Public companies, those paragons of wisdom, have amassed over a million BTC, with 90.4% of it tucked away in the US. One might think they’ve finally found a way to make their treasuries as stable as a Russian winter. 🧊
And here we are, debating whether Bitcoin can rival the steadfast US Treasuries. How quaint. It’s as if we’re trying to convince a tree to dance the waltz. 🌳💃
Bitcoin Treasury Companies Emerge as Stabilizing Force
Hunter Horsley, CEO of Bitwise, regards Bitcoin Treasury Companies as the saviors of the crypto world. “They do investor relations, generate yield, and buy & hold,” he says, as if these are miracles. 🙃
He notes that these entities provide investor relations, yield strategies, and long-term balance sheet discipline. This changing approach marks a shift from the speculative behavior that once defined crypto markets. A noble goal, if a bit late to the party. 🕰️
Bitcoin Treasury Companies and DATs are very good for crypto imo. Rooting for them.
– They do investor relations for ecosystems
– They can implement active strategies to generate yield
– They provide exposure to equity, convert, preferred investors
– They buy & hold, long term…– Hunter Horsley (@HHorsley) November 2, 2025
The rise of corporate Bitcoin holdings indicates broader institutional interest in digital assets. Companies, including Strategy and Tesla, have allocated parts of their treasuries to Bitcoin, seeking long-term value. Or, as some might say, a way to lose money with style. 💸
However, the fact that 90.4% of these holdings are in the US highlights America’s leading position in institutional crypto adoption. A curious place for a “decentralized” asset. 🌐
This transparency comes as corporate crypto strategies face increased scrutiny. The dashboard confirms that public company holdings now total 1.1 million BTC, over 5% of the total Bitcoin supply. A number that would make even a monk blush. 😅
Meanwhile, on-chain data shows a declining over-the-counter (OTC) Bitcoin supply, indicating that institutional demand may be outpacing available inventory. A classic case of “I want it, and I want it now.” 🤷♂️
A Glassnode chart shows OTC desk balances dropping from near 4,500 BTC to under 1,000 BTC in a year. Meanwhile, prices have moved between $70,000 and $100,000. A rollercoaster with no safety harness. 🎢
With OTC desk supply in this downtrend and LTH sales slowing down, we’re gonna see a ton of charts from anonymous influencers screaming about a Bitcoin crash. A bunch of ’em are tied to treasuries, act as MMs, and just want your Bitcoins cheap. Your Bitcoin is the target.
That…
– J. P. Mayall (@jpmayall) November 2, 2025
This limited supply could explain the renewed institutional accumulation despite market fluctuations. A paradox, if ever there was one. 🌀
Macroeconomic Headwinds and the Treasury Yield Challenge
The competitive environment for Bitcoin has become more difficult as US 10-year Treasury yields have reached 4.1%, a three-week high as of early November 2025. It’s like the market is whispering, “Fed, cut those rates, or we’ll all go bankrupt!” 🤡
Analyst Axel Adler Jr. noted that this increase reflects uncertainty about Federal Reserve rate cuts. The uncertainty creates a challenging backdrop for risk assets like Bitcoin. A challenge, indeed. 🧠
The rise in the U.S. 10-year Treasury yield to 4.1% (three week high) signals market skepticism about Fed cuts, creating a restrictive backdrop for risk assets.
– Axel 💎🙌 Adler Jr (@AxelAdlerJr) November 3, 2025
Higher Treasury yields can make government bonds more attractive than non-yielding assets, drawing potential capital away from cryptocurrency. A fair point, if you ignore the fact that Bitcoin is a bit like a toddler with a lemonade stand. 🍋
Official US Treasury data support this trend. The 10-Year Treasury Note issued in October 2025 had a coupon rate of 4.250%, and Ginnie Mae’s July 2025 Global Markets Analysis Report recorded the 10-year yield at 4.38%. Such yields challenge Bitcoin’s positioning as a store of value or alternative to traditional fixed-income investments. A tough act to follow. 🎭
Despite these pressures, some analysts remain optimistic. Mayall pointed out that anonymous influencers linked to treasuries and market makers might be spreading negative sentiment to acquire Bitcoin at lower prices. A classic case of “sell the rumor, buy the news” – but with more emojis. 📈
He also noted that long-term holder sales are slowing while OTC supply is declining, which could increase upward price pressure if demand remains strong. A delicate dance, like a ballerina on a tightrope. 🎭
Bitcoin Versus Treasuries
Jack Mallers, a Twenty One Capital executive, has shifted the spotlight regarding Bitcoin’s competition. As sources describe, he believes the real “flippening” is Bitcoin challenging US Treasuries in global finance, not simply surpassing other cryptocurrencies. A bold claim, akin to saying a flea can outpace a cheetah. 🐝
“We’re living through the real flippening. Not shitcoins over Bitcoin. Neutral money over Treasuries. The monetary competition has begun: which money best stores our time, energy, and labor? The fastest horse is Bitcoin, and for the first time, everyone can race it,” wrote Mallers in a recent post.
This viewpoint moves the discussion from crypto rivalries to Bitcoin’s possible significance in broader capital markets. A refreshing change, if only for the lack of jargon. 🧠
Mallers’ perspective follows a narrative in which Bitcoin Treasury Companies serve purposes beyond speculation. By adding Bitcoin to corporate balance sheets through structured yield strategies and investor relations, these firms are positioning it as a legitimate treasury reserve. A noble endeavor, if a bit like trying to teach a cat to fetch. 🐱
This development could appeal to institutions seeking inflation protection or diversification beyond government bonds. A tempting offer, though one must wonder if they’re trading one uncertainty for another. 🤷♀️
Nonetheless, the comparison remains debated. US Treasuries offer government support, stable yields, and strong liquidity, whereas Bitcoin lacks yield, faces regulatory uncertainties, and exhibits significant price fluctuations. A fair point, but then again, who doesn’t love a good rollercoaster? 🎢
In the coming months, Bitcoin Treasury Companies will be tested on their ability to sustain these strategies amid rising bond yields and a challenging macroeconomic backdrop. A test of patience, if nothing else. 🕰️
As public company Bitcoin holdings grow, the industry faces a decisive moment. Whether these treasuries stabilize crypto markets or add volatility will depend on their ability to balance on-chain trends and competition from traditional assets. A high-stakes game, much like a Chekhovian drama. 🎭
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2025-11-03 15:04