Crypto strategist Adam Livingston claims that firms like MicroStrategy and Metaplanet are leading a speculative attack against fiat currencies by raising capital in dollars and converting it directly into Bitcoin (BTC).
This practice, he argues, is draining liquidity from the traditional financial system and shifting value into Bitcoin, effectively exiting fiat while still operating within it.
Companies Leading the BTC Treasury Shift
- Public companies now hold 833,214 BTC, worth over $89.21 billion
- Private firms hold 421,641 BTC, valued at $45.14 billion
Top Public Holders:
- MicroStrategy: 592,345 BTC ($63.42B)
- Marathon Digital, Twenty One Capital, Riot Platforms, CleanSpark, Metaplanet
Top Private Holders:
- Block: 140,000 BTC ($14.99B)
- Tether: 100,521 BTC
- Xapo Bank: 38,931 BTC
- BitMEX, Mt. Gox follow
What Are These Firms Doing?
Livingston explains these companies aren’t just storing wealth, they’re systematically converting fiat into Bitcoin:
“They raise money in fiat, buy BTC, and repeat it’s like draining the fiat system,” he said on X.
This strategy removes liquidity from traditional monetary channels and shifts it into a decentralized asset.
What This Means for Fiat Currency
Livingston warns that if this trend accelerates:
- Fiat currencies like the U.S. Dollar could lose dominance
- Bitcoin could become a pricing benchmark for assets globally
- Firms may soon be valued by BTC per share, not earnings
Surging Stock Prices: A Sign of New Value Metrics?
- MicroStrategy shares:
+153.46% YoY | +28.87% in 2025 - Metaplanet shares:
+1,346.60% YoY | +316.78% in 2025
Investors are rewarding Bitcoin-heavy balance sheets, potentially flipping traditional valuation metrics on their head.
Global Monetary Leak: The Bitcoin Demand Spiral
Livingston coins the effect a “Bitcoin demand spiral”:
- Companies issue shares
- Use proceeds to buy BTC
- BTC price rises
- Share prices rise
- Investors buy more → cycle repeats
He calls it a monetary leak from fiat into Bitcoin, and it’s accelerating.
Final Take
Livingston concludes that Bitcoin treasury companies are the early nodes of a Bitcoin-based financial system.
Are they just storing value, or engineering the next global monetary standard?
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FAQs
These companies primarily finance Bitcoin purchases through equity-linked funding tools, such as issuing convertible notes, secured bonds, and common stock (including dynamic exercise price warrants), often leveraging low interest rates and strong investor demand for Bitcoin exposure.
Potential for significant long-term appreciation, hedge against inflation, increased stock valuation, and attracting new investors seeking Bitcoin exposure. Risks: High price volatility, regulatory uncertainty, complex accounting, liquidity challenges, and potential capital erosion if Bitcoin prices fall sharply.
Corporate Bitcoin accumulation drives demand, potentially leading to price increases due to reduced circulating supply. This institutional interest can also boost overall market sentiment, attract more investors, and contribute to Bitcoin’s growing legitimacy as a global asset.
