Mehrshaad.base.eth (mehrshaad)

Even with the steady growth in 2025, most Bitcoin Treasury companies still hold modest amounts: 147 hold under 500 BTC, while only a few sit between 500 and 2,000 BTC. And then there’s the unmistakable outlier — MicroStrategy, with a massive 660,624 BTC.

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After the market correction, Aave is the only DeFi protocol (excluding LST/LRT platforms) still holding over $10B in TVL. Years of liquidity building and a strong track record have become a moat that competitors can’t easily replicate. (https://defillama.com/)

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Since January 2023, the combined Bitcoin holdings of public and private companies have surged from 197K BTC to 1.08M BTC — a roughly 448% increase. Corporate balance sheets are becoming an increasingly important pillar of BTC demand.

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USDE supply surged 75% last month, hitting $9.3B, which makes it the third-largest stablecoin by market cap. This growth helped push Ethena into the top 6 DeFi protocols by TVL, reinforcing its position in onchain finance. https://defillama.com/stablecoins

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USDe, Ethena’s synthetic dollar, maintains its $1 peg through a delta-neutral structure: users deposit liquid collateral while Ethena shorts perps to hedge price risk. Yield comes from funding and collateral earnings, with sUSDe stakers auto-compounding returns. From near zero in 2024, USDe supply soared to $15B before easing to $9–10B — still several times higher than early-year levels.

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DeFi capital continues flowing into new chains — Katana and Plume are leading the surge in TVL among 2025 launches. Despite a 21.6% monthly drop, Unichain still holds the #1 spot for total value locked this year.

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Minted One Year On Base — Still Day One

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