14 Jul 2025, 14:13

Michael Saylor’s Strategy Tops 600,000 BTC Milestone After Resuming Bitcoin Shopping Spree

Saylor’s Bitcoin treasury trend-setter has resumed its relentless quest for accumulating BTC after a brief pause during the 1st week of this month.

14 Jul 2025, 14:05

Trump’s Bitcoin Bet Pays Off: US BTC Reserves Jump Nearly $7 Billion in Just 4 Months

According to the records, ever since U.S. President Donald Trump signed the executive order officially launching the Strategic Bitcoin Reserve, the government’s stash of bitcoin has ballooned by nearly $7 billion in value. U.S. Bitcoin Reserve Skyrockets in Value In bitcoin’s earlier years, long before today’s lofty prices, the U.S. government offloaded large portions of

14 Jul 2025, 14:00

SharpLink Gaming’s Bold Move: Dominating Ethereum (ETH) Holdings

BitcoinWorld SharpLink Gaming’s Bold Move: Dominating Ethereum (ETH) Holdings In a truly surprising turn of events that has sent ripples across the cryptocurrency landscape, SharpLink Gaming , a Nasdaq-listed company, has reportedly eclipsed the Ethereum Foundation itself to become the single largest holder of Ethereum (ETH). This monumental shift isn’t just a numerical milestone; it signifies a profound evolution in how major corporations are viewing and integrating digital assets into their core financial strategies. For anyone tracking the pulse of institutional involvement in crypto, this development is nothing short of fascinating. It begs the question: What does this mean for the future of Ethereum (ETH) holdings and the broader market? SharpLink Gaming’s Strategic Accumulation: What Happened? The news, initially reported by Jinse Finance and citing data from Strategic ETH Reserve, reveals a significant reordering of the top ETH holders. SharpLink Gaming , known for its sports betting and iGaming technology, has been quietly, yet strategically, accumulating a substantial reserve of Ethereum. This isn’t their first foray into large-scale crypto acquisitions; it was previously reported on July 14 that the company acquired a considerable 16,374 ETH, valued at approximately $48.85 million at the time. However, their latest reported holdings truly underscore their commitment to this innovative treasury approach. To put this into perspective, let’s look at the numbers that highlight this unprecedented shift: Entity Reported ETH Holdings (Approx.) SharpLink Gaming 270,000 ETH Ethereum Foundation 242,500 ETH Previous SharpLink Acquisition (July 14) 16,374 ETH This data clearly illustrates SharpLink Gaming’s aggressive and successful strategy in building up its digital asset reserves. Their proactive stance marks a new chapter for corporate treasury management, moving beyond traditional assets into the volatile yet potentially lucrative realm of cryptocurrencies. The Significance of Ethereum (ETH) Holdings in Corporate Treasuries Why would a Nasdaq-listed gaming company choose to hold such a massive amount of Ethereum? The answer lies in the evolving understanding of digital assets as a legitimate component of a diversified corporate treasury strategy . For years, Bitcoin has been the poster child for corporate crypto adoption, with companies like MicroStrategy making headlines for their aggressive BTC accumulation. However, SharpLink Gaming’s move highlights a growing recognition of Ethereum’s unique value proposition. Diversification: Holding ETH offers diversification beyond traditional fiat and equities, potentially hedging against inflation and market downturns in conventional assets. Growth Potential: Ethereum, as the backbone of decentralized finance (DeFi), NFTs, and a vast ecosystem of dApps, offers significant growth potential tied to the expansion of the Web3 economy. Utility and Innovation: Unlike Bitcoin, ETH has inherent utility within its ecosystem. Companies might foresee future integrations or applications leveraging Ethereum’s smart contract capabilities. Balance Sheet Strength: For some, holding a significant amount of a major cryptocurrency like ETH can be seen as a forward-thinking approach to balance sheet management, signaling innovation to investors. This trend underscores a fundamental shift: companies are no longer just exploring blockchain technology; they are actively investing in its foundational assets as part of their long-term financial health. Beyond the Ethereum Foundation: A Shift in the Landscape? The Ethereum Foundation plays a crucial role in the Ethereum ecosystem. As a non-profit organization, its primary mission is to support the development, research, and growth of the Ethereum protocol. Its ETH holdings are primarily used to fund these initiatives, ensuring the network’s continued evolution and decentralization. For a public company like SharpLink Gaming to surpass the Foundation in holdings is symbolically powerful. Does this signify a shift in power or influence? Not necessarily in terms of protocol development, which remains largely community-driven and decentralized. However, it does highlight a growing trend where significant pools of ETH are now controlled by entities with commercial interests, rather than purely developmental or non-profit mandates. This could influence market dynamics, liquidity, and even public perception of Ethereum as an investable asset class for mainstream corporations. Unpacking the Corporate Treasury Strategy Behind SharpLink’s Move What are the underlying factors driving SharpLink Gaming’s ambitious corporate treasury strategy ? It’s likely a multifaceted approach that considers both the opportunities and the inherent risks of holding a volatile asset like ETH. Potential Benefits: Capital Appreciation: The most obvious benefit is the potential for ETH’s price to appreciate, directly boosting the company’s asset value. Hedge Against Inflation: In an era of increasing inflation concerns, digital assets are seen by some as a hedge against the devaluation of fiat currencies. Investor Appeal: For a tech-forward company, a bold move into crypto can appeal to a new class of investors interested in companies with innovative financial strategies and exposure to emerging technologies. Future Business Integration: While not explicitly stated, holding ETH could pave the way for future blockchain-related business models or integrations within their gaming platforms, such as NFTs, tokenized rewards, or decentralized gaming experiences. Challenges and Risks: Price Volatility: The primary risk is the extreme volatility of cryptocurrency markets, which can lead to significant unrealized losses on the balance sheet. Regulatory Uncertainty: The regulatory landscape for cryptocurrencies is still evolving globally, posing compliance risks and potential future restrictions. Security Concerns: Securing such large amounts of digital assets requires robust cybersecurity measures to prevent hacks or loss. Accounting Treatment: The accounting treatment for cryptocurrencies can be complex and may impact financial reporting. Despite these challenges, SharpLink Gaming’s decision suggests a calculated risk, betting on the long-term growth and stability of the Ethereum ecosystem. The Future of Institutional Crypto Adoption: What Does This Mean? SharpLink Gaming’s ascendancy as a top ETH holder is more than just a headline; it’s a potent signal for the future of institutional crypto adoption . This move validates Ethereum as a serious asset for corporate treasuries, moving beyond just Bitcoin. Increased Mainstream Acceptance: As more publicly traded companies allocate significant capital to cryptocurrencies, it normalizes digital assets for a broader investment audience. Diversification of Corporate Crypto Holdings: We may see more companies exploring not just Bitcoin, but also Ethereum and potentially other major altcoins for their treasury strategies. Demand-Side Pressure: Large corporate acquisitions can create significant demand-side pressure on the market, potentially influencing price appreciation over the long term. Regulatory Scrutiny: As institutional involvement grows, so too will the scrutiny from regulators, potentially accelerating the development of clearer frameworks. New Financial Products: The increased demand from institutions could spur the creation of more sophisticated financial products and services tailored to corporate crypto management. This trend indicates a growing confidence among traditional businesses in the long-term viability and value proposition of blockchain technology and its underlying assets. It suggests that cryptocurrencies are increasingly being viewed not just as speculative instruments, but as strategic long-term investments and integral parts of future business models. A New Era of Corporate Crypto Leadership SharpLink Gaming’s emergence as the leading holder of Ethereum (ETH) holdings , surpassing even the Ethereum Foundation , marks a pivotal moment in the ongoing narrative of institutional crypto adoption . It showcases a forward-thinking corporate treasury strategy that embraces digital assets not as a fringe investment, but as a core component of financial strength and future growth. While the crypto market remains dynamic and subject to volatility, this move by a Nasdaq-listed entity provides compelling evidence that major corporations are increasingly confident in the long-term potential of Ethereum and the broader digital economy. This isn’t just about numbers; it’s about validating a new paradigm where digital assets play a central role in global finance and corporate strategy, paving the way for more companies to follow suit. To learn more about the latest Ethereum (ETH) trends, explore our article on key developments shaping Ethereum (ETH) institutional adoption. This post SharpLink Gaming’s Bold Move: Dominating Ethereum (ETH) Holdings first appeared on BitcoinWorld and is written by Editorial Team

14 Jul 2025, 13:58

Semler Scientific: Still A Cheap Proxy For Bitcoin's Surge

Summary Semler Scientific remains a high-leverage Bitcoin proxy, trading near BTC NAV while pursuing aggressive, accretive BTC per-share growth. The company now holds 4,636 BTC, funded through free cash flow, ATM equity raises, and $100M in convertible notes. While the core business faces short-term pressure and BTC volatility adds risk, the stock’s deep value and upside potential make it appealing for BTC bulls. In late March, I covered Semler Scientific ( SMLR ) for the first time as part of a series of articles focusing on Bitcoin ( BTC-USD ) Treasury Companies. My thesis was simple. I argued that the stock was a great bet as you were getting most of the company's BTC holdings and cash as book value in the share price, and, thus, the rest of the company's medical operations "for free". My idea played out well during this period, as Semler's stock is about 17% in less than four months. However, this appreciation wasn't really due to a re-rating but instead due to Bitcoin's notable appreciation to new all-time highs. In fact, Semler is still as cheap if not cheaper since my previous article, which is why I believe it remains an excellent proxy for Bitcoin exposure, assuming, of course, that you feel that the experiment Bitcoin Treasury Companies are running (i.e., leveraging the public markets to accumulate BTC in more accretive ways that can result in levered BTC returns compared to holding the actual crypto or a spot ETF like IBIT) is going to work over the long run. Where is Semler Today, and Where is It Going? As of writing this article, Semler holds 4,636 BTC , worth roughly $550 million at Bitcoin’s current price of $118,600 per coin. That’s up 45% from the 3,192 BTC they held when I first covered the stock back in March, with 1,444 new coins added for $149.6 million. The company has financed these buys through a mix of the $24.4 million in free cash flow last year from their QuantaFlo device (a blood-flow diagnostic tool for peripheral arterial disease), proceeds from at-the-market (ATM) share offerings, and the $100M 4.25% convertible senior notes issued earlier in Q1. Specifically, Semler sold 4,116,735 shares for $156.6 million in net proceeds between April 15 and July 2, 2025, under its $500 million ATM program that management launched in April 2025, which replaced their prior $150 million program. Here are all the BTC buys they did within Q2 by utilizing cash from these sources. Semler BTC Metrics (Semler IR) Semler is now the 15th-largest BTC Treasury Company, and while newcomers in the BTC accumulation game came with bigger bucks and surpassed it lately, including ProCap Acquisition Corp ( PCAPU ) and GameStop ( GME ), they will have to fight hard with Semler, as the company targets holding 105,000 BTC by the end of 2027 , and so far, has been way more committed when it comes to buying BTC regularly compared to companies like ProCap, GameStop, and Cantor Equity Partners/Twenty One ( CEP ), which quickly rose the ranks as they came in heavy from the get-go. BTC Treasury Companies (Bitcoin Treasuries Net) Convertible Debt: A Clear Example of the Value SMLR Can Create Now, if you haven't been following BTC Treasury Companies, it's natural to get confused. First, you wonder, what's the point of investing in a company vs just buying the actual digital commodity, and assuming there is a point, how do I choose which BTC Treasury company to buy? The first question has an easy answer. The idea here is that BTC Treasury Companies can leverage public market instruments to achieve BTC per share accretion. As for which one to choose, it’s obviously all very speculative, since there’s often a huge gap between how well a company can leverage financial instruments and the underlying multiple the market assigns to it, and that varies significantly from case to case. In some cases, the proof of concept is rock-solid, like with Strategy ( MSTR ), but smaller companies, including Semler, have indeed shown aptitude. Their $100M coverts, which were oversubscribed, are a great example of how they can create "yield" for shareholders by leveraging the public markets. These notes, with an initial conversion price of $76.44/share , let noteholders swap debt for equity if SMLR’s stock rises above that level. However, Semler also entered into capped call transactions that are designed to reduce dilution from conversions. As management explained in the latest earnings call, these hedges raise the effective conversion price to around $170 per share , a level above which dilution actually starts to affect existing shareholders. So, for simplicity and transparency, we’ll use the $76.44 conversion price from the SEC filing. This strategy allows Semler to retire debt without using cash, issuing stock instead, turning financial leverage into greater Bitcoin exposure. The key result is an increase in Bitcoin/share, which is the very metric you care about when you invest in a BTC Treasury Company, as I mentioned earlier. Here's how it works: Semler had 11.672 million diluted shares outstanding, including shares from prior ATM offerings and potential note conversions per their May 23rd 8-K and 4,636 BTC, or 0.000397 BTC per share. Suppose the $100 million in notes converts at $76.44, creating 1.308 million new shares, for a new total of 12.980 million shares. Suppose that $100 million bought 1,250 BTC at $80,000 per coin in early 2025. If Bitcoin hits $150,000 by 2026, for example, Semler’s 4,636 BTC would be worth $695 million, or 0.000357 BTC per share ( 4,636 ÷ 12,980,000 = 0.000357 BTC/share). Without the debt, Semler would have 3,386 BTC (i.e., excluding the 1,250 BTC it couldn't buy) and 11.672 million shares, or 0.000290 BTC per share. That’s a 23.1% increase in BTC per share (0.000357 vs. 0.000290). At $225,000 per BTC, it’s $80.33 vs. $65.25 of Bitcoin value per share, still, of course, a 23.1% gain. In other words, the added Bitcoin from the convertible debt more than offsets the dilution, meaning every share holds more BTC, which is what warrants a premium to NAV multiple, as investors are supposed to want to pay a little extra for that accretion potential versus holding a spot ETF, which, of course, doesn't engage in such activities. Semler is Still Cheap Despite the Risks But despite this accretion potential, Semler still trades barely above the NAV of its BTC. As I mentioned, its BTC value is now at $550 million, and its market cap is just $623 million. So you are buying the rest of the company and the debt for $173 million (debt at ~$100M), and mind you that the core business posted $24.4 million in free cash flow last year, which would price the stock at 7x FCF. Semler Annual FCF (Koyfin) Now, FCF should come in materially lower this year, reflecting real pressure on the core business. In Q1, revenue dropped 27% YoY to $11.6 million as one of Semler’s major customers scaled back purchases, and onboarding delays hit top-line growth. However, management suggested this could rebound later in the year, so even if the company doesn't grow its FCF much from last year's levels, the valuation multiple is still very attractive. Then you also have the risk of BTC price volatility. It's all fine when Bitcoin is rising and investor appetite is strong, but it introduces meaningful risk. If the price of BTC falls, the company could be left with a leveraged balance sheet and underwater Bitcoin holdings, especially with its $100 million in convertible debt on the books. The exotic financing, including ATM sales and convertibles, only works if BTC performs and the market continues to reward BTC per share growth. If those assumptions break, dilution and financial strain will follow quickly, but of course, the investment case assumes you are a BTC believer in the first place, looking for a vehicle that can offer levered returns, so it all balances out risk/reward-wise. Final Thoughts Semler remains a compelling, high-conviction bet if you are bullish on Bitcoin. Its disciplined accumulation, creative financing, and proven BTC per-share accretion offer leveraged crypto exposure at a discount, considering the mNAV and the underlying core business's free cash flow potential. I hold shares, but have found out that selling OTM puts makes for a great strategy to accumulate hefty premiums while allowing you to set your entry price. If you place your strike price at, say, 0.9X its BTC holdings, you are essentially getting a wide margin of safety, as such a notable multiple compression on the BTC book value is unlikely, all while premiums remain very high given the high volatility attached to the stock. This strategy is worth considering if you are looking to play it safe while indirectly capturing the BTC's upside.

14 Jul 2025, 13:51

El Salvador BTC portfolio surges to $767M as BTC sets $123K all-time high

El Salvador’s Bitcoin holdings have tripled in value to over $767 million as of July 14. The country’s BTC holdings surged as Bitcoin broke to new all-time highs Monday, reaching $123,000. El Salvador’s BTC holdings could inch up higher this week as more developments in the sector are expected this week of July 14, which the House labeled “Crypto Week.” The U.S. House of Representatives will be considering several crypto legislations on Monday, including the GENIUS Act , in a bid to establish a clearer regulatory framework for cryptocurrencies. El Salvador continues accumulating BTC despite IMF measures As bitcoin rockets past $120,000, El Salvador's Strategic Bitcoin Reserve soars to yet another new all time USD high: 💰$747,214,660 pic.twitter.com/WIs8XwjCtA — The Bitcoin Office (@bitcoinofficesv) July 14, 2025 Data from the country’s Bitcoin Office showed that in the last seven days, the country has added 8 BTC to its national reserves, pushing its total holdings to 6,237.18 BTC . El Salvador’s Bitcoin accumulation initiative is part of President Nayib Bukele’s commitment to his “1 BTC a day” strategy. The Central American country was the first to adopt BTC as legal tender in 2021, but it reversed its decision in January, following pressure from the IMF. The International Monetary Fund (IMF) struck a $1.4B loan deal with the nation, which urged the government to halt its Bitcoin accumulation strategy and drop BTC’s status as legal tender. Despite the IMF’s non-accumulation stipulation, the nation has continued to purchase one BTC per day from Bukele’s strategy, initiated in 2022. The global lender issued the loan in December 2024 and said it would cover El Salvador for 40 months to reduce its debt-to-GDP ratio. The IMF also revealed that other banks, such as the World Bank, will chip in additional loans to push the total financing deal to over $3.5 billion. Rodrigo Valdes, director of the IMF’s Western Hemisphere Department, argued that El Salvador was still compliant with the institution’s directives despite the continued purchase of the digital asset. The global lender maintains that the restrictions called for El Salvador to drop its Bitcoin plans were due to BTC’s speculative nature, which poses a risk to the country. Stacy Herbert, director of the National Bitcoin Office (ONBTC), said the country is now branded globally as “Bitcoin Country,” proving that the Central American nation made the extraordinary possible. Herbert also compared El Salvador to Switzerland’s financial reputation built on gold, arguing that it has the potential to do the same with Bitcoin. El Salvador to build the first native BTC Capital Markets infrastructure The front page of today's highest-circulation newspaper proves the success of my work over the past 3.5 years in El Salvador. The Bitcoin Office never once took a shortcut. Our country brand speaks for itself: we built the extraordinary by choosing excellence over mediocrity. pic.twitter.com/8mQ2jFfWB8 — Stacy Herbert 🇸🇻🚀 (@stacyherbert) July 10, 2025 El Salvador also announced plans to build the first BTC-based capital markets infrastructure firm. Nexbridge and Nexplace revealed that they will spearhead the development of the trading platforms. Both firms completed an $8M Series A funding round to construct the new Capital Markets infrastructure. The funding was previously licensed and authorized by Salvadoran authorities and was led by Fulgar Ventures, hoping it will help boost the establishment of the capital markets in the second half of 2025. “We chose El Salvador because it offers legal certainty, openness to innovation, and a clear political will to become a next-generation financia l center.” -Michele Crivelli, CEO of Nexbridge and Nexplace. Criveli mentioned that the new trading platform will offer access to bonds and equities and include services to raise capital and issue token shares using BTC rails. He also acknowledged that establishing the infrastructure will take some time, but the country’s regulation offers the tools to accomplish the proposal. Criveli also believes the initiative will prove that the county can issue virtual assets securely. Last month, the U.S. Senate introduced the “El Salvador Accountability Act of 2025,” led by Senators Tim Kaine, Chris Van Hollen, and Alex Padilla. The legislation is focused on sanctioning the country’s executive branch involved in alleged gross violations of international human rights. KEY Difference Wire helps crypto brands break through and dominate headlines fast

14 Jul 2025, 13:47

Grayscale Eyes Public Listing with Confidential SEC Filing

The cryptocurrency bull market is raging on, which has opened the door for many companies from the industry to initiate procedures to go public in the United States. The latest to go down this road is Grayscale Investments, as the entity said it had confidentially submitted a draft registration statement on Form S-1 to the SEC in order to begin public trading. “The number of shares to be registered and the price range for the proposed registration have not yet been determined. The registration is expected to take place after the SEC completes its review process, subject to market and other conditions,” reads the statement . If approved, Grayscale will follow the likes of Coinbase, which went public years ago, and, more recently, Circle. The stablecoin issuer’s shares (CRCL) started trading in early June and have exploded in value from under $50 to almost $190 as of Friday’s closing price. Grayscale’s filing comes just as the crypto market was revived once again during this cycle, with BTC’s price breaking into uncharted territory and currently trading above $121,000 after setting a new peak earlier today at just north of $123,000. The post Grayscale Eyes Public Listing with Confidential SEC Filing appeared first on CryptoPotato .