Bitcoin’s Back Over $100,000 As More BTC Treasury Companies Emerge

Using Bitcoin as a treasury asset is arguably the biggest story of this market cycle. 

Both news headlines and on-chain data show that businesses and institutions are dominating Bitcoin purchases this year. 

Regardless of what type of business or institution you are, the adoption of Bitcoin as a treasury asset is a logical step if you understand Bitcoin. 

To help illustrate the main reason why, we at Samara Asset Group have recently launched the world’s first Bitcoin CPI, which shows how much everyday goods and services have actually decreased in value over time when priced in Bitcoin.  

Let’s get into that! 

More Bitcoin Treasury Companies Are Emerging 📈

In my opinion, the biggest story of this market cycle has been the emergence of Bitcoin treasury companies. 

Inspired by the success of Michael Saylor’s Bitcoin strategy, more and more publicly traded companies started to acquire Bitcoin and put it on their balance sheets. 

The reason for this is simple: Bitcoin has outperformed all major asset classes over the past decade, making the average annual expected return of Bitcoin the de facto new cost of capital. 

That means if your company can’t generate a higher rate of return for your shareholders than the average annual return of Bitcoin, it arguably makes more sense to acquire Bitcoin and put it on your balance sheet. 

Many publicly traded companies have realized this, and they are now buying BTC heavily and setting up their own strategic treasury. 

This month, we also saw the emergence of a few new publicly traded companies in the list above. FYI, you can also find Samara Asset Group in the top 40! 

In terms of the biggest news, Twenty One Capital has had the largest BTC kickstart for its treasury. 

Following their announcement late last month, their CEO, Jack Mallers, has been sharing in interviews that they’re here to leverage existing financing models and offer the highest Bitcoin per share percentage. 

Twenty One also aims to provide institutional exposure to Bitcoin, promote pro-Bitcoin advocacy, and deliver Bitcoin-focused content and media. Additionally, it plans to explore future expansion into Bitcoin-native financial products. 

The company currently holds 31,500 BTC on its balance sheet, with just one purchase of that exact amount in late April. But according to Mallers, they’re on track to buy much more very soon and become a contender next to Strategy. 

The next company couldn’t be more Bitcoin-oriented. 

Nakamoto Inc. is a newly formed public Bitcoin treasury company led by David Bailey, which has recently merged with KindlyMD (KDLY) and has already closed its first financing round with participation from over 200 investors. While the company hasn’t bought BTC yet, it announced a PIPE financing round of over $510 million and a further $200 million in gross proceeds from the sale of KindlyMD's senior secured convertible notes that will mature in 2028.

We also had some news about Bitcoin treasuries out of Asia. 

Sora Ventures announced that it’s going public on the NASDAQ and will rebrand as AsiaStrategy. As you may have guessed by the name, the company plans to become the Strategy of Asia and become the regional Bitcoin treasury company. 

But they were not the only ones with a Bitcoin treasury announcement. 

The Singapore-based healthcare company Basel Medical Group (BMGL) announced that it’s negotiating to buy up to $1 billion in Bitcoin to put on its balance sheet and pursue an Asian growth strategy. 

As you can see, May has been quite the month of Bitcoin treasury announcements, and I can’t wait to see how these companies progress in the coming months. 

Publicly Traded Companies Are Dominating Bitcoin Purchases This Year 👀

According to a new report by River Financial, businesses, especially publicly traded companies, and fund investors with ETFs, have been the biggest Bitcoin allocators this year. 

A significant majority of that allocation was Strategy, which accumulated 15,285 BTC in May so far, but there were also other companies, such as Metaplanet and the newly formed TwentyOne Capital. 

However, as you can see in the image above, the total amount of Bitcoin accumulated by businesses alone was over 157,000 BTC, while individuals saw over 247,000 BTC in outflows. 

The interest in Bitcoin from an institutional level is increasing, which is something people in the industry, like myself, have seen for several years now. 

We at Samara Asset Group are proud to be part of this initial wave, with over 520 BTC on our balance sheet. 

Samara Launched the World’s First Bitcoin CPI to Show Why It’s the Best Form of Money 💰

ICYMI, we’ve recently launched the world’s first Bitcoin CPI at Samara! 

You can check it out here: https://www.samara-ag.com/bitcoin-cpi 

The idea behind this is very simple: we want to show how powerful Bitcoin is as a benchmark for CPI data and that it’s the best form of money ever created. 

‍The traditional CPI is the market’s primary metric for tracking inflation. It measures the price paid by consumers for goods and services—such as food, housing, and transportation—using fiat currencies like the U.S. Dollar or the Euro. 

Over time, CPI charts for the U.S. and Europe show a clear trend: everything keeps getting more expensive, while fiat currencies lose purchasing power due to inflation.

The Bitcoin CPI paints a very different picture! 

If you price the basket of goods and services commonly used for the traditional CPI in Bitcoin, you can see that the value of goods and services has trended down over time. 

Bitcoin is quickly becoming the new cost of capital. 

In a world where Bitcoin consistently outperforms traditional assets, companies are rethinking how they allocate funds. 

Instead of measuring returns against inflation, many are now asking: Can this investment beat Bitcoin? If the answer’s no, it might make more sense to hold BTC directly. 

This shift is fueling the rise of Bitcoin treasury companies—and it’s only just beginning.

However, to reach that conclusion, you also need economic indicators that show this potential and make people aware of how much better BTC truly is. 

Which is precisely what we’ve done with our Bitcoin CPI! 

We update the BTCCPI monthly and will do more reporting on this matter in the coming weeks. Watch out for all that on our website or social media channels! 

Your fellow stacker in Sats, 

Patrick Lowry

Disclaimer: This newsletter is for educational and informational purposes only and should not be construed as investment, financial, or any other professional advice. Investing in cryptocurrencies is highly speculative and carries a significant risk of substantial financial loss, so you must conduct your own thorough research and consult with independent professional advisors before making any decisions.