Revolut is exploring the launch of its own stablecoin, engaging with at least one crypto-native firm as it expands its crypto offerings. 

Daily top performer — Sei Network (SEI)

The S&P 500 is up 0.5% for the week, holding modest gains despite Fed caution and rising geopolitical tensions. Gold hovers near $3,350 support as easing Middle East tensions weaken safe-haven demand. Key levels: $3,318 below, $3,377 above. The short-term outlook remains neutral. The Coindesk Indices, which tracks the broader crypto market, fell 0.37%, with Bitcoin up 0.44% and Ether down 0.88%, in the past 24 hours. Trade these markets and more with up to 500x leverage on Bybit MT5 using this 

Today’s top performer is SEI, up 9.7% after Sei Network was selected as a candidate for WYST, the first U.S. state-issued stablecoin.

Sei Network (SEI), launched on August 16, 2023, is an Ethereum-based Layer 1 blockchain designed for high-speed trading, featuring parallelization and automatic order bundling to enable rapid finality and support massive user activity. 

, the first fiat-backed stablecoin issued by a U.S. state. The stablecoin will be deployed via LayerZero, with details available on the Wyoming Stable Token Commission's site.

Check out the latest prices, charts, and data of 

Revolut is exploring the launch of its own stablecoin, engaging with at least one crypto-native firm as it expands its crypto offerings. The move aligns with a broader trend of major firms entering the stablecoin space amid favorable U.S. legislation like the GENIUS Act. With 55 million users and a $48B valuation, Revolut joins other financial giants eyeing stablecoins to reduce payment costs, speed up settlements, and earn yield on reserves.

Yesterday, BTC spot ETFs saw zero net flows, with no activity from either GBTC or non-GBTC funds. The pause was due to the U.S. market closure for the Juneteenth holiday.

. Users can check their $BLUM eligibility, with 30% claimable on launch day and the rest vesting daily over 180 days. Unclaimed tokens will be burned. Total supply is 1B, with estimated listing price between $0.30–$0.50. Claim date is yet to be announced.

Beginner

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Revolut explores launching stablecoin amid growing institutional interest

In this article, we’ll learn what a Bitcoin treasury strategy involves, see why companies are adopting it and share which firms are leading the charge. 

 (BTC) has evolved from a speculative asset into a strategic reserve for major corporations. From software giants to mining firms, a growing number of companies are now adding Bitcoin to their balance sheets and using it not just as an investment, but as a core part of their financial strategy. This approach, known as a Bitcoin treasury strategy, is rapidly gaining traction worldwide.

In this article, we’ll learn what a Bitcoin treasury strategy involves, see why companies are adopting it and share which firms are leading the charge. We’ll also explore how these strategies are implemented, look at the risks involved — and speculate on what the future may hold for this emerging trend in corporate finance.

A Bitcoin treasury strategy is used by a company to allocate part of its cash reserves into Bitcoin (BTC), treating it as a long-term financial asset. Instead of holding excess cash in low-yield bonds or fiat currencies, the firm instead holds it in BTC.

This approach gained traction in 2020 with Strategy (formerly MicroStrategy), 

 592,100 BTC, worth over $62 billion as of June 2025. Major business names like Tesla, GameStop and Semler Scientific have followed suit. For these companies, Bitcoin isn’t just a short-term gamble — it's a deliberate move to protect capital, gain exposure to digital assets and improve treasury performance in an evolving financial landscape.

Bitcoin treasury companies are public or private businesses that hold Bitcoin (BTC) as part of their financial reserves. Rather than storing all their excess cash in traditional assets like dollars or short-term bonds, these companies allocate a portion of their balance sheet to Bitcoin.

The main reason? To preserve value, hedge against inflation and diversify their balance sheets. While each company has its own motivations, most fall into the four common categories below.

In short, these companies use Bitcoin not just as an investment, but as a treasury tool for stability, access and financial growth.

Global boom in Bitcoin treasury companies

More companies than ever are adding Bitcoin to their balance sheets, and the numbers show just how quickly this trend is growing:

How companies implement Bitcoin treasury strategies

Companies use different approaches to add Bitcoin to their balance sheets, depending upon their financial structure and long-term goals. Following are the three main steps:

Some companies make lump-sum purchases, buying large amounts of BTC all at once, as Strategy did in 2020. Others prefer 

 (DCA), spreading purchases over time to reduce the impact of price swings.

Security is critical. Most companies rely on regulated custodians, such as Coinbase Custody or BitGo, to store their Bitcoin. These services offer cold storage, insurance and 

 (multisig) protection, all of which are key to minimizing risk.

To finance their purchases, companies may issue convertible notes (debt that turns into equity), ATM offerings (gradual stock sales) or preferred shares. Some individuals use their cash reserves directly if they have a strong cash flow and want to avoid debt or equity dilution. These methods provide companies with flexibility in managing their Bitcoin exposure, allowing them to balance risk, liquidity and control.

As of 2025, corporate Bitcoin treasuries have expanded across sectors and borders. Some firms are focused solely on acquiring Bitcoin, while others operate in industries such as mining, technology and finance, using BTC as a core balance sheet asset.

Below are five of the largest publicly known holders of Bitcoin:

Formerly known as MicroStrategy, Strategy today holds 592,100 BTC, valued at approximately $62.38 billion. As the first major company to adopt Bitcoin as its primary reserve asset, Strategy pioneered the Bitcoin treasury model using convertible notes, equity offerings and ATM share sales to fund continual BTC accumulation.

MARA, a leading US Bitcoin mining firm, holds 49,543 BTC, worth approximately $5.14 billion. The company uses its mining revenue and strategic treasury planning to build one of the largest BTC reserves in the industry.

Twenty One Capital holds 37,230 BTC (approximately $3.87 billion) and is preparing to go public via a $3.6 billion special purpose acquisition company (SPAC) deal with Cantor Equity Partners. Its focus is on scaling BTC-based financial services.

Riot holds 19,225 BTC, valued at around $2 billion. Known for its extensive mining infrastructure in North America, Riot integrates BTC holdings with its operational strategy.

Galaxy Digital, founded by Michael Novogratz and listed on the Toronto Stock Exchange (TSX), holds 12,830 BTC (worth approximately $1.34 billion). The firm provides financial services across crypto markets, including trading, asset management and advisory services.

While corporate Bitcoin adoption continues to grow, it brings notable risks. A sharp drop in BTC’s price could trigger a cascade of liquidations, especially for firms that use debt or margin to acquire holdings. Regulatory uncertainty also adds pressure, as new rules may restrict the way companies manage or disclose digital assets.

Many Bitcoin treasury stocks trade at premiums above their actual Bitcoin holdings, as institutional investors use them as a proxy, due to limited access to ETFs. But as 

 become more widely available, demand for these proxy stocks could fade. If their core businesses aren’t strong enough to support high valuations, these companies risk sharp corrections.

For firms using BTC as a treasury tool, managing risk exposure is now as important as buying the asset itself.

Since Strategy introduced Bitcoin to its corporate balance sheet in 2020, more companies have followed, viewing BTC not as speculation but as part of a structured treasury approach. As adoption grows, businesses are expected to focus more on risk management — especially around cash flow and debt planning — in order to ensure their strategies remain sustainable during market shifts.

Governments are also paying closer attention. The United States has proposed creating a strategic digital asset reserve, reflecting the growing recognition of Bitcoin’s potential role in national finance. Meanwhile, Bitcoin ETFs are giving traditional institutions easier access to the asset, expanding its acquisition beyond early adopters.

Whether you're overseeing a corporate treasury or starting to explore crypto for the first time, Bitcoin is becoming a more visible part of global finance.

Want to trade crypto-related stocks? Trade MSTR, MARA, COIN and CRCL stock contracts for difference (CFDs) on 

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Bitcoin treasury strategy: Top Bitcoin corporate holders

Our weekly crypto derivatives analytics report delves into macro events; the current state of crypto and trading signals from spot trading volume; and futures, options and perpetual contracts.

The latest Middle East conflict has had an impact on trading volumes for perpetual swap contracts, and has driven funding rates negative for several tokens. Market-wide de-risking — due to fears of an escalating Iran-Israel conflict — has led to significant declines in crypto assets, with Bitcoin (BTC) down over 4%, Ethereum (ETH) over 8%, and Solana (SOL) by 10%. However, ETH options markets are displaying a less bearish sentiment toward out-of-the-money (OTM) puts as compared to BTC's short-term options, with a positive put-call skew for expirations beyond 30 days. Meanwhile, open interest in perpetuals has decreased from June highs but remains stable above $9 billion, while short-tenor implied volatility for BTC options is nearly half of that for ETH options. Additionally, 7-day realized volatility stands at 30% for BTC and 70% for ETH.

Please check out the report’s highlights.

Funding rates for most of the nine tracked crypto tokens turned negative, following reports on Jun 13, 2025 of Israel's preemptive strike against Iran, highlighting that geopolitical factors beyond President Trump’s trade war are influencing crypto markets. While funding rates for ETH, SOL, XRP and DOGE fell negative, Bitcoin (BTC) only experienced one negative rate at the conflict's onset, demonstrating its relative resilience. Over the past week, funding rates for most tokens have fluctuated between positive and negative, but remain lower than the levels observed from late May to early June.

Volatility smiles for Ethereum (ETH) indicate bullish sentiment for horizons beyond 30 days. For expirations under 30 days, ETH options show a 2-percentage-point premium toward out-of-the-money (OTM) puts, down significantly from 9.5 percentage points on June 14. In contrast, Bitcoin (BTC) options exhibit a more bearish outlook, with 90-day options showing a slight 0.45% skew toward OTM calls, while shorter tenors remain put-skewed, particularly with 7-day options assigning a 3-point volume premium toward puts. Despite this, BTC's funding rates have been more stable over the past week as compared to ETH's.

Over the past week, Bitcoin (BTC) has traded between $110K, near its all-time high, and $103K, which has largely acted as a floor in June. The 7-day realized volatility for BTC has remained steady at 30%, significantly lower than Ethereum's (ETH) equivalent, contributing to the nearly 2x ratio in their 7-day implied volatilities.

Recently, put volumes in BTC options have surged past calls, with a divergence of up to $100 million on Jun 13, 2025. Open interest in BTC options has also been predominantly in puts. Overall, BTC options markets are reflecting bearish sentiment, with short-tenor volatility smiles skewed toward OTM puts, and higher put volume and open interest.

Advanced

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Bybit x Block Scholes Crypto Derivatives Analytics Report (Jun 19, 2025): ETH sees less bearish sentiment than BTC; BTC price movements are range-bound

This article explores Metaplanet, the Japanese firm's strategic pivot to a Bitcoin-first model, its ambitious accumulation goals and the stock's price performance.

Despite increased institutional appetite for BTC, it's uncommon to hear about a publicly traded company going all-in on Bitcoin in the corporate world. While 

 (formerly known as MicroStrategy) pioneered this tactic in the US, a Japanese firm is now making significant waves in Asia. Metaplanet Inc., once a hotel operator, has transformed itself into Japan's first and only publicly listed Bitcoin treasury company, and is capturing the attention of global investors.

This article explores Metaplanet, its strategic pivot to a Bitcoin-first model, its ambitious accumulation goals and the risks involved in its aggressive approach.

's journey is one of dramatic transformation. The company was founded by CEO Simon Gerovich, a former Goldman Sachs derivatives trader, and initially operated as Red Planet Japan, a budget hotel business. The COVID-19 pandemic severely impacted the travel industry, prompting the company to pivot toward 

 consulting and blockchain infrastructure in 2020.

 (formerly MicroStrategy), Gerovich initiated another strategic shift: Metaplanet began selling off its hotel assets, retaining only one property in Tokyo for a planned rebranding as "The Bitcoin Hotel." The company then went all-in on a new mission: to use Bitcoin as its primary treasury reserve asset.

Metaplanet has set an ambitious goal to hold 210,000 BTC by the end of 2027. This target, if achieved, would represent approximately 1% of Bitcoin's total possible supply, positioning the Japanese company as one of the largest corporate holders in the world.

Metaplanet reaches 10,000 BTC in holdings

The company has pursued its goal with remarkable speed. Following its 

 on Jun 16, 2025, Metaplanet successfully reached its first major milestone of 10,000 BTC in its treasury. This move propelled it past Coinbase to become the 

, and the current value of its Bitcoin holdings is $1.07 billion, giving the company an unrealized gain of 12.6%.

Metaplanet uses sophisticated financial instruments to fund its Bitcoin purchases. A key part of its strategy is to issue zero-interest bonds, which allows the company to raise capital without incurring regular interest payments. Additionally, it has explored options strategies, such as 

, in order to acquire BTC at favorable prices while generating income from options premiums.

Metaplanet's $210 million zero-interest bonds

To accelerate its acquisitions, Metaplanet announced on Jun 16, 2025, that it would issue 

. The funds raised from this issuance are designated entirely for purchasing more Bitcoin, underscoring the company's aggressive and focused strategy.

Metaplanet's pivot to a Bitcoin-centric strategy has had a dramatic effect on its stock performance. As of Jun 17, 2025, Metaplanet (3350.T)

, with a year-to-date performance of 426.15% and a one-month return of 193.90%. The company's one-year return of 1,957.30% on investment is even more significant.

The surge began in April 2024 after the firm announced its 

 for ¥1 billion (worth $6.25 million at the time). This upward trend was further fueled by its massive BTC accumulation between April 2024 and June 2025, which increased its Bitcoin treasury to 10,000 BTC, worth over $1 billion by June 17, 2025.

This aggressive strategy is not without significant risks. Metaplanet's value is now almost entirely tied to the price of Bitcoin. A prolonged bear market could severely impact its balance sheet and stock price. Unlike Strategy, which maintains a substantial software business, Metaplanet has a much smaller underlying operational business, making it a more direct — and therefore riskier — bet on BTC's long-term success.

Metaplanet's transformation from a struggling hotel operator into a leading Bitcoin treasury company is a compelling case study in corporate reinvention. By adopting an aggressive accumulation strategy funded by innovative financial tools, the company has provided a new way for Japanese investors to gain exposure to BTC and has set a bold precedent in Asia. While the high-risk, high-reward approach ties its success directly to Bitcoin's performance, Metaplanet is a key player to watch in the evolving world of corporate finance.

‘Asia's MicroStrategy’: An introduction to Metaplanet

Bybit Learn

Altcoins

Blockchain

Polygon is one of the top Layer 2 scaling solutions designed to enhance scalability while maintaining security when using and building on Ethereum.

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 is one busy ecosystem and plays a massive role in driving the 

 movement forward. However, despite its novel architecture, the blockchain is limited in its scalability due to challenges such as network congestion and high gas fees.

 scaling solutions were birthed. One such platform is Polygon (formerly Matic Network), designed to bring interoperability between multiple 

-compatible blockchains, including Ethereum.

Let’s explore the Polygon universe and learn why its token, MATIC, is one of the 

Polygon is a Layer 2 scaling solution designed to provide an easy-to-use platform. It’s equipped with the tools necessary to enhance scalability while maintaining security when using and building on Ethereum. 

As the home of decentralized applications (

) products, Ethereum’s network is often clogged, reducing the speed of transactions and increasing gas fees. 

To counter this, projects such as Polygon act as an additional layer designed to enhance the capabilities of the primary blockchain without changing its original structure.

Polygon was initially known as Matic Network and was co-founded in Mumbai, India in 2017 by a team of ambitious Ethereum developers: Jaynti Kanani, Sandeep Nailwal and Anurag Arjun, said to be the first Indian crypto billionaires.

 to Polygon in a bid to expand its mission and tech scope to include a suite of developer solutions for catering to various functionalities.

 to Ethereum, running parallel to the Ethereum mainchain architecture and offering EVM compatibility.

When it was initially launched, Matic Network was basically a scalability solution for Ethereum-based applications. Matic Network started with plasma chains to transfer assets between the mainchain and the sidechain. 

 are independent blockchains outside the main Ethereum blockchain, designed with their own consensus mechanism to allow the confirmation of transactions off-chain. 

With its rebranding to Polygon in 2021, Polygon uses ZK-rollups for more effective scaling of Ethereum. It now aims to be the aggregator for all Ethereum Layer 2 scaling solutions and to transform Ethereum into a multi-chain network. Some of its upgraded features include Polygon zkEVM, Polygon PoS and Polygon Supernets.

Polygon's mainchain is a sidechain that uses a 

 (PoS) approach to decide who can mine or validate a block. This is in complete contrast to 

 (PoW), whereby every competing node attempts to solve a complex problem, and the miner with the most expensive hardware wins.

 for choosing block producers, which increases the network's scalability and security. Block producers are chosen randomly from among PoS validators in the network, providing increased security and scalability as the pool of validators is quite large.

Polygon validators running parallel to the Ethereum mainchain keep validating the Polygon ecosystem's transactions at regular checkpoints. This helps maintain consistency and addresses any disputes that might arise.

Apart from this, Polygon has its own Polygon Network layer, which is essential for block production and local consensus in its blockchain ecosystem. The Ethereum virtual machine (EVM) helps Polygon implement smart contracts. 

, which combine a large number of off-chain transfers into a single transaction. This mechanism helps add anonymity to transactions, thus ensuring privacy for users. Even though validation and consensus are available, no private information is leaked, which is referred to as 

All of these strategies combined provide Polygon with a distributed and secure architecture. This is how it easily surpasses the Ethereum network’s current throughput of 14 

 (TPS). The increased scalability makes transactions a much cheaper commodity than they currently are on Ethereum’s overburdened network.

As two of the most popular blockchains in DeFi, Ethereum and Polygon play a crucial roll, especially among developers. There's often debate about their capabilities and distinctions. At times, Polygon is seen as a replacement for Ethereum.

However, Polygon is built on top of Ethereum and benefits fully from the latter's strengths, such as leveraging its enhanced security and developed architecture. It shares Ethereum’s values of open innovation and complete decentralization. 

Rather than compete with Ethereum, Polygon is designed to help its blockchain provide an improved user experience by speeding up transactions at a lower cost.

, designed to significantly solve Ethereum’s scalability issues by decongesting its network, could render Polygon redundant. However, Polygon remains a strong network that’s crucial to facilitating Ethereum's shift toward a more scalable system and making it accessible to all. 

For now, it will take time for Ethereum to catch up with Polygon's speeds and low fees. Polygon can process up to 65,000 transactions per second, much faster than Ethereum's current capacity of around 10 to 15 transactions per second. Hence, as a user, you may want to use Polygon for transacting, due to its high throughput and extremely low gas fees as compared to Ethereum. 

Benefits of Polygon Over Alternative Blockchains

Even though there are many scalability solutions based on Ethereum’s network, Polygon has its own distinct set of advantages. Some of these are listed below.

) — the first-ever EVM-compatible version of ZK-rollups, designed to work effortlessly with all existing smart contracts, developer tools and wallets. At the same time, it also reduces user friction by removing the need for any modification or reimplementation of code. 

In addition, zkEVM inherits Ethereum’s security while increasing performance and reducing fees by a large amount. With zkEVM, any smart contract or developer tool that can be used on Ethereum can now be used on Polygon. 

The development team aims to build zkEVM into the holy grail of web3 infrastructure of scalability, security and Ethereum compatibility.

Polygon’s zkEVM rollup was released on the public testnet on Oct 10, 2022, while the mainnet went live on March 27, 2023. Furthermore, one of the co-founders shared that plans were underway to upgrade Polygon PoS into a 

, making Polygon's security comparable to Ethereum's. Having the network as a validium rather than a rollup implies that only validation proofs will be stored on Ethereum, while all the other data is stored locally. 

This upgrade will also drastically reduce costs and open up the network to applications, such as web3 gaming, which process large volumes of transactions. The upgrade is expected to be made between February and March 2024 in what developers are calling Polygon 2.

To reduce its gas spikes as well as its block transaction finality time, Polygon implemented a mainnet 

There are two parts to the upgrade. The first is the reduction of gas spikes. Gas spikes are the abnormal price surges in gas fees that occur due to two factors — the 

 update, and Polygon's switch to PoS, which has led to faster block times. In addition, the 

 will be increased from eight to 16 to ease the base fee rate changes, due to a rise above or drop below the target gas limits. After the denominator is increased to 16, the base gas fee is expected to fall from 12.5% to 6.25%.

 of Polygon’s blocks from 64 to 16 blocks to solve the chain reorganization issue. As the 

 length is equivalent to the sprint length, a reduction in sprint length will reduce the time needed to produce blocks continuously. This will lower the frequency of reorgs, thereby leading to better transaction finality times. This update doesn’t impact the total time or number of blocks a validator produces, so block rewards won’t be reduced.

MATIC was first released in 2017 with the launch of the Matic Network, which began with the goal of solving the Ethereum network’s inherent problems related to its performance and affordability issues. Since then, it’s been widely adopted in various projects, making it one of the most popular scalability solutions in the crypto market. To build upon its initial success, the Polygon team expanded its services with a broader vision.

Thus, in February 2021, MATIC was rebranded to Polygon, offering an improved scalability solution incorporating interoperability in its long-term vision.

Following this, Polygon has been designed to create a world where users of EVM-compatible blockchains can interconnect and transact without needing a third-party enabler. 

As of Jul 1, 2023, Polygon’s price was $0.70, approximately 22,223% above its all-time low (ATL) of $0.00314 on May 10, 2019, and a 75.94% drop from its all-time high (ATH) of $2.92 on Dec 27, 2021. 

Price forecasting experts are quite bullish on MATIC’s price. According to DigitalCoinPrice’s 

, price analysts believe it could hit a maximum price of $2.56 in 2025 and increase to $7.34 in 2030. Experts at PricePrediction 

, asserting that MATIC could hit $2.02 in 2025 and rise to a maximum price of $14.06 by 2030. 

While these price predictions represent a bullish outlook, they aren’t financial advice or a guarantee of the future price of Polygon. We highly recommend that you always 

 before investing in MATIC or any other altcoins. 

As Polygon employs a PoS consensus, it requires validators and delegators to secure the network. Each time a validator checks and adds new transactions to the blockchain, they’re rewarded in MATIC tokens. 

Anyone can become a validator on Polygon and set up their own node, or lease to a community node. Rewards depend upon the amount of MATIC staked and the transactions in the network. If your selected validator makes a serious error, you may lose part or all of the MATIC tokens you’ve staked.

Alternatively, you can stake your MATIC with 

 to automatically earn rewards that go directly into your account. Bybit Savings allows you to withdraw your MATIC at any time, as compared to the nine-day unstaking period on the Polygon Network.

Polygon has done incredibly well in its bid to onboard more users into web3 by providing an easy way to benefit from the superior architecture of Ethereum, without worrying about high gas fees and delayed transactions. 

Furthermore, the project’s rebranding to expand its technical scope has opened up its architecture to a diverse range of services, leading to a thriving ecosystem.

Notably, Polygon has proposed a major upgrade to its network, dubbed 

, which the team believes will significantly improve scalability and unify liquidity. When successfully implemented, Polygon 2.0 will leverage ZK (zero knowledge) technology to create what it's calling the 

, enabling unlimited creation and exchange for all.

MATIC is driving innovation payments on DApps, DEXs and gaming networks. Its fast market adoption is behind its favorable prospects and price jump.

There are around 19,000 DApps currently using the Polygon Network to implement their services. 

Some top projects using MATIC coin currently include:

Polygon has established a wide range of partnerships to adopt more users, including the following.

What Is Polygon (MATIC): Unlocking Limitless Scalability

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