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Public Keys: Ethereum Treasuries Soar, Bitcoin ETFs’ $1 Billion Bleed, Crypto IPO Chatter

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In brief

  • Crypto stocks surged on Fed Chair Powell’s dovish Jackson Hole speech hinting at September rate cuts, with Ethereum treasury companies and Bitcoin miners leading gains of 8-15%.
  • Bitcoin ETFs bled $1 billion over five consecutive days while Ethereum ETFs rebounded with $288 million in net inflows on Thursday.
  • Blockchain lender Figure Technologies filed for an IPO, seeking to go public after processing over $16 billion in home loans on its Provenance blockchain.

Public Keys is a weekly roundup from Decrypt that tracks the key publicly traded crypto companies.

Wings of a Dove

Crypto stocks (and the rest of the crypto and stock market) are soaring thanks to a big boost from Federal Reserve Chair Jerome Powell’s dovish speech at the Jackson Hole Symposium on Friday morning.

Crypto and stocks tend to get a boost when the Fed lowers rates because it triggers a rotation of funds from treasury bonds and into risk-on assets.

During his remarks, Powell said the “shifting balance of risks may warrant adjusting our policy stance.” In other words, he opened the possibility for a rate cut when the Federal Open Markets Committee meets again in September.

Crypto exchange Coinbase’s shares gained about 6% and Bitcoin hoarding behemoth Strategy rose 5% on the day—a nice reversal from earlier in the week.

But it’s Bitcoin miners and Ethereum treasury companies that won the day. The two largest Ethereum treasuries—former Bitcoin miner BitMine Immersion and online gambling marketer SharpLink—  gained 12% and 15.6%, respectively.



Bitcoin mining rig manufacturer Canaan’s stock gained 12%, and Bitcoin miners Riot Platforms and Iris Energy picked up 7.7% and 9.3%, respectively.

Katalin Tishhauser, head of research at Sygnum Bank, noted that while crypto markets had a “swift and positive” reaction to the news, she flagged that the underpinning economic data still shows signs of trouble.

“Even if a September cut does not materialize, the market has proven resilient in digesting past disappointments while still setting new highs. Momentum may continue, albeit with higher volatility,” she told Decrypt. “Meanwhile, spiralling debt and rising inflation remain unresolved structural issues—factors that strengthen the case for safe-haven assets over the longer term.”

$1 Billion Bleed

Bitcoin ETFs just spent five days in the red and shed $1 billion—even as their Ethereum counterparts staged a turnaround. On Thursday, Ethereum funds stopped the bleed and pulled in $288 million worth of net deposits.

The dominance of Ethereum in the current market narrative is very much warranted, according to the latest note from M31 Capital.

The private equity and venture capital fund pointed out that infrastructure, DeFi, L1 and L2 networks, and Web3 companies were all in the green—and all came out ahead of Bitcoin.

But nothing short of another all-time high for BTC was going to top last week’s record-setting run to $124,128.

Figure on the runway

Just as Bullish makes its $1.15 billion debut, there’s a new crypto company ready to test its wings.

Blockchain lender Figure Technologies has filed  paperwork for an initial public offering.

Now, it’s important to make a distinction about what Figure does given the history of crypto lenders in the space: Figure uses its platform to enable lending outside the traditional scope of the crypto industry, such as real estate.

The company says that its the largest non-bank provider of home equity lines of credit in the U.S. and that its software has been used for more than $16 billion worth of home loans.

Illia Otychenko, the lead analyst at CEX.IO, told Decrypt earlier this week that the company “dominates the tokenized private credit space, with more than 70% market share and over $11 billion in active loans on its Provenance blockchain.”

Figure is co-founded by SoFi co-founder and former CEO Mike Cagney, who left the bank in 2017 amid sexual harassment allegations. The IPO would mark his return to leading a publicly traded company.

“The IPO is one step in a long process to bring blockchain to all aspects of capital markets,” he said in the company’s SEC filing. No word yet on share pricing, though.

Other Keys

Timber: Nasdaq has delisted drug developer Windtree Therapeutics, which announced last month that it would buy $700 million worth of Binance’s BNB token. The company said in an SEC filing that its shares stopped trading on the Nasdaq for failing to maintain the $1-per-share minimum bid price required by the exchange.

USA Made: Bitcoin miner Bitdeer confirmed it’s going to begin manufacturing mining rigs in the U.S. this year. That news came as two of its competitors—Iris Energy and CleanSpark—have been hit with letters from U.S. customs asking for millions in tariffs on Chinese-manufactured rigs purchased in 2024.

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NFT Gaming

Public Keys: Circle and Coinbase Get GENIUS Bump, Bitcoin Treasuries on Shaky Ground?

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In brief

  • Circle’s stock skyrocketed following the Senate’s GENIUS Act vote, with shares climbing from $156 to $248 and analysts predicting the stablecoin market could reach $2 trillion.
  • Bitcoin treasury companies like Semler Scientific are struggling with thin premiums over their BTC holdings, while newer entrants like Fold are raising capital for Bitcoin purchases.
  • Tron is pursuing a Nasdaq listing through reverse merger with SRM Entertainment, while Bitdeer’s stock fell after a $330M capital raise and FalconX explores IPO options.

Public Keys is a weekly roundup from Decrypt that tracks the key publicly traded crypto companies.

This week: Circle and Coinbase surge on stablecoin legislation movement, the Bitcoin treasury model raises concerns, and sources tell Decrypt that another crypto firm is eyeing an IPO this year.

Stroke of GENIUS

It makes sense that this week’s Senate vote in favor of the GENIUS Act was great for stablecoin issuers—but Circle has gone above and beyond.

The company’s CRCL shares, which trade on the New York Stock Exchange, opened at $156.36 on Tuesday—the day of the Senate’s historic vote. Since then, the stock has skyrocketed, hitting a new peak just shy of $249 on Friday and finishing the day above $240.

For those keeping track, that means the company’s share price peaked at eight times that of its $31 IPO. It’s been just over two weeks since CRCL started trading.

Circle has been helped along by the fact that Wall Street analysts can’t help but rate the company highly. Jeff Cantwell, a senior analyst at Seaport Research Partners, initiated coverage on CRCL today with a buy rating and $235 price target.

Circle made it to that target before the bell even rang, dipped, and then shot past it.

“Circle’s strategy is to build the largest, most widely used stablecoin network in the world… This strikes us as a ‘TAM/adoption’ story,” Cantwell wrote in a note shared with Decrypt. TAM is Wall Street shorthand for total addressable market. And Cantwell reckons most of his peers are underestimating just how big the stablecoin market will become.



“We think the overall stablecoin market cap will reach $500 billion by the end of next year; longer-term, we think it ultimately can reach $2 trillion,” he said. That would mean the $260 billion stablecoin market will double in the next six months.

Buckle up, kids.

For what it’s worth, Coinbase, which trades on the Nasdaq under the COIN ticker and co-founded USDC with Circle, has received its own GENIUS-inspired gains. Its stock rose about 30% this week and closed Friday above $308, up more than 4% on the day.

Not an exact science?

Michael Saylor, Strategy co-founder and chairman, famously quipped about Bitcoin, “There is no second best.” It’s even been turned into a song.

But it’s starting to look like Stategy’s Bitcoin treasury company blueprint is really difficult to follow—and that’s not for lack of Saylor & Co. trying to spread the gospel.

Earlier this week, Nasdaq-listed healthcare firm Semler Scientific appeared to be flashing warning signs to investors. On Tuesday, the company was valued at a razor-thin premium compared to its Bitcoin holdings. Its mNAV, or multiple-to-net asset value had fallen to 1.07.

mNAV is a rough measure of how much premium investors assign to its Bitcoin holdings.

Since Tuesday, Semler’s mNAV has improved slightly to 1.23, according to the company’s website.

That’s after the company said Friday morning that it wants to amass 105,000 Bitcoin by 2027. That pushed the stock to a closing price of $36.14, or 13% higher than its Wednesday close. But the company’s shares are still way below the $55.05 they were at the start of the year and half what they were in December, when shares were trading above $78.

Now financial services firm Fold is selling $250 million worth of shares in an effort to turn that cash into a BTC treasury. The company’s shares were trading for $4.57 when it made its announcement on Tuesday. By Friday afternoon, they had slipped to $4.50.

Funny enough, the Bitcoin treasury companies with the best unrealized gains are Tesla and Block, Inc.. The companies have an average cost basis of $33,539 and $30,405, respectively, which means their holdings have net unrealized gains that are more than three times what they paid.

Block has never sold any of its Bitcoin, but Tesla’s unrealized gains could have been even higher. Remember: The company sold 75% of its BTC in 2022, when BTC was trading around $24,000.

Other Keys

  • Tron goes public the Trump way—maybe: Justin Sun is taking Tron public by way of a reverse merger with Nasdaq-listed SRM Entertainment. The company has ties to Eric Trump. Or at least it seemed that way, until the President’s son denied “public involvement”—though he’s on the advisory board of Domnari Securities, which is brokering the deal. The deal values the combined firm at $210 million and includes a $100 million token purchase from SRM.
  • Bitdeer in headlights: Bitcoin miner Bitdeer’s share price plummeted after upsizing its most recent capital raise to $330 million. The raise was not to buy Bitcoin, but rather to pay $129.6 million in zero-strike call options, $36.1 million to pay cash considerations, and the rest for data center expansion. The sale is expected to close Monday, so we’ll know soon how many investors took them up on the offering. BTDR finished the week down 12%.
  • FalconX wants to FlyPO. Crypto prime broker FalconX is in early talks for an IPO. Sources familiar with the discussions told Decrypt reporter Liz Napolitano that the company has already spoken to investment bankers and other experts about the public listing process, but hasn’t actually hired an investment bank just yet.

Edited by James Rubin

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Bitcoin eyes multi-year breakout, ETF inflows hit $1.3b
Crypto Trends

Companies continue to spawn Bitcoin treasuries: Here’s why

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For several years, Strategy (formerly MicroStrategy) was the sole public company whose modus operandi was buying millions of dollars worth of Bitcoin with borrowed capital. These days, several other companies are trying to follow in Strategy’s footsteps.

As more companies go all-in on stacking Bitcoin, critics are raising concerns about the growing centralization of crypto treasuries. Currently, just 216 entities—101 of which are public companies—hold nearly 31% of the circulating BTC supply, with corporate treasuries alone accounting for approximately 765,300 bitcoins, or 3.7% of total supply (excluding lost coins).

This trend shows no sign of slowing, with existing firms continuing to accumulate and new players entering the space. This prompts debate over the benefits and risks of corporate Bitcoin ownership.

The trend is in full swing

A wave of high-profile crypto treasury launches is underway, led by figures like Jack Mallers with 21 Capital, David Bailey with Nakamoto, and most recently Anthony Pompliano with ProCapBTC, which is reportedly raising $750 million in equity and convertible debt to accumulate Bitcoin.

Each new treasury announcement is met with bullish fanfare on Crypto Twitter, where influencers routinely frame the news as a catalyst for BTC price appreciation. Yet with such announcements now occurring almost daily, their actual impact is increasingly unclear.

The familiar refrain of “this is not priced in” has become a cliché, while comment sections often reflect confusion over why Bitcoin’s price continues to fall despite seemingly bullish developments.

Do Bitcoin treasuries pump BTC’s price?

According to the Gemini research, the growing adoption among sovereign and regulated financial institutions led to decreased volatility in all time frames after 2018.

The launch of Bitcoin ETFs in 2024 made the trend even stronger. Despite the stabilization of the Bitcoin price, it doesn’t stop gaining value. The main difference is that now the price rises steadily without the frequent high-amplitude fluctuations it had in the past.

According to Unchained, Bitcoin’s price is stuck between $100,000 and $110,000, and it will take a long time for it to exceed the $130,000 mark. People don’t pay attention to many things while reading bombastic announcements. One is a lack of retail interest, as the public tends to pay attention to Bitcoin when it hits an all-time high or at similar periods.

Another reason for slower price movement is that Bitcoin treasuries not only buy BTC but dump it, too, as they need cash to repurchase shares. Additionally, the announcements usually display the full amount of the deal (i.e., “Pompliano to raise $750 million to invest in Bitcoin treasury”), whereas, in reality, these amounts are raised slowly; it may take several months to complete the deals.

So it comes that the purchases made by Bitcoin treasuries are not what they may seem to be.

Finally, the relentless accumulation of Bitcoin is pulling coins away from circulation, making a notable part of the supply dormant and somewhat purposeless for years. Bitcoin treasuries need this crypto to attract more investors and clients.

However, it drives Bitcoin away from its initial role as an alternative electronic cash, and some in the crypto community raise critical voices directed at Bitcoin treasuries.

This mass accumulation of Bitcoin by corporates & ETFs is getting very close to Satoshi’s original vision of us never having to actually use the Bitcoin network.

— Nic (@nicrypto) June 12, 2025

The ‘not your keys, not your coins’ attitude is alive and well

Many Bitcoin enthusiasts prefer actually to own their bitcoins and don’t outsource all the hassle to corporations. Maximalists remind us that any entity does not control Bitcoin, and it is free to purchase, so there is no need for a company to buy and maintain Bitcoin on your behalf. 

Some criticize Bitcoin treasuries for not representing the spirit of Bitcoin, while others emphasize the troubled past of Bitcoin treasury frontmen.

For instance, MicroStrategy had a questionable episode during the dot-com bubble era, whereas the company restated its profits, resulting in losses for the investors. The SEC accused the company of fraud.

At the time, Saylor spoke about his plans to donate $100 million to the Internet university that will provide “free education for everyone on earth, forever.”

This kind of evangelism may sound familiar to those who follow Saylor’s modern-day speeches, while he is more grounded when dealing with Bitcoin.

What Magoo really means, is that bitcoin treasury companies need a professional Orange Washer

An influencer already trusted by the plebs, who can toe the line between LARP’ing as a maxi, and shilling his stock as being superior to real BTC

Aka, the used car salesman type https://t.co/nb9VuLJ66w

— Pledditor (@Pledditor) June 11, 2025

For some, Pompliano is an ambiguous candidate for helming the new mighty Bitcoin treasury. While Pompliano is a well-known and recognizable Bitcoin advocate, some remember his involvement in promoting fraudster crypto exchange FTX and its associated platform, BlockFi.

Collapses of these platforms were painful not only for its users but also impacted the entire crypto sector, crashing the market and infusing cryptocurrency distrust among the community outsiders and, more importantly, regulators.

So true. For example, I lost most of my savings after listening to your podcast and putting it into BlockFi. Completely changed my life!

— GSx (@Wade24T) November 28, 2022

Some Bitcoin owners watch the performance of the treasury company’s stocks or ETFs and sell their bitcoins to buy these assets, hoping for quicker gains.

Adam Back, a Blockstream CEO and the only person whose work is referenced in the Bitcoin whitepaper urged his followers not to sell their bitcoins to buy ETFs or similar assets as they won’t be able to buy them back.

some are selling their btc to ETFs and pubCos. dudes: HODL. you won’t be able to buy them back before long. but also other users are buying, this is the way.

— Adam Back (@adam3us) June 12, 2025

Then, what’s good in Bitcoin treasuries?

The same person urging us not to sell bitcoins, Adam Back, explained that Bitcoin treasuries “are bringing forward the Bitcoin adoption curve.”

$MSTR & $BTC Treasuries by @adam3us:
“They are basically an arbitrage between the fiat current [system] and the hyper-bitcoinezed future. And if you can buy #Bitcoin today and pay for it in 5 years or convert into equity you are bringing forward the Bitcoin adoption curve..” pic.twitter.com/UAF4bmCZUC

— Marco ₿attistoni (@Battistoshi93) June 2, 2025

Back pointed out that most people don’t have money and opportunities to acquire Bitcoin. In contrast, public companies have these opportunities to raise capital by selling their shares or vice versa.

These companies don’t need free money to invest in Bitcoin as they can buy Bitcoin in advance and pay for it years later. “They are basically an arbitrage between the fiat [monetary system] and the hyper-bitcoinized future.”

A more mainstream explanation is that shares and ETFs are easier to deal with for institutional investors than Bitcoin.

So they don’t have to worry about the Bitcoin legal status and lack of the company around it. Instead, they can deal with a public company that offers some guarantees and is traded just like other public companies while exposing clients to the Bitcoin price appreciation.

Generally speaking, these treasuries are helping TradFi traders and investors to benefit from Bitcoin’s long-term price appreciation without having to deal with Bitcoin. 





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NFT Gaming

XRP Ledger Adds BlackRock-Backed Treasuries In Ripple Deal

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Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

The XRP Ledger (XRPL) moved from theory to production-grade finance today as Ondo Finance switched on its tokenized US Treasury fund, Ondo Short-Term US Government Treasuries (OUSG), directly on the network. The launch lets Qualified Purchasers mint or redeem OUSG around the clock by settling with Ripple’s enterprise-grade stablecoin RLUSD, effectively marrying BlackRock-custodied Treasury bills to a 24/7 public chain and its native decentralized exchange.

OUSG is no boutique proof-of-concept. The fund already commands more than $670 million in total value locked and sits alongside BlackRock’s own BUIDL and Franklin Templeton’s FOBXX at the top of the rapidly expanding tokenized-Treasury league table. Ondo’s broader real-world-asset (RWA) platform manages roughly $1.3 billion, but this is its first deployment on a non-EVM chain—an endorsement of XRPL’s purpose-built tokenization rails.

How It Works On XRP Ledger

Institutional investors create or redeem OUSG in a single transaction by delivering or receiving RLUSD, Ripple’s dollar-pegged stablecoin that settles natively on XRPL. Because RLUSD itself moves in finality within three to five seconds, OUSG subscriptions bypass legacy cutoff times and traditional bank wires. Ripple and Ondo have committed liquidity to market-make both legs—RLUSD ↔ USD off-chain and RLUSD ↔ OUSG on-chain—so investors can scale in or out without slipping on spreads.

The entire flow remains permissioned at the edges and permissionless in the core. Qualified Purchasers authenticate through Ondo’s compliance portal (leveraging Decentralized Identifiers and verifiable credentials), receive an allow-list flag on-chain, and then interact with the built-in DEX like any other asset pair. Settlement remains atomic: OUSG units burn or mint the moment RLUSD transfers, eliminating the daylight-risk gap that plagues traditional T-plus settlement cycles.

XRPL’s deterministic order book, low fees, and native token-issuance primitives spare issuers the need to bolt on smart-contract wrappers for basic custody logic. Forthcoming Multi-Purpose Tokens (MPTs) will allow OUSG to embed cash-flow rights and compliance fences at the protocol level, while the planned lending protocol will let desks rehypothecate OUSG as repo collateral without bridging to another chain. Permissioned Domains will give asset managers namespace-level control over who trades within walled gardens—a prerequisite for regulated liquidity pools.

For treasury teams juggling intraday cash buffers, tokenized bills on XRPL unlock immediate redeployment of idle dollars. A fund manager who redeems OUSG at 21:00 ET on a Friday receives RLUSD within seconds and can cycle into overnight reverse-repo, stablecoin liquidity farming, or FX settlement in Asia before traditional markets even open. Conversely, corporates that sweep surplus RLUSD into OUSG every evening now capture US Treasury yield without operational drag.

Markus Infanger, SVP of RippleX, framed the launch as a watershed: “Ondo’s OUSG going live on the XRPL demonstrates that tokenized finance is no longer theoretical—it’s maturing in real markets. Institutions can now access high-quality assets like US Treasuries on public blockchains, with the compliance and efficiency they need. This represents progress in bringing trusted financial assets into a 24/7 market—enabling greater liquidity, operational efficiency, and faster access to capital.”

What Comes Next

Ripple and Boston Consulting Group’s joint report projects that tokenization will convert $19 trillion of real-world assets into programmable instruments by 2033. Treasuries have emerged as the beachhead: they are low-risk, deeply liquid, and already digitized in the Federal Reserve’s master ledger, making them ideal for the first wave of on-chain replication. Total tokenized-Treasury value has surged past $7 billion this year, more than doubling since January, and is on track to eclipse the entire stablecoin float of 2017 by year-end.

OUSG’s migration to XRPL could accelerate that trend. BlackRock’s BUIDL fund—the underlying asset pool into which OUSG deposits—distributes interest daily and permits same-day stablecoin redemptions, giving on-chain holders a money-market-fund experience without bank-hour limitations. By anchoring that mechanism in XRPL’s always-on settlement layer, Ripple and Ondo have effectively created a composable Treasury bill that “plugs and plays” with any XRPL-native application.

The immediate roadmap is functional rather than speculative: open a secondary RLUSD-OUSG order book on XRPL’s DEX, integrate OUSG as collateral in XRPL-based lending markets once live, and extend mint-and-burn access to additional Qualified Purchaser jurisdictions as regulators sign off on the identity stack. Longer term, Ripple plans to use RLUSD as the hub currency for other RWAs—starting with commercial paper and municipal notes—turning XRPL into a full-spectrum capital-markets substrate.

At press time, XRP traded at $2.32.

XRP reclaims the 0.382 Fib, 1-day chart | Source: XRPUSDT on TradingView.com

Featured image created with DALL.E, chart from TradingView.com

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.



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Staking in crypto: The gateway or the trap?
NFT Gaming

Corporate crypto treasuries are surging despite mixed macro signals: report

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Corporate interest in digital assets is gaining momentum, with public companies increasingly allocating Bitcoin and Ethereum to their balance sheets, according to Binance Research’s latest weekly report.

Binance reported that more than 117 listed companies now hold over 800,000 BTC collectively, including recent adopters like Trump Media & Technology Group, which launched a $2.5 billion BTC strategy backed by 50 institutional investors. 

The report also noted Ethereum’s (ETH) growing presence in corporate treasuries, with SharpLink unveiling a $425 million ETH initiative advised by Consensys co-founder Joseph Lubin.

Mixed market sentiment 

Despite this institutional momentum, market sentiment remained mixed. Bitcoin (BTC) gave back recent gains, falling 5% over the week as profit-taking and broader asset rotation pressured prices. 

Ethereum declined 1%, while altcoins also retraced earlier gains. Binance attributed this to capital rotation and cautious sentiment amid persistent macro uncertainty.

Short-term sentiment received a lift from stronger U.S. consumer confidence and a series of trade truce announcements. However, longer-term outlooks are clouded by rising U.S. bond yields, a weaker-than-expected Q1 GDP contraction of 0.2%, and a newly passed U.S. tax bill projected to add $4 trillion to national debt over the next decade.

Binance highlighted that spot Bitcoin ETFs recorded ten straight days of inflows before reversing on May 29, suggesting underlying demand but a fragile investor outlook. 

Additionally, the correlation between Bitcoin and U.S. equities, particularly tech stocks, remains elevated. Meanwhile, gold ETFs saw continued outflows, marking a shift in risk preferences.

A cautious fed

Federal Reserve minutes released this week reinforced a cautious stance, with officials warning of “difficult trade-offs” if inflation were to reaccelerate. 

Expectations for interest rate cuts have been revised downward, with fewer than two cuts now priced in for 2025, down from four cuts priced in earlier this month.

Looking ahead, investors will be watching key U.S. data releases, including April’s PCE inflation and Powell’s remarks on June 2, as well as the European Central Bank’s decision on June 5. 

For the crypto sector, Bitcoin Seoul 2025 kicks off June 4, potentially offering further signals on institutional engagement and long-term adoption.

Binance concluded that while corporate adoption of digital assets is accelerating, structural risks remain, particularly for newer firms with limited risk controls and overexposure to crypto-linked valuations.



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