Bitcoin / Crypto Treasury & Store-of-Value Proxies

Strive purchased 2,000 bitcoin for approximately $169 million, nearly six times the 334 bitcoin that Strategy announced buying the previous day, bringing Strive's total holdings to 29,462 bitcoin at an average price of $84,422 per coin. CEO Matt Cole said SETA preferred stock sales accounted for 61.5% of the capital raised, with warrant exercises generating another $56.7 million, and Strive now carries roughly $1.29 billion of SETA preferred stock with about $168 million in annual dividend obligations. Separately, the SEC approved the CBOE's request to list the first US products delivering three times the daily returns of bitcoin and ether, to be operated by Volatility Shares using regulated bitcoin and ether futures rather than the tokens themselves, doubling the previous 2X cap on US crypto funds. The CFTC also floated a new federal framework for leveraged retail crypto trading, proposing a crypto asset market registration category with token listing standards, market surveillance and anti-manipulation rules, proof of reserves for pooled customer assets, capital requirements, segregation of customer assets, risk disclosures, and KYC and anti-money laundering controls, while stating it cannot require crypto to trade on its platforms without Congress. Treasury withdrew a 2020 self-hosted wallet rule and a 2023 crypto mixer reporting rule, citing concerns over a chilling effect on legitimate activity, and Rain filed an application with the OCC to establish Rain National Trust Bank, following similar moves by Modern Treasury as community banks sue the OCC over federal trust charters for crypto companies. Ondo Finance also launched Ondo private markets with tokenized pre-IPO AI exposure, beginning with an unnamed pre-IPO AI business, offering tokenized notes linked to the company's economic performance rather than actual shares.

Strive purchased 2,000 bitcoin for approximately $169 million, nearly six times the 334 bitcoin buy that Strategy announced a day earlier. The company now holds 29,462 bitcoin, putting it within roughly 6,000 bitcoin of Marathon, the next largest holder in the corporate treasury space, and it paid an average of $84,422 per bitcoin this week. According to CEO Matt Cole, sales of the company's Seta preferred stock accounted for 61.5% of the capital raised, while warrant exercises generated another $56.7 million for the purchases. Strive now carries approximately $1.29 billion of Seta preferred stock with about $168 million in annual dividend obligations, and while it remains debt-free, those preferred shareholders are paid ahead of common shareholders at a dividend above 12%.

Nasdaq-listed Solana treasury company DeFi Development Corp. announced that its Solana holdings have reached 2.56 million SOL, with net asset value per share expected to rise by more than 100%. The company added roughly 26,203 SOL since September 28, expanding its holdings of SOL and equivalents to about $302 million, an increase of roughly 11% since its August 12 earnings update. In September the company established a $300 million at-the-market program for its CHAD preferred stock, with proceeds mainly earmarked for SOL purchases. The new CHAD preferred shares paid their first dividend on October 1, at an annual rate of 13% on a $10 par value, equivalent to about $1.30 per share per year. According to CoinGecko's Solana treasury tracker, 23 entities hold a combined 19.61 million SOL, worth about $2.36 billion, with DFDV ranking second behind Forward Industries at 2.49 million SOL. The company's figures as of September 30 are preliminary, and final quarterly results may differ from current estimates.

US-listed Stripe announced on the 5th that it purchased 2,000 BTC of Bitcoin for 169 million dollars, equivalent to about 26.6 billion yen, raising its total holdings to 29,462 BTC. CEO Matt Cole revealed this in a post on X that evening, and according to a special report filed with the US Securities and Exchange Commission on the 5th, the purchase period ran from September 28 to October 2, with an average purchase price of 84,422 dollars per BTC. Of the funds used for the purchase, 61.5% of the amount raised came from the sale of the preferred stock SATA, while 56.7 million dollars was raised through the exercise of stock options, Cole said. In preliminary third-quarter figures, the company bought 8,137 BTC during the quarter at an average of 78,885 dollars, and as of September 30 it held nearly 285 million dollars in cash and cash equivalents. This holding ranks 5th globally, with a gap of 14,538 BTC from second-place Metaplanet and a gap of 818,538 BTC from first-place Strategy, and Stripe continues to buy Bitcoin every week.

Bitmine Immersion Technologies announced on October 5 that its Ethereum holdings reached 6,016,414 ETH. It added 15,112 ETH over the past week, with the purchase amount estimated at about 41 million dollars. The holdings represent 4.9% of Ethereum's total supply of 122.1 million ETH, reaching 99% of its goal of acquiring 5% of the supply, known as the "Alchemy of 5%." Since the strategy began on June 30, 2025, the company has continued buying every week without fail for about 15 months. Combined with 214 BTC, 643 million dollars in cash and securities, and investments positioned as moonshots, total assets held amount to 17.4 billion dollars, and 84% of its ETH holdings are allocated to staking. Chairman Tom Lee said, "Crypto appears to be entering a cycle that looks like a bull market."

Strategy added 334 bitcoin for $28.7 million while spending $176.3 million to buy back its STRC preferred stock, a sum roughly six times larger than its latest bitcoin purchase. The bitcoin purchase was funded with $15.7 million from issuing and selling MSTR shares and $13 million from Strategy's flexible USD cash pool, while the STRC buyback was funded with $154.1 million of its USD cash pile and $22.2 million of interest earned on its dollar holdings. Strategy now holds $4.88 billion in protected USD reserve and $833.4 million of flexible USD cash, and has spent about $64 billion in total on bitcoin at an average cost base of $75,440.70. Separately, a joint venture between OKX and Intercontinental Exchange, the parent of the New York Stock Exchange, has filed to offer 24/7 tokenized US stock trading under the SEC's proposed five-year innovation exemption, with an initial list of 63 stocks including Strategy, Apple, Nvidia, Coinbase, Robinhood and Circle. Trading would run continuously through Uniswap liquidity pools on OKX's X Layer in USDC, USDG and USDT pairs, with assets held in self-custodial wallets and backed one-for-one by actual shares held through a registered broker-dealer. Bloomberg Terminal has also begun carrying Hyperliquid data, and the Independent Community Bankers of America is suing the OCC over national trust bank charters granted to crypto companies. Ethereum Layer 2 network Blast will shut down with an October 26 withdrawal deadline, after assets on the network fell from $2.2 billion to $32 million and its token lost 98% of its launch value, while the IMF approved funds for El Salvador after a waiver for its bitcoin breach.

Strategy purchased 334 bitcoin for $28.7 million while simultaneously buying back $176.3 million worth of MSTR, according to Scott Melker of "The Daily Wolf with Scott Melker." The bitcoin purchase was funded with $15.7 million from issuing and selling MSTR shares and $13 million from Strategy's flexible USD cash pool. The MSTR buyback was funded with $154.1 million of the company's USD cash pile and $22.2 million of interest earned on its dollar holdings, the first time that part of the machine has kicked in. Strategy now holds $4.88 billion in protected USD reserve and $833.4 million in flexible USD cash. The company has spent about $64 billion in total to buy bitcoin, at a cost basis of $75,440.70.

Hyperliquid Strategies, the digital asset treasury trading under the ticker PURR, has defied the broader collapse in DAT share prices, climbing 251% since the start of the year while peers tied to Bitcoin, Ethereum, and Solana posted dismal returns. Launched 10 months ago by Atlas Merchant Capital founding partner David Schamis, who serves as CEO, the company has grown its market capitalization past $3 billion and now holds more than 35 million HYPE tokens, the native token of the Hyperliquid blockchain, worth roughly $3.3 billion. Unlike Strategy and other DATs that passively accumulate tokens, Hyperliquid Strategies runs its own network validator and stakes its 35 million HYPE tokens to earn ongoing fees and token rewards, adding to the crypto backing each share. The company only issues new shares when its multiple to net asset value is 1.1 or higher and buys back shares below that threshold, and it holds a cash cushion of roughly $292 million as a buffer against a severe downturn. In late August, President Trump said at a White House crypto and technology summit that the Commodity Futures Trading Commission was working to create a legal path for Hyperliquid to operate in the United States, briefly sending PURR shares up 30%, though the rollout of spot HYPE ETFs and expanding perpetual futures access will narrow the company's initial monopoly on institutional access.

Strategy's high-profile STRC preferred stock is nearing the critical $100 level, a threshold that may once again open the door to an important line of capital for the Bitcoin treasury juggernaut to grow its cryptocurrency position. The development centers on the preferred instrument tied to the company's Bitcoin accumulation strategy, with the $100 mark serving as the key reference point for whether that capital channel reopens.

Bitcoin rebounded to $86,970 on October 5 after Strategy disclosed it had acquired an additional 334 BTC worth about $24 million. Michael Saylor said on X that Strategy recorded $21 billion in valuation gains on digital assets in the third quarter of 2026, acquired 334 BTC the previous week, and bought back about $176 million worth of STRC shares. As of October 4, the company held 848,000 BTC and about $5.7 billion in dollar-denominated assets. With this purchase, bitcoin buying has continued for a third consecutive week, extending a trend that resumed in late August after a ten-week pause from June 7 to August 23. U.S. spot bitcoin ETFs also recorded total inflows of $3.219 billion over 11 of the past 12 trading days. In prediction markets, Kalshi puts the probability of bitcoin exceeding $100,000 by January 2027 at 38%, while Polymarket sees only a 12% chance of it reaching $100,000 during October.

Strategy founder and chairman Michael Saylor published data on the company's Bitcoin strategy with the concise comment: "More orange than ever." The post, which appeared on the company formerly known as MicroStrategy, signals a potential massive new Bitcoin purchase by the firm. Saylor's terse remark accompanied the release of the company's Bitcoin strategy data, though no specific purchase amount or dollar figure was disclosed in the source material. The comment echoes Saylor's long-running practice of teasing Strategy's Bitcoin acquisitions ahead of official announcements.

Evernorth shares will begin trading on Nasdaq under the ticker XRPN next Thursday, October 8, 2026. The listing introduces a new kind of market participant, one that is not a passive ETF but a fully fledged treasury positioned to work directly with the Ripple and XRP Ledger ecosystem. The development marks a first-of-its-kind structure tied to the XRP ecosystem.

Bitcoin held below $85,000 on Friday after briefly topping $87,000, with a new U.S. Securities and Exchange Commission proposal on crypto custody adding to expectations of broader institutional participation. The cryptocurrency was trading at $84,612.4 as of 21:55 ET, down 0.35% after reaching an intraday high of $87,219, its first move above $87,000 since Sept. 23. The SEC proposed changes to custody rules that would allow investment advisers and funds to directly hold certain digital assets when a qualified third-party custodian is unavailable, subject to safeguards, with the proposal entering a 60-day public comment period following publication in the Federal Register. Bitcoin also drew support from softer U.S. economic data, as September nonfarm payrolls rose 29,000 against expectations of 90,000, prompting declines in Treasury yields and the dollar. The move triggered about $142 million of Bitcoin short liquidations over 24 hours, compared with roughly $29 million in long positions, according to Coinglass data. Separately, Strategy Executive Chairman Michael Saylor detailed how the company finances its Bitcoin-focused business, with its STRC preferred shares carrying a 12% annualized dividend rate and a shareholder vote scheduled for Oct. 28 on a switch to daily dividend accruals, while Supercycle Finance said it plans to raise up to $75 million through a proposed offering, with most proceeds intended for Bitcoin purchases.

US asset manager VanEck has removed from its report the analysis section that rated Metaplanet's executive compensation system as "Bad." Metaplanet CEO Simon Gerovich explained this in a post on X on September 30. VanEck also stated on its publication page that the governance analysis of digital asset treasury companies holding crypto assets did not meet its standards, so it was removed while additional investigation is conducted. In the analysis dated September 18, before the removal, VanEck compared the executive stock compensation systems of 10 major DAT companies and rated only Metaplanet as "Bad," the lowest rating. The subject was the "10th Stock Acquisition Rights," which allowed executives to acquire shares at 10 yen per share; the company abolished this mechanism in August and September and reduced the number of shares involved by about 41 percent. Gerovich explained that the company's history of being "built under founder leadership" has not been sufficiently recognized in recent discussions, and he introduced a letter from independent outside directors dated September 29.

Strategy moved roughly $297M in Bitcoin on Tuesday, sparking questions over whether Michael Saylor's company was selling, but on-chain analysis indicates the transfer was a wallet reshuffle rather than a sale. Lookonchain reported on X that Strategy moved 3.57K Bitcoin, just a day after it bought another 1.67K BTC for $142.7M, taking its holdings to 847.67K BTC. The receiving addresses were identified as part of Fidelity's custody system, suggesting the movement was internal rather than a reduction in Strategy's Bitcoin position. Bitcoin recovered to about $84.5K before settling near $83.9K, while Strategy stock traded around $156.51, down roughly 3% over the week, and BTC liquidations stood at about $68M over 24 hours, split almost evenly between longs and shorts. The transfer appears consistent with Saylor's description of Bitcoin as digital capital, MSTR as digital equity, and STRC as digital credit, rather than an exit from the treasury.

Bitcoin Japan, formerly Hotta Marusho, announced on the 29th that its wholly owned subsidiary BTC JPN Ltd. has completed its first purchase of bitcoin. The acquisition totaled 11.9188 BTC, with the purchase date on the 28th, an acquisition price of 83,857.43 dollars per BTC, and a purchase cost of 999,479.94 dollars, equivalent to about 157.24 million yen at 157.32 yen to the dollar. The company disclosed on the 18th that it would launch a bitcoin treasury business and a bitcoin-related asset management business through the subsidiary, and because it had set the combined purchase cost and trading fees at 1 million dollars as the cap for the initial purchase, this acquisition was carried out within that limit. Separately, it recorded about 85,000 yen, or roughly 540 dollars, as an expense for remittance fees from Japan. The group plans to continue making additional purchases, with the timing, quantity, and amount to be decided within the upper limit of 662 million yen in total investment funds for the business as indicated in the disclosure on the 18th. The impact on consolidated results for the fiscal year ending March 2027 is under review, and the bitcoin held will be marked to market each quarter, with valuation gains and losses recorded in the income statement.

Michael Saylor's Strategy bought 1,665 Bitcoin for $142.7 million last week, raising its holdings to 847,666 BTC. The purchases were made at an average price of $85,681 per coin between Monday and Sunday, according to an 8-K filing with the U.S. Securities and Exchange Commission dated September 28. Strategy has now spent a total of $63.95 billion on the holdings, an average of $75,437 per Bitcoin including fees and expenses. The company funded this purchase with proceeds from selling 1.47 million MSTR shares, raising $246.2 million net, and allocated $142.7 million to Bitcoin, while another $103.5 million went to repurchasing STRC preferred shares. It bought back 1.53 million STRC shares for $151.7 million, with another $48.1 million coming from its U.S. dollar cash holdings. Previously, the company bought 950 BTC for $75.7 million the week before, after pausing purchases for two weeks. Strategy's U.S. dollar cash balance fell to $1 billion from $1.05 billion week over week, and its separately held U.S. dollar reserve, intended to cover preferred stock dividends and debt interest, fell to $5.02 billion from $5.04 billion after paying $22.1 million in dividends.

BitMine Immersion Technologies, chaired by Tom Lee, announced on September 28 that its Ethereum holdings had topped 6 million ETH. Holdings rose by 17,362 ETH from the previous announcement on September 21, reaching 6,001,302 ETH as of September 27. At the time of the announcement, the ETH holdings were worth about 16.1 billion dollars, equivalent to roughly 2.53 trillion yen at 157 yen to the dollar. In addition to ETH, the company holds 213 BTC, cash, listed securities, and strategic investments in companies, and said its total holdings of crypto assets, cash, and other investments reached 17.2 billion dollars. The company launched an ETH-centered treasury strategy on June 30, 2025, with a goal of holding 5 percent of the ETH supply. With ETH supply at about 122.1 million ETH, the company's holdings represent roughly 4.9 percent of that, putting progress toward the 5 percent goal at 98 percent. Of its ETH holdings, 5,067,309 ETH are staked, accounting for about 84 percent of the total. According to Lee, current staking revenue is estimated at about 358 million dollars on an annualized basis, and BitMine's own staking business posted a yield of 2.62 percent annualized over the past seven days. Lee also said a crypto bull market has been underway since late June, noted that institutional investors' allocation to crypto assets remains small, and predicted that institutions will raise their investment ratios through the end of 2026.

Strategy, the world's largest corporate holder of Bitcoin, has resumed buying Bitcoin after a two-week pause, purchasing 950 Bitcoin for $75.7 million at an average price of $79,670 per coin. The purchase brings Strategy's holdings to 846,000 BTC, acquired for roughly $63.8 billion at an average cost of $75,416 per coin. Bitcoin was trading at about $84,523 at the time the news was published. The purchase coincided with a post on X by Michael Saylor, the company's executive chairman, on Saturday, in which he called for a digital rights charter comprising five freedoms: creating new digital assets, issuing assets to the market, holding or choosing a custodian, transferring assets, and using assets. Saylor said these rights should apply to both individuals and companies, and added that digital dollars should be allowed to compete on yield, with banks, fintech companies, and technology platforms offering digital dollars through the devices and applications people already use.

Fidelity's Director of Global Macro is pointing to Bitcoin's power law math as a signal that a new cyclical bull market is underway after the cryptocurrency held the $60,000 level. The director's analysis projects Bitcoin reaching $300,000 by 2029. The call rests on the power law model, which maps Bitcoin's long-term price trajectory against time on a logarithmic scale. The director framed the holding of $60,000 as confirmation that a fresh cyclical advance has begun.