According to the source, we cannot produce a trading summary because the only evidence provided is from a competing crypto media outlet, which we cannot cite. Please share verifiable primary sources such as: 1) official market cap ranks from a regulated market data provider or exchange feed for U.S. listings, 2) MicroStrategy investor relations or SEC filings that confirm current valuation context and BTC holdings, and 3) Dell Technologies’ definitive proxy materials or SEC filings documenting the shareholder Bitcoin treasury proposal and its vote result. Once provided, we will quantify market-cap differentials, estimate flows sensitivity to BTC price beta, and assess potential spillover into BTC spot, miners, and crypto equities based on verified data.

According to @Andre_Dragosch, BTC treasuries are more valuable than ETH treasuries because the average mNAV premium for major BTC treasury companies exceeds that of ETH treasury companies. Source: André Dragosch on X, September 3, 2025. He reports the average mNAV is significantly higher for BTCTCs than for ETHTCs, indicating the market assigns a higher premium to BTC treasury exposure. Source: André Dragosch on X, September 3, 2025.

According to @FarsideUK, bitcoin mining firm MARA Holdings (MARA) is approaching a major milestone, holding 49,940 bitcoin (BTC) valued at approximately $5.3 billion. This positions MARA as the second-largest publicly traded bitcoin holder, trailing only MicroStrategy (MSTR), as stated in its June production update. For traders, a key operational metric showed a 25% decline in blocks won for June, which the company attributed to weather-related issues and temporary machine deployments. Despite this, MARA is targeting a significant expansion to a 75 exahash hash rate by the end of the year, a 40% increase from the end of last year. The company's stock (MARA) showed immediate sensitivity to the crypto market, with shares falling 2.7% in premarket trading following an overnight dip in bitcoin's price to $106,400.

According to @AltcoinGordon, Cardone Capital has launched the 10x Miami River Bitcoin Fund with a strategic goal to accumulate $1 billion in real estate and $200 million in Bitcoin as a treasury asset. This move signals increased institutional adoption of Bitcoin and integrates crypto assets into traditional real estate portfolios. For traders, the announcement spotlights Bitcoin’s growing role as a treasury reserve, potentially driving demand and price momentum in the crypto market. The Cardone brothers’ high-profile entry may also attract additional institutional and retail interest, boosting liquidity and market activity. Source: @AltcoinGordon on Twitter, May 26, 2025.