PMorgan Chase will allow trading and wealth management clients to use cryptocurrency exchange-traded funds as loan collateral, marking the banking giant's most significant expansion into digital asset financing. The policy applies globally across all client segments and begins with BlackRock's iShares Bitcoin Trust, with additional ETFs planned for future inclusion.

What to Know:
JPMorgan will accept Bitcoin ETFs as collateral for loans across all client types, from retail to institutional investors
The bank plans to factor crypto holdings into net worth calculations alongside traditional assets like stocks and fine art
This policy shift reflects broader Wall Street adoption as spot Bitcoin ETFs have accumulated $128 billion in combined assets since their January 2024 launch
Wall Street's Growing Crypto Integration
The move represents a formalization of services previously offered on a limited basis. JPMorgan's decision follows similar steps by other major financial institutions seeking broader crypto integration.
Morgan Stanley recently announced plans to bring cryptocurrency trading to its E*Trade platform. These developments signal a fundamental shift in how traditional finance views digital assets. The timing coincides with regulatory changes under the Trump administration, which has adopted a more favorable stance toward cryptocurrencies since taking office in January.

Spot Bitcoin ETFs have experienced unprecedented growth since their introduction. The funds now rank among the most successful ETF launches in history. Their rapid asset accumulation demonstrates institutional and retail investor appetite for regulated crypto exposure.

Bitcoin's price performance has bolstered confidence in these products. The cryptocurrency reached a record high of $111,980 in May 2025. This price appreciation has increased the underlying value of ETF holdings, making them more attractive as collateral instruments.

JPMorgan's Evolving Digital Asset Strategy
The bank's latest policy change builds on years of blockchain experimentation and strategic partnerships. JPMorgan maintains relationships with major crypto firms including Coinbase. These connections have provided infrastructure for the bank's gradual digital asset integration.

CEO Jamie Dimon's public statements reflect the bank's pragmatic approach to cryptocurrency. Despite personal skepticism, Dimon has consistently defended client access rights. At the firm's May investor day, he stated his position clearly: "I'm not a fan of Bitcoin."

His analogy drew parallels to personal freedom of choice. "I don't think we should smoke, but I defend your right to smoke," Dimon explained. "I defend your right to buy Bitcoin, go at it." This philosophy appears to drive JPMorgan's client-focused crypto policies.

The bank's lending framework will now treat digital assets similarly to traditional collateral. Crypto holdings will factor into net worth and liquidity assessments alongside stocks, vehicles, and fine art. This standardization represents a significant operational shift for the institution.

Market Response and Industry Implications
The announcement comes as Bitcoin ETFs continue attracting institutional investment. Their $128 billion in combined assets reflects growing mainstream acceptance. Financial advisors increasingly recommend these products for portfolio diversification.

JPMorgan's policy change may encourage other banks to expand crypto services. The institution's size and influence often set industry standards. Competitors will likely evaluate similar collateral programs to remain competitive.

Regulatory clarity has facilitated these developments. The current administration's crypto-friendly policies have reduced compliance concerns. Banks feel more confident offering digital asset services under clearer regulatory guidance.

Closing Thoughts
JPMorgan's decision to accept Bitcoin ETFs as loan collateral marks a watershed moment for cryptocurrency's integration into traditional banking. The policy reflects both growing institutional acceptance and regulatory clarity that has enabled major financial firms to expand their digital asset offerings systematically.

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The company chose to hold all of the mined Bitcoin, raising its total reserves to 49,179 BTC, solidifying its position as the second-largest publicly traded Bitcoin treasury.

Block Production Reaches All-Time High
May also delivered a milestone in mining activity for Marathon, with the company winning 282 blocks, a new monthly record. This represents a 38% increase in block wins compared to April and a 35% month-over-month gain in BTC production.
While still below MARA’s peak of 1,853 BTC mined in December 2023, May’s performance marks the firm’s best result since the 2024 halving, which cut block rewards in half and forced miners to adapt their strategies.

Post-Halving Strategy: Expansion and AI Infrastructure
In response to the halving’s impact on revenue, Marathon has increasingly diversified into AI infrastructure services and has accelerated plans to expand mining capacity. In March, the firm announced it would raise up to $2 billion via stock offerings to grow its Bitcoin holdings and invest in mining upgrades.

This dual strategy—expanding mining operations while leveraging AI infrastructure—aims to keep Marathon competitive in a post-halving landscape where efficiency and diversification are critical.

With momentum building again in its core mining operations, Marathon appears well-positioned to capitalize on the next wave of institutional Bitcoin adoption.

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Stablecoin market capitalization hits $250 billion milestone.
Tether's market share at 61%.
Stablecoins essential in digital finance.

This milestone underscores stablecoins' growing role in global finance, with increasing investor trust and regulatory clarity driving adoption.
The Stablecoin Sector
The stablecoin sector has reached a market cap of $250.3 billion, marking a pivotal point in its evolution. Tether leads with a substantial share, spotlighting its dominance in the market.

Tether (USDT)
Tether (USDT), with a $153 billion capitalization, occupies over 61% of the market. Circle's USDC follows with $60.9 billion, further consolidating the stablecoin market's growth trajectory.

Stablecoin Adoption
Stablecoin adoption reflects growing investor trust, with a 24-hour trading volume of $61.2 billion. This underlines their critical role in high-frequency, low-volatility financial transactions.

Increasing Regulatory Oversight
Increasing regulatory oversight signifies stablecoins' crucial role in the financial ecosystem. Their trajectory from experimental assets to foundational tools has been extraordinary, highlighting stability and integration in global finance.

Hank Huang, CEO of Kronos Research, stated, "Crossing $250 billion marks a turning point. Stablecoins are no longer experimental, they are essential."
Industry experts attribute this growth to regulatory clarity and DeFi integration. Hank Huang, CEO of Kronos Research, emphasized stablecoins as an essential part of financial architecture beyond experimental roles.

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The acquisition was made at an average price of $107,771.
Stock price surged by 2.62% post-announcement.
Metaplanet aims for 10,000 BTC by 2025.

Metaplanet, led by CEO Simon Gerovich, purchased 1,088 Bitcoin, increasing its holdings to a total of 8,888 BTC in Japan.

Metaplanet's purchase highlights its dedication to Bitcoin accumulation, reflecting a broader trend towards cryptocurrencies in institutional portfolios.

Strategic Move by Metaplanet
In a strategic move, Metaplanet, known as the “MicroStrategy of Japan”, acquired 1,088 BTC, increasing its reserves to 8,888 BTC. The purchase, executed at an average price of $107,771, underscores a significant investment strategy. Led by Simon Gerovich, Metaplanet has become a pioneer in integrating Bitcoin into corporate treasuries. The firm funds acquisitions via zero-coupon bond issuances, demonstrating its innovative approach.

The immediate effects included a 2.62% surge in Metaplanet's stock price, reflecting positive investor sentiment.

Institutional interest surged, with investors favoring BTC-linked equities. Metaplanet's actions may signal increased Bitcoin demand in 2025. The company's strategy of issuing zero-coupon bonds to buy Bitcoin has drawn attention, as it emulates MicroStrategy's model. The cumulative goal of 10,000 BTC by 2025 positions Metaplanet for substantial growth.

Historical Context and Future Implications
Historical precedents show that similar acquisitions by companies like MicroStrategy led to increased market attention and Bitcoin value. This trend could contribute to Bitcoin's price appreciation and further institutional adoption. Historically, companies adopting aggressive BTC strategies have seen substantial stock value growth. Metaplanet's approach may encourage other firms to explore Bitcoin acquisitions or similar financial strategies.

Metaplanet Management, "Our results speak for themselves: we don't set targets to feel safe—we set them to exceed them, quarter after quarter. The global feedback loop between capital markets and Bitcoin is just beginning. Metaplanet intends to be its premier conduit."

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Get ready for some significant news from the stablecoin giant! Tether, the issuer of the world’s largest stablecoin, USDT, is making waves with its investment strategy. The company’s CEO, Paolo Ardoino, recently shared compelling details about how Tether is utilizing its substantial profits, and it involves a major focus on the leading cryptocurrency: Bitcoin.
Tether’s Profitable Strategy: Reinvesting in Bitcoin
Speaking at the highly anticipated Bitcoin 2025 conference, Tether CEO Paolo Ardoino dropped a notable statistic: Tether has generated approximately $20 billion in profits over the past three years. This figure alone underscores the immense scale and success of Tether’s operations within the cryptocurrency ecosystem.

What’s even more interesting is where these profits are going. According to reports from Odaily covering Ardoino’s comments, a surprisingly small portion—less than 5%—has been allocated to shareholder dividends. This indicates a strong preference for reinvestment back into the business and strategic assets rather than immediate payouts.

The vast majority of these profits, the remaining 95%, are being channeled into two primary areas:

Expanding Tether’s global distribution network
Significant reinvestment in Bitcoin
This clear emphasis on acquiring more Bitcoin with company profits signals a bullish stance from one of the most influential entities in the crypto market. It highlights Tether’s confidence not only in its own business model but also in the long-term value proposition of Bitcoin.

Why is Tether Investing Heavily in Bitcoin?
Tether’s decision to allocate a large percentage of its profits towards Bitcoin isn’t entirely new, but the sheer scale revealed by Paolo Ardoino is noteworthy. Tether first publicly disclosed its Bitcoin holdings as part of its reserves in May 2023. At the time, they stated they would regularly allocate up to 15% of their net operating profits towards purchasing Bitcoin.
This latest announcement suggests that the actual percentage of *total* profits (which would include operating profits, interest income from reserves, etc.) being directed into Bitcoin and growth initiatives is substantially higher than the previously stated 15% of *operating* profits. The $20 billion figure represents the total financial gain over three years.

Several factors likely drive this strategy:

Diversification: While Tether’s primary reserves back USDT and are largely held in safe, liquid assets like U.S. Treasury bills, allocating a portion of profits to Bitcoin adds a growth-oriented asset to their balance sheet.
Potential Appreciation: Bitcoin has historically been a high-performing asset. Investing profits into BTC allows Tether to potentially grow its non-reserve holdings significantly if Bitcoin’s value increases.
Alignment with the Crypto Ecosystem: As a cornerstone of the crypto market, holding Bitcoin aligns Tether with the broader digital asset landscape and demonstrates confidence in the technology it serves.
Strategic Positioning: Large Bitcoin holdings can enhance Tether’s financial strength and strategic flexibility, separate from the assets specifically backing USDT redemptions.

This approach allows Tether to benefit from Bitcoin’s potential upside while maintaining the stability and liquidity required to back the circulating supply of its stablecoin, USDT.

Understanding Tether’s Profitability
How does Tether generate such massive profits? The primary source of income for Tether comes from the interest earned on the reserves it holds to back the value of USDT. As the circulating supply of USDT has exploded, reaching tens of billions, the reserves have grown proportionally. A significant portion of these reserves is held in interest-bearing instruments, particularly short-term U.S. Treasury bills.

With rising interest rates globally over the past few years, the income generated from these reserves has become substantial. This interest income forms a large part of the profits that Paolo Ardoino referenced. Additional revenue streams can include fees from minting/redeeming USDT, although interest income is typically the dominant factor.

Reinvestment (Global Distribution & Bitcoin)More than $19 billionMore than 95%
This table clearly illustrates the strong bias towards reinvestment over immediate shareholder returns, a strategy that aligns with long-term growth objectives, including significant Crypto Investment.

What Does This Mean for the Market and USDT Holders?
Tether’s massive reinvestment strategy has several implications for the broader crypto market and for users of USDT:
Potential Bitcoin Price Impact: Consistent, large-scale buying by an entity like Tether adds significant buying pressure to the Bitcoin market. While it’s difficult to isolate Tether’s exact impact, their accumulation is undoubtedly a bullish factor.
Signal of Confidence: Tether’s willingness to hold substantial amounts of Bitcoin on its balance sheet sends a strong signal of confidence in Bitcoin’s future value and its role as a store of value.

Tether’s Financial Strength: By reinvesting profits into potentially appreciating assets like Bitcoin, Tether can further strengthen its overall financial position, separate from the specific assets backing USDT. This could be seen as a positive for the long-term stability of the company, though it doesn’t directly impact the 1:1 peg of USDT, which is backed by specific reserve assets.
Increased Scrutiny: Large holdings of volatile assets like Bitcoin, even if held separately from core reserves, may attract increased scrutiny from regulators, who are already focused on stablecoin reserves and operations.
For holders of USDT, it’s crucial to remember that the assets backing the stablecoin’s peg are kept separate from Tether’s corporate profits and investments. The value of USDT remains tied to the stability and liquidity of its stated reserves, which are primarily in cash, cash equivalents, short-term deposits, and U.S. Treasury bills. The Bitcoin acquired with profits is part of Tether’s corporate treasury, not the direct backing for every USDT token.

Challenges and Considerations
While Tether’s aggressive Crypto Investment strategy, particularly into Bitcoin, highlights strong profitability and a bullish outlook, it’s not without potential challenges or points of consideration:
Market Volatility: Holding large amounts of Bitcoin exposes Tether’s corporate treasury to the inherent volatility of the crypto market. While this doesn’t directly impact the USDT peg (as BTC is not a primary reserve asset for the peg), significant downturns could affect Tether’s overall financial statements and profitability in future periods.
Transparency: While Tether has improved its reporting over the years, the exact timing and scale of their Bitcoin purchases from profits are not always immediately clear, which can lead to speculation. More detailed breakdowns of profit utilization could enhance transparency.

Regulatory Environment: The regulatory landscape for stablecoins and crypto companies is constantly evolving. Tether’s significant market position and investment strategies are likely to remain under the microscope of regulators worldwide.
Despite these points, the announcement from Paolo Ardoino underscores Tether’s position as a major financial force within the crypto space, capable of generating substantial profits and making significant strategic investments like buying billions in Bitcoin.
Actionable Insights from Tether’s Crypto Investment
What can investors take away from this news?

Watch the Whales: Large entities like Tether making significant, consistent purchases of an asset like Bitcoin is often seen as a bullish indicator. Paying attention to the actions of major holders can provide insights into market sentiment and potential demand.
Profitability in Crypto Infrastructure: Tether’s $20 billion profit figure over three years demonstrates the immense financial success achievable by companies providing essential infrastructure within the crypto market, like stablecoins.
Diversification as a Strategy: Tether’s approach of diversifying a portion of its *profits* (separate from reserve assets) into growth assets like Bitcoin is a strategy employed by many corporations. While the specific assets differ, the principle of using excess capital for potential long-term growth is common.

The Enduring Appeal of Bitcoin: Tether, an entity deeply embedded in the plumbing of crypto finance, continues to see Bitcoin as a valuable asset for its own balance sheet, reinforcing its perceived status as digital gold or a long-term store of value.
This move solidifies Tether’s position not just as a stablecoin issuer but also as a significant corporate holder and accumulator of Bitcoin, actively using its financial success to strengthen its position and bet on the future of the leading cryptocurrency.
Conclusion: Tether’s Big Bet on Bitcoin’s Future

The revelation from Paolo Ardoino at Bitcoin 2025 that the bulk of Tether’s impressive $20 billion profits over the last three years is being plowed back into global expansion and, critically, into Bitcoin, is a major development. It signifies a deliberate and large-scale strategy by the world’s largest stablecoin issuer to deepen its holdings in the premier cryptocurrency. With only a small fraction going to dividends, the overwhelming focus is on growth and strategic asset accumulation. This substantial Crypto Investment by a key market player like Tether serves as a powerful signal, potentially influencing market sentiment and adding considerable buying pressure to Bitcoin. It underscores Tether’s robust profitability and its long-term confidence in Bitcoin’s enduring value, positioning them as a significant corporate whale in the BTC ocean.

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