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Sources Say Pakistan Is Negotiating An Expanded Defense Agreement With Kuwait In Exchange For Energy Cooperation. The Negotiations Are Still In The Preliminary Stages And Have Not Yet Been Finalized
U.S. Manufacturing Capacity Utilization Was 75.7% In June, Unchanged From The Previous Reading Of 75.7%
U.S. Capacity Utilization In June Was 76.1%, Versus An Expected 76.20%; The Previous Reading Was Revised From 76.20% To 76.1%
U.S. Industrial Production Rose 0.1% Month-on-month In June, Versus An Expected 0.20% And A Previous Reading Of 0.10%
Franco-German Joint Statement: France And Germany Have Reached A Joint Statement Of Intent On Nuclear Fusion Energy. France And Germany Will Advocate For The Redirection Of EU Financial Instruments To The Key Metals Sector
A Joint Franco-German Statement: France And Germany Will Develop Standards For Cooperative Operations In Europe To Ensure Interoperability Between Air Systems. France And Germany Will Also Explore Cooperation On Sovereign European Missile Defense Capabilities
A Joint Statement From Germany And France States That Germany Will Participate In France's Nuclear Exercises Later This Year, Increasing Rather Than Replacing NATO's Nuclear Deterrent Capabilities
Franco-German Joint Statement: Will Deepen Cooperation On Nuclear Deterrence And Conventional Strike Capabilities
EU Banking Fragmentation Hinders Integration; New Cross-Border Rules Proposed To Promote Consolidation
Coking Coal Futures Contract 2609 Rose During The Session, With Gains Widening To 2.02%, And Last Quoted At 1290.5 Yuan/ton; The Trading Volume Was Approximately 11.004 Billion Yuan, With An Increase Of 23,700 Lots In Open Interest, Indicating A Significant Change In Open Interest
The Main Coking Coal Futures Contract Rose Sharply In The Short Term, Last Quoted At 1286 Yuan/ton, Up 1.70% On The Day
The Main Contract For Low-sulfur Fuel Oil (LU) Experienced Increased Volatility After Opening, And Was Last Quoted At 4,728 Yuan/ton, Up 3.41% On The Day
Institution: Escalating Tensions In The Middle East Weigh On Demand Prospects, With Copper Prices Expected To Post A Weekly Decline
U.S. June Import Price Index Rose 7.1% Year-on-Year, Versus An Expected 6.70% And A Previous Reading Of 6.70%

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Digital asset treasury bull Peter Smith, co-founder and CEO of Blockchain.com, sees the trend of publicly-listed companies adopting crypto treasury strategies continuing for some time, although he expects a wave of mergers and acquisitions.
"More and more are going to come, until we run out of management teams or shells. Capitalism is awesome like that," Smith told The Block. "At some point, though, we sort of run out of steam, and then it gets really interesting because then you’ll see a lot of consolidation ... the really good management teams and sponsors will consolidate a lot of the space at a preferential capital stack."
Earlier this week, Vivek Ramaswamy's Bitcoin DAT Strive reached an agreement to acquire Semler fellow Bitcoin treasury Semler Scientific, which will result in a new company that holds nearly 11,000 BTC ( over $1 billion). Benchmark analyst Mark Palmer said smaller firms with meaningful crypto reserves but lower valuations are natural candidates for stock-for-stock tie-ups.
Smith said Blockchain.com has been perhaps one of the busiest firms active in the DAT space. His company has invested over $200 million in about a dozen companies, including Bitcoin-based DAT ProCap Financial, Ethereum treasury BitMine Immersion, and Toncoin DAT Ton Strategy.
The long-time crypto executive said that while taking over small-cap shell companies and giving them a new purpose is nothing new —Smith said biotechs have been using shells and PIPEs (private investments in public equity) for years— the move to use these tactics to accumulate a specific digital asset was inspired by Michael Saylor's Strategy.
Treasuries evolved beyond Bitcoin
Strategy, formerly MicroStrategy, demonstrated that accumulating crypto, specifically Bitcoin in its case, could translate into a major increase in shareholder value. Then, earlier this year, a host of smaller Nasdaq-listed companies decided to follow in Strategy's footsteps and began rebranding as DATs.
The first wave bought bitcoin and ethereum; the next broadened the model with altcoin-based treasury models. Now there are DATs dedicated to stockpiling XRP, Dogecoin, BNB, and others.
Currently, only those crypto treasuries holding either Bitcoin, Ethereum, or Solana, combined, possess over $120 billion in digital assets, according to The Block Data Dashboard. Fresh capital has fueled the growth, with DATs pulling in over $20 billion in VC funding so far this year.
Some have been critical of the DAT explosion. Last month, Komoto CTO Kadan Stadelmann called the trend "self-dealing, dressed up as capital deployment." This week, The Wall Street Journal reported U.S. regulators are investigating potentially suspicious stock trading patterns that occurred before publicly listed DATs announced plans to buy crypto. The inquiries are focused on unusual trading patterns, including abnormally high trading volumes and sharp stock price increases in the short periods preceding public announcements.
Two types of digital asset treasuries
Smith considers there to be two types of DATs.
"There are two reasons to have a DAT and they're distinct. One is a DAT as an investment vehicle and the other is as a replacement for foundations," he said.
In the case of an "investment DAT," Smith said investors buy shares in the hopes the management team behind the publicly-traded treasury will generate more value, thanks to their financing and ability to get tokens at a discount, than an investor could on their own by simply holding a cryptocurrency on spot.
Smith, however, believes "there's probably more risk" in buying shares in a DAT than in "holding spot."
In the case of an "ecosystem DAT," it's about "replacing these foundations with C-Corps that eventually go public," Smith said. "People forget all these Cayman or Swiss foundations that we have in crypto are a direct result of bad regulation."
Smith has been watching crypto evolve for a considerable amount of time, given that Blockchain.com was founded in 2011. The company was also an early success story, raising capital at a $14 billion valuation in 2022.
"We couldn't have a Delaware C-Corp ... that's where most tech startups are ... so the foundation, it was just a regulatory arbitrage," said Smith.
He's confident DATs are here to stay: "It's a sector and a vertical that's going to be here on a permanent basis."
Besides investing in DATs, Smith Blockchain.com is also extremely active in servicing digital asset treasuries by providing custody, trading, and staking services.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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