G’day Bitcoiner,

Here’s the week in Bitcoin treasuries.

🏡 Bitcoin Just Got Mortgage-Approved in the United States

🟠 Tether Aims to Be #1 Bitcoin Miner by End of 2025

🤠🇨🇱 Texas Goes First: $10M Bitcoin Reserve Funded by the State

ProCap Buys 3,724 BTC for $395M Ahead of $1B SPAC Debut

🏡 Bitcoin Just Got Mortgage-Approved in the United States

The FHFA Orders Fannie Mae and Freddie Mac to Recognize Bitcoin in Mortgage Risk Assessments

In a move that could reshape the landscape of both housing and crypto finance, the Federal Housing Finance Agency (FHFA) has directed Fannie Mae and Freddie Mac to treat properly documented Bitcoin and crypto assets as part of borrower reserves for mortgage assessments.

Let that sink in: Bitcoin is now mortgage-eligible collateral.
No need to convert to dollars. No need to explain it away.
If it’s verifiable, regulated, and stored correctly - it counts.

This directive, announced by FHFA Director William J. Pulte, is the strongest signal yet that Bitcoin is entering the heart of America’s financial infrastructure.

For Bitcoin treasury advocates, CFOs, and boards still on the sidelines - this is a watershed moment.

💼 Why It Matters for Bitcoin on Corporate Balance Sheets

Here’s what this means for companies holding (or considering) Bitcoin as treasury:

✅ 1. Validation as a Legitimate Reserve Asset

Bitcoin isn’t fringe. It’s not just a hedge.
The U.S. housing regulator just gave it reserve asset status.
That matters when talking to banks, auditors, and stakeholders.

✅ 2. A Blueprint for Corporate Risk Models

If Fannie and Freddie are building frameworks to assess crypto holdings in loan decisions, it's only a matter of time before corporate credit models follow suit. That opens the door to better financing terms and more recognition of Bitcoin-backed balance sheets.

✅ 3. Fair Value Accounting Is Now Coming — This Aligns with It

In late 2023, FASB approved fair value accounting for Bitcoin and other crypto assets - replacing the outdated impairment model. This new FHFA move reinforces that shift, showing regulators across sectors are embracing transparent, market-based treatment of digital assets.
Together, these changes give treasury teams and auditors the clarity they’ve long needed.

✅ 4. New Tools for Financial Inclusion

The FHFA’s reasoning is clear: many Americans hold wealth outside the traditional banking system. Same goes for companies operating globally. With Bitcoin on the balance sheet, businesses can now access new credit pathways - especially in underbanked or de-dollarizing regions.

✅ 5. Clearer Regulatory Paths Emerging

Only Bitcoin and crypto assets on U.S.-regulated centralized exchanges will qualify under the new policy. This is a hint at the regulatory frameworks being formed, giving businesses clearer guidelines for custody, compliance, and risk.

🧠 Bottom Line: Bitcoin Just Took a Giant Leap Toward Financial Mainstream

Today, Bitcoin became part of the mortgage conversation.
Tomorrow? It may be a standard component of corporate credit analysis, institutional portfolio allocations, and CFO toolkits.

For businesses thinking about whether to hold Bitcoin on their balance sheet - the message is clear:
The world is moving. Don’t be left behind.

🟠 Tether Aims to Be #1 Bitcoin Miner by End of 2025

Tether isn’t just printing stablecoins anymore.

On The Block’s Big Brain podcast, CEO Paolo Ardoino revealed a game-changing move:
Tether plans to become the world’s largest Bitcoin miner by the end of 2025.

Why? To protect its massive Bitcoin holdings - over 100,000 BTC - making it the third-largest corporate Bitcoin treasury in the world, behind Strategy and Block.

💰 $13B in profit (2024)
⚡ $2B+ invested in mining and energy infrastructure
🇸🇻 15 sites across El Salvador, Paraguay, and Uruguay

From building renewable-powered facilities to striking government deals across Latin America, Tether is betting big on the future of mining. But they’re keeping quiet on one key stat - their current hashrate - leaving the industry guessing.

With Marathon, CleanSpark, and Riot still dominating ~30% of global hashrate, Tether’s silence might be part of the strategy.

Bottom line:
Tether isn’t just securing USDT - it’s securing Bitcoin itself.

🤠🇨🇱 Texas Goes First: $10M Bitcoin Reserve Funded by the State

Texas just made U.S. history. With the stroke of a pen, Governor Greg Abbott has signed Senate Bill 21, making Texas the first state to commit public funds to a standalone Bitcoin reserve.

Unlike Arizona and New Hampshire - which passed similar bills without funding - Texas is backing its belief with $10 million in BTC purchases, officially moving Bitcoin from speculation to sovereign-grade reserve asset. The reserve will be managed independently from the state treasury under the Texas Comptroller and protected from being swept into general revenue thanks to companion bill HB 4488.

Only cryptocurrencies with a 12-month average market cap over $500B are eligible - effectively limiting this historic reserve to Bitcoin.

With a national crypto reserve on the horizon under the Trump administration, Texas isn’t waiting for Washington - it's planting its flag in the digital age now.

Bottom line: Bitcoin just became a state asset in Texas. Who’s next?

🚨 ProCap Buys 3,724 BTC for $395M Ahead of $1B SPAC Debut

“If you can’t beat it, you have to buy it.” — Anthony Pompliano

Bitcoin just got another heavyweight backer. ProCap, the Bitcoin-focused treasury firm founded by Anthony Pompliano, has acquired 3,724 BTC for $395 million USD - just one day after announcing its $1 billion SPAC merger with Columbus Circle Capital.

The move marks a massive step toward ProCap’s public market debut as ProCap Financial, Inc., a Bitcoin-native financial firm with BTC directly on its balance sheet. The purchase, made at an average price of $103,785 per BTC, signals ProCap’s intention to anchor its entire strategy around Bitcoin as a superior financial benchmark.

As part of the merger deal, the company also secured a $750M capital injection, fueling its roadmap to offer institutional-grade Bitcoin services. ProCap joins a growing wave of public companies holding Bitcoin as a long-term treasury asset—alongside Strategy, Metaplanet, and Semler Scientific.

Today, more than US$88 billion in Bitcoin sits on public company balance sheets, a number that's grown 13% in just the last month.

Short ₿its 🌟

🌍 The Global Bitcoin Treasury Playbook Is Live
From Tokyo to Toronto, jurisdiction shapes how public companies raise capital, manage tax, and maximize Bitcoin per share. This global deep dive by Nick Ward of Bitcoin Magazine reveals how legal and financial infrastructure defines the next generation of Bitcoin-native balance sheets.

🇨🇦 Matador Adds 8.4 Bitcoin Amid Market Dip
Matador Technologies has acquired 8.4 more BTC for CAD$1.2M, bringing total holdings to 77 Bitcoin and equivalents. The debt-free firm continues to double down on Bitcoin as its core treasury asset, aligning with its long-term "sound money" strategy.

🇯🇵 Metaplanet Adds More BTC, Hits 12,345 Bitcoin in Treasury
Metaplanet has acquired additional Bitcoin, bringing its total holdings to 12,345 BTC. The firm’s BTC Yield, surged to 112.2% quarter-to-date, showcasing rapid shareholder accretion through its Bitcoin-first strategy. The firm just committed $5B - 20x its initial allocation - to its new U.S. subsidiary, Metaplanet Treasury Corp, headquartered in Florida, signalling the next phase of its global expansion.

🇨🇦 LQWD Adds 5 More BTC, Strengthens Lightning Network Strategy
LQWD Technologies has acquired 5 additional Bitcoin, bringing its total holdings to 171 BTC - equivalent to over 746 sats per share.

🇬🇧 The Smarter Web Company Adds 196.9 BTC to Treasury
London-listed Smarter Web has boosted its Bitcoin holdings to 543.5 BTC, investing £15.2M ($20.6M) as part of its decade-long strategic plan.

🇬🇧 Vinanz Buys 37.72 BTC, Expands Treasury to 58.68 BTC
Vinanz has acquired 37.72 BTC for $3.85M at an average price of $102,056, reinforcing its vision to become the UK’s most transparent, publicly traded Bitcoin treasury company.

🇦🇺 Locate Technologies Raises $239K, Adds 4 BTC to Treasury
Locate Technologies (ASX:LOC) has raised A$239K via its ATM Facility and acquired 4 more BTC at an average price of A$156,560, bringing total holdings to 10.09 BTC.

🇪🇺 The Blockchain Group Buys 75 BTC for €6.9M, Holdings Hit 1,728 BTC
The Blockchain Group has reinforced its Bitcoin-first treasury strategy with the purchase of 75 BTC, bringing total holdings to 1,728 BTC worth over €155M. With an average acquisition price of €90,155 per BTC.

Tweet of The Week

Podcast of The Week

🎙️ Jeff Walton on Bitcoin Treasuries, Saylor’s Yield Curve & the Future of Corporate Finance
Jeff Walton, Founder of True North, joins Danny on the What Bitcoin Did podcast to unpack the rise of Bitcoin treasury companies and how Saylor’s new financial tools are building a Bitcoin-native yield curve. They dive into why some structures echo the 2017 ICO frenzy, the trillion-dollar potential of Bitcoin-fixed income, and how reflexive risk could reshape corporate finance in a BTC-denominated world.

If you have questions about how Bitcoin could help you or your business, please don’t hesitate to reach out for a free 30-minute consultation 🕒. We're here to help you navigate the future of Bitcoin 💡

Thanks for reading! We hope you’ve enjoyed this week’s edition and look forward to seeing you next week! 👋

Daniel 

for Bitcoin

32 York Street, Sydney NSW 2000, Australia

https://www.bitcoinonbalance.com/