Anson Funds Co-Founder Moez Kassam Has Put $1 Billion Into Bitcoin (BTC) Treasury Companies

Kassam's Case for a Permanent Asset

If Moez Kassam is right about where Bitcoin (BTC) is heading, the days of treating the asset as a passing speculative trade are already behind it. The Anson Funds co-founder and investment director argued on Anthony Pompliano's podcast that institutional Bitcoin adoption has changed the cryptocurrency's future in a fundamental way, and that the shift is only beginning. His remarks land at a moment when debate over the Bitcoin (BTC) price continues and the coin's rebound to a weekly high near $85K in October has put institutional demand back in focus. Pompliano's show has become a recurring stop for fund managers laying out their crypto theses, and Kassam used the appearance to explain how his own stance moved from opportunistic to conviction.

Kassam described that evolution plainly. He first evaluated Bitcoin purely through the lens of investment opportunities and corporate deals, he said, but came over time to believe in the asset's underlying worth. “Earlier, I was interested only in investment deals. Today, I believe Bitcoin (BTC) has a unique value of its own and is permanent,” he said. That conviction, he suggested, grew out of watching the asset survive punishing cycles without losing its buyer base. In his account, this growing permanence is what lets large institutions build products around it at all. He contrasted the token's past reputation, when it was tied to anonymity and the underground economy, with the present, where it sits inside an investment ecosystem that includes major financial institutions and the ETF wrappers they offer clients. The market, he added, has absorbed sharp price swings and full cycles for years, yet a core of holders committed to the classic HODL approach kept supporting the asset through every drawdown. That base, in his reading, is what separates this phase from the ones before it.

Anson's $1 Billion Treasury Push

Kassam also detailed how Anson Funds acts on that view. Over the past 18 months, the firm has provided $1 billion of capital to companies that hold Bitcoin (BTC) on their balance sheets, routed through structures that range from plain equities to convertible financing instruments, meaning vehicles that start as debt-like claims and can convert into equity later. Anson manages roughly $2.5 billion to $3 billion in assets, so the deployment represents a substantial slice of the firm's book. The scale matters because it ties the fund's returns to the health of the corporate Bitcoin balance-sheet sector rather than to any single position. His enthusiasm has limits, though. Kassam does not view every Bitcoin treasury company favorably: the corporate accumulation model that Strategy popularized, which many now frame as a corporate version of a strategic Bitcoin reserve, loses its edge as more companies copy it. The field, in his telling, has grown crowded enough to shrink the opportunity set for everyone who arrives now. Firms that accumulated before the playbook became a template captured most of the structural benefit, he argued, while many later arrivals are chasing quick gains, a dynamic that creates risk for the investors who buy into them. Where he does see opportunity is in the preferred shares of Strive, a Bitcoin-focused investment company. Those instruments offer roughly a 15% return rate, and institutional buyers can purchase them at discounted prices, capturing the difference between the discounted purchase and the stated payout. He framed the trade as terms-driven: the buyer locks the return into the purchase price, then collects the stated payout. On forward expectations, Kassam noted that some investors' financial models project a 30% to 50% rise for Bitcoin over the coming year, though he was careful not to present those figures as his own price target.

Yields Before Spot Direction

The load-bearing figure here is not the 30% to 50% forecast but the $1 billion. It shows Bitcoin treasury financing has turned into a capital-markets business where returns come from structuring, convertibles and discounted preferred stock, rather than from spot direction alone; the roughly 15% return Kassam cites on Strive's preferred shares is a claim about deal terms, not about price. Our own coverage points the same way: we recently tracked short-term crypto whale profit falling 53% to $4.6 billion, a reminder that directional bets dominate the tape while the financing layer compounds quietly. If institutional adoption keeps expanding, the gap between early and late treasury entrants will matter more than aggregate inflows. If it stalls, the instruments Anson backs still carry their stated terms.