Digital asset infrastructure company BitGo has added support for Canton Coin (CC), the native token of the Canton Network, in a move that could make it easier for US institutions to hold the asset through a qualified custodian.
The companies announced the integration on Wednesday, saying it will give banks and asset managers compliant access to a network already processing significant volumes of tokenized real-world assets (RWAs).
The partnership introduces cold-storage custody and insurance-backed security, and could pave the way for future support of stablecoins, tokenized securities and other onchain financial instruments.
The integration “represents a significant step toward institutional adoption of CC and support for the broader Canton ecosystem,” said Melvis Langyintuo, executive director of the Canton Foundation, the nonprofit entity that oversees the network’s governance and ecosystem development.
The Canton Network focuses on bringing regulated institutions onchain, enabling interoperability between financial applications and tokenized assets while maintaining compliance. Its backer, Digital Asset, recently raised $135 million from investors including Goldman Sachs, Citadel Securities, BNP Paribas and the Depository Trust & Clearing Corporation (DTCC).
BitGo, one of the crypto industry’s largest custodians with around $90 billion in assets under custody, is expanding its institutional services amid growing demand for regulated digital-asset infrastructure. As Cointelegraph recently reported, the company has filed for an initial public offering in the United States.
Institutional participation in the Canton Network accelerates
The Canton Network has seen growing activity since its launch in 2023, with P2P.org — a staking infrastructure provider managing more than $10 billion in assets — recently joining the ecosystem alongside major institutions such as Goldman Sachs, JPMorgan, Bank of America and Citigroup.
As Cointelegraph recently reported, two of the world’s largest banks, BNP Paribas and HSBC, have joined the Canton Foundation to support its mission and advance blockchain technology tailored to institutional needs.
The expansion comes amid rising institutional interest in RWAs, a central focus of Canton’s strategy. Industry data shows that the total value of tokenized RWAs, excluding stablecoins, has surpassed $35 billion, with use cases spanning private credit, US Treasury debt, private equity and equities.
Total RWA market value, excluding stablecoins. Source: RWA.xyz
BTC is down 1% in the last 24 hours and is now trading below $113k.
The Fed is expected to cut interest rates by at least 25 basis points today.
FOMC meeting dominates headlines
Bitcoin, Ethereum (ETH), and Ripple (XRP) are currently bearish as they are struggling to break above key resistance levels. Bitcoin has dropped below 113k and is now trading around $112,950 per coin.
This price action comes after Bitcoin’s price was rejected at the 78.6% Fibonacci retracement level. The bearish performance in the last few hours comes ahead of the FOMC meeting in a few hours.
The Federal Reserve is expected to cut interest rates by at least 25 basis points, a move that could see Bitcoin and other leading cryptocurrencies rally in the near term. The rate cut is expected despite the ongoing U.S. government shutdown, which caused a financial data backlog in the last three weeks.
Bitcoin could hit $120k if the bullish trend resumes
The BTC/USD 4-hour chart is bearish and efficient as Bitcoin has underperformed in the last 24 hours. The bearish performance comes after Bitcoin retested and faced rejection from the 78.6% Fibonacci retracement level at $115,137 earlier this week. It is now down 1% in the last 24 hours and is currently trading below the 50-day Exponential Moving Average (EMA) at $112,950.
The Relative Strength Index (RSI) on the 4-hour chart hovers around 60, indicating a bullish bias among traders. Furthermore, the Moving Average Convergence Divergence (MACD) showed a bullish crossover on Sunday, supporting the bullish thesis.
If Bitcoin holds its price above the $112k level and closes its daily candle above $115,137, it could extend the rally toward the key psychological level at $120,000.
However, failure to close above the $115,137 resistance level could see Bitcoin lose its recent momentum and decline toward the 61.8% Fibonacci retracement level at $106,453.
A Madras High Court judge barred WazirX from reallocating a customer’s XRP holdings and declared cryptocurrency qualifies as property under Indian law, setting a precedent that may reshape how exchanges handle user assets during insolvency proceedings across multiple jurisdictions.
As The Times of India reported on Oct. 25, Justice N Anand Venkatesh ruled that the entity operating WazirX cannot redistribute, apportion, or reallocate 3,532.30 XRP coins belonging to Rhutikumari, who purchased the assets by transferring funds from her Chennai bank account.
The court granted an interim injunction after finding jurisdiction, despite WazirX’s argument that a Singapore High Court-supervised restructuring scheme controlled the matter.
Justice Venkatesh stated:
“Cryptocurrency is treated as a virtual digital asset, and it is not treated as a speculative transaction.”
The ruling cited Section 2(47A) of the Income Tax Act, which governs virtual digital assets, and found that cryptocurrency “is capable of being enjoyed and possessed (in a beneficial form) and is capable of being held in trust.”
WazirX contended that the platform does not own crypto wallets and that all users would receive pro rata compensation through a three-step process supervised by Singapore’s high court following a hack that halted withdrawals.
The exchange argued that the Madras High Court lacked jurisdiction because the arbitration was seated in Singapore.
The court rejected that position. Justice Venkatesh noted that Rhutikumari transferred funds from India, accessed the platform from within the country, and therefore established that part of the cause of action arose within the Madras High Court’s territorial jurisdiction.
The decision treats crypto holdings as distinct property rights rather than unsecured claims in a bankruptcy pool.
XRP property status shapes remedies in other venues
Courts in the US routinely treat crypto as property for remedial purposes, though regulatory classifications vary by agency.
The New York state court issued a temporary restraining order over stolen USDC in the LCX case and authorized service by NFT. Federal courts freeze wallets and seize crypto under Rule 65 and civil forfeiture statutes.
Relief against exchanges depends on the contractual structure: customers holding assets in omnibus or “Earn” programs that transfer title recover less than those with proper custody arrangements, where platforms act as bailees, as seen in the Celsius Earn ruling.
English courts recognize crypto as property and grant proprietary injunctions, freezing orders, and Bankers Trust disclosure against exchanges, including those overseas.
AA v Persons Unknown established the framework in a Bitfinex ransomware case, while Fetch.ai v Persons Unknown applied it to a Binance case.
LMN v Bitflyer confirmed disclosure orders can reach foreign exchanges. Parliament moved to codify digital-asset property concepts following the Law Commission’s 2023 report, solidifying the legal foundation for such orders.
Issue
India
United States
United Kingdom
Singapore
Is crypto “property”?
Yes; expressly stated and “capable of being held in trust.”
Yes for many purposes (tax/property; courts issue TROs, seizures).
Yes; courts treat crypto as property supporting proprietary relief; government moving to codify.
Yes; recognised across tokens and NFTs; can be held on trust.
Can courts stop an exchange from touching user coins?
Yes; interim injunction barred WazirX from reallocating customer XRP.
Yes, via TRO/prelim injunction and constructive-trust theories, but platform ToS can be outcome-determinative (Celsius Earn).
If ToS transfers title (yield/earn), users may be unsecured creditors in insolvency.
Some injunctions against exchanges have been discharged on the facts; relief is case-specific.
Strong on property/trust, but final outcomes still hinge on facts and contractual terms.
Singapore’s High Court has granted proprietary and worldwide freezing injunctions over stolen crypto in CLM v CLN, recognized NFTs and tokens as property, and, in Bybit v Ho Kai Xin, confirmed that crypto can be held on trust. This doctrine is relevant when users claim an exchange or insider holds assets on their behalf.
Quoine v B2C2 was the first to flag trust issues in exchange settings. Subsequent cases refined the property analysis to support stronger customer protections.
The Madras ruling aligns India with jurisdictions that prioritize property rights over pooling schemes in cases where exchanges face insolvency or restructuring.
By establishing that crypto purchases create enforceable property interests rather than mere contractual claims, the decision may limit how platforms redistribute user holdings during financial distress and clarify that local courts retain jurisdiction over assets accessed and funded domestically, regardless of where corporate restructuring proceedings occur.
Recently, XRP dropped 15% as Bitcoin slipped just 1%, showing amplified volatility.
XRP ETF delays and $8.13M in liquidations deepened XRP’s monthly decline.
Analysts see XRP rebounding toward $5–$12 if ETF-driven supply shock hits.
XRP price has become the focal point of heated debate after the token slid roughly 15% over the past month while the Bitcoin price barely moved.
Market commentators and analysts are asking why XRP would suffer such a steep pullback when the broader market appeared comparatively steady.
The answer, they say, lies in correlation dynamics, liquidations, regulatory lag and nascent institutional activity.
The sharp divergence with Bitcoin
In October, both Bitcoin and XRP rallied, with Bitcoin staying above the six-figure levels and XRP flirting with the $3 mark.
Profit-taking followed quickly, and altcoins absorbed most of the pain.
Traders who had piled into XRP were hit especially hard; one stretch of trading erased about $8.13 million of leveraged positions within four hours.
That sequence amplified losses and sent XRP below the $2.50 support level it had failed to hold after the upswing.
Charles Gasparino, a senior correspondent known for market coverage, spotlighted the paradox: Bitcoin fell only about 1% over the month, yet XRP plunged around 15%.
Why is BTC down 1 percent over the past month but XRP is down 15 percent?
The contrast underscores a structural reality where XRP has historically tracked Bitcoin’s moves but with greater intensity.
When BTC stumbles or consolidates, that sensitivity can turn into outsized downside for XRP.
XRP price and the ETF supply shock
Beyond short-term mechanics, a longer-term narrative is reshaping investor expectations.
Analyst Zach Rector has argued that the launch of multiple spot XRP exchange-traded funds and similar institutional vehicles could effectively remove a substantial portion of circulating supply from the market.
According to Rector, that “supply shock,” Rector says, would create the conditions for a dramatic price re-rating, with conservative models pointing to targets ranging from $5 up to double-digit territory — even as high as $12 by December 2025.
🧵Final 2025 XRP Timeline 🧵 XRP November Pump Coming ✅ $5-$12 XRP by first part of December 🚨
The regulatory backdrop also matters. Bitcoin and Ethereum have benefited from cleared paths to ETF adoption that flooded both markets with fresh capital.
XRP, by contrast, still faces an unresolved approval picture for spot ETFs in many jurisdictions.
That delay has likely depressed demand from risk-averse institutional buyers and made the token more sensitive to retail flows and sentiment shifts.
At the same time, data points show growing institutional interest via derivatives: CME-listed XRP and Micro XRP futures have recorded substantial contract volumes over recent months, a sign that professional desks are increasingly engaging the token.
XRP price analysis
From a technical analysis standpoint, the $2.30 area acted as a concrete support during mid-month liquidations, and the bounce to around $2.50 suggests buyers remain interested at those prices.
A sustained break above $3.40 would, in many analysts’ views, open a path toward $5.5, and if ETF-driven supply lockups occur, upside to substantially higher levels becomes plausible.
On-chain signals constructively complicate the picture.
The XRP Ledger is approaching a major transaction milestone, nearing 100 million recorded transfers.
That activity signals ongoing utility and adoption within payments and DeFi niches where XRP has carved a role.
Such resilience in on-chain throughput can buttress confidence even when price action looks shaky.
Assessing the path forward means weighing an array of forces: correlation-driven volatility, liquidation dynamics, regulatory clarity, and institutional adoption through derivatives and potential ETFs.
Short-term traders must manage the heightened risk that comes with XRP’s amplified moves.
Long-term investors, on the other hand, should watch ETF developments and on-chain adoption as the main levers that could catalyse the next leg of momentum.
According to RWA.xyz data, the total value of tokenized real-world assets (RWAs) on the Solana network increased by 5.8% the past month to $707.79 million, setting a fresh all-time high.
The surge reflects the current trend where traditional markets are merging with blockchain platforms.
Notably, RWA tokenization involves digitizing ownership of intangible or tangible real-world assets, including artwork, digital assets, and real estate, using blockchain technology.
Solana’s capability of handling massive transactions at cheaper costs has made it perfect for these innovations.
With its unique proof-of-stake and proof-of-history mechanisms, the crypto project can process over 65,000 TPS (transactions per second).
Syndica’s latest blog shows Solana has maintained 6x faster TPS than any other chain for eight consecutive months.
That’s the type of speed essential for handling large-scale real-world asset tokenization.
Increasing holders signal confidence
The data shows RWA holders on Solana surged to 92,526 after an 18.28% uptick in the last 30 days.
This confirms increased trust from institutional and individual investors who see Solana as the blockchain for streamlined tokenization.
Furthermore, the remarkable jump reflects the new trend of market players viewing tokenized investments as viable alternatives to traditional assets.
In total, Solana currently has 94 distinct tokenized RWAs, ranging from real estate and treasury bills to commodities.
Such diversification strengthens the SOL ecosystem. Moreover, they reduce risks as users have multiple channels for exposure.
As mainstream finance moves on-chain, Solana appears as a leading destination for tokenized products.
Its low fees, high interoperability, and speed might continue attracting serious capital in the coming months and years.
Stablecoins strengthen Solana’s on-chain economy
Besides the thriving RWA market, Solana’s stablecoin market cap soared 17.5% the previous month to $14.74 billion.
These stable tokens serve various purposes across the SOL platform, including trading, on-chain payments, and lending.
Moreover, stablecoin holders jumped 2.77% in 30 days to 11.78 million.
Most impressively, stablecoin transactions skyrocketed 68.44% in a month to $542.87 million.
Solstice Finance debuted its USX stablecoin on Solana on September 30.
Most stablecoins force you to choose. Stability OR yield. Never both.
Solstice breaks this false choice.
Layer one: Solana-native USX is your stablecoin. Built for Internet Capital Markets.
Solana is trading at $189. It has lost nearly 15% of its value in the past month as broader market bearishness outweighed optimism surrounding the tokenization updates.
SOL gained more than 2% the past 24 hours, though the 13% slump in daily trading volume reflects bearish sentiment.
The token reflects the prevailing overall market downturn, but institutional interest positions it for impressive comebacks amid broad-based bull runs.
The incredible success in the tokenization industry signals Solana entering a new era of growth, fueled by real-world adoption.
Democratic Party senators have requested that US Attorney General Pam Bondi and the US Department of Justice provide additional information regarding the pardon of Binance co-founder Changpeng “CZ” Zhao by President Donald Trump.
In an open letter on Tuesday, seven Democratic senators wrote that the pardon “signals to cryptocurrency executives and other white-collar criminals that they can commit crimes with impunity.” The lawmakers accused Trump of encouraging criminal activity “so long as they enrich him.”
The letter follows similar criticism from US Representative Maxine Waters, the top Democrat on the House Financial Services Committee, earlier this week, who said that “Trump is doing massive favors for crypto criminals who have helped line his pockets.”
The signatories include Senators Elizabeth Warren, Chris Van Hollen, Bernard Sanders, Mazie Hirono, Richard Blumenthal, Jack Reed and Jeffrey Merkley. They wrote that “this pardon will make it harder for Federal law enforcement to fight and deter crime.”
In the letter, the Senators highlight several alleged ties between Zhao, Trump and Binance. Trump’s family launched their decentralized finance (DeFi) platform World Liberty Financial (WLFI) late last year, which has been linked to Binance’s operations.
The launch was followed by accusations that Zhao facilitated introductions and meetings for WLF leaders, which CZ denied in late May. Other reports suggest Binance played a role in developing the code behind USD1, the stablecoin issued by WLFI.
“After Mr. Zhao’s company provided President Trump and his family with a revenue stream worth millions of dollars, President Trump pardoned him for criminal activity that he admitted to conducting.“
Reports from earlier this month also claimed that Zhao’s pardon followed a lobbying push by Binance, which included $450,000 to Trump-linked lobbyists and $290,000 to former Securities and Exchange Commission chair candidate and lawyer for CZ, Teresa Goody Guillén.
The senators argued that Trump’s pardon could “publicly and flagrantly undermine the work of federal law enforcement” and send a message to “cryptocurrency executives and other white-collar corporate criminals that the law doesn’t matter.”
They asked that the Department of Justice and Bondi explain the expected effect of the pardon on people and companies involved in crime, especially in the crypto industry. They also requested clarification on whether Trump’s alleged financial ties to CZ influenced his decision to issue the pardon.
Trump pardoned CZ last week, saying people told him “what he did was not even a crime.” Zhao had pleaded guilty in 2024 to violating the US Bank Secrecy Act by failing to maintain an effective Anti-Money Laundering program at Binance.
CoinShares, a major crypto asset management company headquartered in Europe, has launched a new investment product offering exposure to Telegram-linked Toncoin.
CoinShares International has announced a merger with blank-check company Vine Hill Capital Investment Corp. to launch an exchange-traded product (ETP) on Toncoin (TON).
The new product, CoinShares Physical Staked Toncoin, started trading on Switzerland’s primary stock exchange SIX under the ticker CTON on Tuesday.
Toncoin is the native crypto asset of The Open Network (TON), a blockchain platform closely integrated with the Telegram messenger. Over the past year, TON has seen a significant decline, with its market capitalization falling 59% year-to-date to $5.7 billion at the time of publication, according to CoinGecko.
2% staking yield
“With Telegram’s 900+ million active users and TON’s high-performance capabilities of over 104,000 transactions per second, the blockchain combines technical performance with existing market reach,” CoinShares said in a statement announcing the CTON launch.
The new ETP will offer automatic yield generation from network validation rewards, featuring a 2% staking yield, with trades available in the US dollar, it said.
Data on the CoinShares Physical Staked Toncoin as of Oct. 29. Source: CoinShares
CoinShares’ Toncoin ETP product in Europe isn’t the first time for the crypto asset manager to include TON in its crypto investment products.
TON is also part of the CoinShares Altcoins ETF (DIME), a US-traded ETP that launched in early October, offering exposure to multiple altcoins, including Solana (SOL), Polkadot (DOT), Cardano (ADA), Cosmos (ATOM) and others.
According to an announcement on Monday, Wallet in Telegram has started offering tokenized shares of 50 stocks and ETFs, with some of them offering dividends.
Toncoin reacted modestly to the news, rising about 5% to $2.30 on Tuesday. At the time of publication, the token ranked as the 35th-largest cryptocurrency by market capitalization, according to CoinGecko.
Solana price hovered around $194 amid a 4.5% dip in the past 24 hours.
However, holding near $200 amid potential bullish catalysts could be key to bulls’ advances.
Exchange-traded funds, interest rates cut and treasury asset bets top list of bullish markers.
Solana (SOL) price dipped below the $200 mark on Wednesday as cryptocurrencies showed caution ahead of the Federal Reserve’s interest rate decision.
However, despite the 3.7% slip in the past 24 hours, institutional interest remains high. The overall macroeconomic tailwinds are also aligning, and SOL’s price could explode alongside other cryptocurrencies.
What’s bullish for Solana?
Despite the lackluster performance in the past month, Solana’s fundamentals suggest substantial upside potential.
Multiple bullish drivers point to this optimistic outlook and could fuel gains in coming months.
For instance, the rollout of spot Solana ETFs is forecast to catalyze unprecedented institutional inflows. Bitwise’s and Grayscale’s products lead the charge, but more are queued for SEC sign-off.
Day one volumes have analysts saying that a democratized access to SOL for traditional investors via familiar brokerage platforms as a potential price booster.
The ETF fervor aside, anticipation around the Federal Reserve’s interest rate decision is high. E
conomists have doubled down on a 25-basis-point reduction in the federal funds rate on Oct. 29, and anticipate a further rate cut in December. Analysts say these should be a catalyst for risk assets like cryptocurrencies.
Solana’s network activity adds to this outlook,including as seen in ecosystem revenue and decentralized exchange volumes. The SOL token is also attracting notable treasury bets.
Western Union, the world’s largest money transfer provider, building on Solana is a huge nod for the ecosystem.
Bitcoin and crypto influencer Lucky summed the above in a post on X.
Solana is catching the worldwide attention these days…
1️⃣ Solana’s first ETF launched in the U.S., hitting $56M+ trading volume on day one.
2️⃣ $8M traded in just 20 minutes, ranking among the most active crypto ETF debuts ever.
Per CoinGecko, Solana’s price traded at lows of $194 in early Asian hours on Oct. 29.
This is after bulls failed to make a decisive breakout above the psychological $200 mark, a threshold that now acts as a key base for both bulls and bears.
With prices down 3.7% in the past 24 hours, SOL is looking at a scenario where negative movement could extend losses to the $180 mark.
On the flipside, gains could see bulls target $250 and then $300 in the short term.
From the technical point of view, SOL price is respecting the downtrend line formed from early October.
The Relative Strength Index (RSI) on the daily chart is flatlining in the neutral area around 47.
However, while the Moving Average Convergence Divergence suggests buyers still have an upper hand, the histogram indicates bullish momentum is weakening.
The outlook suggests SOL’s price has a key immediate range of $180–$210 that could indicate next targets.
Yesterday, Oct. 28, Metaplanet authorized a share buyback program disclosing a Bitcoin (BTC)-secured credit facility of up to $500 million. This capital allocation tool works best when the stock trades below its market-to-net-asset-value ratio, amplifying gains in Bitcoin rallies and magnifying losses in drawdowns.
The Tokyo Stock Exchange filings set a buyback cap of ¥75 billion, or 150 million shares, over the next year, and approved a credit facility “secured by BTC” held with a custodian.
For reference, Metaplanet holds 30,823 BTC and states buybacks become “most effective” when the stock trades below 1x mNAV, which is market capitalization divided by net asset value.
Bitcoin treasury companies function as levered, flow-driven vehicles rather than simple proxies for spot Bitcoin. So, does recent outperformance reflect sustainable a business model or a momentum cycle that will fade when Bitcoin stalls or mNAV premium compresses?
Leverage and buybacks drive equity convexity
A Bitcoin-collateralized credit line used to repurchase shares increases per-share Bitcoin exposure and typically pushes the equity’s mNAV back toward or above 1x during rallies.
The exact structure increases downside convexity if Bitcoin falls or the mNAV premium compresses, because debt remains fixed. At the same time, the collateral asset fluctuates, and share-count reductions magnify per-share volatility.
Strategy has deployed convertible debt and at-the-market equity programs across multiple cycles, delivering equity outperformance during Bitcoin rallies and sharp underperformance during drawdowns.
Semler Scientific funded treasury growth through ATM issuance and later transactions, exhibiting a flow-driven behavior in which equity returns diverge from spot Bitcoin returns during premium cycles and capital-structure moves.
Recent performance illustrates that dispersion. Over the past 30 days, Strategy’s stock declined roughly 13%, Metaplanet’s US over-the-counter listing fell approximately 10%, and Semler Scientific gained about 7.5% following deal announcements.
Those moves were driven as much by mNAV swings and equity flows as by Bitcoin’s relatively flat price action.
The pattern fits a momentum model in which equity performance depends on premium expansion or contraction, issuance or buyback timing, and market appetite for levered Bitcoin exposure, rather than Bitcoin price alone.
Institutional lenders typically require low starting loan-to-value ratios and maintenance triggers for Bitcoin-collateralized credit.
Strategy’s 2022 Silvergate loan involved roughly $820 million in Bitcoin collateral for a $205 million draw, representing approximately 25% LTV and illustrating the over-collateralization standard that forces rapid deleveraging during sharp Bitcoin declines.
Metaplanet’s filings do not disclose specific LTV terms or collateral triggers, leaving open the question of how much cushion the company maintains and whether drawdowns could trigger margin calls or forced asset sales.
Mechanics that amplify cycles
The math behind treasury-stock convexity combines four multipliers: Bitcoin’s price move, Bitcoin’s share of net asset value, changes in the mNAV multiple, and the inverse change in share count.
When a company borrows against Bitcoin to buy back shares, net asset value becomes more sensitive to Bitcoin moves because debt is fixed while the collateral fluctuates.
Simultaneously, share count falls and per-share Bitcoin exposure rises, often leading to mNAV re-rating, but that re-rating reverses violently during Bitcoin drawdowns when markets discount leverage risk and potential margin calls.
Metaplanet’s filings explicitly acknowledge this dynamic by targeting buybacks when the stock trades below 1x mNAV.
If Bitcoin remains flat and the stock trades at 0.95 to 1.00x mNAV, buybacks can close the discount and lift equity returns even if spot Bitcoin remains flat.
If Bitcoin rallies 20% and mNAV expands to 1.1 or 1.2x, leverage combined with reduced share count typically delivers equity outperformance.
If Bitcoin drops 20% and lenders demand collateral top-ups, the equity can underperform Bitcoin as mNAV sags and markets price in deleveraging risk.
That pattern defines momentum amplification rather than a stable, Bitcoin-correlated investment.
The use of proceeds, such as Bitcoin purchases, buybacks, or funding the company’s Bitcoin income business, adds another layer of discretion.
Issuing equity during strength to buy Bitcoin and repurchasing shares during weakness creates per-share Bitcoin growth over time, but leaves the company exposed to cycle risk when premium and discount regimes flip.
Treasury companies that execute this playbook effectively can compound per-share Bitcoin exposure. Those that mistime issuance or face forced deleveraging during drawdowns destroy value relative to holding Bitcoin directly.
Metaplanet’s mNAV proxy fell to 0.87× while bitcoin rose 5% over 30 days, prompting the Oct. 28 buyback authorization targeting sub-1× valuations.
Regulatory and governance context
Japanese corporate law allows boards to authorize buybacks if the company’s articles so provide, under Companies Act Article 165, the authority Metaplanet cites in its disclosure.
No shareholder vote was required for the buyback program itself, though significant capital-structure changes, including charter amendments and major equity offerings, went to shareholders during 2025.
Coverage of Metaplanet’s recent shareholder meetings indicates that investors approved substantial capital raises earlier this year to fund the Bitcoin strategy.
Listing-rule frameworks differ across markets. The UK Financial Conduct Authority’s July 2024 overhaul removed most shareholder-vote requirements for significant transactions, shifting to a disclosure model and reducing friction for significant capital moves.
Hong Kong still requires shareholder approval and a circular for Very Substantial Acquisitions under Chapter 14 of the listing rules, maintaining process-heavy governance for companies pivoting to treasury strategies.
There is no new, universal regulation forcing votes on Bitcoin treasury shifts. Instead, normal listing and corporate rules apply with varying levels of shareholder gating depending on jurisdiction.
Testing the momentum hypothesis
Treasury stocks function as momentum amplifiers when their returns depend more on mNAV premium cycles and capital flows than on Bitcoin’s spot price.
Evidence supporting that characterization includes the performance dispersion across Strategy, Metaplanet, and Semler Scientific despite similar Bitcoin exposure. The companies’ explicit strategies of issuing into strength and buying back into weakness, and the structural leverage that magnifies both upside and downside relative to Bitcoin.
The alternative view, that treasury stocks represent durable business models with sustainable outperformance, requires demonstrating that per-share Bitcoin growth and operational cash flows justify persistent mNAV premia above 1x.
To date, most treasury companies trade at varying premia or discounts based on market sentiment, Bitcoin momentum, and capital-structure announcements rather than on fundamental cash flow generation.
Strategy’s software business contributes modest revenue relative to its Bitcoin holdings. Metaplanet’s operational businesses remain minor relative to its treasury. Semler Scientific generates medical device revenue but frames its equity story around Bitcoin exposure.
Ticker
30D return
Note (mNAV context)
IBIT (BTC proxy)
+5.27%
Baseline for NAV; use as BTC reference.
MSTR
−8.6% to −7.3%*
Equity premia/issuance flows swing mNAV vs. BTC.
SMLR
−27.4% to −24.2%*
Treasury/deal headlines moved premiums sharply.
Metaplanet (OTC: MTPLF)
−9.77%
Under BTC → implied mNAV compression this month.
The key variables to track include facility drawdowns and their timing, disclosed collateral terms and LTV triggers, and the company’s mNAV relative to 1x over time.
Suppose Metaplanet draws the full $500 million to repurchase shares during periods when the stock trades below 1x mNAV and Bitcoin remains flat or rising.
In that case, the strategy can deliver equity outperformance by closing the discount and increasing per-share Bitcoin. If the company draws during a Bitcoin rally when mNAV already exceeds 1×, it amplifies upside exposure but also magnifies downside risk if Bitcoin subsequently corrects and lenders tighten collateral requirements.
Historical precedent suggests that Bitcoin-collateralized credit introduces margin-call risk during fast drawdowns.
Lenders commonly require conservative LTVs and over-collateralization, meaning companies must maintain excess collateral or face forced deleveraging, the signature characteristic of a momentum amplifier rather than a defensive treasury.
Metaplanet’s filings state that proceeds may fund buybacks, additional Bitcoin purchases, or the company’s Bitcoin income business, but do not specify collateral management protocols or LTV maintenance covenants.
What defines durable versus cyclical models
A treasury stock stops functioning as a momentum vehicle when Bitcoin declines, the mNAV premium compresses, and debt LTV constraints tighten simultaneously, forcing equity to underperform spot Bitcoin.
The same stock can generate positive returns even when Bitcoin is flat if buybacks close an mNAV discount to 1x.
During Bitcoin rallies with expanding premia, the equity typically outperforms through leverage, reduced share count, and multiple expansion. The momentum flywheel turns at full speed.
Corporate Bitcoin finance now includes convertible debt, Bitcoin-secured credit, ATM equity programs, preferred shares, and warrants.
The differentiator over time is the cost of capital and collateral terms rather than headline Bitcoin exposure.
Companies that access low-cost financing and maintain conservative LTVs can weather drawdowns without forced selling. Those operating at tight LTV margins or high borrowing costs face greater cycle risk.
Listing-rule evolution also matters. The UK’s reform reduces vote friction for large transactions, potentially enabling more aggressive capital cycling.
Hong Kong’s continued requirement for shareholder approval on big moves provides a gating mechanism that could dampen momentum cycles.
If additional treasury companies list or relist in jurisdictions with lighter governance requirements, flow-driven strategies could become more pronounced with fewer structural checks.
Metaplanet’s Oct. 28 disclosure positions the company as executing a mature treasury playbook, using Bitcoin as collateral to manage equity valuation through buybacks while maintaining flexibility to deploy capital across purchases, repurchases, or operations.
The effectiveness of that strategy depends on execution timing, collateral management, and whether the mNAV premium persists or compresses.
The one-year authorization window through Oct. 28, 2026, will test whether Bitcoin treasury stocks represent a new asset class with durable premia or momentum trades that fade when underlying cycles turn.
The firm will become AVAX One and focus on accumulating Avalanche tokens.
AgriFORCE aims to become the first publicly listed AVAX-centred entity.
Institutional interest signals confidence in Avalanche’s future.
Nasdaq-listed AgriFORCE Growing System has announced a historic pivot into the blockchain sector.
According to Monday’s press release, the firm will change its name to AVAX One and raise roughly $550 million to fund Avalanche accumulation.
🔥 NEW | AgriForce Growing Systems ( $AGRI ) will be the first publicly traded company on Nasdaq focused on #Avalanche and will develop a $550 million financing strategy
AVAX One plans to hold Avalanche tokens worth over $700 million, becoming the first publicly listed company dedicated to purchasing AVAX.
The move has gained attention as it marks AgriFORCE’s significant departure from the agriculture sector.
It reflects the firm’s confidence in blockchain as a disruptive force across various industries.
Commenting on this new development, AgriFORCE’s CEO Jolie Khan says:
For the first time, our company provides public market investors with a professionally-managed vehicle to invest directly in this transformation. Our mission is to maximize our ownership of this foundational technology, AVAX, on a per-share basis, delivering direct value to our shareholders as this new economy grows.
Avalanche grabs institutional interest
The Layer 1 has gained traction as a top platform for institutions interested in blockchain.
Avalanche boasts security with over $6.2 billion in staked assets.
Also, leading firms such as Apollo, JPMorgan Chase, and KKR are already using the AVAX network to launch custom blockchain solutions and tokenized products.
Avalanche boasts faster transaction speeds, low costs, and high scalability, features that are crucial for RWA tokenization and DeFi.
Such perks have increased the blockchain’s institutional appeal.
The $550 million bet
The firm plans a massive capital raise led by Hivemine Capital and participation from more than 50 investors, including Cypher Capital, Republic Digital, Kraken, Digital Currency Group, ParaFi, and Galaxy Digital.
The raise will include $250 million in equity-linked financing and $300 million PIPE (subject to stakeholder approval).
Hivemind Capital founder Matt Zhang said the firm plans a short- and long-term approach:
Our near-term active strategy will focus on disciplined asset accumulation and, in the long run, acquiring and onboarding cash-flowing fintech businesses onto the Avalanche network. This creates a powerful growth flywheel and sustained NAV premium that differentiates ourselves from all other digital asset treasury companies and ETFs.
AVAX One will use the raised capital to support its goal of owning AVAX worth more than $700 million.
AVAX price outlook
Avalanche’s native token maintained a bearish outlook today.
It is trading at $31.43 after losing over 4% of its value in the past 24 hours.
