USDThis Week’s Smart Money Recap Reveals Top Firms Hoarding BTC & ETH
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Bitcoin Treasury Firms Acquire 244,991 BTC in H1 2025; Only XMR, HYPE, and SKY Outperform Bitcoin
In the first half of 2025, Bitcoin treasury companies acquired 244,991 BTC, nearly doubling the number of firms holding Bitcoin from 70 to 134 across 27 countries, with the U.S. leading at 41 companies. While the circulating supply of USDT and USDC increased by $38 billion, only nine of the top 50 cryptocurrencies posted positive returns, with XMR, HYPE, and SKY outperforming Bitcoin. H2 is historically stronger for Bitcoin, and potential altcoin ETF approvals and upcoming crypto IPOs may signal renewed momentum, alongside discussions on regulation and a proposed U.S. strategic Bitcoin reserve.
Strategy Resumes Bitcoin Purchases, Total Holdings Exceed 600,000 BTC
Strategy has resumed its bitcoin buying activity after a one-week hiatus, acquiring 4,225 BTC for approximately $472.5 million between July 7 and July 13, according to an SEC 8-K filing. This brings Strategy's total holdings to 601,550 BTC, valued at around $73 billion, with a total purchase cost of $42.9 billion. This figure represents over 2.8% of bitcoin's capped supply of 21 million, resulting in an estimated $30 billion in paper gains. Additionally, Metaplanet announced the acquisition of 797 BTC for $93.6 million, increasing its total holdings to 16,352 BTC.
Metaplanet Acquires 797 BTC for $93M, Aiming for 210,000 BTC by 2027
Japanese investment firm Metaplanet recently purchased 797 BTC for approximately $93 million, bringing its total holdings to 16,352 BTC, valued at around $1.64 billion. This positions Metaplanet as the fifth-largest publicly traded BTC holder globally. The firm, which transitioned from hotel operations to Bitcoin treasury management, aims to accumulate over 210,000 BTC by 2027, targeting 1% of the total supply. CEO Gerovich describes the strategy as a "Bitcoin gold rush" and plans to leverage its Bitcoin for financing acquisitions, including potential ventures in digital banking, while ruling out convertible debt as funding.
Hilbert Group Secures SEK 300 Million Bitcoin Funding from Deus X Capital to Boost Crypto Treasury Strategy
Hilbert Group AB has secured SEK 300 million in Bitcoin funding from Deus X Capital, marking a significant step in its crypto treasury strategy following a previous SEK 200 million convertible bond announcement. This commitment makes Deus X the first institutional investor in Hilbert's treasury, allocating 233 Bitcoins to its balance sheet. Together, these funding tranches enhance Hilbert's treasury capacity to approximately 430 BTC (around SEK 500 million). Hilbert aims to lead as Europe’s largest actively managed corporate Bitcoin treasury, leveraging AI-driven risk management and a dedicated Treasury Committee to optimize performance for shareholders.
Bitcoin Standard Treasury Company to Go Public with $3.5 Billion in Bitcoin via Cantor Merger
Bitcoin Standard Treasury Company (BSTR) is set to go public through a merger with Cantor Equity Partners I, launching with over $3.5 billion worth of Bitcoin, backed by more than 30,000 BTC. Led by Adam Back, CEO of Blockstream Capital, BSTR aims to enhance Bitcoin ownership in capital markets while achieving real-world Bitcoin adoption. The financing structure includes $400 million in common equity, $750 million in convertible notes, and $350 million in convertible preferred stock. This combination positions BSTR among the largest publicly traded Bitcoin treasury firms, following Marathon Digital Holdings and Michael Saylor’s Strategy.
MARA Holdings Invests $20M in Two Prime, Boosts Bitcoin Holdings to 2,000 BTC
MARA Holdings has invested $20 million in Two Prime, increasing its Bitcoin allocation from 500 to 2,000 BTC. This partnership aims to enhance institutional Bitcoin yields through active management and risk-adjusted returns. Salman Khan, MARA's CFO, noted the collaboration focuses on optimizing Bitcoin holdings beyond passive growth. As a minority owner in Two Prime, an SEC-registered investment advisor managing approximately $1.7 billion, MARA underscores a shift towards actively managed Bitcoin strategies. With this investment, MARA solidifies its position as the second-largest corporate Bitcoin holder, holding 50,000 BTC valued at around $5.8 billion, following Strategy.
The Smarter Web Company Expands Bitcoin Holdings to 1,600 BTC, Reports 39,258% Year-to-Date Yield
The Smarter Web Company, a London-based digital agency, has boosted its Bitcoin holdings to 1,600 BTC, acquiring 325 more at an average price of $112,157. Currently, Bitcoin trades near $119,000, valuing their holdings at over $190 million. The company reports an impressive year-to-date yield of 39,258% and a 30-day yield of 419%. Additionally, it introduced the P/BYD (Price to Bitcoin Yield Ratio) metric to enhance analysis of Bitcoin treasury companies. With over $5 million in net cash, The Smarter Web Company considers Bitcoin a vital asset in its corporate strategy, having accepted Bitcoin payments since 2023.
Semler Scientific Expands Bitcoin Holdings to 4,846 BTC, Becomes 14th Largest Corporate Holder
Semler Scientific, a Nasdaq-listed healthcare tech firm, has significantly increased its Bitcoin holdings, acquiring an additional 210 BTC for $25 million, bringing its total to 4,846 BTC valued at over $570 million. This purchase pushed Semler to become the 14th largest corporate Bitcoin holder, surpassing GameStop. The company's Bitcoin was acquired at an average price of $93,890, funded by proceeds from a stock sale, generating roughly $175 million. Semler's Bitcoin yield metric reached 30.3% year-to-date, reflecting its strategy to enhance shareholder value through crypto investments, reminiscent of MicroStrategy’s approach to Bitcoin accumulation.
Thumzup Media, Backed by Trump Jr., Secures Board Approval for $250M in Crypto Assets
Thumzup Media, an AdTech firm backed by Donald Trump Jr., has received board approval to hold up to $250 million in various cryptocurrencies, including Bitcoin, Ether, Solana, XRP, Dogecoin, and USDC. The company cites recent favorable U.S. regulatory changes as a driving factor for this decision. CEO Robert Steele emphasized their commitment to leading in the evolving crypto landscape. Despite this strategic move, Thumzup reported a $2.2 million net loss in Q1 2025, and its stock price fell by 2.9% on Thursday, indicating ongoing challenges even as they embrace cryptocurrency investments.
Refine Group Launches $1M Bitcoin Treasury Strategy, Raising 10M Krona Amid Increased Corporate Adoption
Swedish Refine Group AB has launched a $1 million Bitcoin treasury strategy, raising 10 million krona through a directed share issue to fund initial Bitcoin purchases. The company issued 54.37 million shares at a 20% discount, increasing its total shares from 67.5 million to 121.9 million, resulting in approximately 45% dilution for existing shareholders. CEO David Wallinder emphasized Bitcoin's role as a reserve asset alongside traditional operations. Caldas Capital, led by João Caldas, became the largest participant and shareholder. Refine's new performance metric, “Bitcoin per Share,” aims to enhance long-term shareholder value.
BitMine Surpasses $1 Billion in Ethereum Holdings with Support from Peter Thiel
BitMine, backed by Peter Thiel, has surpassed $1 billion in Ethereum holdings, owning 300,657 ETH after a recent $250 million private placement. The company's strategy focuses on an asset-light treasury model to leverage market volatility for capital growth. As Ethereum prices recently hit a five-month high of approximately $3,461.89, BitMine's CEO Jonathan Bates emphasized a strong belief in Ethereum's long-term value. Additionally, GameSquare Holdings is expanding its Ethereum strategy through a public offering to raise $70 million, reflecting a broader trend among companies, like SharpLink Gaming, investing in Ethereum for substantial long-term returns.
SharpLink Becomes Second Largest Corporate ETH Holder, Acquiring 280,706 ETH for $854 Million
SharpLink Gaming has emerged as the second largest corporate holder of ETH, amassing 280,706 ETH (approximately $854 million) after purchasing 74,656 ETH for around $156 million last week. This acquisition surpasses the Ethereum Foundation's holdings and was funded by proceeds from a $413 million at-the-market offering, with $257 million still available for additional ether purchases. Additionally, SharpLink has staked nearly all its ETH to earn rewards and introduced an "ETH concentration" metric for investors. The company joins a growing list of firms like BitMine and Bit Digital leveraging ATM offerings to bolster their ether holdings competitively.
Bit Digital Expands Ether Holdings to 120,306 ETH After $67 Million Equity Raise
Bit Digital has expanded its ether holdings significantly, acquiring 19,683 ETH to reach a total of 120,306 ETH, valued at approximately $436 million, following a $67.3 million equity raise. This positions Bit Digital among the largest publicly traded ether treasuries, behind SharpLink Gaming and BitMine Immersion. The move is part of a broader corporate trend to accumulate ether, driven by rising staking yields and institutional demand from spot ETFs, which have achieved record trading volumes of over 10% of total Ethereum spot market activity. The current ether price hovers above $3,600, fueling this accumulation.
DFDV Launches Global Treasury Accelerator for Solana, Partners with Kraken and Pantera
DeFi Development Corp. (DFDV) has announced a global expansion of its treasury strategy through the DFDV Treasury Accelerator, partnering with Kraken and Pantera to launch local Solana (SOL) investment funds. This initiative enables franchise firms to manage their own SOL treasuries, using DFDV's validator services and branding, while DFDV retains equity stakes. DFDV, boasting over 640,000 SOL and a $420 million market cap, has seen its stock rise over 3,000% this year. The firm aims to innovate treasury management by integrating on-chain operations, with five regional funds already in development as SOL trades at $174.
Bit Origin Secures $500 Million to Launch Dogecoin Treasury
Bit Origin (ticker BTOG), a microcap crypto mining company, has secured up to $500 million in equity and debt to establish a corporate Dogecoin treasury. This includes $400 million in stock and $100 million in convertible debt, with an initial closing of $15 million already completed. CEO Jinghai Jiang emphasizes Dogecoin's settlement speed and community as key advantages. The company plans to explore various services within the Doge ecosystem. Currently, Dogecoin trades at approximately $0.21, reflecting a recent uptick, while analysts raise the approval odds for crypto-related ETFs to 90%. The firm aims to leverage Dogecoin's growing utility.
Sonnet BioTherapeutics Merges with Rorschach I to Form Hyperliquid Strategies in $888M Deal
Sonnet BioTherapeutics, Inc. is merging with Rorschach I LLC to create Hyperliquid Strategies, Inc., in a deal valued at $888 million. The new entity will debut on Nasdaq and aims to launch a HYPE treasury initiative, holding 12.6 million HYPE tokens and $305 million in cash to establish a robust strategic reserve. The merger has backing from investors like Paradigm, Galaxy, and Pantera, focusing on providing U.S. investors easier access to the Hyperliquid ecosystem. Sonnet will retain its biotech operations as a subsidiary while transitioning to a crypto treasury strategy under new leadership, ensuring shareholder benefits.
MEI Pharma Launches $100M Litecoin Treasury Plan; Stock Jumps 50% with Charlie Lee Joining Board
MEI Pharma has launched a $100 million Litecoin treasury initiative, backed by the Litecoin Foundation and prominent crypto firms like Titan Partners Group and GSR. Charlie Lee, the creator of Litecoin, will join MEI Pharma's Board of Directors to enhance global Litecoin adoption. He emphasized Litecoin's established reliability and growing acceptance as a payment method. The collaboration aims to bring Litecoin's utility into institutional settings for the first time. Following the announcement, MEI Pharma's stock surged over 50% at market opening, marking a significant increase in investor interest. This move aligns with trends in corporate cryptocurrency asset adoption.
TAO Synergies Acquires 29,899 Bittensor Tokens for $10 Million, Becomes Largest Public Holder
TAO Synergies Inc. has acquired 29,899 Bittensor tokens for $10 million, making it the largest publicly-listed holder of TAO tokens as of July 17, 2025. This investment reflects the company's confidence in the growth of decentralized AI and aligns with its digital asset reserve strategy. Executive Chairman Joshua Silverman emphasized the selection of an attractive entry point and expressed ongoing support for TAO amid rising interest in decentralized AI. The move not only positions TAO Synergies favorably in the market but also indicates a belief in decentralized AI's potential to eventually surpass centralized AI in total spending.
Czech National Bank Invests $18.1 Million in Coinbase, First Crypto Stock Purchase
In Q2 2025, the Czech National Bank (CNB) acquired 51,732 shares of Coinbase Global, valued at $18.1 million, marking its first investment in the cryptocurrency exchange. By the end of June, the shares appreciated to approximately $20 million. This investment aligns with the CNB's strategy to diversify reserve holdings, with Governor Aleš Michl indicating a potential allocation of up to 5% of the bank's €140 billion reserves to bitcoin. Coinbase's stock, despite a recent decline of 0.49% to $387.06, has surged 55.88% year-to-date, reflecting a growing acceptance of crypto assets in traditional finance.
El Salvador Halts Bitcoin Purchases, Loses Legal Tender Status: IMF Report
El Salvador, once a pioneer in Bitcoin adoption by making it legal tender in 2021, has reportedly ceased BTC purchases since December 2024 following a $1.4 billion IMF bailout requiring the limitation of public-sector Bitcoin activities. Despite previous commitments, a July 2025 IMF report revealed only internal transfers in Bitcoin wallets, indicating no new acquisitions. Additionally, Bitcoin lost its legal tender status in January 2025, marking a significant policy shift. The nation’s earlier pro-crypto stance, championed by President Nayib Bukele, now appears to be receding as economic struggles dominate, highlighting a pivot away from its initial crypto ambitions.
This article has been refined and enhanced by ChatGPT.
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