Chart of the week

As public companies, governments, and pension funds increasingly accumulate bitcoin with long-term intent, circulating supply tightens—amplifying demand and contributing to upward price pressure across cycles. This sets up a self-reinforcing loop: rising institutional interest reduces available supply, prompting more holders to adopt a long-term view, which in turn draws further demand.

As of today, 144 companies hold bitcoin in treasury—114 of them publicly traded—accounting for nearly 24% of all BTC held by institutions, ETFs, and sovereign entities. In 2024, corporate accumulation accelerated sharply: from 2.66% monthly growth through November to over 10% per month thereafter, with even the lowest net purchases exceeding double the amount of bitcoin mined.

Market Highlights

SEC deems staking activities are not securities

The SEC’s Division of Corporation Finance announced that proof-of-stake (PoS) staking activities do not constitute securities transactions.

This decision could facilitate the inclusion of staking in crypto ETFs, boosting mainstream adoption, though liquid staking and restaking remain under scrutiny.

Russian Central Bank enables crypto derivatives

The Bank of Russia has authorized financial institutions to offer crypto derivatives to qualified investors.

This move, including the Moscow Exchange’s plan to launch cash-settled Bitcoin futures in June 2025, could enhance Russia’s role in global crypto markets while the central bank explores broader crypto frameworks.