Vivek's $1.5B BTC Treasury

Another altcoin, another treasury company incoming. According to the Financial Times, the Avalanche Foundation, the non-profit group behind the Layer 1 blockchain, is in "advanced discussions" to establish two cryptocurrency treasury companies in the US. The first, led by Hivemind Capital, seeks up to $500 million via a Nasdaq-listed firm with crypto investor and former White House press secretary Anthony Scaramucci advising, while the second is a $500 million SPAC launched by Dragonfly Capital. Read more →

Following May’s announcement that Vivek’s Strive Asset Management would merge with publicly traded Asset Entities (ASST), the two companies have now announced a $750 million raise with the potential to raise another $750 million to “fund first wave of bitcoin accumulation.” If the full $1.5 billion is raised and invested in BTC, the company would be the 5th largest treasury company. ASST is now up more than 1,500% since the announcement. Read more →

In one of the more interesting live experiments in crypto right now, Hyperliquid – the worlds largest decentralized perp exchange – is planning to launch its own stablecoin, USDH, to reduce reliance on Circle’s USDC. With such high stakes (~$5 billion worth of USDC sits on the exchange currently), there’s a live bidding war to win the mandate to issue USDC, decided by validator votes. Paxos, Native Markets, Frax, Arthur Hayes’s Ethena and others are each making their pitches with different trade-offs. The winner, which will be unveiled this weekend, will ultimately have a seat inside the fastest-growing on-chain derivatives venue – potentially rerouting billions in stablecoin volume and directing more yield back to HYPE holders. Read more →

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