Kazakhstan Moves to Build State Controlled Crypto Reserve
The initiative is supported by the National Bank of Kazakhstan, and it will be funded by expropriated digital assets and revenue from state-backed crypto mining operations. This move is part of the main goal to establish Kazakhstan as a regional hub, including the recent “CryptoCity” pilot zone launched by President Tokayev. The idea of national crypto reserves is gaining global traction, with Texas and India considering similar strategies.
On the corporate side, Michael Saylor’s Strategy expanded its Bitcoin holdings with a $531.9 million purchase, pushing its total to 597,325 BTC and increasing its year-to-date yield to nearly 20%. Meanwhile, BitMine Immersion Technologies raised $250 million to launch an Ethereum treasury, due to ETH’s growing role in stablecoin transactions. This reflects the trend of companies now diversifying into Ethereum. In fact, SharpLink Gaming and Bit Digital also pivoted toward ETH-based strategies to future-proof their digital asset reserves.
Kazakhstan Eyes Crypto Reserve
Kazakhstan is taking a big step toward integrating cryptocurrency into its national financial framework with plans to establish a state-managed crypto reserve. According to a Monday report from the government-run news agency Kazinform, the National Bank of Kazakhstan is actively studying the development of a crypto reserve, which aligns with international best practices. The proposed reserve will likely be funded through expropriated digital assets and revenue from state-operated crypto mining activities.
Kazakhstan central bank’s response to the inquiry
National Bank Chairman Timur Suleimenov acknowledged the inherent risks and volatility of cryptocurrencies but believes that centralized oversight will allow for better risk management and regulatory control. A document dated May 22, responding to a parliamentary inquiry, confirmed the central bank’s support for the reserve and suggested it could be managed by a subsidiary specializing in alternative investments.
This move is part of Kazakhstan’s embrace of digital assets. In May, President Kassym-Jomart Tokayev introduced plans for “CryptoCity,” which is a pilot zone where cryptocurrencies can be used to pay for goods and services. The initiative is part of a larger vision to transform Kazakhstan into a regional crypto hub. Kanysh Tuleushin, the country’s first vice minister of digital development, pointed out that streamlined regulation could make Kazakhstan a leading force in the Central Asian crypto space.
However, the government is also increasing its enforcement efforts. Authorities cracked down on 36 illegal crypto exchanges in 2024 to help curb money laundering and improve financial oversight.
The idea of state-run crypto reserves is gaining a lot of traction globally. These initiatives typically focus on Bitcoin as the preferred reserve asset. In India, Pradeep Bhandari of the ruling BJP party recently called for a Bitcoin reserve pilot and greater policy clarity. In the United States, Texas Governor Greg Abbott signed a bill to create the Texas Strategic Bitcoin Reserve, following in the footsteps of the US Strategic Bitcoin Reserve concept.
Strategy Adds $531M in BTC
Meanwhile, Michael Saylor’s Strategy continued to expand its BTC portfolio after buying 4,980 Bitcoin for $531.9 million during the week ending Sunday. According to a filing with the US Securities and Exchange Commission (SEC), the company paid an average of $106,801 per coin, as Bitcoin prices surged from around $101,000 on June 23 to above $108,000 by the end of the week.
With this latest purchase, Strategy now holds a total of 597,325 BTC, which was acquired for approximately $42.4 billion at an average price of $70,982 per Bitcoin. The company’s year-to-date gain in Bitcoin climbed to 85,871 BTC, equivalent to roughly $9.5 billion, bringing it closer to the 2024 full-year gain of 140,538 BTC or $13 billion. Additionally, Strategy’s Bitcoin yield increased slightly to 19.7%, up 0.5%, as the firm targets a 25% YTD yield by the end of 2025. The quarter-to-date yield also ticked up 0.4% to reach 7.8%.
Speculation surrounding a major BTC move was confirmed when blockchain analysts identified that Strategy transferred 7,383 BTC worth about $796 million to three new wallets. The transfer was reported by Lookonchain, and was likely for enhanced custody purposes. Historically, Strategy largely maintained a buy-and-hold approach, with only one known instance of selling 704 BTC in December of 2022 before quickly buying back more than it sold just two days later.
Ahead of the official announcement, Saylor shared a clip from a 2020 interview with RealVision founder Raoul Pal, which centered around the company’s early conviction in Bitcoin. Saylor described how Strategy took a bold stance by going “irresponsibly long” on Bitcoin starting in August 2020. He explained a long-term vision, and stated that his investment was meant to benefit future generations and that selling wasn’t part of the plan. Saylor explained that even if Bitcoin were to increase a hundredfold, he might only consider borrowing against it rather than selling.
BitMine Shifts to Ethereum Strategy
Ethereum (ETH) is also picking up some steam as a reserve asset. Bitcoin mining firm BitMine Immersion Technologies announced a $250 million private placement to launch an Ethereum-focused corporate treasury.
The deal involves the sale of 55,555,556 common shares at $4.50 each and is expected to close on Thursday, pending approval from the NYSE American. The raise was led by MOZAYYX and included high-profile participants like Founders Fund, Pantera, FalconX, Republic Digital, Kraken, Galaxy Digital, Digital Currency Group, Diametric Capital, Occam Crest Management, and Thomas Lee.
Thomas Lee, who is the chairman of BitMine, compared the role of stablecoins in crypto to that of ChatGPT in AI, and suggested that Ethereum stands to benefit significantly from the rising use of stablecoins. Since most stablecoin transactions are conducted on Ethereum, Lee expects ETH to appreciate in value.
This move comes amid the broader trend of corporate interest in Ethereum treasuries. Earlier this month, SharpLink Gaming bought 176,271 ETH for $463 million, making it the largest publicly traded holder of Ethereum. The purchase followed SharpLink’s May launch of its ETH treasury and the appointment of Ethereum co-founder Joseph Lubin as chairman of its board.
BitMine previously focused on Bitcoin, but now describes itself as a company committed to both Bitcoin and Ethereum networks with a long-term accumulation strategy. According to BitcoinTreasuries.NET, BitMine currently holds 154 BTC valued at approximately $17 million, placing it 63rd among corporate Bitcoin treasuries.
BitMine’s ranking among some of the top Bitcoin treasury companies (Source: BitcoinTreasuries.NET)
Other firms are also adjusting their crypto strategies. Bit Digital recently announced plans to exit Bitcoin mining and reallocate capital into Ethereum. The decision triggered a sharp market response, with Bit Digital shares falling by close to 19% over five days, including a 15% drop in just 24 hours.
Kazakhstan Moves to Build State Controlled Crypto Reserve
The initiative is supported by the National Bank of Kazakhstan, and it will be funded by expropriated digital assets and revenue from state-backed crypto mining operations. This move is part of the main goal to establish Kazakhstan as a regional hub, including the recent “CryptoCity” pilot zone launched by President Tokayev. The idea of national crypto reserves is gaining global traction, with Texas and India considering similar strategies.
On the corporate side, Michael Saylor’s Strategy expanded its Bitcoin holdings with a $531.9 million purchase, pushing its total to 597,325 BTC and increasing its year-to-date yield to nearly 20%. Meanwhile, BitMine Immersion Technologies raised $250 million to launch an Ethereum treasury, due to ETH’s growing role in stablecoin transactions. This reflects the trend of companies now diversifying into Ethereum. In fact, SharpLink Gaming and Bit Digital also pivoted toward ETH-based strategies to future-proof their digital asset reserves.
Kazakhstan Eyes Crypto Reserve
Kazakhstan is taking a big step toward integrating cryptocurrency into its national financial framework with plans to establish a state-managed crypto reserve. According to a Monday report from the government-run news agency Kazinform, the National Bank of Kazakhstan is actively studying the development of a crypto reserve, which aligns with international best practices. The proposed reserve will likely be funded through expropriated digital assets and revenue from state-operated crypto mining activities.
Kazakhstan central bank’s response to the inquiry
National Bank Chairman Timur Suleimenov acknowledged the inherent risks and volatility of cryptocurrencies but believes that centralized oversight will allow for better risk management and regulatory control. A document dated May 22, responding to a parliamentary inquiry, confirmed the central bank’s support for the reserve and suggested it could be managed by a subsidiary specializing in alternative investments.
This move is part of Kazakhstan’s embrace of digital assets. In May, President Kassym-Jomart Tokayev introduced plans for “CryptoCity,” which is a pilot zone where cryptocurrencies can be used to pay for goods and services. The initiative is part of a larger vision to transform Kazakhstan into a regional crypto hub. Kanysh Tuleushin, the country’s first vice minister of digital development, pointed out that streamlined regulation could make Kazakhstan a leading force in the Central Asian crypto space.
However, the government is also increasing its enforcement efforts. Authorities cracked down on 36 illegal crypto exchanges in 2024 to help curb money laundering and improve financial oversight.
The idea of state-run crypto reserves is gaining a lot of traction globally. These initiatives typically focus on Bitcoin as the preferred reserve asset. In India, Pradeep Bhandari of the ruling BJP party recently called for a Bitcoin reserve pilot and greater policy clarity. In the United States, Texas Governor Greg Abbott signed a bill to create the Texas Strategic Bitcoin Reserve, following in the footsteps of the US Strategic Bitcoin Reserve concept.
Strategy Adds $531M in BTC
Meanwhile, Michael Saylor’s Strategy continued to expand its BTC portfolio after buying 4,980 Bitcoin for $531.9 million during the week ending Sunday. According to a filing with the US Securities and Exchange Commission (SEC), the company paid an average of $106,801 per coin, as Bitcoin prices surged from around $101,000 on June 23 to above $108,000 by the end of the week.
With this latest purchase, Strategy now holds a total of 597,325 BTC, which was acquired for approximately $42.4 billion at an average price of $70,982 per Bitcoin. The company’s year-to-date gain in Bitcoin climbed to 85,871 BTC, equivalent to roughly $9.5 billion, bringing it closer to the 2024 full-year gain of 140,538 BTC or $13 billion. Additionally, Strategy’s Bitcoin yield increased slightly to 19.7%, up 0.5%, as the firm targets a 25% YTD yield by the end of 2025. The quarter-to-date yield also ticked up 0.4% to reach 7.8%.
Speculation surrounding a major BTC move was confirmed when blockchain analysts identified that Strategy transferred 7,383 BTC worth about $796 million to three new wallets. The transfer was reported by Lookonchain, and was likely for enhanced custody purposes. Historically, Strategy largely maintained a buy-and-hold approach, with only one known instance of selling 704 BTC in December of 2022 before quickly buying back more than it sold just two days later.
Ahead of the official announcement, Saylor shared a clip from a 2020 interview with RealVision founder Raoul Pal, which centered around the company’s early conviction in Bitcoin. Saylor described how Strategy took a bold stance by going “irresponsibly long” on Bitcoin starting in August 2020. He explained a long-term vision, and stated that his investment was meant to benefit future generations and that selling wasn’t part of the plan. Saylor explained that even if Bitcoin were to increase a hundredfold, he might only consider borrowing against it rather than selling.
BitMine Shifts to Ethereum Strategy
Ethereum (ETH) is also picking up some steam as a reserve asset. Bitcoin mining firm BitMine Immersion Technologies announced a $250 million private placement to launch an Ethereum-focused corporate treasury.
The deal involves the sale of 55,555,556 common shares at $4.50 each and is expected to close on Thursday, pending approval from the NYSE American. The raise was led by MOZAYYX and included high-profile participants like Founders Fund, Pantera, FalconX, Republic Digital, Kraken, Galaxy Digital, Digital Currency Group, Diametric Capital, Occam Crest Management, and Thomas Lee.
Thomas Lee, who is the chairman of BitMine, compared the role of stablecoins in crypto to that of ChatGPT in AI, and suggested that Ethereum stands to benefit significantly from the rising use of stablecoins. Since most stablecoin transactions are conducted on Ethereum, Lee expects ETH to appreciate in value.
This move comes amid the broader trend of corporate interest in Ethereum treasuries. Earlier this month, SharpLink Gaming bought 176,271 ETH for $463 million, making it the largest publicly traded holder of Ethereum. The purchase followed SharpLink’s May launch of its ETH treasury and the appointment of Ethereum co-founder Joseph Lubin as chairman of its board.
BitMine previously focused on Bitcoin, but now describes itself as a company committed to both Bitcoin and Ethereum networks with a long-term accumulation strategy. According to BitcoinTreasuries.NET, BitMine currently holds 154 BTC valued at approximately $17 million, placing it 63rd among corporate Bitcoin treasuries.
BitMine’s ranking among some of the top Bitcoin treasury companies (Source: BitcoinTreasuries.NET)
Other firms are also adjusting their crypto strategies. Bit Digital recently announced plans to exit Bitcoin mining and reallocate capital into Ethereum. The decision triggered a sharp market response, with Bit Digital shares falling by close to 19% over five days, including a 15% drop in just 24 hours.