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The 7 Largest Publicly Traded Ethereum Treasury Firms

by admin August 17, 2025



In brief

  • Publicly traded companies are now racing to accumulate Ethereum.
  • Firms with strategic ETH reserves now account for more than 3% of the entire ETH supply.
  • The top holders include BitMine Immersion Technologies, SharpLink Gaming, and Coinbase.

The trend of publicly traded companies adopting crypto treasury strategies may have started with Bitcoin, but it has since expanded to a wide variety of digital assets—including the second-largest crypto asset by market cap, Ethereum. 

Now the race to accumulate ETH is on, led by key figures like Fundstrat’s Tom Lee and Ethereum co-founder Joe Lubin, who are championing public firms as they rally around Ethereum and its future. 

Per StrategicETHReserve.xyz, public entities with Ethereum treasuries maintain more than 3.7 million ETH valued at nearly $17 billion, as of this writing, and more than 3% of the entire supply. These are the biggest holders as of this writing.

1. BitMine Immersion Technologies

Led by crypto bull and Fundstrat CIO Tom Lee, BitMine Immersion Technologies burst onto the scene at the end of July when the firm detailed plans for an Ethereum treasury. 

Formerly focused on Bitcoin mining, BitMine (BMNR) first secured a $250 million private investment in public equity (PIPE) fundraising round to begin its ETH purchases. 

Since that time, it hasn’t looked back, acquiring 1,150,263 ETH or more than $5 billion worth as of this writing.

The aggressive buying spree has coincided with Lee’s seemingly unfathomable ETH price predictions, which include calls for $60,000 ETH. That’s a sizable multiple of the current price.

After planning a raise of $4.5 billion to accumulate the asset, Lee and company upsized their offering by $20 billion in August as BitMine aims to expand its already industry-leading Ethereum treasury. 

2. SharpLink Gaming

Gambling marketer turned Ethereum treasury company SharpLink Gaming holds the second-largest publicly traded ETH treasury. 

The firm maintains 728,804 ETH, or $3.2 billion as of its latest release—around 73% of the way to its first stated goal of accumulating 1 million ETH. 

While SharpLink’s existing business did not have immediate ties to crypto, it brought on direct ties to Ethereum when it shaped its board of directors. The firm’s chairman Joe Lubin is the co-founder of Ethereum itself, and founder and CEO of Ethereum software company, Consensys, the maker of popular crypto wallet, MetaMask.

(Disclaimer: Consensys is one of 22 investors in an editorially independent Decrypt)

Lubin and company have followed BitMine in a relentless pursuit of Ethereum, raising funds in a variety of ways including a recent $400 million direct offering, plus plans to collect up to $6 billion via stock sales. 

In July, the firm added BlackRock’s former head of digital asset strategy Joseph Chalom as its newly appointed CEO. 

3. The Ether Machine

There’s no questioning the business of The Ether Machine, a firm made public via a merger of The Ether Reserve, LLC and a blank-check company earlier this year. 

The third-largest treasury on the list, The Ether Machine currently holds 345,362 ETH, or $1.5 billion at today’s ETH prices. 

Funded with startup capital and approximately 170,000 ETH from co-founder and chairman Andrew Keys, the Ether Machine stated a mandate to put its ETH to work on-chain or create a “machine” to grow its stash, differentiating it from more passive accumulation vehicles. 

It most recently acquired around $40 million worth of ETH using cash from a previously established private placement. At the time of inception, it expected to pull in around $1.6 billion in total proceeds to use to fund Ethereum purchases.

4. Coinbase

Leading American crypto exchange Coinbase maintains an investment of around $602 million or 136,782 ETH, according to its most recent 10-Q filing. That is more than 20,000 ETH greater than it ended 2024 with when it held 115,700 ETH based on an end of year 10-K filing.

The firm also holds more than 11,000 Bitcoin as an investment, placing it among the top publicly traded holders of the largest crypto asset, as well.  

First hitting the public markets in 2021, shares in Coinbase made a new all-time high in July 2025 as crypto firms continued a streak of success alongside traditional equities. 



5. Bit Digital

Bitcoin miner Bit Digital formed an Ethereum treasury strategy during Q2 2025. In just a few short months, it’s quickly added to its stash, jumping from 30,663 ETH at the end of June to 121,076 ETH as of August 11—now valued at more than $530 million. 

As part of its transition, the firm is ending its Bitcoin mining operations and redeploying funds towards ETH accumulation. Public markets didn’t react strongly to the strategy shift, as shares of BTBT have gained just 2.63% year-to-date. 

6. ETHZilla

Biotech firm 180 Life Sciences rebranded its company to “ETHZilla,” as it shifted focus to a digital assets treasury centered on Ethereum. 

The firm raised $425 million in late July to kickstart its treasury and quickly jumped up the holder rankings, acquiring 82,186 ETH as of August 12, valued around $362 million at today’s ETH prices. 

A few weeks later, shares in ETHZilla (ATNF) quickly tripled after it was revealed that billionaire tech investor Peter Thiel and related entities had purchased a 7.5% stake in the company. 

As for its unique name? Chairman of the board McAndrew Rudisil told Decrypt in July that it  “comes from our focus to be one of the largest holders of ETH in the world.”

7. BTCS Inc.

Blockchain Technology Consensus Solutions (BTCS) holds 70,140 ETH, worth around $309 million as of mid-August.

The firm boasts a proactive strategy to acquire more Ethereum, putting its ETH to work on-chain using what is described as a “powerful DeFi/TradFi financial model” to generate value for shareholders. 

In addition to acquiring ETH, the firm also bolstered its treasury with three Ethereum-based Pudgy Penguins NFTs in August.

BTCS posted record revenues in Q2 of $2.77 million, marking a 394% increase year-over-year. Shares are up nearly 90% year-to-date.

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Kevin Durant traded to Rockets: Grades, reaction, Suns' next steps
Esports

Kevin Durant traded to Rockets: Grades, reaction, Suns’ next steps

by admin June 24, 2025



Jun 22, 2025, 05:13 PM ET

It’s not every day the NBA world gets a Game 7 of the Finals and a future Hall of Famer changing teams via blockbuster trade.

But just hours before the Oklahoma City Thunder and Indiana Pacers play for the 2025 title (8 p.m. ET, ABC), the Phoenix Suns and Houston Rockets linked up to send Kevin Durant to Houston in a deal for Jalen Green, Dillon Brooks, the No. 10 overall pick in Wednesday’s draft and five second-rounders.

Which franchise won the trade? How will Durant fit within the Rockets’ young roster? Are the Suns going full rebuild?

ESPN’s NBA insiders are examining the deal from every angle, including trade grades, the biggest winners and losers in the deal’s aftermath and intel from around the league on what lies ahead for Houston and Phoenix.

Jump to a section:
Grading the trade
Winners and losers

Leaguewide reaction

Trade grades: KD to Houston

Houston Rockets: B+

There was a strange contrast over the past month as discussion of Durant’s next destination heated up at the same time the 2025 NBA playoffs were reaching their conclusion. Youth and depth led the Pacers and Thunder to the NBA Finals, yet teams were competing to catch them by giving up multiple contributors to bring in Durant, who will turn 37 around the start of training camp.

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Coming off finishing second in the West with only one starter (guard Fred VanVleet) older than 28, the Rockets were surely best positioned to thread the needle of surrounding Durant with enough talent to contend for a championship — particularly as the price dropped to the point where they didn’t have to include any of their most prized young players in return.

The seven-game series Houston lost to the veteran-laden Golden State Warriors in the opening round exposed the Rockets’ need for more half-court scoring punch. The Rockets ranked 22nd in points per play on their first attempt to score outside of transition, per Cleaning the Glass, ahead of only the Orlando Magic among playoff teams.

During the regular season, Houston was able to compensate with frequent use of transition and by dominating the offensive glass. According to Cleaning the Glass, no team averaged more points per missed shot on second chances. Both of those factors tend to dry up in the playoffs, especially late in close games. The Rockets went 0-3 in “clutch” games against the Warriors, posting an ugly 91 offensive rating with the margin inside five points in the last five minutes of those games per NBA Advanced Stats.

Although Durant is no longer as singular a scorer as in his prime — when he posted a true shooting percentage (TS%) at least 15% better than league average nine times according to Basketball-Reference — he’s still as good as just about anyone creating his own offense. Among players with a usage rate of 28% or higher in at least 500 minutes last season, only Denver Nuggets three-time MVP big man Nikola Jokic surpassed Durant’s .642 TS%.

The contrast with Green especially favors Durant. Also a No. 2 pick, Green had Houston’s highest usage rate last season with a below-average .544 TS%. (All-Star center Alperen Sengun, who had the team’s second-highest usage, wasn’t any better at .545 but makes more plays for others and has scored more efficiently in the past. Green’s TS% was a career high.)

All the Rockets’ young stars faced a tough adjustment to the playoffs, but none more so than Green, who averaged 13.3 PPG on 37% shooting. His 38-point Game 2 was the only time Green surpassed 12 points or shot better than 40% in the series. Essentially, Golden State condensed all the fears about Green’s weaknesses as a leading scorer into one, salient seven-game sample.

play

0:58

The numbers behind KD’s trade to the Rockets

With Kevin Durant heading to Houston, check out some key statistics and facts from his time with the Suns.

The bigger loss for Houston in the short term will surely be Brooks, whose arrival was key to the Rockets’ rapid evolution from 60-plus losses in both 2021-22 and 2022-23 to 52 wins last season. Along with VanVleet and coach Ime Udoka, Brooks helped transform Houston’s defensive culture. And as much as the Rockets utilized depth to finish atop a crowded pack of West contenders during the regular season, they’re suddenly thin on the perimeter.

Amen Thompson will undoubtedly be a key part to solving whatever issues this trade creates. Thompson, who got my vote for Defensive Player of the Year, surpassed Brooks as Houston’s perimeter stopper last season. (Having two elite defenders was certainly a luxury, one that helped the Rockets defend both Stephen Curry and Jimmy Butler in the opening round.)

Because Thompson can defend on the perimeter at 6-foot-7, swapping two wings for the 6-foot-11 Durant essentially moves him from the Rockets’ power forward to their shooting guard without fundamentally altering the structure of Houston’s offense.

It will be interesting to see where Udoka settles on a fifth starter alongside Durant, Sengun, Thompson and VanVleet. Jabari Smith Jr. could move back into the starting five after Thompson replaced him in the lineup midseason, which would give the Rockets a frontcourt full of players listed at 6-foot-11. Alternatively, Houston’s most like-for-like replacement for Brooks would be sixth man Tari Eason.

Promoting one of those players to the starting five does put more pressure on recent first-round picks Reed Sheppard and Cam Whitmore to step forward. Sheppard, the No. 3 overall pick, played just 654 minutes as a rookie, while Whitmore was at the fringes of Udoka’s rotation when everyone was healthy. Whitmore has been productive when he has gotten opportunities and Sheppard was my top-rated prospect in last year’s draft, so the Rockets’ front office is justified in believing both players are capable of contributing more.

Adding Durant, and presumably signing him to an extension beyond 2025-26, will force difficult financial choices for Houston. Having signed center Steven Adams to a three-year, $39 million extension, the Rockets are already pushing the luxury tax this season. If they fill out their roster with players making the minimum, they’re about $33 million below the projected luxury-tax line before addressing VanVleet. Houston holds a $44.9 million team option for the veteran point guard but could decline it in favor of a long-term deal that pays him less in 2025-26.

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Paying a small amount of luxury tax this season wouldn’t affect the Rockets much, but delaying the clock on the repeater tax could have huge ramifications down the road. Houston will get much more expensive once Thompson’s rookie contract expires in 2027. The Rockets are surely penciling in a max deal for Thompson, while Eason and Smith are eligible for rookie extensions now. Meanwhile, Durant’s salary could increase on an extension as he heads into his late 30s.

Those are problems for another day. Houston has moved on to the next phase of an impressive roster build without giving up any of the team’s most valuable draft picks. The Rockets retained Phoenix’s unprotected 2027 first-round pick, plus the opportunity to get the two best of picks from the Suns, Brooklyn Nets and Dallas Mavericks in 2029. They also have a swap with the Nets in 2027 that puts pressure on Brooklyn’s rebuild to accelerate.

Based on their combination of young talent and the lack of a go-to scorer, Houston was always the best fit as Durant’s next team. Now we’ll see whether he can lift the Rockets to their first playoff series win since former Oklahoma City Thunder teammate James Harden was starring in Houston.

Phoenix Suns: B

This Durant trade is surely the beginning of a roster makeover rather than the completion of it. Phoenix got back a pair of wings, exacerbating the imbalance of a roster whose five highest-paid players (Bradley Beal, Devin Booker, Green, Brooks and Grayson Allen) could all be called natural shooting guards.

Pending those future moves, this Durant trade seems pragmatic for the Suns, who never stood a chance of recouping the value they gave up to get him from the Nets at the 2023 trade deadline. Durant is more than two years older now and a year away from free agency, meaning Phoenix had far less control of negotiations. And after the team’s relationship with Durant frayed when the Suns discussed trading him in February, bringing him back wasn’t a realistic threat.

play

1:32

What Kevin Durant trade means for Rockets, Suns

Tim Bontemps breaks down what the Rockets and Suns are gaining from the Kevin Durant trade.

The worst-case scenario for Phoenix was trading Durant for veterans who fit better alongside Beal and Booker in a misguided attempt to win now. Again, let’s not rule out that happening down the line, but for now the Suns got what could be the best 2025 draft pick to change hands and the 23-year-old Green.

I never liked the three-year extension the Rockets gave Green, which both pays him like an above-average starter ($33.3 million in 2025-26) when he’s not currently one and allows him to become an unrestricted free agent at age 25 in 2027 if he does break out. (That extension did serve its purpose for Houston, as structuring this deal as a sign-and-trade involving Green as a restricted free agent would almost certainly have been impossible.)

Still, it’s certainly possible Green can tap into his upside if he sticks around. He has never played alongside a creator as talented as Booker, and Green could get more opportunities as a “second-side guy” when the ball swings over to him after defenses have loaded up to stop Booker.

Brooks would immediately become the Suns’ best perimeter defender, and it’s amusing to see him finally land in Phoenix six-plus years after the miscommunication over which “Brooks” the Suns were getting in a deal involving Trevor Ariza, who is long since retired. If Phoenix is going to cut payroll to avoid exceeding the second apron and having another first-round pick frozen from trades, however, Brooks is a likely candidate given his value throughout the league.

2025 NBA draft

• New mock draft! Predictions off trades, intel
• Our final top 100 big board: 1 to 100
• Draft’s top players at 20 skills, traits
• NBA comps for 14 players: Flagg to Tatum?
• We offer potential trades for Mavs, Flagg
• 2025 draft guide is here | More

In five years, the No. 10 pick will likely matter most to the Suns. They haven’t picked that high since 2020, when they jumped from the lottery to the NBA Finals after taking Jalen Smith No. 10, two picks ahead of Tyrese Haliburton. Phoenix, which has only one first-round pick on a rookie contract on the roster (Ryan Dunn), now holds a pair of first-rounders next Thursday.

Acquiring Durant was obviously a failure for the Suns, who ended up winning only a single playoff series during his three seasons on the roster and still owe their 2027 and 2029 first-round picks from that trade. Phoenix didn’t have nearly enough leverage to get those picks back from the Rockets.

That choice, plus the subsequent Beal trade that further limited the Suns’ flexibility and others that lost control of their first-rounders through 2031, is in the past. All they can do now is try to keep making better decisions that incrementally brighten a gloomy future outlook.

— Kevin Pelton

Winners and losers of the deal

Winners: Tari Eason, Reed Sheppard and Cam Whitmore

While Durant raises Houston’s ceiling, the Rockets’ depth took a hit with this deal as they traded two starters for one. Green and Brooks combined to play 65 minutes per game this season, so this exchange opens up 30-35 “new” minutes per night to be distributed among Houston’s existing roster.

Eason, Sheppard and Whitmore are the most likely beneficiaries, especially because Durant slots in as a natural power forward, whereas Green and Brooks are lower on the positional spectrum. All three deserve more playing time: Eason ranked just eighth on the team in playoff minutes, while Sheppard and Whitmore combined for 15 minutes in Houston’s first-round series loss to the Golden State Warriors.

All three also offer skill sets that should help replace Green and Brooks. In his second season, Sheppard will provide backcourt creation beyond VanVleet, after the No. 3 pick didn’t get much run as a rookie. Whitmore is a talented if inconsistent scorer, just like Green — their per-minute numbers were similar this season, and their true shooting percentages were nearly identical — and he won’t turn 21 until next month. And Eason is an even more impactful defender than Brooks, although his offensive game isn’t nearly as developed.

To that end, Sheppard and Whitmore should also provide Houston with much-needed shooting, as Green and Brooks ranked first and third, respectively, on the team in made 3-pointers this season. Durant can help, but he is more of a pure shooter who happens to take some 3s than a long-range marksman; his 2.6 made 3s per game this season tied a career high.

In a best-case scenario, it’s possible that Eason, Sheppard and Whitmore step in and replace Green and Brooks without any meaningful on-court losses. If that developmental plan succeeds, the Rockets would, in essence, be adding Durant just for a small package of picks.

Loser: Oklahoma City Thunder

As of this writing, it’s still unknown whether the Thunder are 2024-25 champions. But regardless of the result of Sunday’s Game 7, Houston’s major upgrade is bad news for Oklahoma City in 2025-26, which the Thunder will surely enter as favorites to repeat as Western Conference champs.

Durant doesn’t just strengthen the No. 2 seed behind Oklahoma City. He also represents a particular player archetype that the Thunder might struggle to guard, because of his height advantage against all of their fearsome perimeter defenders.

The Thunder are still the best-positioned team in the West, both now and into the future. But every strong opponent represents another obstacle that could prevent their potential dynasty. It wouldn’t be a surprise to see Houston develop into their fiercest challenger, just as the Rockets did against the Warriors dynasty last decade — when, ironically, Durant was the one helping the champs maintain their throne, rather than the final piece boosting the upstarts.

Winner: Minnesota Timberwolves

Including the trade deadline, Minnesota has now attempted but failed to acquire Durant in two separate transaction windows. But that’s not necessarily a bad thing for the Timberwolves, who have reached consecutive conference finals for the first time in franchise history without him.

Perhaps Durant could have helped close the gap between Minnesota and Oklahoma City — which might be a wide one, given that the Thunder dispatched the Timberwolves in five games last month. But the cost to acquire the 36-year-old offense-first forward would have hit Minnesota hard, if it included center Rudy Gobert, as was rumored in recent weeks.

Without Gobert, Minnesota’s defense might collapse, taking the team’s identity with it. The other bigs on the roster — Julius Randle and Naz Reid — are, like Durant, offense-first contributors rather than anchor defenders. And a frontcourt with multiple defensive question marks can’t win in the modern NBA.

The difference between the Rockets’ and Timberwolves’ situations is that Durant definitely makes Houston better, because the Rockets can backfill the production they lost in the trade. The fit in Minnesota would have come with a lot more question marks about what moves came next.

It’s unclear what alternate route Minnesota will take this summer, now that a Durant deal is off the table. But it’s equally unclear that Durant would have made the Timberwolves a more potent challenger to the Thunder — to say nothing of the risk Minnesota would have assumed by trading for a star who didn’t want to play there.

Winners: East contenders

Most of the serious Durant suitors play in the West, but the best teams in the East still must be breathing a sigh of relief, now that they don’t have to worry about Durant barging in to boost a competitor.

The East still projects as incredibly wide open next season, which could have incentivized a fringe contender (the Detroit Pistons, perhaps, or the further-down Miami Heat) to gamble on the 15-time All-Star. But none raised an offer to beat the Rockets’, so Durant is staying in the West, keeping the league axis titled firmly in that direction.

It’s still possible that other stars will cross eastward this summer, following Desmond Bane’s move from Memphis to Orlando. But Durant was the most obvious candidate to do so. (The other superstar in trade rumors is Giannis Antetokounmpo, who already plays in the East.)

Loser: Bradley Beal

As Pelton noted, the Suns’ five highest-paid players could all be called shooting guards. While that might change with a Grayson Allen trade, this deal still bumps Beal, who’s set to earn $53.4 million next season, down the depth chart.

Assuming the Suns keep Green rather than trading him to a third team, they will surely devote more playing time and developmental attention to the 23-year-old former No. 2 pick, rather than to a player in his 30s on the downslope of his career. Theoretically, trading Durant could have freed up more on-ball opportunities for a scorer with Beal’s résumé, but Green — and Brooks, who attempted 12 shots per game this season — will receive the lion’s share instead.

Perhaps that state of affairs is OK with Beal, who seems happy in Phoenix; if he were inclined to waive his no-trade clause to move to another city, he might have already been dealt. But Beal’s usage rate already dropped to a career low this season, and his minutes per game were at the lowest rate in nine years. It’s hard to imagine either of those numbers rebounding in 2025-26, with Booker and Green now posing as the future of the franchise. Will Beal still be happy if he’s the No. 3 or 4 shooting guard on his own team?

— Zach Kram

Leaguewide intel: Next for Suns and Rockets?

A quick canvassing of the league in the wake of the Durant trade reached a pretty clear consensus: a great deal for the Rockets and the best the Suns could do for Durant under the circumstances they’d put themselves in.

“They did pretty well, all things considered,” one executive told ESPN of Phoenix’s return in the deal.

For the Rockets, this accomplishes what have been their twin objectives: continue to upgrade a roster that was a surprising second seed in the West last season, while not kneecapping the ability of the team’s young core to continue to improve and develop.

League insiders praised Houston for threading that needle.

Green, the No. 2 overall pick in the 2021 NBA draft, is a talented scorer. But he’s also an inefficient one and struggled mightily in Houston’s seven-game loss to the Warriors in the first round of the playoffs, shooting 37% overall and 29% from 3-point range.

Game 1: Pacers 111, Thunder 110
Game 2: Thunder 123, Pacers 107
Game 3: Pacers 116, Thunder 107
Game 4: Thunder 111, Pacers 104
Game 5: Thunder 120, Pacers 109
Game 6: Pacers 108, Thunder 91
Game 7: at Thunder, Sun. June 22, 8 p.m.
*All times Eastern

• More NBA playoffs from ESPN

Durant, at 36 years old this past season, averaged 26 points per game on 52.7% shooting overall and 43% shooting from 3, and will immediately give Houston’s offense a far higher ceiling — while also creating more room for Alperen Sengun and Amen Thompson to operate. Doing it while keeping all of the team’s premium young talent, plus its future draft capital — it leaves open the possibility of a second big trade for a prime-age star if the opportunity arises and Houston wants to pursue it — makes it an even bigger win.

The widespread expectation across the league is also that Fred VanVleet, who has a $44.8 million team option for next season, will be back in Houston, too. The only question is whether that will be on that option number, or if the two sides will negotiate a longer-term deal to ease Houston’s financial burdens this season.

For Phoenix, the question now is what’s next for a roster that is clearly far from complete. The Suns currently have six players making at least $10 million for the 2025-26 season, and all of them — Devin Booker, Bradley Beal, Green, Brooks, Grayson Allen and Royce O’Neale — are wing players. Booker, Beal and Green, in particular, have extremely overlapping skill sets.

Sources said Phoenix is expected to be aggressive over the next couple of weeks, with a mandate to retool its roster around Booker. He is expected to get a two-year extension next month in the neighborhood of $150 million, tying him to the franchise through the 2029-30 season. But the Suns currently have a roster that doesn’t have a point guard, likely needs an upgrade at center over Nick Richards and doesn’t have a clear-cut starting option at power forward.

“They have a lot of talented players,” another executive said, “but do they fit together?”

Another question: What will the Suns do with the No. 10 pick they have acquired? For a team largely devoid of young talent, certainly adding a lottery pick in a good draft to a core led by Booker is a good long-term investment. But will an opportunity arise to upgrade in the short-term by using that pick?

Before this trade, the Suns were severely depleted in draft pick reserves. By doing this deal, it now gives Phoenix some amount of currency — even if outside of that 10th pick this year most of it is either in late firsts or second-round picks — to try to upgrade.

The truth is, however, that the Suns kept waiting for a team to up its offer, and no one did. The Rockets didn’t move multiple picks or any of their premium young talent. The Heat, the finalist in the Durant sweepstakes, had no interest in including Kel’el Ware, sources said, while Houston wasn’t willing to budge off its offer and no one else was pushing to make a deal, either.

As a result, on the day the Thunder hope to claim its first-ever NBA championship, Durant is now a Rocket, and could enter next season armed with the best potential chance to take down his former team.

— Tim Bontemps



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June 24, 2025 0 comments
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Nakamoto Holdings Rakes in $51.5 Million for Publicly Traded Bitcoin Treasury

by admin June 20, 2025



In brief

  • KindlyMD, which is merging with Bitcoin holdings firm Nakamoto Holdings, has raised $51.5 million to buy Bitcoin.
  • The funds were raised in a private-investment-in-public-equity deal closed on Friday.
  • More companies have recently begun adding Bitcoin to their balance sheets.

Bitcoin holding company Nakamoto Holdings, the firm founded by crypto media entrepreneur David Bailey, has raked in an additional $51.5 million to establish a Bitcoin treasury—a corporate strategy that has become increasingly popular among public companies. 

The funds were raised in a private-investment-in-public-equity deal closed on Friday by Nakamoto’s merger partner KindlyMD, according to KindlyMD’s statement. The healthcare data firm sold its common stock at $5 per share in the raise.  

“Additional investor support signals confidence in Nakamoto’s strategy: acquiring as much Bitcoin as possible on our balance sheet and on the balance sheets of our future portfolio companies,” Bailey told Decrypt. “Today’s announcement propels our mission forward as we gain momentum in bringing Bitcoin exposure to global capital markets.”

The total will largely go toward acquiring Bitcoin for Nakamoto Holdings’ corporate treasury. 

“We continue to execute our strategy to raise as much capital as possible to acquire as much bitcoin as possible,” Bailey said in a statement, adding that the raise took less than three days.

This latest raise brings Nakamoto Holdings’ earmarked funds for its Bitcoin treasury to $763 million.



Bitcoin was recently trading at $102,942, down 1.8% over the past 24 hours, according to cryptocurrency data provider CoinGecko. 

Launched earlier this year by BTC Inc. CEO David Bailey, Nakamoto Holdings aims to snap up large quantities of Bitcoin, banking on the likelihood that the token’s price will increase. The strategy that has gained traction in the corporate world, even among firms with very little or no connection to the digital assets industry. 

In recent weeks, a number of analysts have raised concerns about the risk for these firms if BTC’s price falls, and if a firm’s overall financial performance depends too much on its holdings. 

More than 130 public companies, according to bitcointreasuries.net, have added massive amounts of Bitcoin to their balance sheets—a move popularized by Michael Saylor’s software firm Strategy, which began purchasing the asset in 2020. 

Strategy holds more than 592,000 Bitcoin at a value of more than $60 billion, according to Saylor Tracker, an online tool that tracks the firm’s Bitcoin purchases. 

More broadly, 239 entities, including public and private firms and federal governments—hold at least some Bitcoin, according to data from bitcointreasuries.net. That number of entities HODL-ing the world’s oldest crypto has jumped roughly 14% over the past month, the same data shows. 

Edited by James Rubin

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Publicly Traded Solana Treasury Firm Is ‘Showing What’s Next’ for Strategy’s Bitcoin Model

by admin June 18, 2025



In brief

  • Solana treasury company DeFi Development Corp. is taking a different approach from other crypto treasury companies.
  • The firm is embedding itself within the Solana ecosystem, ensuring it doesn’t need to rely on capital markets to acquire SOL.
  • It aims to bridge the gap between traditional finance and on-chain ecosystems, said Investor Relations Lead Dan Kang.

DeFi Development Corp, a publicly traded firm building a Solana treasury, says that it is taking a different path from other crypto treasury vehicles, proactively pushing its way into the Solana ecosystem and maintaining laser focus on its “north star” of maximizing SOL per share. 

Established in early April, the firm’s Solana stash now boasts more than 620,000 SOL valued at around $90 million, making it the largest Solana treasury among publicly traded entities.

In an interview this week on “FOMO Hour” from Decrypt’s sister company Rug Radio, Investor Relations Lead Dan Kang explained how it’s approaching the increasingly popular crypto treasury model—pioneered by Strategy (formerly MicroStrategy)—differently than some others in the space.

“We used to say we’re sort of a next-gen MicroStrategy,” Kang said. “But I really think of ourselves as the first true on-chain-to-TradFi bridge.” 

Its efforts to connect the world of traditional finance and the on-chain ecosystem have been different than that of other crypto treasury vehicles, which oftentimes rely on financing and capital markets to accumulate and stash an underlying asset like Bitcoin. 

Instead, DeFi Development Corp. is proactively embedding itself in the Solana ecosystem, most notably through its Solana validator set, which it acquired in May for $3.5 million. 

“A lot of the Bitcoin treasury vehicles that exist today are highly capital markets dependent to grow their underlying Bitcoin holdings,” said Kang. “Versus with us, not to say we won’t tap the capital market playbook… but by virtue of running our own validator infrastructure, we actually don’t need to tap the capital markets to keep growing our underlying SOL per share.”

The firm’s ability to tap into a robust on-chain ecosystem and earn yield via a proof-of-stake asset is another reason it chose Solana, eschewing the limitations of some Bitcoin treasury vehicles. Plus, there was no reason to compete with Strategy, said Kang, who likened the firm and its monstrous $62 billion Bitcoin treasury to an NFL lineman. 

“If I hand you a football, would you want to play running back against an NFL lineman, or would you rather run the ball down the field with no one in the way?” said Kang. “Michael Saylor and MicroStrategy—they’re the NFL lineman in the Bitcoin vehicle space. Hats off to those who want to take them on, but we intend to become the big behemoth in the Solana treasury space.” 

The firm appears on its way, having amassed its $90 million treasury in just two months since announcing plans to pivot towards a Solana strategy, as the AI-driven real estate platform rebranded from Janover. In that time, on top of the validator acquisition, it also launched its own liquid staking token, partnered with notable Solana meme coin Bonk, and established a $5 billion equity line of credit for future Solana acquisitions.  

“If MicroStrategy showed what is possible in the crypto treasury space,” Kang added, “DeFi Development Corp. is here to show them what is next.”

Edited by Andrew Hayward

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Crypto Trends

Metaplanet Overtakes Coinbase to Become the Ninth-Largest Publicly Traded BTC Holder

by admin June 16, 2025



Metaplanet (3350), the Japanese company that’s committed to buying bitcoin

, boosted its holdings to 10,000 BTC, overtaking crypto exchange Coinbase (COIN) to now own the ninth-largest stash among publicly traded companies.

The Tokyo based company bought 1,112 BTC for $117.2 million at an average price of $105,435 per bitcoin, CEO Simon Gerovich posted on X. The purchase lifted its holdings above Coinbase’s 9,267, according to data on BitcoinTreasuries.com.

As of June 16, Metaplanet’s cumulative bitcoin investment stands at roughly $947 million, with an average acquisition cost of $94,697 per BTC. It started down the bitcoin accumulation path in April 2024.

A standout metric in Metaplanet’s performance is its bitcoin yield, a proprietary measure that tracks the percentage change in the ratio of total BTC holdings to fully diluted shares outstanding. The company has recorded strong figures in recent quarters:

  • Q3 2024 (July to September): 41.7%
  • Q4 2024 (October to December): 309.8%
  • Q1 2025 (January to March): 95.6%
  • Q2 2025 to date (April to June 16): 87.2%

To fund additional BTC purchases, Metaplanet issued $210 million in zero-percent ordinary bonds. Market response to the company’s aggressive bitcoin strategy has been positive, with shares closing 26% higher on Monday, reaching 1,895 yen.



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GameFi Guides

Forget Bitcoin: Publicly Traded Firm Building $500 Million Crypto Treasury With FET

by admin June 11, 2025



In brief

  • Interactive Strength is allocating up to $500 million to purchase Fetch.ai (FET) tokens for its crypto treasury.
  • The company plans to use the tokens to support AI-powered fitness products.
  • CEO Trent Ward said the decision reflects utility over speculation, and a shift away from the popular Bitcoin-focused treasury model.

As companies and governments consider adding Bitcoin to their treasuries, Austin, Texas-based Interactive Strength is taking a different route—committing up to $500 million to buy Fetch.ai (FET) tokens as part of a targeted cryptocurrency strategy.

Rather than following the trend of holding Bitcoin as a hedge or brand signal, Interactive Strength is tying its crypto strategy directly to its AI integration roadmap, announcing the close of an initial $55 million investment by private equity firm ATW Partners and crypto market maker DWF Labs that will be used to acquire FET.

“This is a $500 million targeted allocation to open market purchases of the FET token,” Interactive Strength co-founder and CEO Trent Ward told Decrypt in an interview. “None of that capital is going to other tokens.”



Founded in 2017, Interactive Strength produces fitness equipment and digital training products, including vertical climbing machines and connected fitness mirrors. Interactive Strength became publicly traded in 2023, when its shares (TRNR) began trading on the Nasdaq.

Fetch.ai is a blockchain-based platform that develops decentralized AI tools, and is a founding member of the Artificial Superintelligence Alliance, alongside SingularityNET and Ocean Protocol. FET serves as the native token supporting the alliance’s shared AI infrastructure.

Ward said the choice of FET, rather than a more widely held asset such as Bitcoin, reflected the company’s plan to incorporate Fetch.ai’s technology into its product offerings.

“We think there’s real growth, value, and utility in the token,” he said. “We expect to develop products using Fetch’s technology, so we need the token for its utility on the platform. Buying it early and involving investors allows us to reduce costs and execute more effectively.”

Ward said the company will acquire FET tokens in stages, beginning with $55 million from the initial funding. Interactive Strength will release additional stock allotments over time for direct market purchases.

A former investment banker and hedge fund professional, Ward said that improving legal and regulatory conditions in the United States, following the 2024 presidential election, made the crypto treasury strategy more viable from a compliance perspective.

“Our lawyers are now much more relaxed than when we first started discussing this,” he said, acknowledging the growing corporate fascination with cryptocurrency. “The market appears to support the notion that there is a premium on equity value associated with crypto treasury strategies.”

For fudders and clarity: This is not an OTC deal it is a market purchase by the company and Fetch foundation does not have any influence in buying of $fet. For https://t.co/zoP7E8A5GX it is important that our technology is used and for that companies will need $fet. This is a… https://t.co/0hEVhn70GJ

— Humayun (@HMsheikh4) June 11, 2025

Ward said a meeting with Fetch AI CEO Humayun Sheikh and recent acquisitions helped inform the decision to launch a FET token treasury.

“Meeting with Humayun and the Fetch team clarified how their technology could enhance our offerings,” he said. “Meanwhile, the German company we’re acquiring, SportsTech, was already using AI in its products. Seeing those tools in action demonstrated their value and helped us connect the dots—this was the right move for us.”

Edited by Andrew Hayward

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NFT Gaming

Publicly Traded Edtech’s Stock Soars 44% After Solana Treasury Pivot

by admin June 3, 2025



In brief

  • Classover joins a growing list of publicly traded companies to announce a crypto treasury strategy.
  • But the online educational platform is buying Solana not Bitcoin.
  • It has already purchased 6,472 SOL worth approximately $1 million.

A Nasdaq-listed online education platform has announced a crypto-buying strategy—but will snap up SOL, the sixth biggest digital coin, and not Bitcoin. 

Classover, which provides online children classes, said Tuesday that it had entered into an agreement with Solana Growth Ventures LLC to issue $500 million in senior secured convertible notes to purchase Solana.

The company added that it had already bought 6,472 SOL for approximately $1.05 million as part of its plan to “acquire, hold, and stake Solana.” 

In a statement, the New York-based firm’s CEO Hui Luo said the company had a “strong commitment to becoming a leader in blockchain-aligned financial strategy and positioning itself among the first publicly traded companies to directly integrate SOL into its treasury operations.”

Decrypt reached out to Classover for additional comment. 

SOL is the native coin of the Solana blockchain, a crypto network that competes with Ethereum.  Developers use the blockchain to build everything from crypto exchanges and meme coins to games. 

The asset has gained popularity in recent years with the likes of Visa announcing it would use the blockchain’s technology to speed up credit card payments. 



Solana’s payment protocol Solana Pay has also integrated with the e-commerce platform Shopify so merchants can accept stablecoin USDC via the blockchain.  

Classover is following a similar path to Nasdaq-listed AI-powered real estate platform DeFi Development Corporation, which has a SOL treasury of nearly 600,000 coins valued at close to $100 million. Its initiative is also part of a wave of companies building crypto treasuries. 

Strategy—formerly MicroStrategy—was the first publicly traded company to start a Bitcoin-buying masterplan. 

The software firm is now the largest corporate holder of Bitcoin, with 580,955 BTC—or $61.6 billion—in the leading cryptocurrency. The firm allows investors to buy its stock as a Bitcoin proxy. 

Other publicly traded companies that have followed suit include Semler Scientific and Metaplanet. 

Classover stock (KIDZ) was trading for a little over $5 on Tuesday, after jumping 40% over a 24-hour period.

Edited by James Rubin

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Crypto Trends

Publicly Traded SharpLink Raises $425M to Create Ethereum Treasury, Stock Jumps 420%

by admin May 27, 2025



In brief

  • SharpLink Gaming, an online gambling marketer, has raised $425 million to buy Ethereum for its treasury.
  • Blockchain technology firm Consensys led the raise, and Consensys CEO and Ethereum co-founder Joseph Lubin will lead the company’s board.
  • The company’s stock is up 420% on the day, as of this writing, following the announcement.

Publicly traded company SharpLink Gaming has raked in $425 million in a private investment in public equity, or PIPE, offering to establish an Ethereum treasury—a move that has boosted its stock price more than 400% so far Tuesday.

The online gambling marketer’s raise was led by blockchain technology firm Consensys, with participation from Galaxy Digital, ParaFi Capital, Ondo, and Pantera Capital, among other investors, SharpLink Gaming said Tuesday in a statement. The group bought 69,100,313 of the firm’s shares at $6.15 each. (Disclosure: Consensys is one of 22 investors in an editorially independent Decrypt.)

The newly raised funds will go toward acquiring Ethereum, which will serve as the company’s primary treasury asset—a move that emulates the playbook of Michael Saylor’s software company, Strategy, which has amassed $64 billion worth of Bitcoin since 2020 and inspired a growing list of crypto-stashing followers.

SharpLink Gaming’s private equity deal is expected to close on May 29. Consensys CEO and Ethereum co-founder Joseph Lubin will serve as chairman of SharpLink Gaming’s board of directors.

“This is a significant milestone in SharpLink’s journey and marks an expansion beyond our core business. On closing, we look forward to working with Consensys and welcoming Joseph to the Board,” said Rob Phythian, founder and CEO of SharpLink, in a statement. 

SharpLink Gaming shares are trading at $35 as of writing time, soaring 420% in the past day. The price of the Nasdaq-listed SBET rose as high as $53.45 earlier Tuesday.



SharpLink Gaming did not disclose how much Ethereum it aims to acquire. The firm did not immediately respond to Decrypt’s request for comment on the matter. 

Consensys told Decrypt that it cannot speak about the deal until it is finalized.

The marketing company’s corporate strategy overhaul comes as a growing number of companies have taken after Strategy’s cryptocurrency-centered playbook over the past few years. Medical device company Semler Scientific and Japanese investment firm Metaplanet began employing aggressive Bitcoin-based strategies in 2024, for example, with many other firms similarly following the Strategy model.

Meanwhile, Upexi and DeFi Development Corp. (formerly Janover) have raised millions of dollars for acquiring Solana for their respective corporate treasuries over the past few months, and Canadian firm Spirit is gunning to become the “Strategy of Dogecoin.”

The announcement comes after a recent surge in Ethereum’s price following months of declines, with ETH even falling as Bitcoin continued to push to new highs earlier this year. Ethereum has faced an identity crisis amid other concerns from developers and community members, with the Ethereum Foundation recently undergoing leadership changes as a result.

The layer-1 network’s token was trading at $2,700 as of writing time, up over 6% on the day and 50% over the past month—though it’s down 31% over the past 12 months.

Edited by Andrew Hayward

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May 27, 2025 0 comments
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GameFi Guides

Publicly Traded Semler Scientific Buys More Bitcoin as Law Firm Targets Company

by admin May 24, 2025



In brief

  • A law firm has opened up an investigation into Semler Scientific’s compliance with securities laws and other business practices.
  • Bragar Eagel & Squire urged Semler’s shareholders who have “suffered losses” to contact its lawyers.
  • Semler disclosed another $50 million Bitcoin buy this week, bringing its BTC stash to $466 million worth.

A U.S. law firm is considering potential legal claims against Nasdaq-listed healthcare technology firm Semler Scientific, on behalf of the Bitcoin-holding company’s shareholders—though it hasn’t stopped Semler from buying up BTC.

Bragar Eagel & Squire, P.C. on Thursday said it is looking into whether Semler Scientific violated federal securities laws or engaged in other unlawful business practices. In a statement, the law firm urged Semler’s shareholders to contact its lawyers in relation to the investigation.

The medical device company revealed in February that the U.S. Department of Justice might file a legal complaint against its business.

$SMLR acquires 455 #Bitcoins for $50 million and has generated BTC Yield of 25.8% YTD. Now holding 4,264 $BTC. Flywheel in motion. 🚀

— Eric Semler (@SemlerEric) May 23, 2025

The DOJ opened an initial civil investigation into Semler’s reimbursement claims, or requests to be reimbursed for certain business expenses related to its QuantaFlo device, in 2017. The federal agency also sent several follow-up requests to Semler in 2019, 2021, 2022, and 2023. And, more recently, the two parties tried and failed to settle the matter.

It isn’t immediately clear whether the potential upcoming Justice Department legal complaint would go beyond the breadth of the agency’s initial inquiry into Semler Scientific’s business practices.



Neither Semler Scientific nor Bragar Eagel & Squire immediately replied to Decrypt’s request for comment. 

Semler Scientific shares were trading at $44.20 on Friday, down 1.6% over the past 24 hours. Semler, which has pivoted its focus to become a Bitcoin treasury, has rallied following a rough patch for the company’s stock following the announcement of the DOJ investigation.

The company recently bought another $50 million worth of Bitcoin, as announced Friday, bringing its total holdings to 4,264 tokens, worth roughly $466 million based on current prices.

Bitcoin was recently trading at $108,915, down 2.5% over the past 24 hours but up 16% during the past month, according to CoinGecko data.

Edited by James Rubin

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May 24, 2025 0 comments
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