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- Two Bitcoin ETFs Just Cracked the Global Top 100 While M&A Action Kicks Off Among BTC Treasury Firms
Two Bitcoin ETFs Just Cracked the Global Top 100 While M&A Action Kicks Off Among BTC Treasury Firms
Bitcoin closed another month in the green, Bitcoin ETFs are crushing it, and Deutsche Bank sees Bitcoin as a potential reserve asset for central banks.
The second half of September brought us an interesting report by Deutsche Bank, two spot Bitcoin ETFs in the global top 100, and a potential new Bitcoin treasury merger strategy.
Here's what happened in the last two weeks:
TL;DR
Two spot Bitcoin ETFs are in the top 100 ETFs (by AUM)
Bitcoin treasury companies are beginning to merge with other treasury companies.
A Deutsche Bank report claims that major central banks will hold Bitcoin alongside gold as reserve assets by 2030.
Two Spot Bitcoin ETFs Are in the Top 100 ETFs Worldwide 🚀
The Spot Bitcoin ETFs have been one hell of a success story since they launched in January 2024.
This was highlighted again in September, when the top 100 ETFs worldwide were ranked by assets under management.

Source: Substack
As you can see in the chart above, two spot Bitcoin ETFs are ranking in the top 100!
BlackRock's IBIT fund ranks 22nd (not far behind the top gold ETF, GLD), and Fidelity's FBTC cracked the top 100.
Considering that all Bitcoin ETFs have been on the market for just over 18 months and two have already made the top 100 list, this is a very positive signal.
I'll also be interested in how long it will take for IBIT to surpass GLD. At least if you look at the first 400 trading days, we could be on track for this to happen sooner rather than later.
Bitcoin Treasury Companies Are Beginning to Merge 👀
Bitcoin treasury companies have been a major theme in this bull market, with new public companies announcing the addition of BTC to their balance sheets almost weekly.
For the most part, Bitcoin treasury companies raise capital and use it to buy Bitcoin either through funding rounds or by merging with other companies. Through this, they become a Bitcoin proxy for investment, as the underlying asset backing the company is BTC.
In September, we might have seen the next stage in the Bitcoin treasury company market segment: Bitcoin treasury company M&A.

Source: X
Strive Asset Management, currently holding 5,885 BTC on its balance sheet, announced a merger with fellow Bitcoin treasury company Semler Scientific, which has 5,021 BTC on its balance sheet.
The deal will be an all-stock transaction, at a 210% premium for Semler shareholders. Following the merger, the combined company will own over 10,900 BTC and aims to become the fastest-growing corporate holder of Bitcoin.
This pending merger marks another milestone in corporate Bitcoin adoption.
Deutsche Bank Believes That Central Banks Will Hold Bitcoin and Gold as Reserve Assets by 2030 🤯
Last but definitely not least, we also had some interesting news from Deutsche Bank.
They released a research report comparing Bitcoin and gold, exploring how the two assets will coexist as potential central bank reserves by 2030.

Source: Deutsche Bank
While I encourage you to read the entire report, which contains several interesting insights, I would like to highlight a few key paragraphs.
First and foremost, Deutsche Bank envisions a future where Bitcoin will be a partner alongside gold as a strategic central bank reserve asset.

Source: Deutsche Bank
In the report, they highlight both asset correlations with various indexes or other assets since 2011. As you can see in the image above, they exhibit similar behavior.
While gold remains the preferred reserve asset for central banks, especially in times of uncertainty and fiat currency devaluation, Bitcoin's performance is not far behind.
Furthermore, in the report’s conclusion, Deutsche Bank is explicit that it doesn’t see a future where Bitcoin or gold will replace the U.S. dollar as the world's reserve currency.

Source: Deutsche Bank
However, they also highlight that history seems to be repeating itself, and Bitcoin faces the same challenges (skepticism, suspicion, and speculation) that gold once faced.
Nevertheless, they remain optimistic that regulatory developments, macroeconomic conditions, and, above all, time will enable the public to increasingly embrace BTC as a store of value.
While I might be more bullish on Bitcoin than the two authors, the premise of this report should not be whether Bitcoin will become a central bank reserve asset alongside gold, but rather when it will.
We need to wait and see if this will be 2030, as mentioned in the report, or perhaps even a bit earlier.
Your fellow stacker in Sats,
Patrick Lowry
Disclaimer: The opinions expressed in this newsletter are solely those of the author and do not necessarily represent the views of any associated company. 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.