The self-described Bitcoin development company currently holds 252,220 bitcoins, but has more than $1 billion in dry powder with which to purchase additional tokens.
Long-term holders are motivated to hold at bitcoin's going market rate, implying an attractive risk-reward for existing or potential investors, according to the "reserve risk" indicator.
Stablecoin issuers are fast emerging as a significant source of demand for the U.S. Treasury notes as concerns about Washington's debt management grow.