To investors,

Bitcoin adoption happened in a special way. Most technology is first used by militaries and nation states, then corporations adopt it, and finally the average person is given access to the technology. This happened with the internet, phones, computers, and many other innovations of the last century.

But bitcoin has been different.

The people adopted bitcoin first. Nation states thought about banning it. Corporations thought it was too risky. It was the average person who did the work to understand the asset, realize the market opportunity, and take the leap of faith to buy and hold the world’s first decentralized digital currency.

And the people have been rewarded well for taking that risk.

Now corporations are working hard to catch up. Bitcoin platform River just put out a great report showing how large a percentage of bitcoin purchases now come from companies, rather than individuals.

Sam Baker and Vincent Lee write “businesses have emerged as the primary force behind bitcoin's ongoing bull market. In the first eight months of 2025, bitcoin inflows onto business balance sheets have already exceeded the total for all of 2024 by $12.5 billion.”

A big reason for this significant increase in accumulation from businesses has been the recent rise of publicly-traded bitcoin treasury companies. The report says these treasury companies account “for 76% of all business purchases since January 2024 and 60% of publicly reported business holdings.”

Ever since Microstrategy became the first public company to hold bitcoin on it’s balance sheet, we have seen an explosion of other companies follow. It is estimated there are more than 50 other public companies who hold at least 10 bitcoin each.

And these companies are not just in the United States. In fact, the bitcoin treasury phenomenon has become a global game almost overnight. There are public companies in nearly every market who continue to convert their local currency into digital sound money.

So it is obvious that these treasury companies are a big reason for the continued bitcoin bull market. But it is important to remember that although these companies are buying up a lot of bitcoin, they are still slightly behind funds and ETFs which are the largest category buyer of bitcoin so far this year.

It is healthy to have various types of buyers in a bull market, so it is good to see the demand is coming from funds, ETFs, treasury companies, private businesses, and individuals alike.

But lets go back to the idea of companies holding bitcoin for a second. Most companies are never going to put majority of their balance sheet into bitcoin. At least not in the short-term. So a much more realistic scenario is for companies to put 1% of their balance sheet into the digital asset.

1% may not sound like a lot, but look at the difference a 1% allocation would have made for Microsoft, Google, and Apple since 2020.

Each of these companies has seen their balance sheet’s purchasing power erode from $14 billion to $21 billion since 2020. Think about how crazy that is. The silent tax of inflation has stolen $14+ billion of shareholder value in half a decade. Just insane.

If these same companies had allocated only 1% of their treasury to bitcoin in 2020, they each would have seen a treasury gain of $14 billion to $29 billion in that same half decade. We are talking about a $25 billion swing or more in each one of these companies.

And the risk they would have had to take was only a 1% allocation. Seems like a no brainer in hindsight.

This brings me to my last point, which is what companies are actually doing in terms of their allocation percentage. “River's data shows that many businesses are allocating far more than a hypothetical 1% to bitcoin. Businesses using River allocate an average of 22% of their net income, according to a July 2025 survey. The median allocation is 10%.”

So there you have it. An allocation as little as 1% would have had a profound impact on most company’s balance sheet since 2020, but the average allocation has been 22% of net income and the median allocation has been 10%.

Something tells me those percentages will increase over time.

If you want to read the full River report, you can check it out by clicking here.

Hope everyone has a great day. I’ll talk to you tomorrow.

- Anthony Pompliano

Founder & CEO, Professional Capital Management

🚨 READER NOTE: Saquon Barkley is the best running back in the NFL. He is also one of the best technology investors over the last few years.

Saquon has amassed a portfolio including Anthropic (currently valued at $183 billion), Ramp ($22.5 billion), Anduril ($14 billion), Cognition ($9.8 billion), Neuralink ($9 billion), Strike (~$1 billion), and Polymarket (~$1 billion). He’s also a limited partner in funds including Founders Fund, Thrive Capital, Silver Point Capital, and Multicoin Capital.

My wife, Polina Pompliano, spent months interviewing Saquon, his team, the founders in his portfolio, and those who know Saquon best. She wrote the definitive profile on the running back turned tech investor.

Highly recommend reading the piece today.

Why Trump & The Fed Will Make Bitcoin Keep Going Up

Darius Dale is the Founder & CEO of 42Macro.

In this conversation we talk about the Federal Reserve, inflation expectations, what is going on with Lisa Cook, how to fix the housing market, and how the market could play out the rest of the year.

Enjoy!

Podcast Sponsors

* Figure – Lowest industry interest rates at 8.91% at 50% LTV and 12 month terms! Take out a Bitcoin Backed Loan today and buy more Bitcoin. Check out Figure and their Crypto Backed Loans! Figure Lending LLC dba Figure. Equal Opportunity Lender. NMLS 1717824. Terms and conditions apply. Visit figure.com for more information.

* Bitlayer - Bitlayer is powering Bitcoin beyond just a store of value, making Bitcoin DeFi a reality while staying true to its core principles of security and decentralization. Learn more about Bitlayer at https://x.com/BitlayerLabs

* Bitizenship – Get EU citizenship through Portugal’s Golden Visa, maintaining Bitcoin exposure. Book a free strategy call at bitizenship.com/pomp.

* Bitwise Asset Management - Crypto specialist asset manager with more than $10 billion client assets and more than 30 crypto solutions across ETFs, index funds, alpha strategies, staking, and more. Learn more at bitwiseinvestments.com

* Xapo Bank: Fully licensed bank that integrates traditional finance and Bitcoin. Earn up to 3.9% interest in BTC. Spend globally with a debit card that gives 1% cashback in BTC. Borrow up to $1M instantly with Bitcoin-backed loans.

* Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit Simple Mining here.

* Core - Earn trustless Bitcoin yield. No bridging. No lending. Just HODLing. Begin Staking Your Bitcoin.

* BitcoinIRA - Buy, sell, and swap 75+ cryptocurrencies in your retirement account. Pay less taxes. Earn up to $1,000 in rewards.

* Polkadot is a scalable, secure, and decentralized blockchain technology aimed at creating Web3. Innovation leader, making it a preferred choice for big names.

🚨READER NOTE: If you want to sponsor The Pomp Letter, you can fill out this form and someone from our team will get in touch with you.

You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren't finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research.

This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit pomp.substack.com/subscribe