Just ran the numbers on which public digital asset treasury companies are actively borrowing against their holdings.
Active borrowing breakdown:
DeFi: $147M
CeFi: $842M
DeFi venues: Aave, Morpho, Kamino, Juplend
CeFi venues: Galaxy, BitGo Prime, Cumberland, Kraken, Two Prime, Coinbase
CeFi still dominates by 5.7x. Most corporate treasuries still trust centralized counterparties over onchain protocols when it comes to leverage. Risk appetite? Legal comfort? Or just better terms offchain?
The DeFi number is growing though. Worth watching which way this ratio shifts in 2025.
Active borrowing breakdown:
DeFi: $147M
CeFi: $842M
DeFi venues: Aave, Morpho, Kamino, Juplend
CeFi venues: Galaxy, BitGo Prime, Cumberland, Kraken, Two Prime, Coinbase
CeFi still dominates by 5.7x. Most corporate treasuries still trust centralized counterparties over onchain protocols when it comes to leverage. Risk appetite? Legal comfort? Or just better terms offchain?
The DeFi number is growing though. Worth watching which way this ratio shifts in 2025.
