Today, crypto investors react to the [music] Fed's last meeting in 2025. The CFTC pilots crypto as collateral for derivatives markets. [music] And Marco Santory of Soulmate discusses the company's merger with web 3 [music] VC firm Rockway X.Welcome to CNBC's Crypto World. I'm Mackenzie Sagal. Digital currencies are mixed today after rising sharply in the previous day's trading.By 2:15 Eastern, investors were looking to make sense of the Federal Reserve's final meeting in 2025. The central bank chose to cut ...

Twenty One Capital NYSE. Photo by BeInCrypto Twenty One Capital has made its debut on the New York Stock Exchange (NYSE), entering the public markets with a substantial Bitcoin treasury and a similarly large spotlight.  Its stock slid sharply on day one, raising a clear question for investors and the industry: what comes next for a company built around Bitcoin during a market downturn? A Bitcoin Giant’s Wall Street Debut Trading under the ticker XXI, the company enters the market with more than 43,500 Bi ...

Company Overview - BitMine Immersion Technologies (BMNR) has acquired 96,798 ether (ETH), increasing its total ETH holdings to 3.73 million tokens, valued at approximately $10.5 billion, making it the largest Ethereum treasury company [1][2] - The firm also holds 192 bitcoin (BTC), a $36 million stake in Eightco Holdings (ORBS), and $882 million in cash [2] Market Context - Digital asset treasuries (DATs) are under pressure due to declining crypto prices and stock valuations, leading many firms to stop accumulating crypto or even sell off assets [3] - BitMine is one of the few firms continuing to buy ETH despite an estimated $4 billion in unrealized losses on its ETH holdings [3] Strategic Insights - The upcoming Ethereum upgrade, Fusaka, scheduled for December 3, is expected to enhance scalability, security, and usability, motivating BitMine to increase its ETH acquisitions by 39% [3][4] - The Federal Reserve is anticipated to halt quantitative tightening and potentially cut interest rates in December, which could positively impact ETH prices and stabilize the crypto market [4]

So, let's talk all about these stats that are popping up everywhere. We hear more and more about them every day. How did we get to this point.Because I feel like it's really a 2025 story that these digital asset treasuries are going public in such fervor right now. >> Yeah, it's I mean it's a perfect storm. We have about 186 uh DATs right now and I think it's two main factors.First, we have Micro Strategy which was an amazing success story the last five years. They outperformed the entire S&P 500. Uh and th ...

Market Trends & Cryptocurrency Performance - Bitcoin traded under $17,000, Ether fell below $3,800, and XRP dropped 25% [2] - Bitcoin was down 85% over the past seven days, marking its worst week since February 28th when it fell more than 11% [3] - Ether was lower by more than 5% over the past seven days [3] - XRP was down 14% over the past seven days [3] Digital Asset Treasuries (DATs) & Market Saturation - Institutional supply has increased from 4% or 5% two years ago to 12% of total Bitcoin supply [11] - Institutional demand for Bitcoin, including Bitcoin ETFs and treasury companies, is about 500% of the daily mined supply [11] - Approximately 25% to 26% of treasury companies have MNAV (Market Net Asset Value) less than one, trending upwards [24] Company Specific News & Analysis - Core Scientific and Coreweave were both down more than 5% [4] - Core Scientific's biggest shareholder, To seize Capital, reportedly opposes the acquisition deal [4] - Digital asset treasuries hold about 12% of Bitcoin supply [11] - Debt to leverage ratios are at a healthy 25% to 30% [19]

Core Insights - The increasing number of firms investing in corporate BNB treasuries has prompted Binance founder Changpeng "CZ" Zhao to advocate for the use of third-party custodians for asset security [1][4] - Concerns regarding transparency and safety in crypto-based treasuries have arisen, particularly following the disappearance of QMMM, a crypto treasury firm [2][3] - CZ's recommendations for safeguards and accountability are a response to these industry concerns, emphasizing the need for trusted custodians and audits [4][5] Industry Developments - Traditional institutions are increasingly adopting crypto-based treasuries, but this trend has raised questions about the associated risks [2] - QMMM's situation, where it allegedly vanished with investors' funds, has intensified discussions about the necessity of third-party custodians [3][4] - China Renaissance Holdings is in the process of raising approximately $600 million for a new BNB treasury company, with YZi Labs and the bank contributing a total of $200 million [6] - Applied DNA Sciences has secured up to $58 million for its BNB treasury strategy through a private investment in public equity (PIPE) offering [7]

Core Insights - Ripple has acquired software firm GTreasury for $1 billion, marking its third major deal in 2023, aimed at enhancing the management of crypto in corporate treasuries [1] - The acquisition is expected to facilitate the movement of money and unlock idle capital, positioning Ripple to support the financial industry's shift towards digital assets [1][3] - GTreasury provides a platform for companies to analyze and manage cash flows, addressing inefficiencies in traditional payment systems [2][4] Company Strategy - Ripple's CEO emphasized that the acquisition will reduce friction and costs associated with outdated payment systems, reinforcing the primary use case of crypto and blockchain in payments [3] - The deal aligns with a growing trend of major companies managing crypto assets, influenced by favorable regulatory changes and increasing adoption of digital asset treasuries [4] Market Context - The acquisition comes in the wake of significant investments in crypto assets by companies, with Bitcoin giant Strategy holding nearly $70 billion in BTC [4] - Ripple's previous acquisitions include Hidden Road for $1.25 billion and Rail for $200 million, indicating a strategic focus on expanding its capabilities in the digital asset space [5]

Core Insights - DeFi Development Corp. is the first public company with a treasury strategy focused on accumulating and compounding Solana (SOL) [1] - The analysis titled "Digital Asset Treasuries (DATs): The Next Frontier of Crypto Exposure" highlights how publicly traded crypto-treasury companies are transforming capital markets, with Solana-focused DATs potentially being a significant innovation [1][2] Company Overview - DeFi Development Corp. (Nasdaq: DFDV) has a treasury policy that primarily allocates its reserves to SOL, providing investors with direct economic exposure to SOL while engaging in the growth of the Solana ecosystem [3] - The company holds and stakes SOL, operates its own validator infrastructure, and generates staking rewards and fees from delegated stakes [3] Market Analysis - As of the publication date, DATs collectively hold over $98 billion in cryptoassets, reflecting a 104% increase since the start of the year [2] - While Bitcoin and Ethereum DATs maintain dominance, Solana DATs are noted for their strategic advantages that could lead to higher returns in future growth phases [2] DAT Model Insights - The DAT model involves raising capital, acquiring crypto, compounding exposure, and enhancing value through staking and validator operations [7] - Solana DATs may outperform others due to low fees, high throughput, staking yield, network momentum, and a smaller market cap compared to Ethereum [7] Industry Outlook - The analysis discusses the estimated growth of the industry, competitive dynamics, and emphasizes that only the most disciplined, transparent, and capital-efficient DATs are likely to survive the next bear market [7]

Core Insights - MicroStrategy has established itself as a leader in the Digital Asset Treasury (DAT) model, refining its approach to create a gold standard in the industry [1][3][7] - The concept of market-cap-to-net-asset-value (mNAV) is central to understanding the valuation of DATs, with premiums and discounts reflecting the relationship between a company's treasury and its market performance [2][5][9] - The evolution of DATs has led to a competitive landscape where companies actively manage their crypto holdings to enhance market sentiment and capital [4][6][26] Group 1: mNAV and Valuation Strategies - mNAV serves as a critical metric for assessing the value of DATs, with a ratio below 1.0x indicating a discount to underlying crypto assets [2][9] - MicroStrategy's strategy includes various mNAV zones that dictate different capital issuance strategies, such as active, opportunistic, tactical, and defensive issuance [7][10] - The relationship between a DAT's treasury and its average purchase price significantly influences market perception, with profitable treasuries trading at a premium [9][12] Group 2: Geopolitical and Structural Factors - Jurisdictional factors can create premiums, as seen with Metaplanet Inc., which benefits from Japan's tax code by allowing investors to gain Bitcoin exposure through equity [11][12] - BNB Network Co. exemplifies how regulatory environments can create scarcity and support premiums, acting as a proxy for Binance's ecosystem [13][14] - Both Metaplanet and BNB Network Co. illustrate how companies can leverage geographic advantages to enhance their market valuations [15][14] Group 3: Yield Generation and Market Dynamics - Companies like SBET and BMNR have pioneered ETH-based treasuries that generate yield, creating a feedback loop that enhances NAV and market perception [16][19] - The success of DATs is influenced by leadership visibility and narrative, with prominent figures like Joseph Lubin and Tom Lee playing key roles in shaping market sentiment [17][19] - Diversification strategies, including moonshot allocations, can amplify upside potential and enhance mNAV leverage [20][21] Group 4: Behavioral Aspects of Premiums - The market's perception of DATs is often driven by narrative clarity and investor engagement, as demonstrated by the contrasting fortunes of TRON and BNB Network Co. [22][24][25] - Successful DATs blend fundamentals, narrative, and capital strategy into a reflexive loop that drives growth and market premiums [26][27] - The interplay of sentiment, regulation, and narrative is crucial in determining the sustainability of premiums in the DAT ecosystem [27]

Group 1: Digital Asset Treasuries (DATs) - Two new Digital Asset Treasuries are launching from biotech firms, raising a combined $402 million to acquire Aethir (ATH) and Binance Coin (BNB) [1] - Digital Asset Treasuries are publicly traded firms dedicated to accumulating cryptocurrency [6] Group 2: Aethir Treasury - Predictive Oncology has raised approximately $344.4 million to establish the first Aethir DAT, making it the first Nasdaq-listed firm to stack DePIN tokens [2] - Aethir focuses on providing decentralized graphics processing units as a service for AI, gaming, and cloud workloads, aiming to create a "Strategic Compute Reserve" [3] - The investment accelerates access to Aethir's GPU AI infrastructure, generating revenues and establishing a self-sustaining model [4] Group 3: Stacking BNB - Applied DNA Sciences plans to allocate up to $58 million for a private investment in public equity to become a BNB DAT, changing its ticker to BNBX [5] - The firm has secured $27 million in commitments and has the potential for an additional $31 million in gross proceeds [5] - The strategy involves multi-year deals for asset management and aims to generate yield through actively managed decentralized finance protocols [7]