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BitGo to Custody Digital Assets for StableX’s $100M Stablecoin Plan

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BitGo has inked a strategic arrangement to custody and execute trades for StableX Technologies’ digital asset treasury, as StableX targets up to $100 million in crypto acquisitions tied to the stablecoin sector. Under the agreement, BitGo Trust Company will act as custodian for StableX’s holdings, while BitGo’s over-the-counter liquidity desk will facilitate the company’s planned purchases. StableX (EXCHANGE: SBLX) is a Nasdaq-listed company focused on stablecoin infrastructure, and it has already begun building its digital-asset treasury, including token purchases such as FLUID (CRYPTO: FLUID) and LINK (CRYPTO: LINK) in October. The deal signals a broader shift toward institutional-grade custody and execution infrastructure for a wider set of assets beyond Bitcoin-centric treasury strategies (CRYPTO: BTC).

BitGo’s involvement marks a notable step in the maturation of digital-asset treasuries among publicly traded companies. BitGo, which trades on the NYSE under BTGO, has long highlighted its role as an infrastructure provider for institutions seeking secure custody and reliable liquidity. The partnership with StableX comes as BitGo’s leadership emphasizes expanding access to custody and execution for non-Bitcoin assets, underscoring a trend where traditional finance is increasingly engaging with the stablecoin ecosystem and related tokenized assets.

“The partnership underscores BitGo’s expanding role as the go-to infrastructure provider for a new wave of publicly traded companies building digital asset treasury strategies,”

The news follows StableX’s earlier steps to assemble a digital asset treasury. The company has publicly disclosed prior token purchases, including FLUID and LINK, signaling an intentional move toward diversification beyond fiat reserves and pure cash equivalents. The inclusion of LINK signals StableX’s interest inacles within the broader decentralized finance and oracle ecosystems, while FLUID represents exposure to niche protocol tokens that some institutions view as strategic bets within the stablecoin infrastructure space. This aligns with a growing appetite among investors to diversify treasury holdings with crypto assets that could function as liquidity rails or settlement primitives in a rapidly evolving digital economy.

BitGo’s public-market journey also colors the narrative. The company went public in January, pricing its shares at $18 and experiencing a strong first-day move before trading pressure moderated. The stock’s inception-day performance reflected investor interest in crypto infrastructure plays, and the subsequent trading session saw the stock advance and retreat in line with broader market sentiment toward fintech and crypto-enabled businesses. The partnership with StableX is thus positioned as a practical extension of BitGo’s mission to provide institutional-grade custody and liquidity solutions for a new generation of digital-asset treasuries.

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In contextual terms, the deal sits within a broader ecosystem of products and products-leaning investor instruments aimed at stablecoins and their supporting infrastructure. The stablecoin universe has seen sustained capital inflows, with total market capitalization rising to substantial levels and attracting attention from asset managers eager to provide related exposure. The sector’s size and ongoing integration into traditional markets have sparked interest from investment products and ETF sponsors seeking to design indices and vehicles that capture the value chain around stablecoins, payments rails, and tokenized real-world assets. The market continues to evolve as an array of financiers and issuers explore how best to combine custody, settlement, and liquidity across these assets.

Beyond StableX’s direct momentum, the broader ETF and tokenization landscape adds another layer to the narrative. In September, Bitwise filed with the U.S. Securities and Exchange Commission to launch a Stablecoin & Tokenization ETF designed to track companies and digital assets tied to stablecoins, tokenization, and related infrastructure. The proposed ETF would follow an index comprising firms involved in stablecoin issuance, infrastructure, payments, and exchanges, alongside widely traded crypto assets such as Bitcoin (CRYPTO: BTC) and Ether (CRYPTO: ETH). This proposed vehicle sits alongside MarketVector Indexes’ benchmarks for stablecoin and tokenization infrastructure and Amplify ETFs’ own issuer products, including the Amplify Tokenization Technology ETF (TKNQ) and the Amplify Stablecoin Technology ETF (STBQ).

Market attention to stablecoins and their infrastructure has intensified as the sector’s scale expands. DefiLlama data show stablecoins collectively approaching a multi-hundred-billion-dollar market cap, underscoring why institutional players are increasingly considering products and services that enable secure custody, efficient liquidity, and reliable settlement for these tokens. The sector’s growth is mirrored in the real-world ecosystem, where large financial players and payment networks are actively exploring how to incorporate stablecoins into settlement rails, cross-border payments, and treasury management. PayPal’s PYUSD and Western Union’s USDPT are among the high-profile examples cited by market observers as signals that traditional finance is integrating digital-dollar tokens into everyday workflows. PYUSD has already seen broad usage in payments and settlement, while USDPT is anticipated to be rolled out in a Solana-based settlement network within the first half of 2026, signaling a broader push toward on-chain settlement capabilities.

In this environment, the BitGo-StableX partnership stands as a practical case study of how custody and liquidity infrastructure can underpin a growing stablecoin treasury. It illustrates how a Nasdaq-listed issuer can pursue a diversified crypto asset strategy with institutional-grade safeguards and execution capabilities, a model that could become more common as more publicly traded firms pursue dynamic crypto-treasury programmes. The emphasis on tokens beyond BTC highlights an expanding universe of crypto assets that institutions want to hold within regulated, custodial frameworks, signaling a maturing market for digital-asset treasury management and a deeper integration of crypto into mainstream corporate finance.

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Why it matters

The collaboration between BitGo and StableX marks a tangible step toward legitimizing and scaling digital-asset treasuries for publicly traded entities. By combining custody with an OTC liquidity desk, the partnership aims to reduce operational risk and improve execution efficiency for treasury diversification into stablecoin infrastructure tokens and related assets. This development could accelerate demand for regulated, institutional-grade custody partners as more corporations explore crypto treasury strategies beyond Bitcoin exposure.

From a market structure standpoint, the move supports a broader trend: the emergence of investment vehicles and allocation strategies that reflect an evolving crypto economy. With ETF sponsors pursuing indices that track stablecoin issuers, infrastructure providers, and tokenization plays, the ecosystem is aligning more closely with traditional asset-management practices. The market’s attention to stablecoin infrastructure—backed by data on sector size and new tokenization benchmarks—suggests a growing appetite for vehicles that offer diversified exposure to the stablecoin ecosystem while maintaining compliance and risk controls demanded by institutional buyers.

For builders and investors, the partnership underscores the need for robust, audited custody and settlement layers as digital assets move from speculative instruments to treasury instruments and settlement primitives. The emphasis on tokens such as FLUID and LINK within StableX’s treasury demonstrates a willingness to explore specialized tokens that may offer liquidity and governance utilities in a diversified portfolio. As the market continues to grow, the compatibility of custodial services with trading desks and OTC liquidity will become a key differentiator for infrastructure providers seeking scale in a regulated environment.

What to watch next

  • Whether BitGo and StableX close on further terms of the custody and trading arrangement, and the pace at which StableX deploys additional capital into its digital asset treasury.
  • Any regulatory or SEC developments related to Bitwise’s Stablecoin & Tokenization ETF filing and related index design, including inclusion criteria for stablecoin issuers and infrastructure firms.
  • Updates on the token purchases within StableX’s treasury, including additional positions in FLUID, LINK, or other stablecoin ecosystem assets.
  • Progress on the broader ETF/benchmark landscape, including MarketVector’s benchmarks and Amplify ETFs’ TKNQ and STBQ performance and capital inflows.

Sources & verification

  • BitGo and StableX strategic partnership press release detailing custody and OTC trading arrangements.
  • StableX’s token purchases and treasury-building efforts disclosed in prior communications (including October token acquisitions).
  • Bitwise Stablecoin & Tokenization ETF filing with the U.S. SEC and related index construction discussion.
  • Amplify ETFs’ product lineup (TKNQ, STBQ) and MarketVector’s stablecoin/tokenization benchmarks.
  • Market data on the size of the stablecoin market from DefiLlama and publicly cited examples such as PYUSD (PayPal) and USDPT (Western Union) in relation to stablecoin adoption.

BitGo expands custodial and trading role as StableX scales its digital asset treasury

BitGo’s institutional-grade custody and OTC liquidity capabilities position it as a critical enabler for the Series of moves in the stablecoin infrastructure space. The company’s public market presence, combined with its expanding product suite for institutional clients, provides a foundation for integrating custody with scalable execution as StableX builds its digital asset treasury. The narrative around this partnership is more than a single deal; it reflects a broader alignment between regulated custodians, publicly traded treasury strategies, and the infrastructure required to support a diversified portfolio of stablecoin assets and related tokens. While the market continues to weigh the implications of this agreement, the underlying trend remains clear: mainstream financial actors are embracing crypto-native treasury practices through credible, regulated channels.

For readers and market participants, the development signals ongoing maturation in the space. Treasuries that combine secure custody with efficient liquidity provision may become more common as more firms pursue crypto wealth management strategies that encompass a spectrum of assets—from stablecoins and tokenized assets to specialized protocol tokens. The next steps will hinge on how swiftly institutions can integrate these capabilities with risk controls, regulatory compliance, and governance considerations as they expand the scope of their digital-asset treasury programs.

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Risk & affiliate notice: Crypto assets are volatile and capital is at risk. This article may contain affiliate links. Read full disclosure

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Crypto World

Bitcoin ETFs to surpass gold ETFs in size

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Bitcoin spot ETFs may soon surpass gold ETFs in assets under management, fracturing the long-standing narrative that “digital gold” is a perfect stand-in for investors seeking a safe haven. Bloomberg ETF analyst James Seyffart shared the view in an interview linked to the Coin Stories podcast, arguing that Bitcoin’s multiple use cases — from store of value to growth asset and liquidity driver — create a broader appeal than gold, which the market typically frames in a single light.

“There are just more use cases of why somebody would put a Bitcoin ETF in a portfolio,” Seyffart said on the podcast. He emphasized Bitcoin’s roles as a store of value, a portfolio diversifier, a form of digital capital, and even a growth-risk asset, suggesting that the crypto may attract a wider spectrum of investors than gold over time. While gold has historically served as a hedge against monetary debasement, Bitcoin’s evolving narrative as both a digital asset and a potential macro hedge underpins the case for larger ETF demand in the years ahead.

Key takeaways

  • Bitcoin ETFs could grow to exceed gold ETFs in total assets under management as demand broadens beyond the traditional “digital gold” story, according to James Seyffart, a Bloomberg ETF analyst.
  • March ETF flows show divergent momentum: U.S. spot Bitcoin ETFs attracted about $1.32 billion in net inflows, while U.S. gold ETFs recorded net outflows of roughly $2.92 billion.
  • A single-day move underscored fragility in precious metals: GLD, the flagship gold ETF, posted a $3 billion withdrawal on March 4, the largest daily outflow in more than two years.
  • Longer-run macro signals remain mixed, with data suggesting a rotation dynamic between gold and Bitcoin rather than a single clear trend; Fidelity highlighted a historical pattern of leadership rotating between the two assets.

Flow dynamics in March: what they reveal about narrative shifts

The contrast in March ETF flows underscores shifting investor appetites for duration, liquidity, and narrative potential. Gold ETFs in the United States posted net outflows totaling about $2.92 billion in March, signaling renewed challenges for the traditional safe-haven metal in a period of evolving macro cues. In the same month, US spot Bitcoin ETFs drew approximately $1.32 billion in net inflows, illustrating a growing appetite for crypto exposure in diversified portfolios.

The divergence sits against a broader context in which Bitcoin and gold have moved more cohesively in recent weeks despite the divergent flows. The data points to a market that is re-evaluating the roles of these two hedges and growth assets in a landscape of persistent inflation concerns, evolving monetary policy expectations, and expanding acceptance of crypto-based investment products.

Gold’s pullback and retail versus institutional dynamics

Several pressures shaped gold’s March performance. The largest daily outflow in over two years hit GLD on March 4, reflecting sell-side and perhaps macro rotation pressures that have periodically punctured the gold regime. Meanwhile, more broad-based BIS data — cited by Cointelegraph — show retail gold purchases tripling over the past six months, while Wall Street selling has accelerated over the last four months. The juxtaposition implies a nuanced narrative: retail demand remains resilient even as institutional appetite shifts toward crypto exposure and related investment vehicles.

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These dynamics sit alongside anecdotal expectations that a growing cadre of investors view Bitcoin as a “growth risk asset,” complementary to its role as a hedge-friendly reserve. The evolving taxonomy — Bitcoin as a stores of value, digital currency with intrinsic scarcity, and liquidity-rich growth asset — contributes to a broader array of reasons to own a Bitcoin ETF beyond simply “digital gold.”

Price action and broader market context

As of publication, Bitcoin traded around $66,918, down about 8% over the prior 30 days, according to CoinMarketCap data. Gold hovered near $4,676 per ounce, down about 8.25% over the same period, per GoldPrice metrics. The near-term move preserves the sense that both assets have faced headwinds in a mixed macro backdrop, yet the flow data suggests that investor interest in Bitcoin ETFs remains persistent and possibly expanding even as gold faces episodic outflows.

The longer-term rotation story received some color from Fidelity Digital Assets analyst Chris Kuiper. In December 2025, Kuiper noted that historically gold and Bitcoin have rotated leadership, with gold performing strongly at times and Bitcoin catching up in others. That framework remains relevant as market participants weigh regulatory clarity, ETF availability, and the evolving ecosystem around Bitcoin-based investment products.

Implications for investors and markets

The potential overtaking of gold ETFs by Bitcoin ETFs in AUM would mark a notable shift in how investors allocate capital in search of diversification, liquidity, and growth exposure. If Bitcoin ETFs continue to capture inflows beyond the “digital gold” narrative, the market could see a broader base of participants embracing crypto exposure through regulated vehicles. This would not only change the composition of ETF portfolios but could also influence liquidity, product development, and the pace at which financial institutions bring more crypto-enabled offerings to retail and high-net-worth investors alike.

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From a portfolio-management perspective, the idea of Bitcoin acting as hot sauce in a diversified mix is persuasive for those seeking a growth-oriented, liquidity-rich sleeve within a broader asset allocation. Yet the data also underscores the need for caution and continued monitoring of regulatory developments, product approvals, and market structure changes that shape the appeal and risk profile of spot BTC ETFs.

In practical terms, readers should watch ETF inflow trends in the coming quarters, the rate of new product approvals, and the evolving evidence on how Bitcoin-based funds perform relative to gold during different macro regimes. The March data points demonstrate that the narrative around Bitcoin ETFs is gaining traction in investor discourse, even as gold maintains its own complex set of drivers and vulnerabilities.

Beyond price moves, the debate now centers on whether Bitcoin ETFs can sustain and broaden their appeal to a broader investor universe — from traditional equity and bond strategists to macro hedge funds and retail savers seeking diversified exposure. If inflows continue and more products arrive, the BTC ETF story may transition from a niche crypto offering to a core component of diversified portfolios.

What matters next is the trajectory of ETF approvals and listings, clear and consistent data on inflows across different regimes, and how macro factors like inflation momentum and monetary policy directions shape the risk-reward calculus for these funds. Investors should stay attentive to monthly flow prints, regulatory signals, and the evolving narrative around Bitcoin’s role in modern asset allocation.

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As the market awaits further clarity, the ongoing dialogue around Bitcoin’s ETF potential points to a future where crypto exposure becomes an increasingly standard instrument within traditional investment frameworks. The next few quarters will be telling, as inflows, product breadth, and price action converge to reveal whether Bitcoin ETFs can definitively eclipse gold ETFs in practical assets under management.

Risk & affiliate notice: Crypto assets are volatile and capital is at risk. This article may contain affiliate links. Read full disclosure

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Bitcoin ETFs Will Be Bigger Than Gold ETFs, Says ETF Analyst

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Bitcoin ETFs Will Be Bigger Than Gold ETFs, Says ETF Analyst

Spot Bitcoin exchange-traded funds (ETFs) could surpass gold ETFs in total assets under management (AUM) as investor demand expands beyond the traditional “digital gold” narrative, according to ETF analyst James Seyffart.

“There are just more use cases of why somebody would put a Bitcoin ETF in a portfolio,” Seyffart said on the Coin Stories podcast published to YouTube on Friday. He pointed to Bitcoin’s (BTC) role as digital gold, a store of value, a portfolio diversifier, and a form of digital capital and property, adding that the market also views Bitcoin as a “growth risk asset.”

Seyffart explained that Bitcoin has “all these different ways” of being viewed, while gold only has “one of those things.”

“Our view is that Bitcoin ETFs will be larger than gold ETFs,” he added.

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Bitcoin ETFs are a “hot sauce” in the portfolio

“There are so many people that could use it. They could be viewing it to put in their portfolio because they want to bet on like a growth and liquidity trade,” he said. “It can be hot sauce in a portfolio in that way,” he added.

Bloomberg ETF analyst James Seyffart spoke to Natalie Brunell on the Coin Stories podcast. Source: Coin Stories

Bitcoin is often compared to gold due to its limited supply and perceived role as a hedge against monetary debasement. 

US-based gold ETFs recorded net outflows of $2.92 billion in March, while US spot Bitcoin ETFs attracted $1.32 billion in net inflows over the same period.

Gold and BTC have declined over the past 30 days

The largest US gold-backed ETF, GLD, recorded a $3 billion outflow on Mar. 4, the largest daily withdrawal in more than two years.

On Mar. 19, Cointelegraph cited data from the Bank for International Settlements (BIS) showing retail gold purchases have tripled over the last six months, while Wall Street selling has accelerated over the past four months.

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Related: Bitcoin ‘done’ with 85% crashes, says Cathie Wood amid new $34K target

Despite the divergence in ETF flows, both assets have moved broadly in tandem in recent weeks.

Bitcoin is trading at $66,918 at the time of publication, down 8.07% over the past 30 days, according to CoinMarketCap. Meanwhile, gold is trading at $4,676, down 8.25% over the past 30 days, according to GoldPrice data.

In December 2025, Fidelity Digital Assets analyst Chris Kuiper said that, “historically, gold and Bitcoin have taken turns outperforming. With gold shining in 2025, it would not be surprising if Bitcoin takes the lead next.”

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