US Firms Reassess Crypto Treasury Roles as Ripple Burns RLUSD Tokens and ETFs Surge

U.S. companies may reassess Bitcoin’s role in treasury management, given its recent stability. Ripple has destroyed 12 million RLUSD tokens while seeking top-tier stablecoin status. Additionally, Bitcoin ETFs saw significant inflows, with Ark 21Shares leading the way, signalling strong investor interest post-Bitcoin’s peak in January.

In a recent analysis by Bloomberg Intelligence strategists Lu Yeung and Breanne Dougherty, it appears that U.S. companies may be reconsidering how Bitcoin fits into their treasury management strategies. This shift is largely prompted by Bitcoin’s surprisingly resilient performance amid market disturbances. Traditionally moving in tandem with the stock market, Bitcoin’s correlation seems weaker post “Liberation Day,” with its 10-day volatility now lower than major market indices. Corporate leaders are speculating about Bitcoin serving as a potential hedge against a weakening U.S. dollar as macroeconomic uncertainties reemerge. David Lawant, head of research at FalconX, noted that Bitcoin’s diminishing relationship with equity risks might signal a shift in corporate perceptions.

Meanwhile, Ripple made headlines as they burned 12 million RLUSD tokens on April 23, an action reported by their Stablecoin Tracker account. This token incineration was followed by the minting of an identical amount at the RLUSD Treasury. Earlier in the month, Ripple had minted over 100 million tokens to meet rising demand, with RLUSD’s market cap now nearing $300 million, sitting at around $294 million at the time of reporting. Ripple has set ambitious goals for RLUSD, aiming to be among the top five stablecoins by market cap by this year’s end, with availability on platforms such as Bitstamp, Kraken, and Bullish.

In another noteworthy development, spot Bitcoin ETFs have registered their largest inflows since Bitcoin peaked at over $109,000 in January 2023. According to the Spot On Chain X account, April 22 saw an astonishing $912.7 million flow into these ETFs, coinciding with Donald Trump’s inauguration day. Notably, Ark 21Shares led the inflow with $267.1 million, followed by Fidelity with $253.8 million, and BlackRock’s IBIT ETF third at $193.5 million. This was Ark 21Shares’ second-largest daily inflow since it started trading, which followed an SEC approval last year.

Crypto enthusiasts are clearly paying attention to these shifts in treasury management and ETF behaviour as the market continues to evolve. It remains to be seen how companies adapt and which cryptocurrencies will rise to prominence in the future, but analysts and investors are keeping a watchful eye.