# Сопутствующие статьи по теме Treasury

Новостной центр HTX предлагает последние статьи и углубленный анализ по "Treasury", охватывающие рыночные тренды, новости проектов, развитие технологий и политику регулирования в криптоиндустрии.

Uniswap fee switch to go live as community vote set to pass

The highly-anticipated Uniswap "UNIfication" governance proposal is set to pass, having received over 62 million favorable votes, far exceeding the required 40 million threshold. The proposal will activate the protocol fee switch, leading to the burning of 100 million UNI tokens from the Uniswap Foundation’s treasury. It also introduces a Protocol Fee Discount Auctions system to boost liquidity provider returns. These changes aim to improve UNI’s supply-demand dynamics and long-term value. Since voting began, UNI’s price has risen around 25%, trading at $6.08. The proposal received strong support from major crypto figures, with minimal opposition. The Uniswap Foundation assured that protocol development remains a priority and will create a Growth Budget using 20 million UNI tokens.

cointelegraph12/22 00:35

Uniswap fee switch to go live as community vote set to pass

cointelegraph12/22 00:35

What BitMine’s 4M ETH holdings mean for its stock valuation

Key takeaways: Large market participants are reducing crypto exposure, macro tightening weighs on risk appetite, and buyer demand is weakening. BitMine Immersion Technologies (BMNR) holds ~4M ETH, 193 BTC, an equity stake, and $1B cash, totaling ~$13.2B. With a market cap of ~$13B, its valuation is tightly linked to ETH's price due to the massive holding. However, dilution from financing activities (36M+ shares and warrants issued) means growing ETH doesn't automatically increase value per share. BMNR acts as a public proxy for ETH exposure but is also affected by dilution, liabilities, and corporate risks, making it an amplified yet distorted reflection of ETH's price.

cointelegraph12/20 15:58

What BitMine’s 4M ETH holdings mean for its stock valuation

cointelegraph12/20 15:58

Crypto Biz: Bank stablecoins get a rulebook; Bitcoin gets a land grab

Washington is advancing regulatory clarity for bank-issued stablecoins, with the FDIC proposing a framework under the GENIUS Act. This outlines how insured banks can seek approval to issue payment stablecoins via subsidiaries, subject to public consultation. Meanwhile, corporate Bitcoin accumulation continues, as American Bitcoin surpasses ProCap, now holding over 5,000 BTC. Anchorage Digital expands its institutional services by acquiring Securitize’s advisory platform. Bhutan, a major national Bitcoin holder, plans to use part of its 11,000 BTC reserves to fund the Gelephu Mindfulness City project, balancing economic development with long-term capital preservation.

cointelegraph12/19 21:05

Crypto Biz: Bank stablecoins get a rulebook; Bitcoin gets a land grab

cointelegraph12/19 21:05

Arthur Hayes argues new Fed liquidity tool “RMP” masks renewed money printing

Arthur Hayes, former BitMEX CEO, argues the Federal Reserve's new "Reserve Management Purchases" (RMP) program is effectively a disguised form of quantitative easing (QE). He claims that by purchasing short-term Treasury bills and managing liquidity, the Fed is financing government spending while avoiding the political stigma of QE. Hayes warns this is highly inflationary and erodes the purchasing power of ordinary citizens, while benefiting holders of scarce assets like Bitcoin, gold, and silver. The article notes the Fed recently cut rates and announced $40 billion in short-term Treasury purchases, which Chair Jerome Powell framed as a technical adjustment. However, analysts suggest mixed signals may dampen a sustained Bitcoin rally. Polymarket data indicates a high probability of no further rate cuts in January.

cointelegraph12/19 19:07

Arthur Hayes argues new Fed liquidity tool “RMP” masks renewed money printing

cointelegraph12/19 19:07

Metaplanet to debut US trading with Deutsche Bank under MPJPY

Japanese Bitcoin treasury company Metaplanet will begin trading its American Depositary Receipts (ADRs) in the U.S. under the ticker MPJPY on the OTC market. The program, facilitated by Deutsche Bank and MUFG Bank, aims to provide U.S. investors easier access to its equity and is not intended to raise capital. This launch follows the company's existing OTCQX listing (MTPLF). The announcement comes as Metaplanet, which holds 30,823 BTC, has not purchased any Bitcoin since September 2025. Its market value to Bitcoin NAV ratio has since recovered to 1.12.

cointelegraph12/19 09:45

Metaplanet to debut US trading with Deutsche Bank under MPJPY

cointelegraph12/19 09:45

Tom Lee's Dubai Speech: Many Are Ready to Give Up, Why I Still Persist

In his keynote speech at the 2025 Binance Blockchain Week in Dubai, Tom Lee, Co-founder of Fundstrat and Chairman of BitMine, argued that the crypto supercycle remains robust despite recent market pessimism. He emphasized that tokenization is the core theme of 2025 and highlighted Ethereum’s critical role as the foundational infrastructure for the future global financial system. Lee believes both Bitcoin and Ethereum have bottomed in price and predicts that Bitcoin’s traditional four-year cycle may be broken, potentially reaching $250,000 in the coming months. He also sees significant upside for Ethereum—with targets between $12,000 and $62,000—driven by institutional adoption and its utility in tokenizing real-world assets. Lee discussed the strategic importance of Digital Asset Treasury (DAT) companies like MicroStrategy and BitMine, which bridge traditional finance and DeFi. BitMine, now the largest institutional holder of Ethereum, leverages staking yields and aims to capture 5% of the Ethereum network. Lee concluded that tokenization, combined with prediction markets, will unlock unprecedented value and redefine financial markets.

marsbit12/19 03:06

Tom Lee's Dubai Speech: Many Are Ready to Give Up, Why I Still Persist

marsbit12/19 03:06

The First Wave of Bitcoin Treasury Companies Is Beginning to Collapse

The first wave of Bitcoin treasury companies is facing a severe shakeout, as seen with KindlyMD (NAKA) receiving a Nasdaq compliance notice for its stock trading below $1. This signals a broader sector-wide crisis where investors are scrutinizing these firms' fundamentals—cash flow, financing capabilities, and resilience during market downturns—rather than just their Bitcoin holdings. Imitators of the Strategy (MSTR) model are under pressure, with stocks like American Bitcoin (ABTC) and ProCap Financial (BRR) falling over 68% and 70% in a month, respectively. Even Ethereum-focused firms like Bitmine Immersion Technologies (BMNR) are underperforming their underlying assets. Key differentiators are now the scale of Bitcoin holdings and the mNAV (market cap to net asset value) ratio. MSTR, with 671,268 BTC, trades at an mNAV of ~0.8x, while smaller firms like NAKA (~0.35x mNAV) trade at discounts, and ABTC (~3.5x mNAV) faces volatile premiums. The market shift is from "how much Bitcoin can you buy" to "can you avoid selling during volatility." Notably, about 65 of 100 tracked Bitcoin treasury companies bought at prices above current levels, resulting in unrealized losses. At least five firms have already offloaded 1,883 BTC during the recent sell-off. Industry analysts like Matt Zhang of Hivemind Capital view this as a Darwinian cleansing, where only companies with stable operational cash flows and robust capital structures will survive without relying on continuous financing. The era of narrative-driven premiums is over; the focus is now on sustainability and risk management in a volatile market.

marsbit12/19 02:07

The First Wave of Bitcoin Treasury Companies Is Beginning to Collapse

marsbit12/19 02:07

Crypto Treasury Firms Face $15B Selling Pressure From MSCI Decision

Analysts estimate that passive funds could pull between $10 billion and $15 billion from companies holding significant crypto assets if MSCI proceeds with a proposed rule change. The index provider is reviewing a policy to exclude firms holding over 50% of their assets in digital currencies from its benchmarks, a decision expected by January 2026. If enacted, index-tracking funds would be forced to sell shares of affected companies. JPMorgan analysis singles out MicroStrategy as the most impacted, potentially facing $2.8 billion in outflows. Beyond stock sales, there is a risk the companies themselves might liquidate crypto holdings, adding direct selling pressure to both equity and crypto markets. Industry groups are pushing back against the proposal, arguing for an operations-based classification instead.

bitcoinist12/19 01:03

Crypto Treasury Firms Face $15B Selling Pressure From MSCI Decision

bitcoinist12/19 01:03

DAT longevity hinges on avoiding ‘mNAV roller coaster’: Solmate CEO

Digitalsummary": "Solmate CEO Marco Santori argues that the longevity of digital asset treasury (DAT) companies depends on avoiding the volatility of the 'mNAV roller coaster.' While pure-play DATs rely on maintaining a high market-cap-to-net-asset-value (mNAV) ratio to grow, their survival is threatened when interest in their underlying token wanes and mNAV drops. Santori advocates for a diversified business model instead of a pure treasury play. Solmate's strategy focuses on providing bare-metal validator services and infrastructure for high-performance computing on Solana, catering to clients like hedge funds that require low-latency access. This generates cash flow, which is reinvested into buying more SOL, creating a sustainable 'infrastructure flywheel' rather than being solely dependent on token price appreciation."}

cointelegraph12/18 13:36

DAT longevity hinges on avoiding ‘mNAV roller coaster’: Solmate CEO

cointelegraph12/18 13:36

RWA Weekly Report｜On-Chain Total Value Rises Again; U.S. SEC Issues Crypto Asset Custody Guidance (12.10-12.17)

RWA Weekly Report: On-Chain Value Rebounds; SEC Issues Crypto Custody Guidance (Dec 10–17) The total distributed asset value (DAV) of real-world assets (RWA) on-chain rose to $18.74 billion, up 1.63% from the previous week, ending a period of stagnation. The represented asset value (RAV) increased 4.92% to $410.38 billion, marking the largest weekly gain in two months. The number of asset holders grew by over 14,000 to 575,752. Stablecoin market cap slightly declined to $300.18 billion, but user numbers increased by 1.42% to 210.72 million. U.S. Treasuries remained the largest asset class but decreased marginally to $8.7 billion. Commodity assets grew to $3.2 billion, while private credit saw a modest rise to $2.4 billion. Public equities and non-U.S. government debt also increased, whereas private equity slightly declined. Key developments include the U.S. Congress urging the SEC to allow cryptocurrencies in 401(k) plans, the SEC releasing crypto custody guidance emphasizing wallet risks, and approving DTCC to custody tokenized stocks and RWAs on blockchain. Nasdaq proposed extending trading hours to 23 hours daily to align with crypto markets. Visa began USDC settlement via Solana for U.S. banks. Ondo Finance announced plans to launch tokenized stocks and ETFs on Solana in early 2026 after the SEC closed its investigation without charges. MSX (STONKS) reported a record $2 billion in daily trading volume and is preparing for potential official tokenized stock adoption following Nasdaq’s SEC application.

Odaily星球日报12/17 11:15

RWA Weekly Report｜On-Chain Total Value Rises Again; U.S. SEC Issues Crypto Asset Custody Guidance (12.10-12.17)