bond

According to BBX data, the global cryptocurrency assets have deeply evolved towards "credit toolization" yesterday, with listed companies demonstrating a resilient strategy of leveraging debt to acquire digital sovereignty and "output retention":European bond premium: Samara Asset Group (Euronext: $SRAG) announced that its €30 million Bitcoin bond was oversubscribed. By acquiring Bitcoin on a large scale through non-dilutive debt instruments, Samara locked in low fiat interest rates and successfully "Bitcoinized" its balance sheet, avoiding equity dilution.Hashrate retention discipline: Bitfarms (NASDAQ: $BITF) confirmed the launch of its new mining facility in Paraguay, with a retention rate of 85% yesterday. By optimizing its global energy portfolio, the company expanded its reserves through "passive accumulation" on the production side without relying on external equity financing.Nasdaq's new sentinel: Thumzup Media (NASDAQ: $TZUP) board approved a $1 million Bitcoin holding plan yesterday. This marks Bitcoin as an officially recognized "standard tool" for small and mid-cap tech companies in the U.S. stock market to combat the decline in fiat purchasing power and reshape asset structures.Hong Kong stock treasury model: Boyaa Interactive (0434.HK) confirmed in a board preparatory meeting yesterday that it will continue to strengthen its "Bitcoin-first" treasury asset allocation. As a leading listed company in Asia holding Bitcoin, its treasury net worth has become a core driver of its stock price, and the company plans to disclose more accumulation details in its upcoming annual performance report.The market is showing a clear dual evolution trend of "debt-driven accumulation" and "internal growth of hashrate."

According to Bloomberg, Amazon is returning to the bond market with a massive cross-border issuance, which has intensified the corporate borrowing wave driven by the AI boom.Insiders revealed that the company plans to issue up to 11 tranches in the form of U.S. investment-grade bonds, with maturities ranging from 2 to 50 years. The sources added that preliminary pricing discussions for the longest bond (maturing in 2076) indicate a premium of about 1.55 percentage points over U.S. Treasuries. The individuals requested anonymity due to the private nature of the information.HSBC Holdings, Citigroup, Goldman Sachs, and JPMorgan will be responsible for underwriting this bond issuance. This is the latest in a series of large bond issuances by major cloud computing companies, which are preparing to invest hundreds of billions of dollars in building AI infrastructure. So far, investor demand remains strong, with recent bond offerings being oversubscribed multiple times.

Bank of Canada completed a pilot project called Project Samara with several major Canadian banks, testing the feasibility of issuing, trading, and settling bonds on a distributed ledger.In this experiment, Export Development Canada, the official export credit agency of Canada, issued a bond worth 100 million Canadian dollars (approximately 73 million US dollars) with a maturity of less than three months, selling it to a small group of institutional investors. Participants in the project also included RBC Dominion Securities, RBC Investor Services Trust, and TD Securities under Toronto-Dominion Bank. The results of the experiment showed that a single blockchain-based platform could support the entire lifecycle of a bond, including issuance, bidding, coupon payments, secondary market trading, and maturity redemption processes. Additionally, the project tested on-chain settlement using a wholesale digital Canadian dollar issued by the Bank of Canada, allowing funds and bonds to be settled on the same ledger. This pilot comes at a time when Canada is strengthening its regulation of digital assets. The government plans to introduce regulatory legislation for Canadian dollar stablecoins and has passed a new framework for crypto asset custody to enhance asset security and risk management on trading platforms.

According to CoinDesk, the Bank of Canada, in collaboration with major banks such as RBC and TD, successfully completed the full process testing of issuing, trading, and settling a tokenized bond worth 100 million Canadian dollars (approximately 73 million USD) through distributed ledger technology (Project Samara).This experiment verified that a single blockchain platform can support the complete lifecycle of bonds and introduced tokenized wholesale Canadian dollars for on-chain digital settlement for the first time.

According to The Block, the Bank of Canada announced the completion of a tokenization pilot project called "Project Samara," successfully issuing a government bond worth 100 million Canadian dollars using Hyperledger Fabric technology.The project was issued by the Export Development Canada, with participation from TD Bank and the Royal Bank of Canada, issuing a three-month Canadian dollar-denominated bond to a "closed group of investors," covering the entire process from issuance, bidding, coupon payments, redemption to secondary trading.The project evaluation found that blockchain technology could enhance operational efficiency, improve data integrity, and reduce counterparty and settlement risks, but these advantages were partially offset by increased system complexity, liquidity costs, and the inadequacies of the existing regulatory framework.The Bank of Canada stated that although the technology is feasible, widespread adoption may progress slowly due to integration challenges and limited willingness to transform core infrastructure.The project builds on the Jasper project initiated by the Bank of Canada in 2016.

According to Bloomberg, Bitcoin mining hosting and cloud services company Applied Digital has completed a $2.15 billion bond financing to build its AI data center campus Polaris Forge 2 located in Harwood, North Dakota, USA, which has been leased to Oracle.Applied Digital previously stated that the data center project is expected to generate approximately $5 billion in revenue over an estimated 15-year contract period.

According to CoinDesk, Japan's SBI Holdings has announced the launch of an on-chain bond issuance plan worth 10 billion yen (approximately 64.5 million USD).According to the disclosed information, the bond will complete the issuance and management process on-chain, and investors will receive XRP as a reward in addition to the regular returns. This move marks a further exploration by traditional financial institutions into blockchain bonds and digital asset incentive mechanisms.

According to The Block, cryptocurrency lending company Ledn has completed a $188 million issuance of Bitcoin-backed securitized bonds. The transaction includes two tranches of bonds, with the investment-grade portion priced 335 basis points above the benchmark rate.The bonds are backed by approximately 4,078.87 Bitcoins, valued at about $357 million at fair value. S&P Global has assigned a BBB- rating to most of the bonds. Ledn primarily offers lending services backed by Bitcoin, having issued billions of dollars in loans since its inception.Previously, stablecoin issuer Tether invested in Ledn last November. This bond issuance was structured by Jefferies Financial Group, which acted as the structuring agent and bookrunner.

According to the Financial Times, Tether net purchased $28.2 billion in U.S. Treasury bonds in 2025, becoming the seventh largest foreign buyer, with its holdings surpassing those of countries like South Korea and Saudi Arabia, alongside Circle. U.S. Treasury Secretary Scott Bessent believes stablecoins are tools for promoting the dollar and absorbing U.S. debt, expecting the industry to grow from its current $300 billion to $3 trillion.Currently, the banking industry and the cryptocurrency sector are competing over stablecoin regulations. JPMorgan CEO Jamie Dimon and Coinbase CEO Brian Armstrong have disagreements on related terms. The banking sector is concerned that allowing third parties to pay interest on stablecoins will lead retail deposits to flow into stablecoins, thereby increasing financial risk. This standoff has caused divisions among Trump supporters, involving conflicts of interest between Wall Street banks and cryptocurrency industry donors.

The UK Treasury has selected HSBC Holdings Plc's blockchain platform Orion for a pilot issuance of the country's digital debt instrument DIGIT. HSBC stated that issuing bonds on the blockchain can improve the structure of the UK debt capital market by accelerating settlement speeds.The UK Treasury plans to issue these digital instruments in a regulated testing environment managed by the Financial Conduct Authority. Previously, HSBC's Orion platform has been used globally to issue over $3.5 billion in digital native bonds, including the European Investment Bank's first digital pound bond and a $1.3 billion equivalent green bond issued by the Hong Kong government.

Tether's U.S. subsidiary CEO and former White House crypto advisor Bo Hines stated that as the demand for USDT and the newly launched stablecoin USAT continues to grow, Tether expects to further increase its holdings of U.S. Treasury bills (T-bills) this year and aims to become one of the top ten U.S. debt buyers globally.Data shows that USDT is currently the largest stablecoin by market capitalization, with a circulation of approximately $185 billion. According to the latest reserve proof, about 83.11% of Tether's reserve assets are allocated to U.S. Treasury bonds, totaling over $122 billion. Hines noted that this scale has placed Tether among the top twenty foreign holders of U.S. Treasury securities, ranking between Germany and Saudi Arabia. Hines also revealed that since its launch in 2014, the number of USDT users has reached approximately 530 million, currently growing at a rate of about 30 million users per quarter.

According to sources with direct knowledge of the situation, the subscription demand for Alphabet's bond issuance has exceeded $100 billion, with the bond issuance scale expected to be around $15 billion. This level of demand is considered one of the hottest cases in the history of corporate bond issuance, demonstrating investors' strong interest in debt assets related to the artificial intelligence boom.Just last week, Oracle raised $25 billion through a bond issuance, with subscription demand reaching a record $129 billion. Alphabet has also designated several banks to prepare for a potential bond issuance denominated in Swiss francs and British pounds, including a rare 100-year bond.

According to Gate market data, U.S. stocks opened with the Dow Jones Industrial Average down 0.14%, the S&P 500 down 0.24%, and the Nasdaq Composite down 0.34%. Google's parent company Alphabet plans to raise approximately $15 billion through a dollar bond issuance, with its stock price down 0.58%. Novo Nordisk rose 4.4%, while Hims & Hers fell 22.6% after Novo Nordisk sued the latter over the Wegovy generic weight loss drug.

According to Jinshi News, GivTrade strategist Hassan Fawaz pointed out in a report that, given the recent signs of cooling in the U.S. job market, any significant deviation of January's non-farm payroll data from expectations could trigger sharp fluctuations in the foreign exchange and bond markets.He stated that if the data is weaker than expected, it may reignite concerns about the momentum of the labor market, strengthening expectations for monetary policy easing later this year, thereby putting pressure on the dollar; if the data is strong, it could challenge the aforementioned expectations, providing support for the dollar and pushing up yields.

According to Jinshi reports, U.S. Treasury Secretary Yellen stated that we still see a large inflow of foreign capital into U.S. Treasury bonds, as well as a massive influx of funds into the U.S. stock market.

According to Gate market data, at the opening of the US stock market, the Dow Jones Industrial Average fell by 0.1%, the S&P 500 index fell by 0.32%, and the Nasdaq Composite Index fell by 0.39%. Oracle (ORCL.N) rose by 3.8%, as the company plans to raise up to $50 billion and initiate a dollar bond issuance. American Rare Earths rose by 7.2%, as reports suggest that Trump plans to establish a $12 billion strategic reserve for critical minerals.

According to Jinshi reports, the Federal Reserve announced to keep interest rates unchanged, with two dissenting votes, and the U.S. Treasury bond market remained stable.

According to Fortune, in the past two weeks, Rick Rieder's odds of becoming the next Federal Reserve Chair on Polymarket have surged to nearly 50%, clearly leading over the second-ranked Kevin Warsh (29%) and the third-ranked Christopher Waller (6%). Rieder's career has been almost entirely on the front lines of the global bond market, working as a trader and asset manager, deeply involved in the market, interpreting and profiting from central bank policy signals. Simply put, no one understands the bond market better than Rick Rieder. And in Trump's policy decision-making, nothing is more important than "whether the bond market is up or down."Currently, Rieder is responsible for BlackRock's global fixed income business, managing up to $2.4 trillion, which accounts for about one-sixth of the $14 trillion in assets under management at the world's largest asset management firm. A former CEO who worked with Rieder described him as "extremely personable" and stated that Rieder "has a very good understanding of how the market operates and is able to maintain independent judgment."If Rieder takes over as Federal Reserve Chair in May, he will face extremely daunting challenges. His stance on the federal funds rate has long been clear and is more aligned with Trump's camp. In an interview with CNBC on January 12, Rieder stated, "The Fed needs to lower rates to 3% (currently 3.50%--3.75%), which I believe is closer to a balanced level." The problem is that the Fed is currently implementing two policies that could potentially raise inflation. In mid-December last year, the central bank reversed its previous quantitative tightening (QT) policy. Additionally, the Fed is also reducing the amount of reserves that banks must hold at the central bank.

BitMEX co-founder Arthur Hayes published an in-depth analysis in his latest article regarding the recent depreciation of the yen and the decline in Japanese government bond prices, which has caused "anomalies" in the global market. He believes this indicates that the Federal Reserve and the Treasury may soon collaborate to directly intervene in the yen and Japanese government bond markets through "money printing" to inject new liquidity into the global fiat currency system.Hayes specifically outlined the possible intervention path: the New York Fed creates dollar reserves and instructs primary dealers like JPMorgan to sell dollars and buy yen in the foreign exchange market to support the exchange rate, and may invest the acquired yen in Japanese government bonds to lower their yields. This operation will lead to an expansion of the "foreign currency-denominated assets" item on the Fed's balance sheet, essentially meaning that the Fed is taking on the interest rate risk of the yen exchange rate and Japanese government bonds through money printing.He analyzed the motives and consequences of this move: aimed at stabilizing the yen and lowering Japanese government bond yields to prevent Japanese investors from massively selling U.S. Treasuries, avoiding uncontrolled increases in U.S. Treasury yields, while enhancing the competitiveness of U.S. exports.This process will increase global dollar liquidity and may simultaneously boost the euro and yuan exchange rates. Hayes pointed out that this "non-QE" style of balance sheet expansion will ultimately provide upward momentum for risk assets, including Bitcoin. In terms of trading strategy, he stated that a rapid strengthening of the yen against the dollar is usually a signal for reducing risk assets. Bitcoin's decline due to the strengthening yen means he will not increase his risk exposure until it is confirmed that the Fed is intervening in the yen and Japanese government bond markets by expanding its balance sheet.He has closed positions in leveraged Bitcoin-related assets such as Strategy and Metaplanet, stating that he will re-enter if his judgment proves correct. In the meantime, his fund Maelstrom continues to increase its holdings in Zcash, while positions in other quality DeFi tokens remain unchanged. He indicated that if the Fed indeed expands its balance sheet to intervene in the currency and bond markets, he will increase his holdings in DeFi assets such as ENA, ETHFI, PENDLE, and LDO.