Crypto strategist Adam Livingston has highlighted a fascinating trend where companies like MicroStrategy and Metaplanet are spearheading a speculative attack on fiat currencies. They are achieving this by raising capital in dollars and swiftly converting it into Bitcoin (BTC).
This strategic move is effectively draining liquidity from the traditional financial system and transferring value into Bitcoin. This essentially means that these companies are exiting fiat while still operating within its framework.
Companies Leading the BTC Treasury Shift
- Public companies currently hold 833,214 BTC, which amounts to over $89.21 billion.
- Private firms possess 421,641 BTC, valued at $45.14 billion.
Top Public Holders:
- MicroStrategy leads the pack with 592,345 BTC ($63.42B).
- Other prominent holders include Marathon Digital, Twenty One Capital, Riot Platforms, CleanSpark, and Metaplanet.
Top Private Holders:
- Block: 140,000 BTC ($14.99B).
- Tether: 100,521 BTC.
- Xapo Bank: 38,931 BTC.
- Followed by BitMEX and Mt. Gox.
What Are These Firms Doing?
According to Livingston, these companies are not just storing wealth; they are systematically converting fiat into Bitcoin. He describes it as a process of draining the fiat system by raising money in fiat, purchasing BTC, and repeating the cycle.
What This Means for Fiat Currency
Livingston cautions that if this trend gains momentum:
- Fiat currencies like the U.S. Dollar could witness a decline in dominance.
- Bitcoin might emerge as a pricing benchmark for assets globally.
- Companies could soon be valued based on BTC per share rather than earnings.
Surging Stock Prices: A Sign of New Value Metrics?
- MicroStrategy shares have seen a significant increase of 153.46% YoY and 28.87% in 2025.
- Metaplanet shares have surged by 1,346.60% YoY and 316.78% in 2025.
Investors are rewarding companies with substantial Bitcoin holdings, potentially reshaping traditional valuation metrics.
Global Monetary Leak: The Bitcoin Demand Spiral
Livingston coins the term “Bitcoin demand spiral” to describe the following sequence:
- Companies issue shares.
- Utilize proceeds to purchase BTC.
- BTC price escalates.
- Share prices surge.
- Investors acquire more, initiating a recurring cycle.
He views this as a monetary leak from fiat into Bitcoin, a trend that is rapidly gaining momentum.
Final Take
Livingston concludes that Bitcoin treasury companies are laying the foundation for a Bitcoin-centric financial ecosystem. The question remains: are they merely safeguarding value, or are they orchestrating the transition to a new global monetary standard?
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