Diversity and Global BTC Adoption

The list of Bitcoin treasury companies includes not only mining operations but also firms from the technology, finance, and retail sectors. For instance, mining companies like MARA and Riot have been producing and holding Bitcoin as a balance sheet reserve for years, while tech giants like Tesla and Block, and financial institutions like Coinbase, have also made strategic BTC acquisitions. Retail companies like GameStop also made the list, showing that adoption is increasing across diverse sectors.

Global spread is also noteworthy. The list includes companies from the USA, Japan, Canada, Germany, and Türkiye. Türkiye’s Net Holding ranks 75th and is known to have added Bitcoin to its balance sheet since 2024. This demonstrates that Bitcoin is being adopted as a strategic reserve by corporate investors worldwide, not just in a specific region.

Leaders, History, and Corporate Strategy

MicroStrategy (formerly Strategy) tops the list. The company started adding Bitcoin to its balance sheet in 2020 and today stands significantly apart from others with approximately 650,000 BTC. This is the clearest example of an aggressive treasury strategy. While Tesla made a major impact on the corporate market with its $1.5 billion BTC purchase and short-term sales in 2021, Marathon Digital and other miners are also among the leaders with long-term BTC accumulation.

Experts state that public companies viewing Bitcoin as a strategic reserve will ensure long-term stability in the market. The fact that 5% of the supply is locked in public company vaults limits liquidity while increasing institutional trust. Furthermore, this situation shows that Bitcoin is not just a speculative asset but a serious tool in financial planning.

New additions in 2025 are also expanding the list. Hyperscale Data, Inc. climbed to the upper ranks with approximately 382 BTC. These developments indicate that corporate investor adoption of Bitcoin will continue, and its strategic importance in the markets will grow.

In conclusion, public Bitcoin treasury companies have become major actors shaping market dynamics. Leaders like MicroStrategy, Tesla, and Marathon Digital set an example for other companies, while the entry of firms from diverse sectors shows that Bitcoin is becoming a standard tool in the corporate investment world.

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The post 100 Companies Hold 1M BTC: How Will the Crypto Market React? appeared first on Coin Engineer.

What is Ethena Labs (USDtb)?

USDtb is a USD stablecoin developed by Ethena Labs, positioned as a “digital dollar for the internet economy.” Its key features include:

• Reserve Infrastructure: The main component of USDtb’s reserves consists of tokenized forms of corporate short-term treasury/money-market products, such as BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL). Additionally, a limited amount of stablecoin reserve is maintained for quick liquidity.
• Issuance/Redeem (mint/redeem): Issuance is conducted by Pallas (BVI) Ltd. (Pallas Foundation / Pallas Fund structure); the mint/redeem flow settles on-chain, but pricing and approval are handled via an off-chain RFQ server (last-look / verification). Participation generally requires KYC/whitelist.
• Corporate Partners: The project reportedly collaborates with intermediary institutions such as BlackRock (BUIDL), Securitize (tokenization/transfer agent), and BNY Mellon, along with listing/liquidity partners (Bybit, Zodia, Copper, etc.).

How Does Ethena Labs (USDtb) Work?

1. Legal/Corporate Structure: USDtb is issued by Pallas (BVI) Ltd.; Pallas Foundation and Pallas Fund are structured to manage the reserves and ensure the stablecoin’s stability. This setup aims to keep the issuer and reserves “bankruptcy-remote” (isolated from liquidation/insolvency risk).

2. Reserve Components: Reserves consist of tokenized money-market/treasury products (e.g., BlackRock BUIDL) and stablecoins held in corporate custody for instant liquidity. Tokenization and fund transfer agency roles are coordinated with Securitize and similar institutions.

3. Mint / Redeem Flow (Technical):

   • The user or institution becomes an eligible “Mint User” (whitelisted, KYC-compliant) for issuance.

   • Pricing/transaction details are determined through an off-chain RFQ server; this RFQ server submits EIP-712 / EIP-1271 signed orders on-chain. The RFQ server has “last-look” verification authority to filter malicious orders.

   • On-chain mint/redeem is approved by a contract controlled by admin authorities (Pallas); per-block maximum mint/redeem limits and asset-specific limits exist, providing a control layer against liquidity shocks.

4. Security / Audit / Transparency: Ethena claims that smart contracts underwent a comprehensive audit program; reports from Quantstamp, Cyfrin, and Pashov have been published (no critical/high issues reported). Additionally, reserve attestations and real-time dashboards are provided.

5. On-Chain Identity: The USDtb token contract is publicly available on Ethereum; transfers/mint activities can be tracked via Etherscan. (Contract address and transaction history can be verified with public records.)

The design is a hybrid on the axis of “corporate trust + blockchain accessibility.” Due to control authorities (admin/RFQ last-look, whitelist), it is not fully permissionless; this is a deliberate choice for regulatory compliance.

What is the Purpose of Ethena Labs (USDtb)?

The main goal of USDtb is to provide a stablecoin compatible with the traditional financial system, regulated, and with high liquidity. This allows it to serve both the decentralized finance (DeFi) ecosystem and users in traditional financial institutions. USDtb has also been launched as a regulatory-compliant stablecoin in the U.S. under the GENIUS Act.

Who Founded Ethena Labs (USDtb)?

The project’s development and operational intellectual ownership belong to Ethena Labs; the founder and CEO is Guy Young. Ethena was founded in 2023 and quickly gained attention with USDe; it established its presence in the market with token and treasury strategies. Pallas (BVI) Ltd., Pallas Foundation, and Pallas Fund are documented as the legal issuer of USDtb; additionally, a management structure similar to Athene handles reserve management (docs.usdtb.money). Therefore, the technical and corporate implementation combines Ethena Labs with a separate BVI issuance structure.

Who Are the Investors of Ethena Labs (USDtb)?

Early investors in Ethena include Dragonfly (lead seed), Arthur Hayes / Maelstrom, major derivatives exchanges, and various VC/trading firms; later rounds reportedly included strategic partnerships with corporate players such as Brevan Howard Digital and Franklin Templeton. In USDtb’s reserve mechanism and distribution, BlackRock’s BUIDL product (fund manager/sponsor), Securitize (tokenization/transfer agent), and BNY Mellon are shown as partners; liquidity/trading partners include Bybit, Zodia, Copper, among others. These partnerships are crucial for both liquidity and corporate access.

$USDtb Tokenomics

1. Key Numerical Metrics (Snapshot):

• Price: ~1 USD (peg target).
• Market cap and circulating supply: Sources like CoinMarketCap / CoinGecko show USDtb’s market cap in the billions (e.g., CoinMarketCap reports ~1.48B market cap, circulating supply ~1.484B tokens — figures are variable; always verify latest numbers via CMC/CG/Etherscan).

2. Contract & On-Chain Information:

• USDtb token contract is publicly available on Ethereum; transfer/mint activities can be tracked on Etherscan. Contract activity and inflows/outflows from centralized exchanges can be verified here.

3. Supply Control / Stabilization Mechanism:

• Mint/Redeem: Supply is dynamically managed via mint/redeem. Since issuance is controlled by Pallas, supply is added or removed according to market needs. Off-chain RFQ + on-chain settlement ensures price and quantity control; per-block limits and asset-specific limits are implemented.

4. Backing Distribution – Risk Profile:

• Main backing: tokenized money-market/treasury products (e.g., BlackRock BUIDL). This connects USDtb to a “fiat-money market” RWA basket, targeting lower volatility. However, the tokenization process introduces transfer-agent/custody and third-party administrative risks. The maintained stablecoin reserve is also used for instant liquidity.

5. Security Audits & Transparency:

• Firms like Quantstamp, Cyfrin, and Pashov have audited USDtb smart contracts and published reports; Ethena ecosystem also provides reserve attestations and real-time dashboards. However, even though audit reports show “no critical” issues, the scope, parametric assumptions, and off-chain components (custody, tokenization) should be separately reviewed.

6. Liquidity & Integrations:

• Listings on Bybit, promotions on Aave/Morpho/Euler, and CEX margin acceptance increase liquidity. Additionally, according to CoinDesk, collaboration with Anchorage for U.S. onshore issuance under the GENIUS Act could expand corporate access.

Official Sources

• Official Website
• X (Twitter) Account

Latest Market Data

The post What is USDtb? | Institutional RWA-Backed Stablecoin appeared first on Coin Engineer.

Bitcoin Holdings by Public Firms Up 120% in 2025

Blockware, the research arm of Blockware Solutions, reported a 120% rise in the number of publicly listed companies holding BTC in 2025 alone. Many of these firms are either new market entrants or struggling businesses looking for alternative value storage methods.

The firm explains that companies with stagnating growth find it easier to commit retained earnings to Bitcoin, targeting compound annual growth rates of 40–60% without bearing traditional operational risks.

You Might Be Interested In: Sonic SVM Research: Can New Stablecoins Shake Up the Old Order?

Data from BitcoinTreasuries.net shows that MicroStrategy leads the space with 597,325 BTC, holding nearly 12 times more than the second-largest holder, mining firm MARA Holdings with 50,000 BTC.

Analysts Caution Against Over-Reliance on Bitcoin Treasury Strategy

Despite the rapid expansion, not all experts are optimistic. Glassnode’s lead analyst James Check recently warned that the window for easy gains might be closing. On July 4, he expressed doubts about the long-term viability of the Bitcoin treasury model, saying that many firms might face liquidity challenges if NAV premiums decline.

A recent report by venture capital firm Breed echoed this sentiment, stating that only a handful of companies will survive the upcoming volatility. The report added that these treasury-heavy firms could play a critical role in the next crypto downturn.

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The post 36 More Public Companies Set to Add Bitcoin by Year-End appeared first on Coin Engineer.