“Coinbase Institutional analysts predict cryptoring growth in the second half of 2025. At the same time, experts point to the risks associated with the promotion of corporate bitcoin-reservoirs-a phenomenon that was called “clone attack” in Coinbase. Clone Attack and Risks to the Market Head of the Coinbase Institutional Research Department David Duong noted that more public companies are adding bitcoin to the balance. This was facilitated by the update […]”, – WRITE: Businessua.com.ua
Coinbase Institutional analysts predict cryptoring growth in the second half of 2025. At the same time, experts point to the risks associated with popularization Corporate bitcoin reservoirs are phenomena that in Coinbase were called “an attack of clones.”
“Clone Attack” and risks to the market The head of the Coinbase Institute Research Department, David Duong, noted that more public companies are adding bitcoin to the balance. This was facilitated by updating accounting standards in the US – now digital assets can be taken into account at fair market value.
According to Bitcointreasuries, companies are already held by 820 542 BTC companies.
Data: Bitcointreasuries.
About 20 of these companies use the capital raising model through the release of convertible bonds, as Strategy did at one time.
Duong warns: such a strategy creates systemic risks. In the case of shocking on the market, the issuers may be forced to sell assets to service the debt, which can cause a wave of panic among investors.
A striking example is Gamestop. The company has increased the private placement of bonds from $ 1.75 billion to $ 2.25 billion, in particular for the purpose of buying bitcoins. The company now owns 4710 BTC. After the first announcement of the GME, 22.5%fell. Since the beginning of the year, the papers have lost more than 30% of the cost.
Data: TradingView.
The investor Anthony Pumpliano went in a similar way. According to FT, it will lead ProCapbtc, which plans to attract $ 750 million through Spaac-Bitcoin investing.
According to Duong, it is not necessary to expect mass liquidations at this time – most debt instruments have a maturity period not earlier than 2029. However, the situation can change with the increase in debt and the number of companies with a similar strategy.
Case Sharplink and Market Sensitivity How sensitive is the market to news from such companies shows the example of Sharplink Gaming. After the bidding closure, the stocks fell by more than 70%.
Data: Google Finance.
The reason was the supply to the Sec S-3 forms, which registers the possibility of resale of shares investors. Traders probably saw a signal for a large -scale sale.
CONSENSYS CEO and Sharplink Board Chairman Joseph Lubin explained that the document has a standard technical nature and does not indicate the sale of assets.
Some Are Misinterpreting Sbet’s S-3 Filing:
IT REGISTERS Shares for Potential Resale by Prior Investors
The “Shares Own After The Offering” Colum is HyPothatic, Assuming Full Sale of Registered Shares.
This is Standard Post-Pipe Procedure in Tradfi, Not An Indication of…
– Joseph Lubin (@ethereumjoseph) June 12, 2025
According to him, neither he nor the company was sold.
At the same time, Sharplink acquired 176 270.69 ETH worth $ 462.9 million, becoming the largest public holder Ethereum after Ethereum Foundation. The average purchase price is $ 2626 per coin.
More than 95% of Sharplink’s assets are currently involved in stinging and related services. The company became the first on the NASDAQ, which officially made Ethereum the main element of its financial strategy.
Positive factors Despite the threat, the overall Coinbase forecast is positive. The risks of recession in the US are declining. According to estimates Frb Atlanta, GDP growth can reach 3.8%.
Both parties of Congress are working on laws on steiblcoins and the overall market structure. This can create a predictable regulatory framework.
In addition, SEC considers about 80 applications for launching new ETFs, including funds on Solana, XRP, Avax and Dogecoin. Decisions are expected from July to October.
Coinbase Institutional believes that bitcoin growth is likely to continue. At the same time, the success of the altcoins will depend on specific fundamental factors.
Recall that Binance founder Chanpen Chzhao also warned about risks through fashion for bitcoin reserves among corporations.
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