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Apparently there’s the latest information on companies buying Bitcoin, ETH, or another Altcoin almost every day. For the first time you establish a cryptographic sanctuary or add it to the mountain.
But companies that have formed and acquired these assets on the balance sheet are only phase one, Steve Kurz, head of Galaxy Asset Management, told me last week.
“As long as businesses can use capital market tools to achieve escape speeds, they will be able to build potential business businesses and ecosystems around the networks they are supposed to support,” he said.
The foundations driving various distributed systems generally do not investigate system use cases in the same sharp (and commercial) way, Kurz noted.
He added: “So, what’s interesting about determining how successful they are is how vibrant these ecosystems are and where will the synergy between them and the business models of these companies succeed?”
The original (and huge) strategy for this space holds 607,770 BTC (acquired for $43.6 billion) after the latest 6,220 BTC purchase. Trump Media said it had accumulated $2 billion in Bitcoin this morning and allocated an additional $300 million for its options acquisition strategy for BTC-related securities.
It was also revealed this morning that the creation of an ether machine through a combination of ether reserves and Nasdaq listed Dynamics Corporation. By categorizing the goal of “enable open market investors to access Ethereum yields,” the public vehicle is expected to be launched at around 400,000 ETH (over $1.5 billion).
Bitcoin Standard Treasury Company is expected to begin holding 30,021 BTC last week after integrating with SPAC Cantor Equity Partners.
A week earlier, Lithorne said he plans to list it on the Nasdaq when paired with another SPAC. This is M3-Brigade Acquisition v Corp.
Reserve lists Galaxy Digital as its strategic partner. Galaxy also agreed to help oversee Sharplink Gaming’s Eth Treasury strategy, led by board chair Joseph Lubin.
This brought me back to my combo with Kurz. Kurz said Galaxy is doing business with 15 companies that raised $4 billion to buy Crypto. This includes implementation, management, providing risk management services, and yield generation infrastructure.
“The big picture is a 2025 story, a cryptocurrency that intersects the US public market,” he said.
By Bitwise count, 125 public companies had held Bitcoin at the end of the second quarter.
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Kraken CFO Stephanie Lemmerman predicted in April that he would see more than 10,000 public companies holding BTC in a few years. Swan Bitcoin Cio Ben Werkman said in May that companies could hold between 25% and 35% of Bitcoin per day.
Kurz isn’t that sure about these predictions, but it should be noted that he may at least own a little BTC (even if he doesn’t procure tons to keep accumulating).
Keyrock’s report found that Bitcoin Treasury Companies trades at a 73% premium with BTC Holdings. Not everything will be traded at premium forever. In particular, “we’re lined up at 10th to do the same thing,” Kurz explained.
