Today's issue is brought to you by Bitcoin Dollar.

Bitcoin has earned its place on corporate balance sheets. Now treasury teams can put it to work in DeFi through their existing qualified custodians, pursuing BTC-denominated income while maintaining Bitcoin exposure.

For companies building Bitcoin reserves, yield creates another route to accumulation. It can also provide additional resources to meet financing obligations. Making Bitcoin productive is the holy grail and gives it a broader role in the financial system.

Whether you are an ETF, DAT, or digital credit issuer, the goal is the same as it's always been. Suck as much fiat into Bitcoin as possible and every BTC Hodler benefits. When BTC can earn safe yield, digital credit will go into hyperdrive.

A tidal wave of tokenization, RWAs and stablecoins from professional issuers is coming to DeFi. BlackRock’s tokenized treasury fund grew from zero to $2.9 billion in about 15 months. The Bitcoin Dollar Protocol harvests that activity and returns it to you as pure BTC yield.

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Income alongside accumulation

Digital credit has expanded the ways companies can finance Bitcoin holdings. It also creates ongoing obligations, including preferred dividends and other financing costs.

The proposition is straightforward: BTC-denominated income could become another resource to help support those obligations.

For a treasury focused on accumulation, earned BTC could instead contribute to its holdings over time.

The experience behind the opportunity

Neil Bergquist co-founded Coinme in 2014 selling magic internet money to early believers for a few hundred dollars per coin through grocery store kiosks.

12 years later, he assembled a SWAT team of leading smart-contract engineers and crypto risk managers to tackle the next challenge: making Bitcoin productive. That work became Bitcoin Dollar.

Today, Bitcoin Dollar is supported by investors including Coinme and Polygon Labs with core infrastructure battle tested for the last year. We are not ready for all of your BTC, but we are ready to scale up.

If your treasury is looking for yield on Bitcoin, contact Bitcoin Dollar.

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A look at the leaderboard

DeFi protocols now hold roughly 360,000 BTC across the top 10, worth about $30 billion, or around 1.7% of the 21 million supply. The concentration is heavy. Wrapped BTC (116,150 BTC) and cbBTC (97,703 BTC) together account for nearly 60% of that total, though more solutions are fast coming to market.