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Japan's largest security token platform Progmat has completed its migration to Avalanche, officially bringing over $2.7 billion in assets on-chain

Japan's largest securities token issuance and management platform, Progmat, has completed its migration to the Avalanche blockchain, transferring all managed tokenized assets worth over 452 billion yen (approximately 2.7 billion USD) from a Corda 5-based permissioned chain to a dedicated Avalanche Layer 1. This migration was announced in February this year and was completed as scheduled, without affecting the normal operations of financial institutions.Progmat stated that the new architecture no longer relies on a single blockchain and can support future multi-chain expansion. All smart contracts have been migrated to the EVM environment, and while maintaining the original functionality, the speed of asset rights transfer processing has increased by 3 to 5 times, with the final confirmation time for transactions reduced to under 2 seconds. Progmat was initially incubated by Japan's largest bank, Mitsubishi UFJ Trust and Banking Corporation (MUFG), and became an independent operation in 2023. It currently has the support of major Japanese financial institutions such as Mizuho Bank, Tokyo Stock Exchange, and SBI, holding a 53% market share in Japan's securities token market and accounting for 64.6% of the total issuance scale of securities tokens, covering most tokenized real estate and corporate bond projects.In addition, Progmat established a working group for the tokenization of Japanese government bonds and on-chain repurchase (Repo) in May this year, collaborating with asset management institutions, banks, and securities companies to research the tokenization of Japanese government bonds and explore application scenarios such as 24/7 trading and T+0 real-time settlement.

Data: Bitcoin treasury company’s market value has evaporated by over 100 billion USD, while the holdings have increased to 1.14 million coins

Analyst Darkfost pointed out that since October 2025, the total market value of global Bitcoin treasury companies has shrunk from $396 billion to $272 billion, evaporating over $100 billion. During the same period, the total amount of Bitcoin held by these companies increased from 953,000 to 1.14 million—this decline in market value is entirely driven by the drop in coin price, rather than selling off.However, it is worth noting that since Bitcoin entered a significantly undervalued range in May of this year, the pace of accumulation has sharply slowed, nearly coming to a standstill. The most intensive buying period for these companies was concentrated between November 2024 and October 2025, with the holdings tripling in less than a year, and the buying price range was approximately $75,000 to $125,000—right in the historical high price range of Bitcoin.The current question is: since these companies have built up significant positions in the top range, will they sell at lower levels? Strategy has recently taken the lead in selling Bitcoin; will this behavior be emulated by other treasury companies, becoming a new source of selling pressure in the market? With the current total holding of 1.14 million coins, if more companies are forced to reduce their positions in a sluggish market to alleviate financial pressure, it could pose additional downside risks to Bitcoin prices.
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