reserves

Binance releases an update on proof of reserves, stating that asset reserves are always above 1:1 to guarantee user funds, with the BNB reserve ratio at 100.58%, the Bitcoin reserve ratio at 100.2%, and the ETH reserve ratio at 100%. The USDT reserve ratio is at 103.17%.

According to the official website of the U.S. Congress, the full text of the U.S. House of Representatives' "American Reserve Modernization Act" (H.R.8957, ARMA) has been made public. This bill was introduced on May 21 by Alaska Congressman Nicholas Begich and has now been referred to the House Financial Services Committee for review.The main content of the bill includes: incorporating Bitcoin obtained by the government through criminal or civil forfeiture into a strategic Bitcoin reserve managed by the Treasury Department, establishing a minimum holding period of 20 years during which it cannot be sold or disposed of; establishing a quarterly reserve verification mechanism and introducing independent third-party audits; allowing states to voluntarily hold their Bitcoin in independent accounts at the Federal Reserve.In terms of forward-looking provisions, the bill requires the Treasury Department and the Department of Commerce to jointly study feasible paths for increasing Bitcoin holdings in a budget-neutral manner within 180 days, including converting non-Bitcoin digital assets, forfeiture proceeds, voluntary donations, tax or tariff revenues, and utilizing mechanisms related to the Federal Reserve or gold certificates.Analysts point out that compared to the previous "BITCOIN Act," which called for the purchase of 1 million Bitcoins, ARMA is more moderate and politically feasible, but still leaves room for future federal increases in Bitcoin holdings.

U.S. Treasury Secretary Scott Bessent stated at a Senate Finance Committee hearing that the Treasury is steadily advancing the establishment of a strategic Bitcoin reserve. At the same time, Scott Bessent urged lawmakers to support the digital asset regulatory bill Clarity Ac and expressed hope that the bill could pass this summer to bring the best practices of the U.S. to the domestic market, making the U.S. the capital of global innovation. Regarding the strategic Bitcoin reserve, Scott Bessent pointed out that although the process is complex, it is moving forward, ensuring that best practices are adopted in the complex process so that it can be sustainable in the future.

According to CoinDesk, Strategy perpetual preferred stock STRC (Stretch) fell to a low of $97.11 on Thursday, then rebounded to $98.57, failing to maintain the par value of $100. The pressure on STRC mainly comes from Bitcoin's drop to around $73,000, compounded by the effects of the ex-dividend date.Recently, Strategy spent $1.5 billion to repurchase zero-coupon convertible bonds maturing in 2029, causing cash reserves to plummet from about $2.25 billion to $871 million. Based on an annual preferred stock dividend obligation of about $1.7 billion, the current cash can only cover about 6 months, far below the previously set target of 24 months. Executive Chairman Michael Saylor stated that the company will raise funds by selling Bitcoin, issuing additional shares when MSTR's stock price exceeds 1.22 times NAV, or continuing to issue STRC.Meanwhile, competitor Strive Asset Management's perpetual preferred stock SATA continues to anchor at a par value of $100, offering about a 13% dividend yield, and plans to launch a daily dividend mechanism, having completely eliminated debt. Over the past three months, Strive's stock price has increased by about 110%, significantly outperforming MSTR's 12% increase and Bitcoin's 8% increase.

According to CoinDesk, the total market value of stablecoins has reached $322 billion, surpassing the foreign exchange reserves of over 95 countries. The amount of fiat currency held by users through non-traditional banking channels has now exceeded the official foreign exchange reserves of Poland, Thailand, Mexico, as well as the UK, Canada, UAE, and 95 other countries. Currently, only 14 countries/regions have foreign exchange reserves that exceed the market value of stablecoins.Stablecoins are widely used for cryptocurrency trading, DeFi settlements, and cross-border payments. The Bank for International Settlements report indicates that cross-border stablecoin flows have significantly increased since 2022, particularly active in regions with high inflation and severe exchange rate fluctuations. However, the BIS also warns that stablecoin trading may trigger capital outflows, putting vulnerable domestic currencies under depreciation pressure.

According to The Block, U.S. House Representatives Nick Begich and Jared Golden have proposed the "American Reserve Modernization Act of 2026," which aims to establish a U.S. strategic Bitcoin reserve and create an independent digital asset reserve for non-Bitcoin assets.The bill stipulates that the Bitcoin included in the reserve must be locked for at least 20 years, during which it cannot be sold, exchanged, auctioned, or otherwise disposed of. Unlike the previously proposed "BITCOIN Act," which aimed to purchase 1 million Bitcoins within 5 years, ARMA does not set a specific purchase target but instead requires the Treasury and Commerce Departments to study ways to increase asset holdings through a "budget-neutral" approach.The bill also requires federal agencies to disclose their held digital assets within 60 days of the bill's enactment and implement quarterly reserve proofs, independent audits, and congressional oversight.

Canaan Inc. announced its financial report for the first quarter of 2026. The report shows that the company's total revenue was $62.7 million, in line with the previous guidance range; net loss was $88.7 million. As of March 31, 2026, the company's cryptocurrency reserves reached 1,807.60 bitcoins and 3,951.53 ethers, setting a new historical high.In terms of operations, the total hash power of the company's ten joint mining projects reached approximately 11 EH/s, a quarter-over-quarter increase of 10.7%; the first quarter output was 257 bitcoins. In terms of strategic layout, the company acquired a 49% stake in the ABC project in West Texas from Cipher Mining, with the project's operational hash power reaching approximately 4.4 EH/s; at the same time, it deployed a "hash power to thermal energy" project in Northern Europe, with a planned total capacity of about 8 megawatts.Canaan Inc. expects total revenue for the second quarter of 2026 to be in the range of $35 million to $45 million.

According to NADA NEWS, ReYuu Japan, a company listed on the Tokyo Stock Exchange Standard Market, announced that, after mutual consultation, it has terminated the basic agreement reached with the Canadian investment company Universal Digital Inc. regarding a financing framework of up to $100 million (approximately 15 billion yen).The agreement was originally intended to promote external financing arrangements related to its cryptocurrency asset reserve (DAT) strategy, but it was not a formal loan contract, and the establishment of the financing framework or actual borrowing had not been completed. ReYuu Japan stated that the capital market environment for listed companies implementing cryptocurrency asset reserve strategies has changed, and investor attitudes have become more cautious; this termination does not mean that its cryptocurrency asset reserve strategy is halted, and it will continue to assess based on market conditions, financial stability, and shareholder value.

According to CoinDesk, wallet service provider Exodus Movement (EXOD) sold approximately $73.2 million in crypto assets in the first quarter, during which its Bitcoin holdings decreased by 1,076 coins, a decline of about 63%, leaving only 628 BTC. The fair value of its assets dropped from $149.2 million to $42.8 million.During the same period, it added 5,068 SOL, increasing its total holdings to 17,541 SOL. The company stated that the related cash-out was mainly used for the acquisition of the W3C payment business and to pay off maturing consideration, and it has converted over $70 million into dollar reserves, raising its cash, cash equivalents, and stablecoin balance from $5.2 million to $74.4 million. Affected by the impairment and disposal of crypto assets, Exodus's revenue in the first quarter fell by 36.8% year-on-year to $22.7 million, and net losses widened to $32.1 million.

Binance released the May reserve proof update. As of May 1, the user's net BTC balance is 606,742.388 coins, and the Binance wallet balance is 608,067.979 coins, with a BTC reserve ratio of 100.22%.In addition, the user's net ETH balance is 3,762,321.834 coins, and the Binance wallet balance is 3,762,328.82 coins, with an ETH reserve ratio of 100%. The USDT reserve ratio is 104.27%, and the BNB reserve ratio is 101.68%.

According to crypto analyst Amr Taha, the Bitcoin reserves of Binance, OKX, and Gemini have significantly decreased since February, with a total outflow of nearly 100,000 BTC, worth over $8 billion, bringing reserves to their lowest level since 2023. Among them, Binance's reserves dropped from about 670,000 on February 21 to about 620,000 on May 7, OKX fell from about 132,000 on March 2 to about 102,000, and Gemini decreased from about 114,800 in early February to 95,000.At the same time, OTC balances continue to tighten, with the 30-day OTC balance change dropping to -24,940 BTC. On the demand side, the holdings of accumulator addresses increased by 60.5% within two weeks, reaching 264,000 BTC on May 6. Binance's seven-day net buying volume also shifted from about -$1 billion (seller-dominated) at the end of March to +$2.63 billion (buyer-dominated) on Thursday. Analysts point out that simultaneous outflows across multiple platforms are more indicative than those from a single platform, and the reduction in exchange inventories may amplify price reactions when strong spot demand returns.

The total market value of Tether's tokenized gold product Tether Gold (XAU₮) has surpassed 3.3 billion USD, with physical gold reserves increasing by 36%, reflecting investors' increased allocation to physical assets amid record-high gold prices and global economic pressures.

Tether's official data reveals that Tether Gold (XAUT) continued to expand in the first quarter of 2026, with a total market value exceeding $3.3 billion, driven by record-high gold prices and increased macroeconomic uncertainty, leading to a significant rise in investor demand for safe-haven assets.Tether's data for this quarter shows that its underlying gold reserves increased by 36% quarter-over-quarter, reaching approximately 707,747 ounces as of March 31, corresponding to a 1:1 gold backing for the circulating XAU₮ tokens, with a total market value of about $3.303 billion. Compared to the approximately 520,000 ounces of reserves at the end of 2025, the gold holdings this quarter have significantly increased, reflecting a continuous inflow of funds into digital products backed by physical gold.

According to The Block, BlackRock submitted a letter of opinion to the Office of the Comptroller of the Currency (OCC), opposing several reserve asset restrictions proposed in the draft implementation rules of the GENIUS Act.BlackRock opposes setting the cap on tokenized reserve assets at 20%, as this limitation would restrict the development of its products such as the BUIDL fund. The BUIDL fund supports over 90% of the shares of USDtb under Ethena and JupUSD under Jupiter. BlackRock also requested that the OCC confirm whether Treasury bond ETFs qualify as reserves and include two-year floating rate Treasury bonds in the list of eligible assets.

In the first quarter of Greg Abel's tenure as CEO, Berkshire Hathaway's cash reserves surged to a record high of $397 billion. At the end of last year, the company's cash reserves had slightly decreased, but they increased significantly in the first quarter due to a net sale of $8.1 billion in stocks during the period.Additionally, Berkshire Hathaway A (BRK.A.N) reported Q1 2026 revenue of $93.675 billion, compared to $89.725 billion in the same period last year, with market expectations of $89.274 billion; net profit was $10.106 billion, compared to $4.603 billion in the same period last year, with market expectations of $11.762 billion. The fair value of fixed-income securities held by Berkshire Hathaway at the end of Q1 2026 reached $17.669 billion, compared to $17.816 billion in the same period last year.Buffett has always viewed cash as "a necessary but undesirable asset," often likening it to oxygen, which is crucial for businesses but not a good investment in itself. Buffett repeatedly emphasizes that Berkshire will never prefer holding cash equivalents over quality businesses; cash is merely a war chest waiting for "super good opportunities." When market valuations are too high and there are no attractive investment targets, he prefers to hoard cash rather than force a purchase; but once a great opportunity arises, he will deploy this ammunition without hesitation. In Buffett's view, cash can provide safe returns in a high-interest-rate environment, but in the long run, it is far less valuable than investing in excellent companies.While Berkshire's cash holdings reach a new high, despite the S&P 500 and Nasdaq indices recently hitting historical highs, there are still multiple risk hazards behind the market, and valuations are in a historically high range. Data shows that as of April, the rolling price-to-earnings ratio of the S&P 500 is about 24 times (historical average is about 16 times), and the Shiller price-to-earnings ratio (cyclically adjusted) has risen to over 37 times, at a historically high level, second only to the internet bubble period. This combination of "valuation + high expectations" means that the market has very limited room for error. Furthermore, the current rise in U.S. stocks is built on optimistic assumptions such as "AI-driven profits, falling inflation, declining interest rates, and controllable risks," and any deviation in these variables could trigger amplified shocks in the market.

The report shows that as of the end of March, the value of gold in the USDT reserves is $19.8 billion, which is approximately 132 metric tons based on market prices at that time, an increase from 126 tons at the end of December last year, but gold only accounts for 10% of the reserves.The USDT reserves are mainly composed of $117 billion in U.S. Treasury bonds, with Bitcoin accounting for $7 billion. The current circulation of USDT is $189.5 billion.

The issuer of USDT, Tether, released its Q1 2025 report. Despite the highly volatile global market, Tether still achieved strong profits, with a net profit of approximately $1.04 billion as of March 31, 2026, total assets of about $191.768 billion, and total liabilities of around $183.536 billion, of which liabilities related to digital token issuance were about $183.438 billion.Tether's asset reserves reached a record high of $8.232 billion, a significant increase from the previous period. The overall circulation of USDT remained stable at a large scale, approximately $183 billion. Tether's asset reserves are primarily composed of highly liquid, high-quality assets, mainly consisting of the following: direct and indirect holdings of U.S. Treasury bonds of about $141 billion, remaining the core holding, making Tether the 17th largest holder of U.S. Treasury bonds globally. Physical gold is approximately $20 billion. Bitcoin is about $7 billion, with continued accumulation of BTC in Q1.

According to PR Newswire, Nasdaq-listed company Eightco Holdings (ORBS) released an update on its holdings, with a total asset value of approximately $333 million, including: 283,452,700 Worldcoin (WLD), 11,068 ETH, a $90 million investment in OpenAI, a $25 million investment in Beast Industries, and $121 million in cash and stablecoins.Eightco Holdings stated that the value of the WLD tokens held has decreased to 21% of the company's total assets, the investment in OpenAI accounts for about 27% of the company's total assets, and the investment in Beast Industries accounts for 8% of the company's total assets.

According to The Block, Ales Michl, the Governor of the Czech National Bank, delivered a keynote speech at the Bitcoin 2026 conference in Las Vegas, publicly advocating for the inclusion of Bitcoin in the central bank's reserve portfolio. Michl stated that the bank manages approximately $180 billion in reserves, and internal research shows that allocating just 1% of assets to Bitcoin could enhance overall expected returns with minimal change in risk, due to Bitcoin's low correlation with other reserve assets.The Czech National Bank had previously completed its first test purchase of Bitcoin in November 2025, becoming the world's first central bank to acquire Bitcoin.

According to BBX data, yesterday the credit management of mining companies, the update of Ethereum treasury reserves, and the expansion of Bitcoin reserves were synchronized. The core dynamics are as follows:Riot Platforms, Inc. (NASDAQ: $RIOT) signed and publicly disclosed SEC Form 8-K reported by CoinDesk on April 28, stating that the company has completed the second amendment to its credit agreement with Coinbase Credit, Inc., switching the original floating rate $200 million secured term loan to a fixed rate and extending the maturity date by 364 days, while retaining the option for a further extension of 364 days; the loan scale and collateral structure remain unchanged, with the collateral still being Bitcoin, USDC, and cash held in Coinbase Custody. The company's Bitcoin holdings have decreased from 19,368 coins at the beginning of the year to 15,680 coins; if the BTC price continues to decline, the selling pressure under the loan-to-value ratio constraint will persist, which is an analytical judgment and not an official disclosure from the company.Bitmine Immersion Technologies, Inc. (NYSE: $BMNR) released its latest holdings update on April 27, stating that as of that day, it holds 5,078,386 ETH (valued at approximately $2,369 at the market price, with a market cap of about $12.04 billion), along with 200 BTC, $200 million in Beast Industries (under MrBeast) equity, and $91 million in cash, bringing the total of combined crypto assets and strategic investments to about $13.3 billion; the ETH holdings account for approximately 4.21% of the total circulating supply, which is the scale accumulated by the company since launching its Ethereum treasury strategy in June 2025.Strive, Inc. (NASDAQ: $ASST) disclosed through an official announcement on GlobeNewswire on April 27 that the company has purchased approximately 789 BTC (costing about $61.43 million, with an average price of about $77,890), bringing the total holdings to approximately 14,557 BTC as of April 24; during the same period, it held $90.5 million in cash and equivalents, and $50.3 million in Strategy preferred shares (STRC), with a total market value of BTC reserves of about $1.13 billion, surpassing Hut 8 to rank ninth among publicly listed companies in Bitcoin reserves globally.