A $116 million hardware wallet exploit has reignited an old Bitcoin question: what is the real risk trade-off between self-custody and using regulated products? The debate is heating up as US spot Bitcoin ETFs post strong inflows, suggesting institutional capital may be finding ways to participate in Bitcoin without directly taking on custody and operational risk.
Meanwhile, major companies across the sector are making moves that underline how intertwined Bitcoin, corporate balance sheets, and emerging AI compute demand are becoming. Strategy is preparing to resume Bitcoin purchases after a rare period of selling, Riot Platforms is reportedly pursuing a large AI-focused compute arrangement tied to its mining footprint, and Trump Media says it will rethink its crypto treasury approach after a sizable quarterly loss.
Key takeaways
- A Coldcard-linked hardware wallet exploit drained about $116 million in Bitcoin, adding fresh fuel to the self-custody versus custody-by-others debate.
- US spot Bitcoin ETFs reportedly saw roughly $1 billion in net inflows for the week, with Bloomberg analyst Eric Balchunas calling it one of the strongest periods since October.
- Strategy CEO Phong Le said the firm plans to resume Bitcoin accumulation later this year after selling in multiple quarters to support shareholder-related obligations.
- Riot Platforms is reportedly arranging 191 megawatts of compute capacity for a “leading frontier AI” project at its Texas campus, highlighting the economic pull of power availability.
- Trump Media is revising its digital asset treasury strategy after recording large unrealized losses and reshaping how it funds and manages its Bitcoin exposure.
Strategy signals a return to net buying
Strategy CEO Phong Le said the company plans to resume Bitcoin accumulation later this year, aiming to reinforce its long-term position after a stretch of smaller sales drew criticism against its earlier messaging. The firm has been publicly associated with a “never sell” posture, and the shift in behavior has become a key talking point for investors tracking whether the company remains purely acquisition-led.
According to Le, Strategy bought roughly 175,000 BTC and sold about 7,000 BTC this year, a ratio that indicates it remains net-buying in magnitude even if it has been selling at notable times. Strategy currently holds more than 840,000 BTC, making it the largest institutional Bitcoin holder.
Le also pointed to a pattern of discrete sell events. The company has reportedly sold Bitcoin on four occasions since May, most recently unloading 1,690 BTC to fund preferred dividends, buybacks, and a dollar reserve. That detail matters because it shows the tension between corporate treasury behavior and a strict “hold only” narrative: shareholders still require liquidity, while Bitcoin’s role in the treasury can put firms in a position where capital needs must be balanced against accumulation targets.
Third-party analysis referenced in the report suggests this model becomes harder when companies trade below their Bitcoin net asset value, because capital raises can be more dilutive and ongoing financing may be more difficult to sustain. For Strategy, that context helps explain why investors are watching not only the size of purchases, but the timing and stated intent around future net buying.
ETF inflows rise as self-custody concerns resurface
US spot Bitcoin ETFs are reportedly seeing renewed demand even while Bitcoin’s price action remains subdued. For the week, the ETFs attracted about $1 billion in net inflows, according to the report cited, marking the third-best week since October—an interval Bloomberg analyst Eric Balchunas described as Bitcoin’s “silent IPO.”
