MicroStrategy has just added another 4,980 Bitcoin to its stash, spending about $531 million at an average of $106,801 per coin. That brings the company’s total haul to 597,325 BTC. At today’s market price, those holdings are worth over $64  billion, compared with the roughly $42.4  billion MicroStrategy (now Strategy) has put in, fees included. According to the June 30 filing with the US Securities and Exchange Commission, Strategy – led by billionaire Michael Saylor – is sitting on nearly $21.6  billion in unrealized gains. Strategic Bitcoin Push Strategy bought its latest batch during the week ending June 29. The firm has already snapped up 88,062  BTC worth nearly $10  billion so far this year. Back in 2024, the company picked up 140,538  BTC at a cost of $13  billion. Company data shows a Bitcoin yield of almost 20% year‑to‑date, with 7.8% gained in the second quarter alone. That edges Strategy closer to its goal of a 25% yield by the end of 2025. Strategy has acquired 4,980 BTC for ~$531.9 million at ~$106,801 per bitcoin and has achieved BTC Yield of 19.7% YTD 2025. As of 6/29/2025, we hodl 597,325 $BTC acquired for ~$42.40 billion at ~$70,982 per bitcoin. $MSTR $STRK $STRF $STRD https://t.co/xvWnSkfukS — Michael Saylor (@saylor) June 30, 2025 Corporate Treasury Trend Strategy now controls almost 3% of all the Bitcoin ever mined out of the 21  million cap. That dominance has inspired 134 publicly traded firms to follow suit, adding Bitcoin to their corporate treasuries. Recent adopters include Twenty One, US President Donald Trump’s media firm Trump Media, and GameStop. In Japan, Metaplanet added 1,005  BTC this week to bring its total to 13,350 BTC. Over in Europe, The Blockchain Group bought 60 BTC, lifting its holdings to 1,788 BTC valued at around €161.3 million. The Blockchain Group has acquired 60 BTC for ~€5.5 million at ~€91,879 per bitcoin and has achieved BTC Yield of 1,270.7% YTD, 69.3% QTD. As of 6/30/2025, $ALTBG holds 1,788 $BTC for ~€161.3 million at ~€90,213 per bitcoin@_ALTBG Europe’s First Bitcoin Treasury Company… https://t.co/BmcqZzvfoz — Alexandre Laizet (@AlexandreLaizet) June 30, 2025 New Trading Products Arrive Cryptocurrency exchanges are racing to meet all this demand. On June 28, Gemini rolled out a tokenized version of Strategy stock for investors in the EU. That marks the exchange’s first tokenized equity offering in that region. Shares of Strategy have climbed nearly 5% over the past month, trading around $391, according to Google Finance data. Price Resistance Looms Bitcoin itself has been holding near $108,000. It rose as much as 3% over the weekend to hit $108,798. Some traders, like MN Capital founder Michael van de Poppe, expect a brief pullback before BTC tries to breach $109,000. That level sits on the four-hour chart as a clear resistance point. Data from CoinGlass shows nearly $50 million in liquidity stacked at $109,500. If Bitcoin can clear the $110,000–$112,300 zone, it could trigger a short squeeze that pushes prices into fresh record territory. Featured image from Unsplash, chart from TradingView

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Tahini’s Bitcoin Treasury: How a Family Chain Outsmarted Inflation Tahini’s Restaurants, a Canadian fast-casual restaurant chain specializing in Mediterranean and Middle Eastern cuisine, integrated bitcoin into its business in 2020 and has been refining its strategy ever since. Today Bitcoin makes up over 70% of their reserves and has made a critical difference in their expansion to 62 restaurants in just over a decade. “We just kept putting more and more money into bitcoin.” Omar Hamam, CEO and co-founder of Tahini’s, told Bitcoin Magazine. Omar and his brother Aly Hamam founded the company in 2012, starting with one restaurant in London, Ontario. Tahini’s has since grown to 62 restaurants across the country, their expansion amplified by their adoption of an early bitcoin treasury strategy, partially inspired by Michael Saylor in 2020. The bold move gave them a pool of capital with which they could compete with the giants of the fast-casual food industry. As a small company that started in London Ontario Canada we operate 4 corporate locations and 3 Franshise locations about to open up in Ontario. We just converted our entire cash reserves that were originally used as savings into #Bitcoin
Time for thread — Tahini’s (@TheRealTahinis) August 18, 2020 “We’re competing with McDonald’s, and Chipotle,” said Omar, adding, “All these companies have more money than 100 Tahini’s. So, to have an advantage like that, where we have a treasury and a balance sheet strategy that puts us in a comfortable place financially, that lets us preserve our wealth over time and space … it was the best decision we’ve ever made for our business.” The company has implemented multiple innovative strategies throughout its journey, including the deployment of Bitcoin ATMs to many of their franchises, a new media strategy that, according to Aly, has netted them “three billion views over the last five years across all social media platforms,” including a YouTube channel with over 3.2 million subscribers and, of course, their bitcoin treasury strategy. Aly’s Fascination with Bitcoin Post-COVID, Influenced by Egyptian Currency Devaluation Aly Hamam was the main driver behind the restaurant’s bitcoin strategy. Shaped by his family’s experiences with the Egyptian pound’s aggressive devaluations over the past 20 years, the catastrophic consequences of runaway inflation were deeply personal to him, an experience that set him up well to discover bitcoin during the March 2020 market crash. “So, I came from Egypt, and over the last two decades, I’ve seen the Egyptian pound drop probably 85% or something like that. And I’ve seen our family struggle. I’ve seen my parents struggle. My parents had money sitting in Egypt over that time. I’ve seen their life savings get wiped away. Sometimes with Egypt, it happens like flash crashes. So, the government will come in and can just devalue the currency within a month, 50%,” Aly recalled. When the COVID-19 market panic happened in March of 2020, the price of bitcoin went from a high of $10,000 to as low as $4,000 in weeks. “I bought a little bit as a gimmick and because it was just down so much, I was like, yeah, I might as well buy it. … The more I studied, I fell down the rabbit hole hard. Over the next few months, I just kept buying more and more and more, and you know those first three months when you discover bitcoin, it’s just like a never-ending consuming over every aspect of your life, listening to podcasts, reading books, and just buying more and more and more,” Aly explained. After the crash, Bitcoin bounced back up to around $10,000, where it consolidated for months as governments throughout the world prepared their COVID-19 response and unleashed trillions of newly printed dollars into the global economy. Interest rates in the U.S. dropped to zero, and COVID-19 support checks started to flow to anyone in Canada who filled out a form. Omar recalled that “the government was just literally printing money nonstop. And it wasn’t just the Canadian government. It was every single government out there that was doing it. So, we knew there was going to be an inflation problem.” The Bitcoin halving was also taking place right around that time, an additional fundamental force that arguably led to one of the most impressive bull runs in its history. This was the same era when Michael Saylor famously entered the industry and became the most famous Bitcoin bull to date. However, Saylor’s many speeches and documents on how to structure a corporate bitcoin strategy and how to convince the board of directors or other business partners were just starting to hit the podcast circuit, and the bitcoin treasury playbook was still in its infancy. Once Aly was “100% in,” he started orange-pilling his family. “So, I started orange-pilling my business partners, my brother, my cousin, and they started buying it personally.” Personally they all started buying Bitcoin in small amounts, but using the company’s reserves was a far more difficult process, Aly explained that “it wasn’t quick. It was a back-and-forth where I wanted us to put the company money into bitcoin, and they were kind of on the edge. ‘That’s a crazy idea.’ ‘This’ and ‘that,’ and then we just kept going back and forth, back and forth until Michael Saylor announced that first buy. I had already set up like all the accounts and all of that was just ready to go. So, when Michael Saylor bought that first batch of bitcoin, that was what pushed us all over the cliff. And a week later, we put whatever money the company had into bitcoin.” Acquisition Price, DCA Strategy, and Persistence Through Bear Markets Tahini’s bitcoin investment strategy differs from today’s public companies, which issue stock (and other financial instruments) to buy bitcoin and add to their reserves. As a private company that started accumulating bitcoin before the ETF in the U.S. was approved, Tahini’s took a simpler approach: buy as much as reasonably possible each month, forever. According to Omar, today bitcoin represents over 70% of the company’s reserves. While their timing was excellent, having started to buy bitcoin for their treasury at around $10,000, the strategy known as “dollar-cost averaging” works very well regardless of price, even in a bear market. Have a look at this DCA calculation, for example. If you started putting $1,000 into bitcoin every two weeks at the top of the 2021 bull market — at nearly $70,000 per coin — every time you made a purchase at a lower price after that, you would be lowering your average purchase price. The result is that on the way out of the bear market — in this example, above roughly $30,000 — you would be at break-even and would be perfectly positioned for the upcoming bull market. The only requirement is having a long-term investment mindset. “You buy every month, every single month. Ups and downs. I know it sounds too simple, but actually, this is the only way to do it. Right. You just buy, don’t try to outsmart the system, in my opinion, unless you’re really good at this. Put a number aside every single month, and it just pans out. And if you think about it, if you look at the last four years, you would have made more than 2-30x your investment,” Omar explained. He added that, “I have this conversation with a lot of people. Friends, family, everybody. And I always tell them, listen, just start somewhere. Don’t put a big amount and see how it works out for you. Right. So, let’s say you put a thousand dollars and watch it as a number that’s not going to be too bad if anything happens to it. See, if let’s say next year, this 1,000 becomes 1,200 or 1,500. Now imagine if you had 100,000 or imagine if you had a million, right? What would have happened to that amount?” While there are no hard rules about the optimal frequency of the DCA strategy in Bitcoin, be it for individuals or corporations, Tahini’s opted for monthly purchases, as it made sense given their accounting processes. “Every month, we have a P&L. Every month, we see our profit and losses. And we decide at the end of the month, okay, we’re gonna put this much aside,” Omar explained. When it comes to amounts, Omar explained that they do not invest a fixed or percentage-based amount. “It’s also about, are we investing this month back in the business? Are we not? What are our expenses like? Do we have any big payments? So, you know, sometimes you have all these expenses at the end of the year. So, you have your month highs and lows and so on, but the key is to stay consistent in putting money in. How much is what you have to decide every month.” To Sell or to Mortgage Your Bitcoin? When it comes to monetizing their Bitcoin Tahini’s has opted for the simple strategy. When the time is right, and the business opportunity demands it, they sell some Bitcoin and buy it back later, as per their standard DCA strategy, and integrate the capital gains tax into their accounting flow. Omar explained that, “When it comes time to reinvest, you know, you always need money. So, let’s say you want to do a huge marketing campaign as a franchise, right? You need to dip into those savings. And when you have money, you have power. The more money you have, the more you can be free to make the right decision for the company instead of just doing what you can afford.” Challenges with Accepting Bitcoin Payments and POS Integration As one of the first steps in their Bitcoin integration, Tahini’s explored the possibility of accepting bitcoin as payment at their restaurants; however, a series of challenges arose that forced them to pivot. Many of these challenges remain for businesses throughout the world and involve the entrenched, closed-source and walled-garden models of popular payment processing systems. “A lot of these point-of-sale system companies, they do their own payment processing, and they just don’t have the capability to accept Bitcoin in their system,” Omar explained about the world of merchant-grade POS. Many of these systems are closed-source with very restrictive APIs that the Bitcoin economy cannot easily integrate into, a moat that has been an issue for bitcoin payment adoption since its inception. However, the friction to merchant adoption is deeper than just a POS moat; the feature list merchants need to stay competitive is very complex, and most Bitcoin payment systems today are still lagging behind: “The POS system is not just about the payment. It’s also about how they build menus in the background. The POS system gives you reports. It gives you an analysis of what you sold, when you sold it, what these stores are doing, what time of the day they’re busy, what time of the day they’re not busy, how to ask for whatever you’re ordering. It’s very complicated, right? So, the payment is just the last piece of the puzzle. So, when we choose a POS system, it’s not just about the payment system. It’s also about their functionality and how good they are as a system.” To top it off, POS systems that integrate bitcoin would also have to support fiat currencies for them to be viable to normal merchants today, raising the barrier to entry and competition much further. As a result, Tahini’s did the next best thing: They added Bitcoin ATMs to 10 of their restaurants in partnership with Bitcoin Well, a Canadian Bitcoin ATM company, opting to take in all profits from the machines in Bitcoin and allocating it to isolated accounts for each restaurant. Though Aly reports that these ATMs were only bringing in about $250 CAD a month, since 2021, these “sats flows” — as some people in the industry are calling them — add up, and with the price of bitcoin rising, each of those restaurants now has over $40,000 of bitcoin per corresponding restaurant, a very significant balance. Nevertheless, Omar is optimistic that these barriers will fall, as interest in bitcoin payments is stronger than ever. “I think bitcoin is really growing at a rapid pace, and it’s being adopted now by a lot of companies, and people are learning more and more about Bitcoin, and they’re becoming much more aware about Bitcoin. So, I think it’s just a matter of time.” This post Tahini’s Bitcoin Treasury: How a Family Chain Outsmarted Inflation first appeared on Bitcoin Magazine and is written by Juan Galt.

When Michael Saylor stepped onto a side-stage at the Bitcoin 2025 conference on May 26, the audience expected the usual boosterism from the man who has converted a software company into a de-facto Bitcoin holding vehicle. Instead they received a meticulous, almost scathing deconstruction of the industry’s favorite transparency meme: on-chain proof-of-reserves. Why A Bitcoin Proof Of Reserves Is A Bad Idea The spark came from Blockware Solutions head analyst Mitchell Askew. Identifying himself as “a huge fan of everything you’ve done,” Askew asked whether Strategy planned to publish on-chain addresses so that outsiders could verify its multibillion-dollar hoard. Saylor did not hedge. “Yeah, proof-of-reserves. It’s an interesting thing,” he began. “People learn stuff from FTX and Mt. Gox, but I’m not sure they learn the things that the institutional community needs to learn going forward.” His contention is two-pronged: first, today’s PoR implementations are positively dangerous; second, even a “perfect” PoR would be insufficient because it omits liabilities—the other half of solvency. Saylor’s rhetorical opener was vivid. Publishing institutional wallets, he said, resembles “publishing the address and the bank accounts of all your kids and the phone numbers of all your kids and then thinking somehow that makes your family better.” What many retail users praise as radical transparency is, for him, an “attack vector for hackers, nation-state actors, every type of troll imaginable.” He invited the audience to run a thought experiment with generative AI: “Go to the AI, put it in deep-think mode, and then ask it what are the security problems of publishing your wallet… It will write you a book. It will be fifty pages of security problems.” The issue is structural, Saylor argued. Once a public entity doxes its cold storage, every subsequent movement of coins becomes visible, allowing adversaries to deduce treasury timing or exploit change-address heuristics. “The current conventional, insecure proof-of-reserves … actually dilutes the security of the issuer, the custodians, the exchanges, and the investors.” Assets Without Liabilities Are A Bitcoin “Parlor Trick” Even assuming an airtight method for proving assets, PoR as currently practiced ignores the creditor side of the balance sheet. “It’s proof of assets that is insecure, and it is not proof of liabilities… So you own $63 billion worth of Bitcoin—do you have a hundred billion dollars of liabilities?” He hammered the point with institutional caricature: “Institutional investors would laugh at me if I said, ‘Here’s a wallet that has $72 billion… Don’t you worry your pretty little head about liabilities.’” To satisfy the capital-markets audience he courts, Saylor laid out a different standard: “You want an institutional-grade proof of assets and proof of liabilities with them netted out. And the best practice is not to publish the wallet. The best practice… would be to have a Big Four auditor that checks to make sure you actually have the Bitcoin, then checks to make sure the company hasn’t rehypothecated or pledged the Bitcoin… Then you have to wash it through a public company where the CFO signs, then the CEO signs, then the chairman and all the outside directors are civilly and criminally liable for it.” Related Reading: 2,000MW Of Pakistan’s Extra Electricity Now Reserved For Bitcoin Rigs Why elevate auditor attestation over cryptographic proofs? Because, Saylor said, jail concentrates the mind. “You wonder why people trust US companies? Because of Sarbanes-Oxley, because you go to jail if you lie.” In his view, the threat of prison constitutes a stronger deterrent than any public Merkle tree snapshot. The corporate cadence he described is familiar to securities lawyers but rarely discussed at Bitcoin meet-ups: quarterly Form 10-Qs, the annual Form 10-K, blackout periods that forbid capital-markets activity until those filings clear. “If a company can’t file a 10-K it means its auditors won’t sign off on its books, which means it maybe isn’t solvent.” By contrast, missing a self-imposed PoR deadline carries no statutory bite. A Solution For The Future? Saylor did concede a hypothetical future in which Strategy might participate. “At some point, I can see implementing some kind of proof-of-reserves if you can come up with a zero-knowledge proof that blinds everybody from being able to track the underlying wallets.” Even then, governance hurdles remain: custodians, exchanges, auditors, risk managers, officers and directors would all have to sign off, and the method would still have to mesh with GAAP audit scopes. Where many advocates cite collapsed exchanges as evidence that more on-chain data is required, Saylor flips the lesson. “Don’t do business with shaky offshore exchanges run by juvenile tweakers. And if you’re a crypto person, hold your own crypto.” PoR, in his telling, is a distraction from basic counterparty discipline. The principle applies equally to corporate treasuries, he continued. Strategy’s own Bitcoin, today distributed across multiple regulated custodians, is inaccessible except through documented, multi-signatory workflows. “It’s okay at a small level, but really [PoR] isn’t God’s gift. And I think people give too much credence to it on X.” At press time, BTC traded at $108,656.

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Semler Scientific Buys Additional $50 Million Worth of Bitcoin Medical equipment provider Semler Scientific has acquired 455 Bitcoin for $50 million, marking it one of the largest purchases as more publicly traded companies continue to adopt Bitcoin treasury strategies. According to a Form 8-K filed with the SEC on May 23, the company purchased the Bitcoin between May 13 and May 22 at an average price of $109,801 per coin, including fees. The acquisition brings Semler’s total Bitcoin holdings to 4,264 BTC, acquired at an aggregate cost of $390 million. The purchase was funded through Semler’s at-the-market (ATM) equity offering program, which has raised approximately $114.8 million since its launch in April 2025. The company has issued 3,003,488 shares under the $500 million program to date. “$SMLR acquires 455 Bitcoins for $50 million and has generated BTC Yield of 25.8% YTD. Now holding 4,264 $BTC. Flywheel in motion. ,” said Eric Semler, Chairman of Semler Scientific. The company’s Bitcoin holdings are now valued at approximately $474.4 million based on current market prices. Semler reported its Bitcoin Yield – a key performance indicator measuring the year-to-date percentage change in total Bitcoin holdings relative to diluted shares outstanding – has reached 25.8% in 2025. The metric has become a standard measure among public companies holding Bitcoin on their balance sheets. The company maintains a Bitcoin Dashboard on its website to provide transparent information about its holdings, including market data, performance metrics, and acquisition details, as part of its Regulation FD compliance strategy. Semler’s move comes amid accelerating corporate Bitcoin adoption in 2025, with over 40 public companies announcing Bitcoin treasury programs this year alone. The market has shown increased sensitivity to corporate treasury activities as institutional adoption continues to grow. The company’s latest Bitcoin purchase reinforces the growing trend of public companies using equity offerings to fund Bitcoin acquisitions, a strategy pioneered by larger players like Strategy, which recently added 7,390 BTC to its holdings through a similar funding mechanism. This post Semler Scientific Buys Additional $50 Million Worth of Bitcoin first appeared on Bitcoin Magazine and is written by Vivek Sen.