21st March 2025 > > Global M2, fund managers, & atai.

tl;dr

Global M2 is on our side. My ridiculous claim made several years ago, which caused much mirth and merriment at my expense, that 3-5% of all global investment money will go into cryptos will likely start to happen in size during 2025. atai joins the ever-growing community of corporates strengthening their balance sheets with BTC.

Market Snap

Market Wrap

Global money supply as measured by M2 has just hit another ATH:

This is disguised QE, and we all know what that does to the price of risk assets.

Curious Cryptos’ Commentary – AUM allocation

For a long time now, I have been making the seemingly brave claim that (eventually) 3-5% of all investment assets will be in cryptos, largely BTC. We have had a few data points along the way that suggest that I will be right on this point, but it is still early days to get a particularly clear picture.

Coinbase has recently issued a survey (yes, I know, Coinbase is not exactly an impartial observer of the crypto markets) of a range of institutional investors with this rather eye-catching headline (h/t The Milk Road https://themilkroad.beehiiv.com/subscribe?ref=o5CmCFhBAK):

Perplexity tells me that the combined value of investment funds plus pensions is about $200 TRILLION, give or take a few trillion here or there, which suggests up to $10 TRILLION of new investment heading mostly BTC’s way. By way of comparison BTC’s market cap is a measly $1.8 TRILLION. If the fund managers are to be believed, that leaves a lot of upside to the price of BTC.

Curious Cryptos’ Commentary – atai Life Sciences N.V.

atai, a biosciences company, has announced it will add BTC to its treasury reserves to the tune of $5mm. The 8-K form filed with the SEC states:

“On March 20, 2025, atai Life Sciences N.V. (the “Company”) announced that it has decided to add Bitcoin to its treasury reserve diversification strategy in addition to cash, restricted cash, cash equivalents, short-term securities, and public equity holdings. Over the next several weeks, the Company expects to invest an initial position of $5.0 million in Bitcoin to hold as a treasury reserve asset. The Bitcoin treasury reserve is not anticipated to impact drug development timelines or current operational runway”

Source: https://ir.atai.life/static-files/2e20f44a-d2db-493a-ba15-d0e5b242b2b5

Christian Angermayer, founder of atai, explains:

“(atai) … has decided to include Bitcoin as part of its treasury, primarily as a long-term inflationary hedge, and secondarily as a short-term form of diversification with appreciation potential that traditional treasury assets can’t provide.” (Emphasis – all Christian’s).

Intriguingly, Christian trails further insights to come about BTC on his substack account:

“And stay tuned for part 2: While this blog post focuses on the hard facts about why I believe Bitcoin is a valuable part of atai’s (and any company ’s) treasury strategy, in my next one coming out in a few days I will focus more on the philosophical alignment between Bitcoin and psychedelics.”

That’s one for the ravers amongst you.