Bitcoin has again topped the $90,000 barrier, a level it had lost weeks earlier after a consolidation period marked by macroeconomic uncertainty and tensions in fixed-income markets.
The recovery had a direct impact on the value of corporate treasuries. Strategy saw the value of its reserves rise by more than $2.5 billion in the last 48 hours, while the sector's average mNAV climbed from 1.8x to 2.1x.
Analysts point to several catalysts for the move: dollar weakness against major currencies, Fed signals of a possible rate cut at the June meeting, and continued Bitcoin accumulation by spot ETFs, which logged net positive inflows for 12 consecutive sessions.
For corporate treasuries, the price recovery has direct implications: it improves their ability to issue capital through preferreds and convertibles, as investors place more value on the underlying asset.
For Standard 21, the first Spanish Bitcoin-native corporate treasury, the rally reinforces the treasury thesis and the opportunity of the corporate Bitcoin ecosystem across the Spanish-speaking world.
