BTC Wealth Report – Issue 06

👋 Welcome to BTC Wealth — Issue 06

Bitcoin supply is shifting.
From individuals to institutions.
From cold storage to capital markets.

This is a structural transformation - Bitcoin is being financialized.

Here’s what we’re tracking this week:

• 📉 Ownership Is Changing — Individuals are selling, businesses are stacking

• 🕰 Historical Context — What gold, real estate, and equities teach us about this moment

• 🧱 The Strategy Stack — One company, seven tickers, an ecosystem is forming

• 🔗 BTC Integration Deepens — Bonds, yield products, and new vehicles are pulling Bitcoin into the system

• 📊 ETF Holdings Hit All-Time High — BlackRock leads, others lag, but the trend is up

Let’s dig in.

Corporate adoption is accelerating

This week, River released new data showing that businesses are the largest net buyers of Bitcoin in 2025 — led by Strategy (formerly MicroStrategy), which accounts for 77% of that growth.

What shocked many was the other side of the ledger: individuals are the biggest sellers, offloading 247,000 BTC so far this year.

But it shouldn’t be a surprise.

Corporate adoption is accelerating, and the Bitcoin has to come from somewhere.

This is part of a broader, healthy transition. We’re witnessing the financialization of Bitcoin — the same process that transformed gold, real estate, and equities into scalable, globally held, institutionally allocated assets.

Let’s break it down.

🔍 What Is Financialization?

Financialization is when real-world assets become embedded in financial structures: markets, products, credit systems, and derivatives.

It starts simple — direct exposure, tickers, wrappers. But then it deepens:

• Liquidity improves.

• Ownership expands.

• Instruments evolve.

Eventually, the asset becomes easier to access, easier to trade, and easier to hold in institutional portfolios.

We’ve seen this cycle before.

Historical Context: How It Played Out Before

🟡 Gold

Before 2004, gold exposure meant bullion dealers or physical bars. Then came GLD, the first gold ETF — and suddenly gold was liquid, allocatable, and scalable.

And then what happened? Gold 6x’d in five years after ETF approval.

🏠 Real Estate: From Property to Products

Residential housing wasn’t considered an “investable asset class” until Wall Street turned it into one. Real estate was illiquid, local, and hard to access.

In the late 80’s this all changed with the creation of Mortgage-backed securities (MBS), REITs, and structured products created exposure, leverage, and deep secondary markets.

The result: Property prices went to the moon.

📈 Equities: The Most Financialized Asset Class

Equities started simple: buy shares, own a company.

But over time, they became the most engineered asset class on Earth:

• Index funds created market-wide exposure

• ETFs made portfolios tradable by ticker

• Options and futures enabled speculation without ownership

• Stock lending and margin unlocked hidden leverage

Today, equities are liquid, flexible, and deeply integrated into capital markets.

 🟠 Bitcoin: The Next Financial Asset to Mature

Bitcoin is following the same arc every major asset has — from direct ownership to deep financial integration.

Nowhere is this more obvious than with Strategy (MSTR). The company holds 568,840 BTC, but more importantly, it’s become the foundation for a growing ecosystem of financial products built around Bitcoin.

🧱 The Strategy Stack

This ecosystem gives investors multiple ways to access Bitcoin through Strategy — from equity to bonds to yield products.

Here’s how that stack breaks down:

🟠 $MSTR — The Flagship

• Common equity in Strategy

• Direct exposure to corporate-held Bitcoin

• Trades at a premium to NAV due to growing BTC per share
  👤 Best for: Long-term Bitcoin-aligned investors

🟣 $STRK & $STRF — Preferred Shares

• $STRK: 8% yield + option to convert into $MSTR

• $STRF: 10% fixed yield, no conversion rights

• Structured exposure to BTC strategy + income
  👤 Best for: Income-focused investors

🔁 $MSTU & $MSTX — Leveraged ETFs

• Offer 2× daily exposure to $MSTR performance

• Designed for directional bets, not long-term holding

• Issued by different providers (T-Rex, Defiance)
  👤 Best for: Short-term traders and speculators

💸 $MSTY — Yield Strategy ETF

• Options-based fund writing calls on $MSTR

• Generates monthly income (capped upside)
  👤 Best for: Yield-seeking investors in sideways markets

🧾 $BMAX — Bond Exposure ETF

• Invests in convertible bonds issued by BTC Treasury firms like Strategy

• A blended play on Bitcoin and corporate credit
  👤 Best for: Bond investors seeking BTC exposure

🧱 Why It Matters

None of these tickers exist in a vacuum. Each one channels a different type of capital into Bitcoin — equity, leverage, options, bonds, even preferred stocks.

Together, they show how Bitcoin is being integrated into the infrastructure of capital markets. This is financialization in real time.

Just like with gold post-GLD or equities post-ETF boom, Bitcoin is now being:

✔ Structured
✔ Wrapped
✔ Yielded
✔ Leveraged
✔ Bonded

And in the end, every product, every wrapper, every ticker — flows back to Bitcoin.

📊 ETF Tracker — BlackRock Leads, U.S. ETFs Hit All-Time Highs

Net Flows Since Launch

Speaking of Bitcoin’s financialization. This week, U.S. spot Bitcoin ETFs added 5,816 BTC, bringing total holdings to a new all-time high of 1,182,000 BTC.

That’s nearly 6% of total supply, held in regulated, institutionally managed vehicles.

🔍 Who’s Buying (And Who Isn’t):

🟢 BlackRock (IBIT): +8,162 BTC
🔴 Fidelity (FBTC): –1,177 BTC
🔴 ARK (ARKB): –672 BTC
📈 Net Total: +5,816 BTC

IBIT continues to do all the heavy lifting. It’s now the undisputed king of U.S. Bitcoin ETFs — consistently pulling in flows while others bleed or stall.

Year-to-date, U.S. ETFs have now purchased 61,000 BTC. But nearly all of that has come from one source: BlackRock.

That’s your BTC Wealth Report this week.

Found it valuable? Share it with your network. It helps more than you think.

Thanks for reading.

- Thomas Fahrer