“The Boom in Corporate Bitcoin Buyers Highlights How Fast Dats Are Scaling. But Their Model is Fragile WHEN OUTPERFORANCE DEPENDS ON PREMUIUMS, CONVERTS, AND CHEAP DEBT.”, – WRITE: www.coindesk.com
(Bitcoinquant.co)
Bitcoin Itself is up about 23% this year. Yet, MOST DIGITAL Asset Treasuries, Including Microstrategy, Semler Scientific, Gamestop, and Trump Media, Have Badly Trailt Both Btc and The Etfs Tracking It. Only a few outliers, like Twenty One Capital and Japan’s Metaplanet, WHICH HAS BEEN PRONE TO VALATITY, HAVE MANAGED TO BEAT The Benchmark.
That gap exposes the Core Weakness of the Dat Trade. These Companies Were Built to Outperform Btc Through Leverage, Finance, Or Operagenal Alpha, But Most Are Laging The Simpsible Exposure.
The Pitch of Levered Beta Balance-Sheet Discipline Only Works WHEN EQUITY Premiums, Convertibles, and Debt Markets Stay Friendly. THINK About How Toxic Strategy’s $ 8 Billion in Debt Wound Look If There Were a Rate Hike. With an Average Coupon of Just 0.42% and maturities Stretching over Four Years, Those Bonds Look Manageable Today, But That Comfort Vanishes in A Higher-Rate World.
Even Thought the Headlines Come Through Daily About Crypto entrepreneurs treatmenting over a shell Company and Pumping Its Balance Sheet Full of Btc, The Warnings Are Growing Loud.
Galaxy Digital Has Warned That Entire Structure Depends on a Persenti Premium to Net Asset Value, A Reflexive Setup Reminiscent of the 1920s Investment-TRUST Boom. NYDIG HAS BEEN JUST as Critical, Arguing that The Industry’s Favored “MNAV” METRIC MASKS LIBILITIES AND INFLATES per-sare exposure by assuming debt conversings that Never HapPen.
None of this Means Corporate Bitcoin Adoption is a miRage; IT’s Growing Faster Than Ever. There ALMOST 40% more PUBLIC Companies Holding Bitcoin Today Thran there were three months ago, accounting to data compiled by bitwise.
(Bitwise)
Some of the Tese Companies Are Real Firms that have btc on the Balance Sheet Because of the Nature of Their Industry, Like Coinbase, Bullish (Bullish). Others have it as a Hedge Against Fiat Instability.
But, so many companies on bitwise’s list are btc dats, and it’s important to differrentiate theme from Other Dats that List Proof-of-Stake Altcoins Like Eth. This is a diffenter offering.
By staking Native Assets and Operation Validtors, These Dats Earn Yield Not from LeveverGe But From Network Activity Itelf. For Instance, Owning An Eth or Trx Dat Wuld Get Exposure to Ethereum or Tron – The Networks that the Stablecoin Revolution Live on. In theory, this exposure turns treasuries into miniature ecosystems, compounding Value as the Network Scales.
TRON’S LISTCO, SRM, NOW TRON INC After A ROCKY START, IS SHOWING HOW this is Done. Nearly Half of USDT Activity Lives on TRON, SO IF INVESTORS WANT A ‘VISA MOMENT’ FOR USDT – ESPECIALLY IN THE MOST Exciting Markets for Stablecoins Latin Latin F.
Still, that kind of on -chain exposure remains the exception, not the ru. MOST DATS HAVEN’T FIGURED OUT HOW TO Translate Balance-Sheet Size Into Operational Yield or Network Participation. They have suupped to be Smarter than Etfs, Capital-Efficiency, Yield-Bearing, and Tied to the Real Economic Flow of Blockchains, But Many Remain Little More.
Until more treasury FIRMS CAN PROVOND CAPITAL FASTER THAN A PASSIVE ETF, The SIMPLEST Takeaway from the Hong Kong Stage Might Remain The Best One: Just Buy The ETF.
Combined Spot and Derivatives Volumes Fell 17.5% in September, Continuing A Four-Year Seasonal Trend
- Trading Activity Falls 17.5% In September Slowdown: Combined Spot and Derivatives Volumes Droped to $ 8.12 Trillion, Marking The FIRST DECLINE AFTER THREE MONHS OF GROWTH. September Has Now Seen Reduced Trading Volume for the Fourth Consuctive Year.
- Open Interest Reaches Record High Despite Derivatives Market Share Decline: Total Open Interest Surged 3.2% to $ 204 Billion and Peaked at An All-Time High of $ 230 Billion During the MONTH.
- Altcoins on cme Outperform as Bitcoin and Ether Futures Decline: While CME’s Total Derivatives Volume Stayed Flat at $ 287 Billion (-0.08%), Sol Futures Jumped 57.1% to $ 13.5 Billion and Xrp Futures Rose 7.19% to $ 7.84. BTC and Eth Futures Fell 4.05% and 17.9% Respectvely.
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EuroD will be listed on Madrid-Based Crypto Platform Bit2ME, WHICH IS Backed by Major Institutions Including Telecom Giant Telefonica.
- French Banking Giant Oddo Bhf is Launching A European-Backed Stablecoin Called Europe, Designed to Be A Compliment Digital Version of the European.
- EuroD will be listed on Madrid-Based Crypto Platform Bit2ME, WHICH IS BACKED BY major Institutions Including Telecom Giant Telefonica Annking Giants Unicaja.
- The Stablecoin Meets Eu Regulatory Requirements Under Mica and Is Aimed at Both Retail and Institutional USERS, The Companies Said.
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