Core Insights - Companies holding Bitcoin on their balance sheets are expected to experience significant growth in 2026, with optimism that public companies will increase their Bitcoin treasury, building on momentum from 2025 [1][2] - The survey indicates that corporate Bitcoin balances are anticipated to rise, as companies are likely to buy in large quantities and hold for extended periods, reducing the number of coins available on exchanges [2][5] Corporate Behavior - Early adopters like Strategy (formerly MicroStrategy) have shown the viability of holding Bitcoin, with the company accumulating over 673,000 BTC, which serves as a reassurance for other CFOs considering similar strategies [3] - The introduction of Spot Bitcoin ETFs by firms like BlackRock and Fidelity has attracted billions in investments, signaling Bitcoin's acceptance in the mainstream financial system [4] Market Dynamics - As of late 2025, over 170–190 publicly traded firms held Bitcoin, controlling approximately 5% of the circulating supply, with expectations for further growth in 2026 due to maturing treasury models and new entrants [5] - Corporate treasury purchases are likely to lock away large amounts of BTC in secure custody, reducing the available supply on exchanges, which may stabilize Bitcoin's price and market behavior [6] Long-term Market Impact - This shift in corporate behavior is expected to transition Bitcoin from a speculative asset to a more stable asset class, similar to gold, fostering greater institutional patience and reducing panic selling [7]

Core Insights - Prenetics Global Limited, a health sciences firm associated with David Beckham, will cease Bitcoin purchases in 2026, indicating a strategic retreat from corporate Bitcoin treasury practices that gained popularity earlier in the cycle [1][7] - The decision to halt Bitcoin acquisitions follows a broader reassessment among public companies after Bitcoin's significant decline in late 2025 [1][2] Group 1: Company Strategy - Prenetics confirmed the end of daily Bitcoin purchases in December 2025 and will not pursue further acquisitions, although it will retain its existing Bitcoin holdings [1] - The shift in strategy reflects a focus on containing balance-sheet risk rather than completely abandoning Bitcoin [4][5] Group 2: Market Context - The decline in Bitcoin's value during November and December 2025 has pressured companies that used their balance sheets for crypto exposure, with MicroStrategy experiencing a stock drop of over 60% in six months [2][3] - This volatility poses reputational and governance risks for non-crypto firms, as boards must justify capital allocation decisions to shareholders who may prefer stable cash deployment [4] Group 3: Financial Performance - IM8, Prenetics' premium health and longevity brand co-founded with Beckham, has shown rapid revenue growth, shifting the company's focus towards operational expansion rather than financial engineering [5]

For the last 5 years, one company has been the main character of Bitcoin. They've bought billions of dollars worth of BTC. They've become the largest corporate holder in history, stacking over 3% of the entire supply, and their main man has become the de facto spokesman for institutional adoption.There is no second best. Famous for his laser eyes and his promise to never ever sell. Yes, I am of course talking about Strategy, the company formerly known as Micro Strategy.But what happens if the main character ...

Core Insights - DDC Enterprise Limited has successfully acquired 100 Bitcoin (BTC), increasing its total holdings to 1,183 BTC as part of its disciplined corporate Bitcoin treasury strategy [1][5]. Purchase Highlights - The acquisition occurred during a market pullback, showcasing DDC's proactive market oversight and decisive action within a controlled framework [2]. - DDC's governance and risk-management infrastructure supports its ongoing accumulation strategy, which is viewed as constructive for long-term positioning despite short-term market caution [2]. Strategic Approach - The company's strategy is characterized by discipline, patience, and long-term conviction, focusing on robust governance and risk management to guide capital deployment [3]. - The recent purchase of 100 BTC reflects DDC's confidence in Bitcoin as a strategic reserve asset and its commitment to creating durable value for shareholders [3]. Treasury Growth - DDC's average cost per Bitcoin holding is USD 106,952, with the recent acquisition increasing its treasury holdings by 100 BTC [5]. - The updated Bitcoin holdings translate to 0.039760 BTC per 1,000 DDC shares, indicating a significant yield improvement of 122% for the second half of the year [5]. Future Plans - DDC has entered into an agreement to purchase an additional 300 Bitcoin, which would raise total holdings to 1,383 BTC, marking a nearly 30% increase from the previous total [7]. - The company is enhancing its trading and custody capabilities by onboarding with Kraken, a leading digital asset platform, to support its Bitcoin treasury operations [8]. Leadership and Advisory - DDC has appointed Markus Thielen as Strategic Macro Advisor to enhance its global Bitcoin treasury and market intelligence capabilities, focusing on macro strategy and risk allocation [11].

Core Insights - DDC Enterprise Limited has successfully onboarded with Kraken to enhance its trading and custody capabilities for its Bitcoin treasury operations [1][3] - The onboarding is seen as a significant milestone in scaling Bitcoin treasury operations, which began in May [3] - DDC is strategically positioning Bitcoin as a core reserve asset while continuing to grow its portfolio in the Asian food sector [4] Institutional Infrastructure Access - DDC can now utilize Kraken's institutional-grade trading stack and custody solutions, providing deeper global liquidity access and secure digital asset storage [6] - The custody capabilities are regulated and tailored for institutional needs, enhancing governance and security protocols for DDC's Bitcoin holdings [6] Execution and Efficiency - DDC benefits from advanced order routing and streamlined settlement processes, which optimize price discovery and operational efficiency [6] - The company emphasizes a disciplined Bitcoin accumulation strategy, focusing on consistency and long-term value creation [11]

Core Insights - Metaplanet, a Tokyo Stock Exchange-listed company, is acquiring more Bitcoin after securing a $100 million loan using its crypto as collateral [1] - The company is adopting a conservative financial management policy to maintain collateral adequacy even during significant Bitcoin price declines [2] - Metaplanet aims to acquire 210,000 Bitcoin by 2027, representing about 1% of the total supply, and currently holds 30,823 BTC valued at nearly $3.2 billion [5] Company Strategy - Metaplanet has pivoted from its core hotel and technology business to focus on Bitcoin accumulation starting in 2024 [5] - The company reassured investors of its commitment to avoiding excessive leverage in its borrowing strategy [2] - The firm is now the fourth largest Bitcoin treasury, following the strategy pioneered by MicroStrategy [5][6] Market Context - Bitcoin's price recently traded near $104,000, recovering from a drop below $100,000, and is currently about 18% below its all-time high of $126,080 [3] - The decline in Bitcoin prices has raised concerns among skeptics regarding the treasury strategy, with some companies like Sequans reducing their Bitcoin holdings [4] - There are over 200 publicly traded Bitcoin treasuries, with Metaplanet being one of the notable players in this space [6] Market Sentiment - A prediction market indicates that about two-thirds of respondents expect Bitcoin's price to rise to $115,000 rather than fall to $85,000 [7]

Core Insights - DDC Enterprise has raised $124 million in equity financing to enhance its Bitcoin treasury strategy, with the funding priced at a 16% premium to its recent trading price [1][2] - The investment round was led by PAG Pegasus Fund and Mulana Investment Management, with additional participation from OKG Financial Services Limited, indicating strong institutional interest [2] - The company aims to build a reserve of 10,000 BTC, positioning itself among the top public holders of Bitcoin [3][4] Funding Details - The equity financing round was priced at $10.00 per Class A share, reflecting a strategic move to bolster DDC's Bitcoin accumulation efforts [1] - Founder and CEO Norma Chu personally invested $3 million, demonstrating her commitment to the company's vision [2] Investment Strategy - All investors, including Chu, have agreed to a 180-day lock-up period, indicating confidence in the company's future trajectory [3] - DDC's Bitcoin treasury program is a key component of its long-term value creation strategy, with a dedicated team and advisory board to manage acquisitions [6] Historical Context - DDC has steadily increased its Bitcoin holdings, reaching 138 BTC by June 2025, with an average purchase price of $78,582 per coin, totaling approximately $10.8 million [5] - The company has partnered with Animoca Brands to manage up to $100 million worth of BTC, further establishing its reputation in the corporate Bitcoin treasury space [5] Vision and Market Position - Norma Chu emphasized the importance of public Bitcoin treasuries and the strategic value of partnerships with institutional investors [4] - The company's accumulation plan is viewed as a hedge against macroeconomic volatility, reinforcing its long-term strategy [6]

Core Insights - Dutch crypto firm Amdax has raised €30 million ($35 million) to launch the Amsterdam Bitcoin Treasury Strategy (AMBTS), aiming to accumulate 1% of the total Bitcoin supply [1][2] - The company plans to acquire 210,000 BTC, valued at approximately $26 billion, to establish itself as a leader in the European Bitcoin treasury market [3] - Amdax's funding success is seen as a significant step towards enhancing corporate Bitcoin adoption in Europe, paralleling trends in the U.S. and Asia [3] Funding and Strategy - Amdax previously secured €20 million ($23 million) in early funding before reaching its current funding goal of €30 million [2] - The company intends to utilize capital markets to increase Bitcoin per share while pursuing its ambitious BTC target [3] Market Context - Amdax joins a growing list of companies adding Bitcoin to their corporate reserves, including Treasury B.V., which has already acquired 1,000 BTC [4] - The total corporate Bitcoin holdings have surpassed 1 million BTC across 200 firms, with MicroStrategy being the largest public holder at 640,031 BTC [5] - Globally, entities including corporations and governments hold approximately 3.74 million BTC, valued at $463.8 billion [6]

Core Insights - Public companies have added a total of 415,000 BTC to their treasuries in 2025, surpassing the 325,000 BTC acquired in the entirety of 2024 [1] - The dominance of MicroStrategy, now known as Strategy, in corporate Bitcoin treasuries has decreased from 76% in January to 64% as other corporate buyers have increased their acquisitions [1][5] - Despite record-high corporate Bitcoin holdings, the pace of accumulation has slowed, with companies now purchasing smaller amounts per transaction [3][5] Corporate Accumulation Trends - November 2024 was a significant month for Strategy, with a notable accumulation of Bitcoin, but the company has since seen a decline in monthly purchases, dropping from 134,000 BTC in November 2024 to just 3,700 BTC in August 2025 [4][5] - Corporate treasuries reached a record of 1,011,387 BTC in 2025, valued at over $118 billion, but the overall demand has slowed sharply [8][9] - Analysts attribute the slowdown in corporate accumulation to macroeconomic uncertainties, including higher global interest rates and stricter regulatory oversight [11][12] Market Dynamics and Institutional Sentiment - The market's valuation of Strategy's Bitcoin strategy has changed significantly, with its modified Net Asset Value (mNAV) dropping from 3.89x to 1.44x since November 2024, indicating a shift in investor sentiment [6][7] - The concentration of Bitcoin in corporate treasuries is seen as a double-edged sword, providing stability against market sell-offs while also raising systemic risks if corporations decide to change their investment strategies [13][14] - Retail interest in Bitcoin remains strong, with around 75% of Bitcoin ETF shares held by non-13F filers, indicating robust participation from retail investors [14][15] Future Outlook - The creation of 28 new Bitcoin treasury firms in July and August 2025 has contributed to an increase in corporate holdings by 140,000 BTC, suggesting ongoing interest in Bitcoin despite the cautious approach [10] - Analysts believe that while institutional demand has softened, retail flows have played a crucial role in maintaining support levels for Bitcoin prices during periods of uncertainty [15][16]