Block 1: Essential news
Standard Chartered becomes first major bank to offer spot trading in Bitcoin and Ether
British bank Standard Chartered is launching a spot trading service for bitcoin (BTC) and ether (ETH) for its institutional clients. Accessible via its London subsidiary, this crypto desk is a first for a global systemic bank. The launch comes as UK regulation of crypto assets takes shape, with a bill expected in late 2025. Standard Chartered hopes to capture growing demand by offering secure and compliant access to digital assets in a market where bitcoin is trading at around $119,000.
United States: Banks authorized to hold cryptocurrencies for their customers
The Federal Reserve, the FDIC, and the OCC have published an official framework allowing banks to offer cryptocurrency custody services. This development marks a major regulatory shift: institutions will be able to hold customers' private keys directly, subject to strict security, compliance, and risk management requirements. This regulatory green light comes as institutional adoption of Bitcoin accelerates. But caution is advised: despite this opening, experts point out that holding cryptocurrencies with a bank exposes them to the traditional risks associated with depositories, such as hacking, bankruptcy, and asset freezing.
A mysterious wallet from 2011 moves $2bn in Bitcoin
As Bitcoin continues to break records, old whales are resurfacing. On Tuesday, an address that had been dormant since 2011 transferred 18,643 BTC — worth more than $2 billion — to Galaxy Digital, according to Arkham Intelligence. This wallet was part of a group that had already moved $8.6bn in early July. Nicknamed "OG Whale," this address may belong to a former miner who was active when BTC was worth less than $30. If this is indeed a cash out after 15 years of waiting, it is a colossal return on investment.
"Crypto Week" in the United States: three major laws under debate in Washington
US crypto policy is entering a key phase. This week, Congress is considering three major bills: the GENIUS Act, which formalizes the issuance of private stablecoins; the Clarity Act, which redefines the role of the SEC vis-à-vis the CFTC in regulating cryptocurrencies deemed "mature"; and the Anti-CBDC Surveillance State Act, which aims to block any creation of digital currency by the Federal Reserve. An article that explores the subject in greater depth: Three bills that could change everything in the US
Block 2: Cryptic Analysis of the week
Q2 2025 marks a turning point in the institutional adoption of bitcoin. Companies acquired 159,107 BTC in three months — an all-time high — bringing their holdings to 847,000 BTC, or 4% of the total supply. At current prices, this represents $91bn, boosted by bitcoin's surge above $107,000 at the end of June... before heading toward a new ATH of $112,000.
Bitwise
This boom in corporate appetite (+23% quarter-on-quarter) is no longer limited to crypto giants. Forty-six new companies have entered the Bitcoin space, bringing the total to 125 listed companies, a jump of +58% in three months.
BitcoinTreasuries
Strategy (formerly MicroStrategy) still in the lead
With 597,325 BTC, Michael Saylor continues his bullish marathon. Thanks to convertible debt issues and stock market fundraising, Strategy is multiplying its purchases... and its performance: +52% for its stock since January, far ahead of the S&P 500's +6.1 %. MARA Holdings remains the leading corporate miner. With 49,940 BTC and a share price up 11.8% this year, MARA confirms its status as the leader among listed miners.
MarketScreener
New entrants causing a stir
- Twenty One: raised $685 million, of which $450 million has already been invested in BTC.
- Metaplanet: the Tokyo gem, now traded more than Toyota or Sony, holds 13,350 BTC.
- GameStop: the former meme trading star buys 4,710 BTC for its first move into crypto.
- Trump Media: seeking $2.5 billion to beef up its bitcoin holdings.
London also wants a piece of the pie. The London BTC Company, formerly Vinanz, raised $2 million this week for its bitcoin purchases, despite a sluggish share price (-35% YTD). Proof that the bitcoin strategy remains a risky but attractive bet.
What about France? I invite you to read this article, which analyzes the strategy of The Blockchain Group: Blockchain Group, Entreparticuliers, TME Pharma... to each their own crypto company
The hidden risk behind the corporate bitcoin frenzy: the threat of a liquidation spiral
While betting on Bitcoin boosts balance sheets and drives up share prices, it also hides a major risk: volatility. When the price of Bitcoin plummets, some companies see their share prices fall dangerously close to the net asset value (NAV) of their BTC reserves—or even below it.
The problem? The disappearance of the mNAV (Multiple of Net Asset Value) premium can shake investor confidence. mNAV measures the difference between a company's market value and the real value of its bitcoin reserves.
In other words, mNAV is a bit like the "confidence premium" that the market gives a company over the actual value of its bitcoins. If a company holds $1 billion worth of bitcoins but its market value is $2 billion, that means the market is willing to pay twice as much as the value of its bitcoins alone.
Why? Because investors believe that this company will manage its bitcoins well, buy more, or that it has a model that justifies paying more. When mNAV is high, the company can easily raise funds, sell shares, and continue to buy bitcoins. It therefore has a real "competitive advantage" in the market. When the mNAV falls to 1 (or below), the market believes that the company is not worth more than its stack of bitcoins. No one wants to invest anymore, the company can no longer finance itself... and if it has to sell its bitcoins to survive, it fuels the market's decline.
Example with Strategy
Since 2020, Strategy has locked its strategy around three financing levers:
- Convertible debt: issuing low-coupon bonds that are convertible only if the share price rises by 30% to 50%. The result: massive borrowing with little dilution... unless performance follows.
- At-the-market share issues: selling shares when the share price exceeds the mNAV to buy more BTC, in corporate DCA mode.
- Reinvestment of operating cash flow: every dollar of cash generated by the core business is reinvested in direct purchases of Bitcoin.
Result:
- 580,250 BTC held (≈ $60bn)
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Market capitalization: $104bn
- mNAV = 1.7 ( i.e., the market values Strategy 1.7x its bitcoin reserves)
This premium varies depending on the size, history, or diversification of the company. But for Strategy, the historical standard is around 2x the net asset value.
BREED
Some new entrants are drawing inspiration from Strategy's model, but with their own variations. Rather than simply copying the method, they are adapting it by multiplying innovative approaches: exchanging bitcoins for shares to avoid triggering capital gains tax, buying back listed companies for less than their cash value to convert their latent value into Bitcoin, acquiring legal claims related to BTC, raising funds through PIPE (Private Investment in Public Equity) transactions, or taking advantage of regulatory loopholes.
This is a much more aggressive accumulation strategy, designed to maximize leverage on the balance sheet... without ever losing sight of the ultimate goal: increasing the stock of bitcoins held per share.
In short, as long as the market overpays for exposure to Bitcoin (because it believes in the model), everything is fine. But if the market calls time, the fall could be brutal.
The worst-case scenario: The downward spiral of mNAV
In this scenario, it all starts with a drop in the price of Bitcoin. When the price plummets, the famous net asset value premium (mNAV) — the difference between a company's market capitalization and the value of its Bitcoin reserves — melts like snow in the sun. The punishment is immediate: access to financing becomes more difficult, investors dry up, and creditors slowly turn off the tap.
Short of cash, these companies can no longer strengthen their positions or refinance their debt. The trap is closing: when loans come due or margin calls are made, they are forced to liquidate their bitcoins... which fuels the decline in prices and increases pressure on the entire sector. It's a vicious cycle in which each forced sale precipitates the next, leading to a string of bankruptcies.
Only companies capable of maintaining a high mNAV premium—in other words, those that manage to steadily grow their stock of bitcoins per share—will be able to survive this devastating spiral. The others risk takeover or bankruptcy, at the cost of a new wave of consolidation in the ecosystem.
In this game, Strategy remains one step ahead. Its model capitalizes on market confidence, its management track record, and its ability to grow without burning through capital. For new entrants, copying will not be enough. They will need to innovate — through their model, financial structure, or growth strategy — to justify a high multiple on the value of their bitcoins.
But the context is changing. The explosion of Bitcoin ETFs and the arrival of pension funds on the market are reshuffling the deck. Traditional finance now offers direct means of exposure to BTC, from spot ETFs to institutional custody services. As a result, the value proposition of "Bitcoin proxy" companies could lose its appeal. And if demand for these stocks declines, their mNAV premium will contract, weighing on their valuations. The real question is which companies will be able to weather the storm without having to sell their bitcoins under duress. Those that are overly indebted or have poor governance are at risk of collapse.
Cryptocurrency rankings
(Click to enlarge)
Block 3: Readings of the week
Genius Act: this new US law on cryptocurrencies could pave the way for the next global financial crisis (The Conversation)
The US must take inspiration from Bitcoin miners to win the "AI war" (CoinDesk)
