Les holdings crypto des entreprises publiques explosent à 160 milliards de dollars

Le grand plongeon des sociétés cotées dans la cryptosphère atteint des sommets vertigineux.

Portefeuilles numériques : comment les géants institutionnels misent (enfin) sur l'avenir.

160 milliards de dollars. C'est le jackpot que représentent désormais les actifs cryptos détenus par les entreprises publiques—un vote de confiance massif, ou peut-être juste une couverture désespérée contre l'inflation. Les CFOs, autrefois sceptiques, semblent maintenant prêts à tout pour ne pas rater le train de la décentralisation.

Wall Street peut bien ricaner, mais les bilans parlent d'eux-mêmes : la finance traditionnelle a un nouveau dada, qu'elle le veuille ou non. Et comme d'habitude, elle arrive à la fête avec 10 ans de retard—mais avec un chéquier assez gros pour faire trembler le marché.

mNAV and token-to-equity swaps offer whales strategic exit routes

The mNAV (multiple of Net Asset Value) is key to understanding these treasury operators. It is calculated by multiplying the NAV of the token by a multiple of currency, which is derived by dividing the enterprise value by the NAV of the token.

Although many of these treasury companies are trading above a premium mNAV, it’s not an automatic leveraged trade being put on, as speculative buying may force the price higher. The premium represents a market opinion on professional crypto management and institutional solidity, rather than simply asset backing.

Treasury firms further give large holders of tokens the opportunity for an elegant exit, even when that can avoid liquidity constraints of the traditional market. Instead of dumping directly on exchanges and potentially damaging the value, whales start moving their holding onto treasury vehicles in return for equity shares. They can then sell these equity positions on traditional financial markets, and enjoy better liquidity and stable pricing of their equity, while remaining “diversified treasury” rather than simply having dumped tokens.

This development tackles core liquidity problems in token markets while also inventing new ways to access and invest in the traditional financial world, combined with crypto markets. The durability of these valuations may hinge on thoughtful execution and the uncorrelated tailwinds from underlying crypto assets.

Strategy’s $2.5B STRC raise signals a new era of yield-bearing Bitcoin instruments

Strategy, one of Wall Street’s most prominent corporate holders of Bitcoin, has reinforced its position as a de facto bitcoin proxy with the launch of a landmark capital raise. The company closed a $2.5 billion offering on Tuesday, making it the largest crypto-linked equity raise of the year. The deal was executed through a newly created class of perpetual preferred stock called STRC, which pays a floating monthly dividend beginning at 9%.

According to the company’s statement, the proceeds from the STRC issuance were used to purchase 21,021 BTC at an average price of $117,256 per coin. This brings Strategy’s total Bitcoin holdings to an astounding 628,791 BTC, valued at over $74 billion at current market prices.

STRC is expected to debut on the Nasdaq on Wednesday. Once listed, it will become the first US exchange-listed perpetual preferred security issued by a Bitcoin treasury company that offers monthly dividend payments, the company said.

The STRC raise also marks Strategy’s largest capital raise to date, eclipsing its $800 million convertible note offering from June 2024. It follows the launch of STRF in March, which Strategy’s executive chairman, Michael Saylor, once described as the firm’s “crown jewel.” The STRF product was backed by a $2.1 billion at-the-market equity program.

However, unlike STRF—which was primarily targeted at institutional investors—the new STRC product is designed with retail income investors in mind. Its floating monthly payouts and lack of maturity make it appealing to those seeking stable yield exposure linked to Bitcoin, without the risk of spot market volatility.

“Yield products such as this offer exposure without direct spot market volatility,” Vincent Liu, chief investment officer at Kronos Research, said. “It represents meaningful progress in structured capital flows that deepen Bitcoin liquidity without pressuring the order book.”

The innovative structure of STRC underscores a broader trend among corporate Bitcoin holders who are seeking to monetize their btc reserves and attract new classes of investors.

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