American Bitcoin’s Nasdaq listing is expected in September after a near-complete merger with Gryphon Digital Mining, CEO Asher Genoot said. Hut 8 owns 80% of American Bitcoin, Eric Trump and
Hut 8 CEO Asher Genoot told Reuters that American Bitcoin’s merger with Gryphon Digital mining is nearly complete.
David Pan writes about how the crypto exchange Coinbase Global Inc. is at the forefront of a resurgence of Bitcoin-backed loans to crypto miners.
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Michael Saylor’s Bitcoin-fueled business model is cracking under pressure. The 15% drop in Strategy’s stock this month has wiped out the premium the company once enjoyed over its Bitcoin holdings, pulling the rug from under a plan that shaped a whole new class of corporate crypto buyers. The firm’s approach, using its balance sheet as a vehicle to buy Bitcoin, is now being tested harder than ever as investors grow impatient, and competitors multiply. The damage started with Strategy’s new financing plan. Saylor introduced preferred stock as the company’s go-to method for buying more Bitcoin. The problem? Barely anyone wanted it. A recent sale pulled in only $47 million, far below what Saylor had aimed for. To cover the gap, the company flipped back to selling regular shares, even though it previously said it wouldn’t do that. Strategy backpedals as premium shrinks and critics speak out Saylor’s entire playbook inspired a long list of treasury copycats. Today, firms that followed that same model hold over $108 billion worth of Bitcoin, which is 4.7% of the total supply tracked by BitcoinTreasuries.net. If Strategy’s premium collapses, the whole framework behind treasury-style Bitcoin buying could fall apart. Jake Ostrovskis, principal analyst at Wintermute’s OTC Desk, said the shrinking premium “is a natural reaction to competition and alternative ways for traders to gain exposure to crypto.” But the deeper issue, according to Jake, is the company’s decision to walk back its pledge not to issue shares when the stock trades below 2.5 times its net asset value. That sudden change is now forcing investors to rethink everything. From that point, the stock stopped trading on earnings and instead started following the company’s crypto holdings, with a metric called mNAV guiding valuations. That multiple has never been stable. It tanked during the Terra-Luna collapse, then jumped to 3.4 after Donald Trump won reelection. Now, in 2025, it sits at 1.57. The twist is that this crash didn’t happen during a downturn. In late July, the company said it wouldn’t issue shares if the mNAV multiple dropped under 2.5, except in rare cases. Two weeks later, that guidance was rolled back, and on August 25, nearly 900,000 new shares were sold. Online, some investors called it a breach of trust. Issuing shares at that level could create a loop: falling stock hurts Bitcoin-buying power, confidence drops, and the cycle repeats. Saylor didn’t explain the change. Instead, he posted an AI photo of himself walking past a giant bear. The company didn’t respond to questions. His backers say the flexibility could help if Strategy joins the S&P 500 or if Bitcoin jumps again. Other firms struggle as ETFs rise and Bitcoin sentiment shifts But Strategy’s problems aren’t unique. Capriole Investments says almost a third of public companies with Bitcoin on their balance sheets now trade below the value of those holdings. Small firms are at higher risk. They don’t have much room to raise cash, and many use convertible notes, which come with maturity deadlines and interest costs. Strategy plans to eliminate all convertible notes within four years. It wants to use only preferred stock instead, a type of security that doesn’t require repayment. Most smaller firms can’t follow that path. They don’t have the same scale or reputation to pull it off. There’s also more competition now. Over the past year, influencers and politically connected individuals have rushed into the market by forming crypto businesses through SPACs and reverse mergers. These outfits don’t have the same liquidity or staying power as Strategy, and many could get wiped out in a downturn. On top of that, spot Bitcoin ETFs are gaining traction. When they first launched, both ETFs and Strategy rode a wave of optimism after Trump’s win. But now, ETFs look cleaner. They give investors Bitcoin exposure without corporate risk, debt, or surprise dilution. Meanwhile, Ether-backed treasury companies have already committed more than $19 billion. Bitcoin has pulled back from its recent high but still holds institutional interest. The issue is that many new treasury firms bought Bitcoin above $100,000 and don’t have any real business to fall back on if the market flips. If you're reading this, you’re already ahead. Stay there with our newsletter .
BitcoinWorld Corporate Bitcoin Buying: Massive Surge Eclipses Miner Influence The world of cryptocurrency is witnessing a profound shift, with a new dominant force emerging: corporate Bitcoin buying . A recent report from asset management firm VanEck highlights a remarkable trend, showing companies are accumulating Bitcoin at an unprecedented rate. This surge in institutional interest is not just a fleeting moment; it signals a fundamental change in how the market operates and who holds the most influence. The Unprecedented Rise of Corporate Bitcoin Buying VanEck’s analysis reveals a compelling story of accelerating corporate adoption. Companies are not merely dipping their toes into the Bitcoin market; they are diving in headfirst. This year alone, corporate entities have purchased an astounding 638,617 BTC. To put this into perspective, this figure is five times greater than the 120,290 BTC acquired throughout all of last year, as reported by U.Today , citing the document. The firm further projects that this aggressive accumulation could push total corporate holdings to a staggering one million BTC by the close of the year. This aggressive corporate Bitcoin buying demonstrates a strong belief in Bitcoin’s long-term value and its role as a strategic asset. Why Are Corporations Rushing to Accumulate BTC? Several factors drive this significant trend in corporate Bitcoin buying . Companies are increasingly recognizing Bitcoin’s potential beyond just a speculative asset. Here are some key motivations: Inflation Hedge: In an era of economic uncertainty and rising inflation, Bitcoin offers a decentralized, finite supply alternative to traditional fiat currencies. Balance Sheet Diversification: Forward-thinking corporations are adding Bitcoin to their balance sheets to diversify assets and potentially enhance returns. Digital Gold Narrative: Bitcoin is often seen as “digital gold,” a store of value that can withstand market volatility and geopolitical risks. Growing Institutional Acceptance: The increasing availability of regulated investment vehicles, like Bitcoin ETFs, makes it easier and safer for institutions to gain exposure. These drivers collectively contribute to the sustained interest and investment from the corporate sector. Corporate Bitcoin Buying: Shifting the Balance of Power Perhaps the most striking finding from the VanEck report is the dramatic shift in influence. Corporations are now becoming a more dominant force in the Bitcoin ecosystem than miners. Miners, traditionally central to Bitcoin’s supply, are expected to produce approximately 330,000 BTC before the next halving event. This is a significant amount, yet it pales in comparison to the current rate of corporate Bitcoin buying . The report underscores this point by noting that mining the subsequent 330,000 BTC after the upcoming halving is projected to take nearly a century. This stark contrast highlights how corporate demand is rapidly outstripping new supply, creating a powerful dynamic that could influence Bitcoin’s future price action and stability. What Does This Mean for Bitcoin’s Future? The sustained trend of corporate Bitcoin buying carries profound implications for the cryptocurrency’s trajectory. This institutional embrace lends significant legitimacy to Bitcoin, moving it further into mainstream finance. We might see: Increased Price Stability: Large corporate holdings could reduce overall market volatility as these entities are typically long-term holders. Enhanced Legitimacy: As more prominent companies hold Bitcoin, its status as a credible asset strengthens, potentially encouraging broader adoption. Market Maturation: The shift from retail-driven speculation to institutional accumulation signifies a maturing market. However, challenges also exist. A high concentration of Bitcoin in corporate hands could lead to new forms of market influence or potential regulatory scrutiny. Understanding these dynamics is crucial for anyone involved in the crypto space. In conclusion, VanEck’s report on the surge in corporate Bitcoin buying paints a clear picture of a rapidly evolving landscape. Companies are not just participants; they are becoming the primary drivers of Bitcoin’s demand, dwarfing the influence of traditional miners. This monumental shift has the potential to reshape Bitcoin’s future, ushering in an era of greater stability and institutional acceptance. It is a testament to Bitcoin’s enduring appeal and its growing role in the global financial system. Frequently Asked Questions About Corporate Bitcoin Buying What is “corporate Bitcoin buying”? Corporate Bitcoin buying refers to publicly traded or private companies acquiring and holding Bitcoin as part of their treasury reserves, investment strategy, or for other corporate purposes, rather than just for trading. How much Bitcoin have corporations purchased this year? According to VanEck’s report, corporate entities have purchased 638,617 BTC so far this year, which is five times the amount acquired in all of last year. Why is corporate Bitcoin accumulation significant compared to mining? Corporate accumulation is significant because it shows demand far exceeding new supply from mining. VanEck noted that corporations are buying Bitcoin much faster than miners can produce it, indicating a major shift in market influence. What are the main reasons companies are buying Bitcoin? Key reasons include using Bitcoin as an inflation hedge, diversifying corporate balance sheets, viewing it as “digital gold,” and increased institutional acceptance making it easier to invest. What are the potential impacts of this trend on Bitcoin’s future? This trend could lead to increased price stability, enhanced legitimacy for Bitcoin as an asset, and a more mature market. It also highlights the growing institutionalization of the cryptocurrency space. Share Your Insights: Did this article shed light on the incredible impact of corporate Bitcoin buying? Share your thoughts and this article with your network on social media! Your engagement helps us bring more valuable insights to the crypto community. To learn more about the latest Bitcoin trends, explore our article on key developments shaping Bitcoin institutional adoption. This post Corporate Bitcoin Buying: Massive Surge Eclipses Miner Influence first appeared on BitcoinWorld and is written by Editorial Team
Altcoin season is likely emerging as Bitcoin dominance falls and capital rotates into smaller tokens; market indicators—CoinMarketCap’s Altcoin Season Index at 53 and BTC dominance down from 65% to 59%—signal
An attempted rally in crypto earlier on Thursday was met by steady selling throughout the U.S. afternoon hours. After rising above $113,000 level at one point, bitcoin (BTC) retreated to $111,800 late in the session, down about 0.7% over the past 24 hours. The selling in ether (ETH) and XRP (XRP) was a bit more sizable, with those tokens lower by 2.1% and 1.4%, respectively. Outperforming among the majors was Solana's SOL (SOL), which rose 3.1% over the past day. Quietly on the rise even as bitcoin struggled mightily over the past two weeks is gold. The yellow metal was higher by another 0.8% on Thursday to $3,477 per ounce. For the month of August, gold's outperformance is even more stark — a rise of nearly 4% as bitcoin slid 5.2%. At $3,477, gold now sits only a few dollars below its record high of $3,534 hit earlier this month on fears (now allayed) that Swiss gold bars would fall under punitive White House tariffs against Switzerland. For whatever reason, the macro developments — lower interest rates and weaker U.S. dollar — giving a boost to gold over the past weeks are failing to ignite a bid for digital gold, aka bitcoin. On tap for September appears to be the resumption of Federal Reserve rate cuts and one or possibly two new (likely dovish) Fed members appointed by President Trump. The year's final four months could get interesting.
Institutional Bitcoin demand has surged in 2025, with corporations and ETFs buying roughly 1,000,000 BTC year-to-date, far outpacing new miner supply; this shift makes corporate treasuries and ETFs the dominant
Bitcoin dominance is falling and altcoins are heating up. Here's what the charts have to say about it.