Crypto business models with yield potential: Nakiki, BlackRock, Marathon Digital

Bitcoin on course for USD 200,000?

As the world's largest asset manager with approximately USD 13.46 trillion in assets under management, BlackRock offers simple, regulated access to Bitcoin through IBIT. This is appealing to professional investors: since the US approval of the first spot Bitcoin ETFs in early 2024, the number of institutional investors with ETF positions has more than doubled. According to the Boston Consulting Group, professional investors worldwide hold around USD 130 trillion in assets – meaning that even small allocations to Bitcoin could significantly drive its price. Some forecasts are therefore correspondingly optimistic: Standard Chartered, for example, predicted in August that Bitcoin could reach USD 200,000 by year-end. All of this demonstrates that Bitcoin has long since arrived in the investment mainstream.

The main driver of this development is regulation in the US. The Trump administration made it possible to invest in cryptocurrency within the framework of certain pension plans. Plans for a national Bitcoin reserve similar to gold are also having a positive effect on the price. The EU has now also responded and created uniform rules for Bitcoin investments with the MiCA regulation. While this is not a major breakthrough, it is better than nothing.

Nakiki: Bonds + Bitcoin = Crypto Innovation

Europe is providing real innovation in the crypto space in another way: the young company Nakiki has only been publicly listed for a few months, but is already attracting attention with a well-known figure and a revolutionary approach. Nakiki is a so-called Bitcoin Treasurer, which means that the Company buys Bitcoin on the market and holds it. Shareholders thus benefit from price increases in the cryptocurrency. What is truly innovative, however, is how Nakiki CEO Andreas Wegerich plans to finance these Bitcoin purchases. The long-time bond specialist and small-cap expert intends to issue bonds through Nakiki and invest the proceeds in Bitcoin purchases. This could make Nakiki interesting for investors in two ways.

On the one hand, the bonds are likely to offer attractive coupons, but since the proceeds are not invested in a company but in Bitcoin, bond investors could see this as an attractive risk-reward profile. On the other hand, the Bitcoin investments leveraged with debt offer significant upside potential for Nakiki shareholders. If Wegerich and his team succeed in "capturing" the cyclical cryptocurrency with good timing and swift decisions, this could create significant added value for shareholders. There is also a solution in the event that the share price falls below the net asset value of the entire Bitcoin holdings. In this case, Nakiki intends to launch a share buyback program. The business model sounds promising and is worth a look – especially the terms of Nakiki’s first bond, which are likely to attract considerable investor interest.

Marathon Digital: Mining its way to a billion-dollar valuation

For years, Marathon Digital has been demonstrating that solid business models can be implemented around Bitcoin. The Company specializes in Bitcoin mining and operates huge data centers that "mine" new Bitcoins using computing operations. Its core products are ultimately newly generated Bitcoins and securing the Bitcoin network – in return, Marathon receives block rewards and transaction fees. The core markets are locations with cheap energy and infrastructure for data centers, primarily in North America. Marathon is one of the largest mining companies worldwide and is listed on the Nasdaq. The year 2025 illustrates the Company’s strong dependence on Bitcoin prices and operational efficiency: in Q2 2025, Marathon generated revenue of USD 238 million, up 64% year-over-year. Even more impressive is its profitability – net income reached USD 808 million, a 505% increase over the previous year. Marathon sells only a portion of the mined Bitcoins, holding large reserves in its portfolio, much like a Bitcoin Treasurer.

Nakiki goes USA – Potential for the stock?

The success of Marathon Digital, which now has a market capitalization of several billion USD, demonstrates the potential that is emerging around Bitcoin-based business models. The fact that BlackRock has long been involved in the business is also seen as a seal of approval. The German company Nakiki is an innovator in this field. Issuing bonds and using the proceeds to invest in Bitcoin is a revolutionary approach. Since the Company is pursuing a secondary listing in the US, the market for Nakiki shares could soon become even larger. Investors should keep a close eye on the business model.