1/ Bitcoin Treasury Company holdings have grown 3x in the past year, surging to about 3.64% of the entire BTC supply. Our latest research evaluates their capital structures, NAV premium and sustainability to assess their long-term viability as institutional BTC proxies. 👇

7/ Our data-driven analysis reveals how Bitcoin Treasury Companies leverage NAV premiums, Bitcoin per share accretion, and capital markets to outperform spot BTC. For anybody interested in the topic this is a must-read piece:

6/ Cash flow from underlying core businesses differs vastly across the Bitcoin Treasury Companies. Most companies with debt payments and low to negative cash flow are servicing interest and dividend payments with ATM issuance. If premium to NAV compresses, these companies will

5/ Bitcoin Treasury Companies have raised more than $3.35 billion in preferred equity, and $9.48 billion in debt, as well as common equity issuances. This translates to a wall of maturities in 2027 and 2028, as well as frequent interest and dividend payments from present through

4/ Premium is driven by; demand dislocations, volatility trading, and BTC per Share (BPS) accretion. Strategy’s BPS has grown about 11x since inception, delivering a CAGR of 63.6%. We argue that this track record provides a strong basis for justifying the current NAV premium.

3/ Bitcoin Treasury Companies trade at, on aggregate, a 73% premium to the value of their underlying BTC holdings. @Strategy , the largest player, trades at a 91.3% premium. This means when purchasing MSTR, you’re paying $191 per $100 of Bitcoin exposure.

2/ Despite the sheer volume of purchases, impact on BTC price has been limited. @0xbenharvey and @WClementeIII 's analysis shows that Bitcoin Treasury Companies contributed to only 0.59% of daily BTC price impact on average. This was materially higher on days Strategy bought,

The New Rails of Capital Markets 📈. Catch the second conversation from our NYC event with @axelar, packed with sharp insights on the future of finance. 🎥 Watch now:

What Crypto is Missing - Gaps & TradFi Lessons 🏦. Missed our NYC event with @axelar? . Catch up with the recording of our first session:

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In just one week, @xStocksFi generated $83.3m in volume with $23m of it on DEXs alone. Tokenized stocks expand global access and enable DeFi programmability. They offer instant settlement, eliminate T+2 delays and counterparty risk, and solve gap risk for TradFi players.

TradFi-crypto lines blurred further last week as Backed launched tokenized stocks (@xStocksFi) on Solana and centralized exchanges. Backed's stocks now represent $71m of the $425m tokenized stock TVL, with 21,200 unique holders across the ecosystem. SPYx leads with 9,655 holders.

This shift signals that as regulated, high-quality assets continue to command investor attention, $USDC and Ethereum will keep capturing capital, until the market finally turns decisively towards altcoin narratives.

Stablecoin flows turned positive this week with a net mint of ~$722m, driven by $USDC and $USDS, as investors chase quality amid GENIUS Act clarity. On the protocol front, Sushi surged after its mainnet launch on Katana, fuelled by dual incentives in $SUSHI and $KAT tokens.

In derivatives, $BTC and $ETH open interest grew by 3.5% and 6.0% respectively, with funding rates normalising at around 2%. If ETF inflows persist and funding stays neutral, $BTC could rally toward $120k while selective altcoins may rapidly appreciate.

Robust institutional demand remains the story this week. $BTC ETFs recorded over $750m in inflows for a fourth consecutive week and @MicroStrategy posted a second green week as a proxy for institutional BTC, while $ETH enjoyed its eighth straight week of ETF inflows.

The treasury yield curve steepened on June jobs (+147K) with markets repricing the policy path upward. Fading implied vols suggest traders reluctant to chase upside as call overwriting caps near-term IV. Until BTC clears $110K, markets prefer premium selling over bullish momentum.

Key Insights - Shares without Borders | 7 July 2025. Markets digested mixed signals last week as the 'Big Beautiful Bill' raised the debt ceiling by $5T. USD (-0.3%) hit its worst H1 in 52 years while $BTC (+1.4%) and $NDX (+1.5%) gained on macro repricing across risk assets.

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RT @KeyrockTrading: Keyrock on the shores of Greece. 🇬🇷. Our 180+ members came together in Athens for this year’s company offsite to rechar….