TreasuryAI Analysis

Treasury Secretary Scott Bessent has presented a list of four names to the White House. Former Fed governor Kevin Warsh and frontrunner Kevin Hassett are reportedly on the list.

Treasury Secretary Scott Bessent has presented four names to the White House, with the list reportedly including former Fed governor Kevin Warsh and frontrunner Kevin Hassett.

The prospect of a “Trump Fed takeover” is rapidly becoming a central macro theme for 2026, with some traders arguing that markets still underestimate how radical the shift could be for global liquidity – and by extension for crypto. Macro commentator plur daddy (@plur_daddy) describes it bluntly via X: “The Trump Fed takeover being underpriced is my primary theme going into 2026 (hence my gold bet). This is a momentous shift: the bigger and more convex the catalyst, the more difficult it is for markets to price it in properly.” Former Fed trader Joseph Wang known as “Fed Guy” echoes the concern from inside the plumbing, warning: “The market underestimates the likelihood of a Trump Fed. The Administration is showing resourcefulness and determination for lower rates. That could set off the blow off top in equities, where implied vol shows speculation still has room to run.” The Trump Fed Takeover Isn’t Price In That determination is colliding with a bond market that appears to be pushing back via term premium. Plur highlights the spread between the 12-month T-bill and the 10-year Treasury as a clean gauge of that tension. He notes that the spread “peaked right before inauguration on the generic ‘Trump will run it hot’ viewpoint,” then “got crushed lower as DOGE and Tariffs got priced in.” It bottomed near the tariff lows and “is now back to the highs,” a pattern he reads as term-premium expansion as “a form of protest to [Kevin] Hassett,” Trump’s presumed Fed pick. Related Reading: Italy’s Market Watchdog Gives Crypto Firms A Clear Order: Act Or Exit Against that backdrop, the administration still has powerful tools to compress term premium without formally announcing quantitative easing. Plur identifies three levers. First, de-regulating banks so they are allowed – in practice, pressured – to hold more Treasuries, boosting structural demand for government paper. Second, reducing the Treasury’s weighted-average maturity by shifting issuance “to bills over longer dated notes,” which cuts the duration the market has to absorb. Third, specifically for mortgages, “lever up the GSEs to buy MBS,” narrowing mortgage spreads and transmitting easier policy to the housing market even if the policy rate moves more slowly. He argues that “all of these are quite bullish for risk overall but will take time to play out.” For now, the environment remains awkward for directional risk bets, including crypto. “In the meantime, it has been a choppy and difficult market, across the board. Equity indices have grinded higher but the underlying rotations have been tricky to navigate. QT ended but liquidity is still relatively thin, and the fact that we are going into year end does not help. Better times will come.” The bullish pivot in his framework arrives with the calendar. “In the new year, fiscal accommodation will re-expand on the implementation of OBBBA (+$10–15bn/mo). Meanwhile we have sell-side macro teams calling for $20–45bn/mo in T-bill repurchasing by the Fed, as soon as Jan 1.” Related Reading: 75% Chance Crypto Is ‘Crossing The Chasm’ Now, Says Moonrock Capital Boss This mix would directly ease pressures visible in funding markets: “This would go a long way towards easing the current liquidity issues (see the SOFR–IORB spread chart below). This is not classic QE in that there is very little duration being absorbed from the private sector, and mainly has the effect of expanding bank reserves. This is still bullish because bank reserves are tight at the time, which is tied to the repo liquidity issues.” Will The Crypto Market Rise Again? On that basis, Plur expects the macro backdrop in 2026 to look “better than H2 ’25 has been, perhaps more on par with parts of 2024.” His expression of the trade is clear: “This should be enough for strong performance on gold given the Fed takeover angle, and continued melt-up in equities and select commodities.” For Bitcoin and the broader crypto market, however, his stance is notably more cautious. “For BTC it is more difficult to say. My base case continues to be a frustrating period of chop and re-accumulation.” Improved liquidity “should be favorable for BTC,” but he questions whether there will be “a material shift in the supply/demand imbalances we have been seeing,” concluding: “I will keep watching it for now.” In other words, the Trump Fed trade is already driving high-convexity bets in gold, equities and commodities. Crypto stands to benefit indirectly from easier reserves and lower term premium, but in this framework, the key constraint is no longer just macro liquidity – it is whether fresh demand is strong enough to meet an increasingly inelastic supply in the crypto market. At press time, the total crypto market cap stood at $3.05 trillion. Featured image created with DALL.E, chart from TradingView.com

Bitcoin treasury firm Twenty One Capital made its NYSE debut under the ticker XXI on Tuesday, and the stock promptly slipped 19.97% as the newest digital asset treasury (DAT) experiment hit the public stage with more grit than glamour....

The latest trial explored multiple stablecoins and showed tokenized US Treasurys can be reused instantly across counterparties on shared infrastructure.

The latest trial explored multiple stablecoins and showed tokenized US Treasurys can be reused instantly across counterparties on shared infrastructure.

Twenty One Capital has made its debut on the New York Stock Exchange (NYSE), entering the public markets with a substantial Bitcoin treasury and a similarly large spotlight. Its stock slid sharply on day one, raising a clear question...

Cypherpunk Technologies stock jumped 40% Tuesday following the appointment of Zooko Wilcox to help guide the Zcash treasury firm.

Cypherpunk Technologies stock jumped 40% Tuesday following the appointment of Zooko Wilcox to help guide the Zcash treasury firm.

Twenty One Capital has made its debut on the New York Stock Exchange (NYSE), entering the public markets with a substantial Bitcoin treasury and a similarly large spotlight.  Its stock slid sharply on day one, raising a clear question for investors and the industry: what comes next for a company built around Bitcoin during a The post Twenty One Capital Goes Live on the NYSE – Now What? appeared first on BeInCrypto.

Jack Mallers says Twenty One Capital will aggressively buy bitcoin, joining the wave of firms adopting BTC treasury strategies. The post Twenty One Capital CEO Jack Mallers plans aggressive Bitcoin acquisition appeared first on Crypto Briefing.

The BRICS bloc now counts 11 members, and several of the largest holders have trimmed their US Treasury positions over the past year. China cut its stake by $71.5 billion between September 2024 and September 2025, dropping from $772 billion to $700.5 billion. India reduced holdings by $44.5 billion, Brazil by $61.9 billion, and Saudi […] The post China’s $71 billion Treasury dump exposes a critical gap between Bitcoin’s narrative and central bank reality appeared first on CryptoSlate.

Johor’s Crown Prince has entered digital assets with RMJDT, a ringgit-backed stablecoin on Zetrix, and a $121M–$242M treasury plan as Malaysia has expanded its crypto treasuries and regulation even while global digital-asset inflows have slowed and some treasury-focused stocks have lagged, recently. The post Malaysia’s Crown Prince Launches $121M Crypto Treasury – Despite Bubble Fears appeared first on Cryptonews.

Bitmine has disclosed $13.2 billion in combined crypto, cash, and strategic “moonshot” holdings, reaffirming its status as the world’s largest ethereum treasury. The update highlights the company’s long-term accumulation strategy as ETH continues to strengthen in market prominence. Massive...

A drop in buying from treasury companies, combined with the end of the four year cycle have made Geoffrey Kendrick revise his bullish Bitcoin timeline.

The company is led by Strike CEO Jack Mallers and began trading under the XXI ticker today following its SPAC merger with Cantor Equity Partners.

The company is led by Strike CEO Jack Mallers and began trading under the XXI ticker today following its SPAC merger with Cantor Equity Partners.

Twenty One Capital launched on the NYSE with strong institutional backing and a massive Bitcoin treasury.

Twenty One Capital launched on the NYSE with strong institutional backing and a massive Bitcoin treasury.

Malaysia’s crown prince launches a stablecoin on Zetrix and a $121 million digital asset treasury modeled after MicroStrategy despite sector bubble fears.

Malaysia’s crown prince launched a stablecoin on Zetrix and a $121 million digital asset treasury modeled after MicroStrategy, despite sector bubble fears.

The first wave of DATS opened the door; the next one demands more than passive accumulation: It demands execution and innovation.

Twenty One Capital, a major player in the Bitcoin (BTC) treasury sector founded by Jack Mallers, is on the verge of going public in the United States. However, ahead of its highly anticipated debut on December 9, the company...

The two largest crypto treasury companies, Bitcoin-focused Strategy (formerly MicroStrategy) and Ethereum-heavy BitMine, executed significant expansions of their digital asset treasuries this week despite their falling premium. On Dec. 8, Strategy revealed that it acquired 10,624 BTC last week for $962.7 million, its largest weekly outlay since July. This purchase effectively ignored the broader signal […] The post The “infinite money glitch” fueling Strategy and BitMine has evaporated, forcing a desperate pivot to survive appeared first on CryptoSlate.

Digital asset treasuries (DATs), adopted a strategy popularized by Michael Saylor. Now they're likely regretting it.

U.S. and Canadian digital asset treasury firms face steep losses in 2025, with median stock prices down 43% and struggling to recover.

Sonnet BioTherapeutics will merge with Rorschach LLC to launch the first major HYPE treasury company.

Fidelity’s tokenized U.S. Treasury fund has grown 15% in the past month.

Public digital asset treasury firms hold millions of dollars in ETH, but many bought at prices much higher than today's.

The largest Bitcoin treasury firm could see $2.8 billion in passive fund outflows if removed from major indices.