English (en)

**Period Covered:** July 6 – 11, 2025  
Brought to you by **Debifi** — the non-custodial Bitcoin-backed lending platform delivering institutional-grade liquidity.

## Market Overview
![market_overview.png](https://zr5pqljgeynt.compat.objectstorage.eu-zurich-1.oraclecloud.com/blog-production-mainnet/market_overview_20bcf881ee.png)

- **Bitcoin Price (July 11, 2025):** ~$118,800 – $118,900 (new all-time high)  
- **Weekly Price Range:** Broke through $112k mid-week, culminating near $118.9k by July 11  
- **YTD Gain (~26%):** BTC has appreciated ~26% in 2025, matching its performance against gold  
- **Catalysts This Week:**
  - Short squeeze wiped out over $1B in short positions mid-week  
  - Approximately $1.18B inflows into Bitcoin ETFs triggered bullish sentiment  
  - Weak U.S. dollar and renewed macro risk-on narrative supported upward momentum

## BTC in Treasuries (as of July 11)
![Image 12-07-2025 at 01.46.jpeg](https://zr5pqljgeynt.compat.objectstorage.eu-zurich-1.oraclecloud.com/blog-production-mainnet/Image_12_07_2025_at_01_46_8d37d55487.jpeg)

## Top 21 Institutional Bitcoin Holders
![top-21.png](https://zr5pqljgeynt.compat.objectstorage.eu-zurich-1.oraclecloud.com/blog-production-mainnet/top_21_287390d2b6.png)
![BTC Holdings 11 July 2025](https://zr5pqljgeynt.compat.objectstorage.eu-zurich-1.oraclecloud.com/blog-production-mainnet/BT_Choldings11julyv2_3292c2fae9.png)

- **CleanSpark, Inc.** added +3,053 BTC  
- **Metaplanet Inc.** reduced holdings by –742 BTC  
- **Semler Scientific** added +187 BTC  
- **Cango Inc.** added +191 BTC  

## Governmental Developments

**🇵🇰 Pakistan** — July 9: The State Bank of Pakistan announced nearing completion of its virtual asset regulation framework and pilot launch of a CBDC, while continuing to explore yield strategies (like DeFi) for its national Bitcoin holdings.

- No new U.S. federal or state-level BTC reserve developments in this week.

## Key Observations

- **Price Breakout:**  
  BTC surged past $118k on July 11, driven by ETF inflows, short covering, and macro momentum.

- **Institutional Moves:**  
  CleanSpark’s +3,053 BTC boost shows sustained corporate confidence; Metaplanet’s –742 BTC sale is the only drawdown among tracked holders.

- **Emerging CBDC + DeFi Strategy:**  
  Pakistan's advancing CBDC pilot and exploration of Bitcoin yield strategies suggest a novel blend of digital asset policy.

- **Risk Environment:**  
  Rising BTC complements equity and gold markets amid dollar weakness; however, tariff risks (e.g., U.S. levies announced July 11) may introduce fresh volatility.

📈 For charts, full entry data, and real-time updates, visit [bitcointreasuries.net](https://bitcointreasuries.net)

This report is brought to you by **Debifi**, Bitcoin-backed lending. Non-custodial. Institutional-grade.

*This report reflects verified data from July 6 – 11, 2025. If you enjoy our reconstructions, we welcome your feedback to ensure the highest accuracy standards are maintained.*


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Bitcoin Treasury Weekly Report - July 6 – 11, 2025  

**Period Covered:** June 30 – July 4, 2025  
Brought to you by **Debifi** — the non-custodial Bitcoin-backed lending platform delivering institutional-grade liquidity.

## Market Overview
![market_overview.png](https://zr5pqljgeynt.compat.objectstorage.eu-zurich-1.oraclecloud.com/blog-production-mainnet/market_overview_20bcf881ee.png)

- Bitcoin Price (July 4, 2025): ~$110,000  
- Weekly Price Range: $108,000 – $111,900  
- Q2 Performance: ~30% BTC gains  
- Key Drivers:
  - Q2 close drove strategic buying
  - Volatility dropped as options expired

## BTC in Treasuries (as of July 4)
![BTC In Treasuries](https://zr5pqljgeynt.compat.objectstorage.eu-zurich-1.oraclecloud.com/blog-production-mainnet/Image_04_07_2025_at_19_50_6f1add86d1.jpeg)

## Top 21 Institutional Bitcoin Holders
![top-21.png](https://zr5pqljgeynt.compat.objectstorage.eu-zurich-1.oraclecloud.com/blog-production-mainnet/top_21_287390d2b6.png)
![BTC Holders ](https://zr5pqljgeynt.compat.objectstorage.eu-zurich-1.oraclecloud.com/blog-production-mainnet/bitcoin_treasury_04july_276a50e44d.png)

- MicroStrategy, Inc. added +4,980 BTC  
- MARA Holdings, Inc. added +322 BTC  
- Metaplanet Inc. added +1,005 BTC  
- Cango Inc. added +96 BTC  
- ProCap BTC joined top 21 with 4,932 BTC (no weekly change)

## Governmental Developments

**🇵🇰 Pakistan** July 1: Pakistan’s crypto minister Bilal Bin Saqib announced the government will deploy its Bitcoin reserve into **DeFi protocols** to generate yield — marking the first sovereign strategy to actively earn on BTC holdings.

- No new federal or state government BTC reserve updates in the U.S. during this week.

## Key Observations

- **Institutional Momentum:**  
  MicroStrategy showed significant accumulation.

- **Market Stability:**  
  Despite quarter-end swings, implied volatility dropped, indicating a calmer investor outlook entering July.

- **State and National Action:**  
  Pakistan becomes the first known government to allocate its BTC reserve toward on-chain yield strategies via DeFi.

📈 For charts, full entry data, and real-time updates, visit [bitcointreasuries.net](https://bitcointreasuries.net)

This report is brought to you by **Debifi**, Bitcoin-backed lending. Non-custodial. Institutional-grade.

*This report reflects verified data from June 30 – July 4, 2025. If you enjoy our reconstructions, we welcome your feedback to ensure the highest accuracy standards are maintained.*


Bitcoin Treasury Weekly Report - June 30 – July 4, 2025

**Period Covered:** June 22 – 27, 2025  
Brought to you by **Debifi** — the non-custodial Bitcoin-backed lending platform delivering institutional-grade liquidity.

## Market Overview
![market_overview.png](https://zr5pqljgeynt.compat.objectstorage.eu-zurich-1.oraclecloud.com/blog-production-mainnet/market_overview_20bcf881ee.png)

- Bitcoin Price (June 27, 2025): $106,984  
- Weekly Price Range: $100,852 – $106,984  
- Market Cap Growth: $2.036T → $2.131T  
- Key Volatility Events:
  - June 22 dip tied to U.S. strikes in Iran
  - Options expiry ahead of June 27 added risk

## BTC in Treasuries (as of June 27)
![BTC in Treasuries ](https://zr5pqljgeynt.compat.objectstorage.eu-zurich-1.oraclecloud.com/blog-production-mainnet/Image_27_06_2025_at_16_47_4865a32aa3.jpeg)

## Top 21 Institutional Bitcoin Holders
![top-21.png](https://zr5pqljgeynt.compat.objectstorage.eu-zurich-1.oraclecloud.com/blog-production-mainnet/top_21_287390d2b6.png)
![Bitcoin Holders 27 June ](https://zr5pqljgeynt.compat.objectstorage.eu-zurich-1.oraclecloud.com/blog-production-mainnet/bitcoinholder27june2_b36252d463.png)

- MicroStrategy, Inc. added +10,345 BTC  
- MARA Holdings, Inc. added +303 BTC  
- Metaplanet Inc. added +3,761 BTC  
- Block, Inc. reduced holdings by -304 BTC  
- Cango Inc. added +363 BTC  
- Bitcoin Group SE reduced holdings by -5 BTC  
- Boyaa Interactive Intl Ltd reduced holdings by -255 BTC

## Governmental Developments

**🇺🇸 Texas** June 22: Governor Abbott signed SB 21 into law, officially establishing the **Texas Strategic Bitcoin Reserve** — making Texas the third U.S. state to adopt Bitcoin at the treasury level.

- No new federal or international government-level BTC holdings were reported during this period.

## Key Observations

- **Institutional Accumulation:**  
 Strategy and Metaplanet led the week with large BTC acquisitions, signaling continued corporate confidence in long-term Bitcoin strategy.

- **Macro-Driven Volatility:**  
  Market was shaken by geopolitical risk from U.S.–Iran tensions and driven further by derivatives expiry.

- **State-Level Bitcoin Adoption:**  
  Texas joins Arizona and New Hampshire in pioneering BTC reserves at the state level.

📈 For charts, full entry data, and real-time updates, visit [bitcointreasuries.net](https://bitcointreasuries.net)

This report is brought to you by **Debifi**, Bitcoin-backed lending. Non-custodial. Institutional-grade.

*This report reflects verified data from June 22 – 27, 2025. If you enjoy our reconstructions, we welcome your feedback to ensure the highest accuracy standards are maintained.*


Bitcoin Treasury Weekly Report - June 22 – 27, 2025

[Lugano, June 17, 2025] – Debifi, the premier platform for non-custodial Bitcoin-backed lending, has officially exited its beta phase and launched into full production. This strategic move significantly enhances global accessibility to Bitcoin-backed loans for institutions and individual users, powered by advanced mobile solutions and innovative products.

## Why This Launch Matters

Debifi’s exit from beta marks a strong validation of its non-custodial lending infrastructure. Operating with limited capacity during the beta phase, the platform saw over $20 million worth of loans originated by third-party institutional lenders over a 12-month period. What began with just two lenders has expanded to a network of over **30 institutions** - including [Berglinde](https://www.berglinde.com) and [STOKR ](https://stokr.io)- with 3 to 5 new institutional lenders joining the platform each month.  
With loan application volume on the platform growing between 50 -100%, **Debifi is now targeting a 15 - 20x increase in lending activity over the next year.**

## Revolutionizing Bitcoin Lending

The official release of Debifi’s iOS and Android mobile applications significantly enhances platform accessibility and user experience. The updated iOS app introduces cutting-edge features such as [TAPSIGNER](https://tapsigner.com) integration, a comprehensive public offers list, streamlined KYC processes, an informative Explore tab, intuitive in-app filters, and a refreshed user interface designed for seamless interaction.

## Debifi Cards Enters Closed Beta

In a major product milestone, Debifi has launched a closed beta of its new Debifi Cards - bringing Bitcoin-backed microlending to everyday users. The cards offer small, flexible credit lines without compromising Bitcoin custody, expanding the practical use of Bitcoin as collateral.

## Verified Security

Debifi upholds a rigorous commitment to security and transparency, having successfully completed three independent security audits including the latest by a leading blockchain security firm, [Certik](https://www.certik.com). The platform’s architecture is built on multisig escrow technology and follows a strict no-rehypothecation policy, ensuring client assets remain secure and verifiable at all times.

## Advisory Council Expansion

As part of its institutional growth strategy, Debifi is proud to welcome [Willy Woo](https://x.com/woonomic), one of the most respected macro and on-chain Bitcoin analysts, to its Advisory Council. Woo joins [Preston Pysh](https://x.com/PrestonPysh), a prominent Bitcoin educator and co-founder of The Investor’s Podcast Network. Together, they bring unparalleled market insight, macro perspective, and long-term vision to support Debifi’s mission of making Bitcoin the premier collateral asset in global credit markets.

## Comments from Leadership and Partners

Debifi has signed two strategic partnership agreements - with The Bitcoin Adviser and Finpeers - to expand into new markets.

**[Max Kei](https://x.com/keidunm), CEO of Debifi:**  
“The last 12 months were a controlled rollout phase, proving the model with minimal tooling and just two lenders. Exiting beta with over $20 million in loans issued shows real demand. Now, with global scale, full mobile support, and institutional capital, we’re building the gold standard for Bitcoin-backed lending.”

**Peter Dunworth, CEO of The Bitcoin Adviser:**  
“Access liquidity without giving up your Bitcoin or compromising your custody. Debifi delivers smart lending solutions for long-term Bitcoin holders - Bitcoin-backed loans aligned with your estate and wealth preservation strategy. Self-custody meets financial flexibility, powered by Debifi and advised by [The Bitcoin Adviser](https://www.thebitcoinadviser.com).”

**Sander Andersen, CEO of Finpeers:**  
“At [Finpeers](https://www.finpeers.com), we see strong and growing interest from family offices in Bitcoin-related strategies - particularly those that combine yield with downside protection. Our partnership with Debifi enables us to provide access to overcollateralized Bitcoin-backed loans, offering an attractive entry point for investors seeking exposure to Bitcoin without holding it directly. This structure creates an opportunity to generate fiat returns through a conservative, well-collateralized framework - bridging traditional capital with the Bitcoin ecosystem.”

## Strategic Goals

- **Product Innovation:** Expand the suite of Bitcoin-backed credit products, including the Debifi Cards and enhanced mobile capabilities, to meet diverse market needs.  
- **Global Expansion:** Strengthen Debifi’s international presence by increasing institutional partnerships and extending reach into new markets with compliant and user-friendly solutions.  
- **Institutional Onboarding:** Accelerate adoption by financial institutions through robust infrastructure, compliance assurance, and strategic collaborations.  
- **Education and Advocacy:** Actively promote Bitcoin’s potential as the ultimate collateral asset, enhancing market education through targeted initiatives and thought leadership.


**For media inquiries:**  
Sergejs Ponomarjovs  
PR & Media Relations – sergejs.ponomarjovs@debifi.com


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Debifi Exits Beta, Unlocking Bitcoin-Backed Lending for Institutions


**Period Covered:** June 7 – 13, 2025  
Brought to you by **Debifi** — the non-custodial Bitcoin-backed lending platform delivering institutional-grade liquidity.

## Market Overview
![market_overview.png](https://zr5pqljgeynt.compat.objectstorage.eu-zurich-1.oraclecloud.com/blog-production-mainnet/market_overview_20bcf881ee.png)


- Bitcoin Price (June 13, 2025): $105,601
- Total BTC Held by Tracked Entities: 3.42 million BTC
- Monthly BTC holdings growth: +3.48%


## BTC in Treasuries (as of June 13)
![Image 13-06-2025 at 18.33.jpeg](https://zr5pqljgeynt.compat.objectstorage.eu-zurich-1.oraclecloud.com/blog-production-mainnet/Image_13_06_2025_at_18_33_77f1137555.jpeg)

## Top 21 Institutional Bitcoin Holders
![top-21.png](https://zr5pqljgeynt.compat.objectstorage.eu-zurich-1.oraclecloud.com/blog-production-mainnet/top_21_287390d2b6.png)
![13thjunebtctreasuries.png](https://zr5pqljgeynt.compat.objectstorage.eu-zurich-1.oraclecloud.com/blog-production-mainnet/13thjunebtctreasuries_3c22358a35.png)
- MicroStrategy, Inc. added +1,750 BTC.
- MARA Holdings, Inc. added +147 BTC.
- XXI added +5,730 BTC.
- CleanSpark, Inc. added +401 BTC.
- Block, Inc. added +304 BTC.
- Metaplanet Inc. added +784 BTC.
- Semler Scientific added +185 BTC.
- Bitcoin Group SE added +5 BTC.
- Boyaa Interactive Intl Ltd added +255 BTC.
- Cango Inc. added +169 BTC.
- Exodus Movement, Inc. added +27 BTC.
- BITFUFU reduced holdings by -191 BTC.


##  Governmental Developments

**🇺🇦 Ukraine** June 10: Verkhovna Rada introduced Bill No. 13356 allowing (not mandating) the National Bank to hold Bitcoin as part of state reserves.
June 13: Bill advanced significantly, positioning Ukraine among the leading European countries formally adopting Bitcoin in national reserve policy.

- No other significant governmental treasury movements were reported in this period.

## Key Observations

- **Strategic Shifts:** Significant institutional BTC accumulation, particularly by XXI (+5,730 BTC), signals growing confidence despite market volatility.

- **Market Reaction:** Bitcoin's sensitivity to geopolitical events remains evident, highlighted by nearly a 7% intraday decline on June 13.
- **Ukraine's Legislative Progress:** Potential milestone for broader European institutional adoption of Bitcoin.



📈 For charts, full entry data, and real-time updates, visit [bitcointreasuries.net](https://bitcointreasuries.net)


This report is brought to you by **Debifi**, Bitcoin-backed lending. Non-custodial. Institutional-grade.

*This report reflects verified data from June 7 – 13, 2025. If you enjoy our reconstructions, we welcome your feedback to ensure the highest accuracy standards are maintained.*


 Bitcoin Treasury Weekly Report - June 17 – 13, 2025

This paper investigates user preferences and behaviors related&nbsp;to [Bitcoin](https://debifi.com) financial services,
focusing on&nbsp;custodial and non-custodial options, private key ownership, and the use of&nbsp;Bitcoin
as&nbsp;collateral. Data was gathered through an&nbsp;online survey and in-person responses at&nbsp;the
[Plan B&nbsp;Forum in&nbsp;Lugano](https://planb.lugano.ch/forum-agenda-2024/), targeting Bitcoin enthusiasts
to&nbsp;understand community-specific trends.

## Methodology

The survey collected 200 responses from participants selected randomly within the Bitcoin community, ensuring
representation while acknowledging potential biases. Questions covered demographic data, familiarity with custodial and
non-custodial services, and attitudes toward collateral, interest rates, and rehypothecation.

## Key Findings

### Demographics

Respondents were primarily aged 18-45 (75.6%) and predominantly from Europe (67.8%).

### Bitcoin Ownership and Familiarity

96.1% of&nbsp;participants had owned Bitcoin.

99.4% were familiar with custodial and non-custodial ownership concepts.

### Preference for Financial Services

78.1% preferred non-custodial services.

11.7% preferred custodial services.

10.2% had no&nbsp;preference.

66.3% considered exclusive access to&nbsp;private keys essential.

60.5% favored Bitcoin lending platforms over traditional banks.

![preference-for-financial-services.webp](https://zr5pqljgeynt.compat.objectstorage.eu-zurich-1.oraclecloud.com/blog-production-mainnet/preference_for_financial_services_adc851cd0d.webp)

### Willingness to&nbsp;Use Bitcoin as&nbsp;Collateral

83.9% indicated they would use Bitcoin as&nbsp;collateral for loans, reflecting trust in&nbsp;its role
as&nbsp;a&nbsp;financial asset.

### Interest Rate Trade-Offs and Rehypothecation

81% preferred avoiding rehypothecation, even at&nbsp;a&nbsp;higher interest rate (11%).

19% opted for an&nbsp;8% interest rate with rehypothecation.

78% opted for higher interest rates (+3%) to&nbsp;retain non-custodial control of&nbsp;their collateral.

![rehypothecation.webp](https://zr5pqljgeynt.compat.objectstorage.eu-zurich-1.oraclecloud.com/blog-production-mainnet/rehypothecation_8d05b58d1e.webp)

## Implications for Financial Services

These findings highlight a&nbsp;strong preference for non-custodial, user-controlled solutions that align with
Bitcoin&rsquo;s core principles of&nbsp;decentralization and transparency. Trust in&nbsp;platforms is&nbsp;critical,
with users valuing asset security over cost savings.

Service providers can meet these expectations by&nbsp;integrating features like multisig setups, transparent practices,
and protections against rehypothecation. Platforms such&nbsp;as [Debifi](https://debifi.com), with its non-custodial
model and innovative 3-of-4 multisig framework, address these user demands while emphasizing security and user autonomy.

## Conclusion

The study underscores a&nbsp;significant shift in&nbsp;user expectations, away from centralized models toward
decentralized, trustless financial systems. Bitcoin users demonstrate a&nbsp;willingness to&nbsp;trade higher costs for
control and transparency, reflecting a&nbsp;mature understanding of&nbsp;financial risks and rewards. By&nbsp;aligning
services with these preferences, providers can foster trust, loyalty, and adoption within the Bitcoin community.

This research serves as&nbsp;a&nbsp;roadmap for designing user-focused Bitcoin financial services that respect
decentralization and promote financial sovereignty.

[Download the original research paper](/docs/publications/Navigating_Bitcoin_Financial_Services_A_Survey_on_User_Behavior.pdf)

Debifi Blog: News