Anson Funds Says It Has Put $1 Billion Into Bitcoin Treasury Companies
Moez Kassam said Anson Funds deployed $1 billion over 18 months into companies holding Bitcoin on their balance sheets, using stocks and convertible financing. He said his view shifted toward believing Bitcoin has lasting intrinsic value despite volatility. Kassam also cautioned that the treasury-company strategy is becoming crowded.
Anson Funds, whose assets under management are roughly $2.5 billion to $3 billion, has allocated $1 billion across 18 months to public companies that keep Bitcoin on their balance sheets. The positions were built through equity and convertible financing, according to co-founder and investment director Moez Kassam.
Kassam described a shift from deal-focused interest toward confidence that Bitcoin will endure despite sharp price cycles. He also flagged crowding in the balance-sheet strategy, saying early adopters held an edge while some later entrants may be chasing fast gains. He cited Strive preferred shares yielding about 15% as a possible discounted-buying opportunity.
The move could deepen mainstream familiarity with Bitcoin-linked corporate finance, affecting retail investors, employees, and creditors of treasury companies as these structures spread. If the strategy becomes crowded, weaker entrants may face sharper stress in downturns, and savers exposed through funds or convertible securities could see amplified volatility. It may also encourage more firms to treat Bitcoin as a reserve asset, making corporate balance sheets more sensitive to crypto price swings.