Are We in Peak Crypto Treasury?
On Galaxy Digital’s Q2 earnings call on Tuesday, CEO Mike Novogratz in response to a question regarding new crypto treasury companies stated, “I think we've probably gone through peak treasury company issuance of new companies. What will be most interesting is which of the existing companies become monsters.” And while we may or may not be through the “peak,” yesterday/today’s news doesn’t look like it:
Bakkt (BKKT) has acquired a 30% stake in Japanese company Marusho Hotta, which will be renamed bitcoin•jp, to launch a BTC treasury strategy
Parataxis announced it will merge with a SPAC (SBXD) to form $640M BTC treasury company
Cosmos Health (COSM) raised $300M for an ETH treasury
SharpLink will sell additional $200M worth of stock to buy ETH
Private Assets in 401(k)s
Bitcoin prices lifted this morning after Bloomberg reported that President Trump was today signing an Executive Order that would open up 401(k)s to alternative assets. The order has been rumored for weeks and now it’s finally official. This is about the government getting out of the way and letting people make their own decisions. The previous Department of Labor effectively banned bitcoin from 401(k)s in March 2022, when BTC was trading around ~$40k, "protecting" us from its volatility. Read more →
Tornado Cash Developer Found Guilty on 1 Count
After four days of deliberation, the jury in US v. Roman Storm found the Tornado Cash co-founder guilty on one count of conspiracy to operate an unlicensed money transmitting business. The jury was unable to reach a unanimous decision on the two other counts: conspiracy to commit money laundering and conspiracy to violate the IEEPA. This is a developing story but The Rage is doing a great job covering it. Read more →
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