[Insights]
Insights & Research
The Bitcoin Treasury Company Primer
How Bitcoin treasury companies actually work — the securities they issue, the mNAV and accretion math that decides whether an issuance creates or destroys value, the financing stack from common equity and ATMs through convertibles and preferreds, and what the cases of Strategy, Metaplanet, and Strive reveal about where the model holds and where it breaks.
Buried in Collateral
Dan Hillery’s first credit note for UTXO: why STRC’s recovery from a $73 June low back toward par tracked the collateral construction of Strategy’s balance sheet rather than the price of Bitcoin, how $106.2M of buybacks lifted the security out of a locked range, and why STRF is the senior-most baseline for reading the whole preferred stack.
Dan Hillery Joins UTXO Management as VP of Credit
Bitcoin derivatives trader and digital credit researcher Dan Hillery joins UTXO Management as Vice President of Credit, where he will lead credit research and market coverage across digital credit and help shape fixed income strategies across the firm’s platform.
The Coldcard Vulnerability: What Happened and What It Means for Self-Custody
Our assessment of the July 2026 Coldcard seed-generation flaw: how a weak RNG let attackers sweep 1,082 BTC from 1,196 addresses in 41 minutes, why UTXO holdings were never exposed, migration guidance for potentially affected setups, and what the incident means for self-custody in the age of AI.
Strategy completes the Digital Credit playbook. BlackRock funds Bitcoin’s quantum defense. Kazakhstan starts stacking.
UTXO’s Sixth Lever on completing Strategy’s capital framework, a $15M institutional consortium for Bitcoin security, BlackRock’s quantum report, Kazakhstan’s miner-funded reserve, and a market consolidating in the mid-$60,000s.
The Sixth Lever
Why letting STRC trade above $100 completes Strategy’s Digital Credit Capital Framework — the missing upside lever, a post-mortem of the June 2026 drawdown, and the two-tranche structure that serves income and total-return investors alike.
Strategy’s largest sale to date. The Digital Credit Primer drops. USDT comes home to Bitcoin.
UTXO’s new Digital Credit Primer, Strategy’s record 3,588 BTC sale to service preferred dividends, BitGo’s quantum-risk custody controls, and a market recovering toward $64K on resilient ETF demand.
The Digital Credit Primer
Bitcoin-reserve preferred equity as an income asset class — how digital credit instruments work, the ~$15B market anchored by Strategy’s STRC and Strive’s SATA, the June 2026 peg stress and its on-chain amplifiers, and the risk framework and metrics that will signal where the category goes next.
UTXO settles the first Bitcoin Depositary Receipt through DTC.
Inside the first Bitcoin Depositary Receipt to settle through DTC, the STRC flash crash and Strategy’s disciplined response, and what 50-50 CLARITY odds mean for the fall calendar.
The First Bitcoin Depositary Receipt to Trade Through Prime Brokerage and Settle Through DTC
UTXO Management initiated the first Bitcoin Depositary Receipt to trade through a prime brokerage platform and settle through DTC, executed by Clear Street alongside GTS and RDC.
SpaceX joins the Bitcoin treasury leaderboard with 18,712 BTC.
SpaceX discloses 18,712 BTC, Strive switches on daily dividends at 13% annualized, and Metaplanet acquires a Japanese broker: the treasury playbook goes multinational.
Strategy sells BTC for the first time in four years.
What Strategy’s first sale in four years actually signals, the CFTC’s green light for regulated Bitcoin perpetuals, and UTXO’s first institutional position in Bitcoin staking on Stacks.
Strategy crosses 843k BTC. MARA pivots to AI. Strive ships daily dividends.
Strategy’s $2B accumulation week, the CLARITY Act clearing committee 15–9, MARA’s pivot to AI, and why corporate bids are holding the floor while ETF flows turn negative.
UTXO Management Announces UTXO Preferred Income Strategies LP
UTXO Management announces the formation of UTXO Preferred Income Strategies LP, a dual-class structured income fund targeting digital credit preferred securities for qualified purchasers.
Bitcoin and the Quantum Threat: A Non-Technical Guide
Whether quantum computing poses an existential threat to Bitcoin’s cryptographic security, how the community is mobilising to mitigate the risks, and why the quantum threat is first and foremost a social consensus issue.
Forecasting Institutional Flows to Bitcoin in 2025/2026
Exploring the game theory of hyperbitcoinization and the institutional capital flows expected into Bitcoin over the next two years.
Bitcoin Stablecoins: Coming back with a vengeance?
A look at the resurgence of Bitcoin-based stablecoin infrastructure and what it means for the ecosystem.
State Of The Bridges 1
An overview of bridge designs for Bitcoin L2s and the nuances of the scaling debate.
Post Nashville Event Recap – A Bitcoin VC Perspective
The good, the bad, and the bullish — perspectives from tradfi investors, crypto investors, Bitcoin founders, analysts, and mining executives.
UTXO Management Quarterly Report
Deploying institutional liquidity on Bitcoin — a quarterly review of UTXO Management activities and the Bitcoin ecosystem landscape.
UTXO Investment Thesis: The Settlement Chain
Outlining UTXO Management’s investment thesis — how cultural and technological forces are reshaping Bitcoin as a network and an asset.
Bitcoin Spot ETFs Go Live
Eleven separate Bitcoin spot ETFs launched in a monumental first day of trading, setting the stage for institutional and retail flows.
BTC Market Update – Gamma Squeeze Edition
The recent surge in Bitcoin can be attributed to a gamma squeeze in the options market — analyzing the dynamics behind muted volatility.
RGB: An In-Depth Analysis of the RGB Bitcoin Layer 2 Approach
A streamlined overview of RGB’s nascent but promising role in Bitcoin’s ongoing evolution, consolidating existing knowledge on the protocol.