Digital Asset Treasuries
Expertise
Liam 'Akiba' Wright Recent Articles
Analysis
The UK now ranks 3rd in global Bitcoin adoption, but court rules mean it can’t keep its 60,000 BTC as a reserve
JAN3's 2025 B20 combines policy advances with enforcement custody, while dated Treasury records separate the coins from national reserves.
Earnings
Crypto revenue tanks 70% for major AI finance company, but its paper gains just delivered a record quarterly profit
Bakkt revenue fell 70%, while losses from continuing operations and adjusted EBITDA widened, leaving the operating picture weaker.
AI
Riot is dumping its Bitcoin to fund a $9.1B AI deal that won’t pay rent until 2027
The Bitcoin miner’s construction budget includes continued treasury sales before phased rent is expected in 2027 and 2028.
Analysis
A 13% dividend is set to force another Bitcoin treasury company into the unthinkable: liquidating its BTC to pay cash
Cash covers about 18 months of the current run rate in a static calculation, while common issuance has already become a funding channel.
Derivatives
Bitcoin futures carry trades are quietly beating Treasuries at 7.89% driving $850M Wall Street Bitcoin ETF spree
August 7 gross futures carry ranged from 5.69% to 7.89%, above the 4.19% Treasury yield, but public data cannot identify investor motive.
Stablecoins
On-chain data shows $50 million at risk as Tether’s Alloy shutdown deadline boils down to 5 forgotten gold vaults
Five open positions held 399,088.74 aUSDT of debt, while the Tether cutoff hour and any later platform route remain unpublished.
ETF
Grayscale turned more than $1.1 billion of staked crypto into a recurring reward-sale machine for ETF holders
Grayscale funds ETHE, GSOL, and GAVA must sell earned rewards at least quarterly, creating recurring cash payouts.
Digital Asset Treasuries
SharpLink posts $1B loss as its $1.7B Ethereum treasury could take 90 days to fully convert to cash
The six-month loss was largely non-cash, while the Ethereum treasury says fully converting its portfolio to staking could take about 90 days.
Legal
Athena Bitcoin agreed to a $4.5 million settlement, but claimants may have less than $3 million to split
If the court grants the proposed fee and expenses stay within the stated estimate, at least $2.985 million remains before other deductions.
Lending
Kraken holds the instant liquidation switch on a crypto firm’s 479 Bitcoin if price drops to $45,094
The Aug. 7 filing ties 479 pledged Bitcoin to the higher balance, making the dated, principal-only threshold calculable.
Digital Asset Treasuries
One of Worldcoin’s largest corporate holders now sits on a $207M loss after losing its primary source of cash
The June 30 loss was unrealized, but a $7.8 million credit-loss allowance and 109% share-count increase sharpen the capital-allocation test.
Digital Asset Treasuries
TaoWeave promised to hoard TAO forever, but paying the bills just forced another crypto treasury sell-off of 3,959 TAO
The company expects further sales as needed, with no committed liquidity source independent of its digital assets.
