Munis Trail Treasuries by Most Since 2020 After Issuance Boom
State and local government debt has lost about 1% this year, trailing the 3% gain on US Treasury securities by roughly 4 percentage points, according to data compiled by Bloomberg.
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10 minutes ago
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How Bitcoin Treasury Companies Are Beating Bitcoin's Returns
Publicly listed Bitcoin (CRYPTO: BTC) treasury companies are no longer just passive holders of BTC. A new financial model, leveraging traditional capital markets tools like share issuance and fixed-income debt, is enabling these firms to outperform Bitcoin itself in BTC terms. At the core of this model is a focus on growing the Bitcoin-per-share (BPS) ratio. Rather than simply tracking Bitcoin's price, these companies aim to accumulate more BTC per outstanding share over time. The result is a growing 'BTC yield,' a return denominated not in fiat but in Bitcoin units. Strategy (NASDAQ:MSTR), the most prominent example, has perfected this playbook. The company regularly conducts at-the-market (ATM) equity offerings, issuing new shares when its stock is trading at a premium to its net asset value (NAV). The capital raised is immediately used to purchase more BTC. Despite diluting shareholders in nominal terms, these actions are accretive to the BPS ratio, meaning that each share is backed by more BTC than before. This mechanism only works when the company's market cap trades above the value of its Bitcoin holdings. In this scenario, equity issuance allows the company to extract a premium from short-term buyers, reinvesting it into BTC to benefit long-term holders. Also Read: The higher the market premium, the greater the accretive yield. This dynamic has allowed Strategy to achieve what some call BTC-native outperformance. In 2024 alone, Strategy delivered a 75% BTC yield for its shareholders. That is, if a share was backed by 0.001 BTC at the beginning of the year, it was backed by 0.00175 BTC by year-end without BTC needing to rise in price. The second leg of this model is leverage. Treasury companies can issue debt at interest rates lower than their expected Bitcoin CAGR (compound annual growth rate), using the proceeds to acquire more BTC. For example, if BTC is expected to grow 20% annually and the firm can borrow at 8%, the 12% spread is effectively captured as additional BPS growth. When used conservatively, over long durations and with manageable liquidation thresholds, this leverage enhances BTC returns without exposing the company to short-term volatility risk. Taken together, these two tools, ATM equity issuance and strategic debt financing, turn treasury companies into what analysts are calling "full-stack Bitcoin yield engines." Critics often label these stocks as overpriced, citing high market cap-to-NAV (mNAV) ratios. But within this framework, a premium mNAV can be rational: if the BTC yield from BPS growth equals or exceeds the premium paid, long-term holders still win. In fact, a high mNAV enables more effective equity issuance, further reinforcing the flywheel of BTC accumulation. This model stands in stark contrast to altcoin treasury companies, which typically rely only on equity issuance and face higher risk due to the less predictable performance of their underlying assets. Ethereum (CRYPTO: ETH) treasury companies, for instance, have yet to meaningfully deploy debt-based strategies to scale BPS, though Standard Chartered recently projected they could eventually hold 10% of all ETH if they follow a similar model. Read Next: Image: Shutterstock UNLOCKED: 5 NEW TRADES EVERY WEEK. Click now to get top trade ideas daily, plus unlimited access to cutting-edge tools and strategies to gain an edge in the markets. Get the latest stock analysis from Benzinga? This article How Bitcoin Treasury Companies Are Beating Bitcoin's Returns originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved. Sign in to access your portfolio
Yahoo
15 minutes ago
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Stablecoins are here to stay says BlackRock
-- BlackRock said in a note this week that new U.S. legislation is solidifying stablecoins' role in global finance while reinforcing the case for bitcoin as a long-term return driver. In a new report, the asset manager highlighted the impact of the recently passed Genius Act, writing, 'New U.S. legislation – notably this month's Genius Act – is cementing the role of stablecoins as a payment method in the future of finance.' BlackRock (NYSE:BLK) views stablecoins as one of 'five mega forces' shaping future returns. 'Stablecoins are digital tokens pegged to a fiat currency and backed by reserve assets,' BlackRock explained. 'They fuse the frictionless transfer of crypto with the perceived stability of fiat currency.' While stablecoins currently make up just 7% of the crypto market, BlackRock noted adoption has grown rapidly to around $250 billion since 2020. The firm said the Genius Act creates 'a comprehensive payment stablecoin framework,' defining stablecoins as payments instruments rather than investments and restricting issuance to regulated financial institutions. 'This regulation could reinforce dollar dominance by enabling a tokenized U.S. dollar-based ecosystem for international payments,' BlackRock said, particularly in emerging markets. The Act also sets strict rules for what reserve assets stablecoin issuers may hold, primarily short-term U.S. Treasurys. BlackRock said this could spur further buying of Treasury bills but added, 'The impact on yields will likely be limited.' On bitcoin, BlackRock wrote: 'We still see bitcoin as a distinct return driver,' citing its 25% gain year-to-date. It concluded: 'We see stablecoins as a new part of the future of finance – and new U.S. legislation is aiming to put the U.S. at the center of digital asset innovation.' Related articles Stablecoins are here to stay says BlackRock Clients buying into summer rally, bracing for later pullback, says BofA's Hartnett These Under-the-Radar Stocks Offer Better Risk-Reward Ratio Than Nvidia
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Falling Prices, NVMe Adoption, and Demand for High-Capacity, High-Speed Storage in Data-Driven Industries Fueling Expansion
The SSD market is projected to grow from USD 35.545 billion in 2025 to USD 72.657 billion in 2030, driven by performance enhancements and declining prices. NVMe tech boosts SSD speed, meeting cloud and data center needs. North America leads, while Asia Pacific sees rapid growth due to IT expansion. Solid State Drive Market Dublin, July 29, 2025 (GLOBE NEWSWIRE) -- The "Solid State Drive Market - Forecasts from 2025 to 2030" report has been added to solid-state drive market is expected to grow from USD 35.545 billion in 2025 to USD 72.657 billion in 2030, at a CAGR of 15.37%.The SSD market is propelled by declining prices, making these drives more accessible across industries. The adoption of Non-Volatile Memory Express (NVMe) technology has significantly improved SSD performance, offering faster data transfer rates and reduced latency. These advancements cater to the growing needs of cloud customers and data centers, where high-speed, reliable storage is critical. Additionally, SSDs' advantages - such as lower power and space consumption, resistance to physical shocks, and faster boot times - further drive their adoption. The development of high-capacity SSDs presents significant growth potential. These drives meet the escalating storage demands of industries handling large datasets, such as life sciences and financial services. The push for denser storage solutions supports complex operations, positioning SSDs as a cornerstone of modern data management and fueling market expansion over the forecast period. Market Segmentation By Interface TypeThe SSD market is segmented by interface type into SATA, SAS, Fibre Channel, and ATA/IDE. The SATA interface dominates due to its lower cost, smaller cable size, and efficient data transfer via higher signaling rates and I/O queuing protocols. SATA's compatibility with older desktop PCs upgrading from HDDs, combined with its affordability compared to other interfaces, ensures its significant market share. SAS drives, offering varied endurance options to match specific workloads, are also gaining traction in enterprise End-User IndustryBy end-user industry, the market is divided into automotive, aerospace and defense, medical, consumer electronics, and others. The automotive sector holds a substantial share due to the integration of advanced technologies in vehicles, requiring reliable storage for data-intensive systems. Consumer electronics also command a significant share, driven by the miniaturization of devices and the industry's focus on efficient, high-performance storage Outlook North America: Market LeaderNorth America is projected to hold the largest market share, driven by advanced storage solutions and substantial enterprise spending on IT infrastructure. Companies in the region prioritize SSDs to enhance business productivity and maintain competitive advantages, particularly in data centers and technology-driven Pacific: Fastest GrowthThe Asia Pacific region is expected to experience the fastest growth, fueled by booming IT infrastructure in emerging economies like China and India. The region's thriving consumer electronics industry, coupled with the presence of global players like Toshiba, Micron, and Samsung, drives market expansion. For instance, in June 2023, Micron Technology announced a US$825 million investment to build DRAM and NAND assemblies, including SSDs, in Gujarat, India, highlighting the region's growing Benefits of this Report: Insightful Analysis: Gain detailed market insights covering major as well as emerging geographical regions, focusing on customer segments, government policies and socio-economic factors, consumer preferences, industry verticals, and other sub-segments. Competitive Landscape: Understand the strategic maneuvers employed by key players globally to understand possible market penetration with the correct strategy. Market Drivers & Future Trends: Explore the dynamic factors and pivotal market trends and how they will shape future market developments. Actionable Recommendations: Utilize the insights to exercise strategic decisions to uncover new business streams and revenues in a dynamic environment. Caters to a Wide Audience: Beneficial and cost-effective for startups, research institutions, consultants, SMEs, and large enterprises. Report Coverage: Historical data from 2022 to 2024 & forecast data from 2025 to 2030 Growth Opportunities, Challenges, Supply Chain Outlook, Regulatory Framework, and Trend Analysis Competitive Positioning, Strategies, and Market Share Analysis Revenue Growth and Forecast Assessment of segments and regions including countries Key Attributes: Report Attribute Details No. of Pages 150 Forecast Period 2025 - 2030 Estimated Market Value (USD) in 2025 $35.55 Billion Forecasted Market Value (USD) by 2030 $72.66 Billion Compound Annual Growth Rate 15.3% Regions Covered Global Company Profiling (Strategies, Products, Financial Information, and Key Developments) Intel Corporation SAMSUNG Kingston Technology Europe Co LLP Western Digital Corporation Micron Technology, Inc. SK hynix Inc. Seagate Technology LLC KIOXIA Corporation ATP Electronics, Inc. Segmentation: By Interface Type SATA SAS Fibre Channel ATA/IDE By End-User Industry Automotive Aerospace and Defense Medical Consumer Electronics Others By Geography North America USA Canada Mexico South America Brazil Argentina Others Europe Germany France United Kingdom Spain Others Middle East and Africa Saudi Arabia UAE Others Asia Pacific China Japan South Korea India Indonesia Thailand Taiwan Others For more information about this report visit About is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends. Attachment Solid State Drive Market CONTACT: CONTACT: Laura Wood,Senior Press Manager press@ For E.S.T Office Hours Call 1-917-300-0470 For U.S./ CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
