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Nakiki SE to Become First German Public Company With ‘Pure’ Bitcoin Treasury Strategy Today, Nakiki SE (ISIN: DE000WNDL300) announced plans to fully adopt a bitcoin treasury strategy, aiming to become Germany’s first publicly listed company to pursue a bitcoin-only treasury reserve asset business plan, similar to Michael Saylor’s Strategy.  JUST IN: Nakiki SE is planning to become the first German listed company with a pure #Bitcoin treasury strategy pic.twitter.com/BY6P64fd8m— NLNico (@btcNLNico) July 7, 2025 The company will propose a name change and a revised business purpose at its annual general meeting in the second half of 2025. Nakiki SE is also in discussions with key investors to raise capital through share issuances to fund its bitcoin acquisition. “The course for building a Bitcoin portfolio was set today following discussions with potential investors, placing banks, and Bitcoin experts,” the announcement stated. Nakiki SE’s announcement follows a growing trend among German companies embracing Bitcoin as a treasury asset. One notable example is Evertz Pharma GmbH, a private company focusing on premium natural cosmetics, which made headlines earlier this year by becoming the first private German company to announce it has implemented a strategic Bitcoin reserve.  It is important to note that Bitcoin Group SE is also another publicly traded company in Germany that holds BTC on its balance sheet, but is not actively running the same bitcoin treasury strategy that Michael Saylor’s Strategy has made popular. This is where Nakiki SE is attempting to differentiate itself by becoming the first publicly traded company in the country to solely focus on this new business strategy.  “Our mission is to promote natural beauty on a scientific foundation,” said the managing Director of Evertz Pharma GmbH Dominik Evertz. “The same future-focused mindset shapes our financial strategy: Bitcoin, as a scarce and globally tradable asset, complements our reserves and strengthens the long-term resilience of our company.” The adoption of bitcoin as a treasury reserve asset has dramatically increased over the course of the last year, expanding globally. To date, there are 256 companies and other entities with bitcoin on their balance sheets. Strategy’s Bitcoin strategy has been one of the most influential examples in the corporate world. As seen in the latest market metrics, the company holds over 597,000 BTC, with a bitcoin NAV of $64.7 billion and a 1-year return of 210%. Their long-term conviction in bitcoin and public transparency has served as a blueprint for companies like Nakiki SE and Evertz Pharma. As more firms explore alternatives to traditional reserves, Strategy’s model continues to reinforce bitcoin’s position as a strategic asset on the balance sheet. This post Nakiki SE to Become First German Public Company With ‘Pure’ Bitcoin Treasury Strategy first appeared on Bitcoin Magazine and is written by Oscar Zarraga Perez.

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Metaplanet Enters ‘Bitcoin Gold Rush’ with Plans to Buy 210,000 BTC by 2027 Metaplanet, widely recognized as Japan’s leading Bitcoin treasury company, has announced its plans to become the world’s second largest corporate bitcoin holder by 2027, aiming to use its growing reserves to buy cash-generating businesses. “We think of it as a bitcoin gold rush,” said Metapanet CEO Simon Gerovich. “We need to accumulate as much bitcoin as we can… to get to a point where we’ve reached escape velocity and it just makes it very difficult for others to catch up.” Metaplanet, currently the world’s fifth largest corporate bitcoin holder, announced plans last month to aggressively grow its holdings from 15,555 to over 210,000 bitcoin by the end of 2027, an amount equal to roughly 1% of all bitcoin that will exist, valued at nearly $23 billion at today’s prices. Path to ₿210,000 updated pic.twitter.com/CUgVTIicJF— Simon Gerovich (@gerovich) July 7, 2025 “Then we have phase two…  when bitcoin, like securities or government bonds, can be deposited with banks and then they’ll provide very attractive financing against that asset,” Gerovich stated. “We’ll get cash that we can use to buy profitable businesses, cash-flowing businesses.” Gerovich, who was once a Goldman Sachs banker in Tokyo, has grown Metaplanet’s stock market capitalization to over ¥1 trillion ($7 billion). Its Tokyo-listed shares have surged more than 345% this year after the company shifted its focus in 2024 to operating as a bitcoin treasury firm. Metaplanet’s strategy follows the playbook of Michael Saylor’s Strategy which has turned into a bitcoin investment vehicle. Strategy holds 597,000 bitcoin and has reached a market valuation of $112 billion, far surpassing the current value of its holdings. If Metaplanet reaches its 210,000 bitcoin target, it would likely become the second largest corporate bitcoin holder behind Strategy. With only about 1 million bitcoin left to be mined out of the total 21 million, Gerovich expects, “four to six years is probably phase one in this Bitcoin accumulation phase, and then beyond that it becomes incrementally more difficult,” he said. Gerovich said he would “never” sell any bitcoin and plans to keep raising capital to buy more. He is open to issuing preferred shares but opposes using convertible debt. “I don’t want to have to pay back the money in three, four years’ time and have whether or not we need to repay be linked to an arbitrary share price,” he said. “I encourage people to short our stock if they don’t believe in the story,” Gerovich concluded. This post Metaplanet Enters ‘Bitcoin Gold Rush’ with Plans to Buy 210,000 BTC by 2027 first appeared on Bitcoin Magazine and is written by Oscar Zarraga Perez.

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Sequans Closes $384 Million Investment To Launch Bitcoin Treasury Initiative Sequans Communications, a fabless semiconductor company focusing on 5G/4G IoT semiconductor technology, has officially closed a $384 million strategic investment to kick off its Bitcoin treasury initiative. The deal combines $195 million in equity financing and $189 million in secured convertible debentures, reflecting growing institutional appetite for Bitcoin. JUST IN: Publicly traded Sequans raises $384 million to launch their #bitcoin treasury. pic.twitter.com/O4S1gX9oOy— Bitcoin Magazine (@BitcoinMagazine) July 8, 2025 The Offering included the sale of over 139 million American Depositary Shares (ADSs), with additional common warrants exercisable within 90 days, contributing $195 million in gross proceeds. The $189 million in convertible debentures, due July 7, 2028, were issued at a 4% discount and come with further common warrants. If all warrants are exercised, Sequans could gain another $57.6 million, allocated primarily for additional Bitcoin purchases.  “With the closing of this financing, we are excited to begin executing our bitcoin treasury strategy,” said Georges Karam, CEO of Sequans. “We believe Bitcoin’s unique properties will enhance our financial resilience and create long-term value for our shareholders. Our intention is to continue acquiring Bitcoin in the future, using excess cash generated from our core business operations and additional proceeds.”  To implement this strategy securely and transparently, Sequans will partner with Swan Bitcoin, a leading U.S.-based Bitcoin financial services firm specializing in custody, liquidity, and institutional strategy.  The securities were offered via private placement and have not been registered under the U.S. Securities Act of 1933. Northland Capital Markets and B. Riley Securities acted as joint lead placement agents, with Yorkville Securities also participating. Legal support came from Lowenstein Sandler LLP (U.S.) and ARCHERS (France) for the company, and Goodwin Procter LLP for the placement agents.  This announcement follows Sequans’ June 23 disclosure of its plan to raise $384 million for a Bitcoin-focused treasury strategy. “Our Bitcoin treasury strategy reflects our strong conviction in Bitcoin as a premier asset and a compelling long-term investment,” Karam said last month. That earlier statement laid the groundwork for today’s closing.  At the time, Karam also emphasized that the move into Bitcoin wouldn’t take away from Sequans’ core business. “We continue to support our customers with a robust 4G and 5G product roadmap,” he said, reinforcing the company’s ongoing focus on IoT innovation. The Bitcoin strategy is designed to run in parallel—adding financial strength while Sequans continues building next-gen connectivity solutions. This post Sequans Closes $384 Million Investment To Launch Bitcoin Treasury Initiative first appeared on Bitcoin Magazine and is written by Jenna Montgomery.

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The Nakamoto Strategy: Seeding Bitcoin Treasury Companies in Every Capital Market NOTE: This article presents the author’s perspective on the likely structure and future implications of Nakamoto’s strategy. It is a forward-looking analysis, not a statement from Nakamoto or its employees. Until the proposed merger closes, Nakamoto’s strategic execution remains subject to change. The analysis reflects public materials, early actions, and directional signals observed to date. Introduction: From Treasury Strategy to Global Bitcoin Refinery The Nakamoto strategy offers a new framework for capital formation in the age of Bitcoin. Rather than viewing Bitcoin solely as a reserve asset, Nakamoto is pursuing an approach that uses Bitcoin as a foundation for constructing a more dynamic and globally integrated capital structure. The strategy involves more than simply accumulating BTC on a balance sheet. Nakamoto treats Bitcoin as a base layer of value and pairs it with public equity as a leverage layer—strategically deploying capital into smaller, high-potential public companies. The goal is to compound exposure, improve market access, and support the growth of a decentralized, Bitcoin-native financial ecosystem. Already, UTXO Management has provided examples by seeding and supporting several high-profile Bitcoin treasury companies:

• Metaplanet (TSE: 3350) – Japan’s fastest-growing public Bitcoin company with 13,350 BTC, and #1 performing public company of 2024 out of 55,000 globally.
• The Smarter Web Company (AQUIS: SWC) – A UK-based web services firm that IPO’d with a BTC treasury strategy and has returned more than 100x since listing.
• The Blockchain Group (Euronext: ALTBG) – Europe’s first Bitcoin treasury company, with over 1000% BTC yield YTD 2025.

Backed by over $750+ million in capital, Nakamoto can scale this strategy globally—market by market, exchange by exchange, one Bitcoin treasury company at a time. As Bitcoin increasingly functions as the emergent global hurdle rate for capital—strategies that generate returns in excess of Bitcoin itself become especially valuable. Nakamoto’s model is designed not just to preserve value in BTC terms, but to compound it. In that context, firms capable of consistently outperforming Bitcoin through disciplined BTC-denominated strategies are likely to earn outsized attention—and may increasingly attract capital as investors seek returns above the Bitcoin benchmark. The Nakamoto Strategy Explained The strategy rests on a straightforward insight: market access constraints are as important as Bitcoin itself. In many jurisdictions, institutional capital cannot buy or custody Bitcoin directly. But that same capital can buy public equities that hold Bitcoin as a treasury reserve. This creates a specific opportunity:

• Seed new Bitcoin treasury companies: These are established in jurisdictions where access to BTC is structurally constrained, or where no such companies yet exist.
• Deploy Bitcoin strategically: BTC may be contributed directly or indirectly through equity financing mechanisms like PIPEs, warrants, or structured investments.
• Enable public market revaluation: These companies may begin to trade at a premium to the value of their BTC holdings (an mNAV expansion).
• Recycle capital through appreciation: Nakamoto can participate in this cycle and may reinvest in additional companies or accumulate further BTC.

The Nakamoto Flywheel below illustrates how equity premiums from public markets are strategically converted into long-term Bitcoin reserves. This repeatable model compounds Bitcoin-denominated value with each cycle—building balance sheet strength at global scale. Key Mechanics: How the Strategy Multiplies Value mNAV Arbitrage and Strategic Premium Capture The Nakamoto strategy generates value by leveraging the structural dynamics of public markets and the constrained nature of Bitcoin access in many jurisdictions. One of the foundational mechanisms of the Nakamoto strategy is mNAV (multiple of Net Asset Value) arbitrage. When Nakamoto allocates capital to a Bitcoin treasury company in a jurisdiction where no other compliant BTC exposure vehicles exist, that company often begins trading at a multiple of its net Bitcoin holdings. This outcome assigns a strategic premium to Nakamoto’s deployed capital and effectively increases the market value of Bitcoin originally acquired at or near spot. BTC Yield as the Core Performance Metric Rather than focusing on traditional accounting metrics, Nakamoto evaluates performance in Bitcoin-denominated terms—specifically by tracking Bitcoin per diluted share. This measure, referred to as BTC Yield, captures the compounding benefit when a treasury company increases its Bitcoin holdings at a rate faster than its equity issuance. This reinforces long-term alignment with Bitcoin-native value creation. Nakamoto also tracks look-through BTC ownership—its proportional claim on Bitcoin held across portfolio companies—as a secondary KPI, ensuring every equity move is benchmarked in Bitcoin terms. While most Bitcoin treasury companies rely heavily on repeated equity issuance—diluting existing shareholders in order to grow BTC-per-share, Nakamoto can compound holdings without dilution by running what is referred to as the mNAV² strategy. In practice, this means:

1. Seed at Intrinsic Value: Nakamoto launches or invests in a Bitcoin treasury company at or near 1× mNAV—meaning the equity is priced roughly in line with the company’s net Bitcoin holdings.
2. Unlock the Premium: Public markets re-rate the company, assigning a valuation multiple above its Bitcoin holdings due to scarcity, strategic positioning, or narrative momentum—creating an mNAV premium.
3. Recycle Without Dilution: Nakamoto harvests a portion of the appreciated equity, redeploying the proceeds into additional BTC or new ventures—without issuing new Nakamoto shares, enabling BTC-per-share growth through capital efficiency.

As competition among listed treasury vehicles intensifies, markets are likely to reward the firms that can expand BTC-per-share through non-dilutive mechanisms. mNAV² makes that outcome native to Nakamoto’s playbook, turning balance-sheet efficiency itself into a competitive moat. Closing the Institutional Access Gap Jurisdictional limitations prevent many institutional investors from directly holding Bitcoin. However, they are often permitted to invest in public equities that hold BTC as a treasury asset. Nakamoto addresses this asymmetry by seeding and supporting regionally compliant public vehicles that serve as legal and practical conduits for institutional Bitcoin exposure. Advantages of Operating Through Public Markets By using public markets as its operational arena, Nakamoto benefits from transparency, ongoing liquidity, and efficient price discovery. These attributes allow it to recycle capital efficiently and expand into new geographies quickly. Unlike traditional private market structures, this approach supports scale, visibility, and regulatory alignment in real-time. The 40% Rule: Redeploying Gains Into Bitcoin A key structural requirement of the Nakamoto strategy is compliance with the Investment Company Act of 1940, which mandates that no more than 40% of Nakamoto’s balance sheet can consist of securities such as public equities. Bitcoin, classified as a commodity, does not count toward this limit. This regulatory boundary shapes how Nakamoto must operate:

• As equity positions in Bitcoin treasury companies appreciate, Nakamoto is compelled to sell down those stakes to stay within the 40% threshold.
• This naturally reinforces the strategy’s focus on cycling gains from equity back into Bitcoin—accelerating BTC accumulation.
• To manage this constraint, Nakamoto has begun using innovative structures such as Bitcoin-denominated convertible notes. These instruments help fix asset exposure, enabling gradual conversion and avoiding sudden threshold breaches.

The cap is not a limitation on ambition—it’s a forcing function for capital discipline and strategic BTC reinvestment. As Nakamoto’s balance sheet grows, so does its capacity to hold larger equity positions—always with Bitcoin as the core reserve asset. Strategic Instruments: Bitcoin-Denominated Convertible Notes To manage compliance with the 40% securities threshold and mitigate volatility exposure, Nakamoto is likely to rely on Bitcoin-denominated convertible note structures in future deployments. These instruments offer a flexible way to structure exposure—allowing Nakamoto to fix the value of an investment on its balance sheet while retaining the option to convert into equity over time. This structure presents several strategic advantages:

• Regulatory Buffer: Because conversion is optional and can be staged, these notes help delay classification as securities—preserving balance sheet headroom under the 40 Act.
• Gradual Entry and Exit: Nakamoto can incrementally convert notes as needed, smoothing market impact and aligning exposure with evolving balance sheet capacity.

This approach has already shown promise in models pursued by The Blockchain Group and H100, where similar structures have enabled Bitcoin-native capital deployment without triggering regulatory friction. If scaled appropriately, Bitcoin-denominated convertibles could become a defining instrument in Nakamoto’s toolkit—one that aligns capital strategy with both performance and compliance. Addressing Criticism of the Nakamoto Strategy Navigating Tax Complexity A recurring concern centers around the tax consequences of transferring Bitcoin between entities. In many jurisdictions, such transfers can trigger taxable events, reducing capital efficiency. Nakamoto mitigates this risk by avoiding direct BTC transfers and instead utilizing equity-based structures—such as PIPEs, warrants, and joint ventures—that provide exposure without incurring immediate tax obligations. Interpreting mNAV Premiums and Narrative Risk Critics often question the durability of mNAV premiums, suggesting they may be driven more by market hype than fundamentals. Nakamoto responds to this concern by focusing on Bitcoin-per-share growth rather than valuation multiples alone. The firm emphasizes BTC Yield as a more reliable metric and prioritizes tangible BTC accumulation through recapitalizations and disciplined capital deployment. Governance and Operational Influence Some observers have expressed concern about Nakamoto’s degree of influence over the companies it supports. Nakamoto does not aim to control daily operations but ensures strategic alignment through governance rights, board representation, and equity stakes. This structure allows Nakamoto to influence treasury policy and maintain Bitcoin-centric discipline without compromising the autonomy of each company. Managing Market Volatility and Compression Risk The potential for mNAV compression—particularly in risk-off environments—is a known challenge. Nakamoto mitigates this risk by focusing on jurisdictions with low initial valuations and unmet demand for Bitcoin exposure. Even if valuation multiples contract, the companies Nakamoto supports continue to hold BTC on their balance sheets, preserving intrinsic value regardless of market sentiment. Capturing Value in a Bitcoin-Denominated Model A related concern involves how Nakamoto captures tangible value from the companies it helps establish or support. Unlike models that rely on dividend payments or near-term liquidity events, Nakamoto benefits through long-term strategic equity stakes, pre-IPO warrant structures, and equity appreciation tied directly to BTC-per-share growth. This approach enables value capture that aligns with its thesis of Bitcoin-denominated performance, without compromising the capital structure or autonomy of the underlying companies. Differentiation from Traditional Private Equity Models Comparisons are often drawn between Nakamoto’s strategy and private equity investing. While there are structural similarities, Nakamoto distinguishes itself through its liquidity profile, public market transparency, and alignment with Bitcoin-native accounting. Rather than operating as a fund, Nakamoto functions as a public infrastructure builder—identifying underserved markets, constructing regulatory frameworks, and absorbing early-stage risk in order to unlock institutional Bitcoin access at scale. The Role of Nakamoto vs. Direct Investment Some critics question whether Nakamoto is simply a middle layer between investors and the companies themselves—arguing that sophisticated capital could bypass Nakamoto and invest directly. In practice, however, Nakamoto delivers differentiated value by sourcing deals in overlooked markets, architecting compliant listing structures, and catalyzing early demand. It acts as a bridge between Bitcoin-native capital and traditional financial systems, taking on the narrative and structural lift that many institutions are unwilling or unable to initiate alone. The irreplaceable edge for Nakamoto is deal flow. Nakamoto can source, structure, and price transactions at the moment of inception—access that simply isn’t available to most outside capital until valuations have already moved. Conclusion: Nakamoto and the Formation of Bitcoin-Native Capital Markets The Nakamoto strategy represents an emerging capital architecture centered around Bitcoin. By enabling market access, accelerating public-market velocity, and aligning incentives around BTC-per-share accumulation, Nakamoto is helping build a new generation of treasury-first public companies. With over $750 million raised, operating examples across Tokyo, London, and Paris, and a growing network of prospective listings, Nakamoto is executing on a strategy designed to bridge the gap between capital markets and Bitcoin adoption. As traditional financial institutions continue to face structural and regulatory barriers to holding BTC directly, the model Nakamoto is developing may offer a scalable, compliant path forward. It’s not just a capital strategy. It’s a structural response to Bitcoin’s growing role in global finance. Disclaimer: This content was written on behalf of Bitcoin For Corporations, and is not a statement from Nakamoto or Kindly MD, Inc. This article is intended solely for informational purposes. This post The Nakamoto Strategy: Seeding Bitcoin Treasury Companies in Every Capital Market first appeared on Bitcoin Magazine and is written by Nick Ward.

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Blue Star Capital Secures £1.25M For Bitcoin and Crypto Treasury Expansion Blue Star Capital plc (AIM: BLU) has announced it has completed a £1.25 million fundraising to support a major push into Bitcoin and crypto markets through its portfolio company SatoshiPay Ltd, marking a strategic move to capitalize on growing institutional interest in Bitcoin treasuries. JUST IN: Blue Star Capital raised £1.25 million ($1.71 million) which will be used to buy their first #bitcoin (indirectly through SatoshiPay.) pic.twitter.com/quEPB93Z99— NLNico (@btcNLNico) July 3, 2025 The investment company, which focuses on blockchain, esports, and payments, raised £1.15 million through a placing, and an additional £100,000 from an oversubscribed Broker Option, with all new shares issued at £0.18 each. “This Fundraise allows Blue Star shareholders to participate in the increased global interest in businesses operating in crypto related fields and associated treasury positions,” stated the Chairman of the Company Anthony Fabrizi. “In particular, SatoshiPay’s long standing experience in, and the use of, crypto treasury management in their core business combined with the added support this will provide to its Vortex project provides Blue Star shareholders with two benefits and places both companies in a strong position to grow.” £1 million of the proceeds will be deployed as a secured loan to SatoshiPay, aimed specifically at expanding its Bitcoin and other crypto treasuries. The loan will be backed by the value of the digital assets acquired, giving Blue Star indirect exposure to potential Bitcoin gains while retaining downside protection through collateral. “The board of SatoshiPay advises that the enlarged treasury function will strengthen Vortex’s core offering through aspects such as supporting stable swap pricing through deepening liquidity and deploying assets in secured DeFi protocols, which can also be used in pools on Pendulum, the DeFi blockchain that serves as Vortex’s foreign exchange backend,” said the announcement. . By positioning Bitcoin as a core treasury reserve asset, Vortex aims to strengthen its presence in the crypto space. This shows a growing institutional shift toward viewing Bitcoin as a strategic financial instrument capable of enhancing both capital efficiency and long term growth. This post Blue Star Capital Secures £1.25M For Bitcoin and Crypto Treasury Expansion first appeared on Bitcoin Magazine and is written by Oscar Zarraga Perez.

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Investment Holding Company Belgravia Hartford Capital Completes Fourth Bitcoin Acquisition Today, Belgravia Hartford Capital Inc. (CNSX: BLGV) has announced it has completed its fourth Bitcoin acquisition, purchasing 9.35 BTC for $1 million at an average price of $106,918 per Bitcoin.  BLGV has purchased 9.35295508 BTC for a total of $1,000,000.00 at $106,918.08 per BTC⁰Total Holdings in the BTC treasury are now 15.74611987 BTC for $105,449.46 per coin for a total of $1,660,094.35 https://t.co/Zdz19YbCP8— Belgravia Hartford (@BelgraviaBLGV) July 2, 2025 With this purchase, Belgravia’s total Bitcoin holdings now stand at 15.75 BTC, valued at approximately $1.66 million. The company’s average acquisition cost across all purchases is $105,449 per BTC. The transaction was facilitated through Coinsquare’s regulated OTC desk. “This financing enables Belgravia immediate and direct access to capital in order to execute our long term Bitcoin acquisition mandate,” stated CEO of Belgravia Mehdi Azodi. “After months of due diligence in the crypto sector we believe Bitcoin offers a compelling opportunity to strengthen our balance sheet and support our long-term store-of-value strategy.” On June 9, the acquisition was made possible through a USD $5 million credit facility secured from Round13 Digital Asset Fund L.P., a premier institutional investor focused on digital asset strategies. The facility is intended to support Belgravia’s Bitcoin Treasury Reserve Strategy, enabling the company to build long term exposure to Bitcoin as a strategic treasury asset. “We are very pleased to have entered the market at this time,” said Azodi. “Belgravia and Round 13 DAF will continue to monitor the Facility and our holdings of BTC as we move into the anticipated active Summer for Belgravia, cryptocurrencies and BTC in particular.” The first tranche of this facility was used shortly after its approval to complete Belgravia’s initial Bitcoin acquisition. The company purchased 4.86 BTC for $500,000 at an average price of $102,848 per Bitcoin. This marked the beginning of Belgravia’s broader initiative to allocate capital into Bitcoin. “Belgravia Hartford remains committed to full transparency in its treasury operations and will continue to provide timely updates on all material developments,” stated the press release. “Insiders of the Company currently hold approximately 36% of the outstanding shares.” This post Investment Holding Company Belgravia Hartford Capital Completes Fourth Bitcoin Acquisition first appeared on Bitcoin Magazine and is written by Oscar Zarraga Perez.

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H100 Group Increases Bitcoin Holdings With New Bitcoin Purchase H100 Group AB announced it has purchased an additional 47.33 Bitcoin as part of its Bitcoin Treasury Strategy, bringing its total BTC holdings to 247.54 BTC. H100 Group has added 47.33 BTC to our treasury.

Total holdings: 247.54 BTC. pic.twitter.com/IKkD7gBZo6— H100 (@H100Group) July 2, 2025 The acquisition, valued at SEK 48,999,597, was executed at an average price of SEK 1,035,126 per BTC. This latest move expands H100’s position in Bitcoin as a reserve asset, reinforcing the company’s confidence in Bitcoin long term. This purchase follows just two weeks after H100 received 144.8 BTC as part of the proceeds from the first four tranches of a convertible loan agreement. That inflow had already pushed the company’s Bitcoin balance to 169.2 BTC, prior to this new transaction. The convertible loan structure is part of a broader SEK 750 million funding initiative led by the CEO of Blockstream Adam Back, giving H100 the ability to receive settlement in either cash or Bitcoin. This flexibility complements the company’s strategic focus on building a Bitcoin-denominated treasury. Back’s participation includes a SEK 150 million investment in Tranche 6, offered at a 33% premium to market. The structure allows H100 to onboard capital efficiently without the need for traditional rights issues or immediate equity dilution. “Unexpectedly, given the strong reception, Tranches 1-4 became in-the-money rapidly,” Back said. “I was expecting [H100] would convert them over time as they reached in-the-money status.” H100’s Bitcoin treasury initiative began in May, when it became the first publicly listed health-tech company in Sweden to adopt Bitcoin as a reserve asset. The initial 4.39 BTC purchase, valued at 5 million NOK, signaled an important move to incorporate Bitcoin as a long term hedge and financial asset. “This addition to H100’s Bitcoin Treasury Strategy follows an increasing number of tech-oriented growth companies holding Bitcoin on their balance sheet,” said the CEO of H100 Group Sander Andersen. “And I believe the values of individual sovereignty highly present in the Bitcoin community aligns well with, and will appeal to, the customers and communities we are building the H100 platform for.” This post H100 Group Increases Bitcoin Holdings With New Bitcoin Purchase first appeared on Bitcoin Magazine and is written by Oscar Zarraga Perez.

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Public Companies Are Buying More Bitcoin Than ETFs for Third Quarter in a Row  Corporate treasuries have surpassed exchange-traded funds (ETFs) in Bitcoin accumulation for the third consecutive quarter, according to new data from Bitcoin Treasuries. Public companies acquired approximately 131,000 BTC in Q2 2025—an 18% increase from the previous quarter—compared to an 8% uptick, or 111,000 BTC, among ETFs.  “The institutional buyer who is getting exposure to Bitcoin through the ETFs are not buying for the same reason as those public companies who are basically trying to accumulate Bitcoin to increase shareholder value at the end of the day,” said Nick Marie, head of research at Ecoinometrics.  In April alone, public company holdings rose 4% while ETFs increased just 2%. “They don’t really care if the price is high or low, they care about growing their Bitcoin treasury so they look more attractive to the proxy buyers,” Marie said. “It’s not so much driven by the macro trend or the sentiment, it’s for different reasons. So it becomes a different kind of mechanism that can push Bitcoin forward.”   Despite the surge in corporate adoption, ETFs remain the largest entity holders of Bitcoin, controlling more than 1.4 million BTC—about 6.8% of the fixed supply cap. Public companies now hold around 855,000 BTC, or 4%.   Some analysts have linked the surge in corporate participation to the favorable policy shift under the Trump administration. In March, Trump signed an executive order for a U.S. Bitcoin reserve, signaling strong federal support for Bitcoin. The last quarter where ETFs led in BTC accumulation was Q3 2024, prior to Trump’s reelection.  BREAKING: President Trump signs executive order officially creating a #Bitcoin Strategic Reserve.
pic.twitter.com/MiyTAbRkE2— Bitcoin Magazine (@BitcoinMagazine) March 7, 2025 Recent moves include GameStop’s entry into Bitcoin holdings, KindlyMD’s merger with David Bailey’s Bitcoin treasury company, Nakamoto, and ProCap’s launch of a Bitcoin treasury strategy ahead of its public debut via SPAC.  Still leading the pack is Strategy (formerly MicroStrategy), which holds 597,000 BTC. “It’s going to be very hard to catch Strategy’s scale,” said Ben Werkman, CIO at Swan Bitcoin. “They’re going to be the preferred landing spot for institutional capital.”  Looking ahead, Marie believes the current pace of corporate Bitcoin adoption may not last forever, suggesting this could be a temporary opportunity. “You can think about this wave as a bunch of companies that are trying to benefit from this arbitrage,” he said.  Still, Werkman sees long-term value in the model. “What people really like about these companies is that they can do something spot Bitcoin holders can’t: go out and accumulate more Bitcoin on your behalf,” he explained.  Disclosure: Nakamoto is in partnership with Bitcoin Magazine’s parent company BTC Inc to build the first global network of Bitcoin treasury companies, where BTC Inc provides certain marketing services to Nakamoto. More information on this can be found here.  This post Public Companies Are Buying More Bitcoin Than ETFs for Third Quarter in a Row  first appeared on Bitcoin Magazine and is written by Jenna Montgomery.

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DDC Enterprise Finalizes $528 Million Financing to Accelerate Bitcoin Treasury Strategy DDC Enterprise Limited (NYSE: DDC) has officially closed its $528 million financing deal to expand its corporate Bitcoin strategy. The funding, led by Anson Funds with participation from Animoca Brands, Kenetic Capital, and others, is one of the largest Bitcoin-focused capital raises by a NYSE-listed company.  JUST IN: Publicly traded DDC Enterprise closes $528 million financing to advance its #Bitcoin treasury strategy.

Nothing stops this train pic.twitter.com/boz2DIda0v— Bitcoin Magazine (@BitcoinMagazine) July 1, 2025 “This maximum aggregate $528 million capital commitment marks a watershed moment for DDC,” said Norma Chu, Founder, Chairwoman, and CEO of DDC. “With premier institutions such as Anson Funds, Animoca Brands, and Kenetic Capital backing our vision, we believe we have unprecedented capacity to execute our mission of building one of the world’s most valuable corporate Bitcoin treasuries and becoming a top global Bitcoin holder.” The financing includes three key components:

• $26 million PIPE investment from digital asset investors, also converting debt to equity to strengthen DDC’s balance sheet.
  
• $25 million in convertible notes from Anson Funds, with an additional $275 million committed for future tranches.
  
• $2 million private placement and a $200 million equity line of credit from Anson Funds to give DDC ongoing capital flexibility.
  

Maxim Group LLC acted as exclusive financial advisor on the deal. According to the company, proceeds will be used specifically to acquire more Bitcoin.  This move secures DDC’s aggressive pivot into the Bitcoin space, while still operating its food business, including brands like DayDayCook, Nona Lim, and Yai’s Thai. Bitcoin is now a core reserve asset for the firm.  “DDC Enterprise is strongly positioned as the definitive publicly-traded vehicle for concentrated Bitcoin exposure and value creation,” Chu added. “My focus will be on growing our BTC treasury and delivering attractive BTC yield consistently for our shareholders.” This announcement follows DDC’s earlier update in June where the company confirmed its intent to raise $528 million through three separate securities purchase agreements. At the time, Chu called it “a defining moment” and said the investment was “a strong mandate” for global Bitcoin accumulation. This post DDC Enterprise Finalizes $528 Million Financing to Accelerate Bitcoin Treasury Strategy first appeared on Bitcoin Magazine and is written by Jenna Montgomery.

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If Institutions Are Buying Why Isn’t The Bitcoin Price Going Up? ETF inflows and institutional purchases continue to climb, yet many investors are puzzled by the muted Bitcoin price action. With billions flowing into BTC, why aren’t we seeing the price explode to new highs? The reality is more nuanced than it first appears. Bitcoin ETF Inflows Looking at the ETF cumulative inflows chart (excluding GBTC outflows), it’s clear that demand from institutional players has been robust. Since the most recent pullback in late March, net ETF inflows have climbed from roughly 527,000 BTC to over 630,000 BTC, an increase of around 100,000 BTC in under 3 months. These are significant numbers, yet the Bitcoin price has largely mainly drifted sideways since the start of 2025. Figure 1: The ETFs have had  ~100,000 BTC of net inflows in the past quarter. View Live Chart It’s important to remember that not all ETF flows represent “institutional” buying in the purest sense. Many ETF purchases come from client allocations, for example, family offices or high-net-worth individuals using platforms like BlackRock. Still, these flows matter, and the steady accumulation is a positive driver for long-term supply and demand dynamics. Bitcoin Treasury Buying Complementing ETF inflows, corporate treasury buying has also been strong, with (Micro)Strategy leading the charge. MSTR alone have seen their holdings have jumped from roughly 528,000 BTC to over 592,000 BTC in this year alone. Across all treasury companies tracked, total holdings now exceed 823,000 BTC, representing an astounding $86 billion in value. Figure 2: Companies like Strategy have accumulated billion of dollars of BTC in recent months. View Live Chart Despite this, many market participants feel underwhelmed by price action compared to prior cycles. But we must contextualize expectations: the BTC market cap is now in the multi-trillion-dollar range. The sheer scale of capital required to drive exponential moves today dwarfs previous cycles. Comparing this cycle to the 10x returns of earlier eras isn’t realistic. In truth, BTC has more than doubled from $40K at the time of ETF launch to recent levels above $110K, a still monumental achievement for a maturing asset class. Bitcoin Supply Overhang To understand why Bitcoin prices haven’t surged even further, we must examine selling behavior. By analyzing HODL Waves data for 1-5 year bands, we can quantify long-term holder profit-taking. Over the past three months, more than 240,000 BTC from these older bands has been distributed to the market, nearly a quarter-million BTC in net outflows. Figure 3: Over 240,000 BTC has been distributed by 1y – 5y holders in recent months. View Live Chart This selling has largely counterbalanced institutional accumulation. Given that daily miner issuance still adds another ~450 BTC to the market, we see why price has struggled to break higher: the market is in a state of supply-demand equilibrium. Meanwhile, open interest on BTC derivatives markets has exploded. From under $5B less than 3 years ago to over $25B today. Many new participants prefer are opting to trade “paper BTC” on derivatives rather than buying spot BTC, which reduces the positive influence on price of increased market participants. Figure 4: Over 240,000 BTC has been distributed by 1y – 5y holders in recent months. View Live Chart Bitcoin Bullish Shifts There is however now reason for optimism. Long-term holder selling is now decelerating, with recent net outflows falling below 1,000 BTC per day, a substantial reduction from previous monthly averages just weeks ago. If institutional inflows remain steady and retail demand starts to awaken, even at levels seen earlier this cycle rather than extreme prior peaks, we could easily see another powerful leg higher. Past instances show that when retail flows surge from these levels, BTC can double in price within months. Figure 5: Long-term holder profit taking has nearly reduced to 0 in recent weeks. Conclusion ETF inflows and treasury purchases are pouring billions of dollars into Bitcoin, but the muted Bitcoin price reaction makes perfect sense when viewed through the lens of supply and demand. Heavy profit-taking by long-term holders and growing derivatives speculation have balanced out the inflows. As long-term selling subsides and institutional buying continues, the stage is being set for the next bullish impulse. Whether we see the euphoric retail mania of prior cycles remains to be seen, but even modest retail inflows combined with current institutional demand could drive prices sharply higher sooner rather than later. Loved this deep dive into bitcoin price dynamics? Subscribe to Bitcoin Magazine Pro on YouTube for more expert market insights and analysis! Click Here To Subscribe To YouTube Channel For more deep-dive research, technical indicators, real-time market alerts, and access to a growing community of analysts, visit BitcoinMagazinePro.com. Disclaimer: This article is for informational purposes only and should not be considered financial advice. Always do your own research before making any investment decisions. This post If Institutions Are Buying Why Isn’t The Bitcoin Price Going Up? first appeared on Bitcoin Magazine and is written by Matt Crosby.