- Topic
27k Popularity
29k Popularity
117k Popularity
4k Popularity
20k Popularity
- Pin
- 🚀 ETH jumped to $4,600 this morning, up 8.69% in 24h!
Just shy of the $4,891 ATH—think it breaks through?
📍 Follow Gate_Square, vote and drop your reason.
🎁 4 winners split $100 Futures Voucher! - 📢 Exclusive on Gate Square — #PROVE Creative Contest# is Now Live!
CandyDrop × Succinct (PROVE) — Trade to share 200,000 PROVE 👉 https://www.gate.com/announcements/article/46469
Futures Lucky Draw Challenge: Guaranteed 1 PROVE Airdrop per User 👉 https://www.gate.com/announcements/article/46491
🎁 Endless creativity · Rewards keep coming — Post to share 300 PROVE!
📅 Event PeriodAugust 12, 2025, 04:00 – August 17, 2025, 16:00 UTC
📌 How to Participate
1.Publish original content on Gate Square related to PROVE or the above activities (minimum 100 words; any format: analysis, tutorial, creativ - 💙 Gate Square #Gate Blue Challenge# 💙
Show your limitless creativity with Gate Blue!
📅 Event Period
August 11 – 20, 2025
🎯 How to Participate
1. Post your original creation (image / video / hand-drawn art / digital work, etc.) on Gate Square, incorporating Gate’s brand blue or the Gate logo.
2. Include the hashtag #Gate Blue Challenge# in your post title or content.
3. Add a short blessing or message for Gate in your content (e.g., “Wishing Gate Exchange continued success — may the blue shine forever!”).
4. Submissions must be original and comply with community guidelines. Plagiarism or re - 🎉 The #CandyDrop Futures Challenge# is live — join now to share a 6 BTC prize pool!
📢 Post your futures trading experience on Gate Square with the event hashtag — $25 × 20 rewards are waiting!
🎁 $500 in futures trial vouchers up for grabs — 20 standout posts will win!
📅 Event Period: August 1, 2025, 15:00 – August 15, 2025, 19:00 (UTC+8)
👉 Event Link: https://www.gate.com/candy-drop/detail/BTC-98
Dare to trade. Dare to win.
Is the listed company buying Bitcoin, or is it just diluting shares to acquire it?
According to news from CoinWorld, the UK Bitcoin treasury company Satsuma Technology has completed a $217 million funding round today. However, more than half of this funding comes from direct BTC donations, which Satsuma converted into company stock. By avoiding the public market, these transactions have become difficult to measure through BTC demand and may dilute retail investors' own shares. It is currently unclear how many companies are engaged in this practice, but it could introduce market instability. Treasury companies exchange Bitcoin for stock. Companies around the world are establishing large-scale Bitcoin treasuries, led by firms like Strategy that are firmly committed to the program. However, there is an increasing rumor in the community that many companies are not actually purchasing BTC as investors believe. Instead, they may be obtaining BTC through direct trading. Earlier today, the UK company Satsuma Technology announced that it has completed a $217 million funding round to promote the development of Bitcoin treasuries. However, a closer examination of company documents reveals a more complex story. Most of this funding round, specifically $128 million, consists of direct BTC donations. In other words, no fiat currency has changed hands in these transactions. Will this dilute retail holdings? So why is this important for the cryptocurrency market? Essentially, most companies with Bitcoin treasuries have trading prices far above their BTC net assets. Strategy (formerly MicroStrategy), Metaplanet, and GameStop have raised billions of dollars through stock dilution to purchase Bitcoin, eroding equity value while inflating the per-share BTC value. However, what if these companies do not need to buy BTC on the public market? Establishing these company treasuries may not increase demand for Bitcoin. Moreover, this process is so opaque that some compare it to pre-mined tokens. If these companies sell stock purchased in this way at a discount, it may dilute retail investors' holdings. The lack of transparency is at the heart of the problem. It is important to clarify that Satsuma's press release does not directly claim that it exchanged Bitcoin for stock at a discount. If the stock price rises quickly, this will have retroactive effects, as retail investors cannot participate in this funding round. Nevertheless, this is a clever case of financial engineering. The situation is very murky, and without more information, it is difficult to make definitive statements. Investors seem less concerned about returns or fundamentals and more focused on a new benchmark — the per-share BTC yield. Companies able to increase the per-share Bitcoin support typically perform better than their peers. This is a feedback loop: raise funds, purchase BTC, increase BTC/share, watch the stock rise, repeat. However, this only works when the BTC market is rising. If Bitcoin experiences a significant pullback, these companies may face severe equity retreats, while shareholders are left holding diluted stocks and paper losses. Overall, there is a lot of misunderstanding about how quickly some companies raise funds and deploy them into BTC, creating the illusion of 'instant' ownership of BTC. But dilution is real and is clearly documented in regulatory filings.