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The Saylor Warning Every Treasury CEO Ignored

Joseph Onorati joins the show the week DeFi Development Corp filed CHAD, a variable-rate perpetual preferred with a 13% initial dividend paid daily and a $10 par, modeled on Strive's SATA. Joseph spent eight years at Kraken, the last stretch as chief strategy officer, before buying control of a Nasdaq shell in 2025 and turning it into the first non-Bitcoin treasury company in the US. Within months DFDV was the comp on every other treasury company's pitch deck. His argument is that the four-year cycle can't survive everyone predicting it, that treasury companies will displace ETFs, and that the only rule that matters in a levered vehicle is what you do at the bottom.

Asia: Publicly Traded Bitcoin Treasury Companies

Track publicly traded companies holding Bitcoin on their balance sheets, ranked by BTC holdings.

BTC Held by Public Companies

73,928

$5.68B

Number of Public Companies

BTC Price

$76,767

Asset Dominance

93.6%

BTC 93.6% ETH 5.7% SOL .51% BNB .14% XRP .14%

Asia: Public Companies Ranked by Bitcoin Holdings

#	Name
1	🇯🇵	Metaplanet Inc. MPJPY	₿ 43,000	$3,301M	$1,883M	$,**M	.*******	—	—	.**	**.%	0.205%
2	🇨🇳	Next Technology Holding Inc. NXTT	₿ 5,833	$448M	$12M	$*M	.*******	$***M	.*x	—	***.%	0.028%
3	🇭🇰	Boyaa Interactive International Limited 0434	₿ 4,316	$331M	$292M	$***M	.*******	$***M	.*x	—	**.%	0.021%
4	🇨🇳	Zhibao Technology Inc ZBAO	₿ 2,380	$183M	$3M	$**M	—	$***M	.*x	—	***.%	0.011%
5	🇸🇬	Canaan Inc. CAN	₿ 1,917	$147M	$1,683M	$,**M	.*******	—	—	—	.%	0.009%
6	🇯🇵	NEXON Co., Ltd. 3659	₿ 1,717	$132M	$15,859M	$,*M	.*******	$***M	.*x	—	.%	0.008%
7	🇯🇵	Remixpoint 3825	₿ 1,501	$115M	$192M	$***M	.*******	—	—	—	*.%	0.007%
8	🇯🇵	Anap Holdings Inc. 3189	₿ 1,423	$109M	$25M	$**M	.*******	—	—	—	**.%	0.007%
9	🇸🇬	BitFuFu Inc. FUFU	₿ 1,373	$105M	$206M	$***M	.*******	—	—	—	*.%	0.007%
10	🇮🇱	ZOOZ Power ZOOZ	₿ 1,046	$80M	$85M	$**M	.*******	$***M	.*x	.**	*.%	0.005%
11	🇨🇳	Nano Labs NA	₿ 1,000	$77M	$38M	$-***M	.*******	—	—	—	**.%	0.005%
12	🇭🇰	CIMG Inc CIMG	₿ 938	$72M	$6M	$*M	—	—	—	—	***.%	0.004%
13	🇭🇰	Ming Shing Group MSW	₿ 833	$64M	$15M	$**M	.*******	$**M	.*x	—	**.%	0.004%
14	🇨🇳	Yueda Digital Holdings YDKG	₿ 819	$63M	$22M	$**M	.*******	—	—	—	**.%	0.004%
15	🇨🇳	SOS Limited SOS	₿ 803	$62M	$778M	$***M	.*******	—	—	—	.%	0.004%
16	🇯🇵	Convano Inc 6574	₿ 763	$59M	$367M	$***M	—	$**M	.*x	—	*.%	0.004%
17	🇦🇪	Phoenix Group PLC PHX	₿ 559	$43M	—	—	—	—	—	—		0.003%
18	🇰🇷	bitmax 377030	₿ 551	$42M	$51M	$**M	—	—	—	—	*.%	0.003%
19	🇹🇷	Net Holding A.S. NTHOL	₿ 352	$27M	$396M	$***M	—	—	—	—	.%	0.002%
20	🇨🇳	POP Culture Group Co., Ltd. CPOP	₿ 300	$23M	$20M	$**M	—	$**M	.*x	—	**.%	0.001%
21	🇰🇷	Bitplanet 049470	₿ 300	$23M	$40M	—	—	—	—	—	*.%	0.001%
22	🇯🇵	S-Science 5721	₿ 296	$23M	$49M	$**M	—	$**M	.*x	—	*.%	0.001%
23	🇨🇳	The9 Limited NCTY	₿ 285	$22M	$13,816M	$,*M	—	—	—	—	.%	0.001%
24	🇰🇷	WEMADE 112040	₿ 223	$17M	$417M	$***M	—	$**M	.*x	—	.%	0.001%
25	🇰🇷	Parataxis Korea 288330	₿ 200	$15M	$33M	$**M	—	—	—	—	*.%	0.001%
26	🇹🇭	The Brooker Group BTC	₿ 165	$13M	$95M	$**M	—	—	—	—	*.%	0.001%
27	🇯🇵	Mac House 7603	₿ 125	$10M	$6M	$-**M	—	$**M	.*x	—	**.%	0.001%
28	🇰🇷	Neowiz holdings 042420	₿ 104	$8M	$111M	$-***M	—	—	—	—	.%	0.000%
29	🇨🇳	Jiuzi Holdings Inc JZXN	₿ 100	$8M	$1M	$*M	—	—	—	—	***.%	0.000%
30	🇸🇬	Lion Group Holding LGHL	₿ 88	$7M	$0M	$-*M	—	—	—	—	***.%	0.000%
31	🇯🇵	Gumi Inc 3903	₿ 80	$6M	$76M	$***M	—	$*M	.*x	—	.%	0.000%
32	🇭🇰	YUXING 8005	₿ 78	$6M	$17M	$**M	—	$*M	.*x	—	*.%	0.000%
33	🇹🇭	RSXYZ PCL XYZ	₿ 75	$6M	$14M	$**M	—	$*M	.*x	—	*.%	0.000%
34	🇯🇵	SBC Medical Group Holdings Inc SBC	₿ 66	$5M	$451M	$***M	—	—	—	—	.%	0.000%
35	🇨🇳	Linekong Interactive Group Co., Ltd 8267	₿ 44	$3M	$8M	$*M	—	$*M	.*x	—	*.%	0.000%
36	🇭🇰	Moon Inc 1723	₿ 42	$3M	—	$**M	—	$*M	.*x	—		0.000%
37	🇯🇵	Value Creation Co., Ltd. 9238	₿ 30	$2M	$6M	$*M	—	—	—	—	*.%	0.000%
38	🇭🇰	AsiaStrategy SORA	₿ 30	$2M	$59M	$**M	—	$*M	.*x	—	.%	0.000%
39	🇯🇵	Lib Work 1431	₿ 30	$2M	$98M	$***M	—	$*M	.*x	—	.%	0.000%
40	🇯🇵	AI Fusion Capital Group Corp. 254A	₿ 25	$2M	$68M	$**M	—	—	—	—	.%	0.000%
41	🇮🇳	Jetking Infotrain Ltd. JETKINGQ	₿ 21	$2M	—	—	—	$*M	.*x	—		0.000%
42	🇯🇵	MBK 3121	₿ 18	$1M	$55M	$***M	—	$*M	.*x	—	.%	0.000%
43	🇹🇭	Ziga Innovation ZIGA	₿ 17	$1M	$25M	$**M	—	—	—	—	.%	0.000%
44	🇨🇳	Intchains Group Limited ICG	₿ 13	$1M	$28M	$-***M	—	$*M	.*x	—	.%	0.000%
45	🇹🇭	Jasmine International PCL JAS	₿ 12	$1M	$335M	$***M	—	—	—	—	.%	0.000%
46	🇭🇰	Walnut Capital Ltd. 0905	₿ 10	$1M	$25M	$**M	—	—	—	—	.%	0.000%
47	🇭🇰	BitStrat Holdings Ltd 6113	₿ 10	$1M	$67M	$**M	—	$*M	.*x	—	.%	0.000%
48	🇧🇭	Al Abraaj Resturant Group ABRAAJ	₿ 7	$1M	—	—	—	$*M	.*x	—		0.000%
49	🇯🇵	Quantum Solutions Co., Ltd. 2338	₿ 5	$0M	$41M	$**M	—	—	—	—	.%	0.000%
50	🇯🇵	Agile Media Network (AMN) 6573.T	₿ 5	$0M	$12M	$**M	—	$*M	.*x	—	.%	0.000%
51	🇭🇰	WebX International 8521	₿ 1	$0M	$54M	$**M	—	—	—	—	.%	0.000%
52	🇭🇰	Meitu, Inc. 1357	₿ 0	$0M	$2,425M	$,**M	—	—	—	—		0.000%
53	🇸🇬	Genius Group GNS	₿ 0	$0M	$11M	$*M	—	$*M	—	—		0.000%
54	🇸🇬	Bitdeer Technologies Group BTDR	₿ 0	$0M	$2,235M	$,**M	—	—	—	—		0.000%
		Total:	73,928	$5,675M								0.352%