Tag: Corporate Treasury

  • Corporate Bitcoin Purchases Decline Sharply as Treasury Appetite Cools

    Corporate Bitcoin Purchases Decline Sharply as Treasury Appetite Cools

    Corporate Bitcoin Accumulation Slows Sharply

    Publicly listed companies have significantly reduced their Bitcoin purchases as falling prices and tighter financing conditions dampen corporate demand. Over the past three months, this group added just 5,900 BTC, compared with more than 100,000 BTC during the same period last year. Strategy contributed most of the recent buying after acquiring 4,603 BTC in late August.

    Bitcoin was trading near $76,400, below the roughly $80,500 average entry price for corporate treasuries. That leaves many corporate Bitcoin positions underwater relative to their reported average purchase cost. Meanwhile, positive ETF inflows offer some support, while negative Coinbase premiums point to weaker U.S. spot demand. A steady stablecoin supply also suggests limited liquidity growth across the broader crypto market.

    Strategy Dominates Recent Corporate Buying

    Strategy accounted for most of the sector’s recent purchases. The NASDAQ-listed company added 4,603 BTC over three weeks in late August, spending $370 million at an average price of $80,318 per Bitcoin. That purchase represented the bulk of the 5,900 BTC added by publicly listed companies over the past three months.

    Still, Strategy paused further accumulation by mid-September. Its filings showed holdings unchanged at 845,050 BTC for a second straight week. Those holdings carried a market value of about $65.7 billion at the reported price level. Instead, the company repurchased $139.3 million of its STRC preferred shares, directing capital toward its preferred equity rather than adding Bitcoin during that period.

    Corporate Treasury Models Face Market Pressure

    The number of listed companies holding Bitcoin reached 179 by September 2026, according to SatsIntel. Many use variations of the same treasury model: raise capital, purchase Bitcoin, and aim to increase Bitcoin exposure per share.

    This model depends on access to capital and favorable share valuations. Weaker share premiums and tighter financing conditions can therefore reduce the funds available for additional Bitcoin purchases. The 50 largest listed Bitcoin treasury companies have lost a combined $83 billion in market value since July 2025, while financing conditions tightened and premiums between company shares and underlying Bitcoin holdings weakened.

    Analysts have pointed to Bitcoin per fully diluted share as another measure of corporate treasury performance. This calculation accounts for debt and preferred stock claims rather than focusing only on total Bitcoin holdings. Nakamoto Inc. and Satsuma Technology illustrate the risks when access to capital weakens, as their reversals show how financing conditions can affect companies that depend on markets to fund Bitcoin purchases.

    Mixed Crypto Signals Point to Softer Demand

    Corporate Bitcoin buying has slowed while other market indicators remain mixed. Bitcoin traded near $76,400, leaving the average corporate treasury entry price near $80,500 above the market price.

    ETF inflows provided a positive demand signal. However, negative Coinbase premiums indicated softer buying pressure in the U.S. market, and stablecoin supply pointed to subdued growth in available crypto liquidity.

    Pluang’s market snapshot at 13:31 WIB on September 18 showed broad gains across major cryptocurrencies, with 45 of the 50 tracked assets rising during the session. BAL traded at Rp16,297 after gaining 11.14%. AAVE reached Rp2,375,203 with a 9.49% increase and 86% buy-order activity. AXS climbed 8.71% to Rp17,890, although sell orders accounted for 94% of activity.

    These figures showed broad short-term gains across major cryptocurrencies even as corporate Bitcoin accumulation remained subdued. Corporate purchases, ETF flows, Coinbase premiums, and stablecoin supply continued to provide mixed measures of market demand and liquidity.

  • RLUSD Hits Record $2.44B Supply as Ripple Targets $13T Corporate Treasury Market

    RLUSD Hits Record $2.44B Supply as Ripple Targets $13T Corporate Treasury Market

    Ripple’s RLUSD stablecoin has reached a new all-time high in supply, climbing to nearly $2.44 billion as the company accelerates its push into corporate treasury services, payments, and capital markets.

    Speaking on the Thinking Crypto podcast, host Tony Edward said Ripple’s Stablecoin Chief Jack McDonald sees a customer base handling roughly $13 trillion in annual transactions. Edward linked that opportunity to the rising adoption of stablecoins in payments and institutional finance.

    The milestone comes as Ripple expands RLUSD across multiple blockchain networks and institutional products, with the U.S. Senate scheduled to vote on the CLARITY Act on Sept. 15.

    RLUSD Supply Jumps 41% in 30 Days

    Data aggregators recorded an RLUSD all-time high of $2.442 billion this week. DeFiLlama showed about $2.42 billion in circulation on Monday, Sept. 14.

    That figure stood near $2.41 billion a week earlier and $1.72 billion a month ago, meaning RLUSD supply rose by roughly 41% over 30 days. The stablecoin crossed the $2 billion mark on Aug. 25 after ending July near $1.58 billion. The key question now is whether Ripple can convert this rapid supply growth into sustained corporate treasury activity.

    Ethereum Takes the Lead in RLUSD Distribution

    The distribution of RLUSD across networks has shifted significantly. In July, the XRP Ledger held $907.2 million, or 58.9% of total supply, while Ethereum held about $632.2 million. By Sept. 14, trackers showed approximately $1.37 billion on Ethereum and $1.05 billion on the XRP Ledger.

    Ethereum added roughly $737 million since July, while the XRP Ledger gained about $146 million. Ethereum captured most of the approximately $840 million in new supply. The on-chain data does not identify which customers minted the tokens, so it only reflects where RLUSD currently sits across supported networks.

    Meanwhile, the XRP Ledger holds about $1.14 billion in total stablecoins and ranks 11th among networks, ahead of Aptos and Plasma. Robinhood Chain, which launched on July 1, holds about $1.04 billion and ranks three places lower.

    Ripple Expands RLUSD Across Institutional Markets

    Edward said McDonald views payments and capital markets as major drivers for stablecoin adoption. He also pointed to Ripple’s banking relationships, payment partners, and the acquisition of GTreasury as key strategic advantages.

    Edward connected RLUSD’s growth with broader XRP Ledger development, citing Clearpool Finance’s proposal to migrate to XRPL using new lending standards for institutional credit products. Ripple has also committed investment toward XRP and RLUSD yield products, according to Edward.

    Additionally, Ripple expanded RLUSD through Wormhole in June, adding access to Optimism, Base, Ink, Unichain, and the XRPL EVM Sidechain. RLUSD already operates on Ethereum and the XRP Ledger.

    CLARITY Act Vote Looms

    The U.S. crypto industry is facing a key regulatory test as the Senate plans to vote on the CLARITY Act on Sept. 15. Edward said negotiations continued before the vote, with ethics provisions emerging as a major issue. Patrick Whitt and Mike Novogratz also pointed to ongoing negotiations.

    Coinbase CEO Brian Armstrong recently described the legislation as being near the finish line. Edward said approval could improve market sentiment and support Bitcoin and altcoins.

    Final Thoughts

    RLUSD has reached a record supply of nearly $2.44 billion while Ripple deepens its role in institutional payments, treasury services, and capital markets. Ethereum now holds a larger share of RLUSD than the XRP Ledger, and Ripple continues to add networks and products as the CLARITY Act vote approaches.

  • Ethereum Emerges as a Corporate Treasury Powerhouse in 2026

    Ethereum Emerges as a Corporate Treasury Powerhouse in 2026

    Bitcoin pioneered the corporate crypto treasury strategy, but in 2026, Ethereum has carved out its own place as a balance-sheet asset. Public companies now hold millions of ETH, drawn not only by potential price appreciation but also by staking income and Ethereum’s role in stablecoins, decentralized finance (DeFi), and tokenized assets.

    Corporate ETH Holdings Approach 8 Million

    According to CoinGecko, 34 public companies currently hold approximately 7,914,466 ETH, worth around $19.8 billion. That represents 6.49% of Ethereum’s total supply. BitMine Immersion Technologies dominates with 5,901,112 ETH (4.84% of supply), followed by SharpLink (868,699 ETH) and The Ether Machine (496,712 ETH). This corporate accumulation is large enough to influence discussions around liquid supply.

    ETH Offers Something Bitcoin Does Not

    Bitcoin treasury strategies typically rely on price appreciation because BTC lacks a native staking mechanism that generates protocol rewards. Ethereum is different. Companies can stake ETH and earn rewards for supporting network validation. This gives treasury managers the possibility of generating ETH-denominated income while retaining exposure to the underlying asset.

    The staking market itself has expanded sharply. Lido reports that total staked ETH increased 19% during the first half of 2026, from 36.3 million ETH to 43.1 million ETH. Institutional staking’s share grew from 25.9% to 35.3% in the same period, suggesting professional investors are increasingly treating staking infrastructure as part of institutional asset management.

    Ethereum Also Provides Infrastructure Exposure

    ETH is more than a scarce digital asset. It is used to pay transaction fees, secure Ethereum through staking, and function as collateral across decentralized finance. Ethereum also hosts major stablecoin and tokenized-asset markets, giving companies exposure to a broader blockchain-based financial ecosystem.

    Treasury Strategies Carry Risks

    Corporate accumulation can amplify both gains and losses. ETH remains volatile, and companies financing purchases through equity issuance or debt can expose shareholders to dilution and balance-sheet risk. Staking also introduces validator, custody, and operational risks. Moreover, corporate treasury companies can trade above or below the market value of their underlying ETH holdings.

    Final Thoughts

    Ethereum’s corporate adoption is creating a second major digital-asset treasury model. Bitcoin offers scarcity. Ethereum adds potential staking income and exposure to on-chain financial activity. The key question is whether corporate ETH holdings continue growing after market momentum weakens. If companies retain and stake ETH through downturns, Ethereum’s role as a treasury asset would look more structural than speculative.

    FAQs

    1. How much Ethereum do public companies hold in 2026?
    CoinGecko tracks 34 public companies holding about 7.91 million ETH. The holdings are worth roughly $19.84 billion and represent around 6.49% of Ethereum’s total supply.

    2. Which company holds the most ETH?
    BitMine Immersion Technologies leads corporate Ethereum holdings with 5,901,112 ETH, representing approximately 4.84% of Ethereum’s total supply.

    3. Why are companies adding ETH to their treasuries?
    Ethereum offers potential price appreciation alongside staking income. Companies may also view ETH as exposure to DeFi, stablecoins, tokenized assets, and broader blockchain infrastructure.

    4. How is Ethereum different from Bitcoin as a treasury asset?
    Bitcoin primarily offers scarcity and potential price appreciation, while Ethereum can generate native staking rewards. ETH also plays a direct role in transaction fees, network security, and DeFi collateral.

    5. What are the risks of corporate Ethereum treasury strategies?
    Risks include ETH price volatility, shareholder dilution, debt exposure, staking issues, and custody or operational failures. Treasury-company shares can also trade above or below the value of the underlying ETH holdings.

  • Strategy Sells $216M in Bitcoin to Fund Dividends, Maintains 843,775 BTC Reserve

    Strategy Sells $216M in Bitcoin to Fund Dividends, Maintains 843,775 BTC Reserve

    Strategy completed its largest Bitcoin sale since 2022 after selling 3,588 BTC for $216 million between June 29 and July 5 under its new Bitcoin monetization program. The company directed the proceeds toward preferred stock dividend payments while maintaining its long-term Bitcoin strategy.

    Following the transaction, Strategy retained 843,775 BTC valued at about $53.88 billion alongside $2.55 billion in U.S. dollar reserves. The sale briefly weighed on Bitcoin before buyers returned, lifting the asset back toward the $63,000 level.

    Strategy Uses Bitcoin Sale to Support Capital Plan

    The company carried out the transaction through its newly introduced Digital Credit Capital Framework. According to Strategy, the framework aims to strengthen credit quality while reducing expected preferred stock dividend payments whenever doing so benefits the company.

    Strategy also stated that the framework outlines how it plans to manage capital while preserving its long-term Bitcoin exposure. Besides supporting dividends, the company said the program allows it to use different capital management tools when necessary.

    The latest disposal marks Strategy’s first major Bitcoin sale since 2022. The proceeds will support shareholder returns tied to the company’s dividend products rather than signal a broader reduction of its Bitcoin holdings.

    Michael Saylor said the transaction related to dividend funding instead of a departure from Strategy’s Bitcoin strategy. Even after the sale, the company remains the largest publicly traded corporate holder of Bitcoin.

    Digital Credit Framework Expands Treasury Flexibility

    The latest transaction followed a much smaller Bitcoin sale in late May. At that time, Strategy sold 32 BTC to support preferred stock distributions, introducing the market to its evolving treasury approach.

    Moreover, the new capital framework allows the company to monetize as much as $1.25 billion worth of Bitcoin under specific conditions. Strategy said those proceeds may strengthen cash reserves, fund preferred dividends, cover interest expenses, or support share buybacks.

    The company also increased the annual dividend rate on its STRC perpetual preferred stock from 11.5% to 12%. Consequently, investors now view Strategy’s treasury model through a broader capital management perspective.

    The company still holds one of the largest corporate Bitcoin reserves despite introducing a defined path for selective Bitcoin sales. As a result, each transaction may receive close market attention regardless of its size compared with total holdings.

    Bitcoin Recovers After Initial Market Reaction

    Bitcoin briefly retreated after news of the sale reached the market. Shortly afterward, buyers returned and pushed the asset back toward the $63,000 area. Bitwise CEO Hunter Horsley commented on the price action through X, writing, ‘Bitcoin wants to be higher.’ His statement came as traders watched for signs of broader selling pressure following Strategy’s transaction.

    Meanwhile, market participants continued monitoring several factors that influence Bitcoin prices, including spot ETF flows, leverage levels, macroeconomic data, and expectations surrounding U.S. interest rates. Recent weak U.S. jobs data increased expectations for future Federal Reserve rate cuts. Lower rate expectations often support risk assets when investors anticipate easier financial conditions.

    Still, traders remained cautious after Strategy demonstrated that even long-term corporate Bitcoin holders may use digital assets as a liquidity source under new capital strategies.

  • SharpLink Acquires $62.4M in Ethereum After 8-Month Pause, Boosting Holdings to 870K+ ETH

    SharpLink Acquires $62.4M in Ethereum After 8-Month Pause, Boosting Holdings to 870K+ ETH

    SharpLink has re-entered the cryptocurrency market with a significant purchase of $62.4 million worth of Ethereum, ending an eight-month period of inactivity. The acquisition signals sustained corporate confidence in the digital asset despite ongoing market weakness and substantial unrealized losses on its existing position.

    Blockchain records indicate that SharpLink acquired approximately 39,196 ETH during the final week of June 2026. The initial transactions occurred on June 25 and June 26, when the company bought 5,000 ETH valued at about $7.85 million through digital asset broker FalconX. Subsequent purchases pushed the total investment above $62 million.

    Ethereum Holdings Rise Above 870,000 ETH

    With this latest purchase, SharpLink’s total Ethereum reserves have reached somewhere between 870,000 and 876,000 ETH, currently worth around $1.3 billion to $1.4 billion at prevailing market prices. That positions SharpLink as the second-largest corporate Ethereum holder globally, trailing only Bitmine Immersion Technologies, which holds over 5.6 million ETH.

    The company now commands close attention from market participants, who view its strategy as a bellwether for the adoption of cryptocurrency as a corporate treasury asset.

    Ethereum Price Remains Under Heavy Pressure

    SharpLink’s purchase comes at a time when Ethereum prices are languishing near $1,550–$1,600, representing a nearly 50% decline since the start of 2026. Over the past month alone, ETH has fallen by roughly 23%. Many analysts were surprised that the company chose to accumulate during such a downturn rather than wait for a recovery.

    Company Faces Large Unrealized Losses

    Despite the additional acquisition, SharpLink is sitting on substantial paper losses. Market experts estimate the company’s average purchase price for its total Ethereum hoard is around $3,609 per ETH. Given current prices, unrealized losses are estimated between $1.7 billion and $1.8 billion.

    Instead of reducing exposure amid those losses, SharpLink has taken the opposite approach, increasing its Ethereum allocation—a move that runs counter to typical corporate caution.

    SharpLink Changed its Business Strategy

    SharpLink, formerly known as SharpLink Gaming, pivoted in 2025 to focus on building a large Ethereum treasury. The company raised nearly $425 million to fund its purchases, drawing comparisons to the Bitcoin-heavy strategy of MicroStrategy. The key difference: SharpLink has committed solely to Ethereum.

    Staking Creates Additional Rewards

    SharpLink hasn’t simply stored its Ethereum; it has staked virtually all of its holdings. Staking rewards have already generated more than 22,000 ETH for the company, providing a stream of value independent of price appreciation. Institutional ownership in SharpLink has reached nearly 46%, reflecting broad support for the strategy despite the bearish crypto climate.

    Broader Ethereum Market Still Looks Weak

    Even as SharpLink accumulates, the broader Ethereum market faces headwinds. Spot Ethereum ETFs in the U.S. have reported several weeks of outflows, with nearly $13 million exiting in a single week. BlackRock’s Ethereum trust has been a primary source of those withdrawals, indicating short-term investor caution.

    SharpLink’s latest move underscores a longer-term perspective: major corporations view deep market corrections as opportunities to accumulate. The company’s willingness to absorb over $1.7 billion in paper losses while continuing to buy—and earning staking rewards in the process—offers a resilient model that stands in contrast to the outflows seen in institutional ETF products.

    SharpLink has also extended support to Ethlabs, a nonprofit research group focused on Ethereum infrastructure development, backed by Ethereum co-founder Joseph Lubin. The initiative aims to prepare Ethereum for large-scale institutional use.