My Bitcoin investments are iShares Bitcoin ETP (IB1T).
Now I’m also interested in Ethereum. What would be a low-cost product for this that also has good liquidity?
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I burst out laughing at Mikko Mäkinen’s characterization of Bitcoin treasury companies. 
https://x.com/JukkaLepikko/status/1942464501300826278
https://en.wikipedia.org/wiki/Greater_fool_theory
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Yes, it’s certainly clearer and easier if you have salary income. With that, you can directly be granted the loan. I inquired about that housing loan sometime around the turn of the year and now about that plot loan. So, at least in half a year, the situations haven’t changed in that regard. In practice, the only questions now were whether I had sold cryptocurrencies or if the holdings had remained the same, and last year’s tax decision was needed. I also tried to take a bullet (loan), but for some reason, it didn’t work out, but that approximately 1.5% credit succeeded. And the bank is OP.
Ethereumin Treasury company Bull-narratiivia on nyt hauduteltu muutamia viikkoja, juuri sopivasti loppusyklin euforiaa varten.
This influx of capital could lead to approximately $1 billion in monthly ETH acquisitions, driving up the price of Ethereum considerably.
A key differentiator for Ethereum treasury companies is their ability to actively engage with Ethereum’s DeFi ecosystem. Unlike Bitcoin holders, these companies can deploy their ETH in various DeFi protocols for staking, restaking, and lending. This not only generates yields but also provides a pathway for institutions to gain exposure to DeFi through regulated public market vehicles. This active participation is anticipated to cause a substantial increase in the Total Value Locked (TVL) within Ethereum DeFi, boosting protocol revenues and indirectly creating more demand for associated DeFi assets.
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https://www.arvopaperi.fi/uutiset/tukholmaan-listautunut-bitcoin-yhtio-ampaisi-hurjaan-nousuun-ylihintaista-ikiliikkujaa-on-syyta-varoa/e582d714-5224-482b-9d56-6527baa07952
https://www.kauppalehti.fi/uutiset/tukholmaan-listautunut-bitcoin-yhtio-ampaisi-hurjaan-nousuun-ylihintaista-ikiliikkujaa-on-syyta-varoa/f83ca0ae-0e20-458f-b378-ba45275e7689?proxy=uutiset%2Ftukholmaan-listautunut-bitcoin-yhtio-ampaisi-hurjaan-nousuun-ylihintaista-ikiliikkujaa-on-syyta-varoa%2Ff83ca0ae-0e20-458f-b378-ba45275e7689&utm_campaign=mu_redirect&utm_medium=almainternal&utm_source=mediuutiset
The listing of Bitcoin Treasury Capital AB has been, in my opinion, a very interesting piece of news in the Finnish crypto scene, even though it is a Swedish company. I haven’t invested my money in the company (at least not yet), but I am eagerly following its journey.
I would hope that the company would encourage even the more traditional Finnish financial media to consider cryptocurrencies and related companies more closely. Now, at least Arvopaperi has addressed the company’s listing in the form of a commentary, and the tone, when it comes to crypto, is, as usual, quite negative. Despite the commentary’s rather strong one-sidedness, I hope it will at least spark broader interest in the topic, so that Finnish media might one day offer a more diverse picture of crypto. Regardless of one’s opinion on them, cryptocurrencies are already a huge trend globally, and I see no reason why this megatrend wouldn’t eventually arrive late even here in the Nordics.
Attached are further comments from the Chairman of the Board of BTC Ab regarding the Arvopaperi article:
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I read the tweets, but my understanding is insufficient. Now, explain to a dummy why anyone would pay more for a bitcoin holding/treasury company than its NAV? On the stock market, there are tons of different holding companies and serial acquirers that own businesses. These are almost always paid less than the aggregated value of their holdings. For some reason, companies buying bitcoin are paid more than their NAV. It’s a bit like buying bitcoin significantly above market price and still paying the company’s running costs for holding them. A really good deal. As far as I understand, these companies can’t buy bitcoin any cheaper than anyone else, as it’s such a liquid asset. At most, they can use high leverage.
Mikko Mäkinen used the term ‘greater fool’ for this, and that’s what it looks like to a layman. I have some bitcoin in my wallet and have dabbled with crypto on a small scale for years, even ran a bunch of GPUs mining in my garage once, etc., but I don’t understand this treasury thing.
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I was pondering the exact same thing myself, but I guess it’s that higher-level Crypto mathematics. I toyed with the idea that if there were a similar treasury/holding company for gold, how much extra would be paid for it 
Bitcoin is, after all, advertised as virtual gold, etc.
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Gemini gave the following answer.
Summary
Business Model of Bitcoin Treasury Companies, such as MicroStrategy, and Reasons for Premium, Simplified
The business model of Bitcoin treasury companies, such as MicroStrategy, is fundamentally simple: they use a significant portion of their assets to purchase and hold Bitcoin. Instead of traditionally holding cash or other low-yield assets on their balance sheets, these companies believe Bitcoin is a better store of value and investment over the long term.
This strategy is often implemented aggressively. Companies not only use their existing cash reserves but also issue debt securities and new shares to finance their continuous Bitcoin purchases. As a result, the company becomes a kind of intermediary for investors who want exposure to Bitcoin’s value development but, for one reason or another, do not want or cannot own Bitcoin directly.
Why Do Investors Pay a Premium to NAV?
Often, the shares of these companies trade at a premium in the market, meaning their market capitalization is higher than the combined value of their held Bitcoins and other business operations (Net Asset Value, NAV). There are several quantifiable reasons for this phenomenon:
1. Leveraging Debt: One of the key reasons is the companies’ ability to use borrowed money for Bitcoin purchases. By buying Bitcoin with debt, a company can acquire more Bitcoin than its own funds would allow. If Bitcoin’s value rises more than the cost of the debt, this creates additional value for shareholders. An investor is willing to pay a premium because they get a leveraged return on Bitcoin’s appreciation, which they might not be able or willing to achieve themselves.
- Example: If a company takes out a €100 million loan at 5% interest and uses it to buy Bitcoins, and Bitcoin’s value rises by 20% during the year, the company’s profit is €15 million (€20 million appreciation - €5 million interest costs). This profit belongs to the shareholders.
2. “Accretive” Share Issuance: When a company’s stock trades at a premium relative to the value of its owned Bitcoins, it can issue new shares and use the proceeds to buy more Bitcoin. This action is “accretive,” meaning it increases the amount of Bitcoin per share, even as the total number of shares increases. This creates a self-reinforcing cycle where the premium enables the growth of Bitcoin holdings per share, which in turn can further justify the premium.
- Example: Assume a company’s share value is €200 and the value of its owned Bitcoins per share is €100 (100% premium). The company issues one new share at a price of €200 and buys Bitcoin with it. Since the Bitcoin price was only €100 per original share, the company can buy Bitcoin equivalent to two original shares with one new share. Thus, the Bitcoin ownership per share for all shareholders (including old ones) increases.
3. Institutional Demand and Accessibility: Many large investors and funds cannot invest directly in Bitcoin due to regulatory or other reasons. A publicly listed company, such as MicroStrategy, offers them an easy and regulated way to gain exposure to Bitcoin. This institutional demand can push the stock price above its NAV.
4. Operational Efficiency: Companies have a professional organization that handles the acquisition, secure storage, and management of Bitcoins. Investors are willing to pay a small premium for not having to worry about these often complex and risky operations themselves.
In summary, investors pay a premium for Bitcoin treasury companies because they offer debt leverage, an efficient way to grow Bitcoin holdings through share issuances, and easy access to the Bitcoin market. These factors can create value for shareholders that exceeds the current market value of the Bitcoins held by the company. However, it is important to note that this model is also risky and susceptible to strong fluctuations in Bitcoin’s price.
Point 3 and pure trading, in my opinion, are the only sensible reasons to buy these.
I suspect this is a phenomenon that will be laughed at a few years from now.
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Difficult question 
Sailor’s Strategy has developed some kind of “perpetual motion machine”. Bitcoins are bought, after which shares are issued and sold or a loan is taken, and the same cycle starts again 
. I don’t know how this works then in a situation if prices crash.
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I seem to recall reading somewhere that that strategy would backfire worse if the BTC price were around 20-22 thousand dollars. I might be wrong.
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Bitcoin treasury firms say they will sell bitcoins from their balance sheets and buy back their own shares when P/B<1. In this way, the amount of bitcoins per share grows even in a bear market. I myself believe that these sales will further accelerate Bitcoin’s decline in the next downturn, at which point institutional investors, in particular, will rush to dump all assets correlated with Bitcoin’s value.
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Strategy has indeed announced that it will not sell Bitcoin under any circumstances. But of course, they can buy back their own shares if the market is so chaotic that mnav goes below one, meaning the company’s value is less than the value of the bitcoins it owns. And they can withstand, I recall, even a 70% long-term collapse. According to Michael Saylor’s own words, the only situation they cannot withstand is if Bitcoin drops to zero and stays there. And Strategy has already withstood it once without selling bitcoins. By checking the charts, Bitcoin was around $67,000 in 2021, dropped to about $16,000, and only rose back by the end of 2024. And then it’s over. Bitcoin has indeed behaved just like that before, going up and down, so it can’t really fluctuate more wildly than it has before.
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Here’s an article from SalkunRakentaja about crypto markets and these new laws. 
Three laws could transform the USA’s regulatory system and open the doors to wider adoption, says financial firm XS.com’s market analyst Samer Hasn in his investor letter.
Subheadings:
- The GENIUS Act facilitates the widespread adoption of stablecoins
- The CLARITY Act establishes the basic framework for new digital market regulation
- The Anti-CBDC Surveillance State Act limits the central bank’s scope of action in digital currency
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Ethereum ETF ($ETHA) assets under management have exceeded the $10 billion mark for the first time in just 251 trading days. Only two Bitcoin ETFs have achieved this faster. Ethereum’s growth has accelerated significantly.
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I wonder if this is about the already classic scams manufactured by the Trumps, or if insider tips are being shared with their own supporters
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Which Co-op Bank could it be? It’s a bit hard to believe that.
Paljon negatiivisuutta dollaria kohtaan populistimediassa (Bloomberg, CNBC etc.). USD-vakaavaluutat voivat kuitenkin vaikuttaa päinvastoin eli vahvistaa dollarin asemaa. Syyt:
- Major US card schemes (Visa and Mastercard) already integrating stablecoins into their global offerings
- some of the biggest merchants in the United States (Walmart and Amazon) exploring the use of stablecoins
- stablecoins can appeal as settlement assets because fo superior speed, global accessibility and interoperability
- If interest-bearing stablecoins became common and more businesses started using them, they could divert deposits from traditional banks, which could jeopardise financial intermediation and hamper credit availability (Europe relies heavily on banks for finance)
- if US dollar stablecoins become widely used in the euro area – whether for payments, savings or settlement – the ECB’s control over monetary conditions could weaken
Jonkinlainen extreme skenario olisi, että eurusd heikentyy voimakkaasti, korkoa alennetaan USA:ssa merkittävästi (kullostaako tutulta vaatimukselta) kun vastaavasti EKP joutuu mahdollisesti jopa nostamaan korkoa.
EUR Stablecoin market cap 587 671 686 (USD) vs. USD 271 887 669 222 (USD)
Visa: “With EURC integrated into the Visa Network, select pilot participating Visa partners can now access settlement in both USD- and EUR-backed stablecoins. This extends Visa’s crypto and treasury infrastructure capabilities which already facilitates settlement in more than 25 fiat currencies worldwide.”
https://www.ecb.europa.eu/press/blog/date/2025/html/ecb.blog20250728~e6cb3cf8b5.en.html
https://coinmarketcap.com/view/eur-stablecoin/
https://investor.visa.com/news/news-details/2025/Visa-Expands-Stablecoin-Settlement-Support/default.aspx
Here’s an article on how Ethereum became the crypto world’s “programmable money engine” in 10 years, now used by, for example, BlackRock, Robinhood, and even Deutsche Bank. Stablecoins, tokenized stocks, and digital money traffic increasingly run “on top of” Ethereum.
According to Vitalik Buterin, true disruption doesn’t happen particularly visibly, but gradually in the background, as money and contracts move to a new digital infrastructure. In other words, it could become the network upon which the new financial world is built.
"Key Points
- Ten years after launch, Ethereum has evolved from a scrappy experiment to the hidden infrastructure powering Wall Street’s next generation of finance.
- Major institutions from BlackRock to Robinhood are building directly on Ethereum’s rails, cementing its role as the backbone for stablecoins, tokenized stocks, and instant global payments.
- Co-founder Vitalik Buterin says the biggest disruption won’t come with fanfare — it will quietly reshape money itself as Ethereum scales to billions of users."
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Here is SalkunRakentaja’s article on JPMorgan CEO’s change in attitude towards cryptocurrencies.
[In an interview with CNBC news channel on Wednesday, Dimon emphasized that the bank’s expanding digital asset strategy is based on client demand and not on personal preferences.]
Dimon’s words carry weight, as JPMorgan, led by him, with total assets exceeding $3.6 trillion, is by far the largest bank in the USA.
”I am a supporter of stablecoins, a supporter of blockchain technology, but I am not personally a supporter of Bitcoin,” Dimon stated in the interview.
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