Corporations Just Surpassed ETFs in Bitcoin Buying—Here’s What It Means with Matthew Sigel

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Jun 16, 2025

Matthew Sigel, Head of Digital Assets Research at VanEck, discusses a pivotal shift in Bitcoin ownership as corporations outpace ETFs in Bitcoin purchases, adding over 350,000 BTC in just a year. He explains the implications for capital markets and risks for shareholders. The conversation dives into 'BitBonds,' linking U.S. treasury issuance to Bitcoin, and highlights how countries like El Salvador and Pakistan use Bitcoin mining as a tool against IMF influence. The landscape of Bitcoin is rapidly changing, and so is its role in the global economy.

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ANECDOTE

Matthew Sigel's CFA Journey

Matthew Sigel shared how his journey from journalism to finance led him to Bitcoin conviction early on.
He found the CFA curriculum lagging in digital assets, prompting a break and return as content evolved.

INSIGHT

BitBonds Proposal Explained

BitBonds could let the US Treasury buy Bitcoin with a portion of debt sales, holding it as collateral.
This strategy could lower borrowing costs and create upside shared with bondholders if Bitcoin grows.

INSIGHT

Corporates Lead Bitcoin Buying

Corporations, led by MicroStrategy, now surpass ETFs as Bitcoin buyers with over 350,000 BTC last year.
This trend fuels new demand but brings risks of dilution and shareholder value erosion if mismanaged.

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