From ‘Dead in America’ to $250M SPACs: Why firms are suddenly hoarding Bitcoin
Google backs a Bitcoin miner, Chamath launches a new crypto SPAC, and firms double their holdings in six months.
Key takeaways
Bitcoin and DeFi are becoming a bigger part of corporate strategy. From Google’s mining investment to new crypto SPACs, companies are treating crypto more like a real business asset than a risky bet.
It’s been a wild week in crypto — but there’s plenty for enthusiasts to feel bullish about.
A wave of notable investments have recently hit the market.
What’s more, is that the number of publicly traded companies holding Bitcoin [BTC] on their balance sheets nearly doubled in just six months; rising from 70 in December 2024 to 134 by June 2025.
Here’s the rundown.
A SPAC for DeFi and AI
Billionaire investor and longtime Bitcoin bull Chamath Palihapitiya is back with a new play.
His latest venture, a $250 million SPAC named American Exceptionalism Acquisition Corp A, is aiming to merge with companies across decentralized finance, artificial intelligence, energy, and defense.
Backed by Social Capital partner Steven Trieu as CEO, the SPAC plans to list under the ticker AEXA.
Some of Palihapitiya’s SPACs led to big names like SoFi. Others didn’t make it and were shut down, so his track record is a bit of a mixed bag.
Google’s latest Bitcoin mining bet
Tech titan Google now owns 14% of Bitcoin miner TeraWulf! The increased $3.2 billion backstop came as the latter landed a major lease deal with AI infrastructure firm Fluidstack.
The arrangement, revealed during TeraWulf’s latest shareholder call, centers on a 10-year colocation lease for a new data center dubbed CB-5, adding to the company’s growing portfolio.
With this deal, TeraWulf’s total contracted capacity climbs above 360 megawatts, locking in $6.7 billion in revenue, with the potential to reach $16 billion if leases are extended.
Bitcoin treasuries’ moment of truth
The rise of corporate Bitcoin holders is no longer just a Western phenomenon.
Between December 2024 and June 2025, the number of public companies holding Bitcoin jumped from 70 to 134; nearly doubling in just six months, according to K33 Research.
These companies, spread across 27 countries, now collectively hold a staggering 244,991 BTC.
The surge includes 41 U.S. firms, 29 from Canada, 8 in Japan, and 7 in the UK — a sign that the MicroStrategy playbook is going global.
But as this strategy spreads, so do the questions.
With regulators in Asia and beyond having closer oversight of digital finance, Bitcoin treasury companies may be nearing an inflection point.
So do they rise, or do they give in?
