Bitcoin rises as more enter the treasury game

Strategy bought over $1 billion for its treasury as cardano founder Charles Hoskinson announced the platform will leverage $100 million of ADA to buy bitcoin and stablecoins.

Yaël Bizouati-Kennedy

6/16/25 11:12AM

Bitcoin is having a strong start to the week, with a slew of companies adding to their bitcoin corporate treasuries and one altcoin founder announcing plans to found one.

Strategy, as usual on Monday morning, announced it had acquired more bitcoin, adding 10,100 tokens for $1.05 billion, bringing its total to 592,100 bitcoin. Cofounder Michael Saylor also recently advised Pakistan on its bitcoin reserve. In April, Binance founder CZ was appointed as an adviser to the Pakistan Crypto Council.

Metaplanet, the No. 1 Asian bitcoin holder, also acquired 1,112 bitcoin for $117.2 million, and now holds an even 10,000. With this latest acquisition, the Japanese company has become the ninth-largest bitcoin corporate holder, dethroning Coinbase, which holds 9,627 bitcoin.

Metaplanet CEO Simon Gerovich also posted that “10,000 BTC is just the start line.”

“Path to 210,000 BTC... This is not just guidance — it is a declaration... Now we accelerate. This era will be divided between those who bought Bitcoin and those who were left behind,” Gerovich wrote.

Meanwhile, film studio Angel, which has been sitting on a 125-bitcoin “rainy day fund” since 2021, reentered the chat with a purchase of 300 bitcoin.

Finally, in a move that few saw coming, cardano founder Charles Hoskinson announced on Sunday that the platform is planning to buy bitcoin with its $1.2 billion treasury, by converting $100 million worth of cardano tokens into bitcoin and stablecoins.

“We could take $100 million of ADA in the treasury, convert it to a blend of stablecoins incumbent in cardano, so USDM and USDA, and convert some of it in bitcoin to prime bitcoin DeFi,” Hoskinson said.

He called critics of his plan “inexperienced,” saying that the move “would not cause any problems at all.”

This morning, he continued to dismiss his detractors in a lengthy post:

It's Monday, June 16th, 2025. While some of you babble on about feelings, ego, narcissism, and whatever else makes you feel psychological safety, others are coding, investing, partnering, and trading.

We aren't in a static game with a guaranteed seat at the table. We are in an…
— Charles Hoskinson (@IOHK_Charles) June 16, 2025

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Justin Sun sues Trump-backed World Liberty over frozen tokens

Crypto billionaire Justin Sun, owner of the world’s most expensive banana, was named an adviser to World Liberty Financial the day after investing $30 million in the project. (He’d later boost that with $45 million more.) Sun has long been a supporter of President Trump, and has not once, but twice topped a competition to amass the most $TRUMP coins. But it seems even for Sun, the gold has turned brass.

Sun announced on social media that he’s filed a lawsuit in a California federal court against the crypto project backed by Trump.

The lawsuit alleges World Liberty engaged in an “illegal scheme to seize property” and “positioned itself as the new boogeyman” by stripping Sun of his governance rights, threatening to burn his WLFI tokens, and freezing his stash, which at times were worth $1 billion, according to the complaint dated on Tuesday.

“I have tried in good faith to resolve this situation with the World Liberty project team without resorting to litigation,” Sun wrote in a lengthy X post on Tuesday night. “But the project team has refused my requests to unfreeze my tokens and restore my rights as a token holder. They have left me with no choice but to turn to the courts.”

The complaint also alleged that World Liberty appears to be in financial trouble, citing concerns over whether the project can repay an on-chain loan that was collateralized by using, at the time, $5 billion worth of WLFI. The token reached an all-time low less than two weeks ago.

Despite the escalation with World Liberty, Sun said the lawsuit does not change his feelings about Trump or his administration. “I have always been — and remain — an ardent supporter of President Trump and his Administration’s efforts to make America crypto friendly,” he said.