Bitcoin ETF AUM nears $150 billion amid treasury allocations, staking products, and new filings
Quick Take Spot Bitcoin ETF AUM continues to rise, sitting around $146 billion, reflecting sustained institutional interest despite broader market volatility. The following is excerpted from The Block’s Data and Insights newsletter.
Bitcoin and crypto exchange-traded funds haven’t stayed out of the news for the past two weeks, with assets under management continuing to climb as institutional adoption broadens beyond traditional financial firms.
Spot bitcoin ETFs now manage just under $150 billion in assets, reflecting sustained institutional interest despite broader market volatility. This growth has been bolstered by corporate treasury announcements, with companies like Figma revealing in S-1 filings that it holds $70 million in Bitcoin ETF shares and has allocated $30 million more in USDC for direct Bitcoin purchases.
The ETF landscape has expanded beyond Bitcoin, with the launch of a staked Solana ETF on July 2, marking a significant evolution in crypto investment products. These staking-enabled ETFs represent a new category that allows investors to earn staking rewards while maintaining the regulatory framework and accessibility of traditional ETFs. The Solana ETF launch sets a precedent for other proof-of-stake assets, with Ethereum staking ETFs likely to follow as regulators become more comfortable with staking.
Corporate crypto treasury adoption is also gaining momentum, with companies experiencing strong stock price performance following the announcement of crypto allocations. This positive market reception may encourage additional corporate announcements in the coming months, potentially creating a feedback loop of adoption and market appreciation.
The pipeline of pending ETF applications signals continued product expansion, with XRP and Doge ETFs among others already filed and awaiting regulatory approval. The success of staking ETFs could accelerate approval timelines for similar products, particularly those offering yield-generating mechanisms that appeal to traditional investors seeking income-producing assets.
This is an excerpt from The Block's Data Insights newsletter . Dig into the numbers making up the industry's most thought-provoking trends.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Hashrate orders are booming, why is "AI trading" falling out of favor? JPMorgan reveals the time lag between AI investment and productivity realization
Joseph Lupton from the JP Morgan Global Economic Research Team pointed out in a research report on November 10 that recent improvements in labor productivity have been driven more by capital deepening and increased intensity of factor utilization. The broad efficiency gains from AI, resulting from process reconstruction, data integration, and organizational adjustments, will still take time to materialize. This means orders for chips, servers, and electrical equipment may grow first, but continuous investment returns for computing power operators and end users may not arrive at the same pace.
AI investment enters the "Trough of Disillusionment", the next 18 months will be a life-or-death test!
Goldman Sachs believes that the AI investment cycle is currently in the "trough of disillusionment," but this is not the first time. The core contradiction lies in the fact that the business models of new cloud computing providers are highly dependent on end-user returns from AI spending, while currently "there are basically zero companies that can attribute profits to AI." Social Capital founder Palihapitiya has clearly defined an 18-month key window, during which the market will decide which AI business models are sustainable and which are not.
Anthropic's Core Concern: Revenue Can Be Withdrawn at Any Time, but Computing Power Costs Are Locked in for up to 20 Years
Zheshang Securities believes that Anthropic's revenue is mainly based on usage-based billing, with remaining performance obligations covering only about 5.1 months of annualized revenue, while compute power costs are already locked in with $895.4 billion in irrevocable commitments, some extending as far as 2045. Revenues can be reduced at any time, but costs are non-exitable, creating a highly asymmetric maturity gap between the two—this is the company's real core constraint.
Triple Pressure from the Federal Reserve, Treasury, and Congress; Goldman Sachs: Liquidity Crisis May Occur in 2027
Goldman Sachs warns that the reserve ratio of bank assets has dropped to around 11%, only slightly above the crisis trough of 2019. In the second half of 2027, a deadlock in debt ceiling negotiations will force the Treasury to rebuild the TGA, triggering a "perfect storm" of a sharp drop in reserves and a surge in T-bill supply; combined with stalled money market fund buying, this will create a huge liquidity black hole. The Federal Reserve could be forced into the awkward position of lowering interest rates and launching large-scale bond purchases to rescue the market.
Crypto prices
More
