Hey, it’s Marc!
“I don’t think most ppl really understand just how expensive crypto native services are. With ETFs I can get exposure for 25bps and 2bps to trade. Crypto ETFs going to be massive growth area in Asia in the next five years. Could be 10-20% of all the assets.”
— Aleksey Mironenko, fee based advisor
On Friday, October 10, 2025, crypto markets experienced their largest-ever liquidation event, with over $19–20B in leveraged positions wiped out. It affected over 1.6M traders, triggered by President Donald Trump’s announcement of escalated tariffs against China. However, the market bounced back with $3.87T market cap, and now Bitcoin is trading at $113K and Ethereum at $4.2K. [Full story]
Over 200 public companies now hold Bitcoin, up 38% in just three months, with 48 newcomers. The total corporate holdings of $117B (~1M BTC) equal nearly 5% of Bitcoin’s supply. However, only the top 12 companies hold more than 10K Bitcoin, which tells a short-tailed distribution story. Whereas, ~5% of Ethereum is being held by public companies with continuous accumulation by Bitmine Immersion (NYSEAMERICAN: BMNR 0.00%↑) that holds 3.03M ETH (~$12.75B).
Supply dynamics: Miners produce ~900 BTC per day, while businesses are buying ~1,755 BTC per day in 2025. Put simply, institutions are consuming roughly twice the daily new supply.
Takeaway: Undoubtedly, crypto will remain volatile, but institutional demand provides a steady floor for demand. We’re seeing the early stages of a corporate and institutional ecosystem, and even now, they hold ~5% of the Bitcoin and Ethereum supply. For Ethereum, 40% of the supply is either staked or in reserve. This leads to upside in price volatility and also creates a concentration risk as only the top 10 companies comprise >70% of the total treasury holdings.
We are going to release our Digital Asset Treasury report. Subscribe to receive:
Download the newsletter in PDF format:
🚨 We just opened new sponsorship slots for our newsletters & podcast. Want to reach 35k+ digital asset leaders? Contact us here.
Also this week:
Metaplanet falls below its BTC value
Hyperscale Data’s BTC treasury: ~59% of market cap
FG Nexus tokenises its shares
China Renaissance Holdings launches $600M BNB treasury
And much more.
Let’s dig in.
👉 Subscribe to our digital asset newsletter & join 30k+ others
Top Reads
The $135B Treasury Wave (Fiftyone)
Crypto’s Biggest Liquidation Ever (Fiftyone)
The Digital Asset Treasury Revolution (Token2049 SGP)
The Rise of Digital Asset Treasuries with Tom Lee (Token2049 SGP)
Bitcoin Treasury Companies M&A (Bloomberg)
Inside The $150 Billion Bitcoin Treasury Boom Shakeout (Forbes)
Inside Pantera’s $500M Solana Treasury Play, with Cosmo Jiang (Fiftyone)
Market Moves
The market is showing mixed signals: the overall crypto market cap fell sharply (-10.5%) after Friday’s crash. ETFs saw outflows (BTC ETF AUM -4.4%, ETH ETF AUM -4.9%) at the same time stablecoins ticked up slightly, implying institutions pulled some exposure while liquidity for buying remains on the sidelines. Bitcoin treasuries edged up in size, and public-company BTC holdings rose modestly to ~5.25% of supply, tightening available float; Ethereum saw faster accumulation in reserves and public-company holdings (reserves +2.0%, public companies +4.2%), meaning more ETH is being moved into long-term or semi-locked pockets.
The downturn showed the impact of macro and insider trading on crypto markets, other than fundamental risks. Practically, the rising corporate/public holdings favour measured execution (OTC, staged selling), hedging for large holders, and keeping healthy fiat buffers.
Takeaway: rising corporate accumulation and reserve build for ETH, plus ETF outflows and higher volume, point to a market with active trading and reduced free float, which increases price sensitivity, so manage liquidity and execution risk tightly.
Treasury Highlights: Bitcoin
Japan’s Metaplanet is now worth less than its Own Bitcoin
Tokyo-listed Metaplanet, a major proponent of the Bitcoin treasury strategy, has seen its market value fall 70% since its peak, now trading for less than the $3.4B of Bitcoin it holds on its balance sheet. Its mNAV fell to 0.99x (1.126 last week) on Tuesday, raising concerns that investor confidence in pure Bitcoin treasury plays may be weakening as markets begin to differentiate between asset exposure and underlying business fundamentals. [NEWS]
So what? Metaplanet is the 4th largest public company holding 30,823 Bitcoin (~$3.47B), trading at $3.05 (~4% premium) with $3.6B market cap. It is not alone, a full quarter of all public companies holding Bitcoin now trade at a discount to their crypto assets. The average premium of these companies has collapsed from 3.76x in April to 2.8x, and corporate Bitcoin accumulation slowed by a staggering 95% in September.
Hyperscale Data’s BTC treasury: ~59% of market cap
Hyperscale Data, Inc. (NYSE American: GPUS 0.00%↑) announced Tuesday that its Bitcoin treasury has reached approximately $54M, representing about 59% of the company’s market capitalisation based on October 13 closing prices. The company implements a dollar-cost averaging strategy, generally targeting to invest at least 5% of allocated cash each week. It has allocated an additional $38.9M in cash for future Bitcoin purchases as part of its strategy to reach a digital asset treasury equal to 100% of its market capitalisation (target: $100M). Its subsidiary, Sentinum, Inc., currently holds approximately 130.78 Bitcoin (~$15.1M). [NEWS]
So what? The company’s financial health score is currently rated as “Weak,” with a concerning debt-to-equity ratio of 20.7x. This is highly leveraged for a treasury strategy. They might be replicating Microstrategy's or Bitmine’s strategy, but they are definitely not considering mNAV and asset per share.
Other News:
DDC DDC 0.00%↑ raises $124M to accelerate institutional Bitcoin treasury expansion. Link
Bitcoin Well (TSXV: BTCW 0.00%↑) expands reserves, advancing its productive Bitcoin treasury model. Link
MARA MARA 0.00%↑ buys $46M in Bitcoin, signaling confidence after crash. Link
Strategy MSTR 0.00%↑ raises $27.3M, expanding disciplined Bitcoin treasury accumulation. Link
Sora Ventures launches $1B fund to unify Asia’s Bitcoin treasuries. Link
Treasury Highlights: Ethereum
FG Nexus tokenises its shares
FGNX FGNX 0.00%↑ is among the first to tokenise its shares. With Securitize, it is launching a SEC-regulated US equity, 𝘤𝘰𝘮𝘮𝘰𝘯 and 𝘥𝘪𝘷𝘪𝘥𝘦𝘯𝘥-𝘱𝘢𝘺𝘪𝘯𝘨 𝘱𝘳𝘦𝘧𝘦𝘳𝘳𝘦𝘥, natively digital on the Ethereum blockchain. It’s the same stock, upgraded, same CUSIP, same shareholder rights, same SEC rulebook. [NEWS]
So what? Robinhood and Kraken also started offering tokenised stocks, but they are synthetic derivatives or IOUs with no ownership rights. Not equity. FG Nexus moved the system on-chain with T+0 settlement, programmable ownership and on-chain dividends. This is also important as NASDAQ is exploring tokenised stocks.
Other News:
Bitmine bought 200K ETH, surpassing 3M ETH as holdings. Link
Bit Digital BTBT 0.00%↑ buys $140M ETH, becomes sixth-largest public Ethereum treasury. Link
Other Digital Assets & ETFs Updates
The riskiest treasury since MicroStrategy?
China Renaissance Holdings is launching a dedicated digital asset treasury, but it’s skipping Bitcoin and going all-in on BNB. This move dramatically escalates the corporate crypto playbook from a passive inflation hedge into a high-risk, active venture. The bank is partnering with YZi Labs, a family office tied to Binance founder Changpeng Zhao, to not just hold the $600M in BNB, but to actively deploy it into DeFi protocols, staking, and asset tokenisation. [NEWS]
So what? BNB is already one of the most heavily used tokens in Asia, and this move further cements its strategic weight in China’s digital asset market. YZi Labs partnership signals close alignment with Binance’s capital network, which can shape deal flow, liquidity, and tokenised asset strategies. But it also concentrates risk. Unlike Bitcoin, BNB’s value is tied to Binance’s fortunes, regulatory outcomes, and network activity. And other than CEA Industries BNC 0.00%↑, there is no other big names in the Binance treasury.
BitGo x StableX
StableX Technologies (Nasdaq: SBLX 0.00%↑), a publicly traded company, announced its plan to acquire $100M in stablecoin-related crypto tokens and has hired BitGo to secure the assets. Instead of managing complex private keys internally, StableX is leveraging BitGo’s regulated, institutional-grade custody. [RELEASE]
So what? This is a classic example of how security and compliance are important for enterprises, along with exposure to digital assets. With the stablecoin adoption, companies are curious about digital assets, which provide a huge opportunity for compliance startups to capture the market.
Other News:
Forward Industries FORD 0.00%↑ launches Solana validator, strengthening institutional-grade treasury infrastructure. Link
Pineapple Financial (NYSEAMERICAN: PAPL 0.00%↑) launched its $100M INJ treasury. Link
Helius targets 5% Solana supply, fueling institutional treasury-driven rally. Link
Ark Invest buys 11.5% stake in Solana treasury firm Solmate SLMT 0.00%↑. Link
Enveric considers digital assets to boost treasury, shareholder value, growth. Link
Sharps Technology partners with Coinbase to expand Solana treasury strategy. Link
That’s all for today.
Best,
Marc
