#2 Bitcoin Treasury Companies<\/h2>\n
Parallel to the ETF torrent, a new cohort of listed companies is adopting Bitcoin as a primary treasury asset. Besides Strategy and Metaplanet, these companies bought billions of dollars in Bitcoin in recent weeks. Cantor Fitzgerald\u2019s $3.6 billion SPAC deal will take Twenty One Capital public with more than 42,000 BTC on its books, backed by Tether, Bitfinex and SoftBank. Strive Asset Management is merging with Asset Entities on Nasdaq to create what it calls the first publicly traded asset-manager-led Bitcoin treasury company, equipped with a live $1 billion shelf to keep buying coin.<\/p>\n
Battery-tech firm KULR Technology Group lifted its stack to 800 BTC this week after a fresh $9 million purchase. Elsewhere, India\u2019s Jetking Infotrain, Indonesia\u2019s DigiAsia Corp, Brazil\u2019s fintech M\u00e9liuz, France\u2019s state lender Bpifrance and David Bailey\u2019s Nakamoto Holdings, now merging with KindlyMD to build \u201cthe first decentralised Bitcoin treasury network,\u201d among others, all unveiled accumulation strategies within the past month. Collectively these firms represent billions of dollars in spot, largely price-insensitive demand.<\/p>\n
#3 The New Narrative: A Brewing Macro Storm<\/p>\n
The macro backdrop is pouring fuel on the fire. Japanese super-long government bonds\u2014once synonymous with near-zero yields\u2014have gone bid-less, sending the 30-year JGB yield to a record 3.14 %. The move tightens the feedback loop linking Tokyo and Washington: Japanese institutions have been among the largest foreign holders of US Treasuries, and analysts warn that disorderly JGB liquidations could force sales of US debt just as the Treasury must refinance roughly $8 trillion this year.<\/p>\n
With the WSJ Dollar Index down more than 10% from its January peak and CFTC data showing the biggest speculative short position since mid-2023, investors are casting around for alternatives to sovereign paper. Macro guru Raoul Pal said: \u201cBond yields are going up. Normally that\u2019s not a good thing\u2026 But inflation is falling all the time. The story is liquidity. There\u2019s a lack of liquidity in the bond market, and when yields get too high the government\u2019s reaction function is always and in every case to print more money.\u201d<\/p>\n
Global liquidity dynamics add to the case. Global M2\u2014aggregating the money stock in the US, euro-area, China and Japan\u2014bottomed late last year and has risen 3\u20134 % year-to-date, according to multiple trackers. Bitcoin price inflections typically lag global-M2 turns by about three months; the current rally arrived almost on schedule. As crypto analyst Kevin (@Kev_Capital_TA) observed on X, \u201cDollar goes down, global liquidity rises, BTC goes higher.\u201d<\/p>\n
![\"Bitcoin](\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2025\/05\/BTCUSDT_2025-05-22_08-36-28.png?resize=1024%2C453\")
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