The post Bitcoin treasury companies: Hedge or house of cards? appeared on BitcoinEthereumNews.com. Introduction Bitcoin treasury companies have changed how TradFi interacts with digital assets. What began with Strategy’s decision to reallocate its treasury into Bitcoin has evolved into a global phenomenon that, by August 2025, encompasses 156 publicly traded companies holding nearly 950,000 BTC valued at more than $100 billion. These companies now account for over 5% of Bitcoin’s circulating supply, placing them among the most influential participants in market liquidity and price formation. Their aggregated buying power has, at times, absorbed multiple times the daily new supply of Bitcoin, making them both market drivers and market risks. The corporate strategies behind these treasuries vary, but the core model is consistent: raise capital and deploy that capital directly into Bitcoin. Some companies use additional treasury management techniques, such as options or yield generation, to amplify exposure. Others simply adopt a buy-and-hold stance. The outcome is the same in both cases: they create a high-beta equity proxy for Bitcoin within regulated markets, offering investors access to digital asset exposure without the complexities of custody or direct ownership. This has positioned these companies as a de facto bridge between traditional capital markets and the crypto ecosystem. The ecosystem supporting these companies has expanded in parallel. Custodians, brokerages, and major banks are capturing fee revenue by servicing corporate Bitcoin holdings, embedding the asset deeper into the financial system. However, this expansion is now without strain. Valuation pressures are mounting, with a record 27% of these companies now trading at market capitalizations below the value of their Bitcoin holdings. This metric, referred to as mNAV, raises questions about sustainability: companies below this threshold face shrinking ability to raise new capital, and in extreme cases may be pressured to liquidate reserves. Conditions like this could set off reflexive loops, where falling Bitcoin prices erode equity valuations, trigger… The post Bitcoin treasury companies: Hedge or house of cards? appeared on BitcoinEthereumNews.com. Introduction Bitcoin treasury companies have changed how TradFi interacts with digital assets. What began with Strategy’s decision to reallocate its treasury into Bitcoin has evolved into a global phenomenon that, by August 2025, encompasses 156 publicly traded companies holding nearly 950,000 BTC valued at more than $100 billion. These companies now account for over 5% of Bitcoin’s circulating supply, placing them among the most influential participants in market liquidity and price formation. Their aggregated buying power has, at times, absorbed multiple times the daily new supply of Bitcoin, making them both market drivers and market risks. The corporate strategies behind these treasuries vary, but the core model is consistent: raise capital and deploy that capital directly into Bitcoin. Some companies use additional treasury management techniques, such as options or yield generation, to amplify exposure. Others simply adopt a buy-and-hold stance. The outcome is the same in both cases: they create a high-beta equity proxy for Bitcoin within regulated markets, offering investors access to digital asset exposure without the complexities of custody or direct ownership. This has positioned these companies as a de facto bridge between traditional capital markets and the crypto ecosystem. The ecosystem supporting these companies has expanded in parallel. Custodians, brokerages, and major banks are capturing fee revenue by servicing corporate Bitcoin holdings, embedding the asset deeper into the financial system. However, this expansion is now without strain. Valuation pressures are mounting, with a record 27% of these companies now trading at market capitalizations below the value of their Bitcoin holdings. This metric, referred to as mNAV, raises questions about sustainability: companies below this threshold face shrinking ability to raise new capital, and in extreme cases may be pressured to liquidate reserves. Conditions like this could set off reflexive loops, where falling Bitcoin prices erode equity valuations, trigger…

                                                                               Wormhole’s native token has had a tough time since launch, debuting at $1.66 before dropping significantly despite the general crypto market’s bull cycle.                     Wormhole, an interoperability protocol facilitating asset transfers between blockchains, announced updated tokenomics to its native Wormhole (W) token, including a token reserve and more yield for stakers. The changes could affect the protocol’s governance, as staked Wormhole tokens allocate voting power to delegates.According to a Wednesday announcement, three main changes are coming to the Wormhole token: a W reserve funded with protocol fees and revenue, a 4% base yield for staking with higher rewards for active ecosystem participants, and a change from bulk unlocks to biweekly unlocks.“The goal of Wormhole Contributors is to significantly expand the asset transfer and messaging volume that Wormhole facilitates over the next 1-2 years,” the protocol said. According to Wormhole, more tokens will be locked as adoption takes place and revenue filters back to the company.Read more