The U.S. Signals Bitcoin Strategy—but Stays Vague

• The White House’s Digital Asset Report references a “Strategic Bitcoin Reserve” (SBR) but provides no new details on existing holdings or accumulation plans.

• Bitcoin is mentioned hundreds of times in the report, with Satoshi Nakamoto quoted throughout, a remarkable shift from whitepaper to federal policy language.

• The lack of disclosure may be intentional; governments typically don’t announce accumulation plans in advance and may still be finalizing execution.

• Trump-aligned entities like Trump Media now rank among the largest corporate Bitcoin holders.

• Cantor Fitzgerald, closely tied to the Trump administration, also holds one of the top five corporate Bitcoin positions.

• The alignment of these entities suggests strategic accumulation is already underway, even if not yet officially acknowledged.

Bitcoin Treasuries Are Flipping the Corporate Playbook

• A growing wave of companies are going public with Bitcoin as their foundation, not as a byproduct of their business, but as the core asset on the balance sheet.

• Many firms are flipping the script: raise capital → buy Bitcoin → build a business later, using Bitcoin as a floor for equity value.

• Fold, which recently went public with 1,000 BTC on its books, is an example; its Bitcoin holdings are a significant portion of its market cap.

• Michael compares it to fiat-era plays like WeWork, raising huge capital before proving product-market fit can backfire if execution falters.

• Some treasuries may act like venture roll-ups—using Bitcoin-backed access to cheap capital markets to acquire companies rather than build from scratch.

Banks Tap Coinbase—and Concentration Risk Grows

• JPMorgan Chase and PNC are integrating with Coinbase to enable crypto access through traditional banking channels.

• These moves are primarily defensive, aimed at stemming client outflows to Bitcoin-native platforms.

• Coinbase now custodies over 10% of the Bitcoin supply, creating a growing concentration risk for the entire industry.

• Coinbase is becoming deeply embedded in ETF custody, futures approvals, and banking infrastructure, making it a single point of failure.

• The industry remains underprotected if this centralization is not counterbalanced with more robust, decentralized custody solutions.

Lending Risk Is Back Despite Market Strength

• Abra, a crypto lender, paused withdrawals, even with Bitcoin trading above $120K, proving risk doesn’t disappear in bull markets.

• Many lenders still engage in opaque practices: rehypothecation, unsecured capital partnerships, or internal trading with client collateral.

• Yield often masks hidden risk; clients chasing slightly lower rates may unknowingly expose themselves to total asset loss.

• True non-rehypothecation means Bitcoin is never transferred to third parties and remains fully segregated, on-chain, and verifiable.

• Duration mismatch remains a common failure point, borrowing short and lending long often leads to liquidity crunches in stress scenarios.

• In a system with no bailouts, counterparty diligence is critical; collapses like Abra’s show how quickly confidence and capital can disappear.

Building Bitcoin-Native Lending for the Long Term

• As Bitcoin adoption grows, so does the demand for secure, dollar liquidity without selling, especially among long-term holders.

• Arch Lending is built around conservative, non-rehypothecated lending, segregated wallets, on-chain visibility, and qualified custody via Anchorage.

• Capital is raised through a structured CLO (Collateralized Loan Obligation), avoiding retail deposits and mismatched funding.

• Loans are designed to be bankruptcy remote, fully insured, and managed with institutional-grade processes, including backup servicing.

• Additional offerings include bonus depreciation strategies, allowing clients to use Bitcoin to acquire assets and offset taxable income.

• The long-term vision is to simplify lending, reduce liquidation risk, and support multi-institution custody—pushing the standard forward for Bitcoin-native financial services.

Whether you’re making an initial allocation or already have a significant position, Onramp helps you protect and grow your Bitcoin with institutional-grade custody insured by Lloyd’s of London, seamless inheritance planning, and access to financial services such as bitcoin-backed loans and IRAs.

Private client experience. Multi-institution security. Total peace of mind.

Onramp — Where Security Meets Simplicity.