26th May 2025 > > Tariffs, H100 AB, & a resource.

tl;dr

H100 AB Group joins the ever-growing list of companies putting BTC on balance sheet. Expect more to follow and soon. An insightful resource comes in very handy.

Market Snap

Market Wrap

Trump’s threat on Friday of raising tariffs on the EU to 50% quickly brought on a promise by the vastly over-promoted Ursula von der Leyen, one of the EU’s three Presidents (you won’t know the names of the other two) that the EU is ready “to advance talks swiftly and decisively”, so it seems to have worked. In response, Trump announced a month-long delay to the increased tariffs. Markets are hopeful that a deal will be done before then. Say or think what you like, but Trump has proved that the years-long process of agreeing trade deals in the past was simply not necessary, which should demand a period of self-reflection by a bureaucrat or two.

Curious Cryptos’ Commentary – H100 AB Group

You are probably as familiar with H100 AB Group as you are with Leyen’s two other co-Presidents of the EU (i.e. not at all), but it is of interest to us all. H100 recently announced the launch of a BTC treasury program, which was met with an immediate pump to its share price of 37%:

CEO Sander Andersen explains:

“This addition to H100’s Bitcoin Treasury Strategy follows an increasing number of tech-oriented growth companies holding Bitcoin on their balance sheet, driven by the view that it's in the company’s interest to hold a more diversified treasury portfolio than just cash and I believe the values of individual sovereignty highly present in the Bitcoin community aligns well with, and will appeal to, the customers and communities we are building the H100 platform for.”

The firm has since raised a further $2.2mm by issuing a zero percent convertible bond solely for the purpose of buying more BTC, which will take its stash to 25 BTC or thereabouts at current prices.

There are now 112 companies with an explicitly stated BTC treasury reserve strategy, all of which can be monitored here:

https://bitcointreasuries.net/

As more companies adopt BTC as a treasury reserve asset, the pressure grows on the others to follow suit. The locking up of BTC for the long-term across a wide range of companies and industries can have only one effect on the price of BTC.

Curious Cryptos’ Commentary – https://bitcointreasuries.net/

There is some interesting information on this website. Let’s have a look at some key highlights.

3.35mm BTC are now held as treasury assets:

It’s no surprise that ETFs are building a dominant position as the vehicle of choice, given the low fees of 30bps or so per annum, a tiny amount compared to recent annual price appreciation of BTC and the 100% guarantee of security of your assets.

This BTC currently sitting as treasury assets represents 16% of all total supply of BTC. It has grown by nearly 4% in the last month alone. If that rate of adoption is maintained, then theoretically 50% of all BTC would be held in treasury by October 2027.

Given that corporate adoption of BTC as a treasury asset is only going to increase from here, how to square that circle? Well, it’s simple. Price goes up.

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There are now ten nations that have publicly declared holding BTC, with another two that have held in the past but are now seriously regretting getting rid of their stash (that will be Bulgaria and Germany).

The two largest are the US and China, both of which are expected to continue to accumulate BTC, the US in a spectacularly open fashion, and China being highly secretive.

I note that the UK is third on the list with a total of 61,245 BTC valued at nearly $7bn. We won’t be holding onto that for long, that would be far too sensible.

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Finally, I note that over 1.7mm BTC are now locked into smart contracts. We looked briefly at BTCfi yesterday. I admit I had no grasp of just how big DeFi for BTC had grown. I am definitely missing some opportunities in this space.