Howdy, Bitcoin Maxis!

You’re reading the Hodl Report, where Bitcoin’s flexing hard and your favorite alt is still trying to remember its use case. 👑

This week we’re covering:

• Macro chaos decoded: What it means for alts 🌍

• Adoption update: Who’s joining the party, and what might crash it 🎉

• Big news you should probably know 📰

• Memes to keep you warm 😂

Let’s break it down, without breaking down.

One year ago, we decided to start yelling our crypto thoughts into the void. 📢

And somehow, you stuck around.

So congrats to us all on this 1 year milestone!

Now let’s get to the good stuff…

We keep dishing out weekly hopium (partly for you, mostly for ourselves), but this week made it tough to stay upbeat.

Why?

Bitcoin is strong, sure, but our altcoin bags? Not so much…

Even with markets rebounding from last week’s war-fueled chaos, alts are still dragging.

So is the threat of war behind us?

Polymarket says yes, showing that the odds of U.S. declaring war on Iran and Iran closing the Strait of Hormuz are dropping fast.

And speaking of Polymarket… remember when people thought it would die post-election?

Nope. It’s thriving, and just raised at a $1B valuation.

That’s what we call a mullet app: normie interface up front, degen tech in the back.

With global tensions cooling, rate cut delays priced in, and trade-war headlines next on deck, the only big wild card left is the 90-day tariff pause expiration.

Expect volatility when that hits.

Now, Bitcoin is cruising and dominance is rising… which means alts are still hurting. Even the solid ones.

Everyone’s asking “wen altseason?”

And that’s fair… we want to know as well!

Some think the new meta is either crypto equity companies or crypto treasury companies. These are publicly traded firms either stacking Bitcoin or becoming indirect plays to bet on crypto (like Coinbase, Circle, MicroStrategy, etc.).

Our go-to trend signal, the Bitcoin price vs. global M2 liquidity, has been our trusty compass for months. But ever since the war jitters kicked in, the two have started to drift apart.

So now we’re watching closely: is this the start of a bigger decoupling, breaking a multi-year pattern? Or will Bitcoin snap back in line with the liquidity trend like it always has?

Either way, something’s gotta give.

But we still believe the alt wave is coming. The market always moves in waves. As the world calms down, liquidity returns, and money printers go brrr again… high-quality alts will get their day.

Until then, if you can’t stomach the dips, then just stick with Bitcoin.

Want to trade the chaos or looking for the next black swan? We’ve got thoughts.

Let’s dive into what’s powering Bitcoin’s strength, where the money’s really flowing, and what could send us all back into crypto winter. 😬👇

Bitcoin Treasury Boom

Fuel or Fragile?

The market’s newest obsession? Crypto treasury and crypto equity companies, and this meta is heating up fast.

We called Coinbase early, and now Circle’s blockbuster IPO is adding rocket fuel to the narrative because of their 50% rev share partnership.

These public companies holding (and buying) crypto are quickly becoming the driving force of this cycle.

Let’s talk numbers:
👉 141 publicly traded companies now hold a combined 842K BTC
👉 29 of them joined in just the last month… nearly one a day

Leading the charge, in the past few weeks:

• Strategy (MSTR) and Metaplanet (MTPLF) are still in beast mode, raising more cash and gobbling up more Bitcoin.
  

• ProCap Financial (backed by Pomp) just merged with Columbus Circle Capital to go public with a $1B+ valuation and 4,923 BTC already bagged.
  

• Green Minerals (a deep-sea mining firm!) revealed a $1.2B BTC treasury plan. Yes, they started with just four Bitcoin, but hey, you gotta start somewhere.

Even altcoin kings are bending the knee with Charles Hoskinson (yes, Cardano’s founder) talking about flipping his own treasury into Bitcoin. That’s how you know BTC is the final boss.

But wait, altcoins want in too:

• SharpLink Gaming (SBET) led by Ethereum co-founder Joe Lubin is now an Ethereum treasury company, with $450M in ETH and already staking it for yield.
  

• Lion Group Holding (LGHL) is stacking $HYPE (literally) with a $600M war chest focused on Hyperliquid, Solana, and Sui.

• Bit Digital raised $150M just to buy ETH.

What happens when coins aren’t produced fast enough for this insatiable demand?

Zoom out to see the full picture of corporate Bitcoin adoption with detailed numbers and categories.

This trend has legs.

But not everyone is popping bottles just yet...

A recent Coinbase report warns that all these “Strategy copycats” (hello, MicroStrategy fan club) might be introducing systemic risk to the crypto ecosystem.

Here’s the concern:

• If these firms can’t roll over their debt, they may be forced sellers.

• Worse, even a routine treasury sale could spark panic, with everyone rushing for the exit.

And then there’s the elephant in the room: Proof of Reserves.

Michael Saylor refuses. So did SBF.

And after everything we’ve learned, maybe that should be a red flag, not a footnote.

So while we love the pump that these corporate BTC buyers bring, let’s not ignore the looming question.

What happens if the biggest buyers become the biggest sellers?

Because winter doesn’t start with a bang, it starts with one over-leveraged domino falling.

Let’s all be on the lookout for top signals, and remember…

Take profits and stack sats! 🟠

1.  Fed Moves to Ease Capital Rules for Big Banks: The Federal Reserve is relaxing key capital rules to help big banks better support U.S. Treasury markets. Critics say the move could increase systemic risk while boosting short-term liquidity.

2. Analyst: S&P 500 Inclusion for Saylor’s Strategy Now in Sight: Financial analysts say Strategy (Michael Saylor's firm) may soon qualify for inclusion in the S&P 500. The milestone would mark another major win for Bitcoin-aligned public companies.

3. Norwegian Deep-Sea Mining Firm Adds Bitcoin to Treasury: A Norwegian deep-sea mining company has begun adding Bitcoin to its corporate treasury, aligning with the "digital gold" narrative. The move reflects growing crypto adoption in resource-heavy industries.

4. Texas Set to Buy $10M in Bitcoin for State Reserve: Texas is preparing to purchase $10 million worth of Bitcoin after Governor Abbott signed the state reserve bill. The Lone Star State joins the ranks of governments making direct BTC treasury allocations.

5. Pompliano-Backed Firm Buys $386M in Bitcoin: Anthony Pompliano’s crypto venture has acquired $386 million in Bitcoin, citing long-term conviction. The sizable buy adds fuel to institutional accumulation trends.

6. Chainlink and Mastercard Partner to Let Cardholders Buy Crypto: Chainlink has partnered with Mastercard to allow cardholders to buy crypto directly, using its CCIP interoperability tech. The integration brings crypto access to millions of traditional payment users.

Big thanks for making it to the end of this week’s Hodl Report! 👊

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Happy Friday!

Disclaimer: The content from Hodl Report should not be taken as trading, investment or financial advice or solicitation to buy or sell any assets. This newsletter is for informational and educational purposes only. Please be careful out there and DYOR (do your own research)