reserves

According to CoinDesk, wallet service provider Exodus Movement (EXOD) sold approximately $73.2 million in crypto assets in the first quarter, during which its Bitcoin holdings decreased by 1,076 coins, a decline of about 63%, leaving only 628 BTC. The fair value of its assets dropped from $149.2 million to $42.8 million.During the same period, it added 5,068 SOL, increasing its total holdings to 17,541 SOL. The company stated that the related cash-out was mainly used for the acquisition of the W3C payment business and to pay off maturing consideration, and it has converted over $70 million into dollar reserves, raising its cash, cash equivalents, and stablecoin balance from $5.2 million to $74.4 million. Affected by the impairment and disposal of crypto assets, Exodus's revenue in the first quarter fell by 36.8% year-on-year to $22.7 million, and net losses widened to $32.1 million.

Binance released the May reserve proof update. As of May 1, the user's net BTC balance is 606,742.388 coins, and the Binance wallet balance is 608,067.979 coins, with a BTC reserve ratio of 100.22%.In addition, the user's net ETH balance is 3,762,321.834 coins, and the Binance wallet balance is 3,762,328.82 coins, with an ETH reserve ratio of 100%. The USDT reserve ratio is 104.27%, and the BNB reserve ratio is 101.68%.

According to crypto analyst Amr Taha, the Bitcoin reserves of Binance, OKX, and Gemini have significantly decreased since February, with a total outflow of nearly 100,000 BTC, worth over $8 billion, bringing reserves to their lowest level since 2023. Among them, Binance's reserves dropped from about 670,000 on February 21 to about 620,000 on May 7, OKX fell from about 132,000 on March 2 to about 102,000, and Gemini decreased from about 114,800 in early February to 95,000.At the same time, OTC balances continue to tighten, with the 30-day OTC balance change dropping to -24,940 BTC. On the demand side, the holdings of accumulator addresses increased by 60.5% within two weeks, reaching 264,000 BTC on May 6. Binance's seven-day net buying volume also shifted from about -$1 billion (seller-dominated) at the end of March to +$2.63 billion (buyer-dominated) on Thursday. Analysts point out that simultaneous outflows across multiple platforms are more indicative than those from a single platform, and the reduction in exchange inventories may amplify price reactions when strong spot demand returns.

The total market value of Tether's tokenized gold product Tether Gold (XAU₮) has surpassed 3.3 billion USD, with physical gold reserves increasing by 36%, reflecting investors' increased allocation to physical assets amid record-high gold prices and global economic pressures.

Tether's official data reveals that Tether Gold (XAUT) continued to expand in the first quarter of 2026, with a total market value exceeding $3.3 billion, driven by record-high gold prices and increased macroeconomic uncertainty, leading to a significant rise in investor demand for safe-haven assets.Tether's data for this quarter shows that its underlying gold reserves increased by 36% quarter-over-quarter, reaching approximately 707,747 ounces as of March 31, corresponding to a 1:1 gold backing for the circulating XAU₮ tokens, with a total market value of about $3.303 billion. Compared to the approximately 520,000 ounces of reserves at the end of 2025, the gold holdings this quarter have significantly increased, reflecting a continuous inflow of funds into digital products backed by physical gold.

According to The Block, BlackRock submitted a letter of opinion to the Office of the Comptroller of the Currency (OCC), opposing several reserve asset restrictions proposed in the draft implementation rules of the GENIUS Act.BlackRock opposes setting the cap on tokenized reserve assets at 20%, as this limitation would restrict the development of its products such as the BUIDL fund. The BUIDL fund supports over 90% of the shares of USDtb under Ethena and JupUSD under Jupiter. BlackRock also requested that the OCC confirm whether Treasury bond ETFs qualify as reserves and include two-year floating rate Treasury bonds in the list of eligible assets.

In the first quarter of Greg Abel's tenure as CEO, Berkshire Hathaway's cash reserves surged to a record high of $397 billion. At the end of last year, the company's cash reserves had slightly decreased, but they increased significantly in the first quarter due to a net sale of $8.1 billion in stocks during the period.Additionally, Berkshire Hathaway A (BRK.A.N) reported Q1 2026 revenue of $93.675 billion, compared to $89.725 billion in the same period last year, with market expectations of $89.274 billion; net profit was $10.106 billion, compared to $4.603 billion in the same period last year, with market expectations of $11.762 billion. The fair value of fixed-income securities held by Berkshire Hathaway at the end of Q1 2026 reached $17.669 billion, compared to $17.816 billion in the same period last year.Buffett has always viewed cash as "a necessary but undesirable asset," often likening it to oxygen, which is crucial for businesses but not a good investment in itself. Buffett repeatedly emphasizes that Berkshire will never prefer holding cash equivalents over quality businesses; cash is merely a war chest waiting for "super good opportunities." When market valuations are too high and there are no attractive investment targets, he prefers to hoard cash rather than force a purchase; but once a great opportunity arises, he will deploy this ammunition without hesitation. In Buffett's view, cash can provide safe returns in a high-interest-rate environment, but in the long run, it is far less valuable than investing in excellent companies.While Berkshire's cash holdings reach a new high, despite the S&P 500 and Nasdaq indices recently hitting historical highs, there are still multiple risk hazards behind the market, and valuations are in a historically high range. Data shows that as of April, the rolling price-to-earnings ratio of the S&P 500 is about 24 times (historical average is about 16 times), and the Shiller price-to-earnings ratio (cyclically adjusted) has risen to over 37 times, at a historically high level, second only to the internet bubble period. This combination of "valuation + high expectations" means that the market has very limited room for error. Furthermore, the current rise in U.S. stocks is built on optimistic assumptions such as "AI-driven profits, falling inflation, declining interest rates, and controllable risks," and any deviation in these variables could trigger amplified shocks in the market.

The report shows that as of the end of March, the value of gold in the USDT reserves is $19.8 billion, which is approximately 132 metric tons based on market prices at that time, an increase from 126 tons at the end of December last year, but gold only accounts for 10% of the reserves.The USDT reserves are mainly composed of $117 billion in U.S. Treasury bonds, with Bitcoin accounting for $7 billion. The current circulation of USDT is $189.5 billion.

The issuer of USDT, Tether, released its Q1 2025 report. Despite the highly volatile global market, Tether still achieved strong profits, with a net profit of approximately $1.04 billion as of March 31, 2026, total assets of about $191.768 billion, and total liabilities of around $183.536 billion, of which liabilities related to digital token issuance were about $183.438 billion.Tether's asset reserves reached a record high of $8.232 billion, a significant increase from the previous period. The overall circulation of USDT remained stable at a large scale, approximately $183 billion. Tether's asset reserves are primarily composed of highly liquid, high-quality assets, mainly consisting of the following: direct and indirect holdings of U.S. Treasury bonds of about $141 billion, remaining the core holding, making Tether the 17th largest holder of U.S. Treasury bonds globally. Physical gold is approximately $20 billion. Bitcoin is about $7 billion, with continued accumulation of BTC in Q1.

According to PR Newswire, Nasdaq-listed company Eightco Holdings (ORBS) released an update on its holdings, with a total asset value of approximately $333 million, including: 283,452,700 Worldcoin (WLD), 11,068 ETH, a $90 million investment in OpenAI, a $25 million investment in Beast Industries, and $121 million in cash and stablecoins.Eightco Holdings stated that the value of the WLD tokens held has decreased to 21% of the company's total assets, the investment in OpenAI accounts for about 27% of the company's total assets, and the investment in Beast Industries accounts for 8% of the company's total assets.

According to The Block, Ales Michl, the Governor of the Czech National Bank, delivered a keynote speech at the Bitcoin 2026 conference in Las Vegas, publicly advocating for the inclusion of Bitcoin in the central bank's reserve portfolio. Michl stated that the bank manages approximately $180 billion in reserves, and internal research shows that allocating just 1% of assets to Bitcoin could enhance overall expected returns with minimal change in risk, due to Bitcoin's low correlation with other reserve assets.The Czech National Bank had previously completed its first test purchase of Bitcoin in November 2025, becoming the world's first central bank to acquire Bitcoin.

According to BBX data, yesterday the credit management of mining companies, the update of Ethereum treasury reserves, and the expansion of Bitcoin reserves were synchronized. The core dynamics are as follows:Riot Platforms, Inc. (NASDAQ: $RIOT) signed and publicly disclosed SEC Form 8-K reported by CoinDesk on April 28, stating that the company has completed the second amendment to its credit agreement with Coinbase Credit, Inc., switching the original floating rate $200 million secured term loan to a fixed rate and extending the maturity date by 364 days, while retaining the option for a further extension of 364 days; the loan scale and collateral structure remain unchanged, with the collateral still being Bitcoin, USDC, and cash held in Coinbase Custody. The company's Bitcoin holdings have decreased from 19,368 coins at the beginning of the year to 15,680 coins; if the BTC price continues to decline, the selling pressure under the loan-to-value ratio constraint will persist, which is an analytical judgment and not an official disclosure from the company.Bitmine Immersion Technologies, Inc. (NYSE: $BMNR) released its latest holdings update on April 27, stating that as of that day, it holds 5,078,386 ETH (valued at approximately $2,369 at the market price, with a market cap of about $12.04 billion), along with 200 BTC, $200 million in Beast Industries (under MrBeast) equity, and $91 million in cash, bringing the total of combined crypto assets and strategic investments to about $13.3 billion; the ETH holdings account for approximately 4.21% of the total circulating supply, which is the scale accumulated by the company since launching its Ethereum treasury strategy in June 2025.Strive, Inc. (NASDAQ: $ASST) disclosed through an official announcement on GlobeNewswire on April 27 that the company has purchased approximately 789 BTC (costing about $61.43 million, with an average price of about $77,890), bringing the total holdings to approximately 14,557 BTC as of April 24; during the same period, it held $90.5 million in cash and equivalents, and $50.3 million in Strategy preferred shares (STRC), with a total market value of BTC reserves of about $1.13 billion, surpassing Hut 8 to rank ninth among publicly listed companies in Bitcoin reserves globally.

According to The Block, Patrick Witt, the executive director of the White House Digital Assets Presidential Advisory Committee, previewed at the Bitcoin 2026 conference that a significant announcement regarding Trump's strategic Bitcoin reserve will be made in the coming weeks. Witt stated that since Trump signed the executive order to establish a strategic Bitcoin reserve last year, the team has been researching relevant mechanisms and legal interpretations to ensure that digital assets (especially Bitcoin) on the government's balance sheet are properly protected and consolidated.Meanwhile, lawmakers are pushing to legislate Trump's executive action. The BITCOIN bill reintroduced by Senator Cynthia Lummis and Representative Nick Begich has been renamed the "U.S. Reserve Modernization Act," which includes provisions to acquire 1 million Bitcoins over five years through a "budget-neutral strategy."

Investors including Pantera Capital Management are pushing the UK Bitcoin reserve company Satsuma to sell its $50 million Bitcoin reserve.Satsuma shifted to an "AI-driven" Bitcoin reserve strategy in August 2025, successfully raising £164 million (approximately $221 million) through convertible loan notes, led by ParaFi Capital, with participation from Pantera, Digital Currency Group (DCG), Kraken, Arrington Capital, and others. It is reported that Satsuma confirmed that some shareholders "requested a return of capital," but did not disclose the identities of the specific shareholders. Satsuma's Executive Chairman Ranald McGregor-Smith stated in an email that the company is exploring options to facilitate these requests while protecting the interests of all shareholders.

According to a Reuters report, SpaceX's prospectus shows that its Starlink business's operating revenue rose to $4.42 billion last year, a significant increase compared to $2 billion in 2024 and $469 million in 2023. In addition, the document reveals that Musk and a few insiders will maintain voting control through a dual-class share structure after the IPO.The company's cash position increased from about $11.4 billion at the end of 2024 to over $22.8 billion, with total assets of approximately $92 billion and total liabilities of about $50.8 billion by the end of 2025. Cash and cash equivalents on the balance sheet amount to $24.8 billion. Meanwhile, the xAI business's operating losses expanded to $6.4 billion last year.

Cryptocurrency market analyst Axel stated that Bitcoin's net flow has shifted from positive to negative since early March, peaking at a strong outflow of -300,000 BTC on March 25, and as of today, it remains in a net outflow state of -98,000 BTC.During the same period, the BTC reserves on trading platforms decreased from 2.786 million to 2.681 million, declining for seven consecutive weeks, with a total reduction of over 105,000 BTC. There was no panic inflow during the price correction in April, indicating that tokens continue to be held by long-term holders. The current pattern is interpreted as a synchronized accumulation signal, and there is a need to be cautious of the potential risk of net flow returning to positive territory.

Aave updated the progress of the rsETH event on the X platform, stating that the WETH reserves on the Ethereum Core V3 market have been unfrozen, and users can supply WETH again, but their loan-to-value ratio (LTV) remains at 0. Meanwhile, the WETH reserves on Ethereum Prime, Arbitrum, Base, Mantle, and Linea networks are still frozen. Aave stated that the relevant service providers will continue to advance subsequent processing and synchronize updates on the progress.

With time still remaining until the U.S. midterm elections, Trump's super PAC raised $35.6 million in March, bringing its campaign fund reserves to $550 million, setting a record for presidential midterm election cycles. It is attempting to maintain the Republican majority in Congress amid a tough election battle.According to Federal Election Commission documents, long-time Republican donor Diane Hendricks—who spoke at the Republican National Convention in 2024—contributed the majority of this month's fundraising, donating $25 million. Venture capitalists Marc Andreessen and Ben Horowitz each donated $3 million. The California-based tribal organization Yocha Dehe Wintun Nation donated $2 million. A subsidiary of prison operator GEO Group Inc. (a federal contractor whose clients include Immigration and Customs Enforcement) donated $1 million.As a large influx of funds arrives, polls show that Trump's voter coalition for 2024 is fracturing. Historically, the party in power at the White House tends to lose House seats in midterm elections, and Democrats are increasingly seeing a path to reclaim the Senate.

According to CoinDesk, on-chain data shows that Tether recently transferred 951 BTC to its Bitcoin reserve address, worth approximately $70 million at the time, bringing its total holdings to 97,141 BTC, valued at about $7.16 billion.The related address is labeled as "Tether: BTC Reserve" and matches the address previously confirmed by Tether CEO Paolo Ardoino. This increase continues Tether's allocation strategy implemented since 2023, which involves investing up to 15% of realized operating profits into Bitcoin.

The Federal Deposit Insurance Corporation (FDIC) has proposed a new rule draft to regulate stablecoin issuers within its jurisdiction according to the GENIUS Act, covering requirements related to reserves, redemption, capital, risk management, and custody.The FDIC stated that the relevant reserve deposits will be insured, but this protection does not directly cover stablecoin holders. At the same time, the regulatory agency has sought public opinion on the details of the rules, with a comment period of 60 days. This proposal is a further measure to implement the GENIUS Act, and the relevant regulatory framework is expected to be gradually improved.