The Bitcoin Treasuries Newsletter: Wednesday, September 10, 2025
The Bitcoin Treasuries Unconference featuring Michael Saylor is next Wednesday in NYC.
The Bitcoin Treasuries Newsletter: Wednesday, September 10, 2025
Market Snapshot
Bitcoin (BTC): ~$113,798; intraday range $110,951–$114,253 (ET).
Top Stories
Strategy (formerly MicroStrategy) buys 1,955 BTC (~$217.4M) Sept 2–7
Average price $111,196, bringing holdings to 638,460 BTC (per Form 8-K and company notice).
Metaplanet tops 20,000 BTC
Latest add of 136 BTC lifts the treasury to 20,136 BTC, now among the largest public holders.
American Bitcoin Corp. (ABTC) update
After last week’s Nasdaq debut via Gryphon merger, ABTC filed for an up-to-$2.1B ATM and disclosed 2,443 BTC on balance.
New: Dominari takes a ~$171M stake in ABTC
A fresh strategic holder emerges days after listing—another signal that public-market capital is flowing into “BTC accumulation platforms.”
ETFs & Flows (U.S. Spot BTC)
Mon, Sept 8: net +~$364M across funds (broad inflows).
Tue, Sept 9: net +~$23M, with IBIT +~$169M offset by outflows elsewhere.
Corporate Treasuries & Miners
MARA (Marathon) — Aug: 705 BTC produced, 208 blocks won; BTC holdings ~52,477 (company IR).
Riot Platforms — Aug ops: avg operating hashrate 31.4 EH/s; $16.1M in total power credits.
CleanSpark — Aug: 657 BTC mined; 50 EH/s operational; 12,827 BTC held; sold 533.5 BTC at ~$113,800 avg.
Hut 8 — BTC-backed credit facility expanded to $130M at a fixed rate (June 24), illustrating balance-sheet financing against reserves.
Semler Scientific (SMLR) — BTC holdings: 5,021 as of July 31 (Q2 filing/IR).
Macro & Policy
PPI (Aug): –0.1% m/m (final demand); +2.6% y/y. Core PPI (less food, energy, trade) +0.3% m/m; +2.8% y/y.
CPI (Aug): Tomorrow, Thu, Sept 11 @ 8:30 a.m. ET (BLS schedule).
FOMC: Sept 16–17 meeting (decision & SEP).
Data quality debate: The Labor Dept. inspector general is reviewing BLS data-collection challenges after recent large revisions.
Why this matters: Softer wholesale inflation and a high-probability Fed cut next week tighten real-yield pressure and tend to support BTC beta and capital-raising conditions for issuers and treasury accumulators. (See recent ETF inflows.)
Quick Bites
Strategy’s playbook: SEC 8-K notes the latest buys were funded via multiple ATM programs (STRK/STRF/MSTR)—a template for scaling corporate BTC treasuries through equity rails.
Asia corporate bid: Metaplanet’s crossing 20k BTC underscores how non-U.S. corporates can climb the leaderboard with access to local capital markets.
Miners as financiers: Hut 8’s BTC-secured facility and CleanSpark’s active treasury management show miners leaning on credit + selective sales to fund growth.
What This Means for Bitcoin Treasury Companies
Capital-markets rails are the edge. Strategy and ABTC reinforce that ATMs and preferreds can accelerate BTC accumulation without relying solely on operating cash flow.
Flows drive firepower. After a choppy week, early-week ETF inflows returned—when funds take in cash, issuers and corporates enjoy better conditions to raise and deploy capital.
Macro tailwinds possible. A benign CPI print tomorrow on top of today’s soft PPI would strengthen the near-term liquidity backdrop.
Community & Events
Bitcoin Treasuries NYC Unconference — Wed, Sept 17 (NYC):
Focused sessions on corporate BTC strategy, capital markets, mining, and policy. Follow @btcdigitalconf and @TimKotzman on X, and visit www.bitcointreasuries.media for programming and last-minute tickets.