Bitcoin rushes into the balance sheet, who is silently making big money?

Nakamoto 2025-10-13 22:09 54153人围观 BTC

A year ago, corporate buyers of Bitcoin were only a small group, with a total holding of just over 416,000 coins. According to Bitcoin According to data from Treasureries.net, this group has now expanded to at least 152 listed companies, controlling 950,0

A year ago, corporate buyers of Bitcoin were only a small group, with total holdings of just over 416,000. According to data from Bitcoin Treasures.net, this group has now expanded to at least 152 listed companies, controlling 950,000 Bitcoins, worth more than $110 billion. From Anchorage Digital, BitGo to Morgan Stanley, more and more financial institutions are riding the wave of corporate purchases of Bitcoin to earn huge fees. Forbes is trying to identify these hidden pumps in the cryptocurrency pool.

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Original title: "Hundred-billion-dollar crypto vault feast: Who is making a fortune in silence?" 》

Publicly traded companies are filling their balance sheets with cryptocurrencies at an unprecedented rate ——Ostensibly to diversify portfolios, hedge against inflation and attract new investors, unstated of another The reason is that management hopes to push up the stock price. In recent months, only the so-called “Crypto Vault” Strategy，is enough Let the company's stock price gain premium.

However，real huge profits actually going to this new gold rush “"Shovel people": custodians, brokers, asset managers and investment banks, who from In every transaction, transfer and storage agreement charge service fee。

San Francisco Crypto Bank Anchorage Digital Co-founder and CEO Nathan McCauley ( Nathan McCauley ) said that in the past six months, the trend has reached a "culmination of enthusiasm" and has become "completely contagious." The bank has signed a number of agreements, Responsible Hosting Trump Media and technology group(Trump Media & Technology Group)value20billion in Bitcoin reserves, and Nakamoto Holdings of7.6billion in crypto assets.

Nakamoto Holdings Is a company focusing on Bitcoin business, not long ago Announce pass SPAC（special purpose acquisition company）with Salt Lake City Small Healthcare Businesses KindlyMD merge。KindlyMD has been in a state of loss,5moon merged messages Before publishing, Insufficient share price2Dollar. The merged company retains KindlyMD name and will continue to trade on Nasdaq under the ticker symbol“NAKA”Make a transaction。Nakamoto——Its name pays homage to Bitcoin’s anonymous founder Satoshi Nakamoto (Satoshi Nakamoto）——but as KindlyMDsubsidiaries Operating a Bitcoin financial services business。After the merger news was announced，K indlyMDshare price rise to15USD, market capitalization reach1.14billion dollars.

a year ago, Bitcoin's corporate buyer Just a small group, total hold The amount is only slightly more than41.6Thousands of pieces，And according to Bitcoin Treasuries.net of data, now This group has expansion to at least152listed companies , palm control With95Thousands of pieces Bitcoin, worth more than1100billion US dollars。

Well-deserved among them “"The whale" is still a billionaire Michael·Thaler（Michael Saylor )of Strategy——the company Formerly Tysons Corner, VA Small Software Vendor MicroStrategy , relying on innovative financing methods such as convertible bonds and floating-rate permanent preference shares, pioneered corporate currency hoarding First of all. Strategy currently held value730billion US dollars of Bitcoin’s market value is as high as950billion dollars, compare That held Crypto asset premium25%。

and Strategy The imitators are no longer satisfied with Bitcoin - they are also buying Ether currency（ether）、Solana currency and other digital assets.

according to Palo Alto Crypto Consulting Firm Architect Partners of Data shows that this year alone companies have raised more than980billion U.S. dollars, since6More than a month ago139companies pledged to add590billion dollars. The latest example is Trump Family controlled World Liberty Financial，The crypto company Recently announced15billion US dollars scale, With own token WLFI As the core crypto vault, and its Trump Media Group20Billions of dollars in Bitcoin reserves are running parallel.

Architect Partners of Elliot Chun express, because This trend is still in its early stages, That widely Influence return It’s hard to quantify, but this enthusiasm has “A lot of expenses were incurred in various aspects.”

Morgan Stanley, Barclays Capital (Barclays Capital）、Moelis & Company and TD Securities (TD Securities) and other traditional investment banks and brokers, Can bring underwriting commissions and other expenses Issuance of preferred shares and convertible bonds has become a lucrative business.

by Strategy For example, this year the company3Just finished the month7.22billion US dollars in preferred stock issuance (total850million shares), Morgan Stanley serves as underwriter, even same More than ten other institutions are expected to common get1000Thousands of dollars commission. Let’s see again Headquartered in Fort Lauderdale MARA Holdings , the company originally Focus on cryptocurrency mining，It starts now Buy and Hoard Bitcoin . it exist7Issued monthly9.5US$100 million in convertible bonds, Morgan Stanley and other institutions possible from earn1000million dollars.

Another addition to the crypto vault craze batch The beneficiary is Custody of digital assets on behalf of clients Qualified custodian。

With industry established enterprisesBitGoFor example, Thanks to the crypto market boom as well as Corporate crypto reserves surge, This company is headquartered in Palo Alto company2025Custody scale breaks through in the first half of the year1000billion dollars.

BitGo of U.S. institutional sales and host Broker business business manager Adam ·span（Adam Sporn ) said: “(Enterprise crypto vault business) is becoming a larger and larger part of our business. There was not much demand more than six months ago, but now a considerable number of new customers need this service. ”By his estimate, in the past few months alone, around two dozen cryptocurrency vault companies have announced partnerships with BitGo The signing of the custody agreement and the surge in business also provided the company with7Confidentially filed initial public offering (IPO) IPO ) application paves the way.

BitGo and Coinbase Waiting for the head hosting agency Institutional clients will be charged upfront fees, annual fees and additional fees. to it supply Cryptoassets Hosting services and help they Get revenue. according to FalconX Ravi Doshi, co-head of global markets Ravi Doshi ), the most common fee structure is to charge an annual fee based on a certain proportion of the assets under custody, usually in0.15%arrive0.30%between, but large customers can Negotiate Downgrade Rate，most Low Can drop to10basis points (i.e.0.10%）。

Although these fees are Protecting tens of billions of dollars in Bitcoin assets of custodian bring Got it Hundreds of millions of dollars in revenue, but margins in the hosting business are often razor-thin.

institutional investors right cryptocurrency of need also for Coinbase、FalconX and Cumberland Exchanges and prime brokers create additional revenue. Mizuho ( Mizuho ) Senior Fintech Analyst Dan Dolev ( Dan Dolev ) points out that every Pen Purchases will push a indivual Loop: buy more enter will push up prices and attract new investor Admission，And then produce More Token trade。

In addition to trading and custody, staking, lending and options Overlay Services such as。pledge refers to the user Lock tokens，Help verify blockchain transactions ,thereby get rewarded；And options Strategy is to use financial derivatives Adjust the risk-return structure of the investment portfolio, and No need Change underlying asset allocation。

“When these companies raise capital with the intention of putting it on their balance sheets, it We will soon ask: ‘What to do next? ’” Architect Partners of Chun say. “There are currently more than 600Billions of dollars in crypto assets need to generate returns, and these public companies cannot do it on their own. ” Melbourne Cryptocurrency lending company Maple Finance CEO Sydney Powell Sidney Powell ) said that so far, companies have mainly relied on Ground floor The appreciation of assets to obtain returns, but as crypto assets The trend of treasury is spreading rapidly, and companies will face seeking differentiation pressure——Either take profit-producing Strategy，Either through low-cost financing purchase purchase Bitcoin.

To create a competitive advantage, these companies may increasingly turn to Two Prime and Maple Finance Loans from other institutions payment square, and Wave Digital Assets、Arca and Galaxy and other asset management companies. according to Cryptocurrency Asset Management and Consulting Company Bitwise Senior investment strategist Juan Leon Juan Leon）say，these institutions treasury management services fee Rate exist25arrive50between basis points. earlier this month, Galaxy Announce Its treasury asset management business recorded1.75billion US dollars funds inflow , partly because the company for about20indivual Hold cryptocurrency of enterprise supply Treasury assets management plan.

Meanwhile, Wall Street is already funding the frenzy.

in trump rule Down, Crypto space of The policy environment is more friendly and regulatory frame More clarity, mutual fund giant Capital Group , hedge funds D1 Capital Partners and investment banks Cantor Fitzgerald wait One after another for enterprises hoard Cryptoassets Financing available.

Although there are always people Badmouthing cryptocurrencies, but The boom in digital asset vaults has just begun. Lyon said: “We believe that all companies will eventually become crypto vault companies in some way. ”He noted that global corporate cash reserves currently total approximately 31Trillions of dollars. “regardless it Our balance sheet asset allocation to cryptocurrencies is1%、10%still100%,total return Will hold part of it. Therefore, we still have a lot of room for development. ”

This article is translated from:

https://www.forbes.com/sites/juliegoldenberg/2025/08/19/whos-getting-rich-off-the-100-billion-crypto-treasury-boom/

arts:Julie Goldenberg

translate: Lei&Rach

Proofreading: Lemin

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