From ‘Dead in America’ to $250M SPACs: Why firms are suddenly hoarding Bitcoin

Source: sec.gov

Backed by Social Capital partner Steven Trieu as CEO, the SPAC plans to list under the ticker AEXA.

Some of Palihapitiya’s SPACs led to big names like SoFi. Others didn’t make it and were shut down, so his track record is a bit of a mixed bag.

Google’s latest Bitcoin mining bet

Tech titan Google now owns 14% of Bitcoin miner TeraWulf! The increased $3.2 billion backstop came as the latter landed a major lease deal with AI infrastructure firm Fluidstack.

The arrangement, revealed during TeraWulf’s latest shareholder call, centers on a 10-year colocation lease for a new data center dubbed CB-5, adding to the company’s growing portfolio.

Source: X

With this deal, TeraWulf’s total contracted capacity climbs above 360 megawatts, locking in $6.7 billion in revenue, with the potential to reach $16 billion if leases are extended.

Bitcoin treasuries’ moment of truth

The rise of corporate Bitcoin holders is no longer just a Western phenomenon.

Between December 2024 and June 2025, the number of public companies holding Bitcoin jumped from 70 to 134; nearly doubling in just six months, according to K33 Research.

These companies, spread across 27 countries, now collectively hold a staggering 244,991 BTC.

The surge includes 41 U.S. firms, 29 from Canada, 8 in Japan, and 7 in the UK — a sign that the MicroStrategy playbook is going global.

But as this strategy spreads, so do the questions.

Source: K33 Research

With regulators in Asia and beyond having closer oversight of digital finance, Bitcoin treasury companies may be nearing an inflection point.

So do they rise, or do they give in?