Bitcoin Magazine

Quick Maths On STRC Buybacks: The Truth About Net Bitcoin Per Share and Accretion

Strategy initiated open-market repurchases of STRC last week (July 20 through July 26, 2026), buying 288,930 shares for ~$25 million at an average price of $86.52. Notably, the company bought no Bitcoin and continued to grow its cash reserve. 

So what is going on here? Why is the largest Bitcoin treasury company buying back its credit? 

Context 

In June 2026, STRC fell far below the $100 stated amount. Check out these two articles for some in depth analysis about what exactly happened: 

• Crash Post Mortem – What Happened to STRC in June 2026
• The Sixth Lever 

Last week’s STRC buyback follows Strategy’s Digital Credit Capital Framework, announced on June 29 in response to the June volatility, which authorized up to $1 billion of repurchases across STRC, STRF, STRD, and STRK. Likely because STRC is now viewed as Strategy’s flagship product, STRC was identified as the initial priority for these buybacks. 

Buyback logic starts with the position of MSTR common stock in the capital structure. Common equity owns the residual value after every senior claim has been satisfied. Strategy’s BTC and cash are its liquid assets. Debt and preferred stock sit ahead of MSTR. Strategy’s USD Reserve (read: cash) offset part of those senior claims. The common stock therefore represents the value left after subtracting debt and preferred stock from the bitcoin reserve and adding back available cash.

This is effectively Strategy’s recently introduced “Net Bitcoin Per Share” metric. Strategy’s current methodology calculates Net BTC by taking bitcoin holdings and subtracting the bitcoin-equivalent value of out-of-the-money convertible debt, other debt-like instruments, and outstanding perpetual preferred stock, then adding back the USD Reserve. Notice that this is exactly the same description as the prior paragraph! 

Net BTC is divided by fully diluted common shares to produce Net BPS. Strategy’s disclosures mark July 23 as the boundary for its revised mNAV methodology, which uses Net BPS as its denominator.

This metric gives MSTR investors a direct view of BTC economically attributable to common equity after senior claims. Gross Bitcoin Per Share can rise when Strategy issues more preferred stock or debt to buy bitcoin. Net Bitcoin Per Share captures the liability created alongside that bitcoin purchase, answering the question of how much bitcoin remains for common shareholders after the more senior investors in the capital structure are paid. 

Therefore, Net BPS provides a framework for measuring the accretive or dilutive effect of capital markets transactions on MSTR. Think of it as another new metric that investors may evaluate along with the existing metrics already being used. 

Ok, but why STRC buybacks? 

The answer is that retiring liabilities at below their notional values is accretive on a net BTC basis. 

Let’s consider a simple balance sheet with easy numbers to understand the basic mechanics.

Assume a company owns $100 million of BTC and carries $50 million of senior liabilities. Common equity is therefore a $50 million residual claim: 

$100 million assets –  $50 million liabilities = $50 million equity 

Now assume the company can retire those $50 million of liabilities for $40 million. It uses $40 million of its assets, leaving $60 million of assets and zero remaining liabilities. The common equity residual rises from $50 million to $60 million. 

$60 million assets –  $0 liabilities = $60 million equity 

The equity claim went from $50 million to $60 million. So spending $40 million to eliminate a $50 million claim creates $10 million of value for the residual owner (the common equity investor). 

The STRC repurchase follows the same structure. Strategy paid an average of $86.52 to retire a security with a $100 stated amount. Each repurchased share removed $100 from the preferred stock claim used in the company’s Net BTC calculation while consuming only $86.52 of capital. The $13.48 spread creates gross accretion to MSTR.

Strategy retired $28.893 million of STRC stated amount for about $24.998 million based on the reported average price. The difference equals approximately $3.895 million, and this value accrues to MSTR. 

(It’s worth mentioning that also related to this is STRC’s current 12% annualized dividend rate. Retiring $28.893 million of STRC stated amount also removes roughly $3.47 million of annual dividend requirements. Also consider that since STRC is still well below $100, the company likely will raise the dividend, meaning the actual annual dividend expense removed is likely higher.)

Conclusion 

Net BTC identifies the residual BTC owned by the common stock by considering all the senior liabilities which sit ahead. The STRC buyback is a move of financial engineering to improve the Net BTC per share metric of the company.

Disclaimer: This content was prepared on behalf of Bitcoin For Corporations for informational purposes only. It reflects the author’s own analysis and opinion and should not be relied upon as investment advice. Nothing in this article constitutes an offer, invitation, or solicitation to purchase, sell, or subscribe for any security or financial product. 

This post Quick Maths On STRC Buybacks: The Truth About Net Bitcoin Per Share and Accretion first appeared on Bitcoin Magazine and is written by Allard Peng.

Bitcoin Magazine

Strategy Skips Bitcoin Again, Buys Back $25M of STRC Stock

Bitcoin treasury Strategy on Monday announced that it had again skipped buying Bitcoin, instead buying back its own preferred stock, Stretch (STRC), for $25 million.

In a filing and post on X, the company said it sold 5,429,160 shares of MSTR common stock through its at-the-market program between July 20 and July 26, generating $544.5 million in net proceeds. 

It was the first time the company did a buyback of its STRC product, one of the firm’s several products that gives investors exposure to Bitcoin via shares that pay a dividend.  

The company still holds 843,775 Bitcoins on its balance sheet — worth over $55 billion at today’s price of $65,576 per coin. 

The Bitcoin buying pause is the fifth in a row. Strategy has leaned on dollar accumulation over fresh Bitcoin buys across recent weeks, a shift from the aggressive purchases that defined much of its history. The firm now has $3.75 billion in cash that will not be used to fund repurchases, according to a filing. 

Strategy has said that its buyback plan — approved earlier this month — is about balance-sheet strength rather than retreat. President and CEO Phong Le has said that Strategy intends to remain a long-term Bitcoin buyer. 

Strategy — formerly MicroStrategy — started buying Bitcoin in August 2020 as a way to generate better returns for its shareholders during the COVID-19 pandemic.

It has since spent around $63.9 billion on Bitcoin and is the largest corporate holder of the asset. Investors can buy its shares to gain exposure to the leading cryptocurrency without having to buy and hold digital coins themselves. 

Strategy spawned a long-list of copycat firms which have bought not only Bitcoin, but other cryptocurrencies to boost their stock prices. 

Strategy’s Nasdaq-listed stock (MSTR) was trading nearly 7% higher on Monday at nearly $98 per share. MSTR year-to-date has dropped by nearly 40%. 

This post Strategy Skips Bitcoin Again, Buys Back $25M of STRC Stock first appeared on Bitcoin Magazine and is written by Mathew Di Salvo.

Bitcoin Magazine

$7 Trillion Investment Giant Fidelity Backs New Crypto Clarity Act

Investment giant Fidelity is the latest big player to back the latest version of the long-awaited Clarity Act. 

The Boston-based firm’s “Public Policy” account on X said Friday that it was urging the Senate to pass the bill. 

BREAKING: $7.1 trillion Fidelity officially endorses the Senate to pass the Clarity Act. pic.twitter.com/X8xncZtPzA

— Bitcoin Magazine (@BitcoinMagazine) July 24, 2026

Lawmakers have been hashing out the crypto market structure bill since last year. A new improved draft circulating the Senate this week bans officials and their families from issuing or promoting crypto — a sticking point for opposition politicians. 

“The time is now for clear rules of the road that are essential to strengthening investor confidence, providing certainty for market participants, and reinforcing U.S. leadership in global digital asset markets,” the company said. 

Fidelity — which manages around $7 trillion in assets — was joined Friday by crypto advocacy groups the Crypto Council for Innovation, Blockchain Association, and the Digital Chamber, as well as the National Fraternal Order of Police and other politicians in backing the bill. 

Top asset manager Fidelity is interested in the bill as the firm manages Bitcoin and other digital asset exchange-traded funds: products which give American investors exposure to crypto via shares that trade on stock exchanges. 

The SEC approved a number of spot BTC ETFs in 2024, which have since gone on to be some of the most successful ETF launches ever. 

Clarity stalls

Republicans passed the Clarity Act last year but the bill has been in deadlock — mainly because banking chiefs raised concerns over stablecoins and the yield they would potentially pay customers. 

Coinbase pulled support for the bill in January after clashing with banking bigwigs who said that earning yield on stablecoins should be banned. 

U.S. banks argue that they could lose customers if crypto exchanges like Coinbase offer more attractive products for their deposit base. 

Some lawmakers — like Democratic senator Elizabeth Warren — have argued that President Donald Trump’s family has unfairly benefited from crypto ventures. 

Warren this week argued that the Clarity Act could further be used for Trump to cash in on crypto but the latest draft bans officials and their families from issuing or promoting crypto. 

This post $7 Trillion Investment Giant Fidelity Backs New Crypto Clarity Act first appeared on Bitcoin Magazine and is written by Mathew Di Salvo.

Bitcoin Magazine

Sealed in Foil: BMAG’s New Focus on Trading Cards

Somewhere right now, on a livestream, someone is tearing open a foil package while hundreds of people watch. Trading cards have become a spectator sport. The card market is at all-time highs, cardboard repriced by the hour, rare cards selling for eight figures, and a general sense of frenzy. But watch enough of it and something strange becomes clear. Nobody is looking at the cards. The audience isn’t consuming images, it’s consuming anticipation.

The card boom has also surfaced hard questions, and the hardest ones surround grading. The past year saw the hobby’s dominant grading house facing scrutiny over grades that shifted after cards moved through its own buyback program, and collectors began asking, who grades the grader. When a single subjective number separates a card from ten times its value, and the arbiter of that number also holds a position in the asset, the hobby has a verification problem. These are, in the language of bitcoiners, trusted-third-party problems.

The two worlds keep arriving at the same three questions: what’s real, what’s rare, and what holds value. A graded slab and a confirmed transaction on the timechain are answers to the same anxiety. Collectors demanding transparent grading and provenance that can’t be quietly revised are asking for verification over trust, whether they use those words or not. In that sense, card collectors and bitcoiners already share the same ideals.

This is why BMAG (Bitcoin Museum and Art Gallery) is making trading cards a serious part of its program. Seven years as the cultural wing of the Bitcoin Conference, more than 130 BTC ($8+ million) in art and collectibles sales, the first Magic: The Gathering tournament at a Bitcoin Conference, staged in Las Vegas with Kraken and on-site TAG grading, and the conviction that cards are asking the same questions bitcoin already answered.

Source: https://my.taggrading.com/card/P7612780

The fullest expression of that focus arrives this August. At Bitcoin Asia 2026, August 27-28 at the Hong Kong Convention and Exhibition Centre, BMAG will debut a full Trading Card Expo on the conference floor. The Expo is anchored by a marketplace of established vendors from across Hong Kong and Southeast Asia, alongside live activations, grading and authentication, card auctions, and a curated gallery presentation surrounding it all. Cards and collectibles will be available for purchase, and attendees are encouraged to bring their own cards for grading or resale to the 40+ card vendors. Hong Kong is one of the most active card markets in the world and a Bitcoin conference is the natural room for it.

But a marketplace alone isn’t the point. The trading card has an art pedigree longer than most people realize. Jefferson Burdick, the father of American card collecting, spent his final years transferring thousands of cards into albums at the Metropolitan Museum of Art, where his collection remains today. Art Spiegelman worked at Topps inventing series like Garbage Pail Kids before his mainstream graphic novel successes. And the critic Brian Droitcour recently put his finger on why the format matters right now: a Magic card is an image that does something, rarity and function entwined, while NFTs inherited that logic and captured only the rarity. Droitcour argues that NFTs dissolved the old hierarchy between the artwork and the collectible, and that the most interesting artists working today make objects that are both at once. 

A generation of artists has taken that invitation literally. Over the past few years, a loose scene of mostly pseudonymous artists, formed across crypto subcultures, Twitter timelines, and private group chats, has been quietly staging one of the more genuine artistic rebellions of the decade. Where the establishment crypto-art world courted galleries with polished generative work, these artists went the other direction, making images dense with meme references, anime, veiled art history, and internet debris, layered so deep that critics had to invent new words for them. They call the style schizocollage. In Spike Art Magazine, Dean Kissick placed the work in the lineage of deliberately “bad painting,” a tradition Marcia Tucker gave institutional credentials when she inaugurated the New Museum with an exhibition of that name in 1978. And increasingly, the scene’s work has been heading not toward the gallery wall but toward cardboard: the pack, the pull, the sleeve, and the slab treated not as merchandising afterthoughts but as the medium itself.

BMAG has spent years working in a room the traditional art world ignored, the art gallery inside a Bitcoin conference. When the painter Nardo showed at Bitcoin MENA in 2024, our conversation kept circling memes as units of cultural transmission and the internet’s layered debris as legitimate subject matter for painting. A year later his Citadel, a seven-foot oil painting built from a 4chan meme, debuted at the Bitcoin Conference in Las Vegas: a monument raised to an internet shitpost. The card movement runs on the same current at a different scale, small enough to fit in a penny sleeve. It’s a conversation we’ve continued in these pages all year, with founders like Alladan Flinn of Based Trading Cards, who describes cards as physical timestamps of the Bitcoin movement. We’ll have much more to say about the artists of this scene, and what they’re bringing to Hong Kong, in the weeks ahead.

The Card Expo debuts at Bitcoin Asia 2026, August 27-28 at the Hong Kong Convention and Exhibition Centre. Vendors of cards, collectibles, and related goods can apply for a table here. Tables are limited.

Follow BMAG on X at @BMAG_HQ for new partnership announcements, auctions, and first looks at the artists coming to Hong Kong.

This post Sealed in Foil: BMAG’s New Focus on Trading Cards first appeared on Bitcoin Magazine and is written by Dennis Koch.

Bitcoin Magazine

BlackRock, Coinbase, Strategy Among Nine Firms Launching the Bitcoin Security Consortium, Pledging $15 Million To BTC Security Development

Nine of the largest names in institutional Bitcoin launched the Bitcoin Security Consortium on Thursday, a group backed by $15 million in member pledges over three years to fund work on the network’s long-term security, including preparation for a future era of quantum computing.

Founding members are Anchorage Digital, ARK Invest, BlackRock, Block, Blockstream, Coinbase, Fidelity Digital Assets, Galaxy, and Strategy, a lineup that spans holders, custodians, exchanges, infrastructure and payments providers, and asset managers. 

The consortium’s day-to-day work falls to Mike Schmidt, executive director of the developer non-profit Brink, who serves in a volunteer role.

Schmidt tweeted about the role, saying, “I said yes because supporting Bitcoin’s developers and helping people understand their work are the two things I’ve spent my time in Bitcoin on, through Brink and Optech. This group wants to do both: fund the people already securing Bitcoin, and bring accurate information about that work to audiences it doesn’t currently reach.”

Each member directs its own funding to the developers, researchers, and organizations it chooses; the $15 million figure is an aggregate of independent pledges rather than a pooled fund. The group also plans to serve as a reference point on Bitcoin’s security for investors, the public, and the media, and to publish material it will update as the field develops.

Funding advocates

The consortium drew clear limits around its role. It says it does not develop or direct Bitcoin’s protocol, takes no position on specific protocol changes, and does not speak for Bitcoin or its developers.

It casts itself on the model of industry groups that fund the open-source software they rely on without controlling the work. 

“Bitcoin’s development is, and will remain, the work of a global, decentralized community of contributors,” the group said.

“As long-term holders, we have every incentive to see Bitcoin remain secure for generations,” said Phong Le, Chief Executive Officer of Strategy. “Funding the people who do this work, and helping inform the conversation around it, is a natural way for us to contribute.” 

Robert Mitchnick, BlackRock’s Global Head of Digital Assets, said Bitcoin Core developers “do incredibly important work,” and that the members would make “significant additional funding available to support Bitcoin’s long-term security needs.”

Brink, the non-profit coordinating the effort, has funded open-source Bitcoin work since 2020, including more than $1 million to developers in a single year and the first third-party security audit of Bitcoin Core. Schmidt co-founded the group with developer John Newbery.

Bitcoin and quantum 

Much of the consortium’s stated focus lands on the quantum question. Large-scale quantum computers able to break BTC’s cryptography do not exist today, and credible estimates place such capability years out. 

The group frames post-quantum protection as a long-term priority the technical community already works on, and positions itself as a grounded source as that work moves.

That framing matches a wider institutional turn toward the issue. Coinbase has formed a quantum computing advisory board, Galaxy launched its own quantum readiness initiative with developer grants days before, and BlackRock has listed quantum computing as a risk in its spot BTC ETF filings. 

Developers, for their part, have proposed migration plans built on schemes such as BIP-360 that would move coins to quantum-resistant addresses, and the Bitcoin Policy Institute has warned the timeline is compressing.

Views on urgency diverge, a split the consortium’s members embody. Adam Back, founder of member firm Blockstream, has called the quantum threat decades away, while other voices place a capable machine within the next several years. 

The stakes are large either way, since Coinbase research has estimated that between 20% and 50% of BTC’s supply, much of it in older wallet formats, could face exposure to a long-range quantum attack. 

The consortium sidesteps the timeline debate and stakes its role on funding and information rather than a forecast. Its own summary holds that the risk is real, yet the network is preparing.

This post BlackRock, Coinbase, Strategy Among Nine Firms Launching the Bitcoin Security Consortium, Pledging $15 Million To BTC Security Development first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Bitcoin Magazine

Nasdaq-listed Zhibao Technology to Take 3,500 Bitcoin in Proposed PIPE Financing

Zhibao Technology, a Shanghai-based insurance-technology firm listed on the Nasdaq, said Wednesday it has signed a non-binding term sheet for a stock sale that would be paid for in bitcoin — some 3,500 coins, worth near $220 million at current prices.

The deal, a private investment in public equity known as a PIPE, would have a buyer named Joyertech and Information OPC subscribe for Zhibao shares with consideration the company expects to include about 3,500 BTC. 

The figure remains subject to final valuation, custody arrangements, an audit, regulatory review, and definitive agreements. Zhibao stressed that the term sheet binds no one, and that the transaction may change or fall through.

The structure hints at a familiar move. Zhibao (NASDAQ: ZBAO), which pioneered a “2B2C” embedded-insurance model in China and launched the country’s first digital insurance brokerage platform in 2020, would keep running its existing business at first. 

Yet the buyer would name a majority of the board at closing, a control transition that would hand the newcomers the steering wheel while the current team minds the legacy operation until a later “separation, disposition, or other restructuring.”

$220 million in bitcoin has a new owner

In plain terms, a modest insurance-tech company would become a home for a large pile of bitcoin, with new owners in charge. Rather than raise cash and buy coins on the market, Zhibao would take the bitcoin itself as payment, a swap that seats a treasury on its balance sheet from day one. 

It is the kind of reinvention that has swept public markets over two years, as firms remake themselves around a bitcoin treasury and corporate holdings climb to records. Zhibao’s stock jumped near 24% on the news.

Behind ZBAO are employees, insurance clients, and a founding team that built something new in a crowded market, and the term sheet would fold that story into a treasury vehicle shaped by people who may value the shell as much as the business. 

For the current staff, the promise is continuity “until the separation” — words that carry their own uncertainty.

The wager holds warning signs. Analysts have called the treasury boom a bubble, and some treasury firms have started selling their coins under market pressure this year. 

This post Nasdaq-listed Zhibao Technology to Take 3,500 Bitcoin in Proposed PIPE Financing first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Bitcoin Magazine

Hyperscale Data Buys More Bitcoin, Bridging Holdings to Over $72 million

Hyperscale Data, Inc. has announced that it’s upped its Bitcoin holdings to over 1,000 digital coins. 

The New York Stock Exchange-listed company said Tuesday that it had over 1,087.4527 BTC as of Sunday — or $72.4 million based on today’s prices.

The holdings are split across the company’s wholly owned subsidiaries, Sentinum, Inc. and Ault Capital Group, Inc. (ACG). During the week ended July 19, ACG added roughly 51.5 bitcoin through open-market purchases.

The latest disclosure marks a significant acceleration in Hyperscale Data’s accumulation strategy. The AI data center company held just 627.9 BTC in late March 2026 — meaning it has nearly doubled its position, adding about 460 BTC in under four months.

The buildout is part of the company’s goal of establishing a $100 million digital asset treasury and reaching full parity between its Bitcoin holdings and market capitalization. With a market cap of roughly $63 million, that threshold has now been crossed — the company’s bitcoin alone is worth more than the company itself, before counting cash or its operating businesses.

Executive Chairman Milton “Todd” Ault III leaned into that disconnect, stating, “We now hold more than $70 million in Bitcoin.” He argued the market is assigning zero value to the company’s cash, its Michigan data center, and its portfolio of operating businesses, and said Hyperscale will keep executing while highlighting the widening gap between its market capitalization and underlying value.

At the time of writing, GPUS is trading near $0.13 a share.

Hyperscale is following the Bitcoin treasury strategy playbook

Strategy Inc. (MSTR) has become the flagship case study in the evolution of Bitcoin treasury strategies in the corporate world.

Under the leadership of Michael Saylor, Strategy shifted from a traditional software business to buying Bitcoin and allowing investors to get exposure to the asset via its shares which trade on the Nasdaq. 

This model has inspired other corporations like Hyperscale Data to add the leading cryptocurrency to their treasuries — though Hyperscale’s case is unusual in that its holdings now exceed its entire market cap, a situation more commonly seen in deeply discounted treasury plays.

This post Hyperscale Data Buys More Bitcoin, Bridging Holdings to Over $72 million first appeared on Bitcoin Magazine and is written by Mathew Di Salvo.

Bitcoin Magazine

Bitcoin Price Closes in on $67,000, Lifting Strategy and Other Crypto Stocks

Bitcoin’s price jumped Tuesday to its highest in over one month, bringing crypto stocks like Bitcoin treasury’s Strategy with it. 

The Bitcoin price was recently priced at $66,886, up nearly 3% in 24 hours. Over the past seven days, the leading cryptocurrency has risen by close to 6%. 

Its rise comes as stocks also trade higher — despite tensions in the Middle East flaring up again. 

Nasdaq-listed Strategy (MSTR), formerly MicroStrategy, also jumped above $100 per share on Tuesday. 

The price jump comes even as the Bitcoin juggernaut on Monday revealed it did not make its usual crypto buy, instead reporting the sale of a $225 million in MSTR shares, which it used for its dollar reserve. 

Strategy stock plunged with the price of Bitcoin last year, and is currently well below its November 2024 peak of $473.83. 

The software company, which started buying Bitcoin in 2020 as an inflation hedge, holds at 843,775 BTC, a position worth around $56.2 billion at current prices. 

Other Nasdaq-listed crypto stocks, including America’s biggest crypto exchange, Coinbase (COIN) and Bitcoin miner Marathon Digital (MARA), also surged on Tuesday. COIN at the time of writing was up 11% and MARA was trading over 6% higher. 

Middle East flare up 

Bitcoin’s price has taken a hit so far in 2026, and is currently down nearly 24% year-to-date. Since the leading crypto notched a new record of $126,080 in October, it has shed close to 50% of its value. 

The asset first got hit hard in October when the biggest crash in the history of the industry liquidated more than $19 billion in crypto bets. 

Then, crypto markets got hit harder after the U.S. and Israel attacked Iran in February, driving oil prices higher and deepening uncertainty around global inflation. 

Investors are now not expecting the Federal Reserve to cut interest rates anytime soon. More inflation comes less chance of interest rate cuts, which restricts the liquidity that Bitcoin needs to surge.

Iran and the U.S. continue to fight, ending a truce, but Bitcoin seems immune to the latest flare up. 

As of July 20–21, the U.S. carried out its 10th straight night of strikes on Iranian military targets, with Trump vowing retaliation for three American service members killed and the Pentagon reporting nearly 100 U.S. troops injured over two weeks. 

This post Bitcoin Price Closes in on $67,000, Lifting Strategy and Other Crypto Stocks first appeared on Bitcoin Magazine and is written by Mathew Di Salvo.

Bitcoin Magazine

Metaplanet’s Bitcoin Japan Announces Plan to Scoop Up Coins Despite Market Downturn 

Bitcoin Japan, a subsidiary of Asia’s answer to Strategy, Metaplanet, has announced it entered into a financing agreement to start buying the leading cryptocurrency for its treasury. 

The Tokyo-based, publicly-listed company said Thursday that it had approved a convertible bond deal with EVO Fund to raise 9.66 billion yen ($59.5 million). The deal will see the company spend over 662 million yen — or over $4 million — on its first Bitcoin transaction. 

Bitcoin Japan works on Bitcoin-related media, data platforms and events to promote the understanding of the leading cryptocurrency in Japan and “contribute to the development of its ecosystem globally,” according to its website. 

Its parent company, Metaplanet, is a publicly-traded company following in the footsteps of Nasdaq-listed Strategy — formerly MicroStrategy — by buying and holding Bitcoin on its balance sheet. It first started buying the asset in 2024. 

Metaplanet is one of the biggest Bitcoin treasuries in the world, with 43,000 digital coins worth over $2.8 billion in its coffers. Its stock is currently down over 50% year-to-date. 

JUST IN: Japan Public company Bitcoin Japan Corporation has raised $60 million through convertible bonds, allocating $4.08 million to make its first buy for their BTC treasury

BULLISH pic.twitter.com/gn7hihxJ68

— Bitcoin Magazine (@BitcoinMagazine) July 17, 2026

Treasury woes 

Bitcoin Japan’s announcement comes as treasury companies see their stock slide. Last year, the business model of buying and holding Bitcoin and other digital assets with spare cash suffered with a plunge in crypto prices. 

Strategy, the biggest and oldest Bitcoin treasury, has seen its Nasdaq-listed stock nosedive by nearly 80% over the past year. 

Little known publicly traded companies in 2025 rushed to announce they were buying digital assets in a hope to boost their stock prices. The strategy worked but since the market downturn, a number of firms in the space have had to sell a portion of their holdings as the price of Bitcoin has slumped. 

But companies are still accumulating during the downturn — and firms like Bitcoin Japan are seeing the current market price of the leading asset as an opportunity to start a crypto treasury. 

Regulatory push 

While Japan has long been a hub for crypto enthusiasts — former major Bitcoin exchange Mt. Gox was based in Tokyo before a 2014 hack and its subsequent closure — lawmakers are now working on regulating the asset class. 

Japan’s parliament last week passed a law ​amendment to designate ‌cryptocurrency assets as “financial assets,” making the assets subject to ​stricter regulations, eventually paving the way for products like Bitcoin exchange-traded funds to debut in the Asian nation. 

The regulation is likely to come into effect within a year, Reuters reported, citing NHK news. 

This post Metaplanet’s Bitcoin Japan Announces Plan to Scoop Up Coins Despite Market Downturn  first appeared on Bitcoin Magazine and is written by Mathew Di Salvo.

Bitcoin Magazine

New Onramp Report Makes the Case for Spot Bitcoin Over Paper Claims as Price Sits at Half Its Peak

A new research report from bitcoin custody firm Onramp argues that the recent market slump is a reason to buy, and that owners should hold the asset itself rather than a paper claim on its price.

The report, titled “Back to Basics” and published in July 2026, opens on a market puzzle: bitcoin trades at about half its late-2025 high, while equities and gold sit at or near records of their own. For a different asset, the report says, that divergence would read as a warning. For a fixed-supply asset with adoption at an early stage, it reads as an opening.

Onramp splits its case into three parts — the fundamentals of bitcoin, the gap between owning the asset and owning a wrapper, and the data behind its claim that the moment favors accumulation.

Bitcoin’s fixed supply

The first section runs through ten ideas. Money, the firm writes, is a technology for storing value across time, a test that cash fails over long horizons. 

Fiat currencies lose purchasing power by design, since a money supply built to expand hands the first use of new units to governments and the institutions nearest them, while it charges holders of existing balances through a weaker currency. 

Against that backdrop, the report frames scarcity as the source of monetary integrity, and it casts bitcoin’s 21 million cap as a limit that any participant can verify rather than one that rests on trust.

Other points cover bitcoin’s fixed issuance schedule, the halving, and the role of decentralization in making the rules credible. Authority rests with users who run full nodes, the report says, not with miners or firms, a structure that has held through past attempts to change the protocol’s core rules. 

It defends proof of work as a productive use of energy, with a nod to miners that consume flared gas and surplus renewable output, and it presents bitcoin as gold’s successor — scarce and durable, yet able to move across the world in minutes and to be audited by any holder.

On volatility, Onramp treats sharp drawdowns as a feature of an asset in the middle of monetization. Declines of fifty percent or more have occurred several times, the report notes, and each prior drop gave way to a recovery beyond the former peak. 

The firm favors a mechanical approach over market timing, a nod to dollar cost averaging that some view as a growing strategy and one that analysts have urged during recent dips.

‘Paper Bitcoin’

The report’s sharpest argument sits in its second part, on “paper bitcoin.” A large share of what changes hands under bitcoin’s name, Onramp writes, is not bitcoin but a claim on it — a fund share, an exchange balance, or a structured product that stands as the obligation of a counterparty.

Such wrappers can track the price, the firm allows, and many run as described under capable managers. The trouble is structural: each layer adds a custodian, an administrator, or a counterparty that the asset itself does not carry, and any of them can fail for reasons apart from bitcoin. The report ties the point to strain among bitcoin-linked credit products.

Direct ownership, by contrast, preserves what the firm calls bitcoin’s bearer quality — control of the keys as ownership in full, with no account to approve and no party able to freeze or reclaim the holding. 

That framing echoes the case that bitcoin removes counterparty risk from a balance sheet. From there, Onramp makes its commercial pitch. Owners can pursue self-custody, the firm writes, or turn to multi-institution custody, a model that splits keys across independent institutions so that no single party can move the coins and no single failure can lose them. 

Onramp has raised $12.5 million to scale that platform and has folded cash, bitcoin, and gold into one account.

Market timing

The third part turns to timing. Onramp lists four observations: a drawdown that is shallow by bitcoin’s own history, a pattern of recoveries after comparable declines, the record of steady accumulation against other assets, and the odd sight of bitcoin at a discount while most markets sit at highs. 

The present cycle stands about seven months past its peak and near half below it, the report says, an earlier and shallower stage than equivalent points in past cycles.

The conclusion returns to the title. Onramp says it is getting back to the basics this summer, and it frames the message without a forecast: buy on a schedule while prices are low, and hold what you accumulate in custody you control, spread across independent institutions.

The fundamentals, the firm writes, are unaffected by the fall in price. A lower price on an asset of fixed supply and expanding adoption, it argues, is the thesis working in the buyer’s favor.

This post New Onramp Report Makes the Case for Spot Bitcoin Over Paper Claims as Price Sits at Half Its Peak first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Bitcoin Magazine

Bitcoin Sentiment Is Turning Bullish — But It’s Too Early to Celebrate: Report

The Bitcoin bottom may be in — but don’t get your hopes up: It might struggle to go up anytime soon, according to one investment firm. 

A Friday report from European asset management firm CoinShares said that investors last week threw fresh cash at Bitcoin — and other crypto — exchange-traded products, indicating a change in sentiment. 

But other factors may hold digital asset markets from going higher, James Butterfill, head of research at CoinShares, wrote. 

“We have said for some time that Bitcoin has probably reached, or is close to, its floor,” the report read. “But we see no significant upside potential from here.”

The report added that current macroeconomic headwinds, such as the US bombing Iran and rising oil prices, could see inflation go up again. 

Bitcoin’s price was up earlier this week, hitting a seven-day high of $65,501 on news that inflation in the US was softer than expected. It has since erased those gains and was recently trading for $64,010. 

The price of Bitcoin has typically done well on news that inflation is coming down because investors expect interest rates to come down. But Butterfill said that “a rate cut does not look probable at this stage.”

Bitcoin’s worst run on record

CoinShares’ data showed that investors pulled a total of $8 billion out of funds giving crypto exposure — “the worst run on record.” 

Last week, though, things reversed when $287 million hit crypto funds, CoinShares said, with the data so far showing that this week looks likely to be another positive streak.

The price of Bitcoin has typically done well when US investors — previously excluded from crypto investing — have bought shares in exchange-traded funds approved in 2024. 

The products — handled by the likes of BlackRock, Fidelity, and Grayscale — allow more traditional investors or Wall Street institutions to buy positions in Bitcoin via shares that trade on stock exchanges. 

Since BTC’s October all-time high of $126,080, crypto markets have faced a battering as those investors have fast cashed out of the funds. Bitcoin has struggled to make gains, especially after the US and Israel started bombing Iran, leading to a surge in the price of oil. 

The leading cryptocurrency is now nearly 50% below its record. 

“The dominant picture is that the current setup is prompting interest in adding positions, but caution prevails while sentiment remains broadly negative,” CoinShares added. 

This post Bitcoin Sentiment Is Turning Bullish — But It’s Too Early to Celebrate: Report first appeared on Bitcoin Magazine and is written by Mathew Di Salvo.

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Bitcoin VC Veterans Launch $40 Million Holding Company Targeting Small Business Acquisitions

Another day, another Bitcoin treasury. 

But this time, with a twist: Earlier this week, macroeconomist and all-round Bitcoin legend Lyn Alden announced Orange Juice — an investment firm that aims to buy, improve and get businesses on a Bitcoin standard. 

The idea is that Orange Juice will buy small and mid-sized businesses at low prices, improve their operations, and hold them indefinitely rather than reselling them. 

A portion of the businesses’ profits will get converted into Bitcoin, which serves as the company’s treasury asset. 

“Pure-play Bitcoin holding companies exist, but their cash-flowing operations tend to be small or non-existent,” Alden wrote in a blog post. 

She added: “Orange Juice instead will emphasize building a strong and diversified base of cash flows, with a portion of the retained earnings of its businesses accumulating into a Bitcoin treasury.”

Ego Death Capital partners Jeff Booth, Lyn Alden, Nico Lechuga, Andi Pitt founded the company along with Adrian Steckel and Ruben Zweiban, while Mexican billionaire Ricardo Salinas participated as the anchor investor, a Wednesday announcement read. 

Salinas — one of Mexico’s richest men — has long-praised Bitcoin and last month admitted he had increased his allocation in the asset from 10% to 70% of his portfolio. 

It added that the company had already raised $40 million and intends to pursue a public listing in the future.

“Over the coming decades, a significant wave of business successions will take place,” the announcement said. “Unlike traditional private equity, Orange Juice is not constrained by fund cycles or the pressure to resell, allowing it to focus on the long-term health of its businesses.”

JUST IN: Lyn Alden's 'ORANGE JUICE' Raises $40 million to launch a permanent capital holding company backed by a BTC treasury

"It’s a company that acquires, improves, and permanently holds cash-flowing businesses, backed by a bitcoin treasury" – Lyn Alden pic.twitter.com/A8kyVpIVVx

— Bitcoin Magazine (@BitcoinMagazine) July 15, 2026

Bitcoin treasury craze

The announcement comes at a time when Bitcoin treasuries have taken a hit: the business model — of buying and holding Bitcoin and other digital assets with spare cash — suffered last year with a plunge in crypto prices. 

Strategy, the biggest and oldest Bitcoin treasury, has seen its Nasdaq-listed stock nosedive by nearly 80% over the past year. 

Little known publicly traded companies in 2025 rushed to announce they were buying digital assets in a hope to boost their stock prices. The strategy worked but since the market downturn, a number of firms in the space have had to sell a portion of their holdings. 

There are currently over 360 digital asset treasuries, according to BitcoinTreasuires.net, made up of private and public entities holding a variety of digital assets. 

This post Bitcoin VC Veterans Launch $40 Million Holding Company Targeting Small Business Acquisitions first appeared on Bitcoin Magazine and is written by Mathew Di Salvo.

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Bitwise Sees a Bottom in Bitcoin’s Worst Vibes Yet: ‘Darkest Before the Dawn’ 

Bitcoin closed the second quarter of 2026 mired in its deepest and longest downturn since the last bear market, according to Bitwise Asset Management’s newly released Q3 2026 Crypto Market Review. 

Yet the $9 billion crypto asset manager frames the pain as a setup rather than a collapse, arguing the industry has never been sturdier beneath the surface.

Bitcoin fell 13.4% in Q2 and is down 32.9% for the year, dropping below $60,000 in June for the first time since 2024 and landing roughly 52% under its October peak of $126,080. That extends what Bitwise calls “crypto winter” to nine months and marks the third straight quarter of negative returns for the broader Bitwise 10 Large Cap Crypto Index, its longest losing streak since 2022. 

Chief Investment Officer Matt Hougan does not sugarcoat it, writing that “the vibes in crypto are among the worst I’ve seen in my eight years in this industry.”

Even so, bitcoin held up far better than most of its peers. Its 32.9% year-to-date decline was the shallowest drawdown among major large-cap tokens, easily beating Ethereum’s 46.9% slide, Solana’s 40.6% and Cardano’s 56.5%. 

Bitcoin now commands a 64.2% share of the roughly $1.88 trillion total crypto market and carries a 77.4% weight inside the Bitwise 10 index, cementing its status as the sector’s relative safe haven even in a broad selloff.

Bitcoin ETF outflows hit a record

The quarter’s most jarring statistic came from the exchange-traded product complex that has anchored bitcoin’s institutional era. U.S. spot bitcoin ETPs bled $4.9 billion in Q2, their worst quarter since launching in January 2024, according to Bitwise. 

Assets under management still stand at $72.4 billion, with $53.4 billion in cumulative net flows since inception, but the reversal underscored how quickly professional sentiment can sour. 

Filings show investment advisors hold about 43% of professionally owned ETP shares and hedge fund managers another 28%, with Jane Street ($1.8 billion) and Millennium ($1.0 billion) the largest reported holders.

Structural demand nonetheless continued to outstrip new issuance. Bitwise noted in their report that spot ETPs and public companies have together bought roughly 3.6 times the bitcoin mined since the ETFs debuted — about 1.55 million BTC of demand against just 455,416 BTC of new supply.

Treasury companies keep buying, but Strategy blinks

Public-company bitcoin treasuries grew to 1.28 million BTC, up 11.3% quarter over quarter and equal to 6.11% of the 21 million cap, even as the number of firms holding bitcoin slipped by three to 184. Companies added 130,467 BTC in Q2. Strategy remains the runaway leader at 846,842 BTC, trailed by XXI (43,514), Metaplanet (40,177), MARA Holdings (35,303) and Bitcoin Standard Treasury Company (30,021).

The most symbolically loaded move belonged to Strategy, which sold bitcoin for the first time since 2022 — offloading $218 million late in the quarter to fund dividend obligations while keeping holdings valued at $52.3 billion and a $2.55 billion cash reserve. Falling prices punished the equity harshly: Strategy’s stock (MSTR) dropped 30.3% in Q2 and 42.8% year to date, making it one of the worst performers among crypto equities.

The report also touched on several developments that are reshaping bitcoin’s market plumbing. The CFTC approved the first bitcoin perpetual futures at a U.S.-regulated exchange, Kalshi, pulling crypto’s dominant derivative onshore. 

Charles Schwab launched retail spot BTC trading, and E*Trade extended access to its 8.6 million users. On the regulatory front, the market-structure CLARITY Act stalled in the Senate over ethics provisions, with prediction markets pricing its 2026 passage odds at just around 20%, down from 75% in May. 

Bitwise argues that if CLARITY passes it would likely mark the bottom, and if it fails the industry keeps building under friendly regulators.

Hougan’s core argument is one of cycle-over-cycle progress. Bitcoin’s seasonality data offers modest near-term hope, with July historically averaging a 10.7% gain. 

And the firm’s portfolio work still shows a 5% bitcoin allocation adding to a traditional 60/40 mix in 100% of three-year rolling windows since 2014.

“The market is quoting bear-market prices on an industry that is twice the size it was at the last cycle’s bottom,” Hougan writes — a foundation, he says, that “determines what grows in the spring.”

Bitcoin is trading below $62,000 today.

This post Bitwise Sees a Bottom in Bitcoin’s Worst Vibes Yet: ‘Darkest Before the Dawn’  first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

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Bitcoin Slips to $62,000, Paring Rebound as CryptoQuant Sees Room Higher

Bitcoin traded near $62,000 today, surrendering part of a rebound that had carried it to $64,000 from last week’s bear-market low of $57,700. The pullback holds the price above the $60,000 level that CryptoQuant treats as support, though it trims a recovery of some 11% off the bottom.

The dip came as CryptoQuant’s Weekly Crypto Report, published today and shared with Bitcoin Magazine, argued the backdrop skews toward further gains. Head of Research Julio Moreno framed the bounce as a bear-market recovery rather than a trend reversal, with one central caution: the firm’s Bull Score Index, an aggregate of on-chain, market, and valuation conditions on a 0-to-100 scale, sits at 20, inside the bearish zone at or below 40 and short of the 60 reading tied to a sustainable bull market.

The report’s bullish case rests on seasonality. Across the past decade, July has ranked among Bitcoin’s stronger months, closing higher in most years shown. 

The pattern held in the down-cycles of 2018 and 2022, when Bitcoin gained some 20% and 17% during the month as the broader trend stayed weak. Entering July 2026 off a bear-market low, the report said, that pattern skews near-term risk toward gains.

Bitcoin demand is turning

Demand has turned. The 30-day change in total demand — spot plus perpetual futures — collapsed to some -650,000 BTC in early June, the deepest negative reading since 2022, as Bitcoin fell toward $58,000. 

It has since recovered toward neutral, with speculative futures demand crossing into positive territory and spot selling easing to its slowest pace since mid-May. A return to positive territory, the report said, would confirm a re-igniting demand engine.

U.S. buyers show signs of stabilizing. The Coinbase Premium Index, a proxy for U.S. spot demand, sank below zero in early June as Bitcoin bottomed near $57,000, one of its weakest readings of the year.

The premium remains under zero, though its path has tracked Bitcoin’s climb off the low and points to steadier institutional appetite.

Valuation added a floor. The on-chain trader unrealized profit/loss margin, for coins held one to three months, dropped below -24% in early June, under the -12% threshold the firm treats as undervalued. Readings at such extremes tend to mark local bottoms as short-term holders capitulate, the report said, and the margin has recovered as price bounced off $57,700.

Today’s slip to $62,000 underscores the report’s own hedge. CryptoQuant reads the market as off its lows, with improving internals but a bearish regime intact. 

A durable rally, it concluded, would require the Bull Score Index to climb above 60. Until then, the firm treats the move as a recovery within a bear market, not a reversal — a framing this week’s give-back does little to challenge.

This post Bitcoin Slips to $62,000, Paring Rebound as CryptoQuant Sees Room Higher first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

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SpaceX Nasdaq-100 Entry Brings Bitcoin Exposure to Passive Index Investors

Today (July 7, 2026) SpaceX formally joins the Nasdaq-100 Index. The inclusion comes just weeks after the company’s public debut and follows its disclosure of 18,712 BTC on the balance sheet. JPMorgan estimates that index rebalancing will drive approximately $4.3 billion in passive inflows from Nasdaq-100-tracking funds and ETFs.

This development is more than headline news. It creates a structural, rules-based channel for institutional capital to gain exposure to Bitcoin through a corporate treasury vehicle, without requiring active allocation decisions, new mandates, or direct cryptocurrency purchases.

For corporate treasury teams, capital allocators, and institutional investors evaluating Bitcoin on balance sheets, the move provides a clear data point on how the strategy can intersect with mainstream equity infrastructure.

The Mechanics of Structural Demand

Passive index funds and ETFs must hold securities in proportion to their index weighting. When a new component is added, these vehicles buy shares mechanically. In SpaceX’s case, the estimated $4.3 billion in inflows represents capital that will flow into the stock regardless of short-term views on Bitcoin or the broader crypto market.

SpaceX’s Bitcoin holdings, disclosed in regulatory filings at approximately $1.2 billion in fair value, now sit within one of the most widely held equity indices globally. This is distinct from direct Bitcoin ETF flows or voluntary corporate purchases. It is demand generated by index rules rather than discretionary conviction.

Combined with Tesla and Strategy, the Nasdaq-100 now contains three companies with material Bitcoin treasuries. While SpaceX’s initial weighting will be modest, the precedent matters: high-growth, high-visibility companies can bring Bitcoin exposure into institutional equity portfolios through existing governance and allocation frameworks.

Strategic Implications for Treasury and Allocation Decisions

Corporate Bitcoin strategies have historically been evaluated on two primary dimensions: balance sheet optionality and long-term value preservation. SpaceX’s inclusion introduces a third dimension, potential for structural equity demand tied to index membership.

For treasury operators, this suggests that Bitcoin holdings, when paired with strong underlying business fundamentals, can contribute to broader market visibility and liquidity. Index inclusion often correlates with increased analyst coverage, improved trading volumes, and easier access to capital markets.

For institutional allocators, the development offers a form of Bitcoin beta that fits within traditional equity sleeves. Many large investors already maintain significant Nasdaq-100 exposure through passive mandates. SpaceX’s addition layers incremental Bitcoin exposure into those portfolios without requiring changes to investment policy statements or new product approvals.

This aligns with patterns observed across the corporate treasury landscape. Public companies now collectively hold more than 1.26 million BTC. The strategy is expanding beyond dedicated Bitcoin-focused entities into diversified operating businesses. SpaceX’s move illustrates how the approach can scale into the core of institutional equity markets.

Hypothetical Case Study: Modeling Indirect Bitcoin Demand

To illustrate the mechanism, consider a simplified hypothetical involving a public company that adopts a Bitcoin treasury strategy and later gains meaningful index attention.

Assumptions (illustrative only):

• Company market capitalization: $12 billion
• Bitcoin holdings: 8,000 BTC at $63,000 per BTC = $504 million
• Bitcoin as a percentage of market cap: ~4.2%
• The company is added to a major equity index, triggering $800 million in passive inflows over time (scaled-down version of larger index events for clarity)

Step-by-step impact:

1. Passive funds purchase $800 million of the company’s stock to match index weighting.
2. Because Bitcoin represents 4.2% of the company’s enterprise value in this example, roughly $33.6 million of the passive inflows can be viewed as indirectly supporting the Bitcoin portion of the balance sheet ($800M × 4.2%).
3. At current prices, this equates to approximately 533 BTC of effective demand created through equity market mechanics rather than direct cryptocurrency purchases.
4. If the company’s Bitcoin holdings generate ongoing yield or optionality (through lending, collateralization, or strategic use), the passive capital provides a form of “free” liquidity support to the treasury strategy.

While the numbers are simplified and depend on actual market cap, weighting, and Bitcoin valuation at the time of inclusion, the directional point is clear: index membership can create sustained, non-discretionary buying interest that benefits the Bitcoin component of the balance sheet proportionally.

Treasury teams evaluating this path should model similar scenarios using their own projected holdings, target market capitalization, and relevant index weighting assumptions. The exercise highlights how Bitcoin treasury decisions can interact with traditional equity market dynamics in ways that pure cryptocurrency allocations do not.

Looking Ahead

SpaceX’s Nasdaq-100 entry is one data point in a broader evolution. Corporate Bitcoin adoption is moving from early experimentation toward integration with established financial infrastructure. Passive flows, index rules, custody solutions, and regulatory clarity are all contributing to this shift.

For organizations actively building or evaluating Bitcoin treasury capabilities, developments like this reinforce the importance of treating Bitcoin as a strategic balance sheet asset with multiple potential transmission channels into institutional capital markets.Key questions for treasury and allocation teams to consider:

• How would index inclusion (or the potential for it) factor into your company’s capital allocation framework?
• What disclosure and governance standards are becoming necessary as Bitcoin treasuries intersect with passive equity vehicles?
• For allocators: Does exposure through high-quality corporate treasuries warrant a distinct analytical lens alongside direct Bitcoin or ETF holdings?

The corporate Bitcoin strategy continues to mature. Events that embed Bitcoin exposure within widely tracked equity indices represent one of the more durable forms of institutional adoption currently unfolding.

Disclaimer: This content was prepared on behalf of Bitcoin For Corporations for informational purposes only. It reflects the author’s own analysis and opinion and should not be relied upon as investment advice. Nothing in this article constitutes an offer, invitation, or solicitation to purchase, sell, or subscribe for any security or financial product.

This post SpaceX Nasdaq-100 Entry Brings Bitcoin Exposure to Passive Index Investors first appeared on Bitcoin Magazine and is written by Nick Ward.

Bitcoin Magazine

Trump-Backed American Bitcoin (ABTC) Pushes Treasury Past 8,000 BTC

American Bitcoin Corp (Nasdaq: ABTC) has moved its treasury past 8,000 bitcoin, the company said. The total marks a climb from about 5,401 BTC at the end of 2025, a gain of close to 50% across six months.

The company, a majority-owned subsidiary of Hut 8 Corp and backed by the Trump family, said its bitcoin reserve and its bitcoin-per-share have grown close to threefold since its Nasdaq debut. Co-founder Eric Trump has framed the growth as disciplined and large in scale.

American Bitcoin builds its stack through two channels: mining production and treasury purchases. In the first quarter of 2026, the firm mined 817 BTC and added 1,620 BTC to its reserve, a rise of about 30 percent in three months. That pace has carried into the summer.

Mining capacity has grown to match the treasury ambitions. In March, the company deployed 11,298 ASIC miners at its site in Drumheller, Alberta, a move that lifted capacity by about 12 percent and added 3.05 EH/s. The cost to mine a single bitcoin fell to about $36,200 in the first quarter, a drop of 23 percent from $46,900 in the prior quarter.

The financial picture remains mixed. American Bitcoin reported a net loss of $81.8 million for the first quarter on revenue of $62.1 million, a result that reflects a wider crypto market decline and the heavy spending behind its expansion.

JUST IN: Eric Trump’s ‘American Bitcoin’ increases their Bitcoin holdings by 500 BTC

They now own over 8000 BTC! pic.twitter.com/KEn8AlOSuq

— Bitcoin Magazine (@BitcoinMagazine) July 6, 2026

American Bitcoin’s reverse stock split

The company also reshaped its share structure. A 1-for-15 reverse stock split took effect at 5:00 p.m. on July 2, with shares trading on a split-adjusted basis from July 6. Shareholders approved the measure at the annual meeting on June 22.

The strategy sets American Bitcoin apart from a segment of the mining industry that has shifted resources toward artificial-intelligence data centers. Rather than pivot, the firm has doubled down on bitcoin mining and treasury accumulation, a bet that ties its fortunes to the price of the asset it collects.

At more than 8,000 BTC, American Bitcoin ranks among the larger corporate holders of the asset, and its stack has, at points, surpassed that of Galaxy Digital. 

The company positions itself as a pure-play bitcoin accumulation platform, a structure that gives public investors exposure to both mining output and a growing reserve.

Whether the model rewards shareholders depends on the path of bitcoin and the discipline of the company’s spending. For the moment, the treasury keeps its climb.

Shares of ABTC were up 7% at time of writing. 

This post Trump-Backed American Bitcoin (ABTC) Pushes Treasury Past 8,000 BTC first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

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Trump-Backed American Bitcoin (ABTC) Sets Reverse Split for July 2

American Bitcoin Corp. (Nasdaq: ABTC), a Bitcoin accumulation platform focused on the buildout of America’s Bitcoin infrastructure backbone, has set the effective time of its 1-for-15 reverse stock split for 5:00 p.m. on July 2, 2026. 

The board fixed the ratio after shareholders granted their approval at the company’s 2026 annual meeting on June 22.

The common stock will begin trade on a reverse split-adjusted basis on The Nasdaq Capital Market under the same symbol, ABTC, at the market open on July 6.

What this means is that every 15 issued and outstanding shares of Class A common stock will reclassify into one share of Class A common stock, and every 15 issued and outstanding shares of Class B common stock will reclassify into one share of Class B common stock, each subject to adjustment for fractional shares.

The company has no Class C common stock outstanding. The step reduces the share count from 1,092,295,800 shares — 360,070,897 of Class A, 732,224,903 of Class B, and no Class C — to close to 73 million shares, a figure that comprises some 24 million shares of Class A, some 49 million shares of Class B, and no Class C. 

The reverse split leaves the number of authorized shares and the par value of each class unchanged, according to the company.

Participation at the June 22 meeting reached a high level, with close to 93.56% of voting shares represented, the company said.

Two other measures passed at the same session: Asher Genoot joined the board as a Class I director, and KPMG LLP gained ratification as the company’s auditor for the fiscal year that ends December 31, 2026.

American Bitcoin’s background

American Bitcoin traces its roots to American Data Centers, the venture rebranded in March 2025 when Eric Trump and Donald Trump Jr. joined mining infrastructure firm Hut 8 to launch the company. 

Hut 8 contributed mining assets for an eighty percent stake, while the Trump family and American Data Centers shareholders held the rest. Eric Trump serves as co-founder and chief strategy officer.

Rather than pursue a traditional IPO, the company merged with Gryphon Digital Mining and used its Nasdaq listing as a vehicle. 

American Bitcoin began trading in September 2025 as a pure-play miner and Bitcoin treasury platform. The reserve has since climbed past 6,000 BTC, though the shares have seen sharp swings amid crypto volatility.

This post Trump-Backed American Bitcoin (ABTC) Sets Reverse Split for July 2 first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Bitcoin Magazine

Taiwan Passes Crucial Crypto Law With Licensing Rules, Stablecoin Framework

Taiwan’s Legislative Yuan approved the Virtual Asset Service Act in its third reading on Tuesday, the island’s first comprehensive framework for the crypto sector. Lawmakers sent the bill to President Lai Ching-te, who is expected to sign it into law within ten days.

The act establishes a licensing regime for all virtual asset service providers in Taiwan and hands broad oversight to the Financial Supervisory Commission (FSC). Under the law, crypto businesses must secure FSC approval before operating in Taiwan. The framework covers seven categories of providers, including exchanges, trading platforms, transfer firms, custodians, underwriters and lending services.

The legislation creates Taiwan’s first stablecoin framework. Issuers must win approval from both the central bank and the FSC before releasing tokens. The law requires them to hold full reserves, place those reserves in trust, and submit to routine audits and public disclosures. 

Domestic stablecoin issuance is restricted to banks, a measure that ties the emerging asset class to the country’s established financial institutions.

JUST IN: Taiwan's legislature passes law establishing a regulatory framework for the Bitcoin and crypto industry.

"We're officially entering a new era of digital finance."

pic.twitter.com/wWH0n2I4cH

— Bitcoin Magazine (@BitcoinMagazine) July 1, 2026

7 years in prison for breaking the rules

Penalties for breaking the rules are steep. Operating an unlicensed virtual asset service, or issuing a stablecoin without approval, can bring up to seven years in prison and fines that reach NT$100 million ($3.14 million). 

Fraud and market manipulation carry sentences of three to ten years and fines between NT$10 million and NT$200 million ($314,000 to $6.28 million).

To ease the shift, the FSC set a transition window for firms that completed anti-money laundering registration before the law takes effect. Those companies get twelve months to file license applications and up to twenty-one months to obtain full approval. The FSC said it can extend the window by three months, a one-time option.

The vote positions Taiwan among a growing list of jurisdictions moving from patchwork guidance to a single statute. Kenya and Ghana signed virtual asset laws in recent months, and lawmakers across Asia continue to draft rules for exchanges and stablecoin issuers. 

Taiwan’s approach pairs an open door for licensed operators with some of the region’s harsher criminal penalties, a balance regulators framed as a bid to protect investors without stifling the industry.

Taiwan’s embrace of bitcoin and crypto

The passage builds on a broader shift in Taiwan’s stance toward digital assets. The government has disclosed holdings of 210 bitcoin valued near $18 million, and officials have floated plans to launch a strategic bitcoin reserve and study broader BTC regulation.

The new act gives that ambition a legal foundation, defining who may operate, under what conditions, and with what consequences for those who ignore the rules.

This post Taiwan Passes Crucial Crypto Law With Licensing Rules, Stablecoin Framework first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

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UAE-Based Goldman Lampe Private Bank Acquires $137 Million in Bitcoin

Goldman Lampe Private Bank has purchased €120 million (roughly $137 million) worth of Bitcoin, the UAE-based institution announced Monday, timing the buy to coincide with a recent pullback in cryptocurrency markets.

The Ras al Khaimah-headquartered bank said the acquisition strengthens its institutional Bitcoin holdings and reflects its conviction in digital assets as a long-term store of value. The move positions Goldman Lampe as one of the more aggressive institutional buyers to act on the current market downturn.

“Bitcoin continues to demonstrate remarkable resilience as a store of value and strategic asset,” said Abdullah Hamad Al Shamsi, Chairman of the Board. “By capitalizing on this market dip, we are not only enhancing our institutional holdings but also reaffirming our leadership in bridging traditional private banking with cryptocurrency solutions.”

Goldman Lampe did not disclose the exact number of Bitcoin acquired, the price at which the purchase was executed, or the bank’s total Bitcoin holdings to date.

Founded in 1934 and regulated in the UAE, Goldman Lampe markets itself as the first bank in the world to offer crypto term deposits — a product that lets high-net-worth clients earn yields on digital asset holdings within a regulated framework. The bank also offers gold bullion trading and private wealth management services.

The Bitcoin purchase adds to a broader thesis the bank has pushed publicly: that digital assets belong inside institutional portfolios, not alongside them as a speculative side bet. The bank’s term deposit product, it says, gives clients structured, compliant exposure to crypto in a format familiar to traditional wealth management clients.

The acquisition comes as institutional Bitcoin buying has become a more common playbook. Companies including MicroStrategy and a range of sovereign wealth vehicles have made similar dip-buying moves in recent cycles.

Bitcoin price action

Bitcoin entered June 2026 trading near $73,674 and has since fallen to around $58,500 as of this morning— a decline of roughly 18% for the month. The drawdown has been driven by ETF outflows, a stronger U.S. dollar, elevated interest rate expectations, and rotation into AI equities.

Technically, Bitcoin is trading below both its 20-month and 50-month exponential moving averages, signals that analysts associate with bearish intermediate-term pressure. The 50-day moving average sits above the current price, a potential resistance level if BTC attempts a recovery. The 100-month EMA, however, remains below the current price, leaving the long-term structural trend intact.

Bitcoin is down roughly $48,000 from its price one year ago, though that comparison reflects what was a period of peak pricing in mid-2025.

Goldman Lampe’s purchase puts its acquisition cost somewhere in the current trading range, with the bank betting that the dip represents an entry point rather than the beginning of a longer decline.

This post UAE-Based Goldman Lampe Private Bank Acquires $137 Million in Bitcoin first appeared on Bitcoin Magazine and is written by Micah Zimmerman.