In just two weeks, the market cap for tokenized stocks on the Solana network has jumped from $13 million to more than $48 million, according to CoinGecko. This kind of momentum shows a growing appetite for real-world assets that can be traded on-chain, without all the usual delays and restrictions of traditional markets. A tokenized stock is a digital asset that mirrors the price of a real stock, giving traders a faster way to access equities. Why People Are Paying Attention Tokenized stocks have been floating around for a while, but they’re starting to get real traction. The basic idea is to take a regular stock, like Apple or Tesla, and issue a token that reflects its value. These tokens let people trade shares using crypto infrastructure, skipping over brokers and banks and operating on a 24/7 schedule. That kind of flexibility is a big draw for users outside the usual market hours or in countries with limited stock access. Source: Shutterstock On Solana, the interest is picking up fast. The network’s speed and low transaction costs make it a good match for financial products that need to move quickly. Companies like Backed Finance and trading protocols like Jupiter have been helping bridge the gap between equities and DeFi tools. The stocks themselves are wrapped through regulated providers, meaning the tokens are backed by real shares held off-chain. Stocks People Actually Want Tesla and Apple are leading the pack. Their tokenized versions on Solana are seeing strong volume, especially from people who might not have direct access to U.S. markets. Other big names are getting pulled in too. You can now find tokenized versions of the S&P 500, Microsoft, NVIDIA, and others. These aren’t perfect replacements for owning the actual stock, since they don’t offer things like voting rights or dividends, but they track the price and give traders an easy way to get exposure. SolanaPriceMarket CapSOL$81.69B24h7d30d1yAll time Oracles and custodians keep the token prices aligned with the real-world market. It’s not a full replacement for the stock market, but it’s a fast and flexible alternative for people who want to trade without waiting for Wall Street to open. DISCOVER: Best New Cryptocurrencies to Invest in 2025 Why Solana Makes Sense Solana has been building momentum for a while, and this fits right into that story. The chain’s ability to handle a lot of transactions quickly and at a low cost makes it an ideal place to test tokenized assets. While Ethereum has traditionally been the go-to for financial experiments, Solana’s performance and growing DeFi presence are putting it on the map. This also comes as more institutions and developers explore how to tokenize all sorts of things, from real estate and treasuries to fine art and private credit. The idea is simple: bring more of the real world into a format that can be used in digital systems. DISCOVER: 20+ Next Crypto to Explode in 2025 What’s Can We Expect? Solana’s tokenized stock market is still small compared to the actual exchanges, but the pace of growth shows there’s real interest. If rules around this kind of trading become clearer and more providers get on board, it could turn into a much bigger market. Right now, the tools are there, the demand is rising, and the pieces are falling into place. DISCOVER: 20+ Next Crypto to Explode in 2025  Join The 99Bitcoins News Discord Here For The Latest Market Updates

Tokenized stocks on Solana surged from $13M to $48M in two weeks, showing growing interest in real-world assets

onchain.

Solana’s low fees and fast speeds make it ideal for trading tokenized equities like Apple and Tesla around the clock.

These tokens track real stock prices but

don’t offer dividends or voting rights, making them price-exposure tools, not full replacements.

Projects like Backed Finance and Jupiter are driving adoption by connecting traditional stocks with DeFi infrastructure.

Solana is emerging as a strong contender for tokenized assets, offering a faster and cheaper alternative to Ethereum for real-world trading.

The post Solana’s Tokenized Stock Market Jumps to $48 Million as On-Chain Trading Grows appeared first on 99Bitcoins.

Ethereum co-founder Vitalik Buterin is calling on developers to reconsider how they license open-source software. In a new blog post, he argued that permissive licenses may no longer be enough to protect innovation in a world where tech giants have become increasingly dominant. Instead, he believes more projects should adopt “copyleft” licenses that require any modified version of the code to remain open. Why Buterin Thinks It Matters Buterin’s concern is that large platforms are now in a position to quietly absorb useful open-source code and lock the benefits behind closed systems. He acknowledged that permissive licenses like MIT and Apache helped grow the open-source ecosystem in the past, but warned that today’s environment looks very different. Powerful companies are now using he openness that made those licences attractive to build walled gardens around community-built tools. Source: Shutterstock He pointed to copyleft licenses like the GNU General Public License (GPL) as a way to stop this from happening. These licenses force anyone who builds on the code to share their work under the same terms. The system forces improvements and extensions to remain public, allowing smaller developers to compete and preventing better-funded players from boxing them out. DISCOVER: 9+ Best High-Risk, High-Reward Crypto to Buy in July2025 Implications for Crypto Projects This conversation hits close to home for crypto, where open-source principles are supposed to be at the core. Buterin argued that large entities that don’t share the same values will repackage and commercialize decentralized apps and protocols if they lack protective licensing.  Ethereum has long promoted transparency and community ownership, but that ideal can be undermined if big firms build proprietary layers on top of public infrastructure. According to Buterin, copyleft tools can help make sure innovations remain part of a shared commons, not fenced off behind corporate terms of service. DISCOVER: Next 1000X Crypto: 10+ Crypto Tokens That Can Hit 1000x in 2025 Real-World Examples Buterin referenced real examples, like the social protocol Farcaster, which recently made a move toward a stronger license after debates over downstream use. He also noted that companies with commercial agendas are picking up and reshaping open tools in artificial intelligence and decentralized identity, raising similar licensing questions. EthereumPriceMarket CapETH$315.08B24h7d30d1yAll time This is not about creating more rules for the sake of it. It’s about defending the spirit of collaboration that open-source communities rely on. Buterin is not saying everyone needs to switch to copyleft overnight. Instead, he wants developers to weigh the risks of permissive licensing in an era where major players are watching closely and moving quickly. What Happens Next The rise of Web3, along with the spread of AI and digital infrastructure, is pulling more attention toward how code gets reused and who gets to benefit. As the web’s next phase takes shape, licensing decisions will play a big role in shaping who has control. Buterin’s message is a reminder that the tools developers choose today will determine whether the future stays open or becomes another centralized system in disguise. DISCOVER: 20+ Next Crypto to Explode in 2025  Join The 99Bitcoins News Discord Here For The Latest Market Updates Key Takeaways

Vitalik Buterin argues

permissive licenses like MIT and Apache may no longer protect developers from big tech co-opting open-source code.

Copyleft licenses, such as the GNU GPL, require all derivative work to stay open. This preserves access and fairness for smaller developers.

Buterin warns that unless crypto projects adopt stronger licensing protections, corporations will repackage them.

Real-world examples, like Farcaster, show a growing trend of projects reconsidering their license models in response to downstream misuse.

Licensing will shape Web3’s future. Buterin urges devs to be proactive or risk a new wave of centralization disguised as innovation.

The post Vitalik Buterin Backs Copyleft Licensing to Help Developers Guard Against Big Tech appeared first on 99Bitcoins.

Trump Media & Technology Group, the company behind Truth Social, is expanding deeper into the crypto space. It has filed paperwork with the SEC for a new exchange-traded fund called the Crypto Blue Chip ETF. This new filing builds on earlier efforts by the company to launch Bitcoin-only and Bitcoin-Ethereum ETFs, but this time it goes further by including a wider range of major tokens. The Truth Social ETF is Trump Media’s latest step into crypto, offering a simple way to invest in big-name tokens like Bitcoin and Ethereum. What’s in the Fund The Crypto Blue Chip ETF proposes a mix of five digital assets. Bitcoin would make up the majority at 70 percent, followed by Ethereum at 15 percent. Solana, Cronos, and XRP would round out the portfolio with smaller allocations. Source: SEC.gov The fund would be managed by Yorkville America Digital, and custody services would be handled by Crypto.com’s Foris DAX Trust Company. Investors would get broad exposure to several top crypto assets without needing to buy or manage them individually. Why Now This move comes as the SEC has shown more willingness to greenlight crypto-related ETFs. The timing suggests that Trump Media is positioning itself to ride the wave of investor interest that has grown since spot Bitcoin ETFs entered the market last year. These new products have opened up crypto exposure to a broader set of investors, and the idea behind this fund is to simplify access to multiple top-performing coins in one place. DISCOVER: 9+ Best High-Risk, High-Reward Crypto to Buy in July2025 A Bigger Push into Crypto The ETF filing is not a one-off. It fits into a larger strategy by the Trump-linked company to make crypto a bigger part of its overall business. Alongside the ETF filings, the company recently announced plans for a large Bitcoin treasury product and a new fintech platform called Truth.Fi. These developments suggest a clear focus on combining political capital with growing digital asset interest, particularly among retail traders and crypto-aligned voters. BitcoinPriceMarket CapBTC$2.16T24h7d30d1yAll time Former President Trump, once skeptical of Bitcoin, has more recently taken a friendlier stance toward the space. Ripple, the company behind XRP, reportedly donated to his inaugural committee. That change in tone has not gone unnoticed by the crypto community or by his critics. DISCOVER: Next 1000X Crypto: 10+ Crypto Tokens That Can Hit 1000x in 2025 There is Some Pushback Not everyone is comfortable with the overlap between politics and finance in this case. Critics argue that using political momentum to drive interest in financial products creates potential ethical issues. There are concerns about whether this strategy blends campaign goals with investment promotion in a way that raises questions about fairness and transparency. What Are the Next Steps? For the ETF to go live, it will need regulatory approval from the SEC, both for the fund registration and for the exchange listing. If approved, the Crypto Blue Chip ETF would likely be listed on NYSE Arca. That would place it among a growing group of crypto ETFs already gaining traction, though this one would stand out for its political connection and multi-asset design. Whether the ETF gets the green light or not, it signals something bigger. Crypto is no longer sitting quietly at the edge of politics. It is increasingly becoming a talking point, a campaign topic, and now, a potential investment offering from a former president’s media company. If the SEC signs off, the Truth Social ETF could land on the NYSE and bring crypto investing one step closer to the mainstream. DISCOVER: 20+ Next Crypto to Explode in 2025  Join The 99Bitcoins News Discord Here For The Latest Market Updates Key Takeaways

Trump Media has filed for a Crypto Blue Chip ETF, expanding beyond earlier Bitcoin-only proposals to include Ethereum, Solana, Cronos, and XRP.

The proposed fund allocates 70% to Bitcoin, 15% to Ethereum, with the rest split across other major tokens, offering broad crypto exposure.

This move builds on Trump Media’s wider push into crypto, including plans for a Bitcoin treasury product and a fintech platform called Truth

.Fi.

Critics question the ethics of merging political influence with financial products, raising concerns about transparency and investor impact.

The ETF still needs SEC approval, but its political ties and multi-asset design would make it a unique entry in the growing crypto ETF space.

The post Trump’s Truth Social Files for Crypto Blue Chip ETF appeared first on 99Bitcoins.

Ethereum co-founder and ConsenSys CEO Joe Lubin believes that Ethereum is starting to gain real ground in how traditional finance thinks about digital assets. He sees a growing number of companies holding ETH in their treasuries as a strategic choice that could influence how Wall Street treats crypto as a whole. Joe Lubin says the Ethereum treasury trend is gaining traction as more companies treat ETH as a real working asset, not just a headline grab. Treasuries as the New Gateway Lubin’s view is that Ethereum is beginning to play a role similar to what cash or even gold once did for corporate treasuries. It is not just about buying crypto to sit on a balance sheet. He makes the case for ETH as a functional part of the financial stack. Lubin points to Bitcoin’s entry into corporate treasuries as the early spark but says Ethereum takes it further because of what it can do. Joe Lubin: 'Ethereum treasury strategy just makes sense' pic.twitter.com/Ewodk53txw — Altcoin Daily (@AltcoinDaily) July 8, 2025 Unlike Bitcoin, Ethereum has built-in yield through staking and utility through smart contracts. Lubin argues that this gives companies more tools to manage their assets, earn passive income, and stay involved in a network that keeps evolving. Ethereum as a Financial Backbone Ethereum’s flexibility is what makes it different from other cryptocurrencies since it is not only a store of value. Lubin explains the fact that ETH can be deployed programmatically for yield, risk management, or even service payments within decentralized systems. Source: CNBC One example comes from SharpLink, a publicly traded company that recently moved a chunk of its treasury into Ether. The company is not just holding ETH, they’re staking it, using it to generate yield, and folding it into their long-term planning. That, according to Lubin, could become the new playbook for other firms. DISCOVER: Best New Cryptocurrencies to Invest in 2025 Why This Matters Lubin is also making the case that if companies treat ETH like any other working financial asset, the perception around it will shift. This could have ripple effects throughout traditional finance, especially in how investors and regulators classify crypto assets. EthereumPriceMarket CapETH$315.08B24h7d30d1yAll time It also hints at the idea that crypto is maturing in the eyes of people who typically operate outside the space. Lubin thinks Ethereum is positioned well to become a bridge between tech innovation and mainstream financial strategy. It is no longer just about holding a token, it is about what the token can actually do when put to work. DISCOVER: 20+ Next Crypto to Explode in 2025 The Road Ahead Lubin believes that a growing focus on Ethereum treasury moves could lead to more serious attention from traditional finance. If more companies begin holding and using ETH as part of their treasury operations, it could change the way Wall Street evaluates digital assets. Lubin sees this as a turning point. It is not just the value of Ethereum that matters now, it is the structure it offers for financial tools, investment strategies, and future products. As more firms explore staking, on-chain finance, and DeFi integration, Ethereum’s role in the global financial system could expand significantly. Lubin believes that the future may already be taking shape. Whether or not Wall Street fully catches on this year, Ethereum’s push into corporate treasuries is gaining attention. And for now, Joe Lubin is betting that ETH has more to offer than just price action. It may be laying the groundwork for a more dynamic and programmable financial future. DISCOVER: 20+ Next Crypto to Explode in 2025  Join The 99Bitcoins News Discord Here For The Latest Market Updates Key Takeaways

Joe Lubin believes Ethereum’s entry into corporate treasuries is more than a trend and could shift how Wall Street sees digital assets.

Ethereum offers built-in yield through staking and smart contract utility, making it more functional than traditional treasury assets.

Public companies like SharpLink are already staking ETH from their treasury, using it for yield and long-term planning.

Lubin sees Ethereum as a financial backbone, not just a store of value, with use cases in asset management and decentralized payments.

If more firms adopt ETH as a working treasury asset, it could lead to broader acceptance of crypto in traditional financial strategies.

The post Joe Lubin Predicts Ethereum Treasury Moves Will Shift Wall Street Attitudes appeared first on 99Bitcoins.

Bitcoin Magazine

Bitcoin Treasury Companies Are Bubbles Half a year has passed since the publishing of my initial report on the company then-named MicroStrategy, now simply Strategy. Other than a name change, the company has since then broadened the arsenal of its financial products, accumulated more bitcoin, and fueled a wide array of companies copying Michael Saylor’s playbook. There seem to be bitcoin treasury companies everywhere. Due for an update, we will now investigate whether or not these bitcoin treasury companies’ operations are in line with the predictions made in the initial report, and yet again attempt to conclude where all this is eventually going. A Cause for Alarm In December last year, the company seemed near invincible: With its bitcoin yield KPI accumulating at a mind-boggling annual rate of above 60%, optimism reigned. It was no wonder then that most of the arguments carefully laid out in the report released at that time were either ridiculed, ignored, or met with snarling challenges to sell the shares short. The share price, denominated either in dollar or bitcoin, is at time of writing flat compared to those days and so far offers little in terms of vindication. Tragically few understood or even reached the most important conclusion of my December report, which concerns the source of the bitcoin yield. We will therefore iterate what’s wrong with the company’s metric, and why this should be a cause of alarm for any serious investor. The bitcoin yield — the increase in bitcoin per share — reaching old shareholders comes from the pockets of new shareholders. The new shareholders, many of them buying shares in the hope of getting a high bitcoin yield themselves, provide the bitcoin yield either directly by buying Strategy common shares created in the company’s world-record sized ATM (“at the market”) offerings or indirectly by buying the shares borrowed (and then sold) by delta neutral hedge funds that simultaneously hold the company’s convertible bonds. This is the Ponzi part of company operations — publicly boasting a bitcoin yield far higher than any conventional yield, while obfuscating the fact that the yield stems, not from the sale of company goods or services, but from the new investors themselves. They are the yield, and the harvesting of their hard-earned money will continue as long as they willingly provide it. The size of the harvest is in proportion to the size of the confusion, here measured as the premium of common shares over company net assets. This premium is nurtured by complicated but inviting company narratives, promises, and financial products. Because the word “Ponzi” has been thrown Bitcoiners’ way for over a decade, they have become accustomed — and rightly so — to simply disregard such critiques altogether. But just because a company within the Bitcoin sector intentionally or inadvertently has constructed a Ponzi scheme, that does not obviously mean that bitcoin itself is a Ponzi. The two assets are separate. During metallic monetary standards of the past, Ponzi schemes existed, but that does not mean the precious metals themselves ever were, or are, such schemes. When I make this claim of Strategy in its current form, I mean it from the point of definition, not from tiresome hyperbole. The Accumulation Continues Before drawing any further conclusions, it is first time to pick up where we left off in the initial report, and map relevant company decisions made over the last six months. Strategy announced on December 9 that approximately 21,550 bitcoin had been acquired for about $2.1 billion (average price: approximately $98,783 per bitcoin). This purchase was conducted with proceeds from the ATM outlined in the famous 21/21 Plan initiated earlier the same year. Just a few days later, over 15,000 more bitcoin were purchased, also through the ATM offering, and a few days after that announcement, about 5,000 more were purchased. The end of 2024 saw the company requesting from its shareholders an amendment to increase the number of authorized shares of class A common stock from 330,000,000 shares to 10,330,000,000 shares — in other words, a 30x. The number of authorized shares of preferred stock was to be increased from 5,000,000 shares to 1,005,000,000 shares — a 200x. All this, though not the same as stating the full amount to actually be issued, was done to give the company more liberty in future financial operations as the 21/21 Plan quickly ran its course. By also focusing on preferred stock, another variant of funding could now be pursued. The full year ended with about 446,000 bitcoin owned by Strategy, and with a company bitcoin yield of 74.3%. Perpetual Strike Preferred Stock The new year started with an 8-K filing stating that Strategy was now ready to seek the new funding through preferred stock. The new instrument, as the name implies, was to be senior to the company’s common shares, meaning the owners of the preferred shares had a stronger claim on any future cash flows. Initially, a $2 billion raise was the stated goal. While the new instrument was being prepared, 450,000 bitcoin had been accumulated by January 12. At the end of the month, all 2027 convertible bonds were called on to be redeemed for newly issued shares, as the conversion price was now below the market price of the shares. Any Strategy convertible bond far “in the money” becomes unappealing to the largest buyers of such instruments — the gamma-trading, delta neutral hedge funds — who prefer early conversion followed by new convertible bond issuance over holding the old bonds until maturity. On January 25, 2025, the company finally filed its prospectus for Strike perpetual preferred stock ($STRK), and about a week later, 7.3 million Strike shares were issued with 8% cumulative dividends on the liquidation preference of $100 per share. In practice, this meant a $2 per share quarterly dividend in perpetuity, or until the shares are converted to Strategy shares in case the price of the latter reaches $1,000. Conversion was defined at the ratio 10:1, meaning 10 Strike shares must be converted for every new Strategy share. In other words, the instrument is akin to a dividend-paying perpetual call option on Strategy common shares. If deemed necessary, Strategy can pay the dividends in the form of its own common shares. On February 10, about 7,600 bitcoin were purchased with the proceeds from the Strike issuance as well as from conventional ATM offering of common shares. On February 21, Strategy issued $2 billion worth of convertible bonds maturing March 1, 2030, with a conversion price of about $433 per share, representing a conversion premium of about 35%. About 20,000 bitcoin could quickly be purchased with the proceeds. Shortly thereafter, a new prospectus was published, enabling the company to issue up to $21 billion worth of Strike perpetual preferred stock, meaning the already ambitious 21/21 Plan of last year now seemed to morph into something even more massive. Perpetual Strife and Stride Preferred Stock As soon as the company had publicly announced its ambitious expansion of its funding plan, yet another instrument was announced; Strife ($STRF), a perpetual preferred stock similar to Strike, was to go live with 5 million shares. It was to offer 10% annual dividends in cash — paid quarterly — instead of 8% in cash or common shares. Strife, unlike Strike, had no equity conversion feature, but was senior to both common shares and Strike. Any dividend delay was to be compensated by higher future dividends, with a maximum of 18% total annual dividend rate. At time of issuance, the initial plan of issuing 5 million shares seems to have been increased to 8.5 million shares, raising over $700 million. With ATM activity for the common shares as well as for Strike, Strategy could finally announce in March that the company held over 500,000 bitcoin. April saw mostly regular common share ATM activities, until that type of funding was all but depleted. Strike ATM activity continued as well, but due to what was likely low liquidity, the dollar amount raised was negligible. With the proceeds, Strategy’s total bitcoin position climbed above 550,000 bitcoin. On May 1, Strategy announced the intention of launching another $21 billion common share ATM offering. This announcement came very shortly after the ATM arm of the initial 21/21 Plan had been exhausted, and fully vindicated the logic outlined in the previous report as well as on X. As any premium to net assets creates an arbitrage for the company, management is bound to continue to print new shares overvalued relative to underlying bitcoin assets in order to capture it. Issuance started almost immediately, and more bitcoin could be accumulated. As the fixed income arm of the initial 21/21 Plan already had been extended with the new preferred stock in mind, investors now faced a massive 42/42 Plan, meaning a maximum of $42 billion in common share issuance and $42 billion in fixed income security issuance. May also saw the SEC filing of a new $2.1 billion ATM offering for the Strife perpetual preferred stock instrument. At the end of the month, all three ATM offerings were printing shares for the acquisition of new bitcoin. In the beginning of June, yet another instrument was announced: Stride ($STRD), a perpetual preferred stock asset similar to Strike and Strife, was soon to launch. It was to offer 10% optional, noncumulative dividends in cash, had no equity conversion feature, and was junior to every other instrument except the common shares. A little less than 12 million shares worth about $1 billion were initially issued, paving the way for about 10,000 more bitcoin for the company coffers. A Dazzling Mosaic of Bitcoin Treasury Companies With the STRK, STRD, and STRF products launched, and Strategy’s 21/21 Plan in full swing, the full picture of what has been going on in the last six months should be clearer. I pointed out in the initial report that the main rationale behind the convertible bonds was not, despite the claims of the company, to offer bitcoin exposure to a section of the market in need and want of such. The buyers of the bonds were almost all of them delta neutral hedge funds, and, being simultaneously short Strategy shares, they never had any actual bitcoin exposure. It was all a ruse. The true reason that Strategy offered these securities to lenders was that it gave retail investors an impression of financial innovation targeting a multitrillion-dollar industry, as well as facilitating further bitcoin accumulation without equity dilution. And as the investors bid on the common shares, so did the price discrepancy to net assets and the opportunity of risk-free bitcoin yield grow in proportion. The greater the economic confusion, coupled with Michael Saylor’s way with words and vivid analogies, the larger the company’s arbitrage opportunity. By issuing three different perpetual preferred stock securities over the last six months, in addition to the various convertible bonds already in place, these complicated financial products could now create an appearance of financial innovation, thus spurring further bidding on the common shares. At the time of writing, the common shares trade near double that of net assets, which is a great feat by company management, given the large size and activity of the common share ATM offerings. It means Strategy can continue to buy about two bitcoin for the price of one in a risk-free fashion. In 2024, the company could enjoy tailwinds originating from the popular “reflexivity flywheel” theory, where it was argued that the more bitcoin the company purchased, the more its shares would increase in value, resulting in the opportunity to buy even more bitcoin. In 2025, this self-referential stupidity morphed slightly to a “torque” narrative, manifesting itself as official company depictions of fixed income cogwheels rotating the core that is the common shares, with bitcoin yield produced from the machinery as a result. Exactly from where, or how, the yield was created, few investors seemed to be asking themselves, and instead the made-up dynamic was mindlessly celebrated.

Preferred shares are financial assets, and not subject to the laws of physics. Being an engineer, it is not surprising that Saylor should come up with all these fallacious analogies so that bitcoin yield would appear to stem from what can only be viewed as financial alchemy. But since there are no actual company revenues to speak of, no actual banking (the company borrows, but does not lend), the bitcoin yield must in the end stem from the earlier outlined Ponzi element of the company’s business model; retail investors are dazzled by carefully curated narratives, causing them to bid up the price of common shares enough for the bitcoin yield opportunity to materialize. Whatever bitcoin yield originating from the various debt instruments cannot yet be considered settled as debt must eventually be paid off. Only the bitcoin yield stemming from common share ATM offerings is immediate and final — a true profit. A Bubble of Bitcoin Treasury Companies Oblivious or not to the fact that narratives can’t influence reality forever, the massively successful bitcoin yield concept of Strategy has spread like a wildfire among management teams of smaller companies all over the world. CEOs have seen how Strategy insiders, by continuously dumping shares on the retail investors currently chasing the shares, have become immensely rich, and so have started copying the playbook. The constant Strategy insider selling can be verified by looking at the numerous Form 144 filings. Many of these companies have successfully pulled this off, already enriching management and old shareholders at the expense of new ones. But it must all end at one point, and many of these companies, grasping in desperation at the bold, new strategy of becoming bitcoin treasury companies (due to the conventional main business struggling or even failing) will be the first that are compelled to sell their bitcoin assets to pay creditors when things take a turn for the worse. Michael Saylor himself once admitted that he was desperate before stumbling over bitcoin.

• Metaplanet was once known as Red Planet Japan and struggled mightily to be profitable in Japan’s budget hotel sector.
• Before Méliuz SA desperately adopted a bitcoin acquisition strategy, it had undergone a 100:1 reverse split.
• Vanadi Coffee SA drifted ever closer to bankruptcy, managing five cafes and a bakery in Spain’s Alicante region, but its pivot to a bitcoin strategy now seems to have performed miracles for its share price.
• The notorious meme stock company Trump Media & Technology, with no revenue to speak of, is now pursuing billions of dollars in funding for the purpose of creating a bitcoin treasury company in order to rescue a share price trading at all-time lows.
• Bluebird Mining Ventures Ltd, also in desperation, I would imagine — at least if the share price is any indicator — just recently decided to sell any gold it managed to mine in order to fund bitcoin purchases for its treasury; the shares are at time of writing up almost 500% in a month.
• H100 Group, a small and until recently struggling Swedish biotech company, has, at the time of writing returned, to its investors about 1,500% in a month on news that Adam Back, CEO of Blockstream, is funding the company through some type of convertible bonds, for the pursuit of a bitcoin treasury strategy.

The list could go on and on, but I think the point is made; it is not Microsoft, Apple, or Nvidia that are becoming bitcoin treasury companies, but failing companies with nothing to lose. Jesse Myers, a Strategy supporter and a direct influence on Michael Saylor’s bitcoin valuation modeling, admitted that,  “[…] with MicroStrategy, Metaplanet and Gamestop, they are all zombie companies. They all had […] a reason to take a serious look in the mirror and say, we can’t keep doing the strategy that we’ve… the path we’ve been on. We have to radically reinvent our approach to delivering shareholder value.”  All these desperate companies have looked at Michael Saylor and Strategy and believe they have found a clear path to riches. By copying the financial alchemy themselves, they are now all involved in a great transfer of wealth as the bitcoin treasury company bubble runs its course. When the Mosaic Breaks Though part of the impressive company mosaic, Strike, Strife, and Stride are all senior to equity. The same is true for the convertible bonds, not all of them are currently “in the money.” Future free cash flow will always have to reach holders of these instruments before whatever is left can go to owners of the common shares. In good times, this is obviously not a problem due to the rather low debt ratio of the company; in bad times, the value of all company assets decline considerably while debt obligations remain — like tall, looming threats to any new creditor. Due to a phenomenon sometimes referred to as debt overhang, any new creditor will be hesitant to lend for the purpose of paying off other debt obligations. What started as an enchanting collection of narratives and exaggerations morphs into something turning on its creator. This is all exacerbated by the fact that a prolonged bitcoin bear market will cause further sell pressure on the asset by the many bitcoin treasury companies then in distress. The more popular Strategy’s playbook becomes, in other words, the deeper the future bitcoin crash, likely wiping out much of the equity of most companies having pursued such a strategy to the bitter end. In summary: Michael Saylor likes bitcoin. He, like all of us, prefers more bitcoin to less bitcoin. It is then extremely naive to think that he will let company management pass on what is by definition an arbitrage. When common shares trade at a premium to net assets, the company can create risk-free profits for its old shareholders by transferring wealth from the buyers of newly issued shares. This will continue in the form of ever-larger common share ATM offerings alongside new, obfuscating ”innovative products”, despite protests and mutterings about equity dilution. Evidence of this claim is my prediction made in March, coming true in the form of a new $21 billion ATM offering barely one and a half months later. If Strategy does not act on this arbitrage, all the copy-cats will capture it instead as they attempt to increase their bitcoin treasury in an equally risk-free manner. In the frantic scramble to create and expand all these arbitrage opportunities, companies will take on debt in various forms, and danger abounds. During the next bitcoin bear market, the Strategy share price will reach — and then break below — net assets per share, inflicting large bitcoin-denominated losses on anyone buying at today’s premium. The best action a Strategy investor can take today is doing exactly what the company and its insiders are all doing: Sell the shares!  Bitcoin is no longer the main strategy of this company, nor of any of the now multiplying bitcoin treasury companies; you are. This is an edited version of the article posted on the author’s Medium page. A fuller assessment is featured in the next Bitcoin Magazine Print issue — be sure to get your subscription now. BM Big Reads are weekly, in-depth articles on some current topic relevant to Bitcoin and Bitcoiners. If you have a submission you think fits the model, feel free to reach out at editor[at]bitcoinmagazine.com. This post Bitcoin Treasury Companies Are Bubbles first appeared on Bitcoin Magazine and is written by Emil Sandstedt.

Binance Pay is making crypto spending a real-world experience on the French Riviera. In a new push to bring stablecoins into daily life, Binance has partnered with payments app Lyzi to enable crypto transactions at more than 80 merchants across southern France. From small boutiques in Nice to beachfront shops in Cannes, users can now pay in stablecoins like USDT or FDUSD with the tap of a phone. Crypto Meets Everyday Spending This expansion is more than a novelty. It’s part of Binance’s broader effort to demonstrate that crypto can do more than just sit in a wallet or trade on exchanges. The French Riviera rollout allows users to spend stablecoins on food, fashion, wellness, and entertainment, categories that tourists and locals regularly engage with. With the summer travel season underway, it’s a timely move. Source: Shutterstock Binance Pay works like any other QR-based mobile wallet, but with one difference: the funds come directly from a crypto balance, and payments are settled in seconds. Users can choose from a list of supported stablecoins and pay in-store without converting to euros first. That simplicity is key to making digital assets usable beyond speculation. DISCOVER: Next 1000X Crypto: 10+ Crypto Tokens That Can Hit 1000x in 2025 Why France? France has quietly positioned itself as one of Europe’s more crypto-friendly countries. Regulatory clarity and growing fintech support have helped projects like this one move forward faster than they might elsewhere. Binance’s local team, operating under full registration with French regulators, is using the region to pilot new consumer payment flows before bringing them to bigger cities or international markets. Binance CoinPriceMarket CapBNB$96.66B24h7d30d1yAll time The choice of the Riviera is strategic. The area pulls in millions of visitors each year, many of whom are already familiar with crypto. By launching here, Binance gets real-time feedback from a global audience without needing a massive nationwide rollout. It’s a contained but high-impact setting that gives the company room to iterate. Stablecoins in the Spotlight The payment method here is intentional. Unlike volatile cryptocurrencies, stablecoins offer price predictability. That matters when you’re selling a product with a fixed euro price. The system currently supports major stablecoins like USDT and FDUSD, both of which are pegged to the U.S. dollar and widely used for transactions in crypto markets. Binance Pay and Lyzi are using this as a proof of concept: if users are comfortable paying in stablecoins and merchants are happy with fast, low-fee settlement, there’s no reason the model can’t expand across Europe. That said, adoption still depends on ease of use, education, and a sense of trust in both the technology and the coins themselves. DISCOVER: 9+ Best High-Risk, High-Reward Crypto to Buy in July2025 Looking Ahead More regions could follow if this pilot succeeds. Binance has hinted at plans to broaden merchant support, add more stablecoin options, and expand into other European cities. As stablecoin regulation tightens across the EU, early rollouts like this could give Binance an advantage in understanding what users want from crypto payments. This is not a flashy PR campaign or tech demo. It’s a quiet, steady step toward mainstream utility. On the Riviera, paying in crypto is no longer an idea. It’s just part of the checkout process. DISCOVER: 20+ Next Crypto to Explode in 2025  Join The 99Bitcoins News Discord Here For The Latest Market Updates Key Takeaways

• Binance Pay is now live at over 80 merchants across the French Riviera, enabling real-world crypto payments in USDT and FDUSD.


• Users can spend stablecoins in categories like food, fashion, and wellness, making crypto part of everyday transactions.


• France’s clear crypto regulations and tech-friendly ecosystem made it an ideal testing ground for this stablecoin payment rollout.


• Stablecoins provide price stability, allowing merchants to accept crypto payments without worrying about volatility.


• If the pilot succeeds, Binance may expand stablecoin payments to other parts of Europe with broader merchant support.

The post Stablecoins Hit the Riviera: Binance Pay Now Live at Dozens of French Merchants appeared first on 99Bitcoins.

A fresh banking venture is taking shape in Silicon Valley. This time, it’s coming from some of the most recognizable names in tech. Palmer Luckey, Peter Thiel, and Joe Lonsdale are backing Erebor Bank, a new institution aimed at serving crypto firms, AI startups, defense tech, and advanced manufacturing, the types of companies that were left in limbo after the collapse of Silicon Valley Bank in 2023. Filling SVB’s Gap Before its downfall, SVB played a major role in financing early-stage tech. Its absence created a vacuum that traditional banks were not exactly eager to fill. Erebor Bank wants to step into that space. ICYMI: A new US bank backed by @PalmerLuckey and @JTLonsdale is aiming to fill the crypto sized hole left by SVB. Called Erebor the bank has filed for a national charter and plans to serve crypto AI and defense startups with a focus on stablecoins & digital assets. — levinocrypto (@levinocryp45219) July 3, 2025 It’s a digital-first operation with its main office in Columbus, Ohio, and a presence in New York. The goal is to build a modern institution that understands the speed and complexity of the startup world, especially in crypto. A Stablecoin-Backed Blueprint One thing that sets Erebor apart is its intention to actively support stablecoins. The bank has already applied for a national banking charter and plans to hold stablecoins on its balance sheet. That move could give it an edge when it comes to serving companies working with tokenized assets or global payments. Co-CEOs Owen Rapaport and Jacob Hirshman, both with experience in crypto infrastructure, are driving this plan forward. DISCOVER: Best New Cryptocurrencies to Invest in 2025 Founders and Mission Palmer Luckey, known for Oculus and defense firm Anduril, is financially backing the project but will stay out of day-to-day operations. Peter Thiel and Joe Lonsdale bring deep ties to venture capital through Founders Fund and 8VC. The leadership team, including Rapaport, who previously worked at Circle, sees Erebor as a lifeline for tech sectors that have been underserved since SVB went under. BitcoinPriceMarket CapBTC$2.15T24h7d30d1yAll time The aim is to create a bank that doesn’t flinch at innovation. Where others see risk, Erebor sees potential. It’s pitching itself as the first real banking option designed from the ground up to support the tools and trends defining the next decade. DISCOVER: 20+ Next Crypto to Explode in 2025 Why Now May Be the Right Time The timing is no accident. The startup ecosystem has not fully recovered from SVB’s implosion. Founders still struggle to find banking partners that truly get their business models. On top of that, stablecoin regulation is finally starting to take shape, and several crypto firms like Circle and Anchorage are moving toward regulated banking models. Erebor wants to get ahead of that curve. The bank says it plans to become one of the most tightly regulated institutions working with stablecoins. If that happens, it could offer a blend of security and speed that few others can match. What Lies Ahead Even with strong backing, Erebor has a long regulatory road ahead. Getting a national charter means meeting standards set by the OCC, Federal Reserve, and other agencies. And since crypto is still a sensitive topic for many regulators, the bank’s digital asset strategy is likely to face heavy scrutiny. But Erebor is entering the space at a moment when the rules are clearer and the demand is higher. Circle’s expansion and Anchorage’s foothold have already proven there’s a real appetite for crypto-native banking options that play by the rules. Looking Forward Erebor is not trying to recreate the past. It’s stepping into the future with a clear focus on stablecoins, secure custody, and smarter lending. Whether it becomes the go-to bank for tech startups or just helps push the conversation forward, it’s already part of the next chapter in the crypto and fintech story. The gap left by SVB is still there. Erebor thinks it has the blueprint to finally close it. DISCOVER: 20+ Next Crypto to Explode in 2025  Join The 99Bitcoins News Discord Here For The Latest Market Updates Key Takeaways

Erebor Bank is being launched by tech figures like Palmer Luckey, Peter Thiel, and Joe Lonsdale to serve crypto, AI, and defense startups left behind after SVB’s collapse.

The bank plans to support stablecoins directly on its balance sheet and has applied for a national banking charter to operate as a federally regulated institution.

Erebor Bank’s leadership includes former Circle staff and crypto veterans aiming to create a regulated, digital-first bank tailored to startup needs.

The project is designed to fill the startup banking gap with tools for fast-moving sectors like tokenized assets, global payments, and advanced manufacturing.

If successful, Erebor Bank could become a major player in crypto banking by combining innovation with full regulatory compliance.

The post Tech Titans Launch Erebor Bank to Fill SVB’s Void for Crypto and AI Startups appeared first on 99Bitcoins.

Japanese investment firm Metaplanet has officially surpassed Elon Musk’s Tesla to become one of the largest corporate holders of bitcoin in the world. With a recent purchase of 1,234 BTC, the company now holds 12,345 BTC worth around $1.33 billion. This big move puts the Tokyo-listed company ahead of Tesla’s 11,509 BTC and makes it the 7th largest corporate bitcoin holder globally. The latest purchase cost Metaplanet around $132.7 million, made at an average price of $107,557 per bitcoin. The company has spent around $1.2 billion in total to buy 12,345 BTC, averaging a cost basis of $97,036 per coin. Metaplanet CEO Simon Gerovich announced the company now holds 12,345 BTC and reiterated its commitment to a bitcoin-focused strategy for long-term shareholder value. In just 2 weeks the Japanese firm has moved from 10th to 7th place among all corporate bitcoin holders, surpassing big companies like Coinbase, Block Inc. and Hut 8. Metaplanet, originally a budget hotel company, has transformed into a bitcoin-treasury-focused investment firm. Its strategy is inspired by Michael Saylor’s Strategy, the largest corporate bitcoin holder with over 590,000 BTC. Unlike Strategy, Metaplanet has chosen a more conservative approach by not using debt to buy bitcoin. Instead, it raised funds through equity sales. Just a day before the latest bitcoin purchase the company completed a ¥74.9 billion (around $515 million) equity raise, issuing 54 million new shares backed by institutional investors like EVO FUND. This is the largest single-day equity-based bitcoin treasury event ever recorded. Metaplanet isn’t stopping at 12,345 BTC. It has set ambitious targets: to buy 30,000 BTC by the end of 2025, 100,000 by 2026 and 210,000 by 2027. These are part of what the company calls its “555 Million Plan” which involves raising up to $5 billion to buy more bitcoin. The company has already made 2 big purchases—1,111 BTC a few days ago and 1,234 BTC yesterday—and has increased its bitcoin holdings by nearly 10x since January. Metaplanet bitcoin purchase history — BitcoinTreasuries The bitcoin buying has had mixed effects on Metaplanet’s stock. After a 25% drop from its recent high of 1,900 JPY, the company’s stock has stabilized at around 1,560 JPY. Some see the dip as a buying opportunity. Gerovich said he believes trading volume is the “lifeblood” of a bitcoin treasury firm, pointing out Metaplanet’s $840 million daily trading volume. Trading volume of different companies — Simon Gerovich on X Despite the growth, the company has attracted the attention of hedge funds, some of which have shorted the stock due to concerns over shareholder dilution from the rapid equity issuance. But Metaplanet’s decision to not use debt is seen by others as a protection against long-term financial risk. Metaplanet’s big bet is happening during a broader bitcoin boom. Bitcoin prices are up to $107,000, 1.5% in the day and 74% since late June 2024. Analysts point to geopolitical stability and the Fed not raising rates as the reason for the market confidence.

Vanadi Coffee, a small café chain based in Alicante, Spain, has officially approved an ambitious plan to invest up to €1 billion (about $1.17 billion) in bitcoin. The decision, made during a shareholder meeting on June 29, is a big change for the company which has just 6 locations and has been losing money. Despite reporting a net loss of €3.3 million in 2024 and only €2 million in annual revenue, Vanadi is betting its future on bitcoin. The company will adopt bitcoin as its main reserve asset, like bigger players such as U.S.-based Strategy (formerly MicroStrategy) and Japan’s Metaplanet. “Investing in Bitcoin is a long-term commitment to a new decentralized financial model,” Vanadi said in an official statement. “Vanadi Coffee is diversifying its business into Bitcoin investment and management and other cryptocurrency-related areas.” The idea to go bitcoin-first surfaced 3 weeks ago when Vanadi’s chairman, Salvador Martí, proposed the plan after months of falling stock prices and poor financial performance. When the company went public in July 2023, shares were trading at €3.28. By early June 2025, shares had dropped to €0.28 – a 91% drop. Vanadi Coffee called bitcoin a strategic asset and said it could help protect and grow the company’s assets. In May, the café chain made its first bitcoin purchase: 5 BTC at a cost of around $527,000. After that announcement, the stock went up. But the boost faded as bitcoin’s price dropped and investors waited for action. Now that the plan is approved, Vanadi has started to execute. The company has just added 20 BTC to its holdings, bringing the total to 54 BTC – worth around €5.8 million. Vanadi will fund its bitcoin accumulation through convertible financing and capital raises, meaning the company can issue new debt or equity to bring in funds. This gives flexibility but could also dilute existing shareholder value if not managed properly. The board has been authorized to “negotiate one or more convertible financing lines to finance the implementation of the aforementioned bitcoin accumulation strategy up to a maximum limit of 1 billion euros,” the company announced. The strategy is already getting institutional attention. Two of the backers are Patblasc Software Consulting, a small local firm that offered €50 million and Alpha Blue Ocean, an international investment group that is supporting Vanadi as part of a €1.5 billion program across 15 companies. Despite the doubts, the market is loving it. Vanadi’s stock has gone up 240% in the last month and over 500% this year and is one of the top performers on Spain’s BME Growth index. Vanadi’s stock price chart — TradingView Shares more than tripled in June after the company announced it was going all in on bitcoin. Analysts are divided. Some see it as bold and forward-thinking. Others warn of huge risks given the company’s lack of experience in digital assets and its small size. Analysts say the café chain’s €1 billion bitcoin bet is a huge risk and will backfire if the bitcoin market drops or regulators intervene. Critics point out several concerns. Vanadi has thin margins and rising costs. On the other hand, Spain’s regulatory stance on large corporate bitcoin investments is unclear. What sets Vanadi apart is the scale of its bet relative to its size. €1 billion in bitcoin is the biggest bitcoin pivot ever by a company of this kind and size in Europe. Will this bet pay off or will it become a cautionary tale? Only time will tell.

Ripple is making a serious move into traditional finance. The company behind XRP has applied for a national banking charter in the United States, aiming to bring its RLUSD stablecoin under direct federal oversight. This isn’t just about checking boxes. It’s a strategic attempt to give RLUSD a stronger foundation and open the door to a deeper role in the financial system. If approved, the Ripple banking license would allow the company to hold RLUSD reserves directly with the Federal Reserve. Ripple’s CEO, Brad Garlinghouse, confirmed the application publicly, pointing out that RLUSD already operates under New York’s financial regulators. Getting a national charter through the Office of the Comptroller of the Currency (OCC) would expand that coverage, blending state-level approval with federal credibility. It’s also a signal to investors, regulators, and institutions that Ripple wants RLUSD to be taken seriously. The Bigger Picture Behind the Charter So what does this actually mean? A bank charter gives Ripple a way to hold reserves directly with the Federal Reserve. That cuts out third-party banks, simplifies operations, and improves transparency. It also means RLUSD could be settled faster and more reliably, especially during nights or weekends when traditional systems shut down. NEW: Ripple has applied for a U.S. National Bank License pic.twitter.com/cMoTtdTrlJ — Ashjessy (@MS12326) July 3, 2025 Ripple would use its subsidiary, Standard Custody & Trust Company, to apply for the necessary Fed master account. If granted, the RLUSD reserves would move from commercial banks to the central bank, offering stronger protection and oversight. For a stablecoin trying to compete with the likes of USDC and Tether, this could be a major advantage. DISCOVER: Next 1000X Crypto: 10+ Crypto Tokens That Can Hit 1000x in 2025 Ripple Is Not Alone The timing is no coincidence. Earlier this week, Circle—the company behind USDC—also filed for a national trust bank license. Circle wants to create a fully regulated institution focused on digital dollars and tokenized assets. Both Ripple and Circle are reading the same playbook: take the stablecoin game into regulated territory before the rules get even tougher. XRPPriceMarket CapXRP$131.33B24h7d30d1yAll time So far, Anchorage Digital is the only crypto firm with a federal charter. Ripple’s move puts it in the race to be next. And with the GENIUS Act gaining traction in the Senate, regulation for stablecoins is no longer hypothetical. Standards around reserves, disclosures, and investor protection are already being written. DISCOVER: 9+ Best High-Risk, High-Reward Crypto to Buy in July2025 RLUSD’s Position and What Comes Next RLUSD launched in late 2024 and has already grown to a market cap of around $470 million. That’s not enough to challenge the top stablecoins, but it puts Ripple in the conversation. A federal charter could give RLUSD the edge it needs to appeal to banks, payment processors, and institutional investors. Source: Shutterstock Ripple also has plans beyond RLUSD. The charter would let it expand into cross-border payments and digital asset custody services, all under federal supervision. If the OCC and Fed approve the application, Ripple would be able to offer these services on the same regulatory footing as traditional banks. What to Watch Approval is not guaranteed. Getting the charter and a Fed account involves multiple agencies and months of review. Ripple also faces ongoing legal challenges tied to XRP, which could influence regulators’ decision-making. But if the license is granted, Ripple will have one of the strongest compliance setups in the stablecoin market. This is more than a regulatory milestone. It’s a sign that the stablecoin space is evolving fast, and only those who are ready to play by the rules will be able to scale. Ripple’s banking play is a bet that RLUSD is ready for that next step. The industry is watching closely to see whether the potential Ripple banking license opens the door to broader adoption of RLUSD. DISCOVER: 20+ Next Crypto to Explode in 2025  Join The 99Bitcoins News Discord Here For The Latest Market Updates Key Takeaways

Ripple has applied for a U.S. national banking charter to bring its RLUSD stablecoin under federal oversight.

The move would allow Ripple to hold reserves directly with the Federal Reserve, improving transparency and settlement speed.

Ripple’s charter bid comes alongside similar moves from Circle, as both aim to meet stricter stablecoin regulations early.

If approved, Ripple could expand into digital asset custody and cross-border payments under full federal supervision.

RLUSD currently has a $470 million market cap, and this banking move could make it more competitive with top stablecoins.

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