While everyone’s caught up in Strategy’s moves this week, we’ve been focusing on European Bitcoin treasury companies.
Our report, with interviews from @smarterwebuk@_ALCPB@H100Group@stackbtc_@bitcoinhodlco, is available for download now.
All work and no play? No thanks.
Looking back on the highlights from our Sunday Padel Club tournament, co-hosted with @Maven11Capital during @EthCC.
Proud to say, team Keyrock emerged victorious 🏆
Thanks to all our partners and guests for a memorable event.
RWA perpetuals are one of the fastest growing segments in tokenised assets. Six months ago they were 0.1% of all onchain derivatives volume. In March they hit 10.1%.
Hyperliquid's HIP-3 between October and March:
> Weekday avg daily volume: $43M → $2.8B (+6,500%)
> Weekend avg daily volume: $28M → $662M (+2,260%)
> Weekend/weekday ratio holding steady at 18-23% since December
At current growth rates, we expect RWA perps to account for half of all onchain derivatives volume by 2028. We cover this and more in our new report with @Securitize, out tomorrow.
Nine years. 220+ team members and counting. Industry-defining partners.
Today we announce Series C funding from @scventuresDNA, @Ripple, and others, valuing Keyrock at $1.1B.
Congrats to our exceptional Keyrock team and partners. Expect more. 🚀
https://t.co/yCaVfX1ajy
The 20 millionth Bitcoin was mined on March 9, leaving just 1 million left to be produced over the next 114 years.
US spot ETFs already hold 1.29 million BTC, worth roughly $91 billion. That is more than all the Bitcoin that will ever be mined from this point forward.
Since the halving, annual new issuance sits at around 164,250 BTC. ETFs absorbed the equivalent of 3 years of that in their first year alone.
New supply is becoming irrelevant and price is now purely a demand question now.
Key Insights, 23 March 2026📊
The Middle East conflict escalated after Israel struck Iran’s South Pars gas field. Brent surged above $111 as Hormuz traffic stalled (~5 vs 138 avg). Gold fell -12.6% to $4,362, its worst streak since 2023, BTC dropped -6.8%, NDX -2%, and DXY -0.6%
Sharing the @KeyrockData playbook for realizing crypto's $5.6B treasury opportunity. A challenge we are helping treasuries with daily at @MidasRWA
A huge thanks to the Keyrock team and @0xbenharvey for the invitation to contribute my thoughts.
🚨 The report highlights a massive "sophistication gap," but I’d go further:
The common practice of leaving reserves entirely in native tokens is the opposite of safe treasury management. Most protocols are stuck in what I call the "Correlation Trap"—where a protocol crisis tanks the token value, creating a leverage impact that depletes the treasury precisely when it’s needed most.
I believe key points include :
➡️Idle Capital is Mismanagement: In a mature market, leaving capital unproductive is no longer a safe default; it is a failure of capital efficiency.
➡️Active Capital Preservation: Protocols must transition from passive holding to active preservation by diversifying into productive assets.
➡️The Unified Balance Sheet: The distinction between on-chain and off-chain assets is vanishing. The future is a unified sheet where tokenized RWA strategies anchor a protocol's runway without sacrificing DeFi composability.
Treasury management is no longer an afterthought—it’s a prerequisite for long-term viability.
Read the full report here: https://t.co/1caXwtwCAR
Our latest report is here, analyzing a major treasury opportunity many token projects are missing. It breaks down key inefficiencies and strategies for better capital management.
Co-published with @dl_research & @safe.
Read the full 45+ page report. 👇
https://t.co/8P4PYkzTne
The report is live!
We analysed 25 crypto treasuries and found there's a sophistication gap between existing and available treasury management strategies
Full report w/ @safe and @dl_research, with insights from @BaptisteCota of @MidasRWA and @eshita
https://t.co/TstDqDp9nF
Our latest report is here. It reveals a $5.6 billion opportunity hiding in plain sight, as protocols fail to put treasury capital to work.
Passive management creates major risk in a downturn. What’s the solution?
Our report reveals all. Take a look.
https://t.co/yOux9ticyc
We’re releasing the most in depth research on how crypto treasuries are currently being used, and how they can be better optimized.
@0xbenharvey is dropping a banger at 4pm CET