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Public companies are now buying Bitcoin with debt, equity, and 11.5%-yield preferreds — and trading at premiums to the BTC they hold. Here's how the mNAV trade works, who the major players are, and where it can break.
Mining
Hut 8 replaced its Coinbase Prime credit facility with a $200M, 364-day FalconX bitcoin-backed loan at 7.0% fixed — down from 9.0% and 450bps below peak rates — while unlocking 3,300 BTC (~$260M) previously encumbered as collateral under the prior deal.
Bitcoin
Bitcoin developer Paul Sztorc plans an eCash hard fork on August 21, 2026 (block ~964,000): 1:1 BTC airdrop plus manual reassignment of Satoshi's dormant coins to early investors. Rootstock's Sergio Lerner warned the mechanism is 'hazardous' due to replay attack risk and cold storage exposure.
Bitcoin
Paradigm GP Dan Robinson published PACTs on May 1 — Provable Address-Control Timestamps — letting Bitcoin holders cryptographically prove key control before quantum computers could derive them, without moving coins. ~1.1M BTC ($75B) in exposed P2PK addresses are at stake.
Funding
Tether Investments proposed merging Twenty-One Capital (43,514 BTC, $3.3B), Jack Mallers' Strike (operating in 100+ countries) and Raphael Zagury's Elektron Energy (~50 EH/s mining capacity) into a single publicly listed Bitcoin platform. XXI shares jumped 8% in after-hours trading.
Funding
Tether Investments proposed merging Twenty One Capital (XXI), Jack Mallers' Strike, and miner Elektron Energy into one listed entity. The combined company would hold 43,500+ BTC, mine ~5% of hashrate at <$60K all-in, and run Strike — XXI popped 8%.
Bitcoin
Bo Hines, executive director of Trump's Council of Advisors on Digital Assets, said at Bitcoin 2026 in Las Vegas the White House will release Strategic Bitcoin Reserve plans within two months. The US is the largest known state BTC holder, ~328,372 BTC.
Bitcoin
BIP-361, drafted by Jameson Lopp and other core devs, would phase out Bitcoin's current cryptographic signatures and freeze ~5.6M dormant BTC (~$440B, 28% of supply) to protect them from quantum attacks. Critics say it would shatter Bitcoin's core value prop in a single day.
ETF
Market maker GSR has launched its first ETF, the GSR Crypto Core3 (BESO) on Nasdaq: an actively managed multi-asset fund holding BTC, ETH and SOL with staking-income participation.
Bitcoin
Strategy (formerly MicroStrategy) purchased 34,164 BTC for about $2.54 billion on April 20 at an average price of $74,395, its third-largest single acquisition on record.