
BNC raises $500M, targets 1% of BNB supply
And much more.
Let’s dig in.
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Market Moves
The crypto market pulled back slightly this week, with total market cap dipping 2.5% to $3.9T even as trading activity surged nearly 30% to $183B. This shows that despite price declines in BTC (-2.1%) and ETH (-6.7%), investor participation is rising, suggesting active repositioning rather than capital flight. Stablecoins also ticked up 1.2% to a $293B cap, underscoring continued demand for liquidity and on-chain settlement.
Bitcoin’s role as a treasury asset continues to deepen. Holdings in corporate treasuries rose to 1.03M BTC (+2.1% week-over-week), equal to 5.2% of total supply. Broader treasury wallets now hold 18.6% of all BTC in circulation. While BTC’s price slipped, the willingness of companies to accumulate into weakness highlights strategic conviction, especially as ETF assets under management crept up past $151B.
Ethereum faced more pressure, with prices down nearly 7%, but the structural story remains strong. ETH reserves grew 1.7% week-over-week, and corporate holdings reached nearly 5M ETH. ETF exposure also climbed to $24B, reflecting institutional adoption. The divergence between price softness and balance-sheet accumulation suggests ETH is being positioned as a long-term reserve despite short-term volatility.
Takeaway: Digital assets are steadily integrating into corporate and institutional portfolios, even when markets turn choppy.
Treasury Highlights: Bitcoin
Ramaswamy’s Strive buys Semler, adds $675M Bitcoin
Vivek Ramaswamy–backed Strive (NASDAQ: ASST 0.00%↑) will acquire Semler Scientific (NASDAQ: SMLR 0.00%↑) in a $1.34B all-stock deal, adding 5,816 Bitcoin ($675M) and creating a combined entity holding 10,900+ BTC. Semler shareholders get a 210% premium, while Strive’s stock fell 8% on announcement. How is it different from MicroStrategy? Strive is funding future buys via preferred equity only, avoiding debt. [NEWS]
So what? Many more M&As are coming to the Bitcoin treasury space as companies that blindly copied MicroStrategy’s BTC playbook now face pressure to rethink their approach. Instead of treating Bitcoin as a side bet, firms are restructuring, merging, and even repricing themselves entirely around their holdings, effectively turning corporate shells into full-fledged treasury wrappers.
Amber bets on enterprise crypto infrastructure gap
Amber Premium (Nasdaq: AMBR 0.00%↑) is entering the Digital Asset Treasury (DAT) market, launching an institutional-grade platform for corporates, trading, custody, compliance, and treasury management in one stack. The company cites a key gap: 179 listed firms already hold $110B in Bitcoin, but most rely on fragmented, “buy-and-hold” setups with limited risk controls. [RELEASE]
So what: For enterprises, buying tokens is no longer the hard part; managing them at scale is. The role of trusted custodians and fund managers is rapidly evolving as public companies are moving towards digital asset treasuries. Amber’s pitch: an SAP-style layer for corporate crypto, bundling consulting, execution, custody, and regulatory oversight.
Other News:
TNL Mediagene will add BTC, ETH, and SOL to the treasury. Link
Metaplanet buys $633M Bitcoin, becoming fifth-largest corporate holder. Link
ZOOZ (Nasdaq and TASE: ZOOZ 0.00%↑)Power to invest $180M in Bitcoin treasury strategy. Link
Strategy (NASDAQ: MSTR 0.00%↑) buys $100M BTC, total holdings reach 639,835 coins. Link
Hyperscale Data’s (NYSE American: GPUS 0.00%↑) Bitcoin treasury grows to $13.25M. Link
Capital B raises €1.2M to expand Bitcoin treasury holdings. Link
Treasury Highlights: Ethereum
The Rise of Bitmine
Bitmine (NASDAQ: $BNMR) is now a leading ETH accumulation company with a fair valuation, surpassing 2% of the ETH supply with 2.4M ETH. ts total holdings, including cash and “moonshots,” now sit at $11.4B, making it the #1 ETH treasury worldwide and the #2 global crypto treasury behind MicroStrategy’s $74B in BTC.
So what? BitMine is creating structural scarcity in Ethereum with an attempt to increase Ethereum value, like MicroStrategy did to Bitcoin. Its strategy of issuing shares to acquire ETH has proven effective in increasing the ETH per share. ETH accumulation by treasury companies is forcing enterprises to rethink access to the rails that power tokenisation, DeFi, and agentic-AI economies. [NEWS]
ETHZilla adds $350M to fund tokenisation push
ETHZilla (NASDAQ: ETHZ 0.00%↑) raised $350M via convertible debentures, pushing its program near $500M. The Nasdaq-listed firm now holds 102,264 ETH ($462M) plus $559M in cash & Treasuries. With corporates holding 4.34% of the total ETH supply, ETHZilla plans to double down on Ethereum scaling protocols and real-world asset tokenisation to generate cash flow. [NEWS]
So what: ETHZilla is turning corporate treasuries into quasi-fund managers, tightening ETH supply while using tokenisation as a revenue engine. The playbook echoes Bitcoin-first firms like MicroStrategy but shifts the thesis: ETH isn’t just a store of value, it’s becoming working capital for tokenised markets.
Other News:
Ether Machine files for IPO via Dynamix merger, holds 495,362 ETH. Link
Reliance Global Group (NASDAQ: RELI 0.00%↑) makes first Ethereum purchase for treasury expansion. Link
Phoenix Motor (OTC PINK: PEVM) adds ETH, BNB, SOL, payments and crypto treasury plan. Link
Other Digital Assets & ETFs Updates
Scaramucci bets $550M on Avalanche
Anthony Scaramucci is leading a $550M raise to turn AgriFORCE (Nasdaq: AGRI 0.00%↑) into Avax One, a digital asset treasury aiming to buy $700M in AVAX tokens. Shares surged 149% Monday, lifting the market cap to $7.5M from $3.2M. Backers include Hivemind, ParaFi, Galaxy, DCG, and Kraken. [NEWS]
Why it matters: Apart from this deal, Avalanche is raising $500M from Dragonfly-backed SPAC to fund new crypto treasury companies. Avalanche is not just betting big on onboarding enterprises and institutions on its blockchain, but also trying to institutionalise AVAX demand by creating corporate digital asset treasuries (DATs) as a permanent buyer base. And, the timing fits perfectly.
BNC raises $500M, targets 1% of BNB supply
CEA Industries (now BNC) closed a $500M private placement and aims to acquire 1% of all BNB tokens by 2025. If warrants are exercised, proceeds could hit $1.25B. [NEWS]
Why it matters: BNB, long tied to Binance’s ecosystem, is being institutionalised as a treasury-grade asset. As the firms are stockpiling non-BTC/ETH tokens, digital asset treasuries are emerging as a more diversified and yield-driven way to explore cryptocurrencies for corporates. BNC’s CEO, David Namdar, believes that the BNB is the most overlooked blue-chip crypto asset in the space. [Watch the podcast]
Other News:
Fragmetric Labs and DeFi Development Corp. (NASDAQ: DFDV 0.00%↑) will launch the first Solana Digital Asset Treasury in Korea. Link
Helius (NASDAQ: HSDT 0.00%↑) buys $168M Solana, stock drops despite strong rally. Link
Brera rebrands as Solmate, raising $300M for SOL treasury. Link
SEC delays Solana ETF, but approval odds remain very high. Link
B Strategy backed by YZi Labs aims to raise $1B BNB. Link
Evo Fund invests $10M in Super League (NASDAQ: SLE 0.00%↑) to strengthen finances. Link
TNL Mediagene (NASDAQ: TNMG 0.00%↑) adds global experts to guide digital asset treasury strategy. Link
Forward Industries (NASDAQ: FORD 0.00%↑) to tokenize stock, expanding Solana treasury and DeFi use. Link
Sharps stakes SOL with Bonk, earning yield via BonkSOL. Link
That’s all for today.
Best,
Marc
