Crypto Biz: Bitcoin’s $116M self-custody wake-up call
Bitcoin’s self-custody debate intensified after a $116 million hardware wallet exploit, while US spot Bitcoin ETFs saw their strongest inflows since April. Eric Balchunas suggested security scares could gradually push some investors from self-custody toward ETFs, though he said the link is unproven. Strategy said it expects to resume Bitcoin accumulation later this year after modest selling to fund dividends, buybacks, and reserves. It has bought far more BTC than it sold this year and still holds over 840,000 BTC, but its treasury model is under pressure when shares trade below Bitcoin NAV. Riot Platforms reportedly struck a $9 billion, 20-year power deal with Anthropic, underscoring how Bitcoin miners are repurposing infrastructure for AI data-center demand. Trump Media said it will revise its crypto treasury strategy after a $238 million quarterly loss tied to unrealized digital-asset losses, highlighting the risks of corporate Bitcoin holdings.
