Hey FlowDex community,
For years, we’ve heard it: “Bitcoin is its own asset class.” But in 2025, that phrase is no longer just a meme — it’s a market reality.
A new wave of financial products is taking shape around Bitcoin, not just on top of it. Welcome to the Bitcoin-linked stock market — where traditional companies, ETFs, and structured products are now building directly on a Bitcoin standard.
Let’s dive into what’s happening, and more importantly — why it matters to you.
Bitcoin is the asset class now
While most altcoins continue to underperform in BTC terms, Bitcoin has quietly carved out its own lane — not just as theoriginal digital asset, but as a financial foundation.
MicroStrategy (now renamed Strategy) kicked it off, loading over 506,000 BTC onto their balance sheet. But they’re not alone anymore. Over 70 public companies have now copied that playbook. Even GameStop and Rumble have joined the party, publicly announcing Bitcoin treasury buys. A new standard is forming — and capital is following fast.
New ETFs are tracking BTC-native firms
With so many companies now holding BTC as a strategic reserve, financial engineers did what they do best — packaged it all into a new ETF.
Meet the Bitwise Bitcoin Standard Corporations ETF (OWNB). It tracks companies with 1,000+ BTC on their balance sheets, targeting firms using Bitcoin to hedge against inflation, low-yield cash, and fiat risk. Think of it as the S&P500 of Bitcoin-maxi corporations.
Then there’s the REX BMAX ETF, tracking convertible bonds issued by Bitcoin-focused companies like MicroStrategy. Their 2031 bonds, for instance, are up 101% in a year — outperforming MSTR stock, BTC itself, and even the U.S. convertible bond index.
This isn’t theory. This is capital flowing into BTC-linked structures right now.
Bitcoin yield products are exploding
Yield-seeking BTC holders now have access to a growing set of strategies designed to generate alpha — without depending on market direction.
Here’s what’s trending:
• Statistical Arbitrage
• Futures Basis Trades
• Funding Rate Arbitrage
• Volatility/Options Plays
• DeFi Market Making (using WBTC)
Funds like Syz Capital BTC Alpha Fund and Forteus Crypto Alpha Fund are pioneering this space, building products that treat BTC as the base layer — not USD.
This is huge for DeFi: more efficient BTC capital, better onchain liquidity, and sustainable returns for advanced users.
BTC-denominated share classes
Forget USD. The future is BTC-native performance.
Bitcoin-denominated share classes are now letting investors deposit, redeem, and measure performance in BTC — no fiat involved. That means fewer fiat risks, direct exposure to Bitcoin’s performance, and a clean benchmark for long-term BTC believers.
For institutions, this is a game-changer. For DeFi users, it opens the door to building native BTC vaults, LP positions, and fixed-yield instruments — all in sats, not dollars.
Bitcoin is no longer just a store of value — it’s becoming the foundation for an entirely new financial layer. From ETFs and convertible bonds to yield strategies and BTC-denominated funds, a full-fledged Bitcoin-linked stock market is taking shape before our eyes.
For the broader DeFi space, this shift marks a turning point. Capital is moving, infrastructure is evolving, and Bitcoin is at the center of it all.
At FlowDex, we see this not as a trend — but as a transformation. And we’re building for what comes next.
Stay focused. Stay ready. Stay FlowDex. 🚀