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  • Strive, Inc. Funds Bitcoin Acquisitions Through Perpetual Preferred Stock Issuance

    Strive, Inc. Funds Bitcoin Acquisitions Through Perpetual Preferred Stock Issuance

    Strive, Inc. has developed a novel strategy to acquire Bitcoin by issuing shares of its perpetual preferred stock, SATA, without resorting to traditional debt or significant shareholder dilution. This method leverages the stock’s trading performance to directly fund Bitcoin purchases, as demonstrated by recent transactions between August 31 and September 11, 2026.

    SATA Mechanism and Recent Purchases

    Launched in November 2025, Strive’s Variable Rate Series A Perpetual Preferred Stock (SATA) has a par value of $100 and pays a variable annualized dividend of approximately 13%. The company’s strategy involves activating an at-the-market program to issue new SATA shares whenever the stock trades at or above its par value. The proceeds from these sales are then directly allocated to purchasing Bitcoin.

    During the period of August 31 to September 4, 2026, Strive purchased 1,375 Bitcoin for approximately $109 million. A significant portion of this capital, about 70% or $92 million, was generated through SATA share sales. This purchase, averaging around $79,281 per Bitcoin, increased Strive’s total Bitcoin holdings to 24,531 BTC. Subsequently, from September 8 to September 11, 2026, Strive acquired an additional 469 Bitcoin for $36.6 million, with this purchase being entirely funded by SATA. Following this transaction, Strive’s total Bitcoin holdings reached 25,000 BTC. The notional value of SATA has surpassed $1.04 billion.

    Advantages Over Traditional Treasury Methods

    This approach offers a distinct alternative to the Bitcoin treasury strategies popularized by companies like MicroStrategy, which have historically relied on convertible debt and equity raises. Perpetual preferred equity, unlike traditional debt, does not have a principal repayment deadline or covenants that are triggered by significant price drops in an underlying asset like Bitcoin. While a dividend obligation exists, it does not present the same existential risk as debt maturities can create.

    Sustainability and Uncertainties

    Strive’s target trading band for SATA is between $99 and $101 per share. As long as the stock remains within this range, the mechanism is designed to be self-sustaining, enabling continuous Bitcoin acquisition. High trading volumes observed in the first half of September 2026 indicated that the SATA instrument can absorb substantial capital inflows, sufficient to fund weekly Bitcoin purchases in the hundreds of BTC.

    CEO Matt Cole has highlighted the company’s ‘amplification ratio,’ which measures the Bitcoin net asset value controlled relative to the preferred equity issued. This metric likely quantifies the efficiency of their preferred equity issuance in acquiring Bitcoin assets. However, uncertainties remain regarding the long-term sustainability of the SATA trading band and its consistent ability to fund Bitcoin purchases, as well as the precise variable dividend rate.

    Strive held Bitcoin in the low thousands when it completed its merger in January 2026, indicating substantial growth in its digital asset holdings over the past year, largely facilitated by its innovative SATA funding mechanism.

    Why This Matters

    The materials describe a narrow update: Strive, Inc. The long-term sustainability of the SATA trading band and its ability to consistently fund Bitcoin purchases.

    Broader Context

    Source materials place the factual news in this context: Strive, Inc. has figured out a way to buy Bitcoin without taking on debt, without heavily diluting shareholders, and without touching a convertible note.

  • US Prosecutors Seek $84.2 Million from Tether-Linked Bank

    US Prosecutors Seek $84.2 Million from Tether-Linked Bank

    DOJ Seeks to Seize $84 Million Linked to Tether Payments

    The U.S. Department of Justice is seeking to seize $84.2 million that allegedly flowed through accounts used for processing payments for Tether, the cryptocurrency issuer.

    Unlicensed Money Transmitter Targeted

    The funds are tied to Capstone Ltd., a Montana-based payments firm that operated as an unlicensed money transmitter in at least six states, according to a civil forfeiture complaint filed on July 15 in the Eastern District of California. The complaint, before Judge Dale A. Drozd, alleges that Capstone misrepresented itself to banks as an ordinary IT services company.

    Owners Named, Company Denies Wrongdoing

    Capstone’s owners, identified as Kotaro Shimogori and Mary Jeanne Thompson, are named in the complaint. The FBI executed a search warrant at a Sacramento residence in connection with the case. Their attorney told the Financial Times that the company “denies any wrongdoing” and hopes to “resolve this matter quickly.”

    Breakdown of Seized Funds

    Of the $84.2 million targeted for forfeiture, $79.11 million originated from a Wells Fargo Securities account in Capstone’s name on September 14. Civil forfeiture allows the government to seize assets linked to alleged criminal activity without requiring a criminal conviction of the owner.

    Additional funds include $2.06 million held at JPMorgan Chase, $1.86 million in a separate Wells Fargo account, and just over $1.1 million split between two wallets holding USDT, Tether’s stablecoin designed to maintain a one-dollar peg.

    Digital Bank Faces Liquidation Risk

    Behind Capstone is EQIBank, a digital bank licensed in Dominica. Prosecutors claim EQIBank directed how Capstone moved the money. EQIBank has previously warned that the loss of these funds, representing approximately 80% of its total holdings, could lead to its liquidation.

    Tether’s Limited Exposure

    Tether confirmed that EQIBank handled its USDT purchase and redemption transfers. However, in a statement to Reuters, Tether insisted it had “no knowledge of the conduct by Capstone alleged by the Department of Justice.” A spokesperson stated that the total exposure was less than 0.034% of group assets, a minimal share compared to Tether’s reported $187.75 billion in assets at the close of the second quarter.

    Past Scrutiny for Tether and Bitfinex

    This is not the first instance of Tether and its sister company, Bitfinex, facing scrutiny from prosecutors regarding their financial operations. In 2021, both companies reached a settlement with the New York Attorney General after admitting that USDT was not always backed dollar-for-dollar as advertised. They paid an $18.5 million fine and agreed to cease trading in New York.

    Innocent Owner Defense Filed

    Capstone and EQIBank have filed an innocent owner defense regarding the seized funds. Under Supplemental Rule G, which governs forfeiture cases, claimants have 21 days to respond to the government’s complaint after a formal claim is filed with the court.

  • HIFI Secures $37M Series A for Tokenized Money Settlement

    HIFI Secures $37M Series A for Tokenized Money Settlement

    HIFI Secures $37 Million Series A to Bolster Tokenized Finance Infrastructure

    HIFI, a New York-based company specializing in stablecoin infrastructure, has announced the successful closure of a $37 million Series A funding round. The investment, led by Left Lane Capital, is earmarked for expanding the company’s regulatory licenses, developing card services, and enhancing its capital markets offerings.

    Matthew Miller, Managing Partner at Left Lane Capital, will join HIFI’s board of directors. The company stated that its platform currently facilitates over $7 billion in annual transactions, with a more than fourfold increase in usage among existing clients over the past six months.

    Companies leveraging HIFI’s technology have onboarded over 10,000 businesses and 200,000 individuals, with payouts extending to 87 countries. Notable clients include Sumitomo, which is rebuilding its cash management and trading operations on the platform; Dapper, developing digital marketplaces; and Arival Bank, utilizing HIFI for stablecoin payments.

    A filing with the Securities and Exchange Commission (SEC) on September 3 by HIFI Bridge, Inc. detailed a $27.3 million equity offering, of which $21.8 million has been sold to 24 investors since August 19.

    This funding follows HIFI’s participation in the Depository Trust & Clearing Corporation’s (DTCC) July tokenized securities trades. DTCC conducted production trades involving tokenized DTC-held securities on July 15, involving over 30 firms, including BlackRock, Goldman Sachs, J.P. Morgan, and Nasdaq. These trades covered collateral pledges, securities lending, and Treasury and repo settlements, preceding DTCC’s planned October launch of its tokenization service.

    HIFI confirmed its involvement in the tokenized repo pilot and its support for a live tokenized repo trade on Tradeweb between DRW and Marex. This trade was settled on Canton using USDCx as the cash leg. Earlier this month, HIFI launched stablecoin push-to-card payouts via Visa Direct, initially enabling payments to over 4 billion Visa cards globally, and has also integrated with the Circle Payments Network.

    Visa and DTCC are among the founding validators of Circle’s Arc blockchain, alongside BlackRock, Mastercard, and Standard Chartered.

    “We view settlement as a single, unified problem, not three distinct ones,” stated Zach Walsh, CEO of HIFI.

    The Series A funding will be allocated to acquiring additional regulatory licenses, enabling HIFI to manage more of its technology stack directly. It will also support the expansion of its team in New York and internationally, and facilitate the extension of its services from payments into card and capital markets, areas where Walsh identified custody and control as persistent challenges.

    The landscape for payment stablecoins is evolving, with a federal framework anticipated under the GENIUS Act in July 2025. The current stablecoin supply is estimated to be around $307 billion, according to Blockworks.

    On the securities front, the SEC issued an Innovation Exemption on September 17, permitting permissioned venues to trade tokenized U.S. stocks on-chain.

    “HIFI is constructing a crucial layer within this market, providing developers with the infrastructure to build products capable of operating across diverse networks and borders,” Miller commented.

  • Nscale Secures $3.36B Pre-IPO Amid AI Infrastructure Boom

    Nscale Secures $3.36B Pre-IPO Amid AI Infrastructure Boom

    Nscale Secures $3.36 Billion in Pre-IPO Financing, Nvidia Commits $1 Billion

    Nscale, a rapidly expanding AI infrastructure company based in London, has announced a substantial $3.36 billion in pre-IPO financing. The significant funding round, led by hedge fund Third Point, includes a $1 billion commitment from chip giant Nvidia, signaling strong endorsement from the technology sector.

    NYSE Listing on the Horizon

    The company has filed its S-1 registration statement with the U.S. Securities and Exchange Commission, paving the way for a listing on the New York Stock Exchange under the ticker symbol NSCL. This move marks a remarkable transformation for Nscale, which was involved in Bitcoin mining just two years ago.

    Financing Structure and Valuation

    The financing is structured in two parts. An initial tranche of $2.36 billion is slated to convert into ordinary shares upon the completion of Nscale’s initial public offering. Nvidia’s $1 billion investment is expected to be finalized by mid-November, with the chipmaker receiving non-voting shares as part of the agreement.

    The conversion price for these pre-IPO investments will be set at a double-digit discount to the eventual IPO price, with a valuation cap of $30 billion. This cap suggests investors are anticipating a significant increase in valuation, as Nscale was valued at $14.6 billion following its $2 billion Series C funding round in March 2026, a mere six months prior.

    Robust Business Metrics

    Nscale reports a total contracted value exceeding $103 billion across its operations. The company also boasts a power pipeline of over 10 gigawatts, distributed across 14 regions globally.

    Strategic Pivot from Crypto Mining

    Nscale’s evolution is a compelling case study in strategic adaptation. Founded in May 2024 by Josh Payne, the company originated as an extension of a cryptocurrency mining operation. Payne identified the significant overlap between the GPU infrastructure and energy procurement expertise required for Bitcoin mining and the burgeoning demands of the artificial intelligence sector.

    The company previously raised $1.1 billion in a Series B round in 2025, which was at the time the largest venture funding round in European history. This was followed by the $2 billion Series C in early 2026, which more than tripled its valuation to $14.6 billion.

    Strategic Partnerships with Tech Giants

    Nvidia’s involvement extends beyond financial investment. Nscale has forged strategic partnerships with both Nvidia and Microsoft, focusing on GPU cloud services and sustainable power solutions for data centers. This dual role as a supplier and investor for Nvidia creates a powerful synergy, aligning Nvidia’s interest in expanding the deployment of its chips with Nscale’s need for preferential access to cutting-edge hardware.

  • SEC Staff Guidance Offers Nuance on Crypto Activities Under Securities Laws, Stresses Non-Binding Nature

    SEC Staff Guidance Offers Nuance on Crypto Activities Under Securities Laws, Stresses Non-Binding Nature

    SEC staff on Thursday issued guidance offering clarifications on how certain cryptocurrency activities, including token buybacks, staking receipt tokens, and ongoing blockchain development, may be treated under federal securities laws. Published by the SEC’s Division of Corporation Finance, the guidance builds upon the Commission’s March interpretation but importantly, does not carry the force of law and has not been approved or disapproved by the Commission.

    Guidance on Token Buybacks and Network Functionality

    SEC staff indicated that the analysis for token buybacks can differ based on whether a crypto network is functional. Staff said that when a crypto network is already functional, announcing a buyback of a non-security crypto asset would not by itself amount to a promise to perform essential managerial efforts under the Howey test. However, when a network is not yet functional, a buyback could contribute to an investment contract if it is presented as generating yield or returns for token holders.

    Staking Receipt Tokens: Digital Tools or Commodities

    The guidance also addresses staking receipt tokens. Staff indicated that a staking receipt token representing a digital commodity that is not subject to an investment contract can be treated as a ‘digital tool’ because it serves as a receipt for the underlying asset. In some cases, a staking receipt token issued by a protocol-based liquid staking provider may instead be classified as a digital commodity when its value is tied to the operation of a functional crypto system and market supply and demand.

    Developer and Market Operator Activities

    Furthermore, SEC staff clarified that promoting a network’s current utility or capabilities would generally not, on its own, amount to a promise of essential managerial efforts. Aspirational statements about future features may also fall outside this analysis when they do not promote potential profits. Developers can continue maintaining, securing, and improving a functional network without those activities necessarily constituting essential managerial efforts under the Howey test. Similarly, operating a secondary market for a crypto asset does not automatically make a trading platform a promoter, though a trading platform would still have to meet the definition of a promoter under Securities Act Rule 405.

    Limitations and Context

    This guidance provides a degree of clarity for market participants navigating the complexities of federal securities laws in the context of evolving crypto activities. However, it is crucial to note that the interpretations offered are from SEC staff and are not binding legal rules. The analysis of specific crypto activities will continue to depend on their unique facts and circumstances.

    Why This Matters

    The materials describe a narrow update: SEC staff provided clarification through FAQs on how certain crypto activities, including token buybacks and staking receipt tokens, are viewed under federal securities laws, particularly in relation to the Howey test. The analysis for buybacks can differ when a network is not yet functional.

    Broader Context

    Source materials place the factual news in this context: The FAQs, published by the SEC’s Division of Corporation Finance, build on the Commission’s March interpretation.

  • CZ: Bitcoin Price Not My Doing; Crypto Market Far from Saturated

    CZ: Bitcoin Price Not My Doing; Crypto Market Far from Saturated

    Zhao Denies Influence on Bitcoin Rally, Cites Market Self-Correction

    Binance founder Changpeng Zhao has dismissed claims that his social media activity directly influences cryptocurrency markets, even when the timing of his posts appears to align with significant price movements.

    Zhao addressed speculation that a tweet he posted on August 19th preceded a 20% surge in Bitcoin prices, which occurred just hours before a speech on cryptocurrency by former President Donald Trump. “The short answer is no. I do not have the power to do that,” Zhao stated. He explained that he routinely posts bullish content five to ten times daily and had no prior knowledge of Trump’s planned remarks. “If I had known, I would not have made that tweet,” he added.

    Zhao elaborated that the tweet in question was inspired by a quote about taking immediate action to foster a better future, which he adapted into commentary relevant to the crypto space while traveling. He attributed the timing to coincidence rather than insider information. “If you tweet bullish five times a day, one of the times it will be five hours before positive news,” he reasoned. “Well, for sure no one is complaining today.”

    Regarding the potential for market saturation in the cryptocurrency sector, Zhao pointed to global adoption rates, which he indicated remain below 1% worldwide. This suggests, in his view, that substantial room for future growth still exists.

    Retail Investors and Market Promotion

    When questioned about the ability of retail investors to compete against projects that employ paid market makers, key opinion leaders (KOLs), launchpads, and exchanges for promotional purposes, Zhao expressed an affirmative stance. However, he conceded that the line between honest marketing and outright deception can be blurred. “Between false and truth, it’s not always black and white,” he remarked, noting that projects can engage in overhyping or utilize deliberately ambiguous language without crossing into outright falsehoods.

    Zhao outlined a multi-faceted approach to safeguarding retail investors. This includes encouraging founders to operate responsibly, educating users to assess projects based on their fundamental value rather than speculative hype, and implementing regulatory disclosure requirements akin to those standard in traditional stock markets. He observed that such comprehensive frameworks are still largely underdeveloped across most cryptocurrency markets.

    Ultimately, Zhao posited that the market possesses an inherent capacity for self-correction. “Any new industry will have some guys who can overhype, who can over-market, and they will get a short-term benefit at the expense of users,” he said. “But in the long run, those projects will not last. The long-lasting platforms will be the ones built sustainably and solidly.”

  • Bitcoin Surges Toward $96.7K on ETF Demand

    Bitcoin Surges Toward $96.7K on ETF Demand

    Bitcoin Price Surpasses Key Cost Bases Amidst Strong Market Signals

    Bitcoin has broken through the cost-basis levels that previously hindered its recovery earlier this year, buoyed by robust ETF demand, increased spot trading volume, and a notable absence of aggressive profit-taking. These factors have collectively improved the market’s outlook.

    Options Expiry and Next Resistance Level

    Following the conclusion of a significant quarterly options expiry event, the next major on-chain resistance for Bitcoin is now projected to be around the $96,700 mark. This development comes as the cryptocurrency navigates a dynamic market environment.

  • Traditional Finance and Crypto Markets Converge as Stablecoins and Tokenized Assets Drive Overlap

    Traditional Finance and Crypto Markets Converge as Stablecoins and Tokenized Assets Drive Overlap

    The financial landscape is undergoing a significant transformation as traditional finance entities and cryptocurrency companies increasingly vie for dominance in overlapping markets, fueled by the growing prominence of stablecoins and tokenized assets. This convergence is reshaping how payments and traditional assets are managed, prompting strategic moves from major players across both sectors.

    Strategic Investments and Partnerships

    Binance, a leading cryptocurrency exchange, has invested $100 million in Circle, a prominent stablecoin issuer. This investment is part of a broader five-year agreement designed to expand the adoption of USD Coin (USDC). As part of the transaction on September 17, Circle issued Binance 1,237,011 shares of Class A common stock at $80.84 per share in a private placement. Binance retains voting rights on these shares, though a lockup period is in effect for up to two years.

    Canadian Banks Explore Tokenized Deposits

    In Canada, the nation’s six largest banks are actively exploring the use of tokenized Canadian dollar deposits. This initiative aims to establish a new payment rail for digital representations of bank deposits to facilitate interbank transfers. The project gained traction following a September 10 clarification from Canada’s Office of the Superintendent of Financial Institutions, which stated that tokenized deposits are not legally distinct from traditional deposits. This clarification is crucial, as it means the underlying legal treatment remains consistent regardless of the technology used, differentiating them from fiat-backed stablecoins which are liabilities of their issuers.

    Stablecoin Growth and Utility

    Cross-border stablecoin flows have demonstrated substantial growth, surging nearly 78% to $220.3 billion in the year through June. This increase occurred even as the broader cryptocurrency market capitalization fell by 37% to $2.1 trillion during the same period. According to Chainalysis, approximately 4,708 new cross-border stablecoin corridors emerged, carrying $2.64 billion, although the largest corridors still accounted for the vast majority of the total value. Much of this growth, characterized by transfers averaging around $3,000, suggests utility beyond speculation, potentially serving trade, remittances, and savings purposes. Tether economist Philip Gradwell noted this activity exhibits a “steady rhythm” typical of business use, while StraitsX CEO Tianwei Liu pointed to demand for dollar access, inflation protection, and methods to navigate capital controls, particularly outside Asia.

    Bridging Traditional Assets and Crypto

    Further bridging the gap between traditional assets and the crypto ecosystem, the New York Stock Exchange (NYSE) is partnering with Blockchain.com. This collaboration aims to bring tokenized U.S. stocks and exchange-traded funds (ETFs) on-chain through a planned alternative trading system, which is subject to regulatory approval. The agreement also includes a market-data partnership between Blockchain.com and ICE Data Services, the data arm of NYSE’s parent company, Intercontinental Exchange. This move is seen as an effort to capture retail trading activity, potentially enabling 24-hour and weekend trading for tokenized markets. Talos’ Tanay Ved commented that crypto venues are increasingly evolving into multi-asset platforms.

    Regulatory Developments

    Regulatory developments are also shaping this evolving landscape. The U.S. enacted the GENIUS Act in July 2025, while the European Union’s Markets in Crypto-Assets (MiCA) framework and Hong Kong’s licensing regime have brought stablecoins under more formal oversight. The U.S. Securities and Exchange Commission has also introduced a five-year Innovation Exemption for certain tokenized securities venues, requiring eligible tokenized stocks to represent actual shares with the same economic and governance rights as their traditional counterparts.

    While these developments signal a significant convergence, uncertainties remain regarding the full implementation timeline for the NYSE and Blockchain.com’s tokenized ATS, and the potential for broader adoption of tokenized deposits in Canada. The evolving nature of these markets suggests a future where the lines between traditional finance and cryptocurrency continue to blur.

    Why This Matters

    The materials describe a narrow update: The lines between cryptocurrency companies and traditional finance are blurring as both sectors vie for dominance in markets like payments and traditional assets. The exact timeline for the full implementation and regulatory approval of the Blockchain.com and NYSE tokenized ATS.

    Broader Context

    Source materials place the factual news in this context: Crypto Biz is your weekly pulse on the business behind blockchain and crypto, delivered directly to your inbox every Thursday.

  • Altcoins Surge as Bitcoin Dominance Wanes Post-$87K Rejection

    Altcoins Surge as Bitcoin Dominance Wanes Post-$87K Rejection

    Crypto Markets Navigate Volatility as Altcoins Outshine Bitcoin

    The cryptocurrency markets experienced a dynamic and largely unexpected week, particularly in the wake of recent setbacks. Just ten days prior, Bitcoin (BTC) had managed to breach the $80,000 mark despite the US Senate’s failure to pass the CLARITY Act and a subsequent interest rate hike by the Federal Reserve. Following these developments, the digital asset had dipped to $75,000, only to rebound swiftly and reclaim the crucial $80,000 level by Friday afternoon, where it has remained since.

    Bitcoin’s Rally and Subsequent Rejection

    Despite facing headwinds from negative macroeconomic news and geopolitical tensions on two major war fronts, which had previously capped its ascent at $82,000 over the preceding weekend, Bitcoin launched into one of its most significant rallies of the year at the start of the current business week. The cryptocurrency defended its $80,000 support level, with bulls driving its price up by $7,000 in less than 24 hours. This surge propelled BTC to over $87,000 for the first time since late January, fueled by substantial inflows into Bitcoin Exchange-Traded Funds (ETFs).

    However, the momentum proved short-lived. Bitcoin pulled back to $85,000 almost immediately, and while bulls initiated another upward move to $87,300, the price was again rejected. Since then, BTC has struggled to regain its upward trajectory. It dipped below $83,000 on Thursday before finding support and bouncing back to $85,000 earlier today. As of press time, bears have reasserted pressure, pushing the price down to $83,500. Despite this pullback, the largest cryptocurrency remains up 5% for the week, though its performance has lagged behind many altcoins.

    Altcoins Take Center Stage

    The week’s clear winners were led by BTW, which saw a remarkable 73% surge. Other notable performers included ENA (52%), NEAR (45%), ONDO (40%), SUI (39%), BCH (32%), and AVAX (29%). Among the larger altcoins, XRP, LINK, and ADA stood out with gains of 17%-18%. This broad altcoin strength has significantly impacted Bitcoin’s dominance metric, which has fallen by approximately 2% over the week.

    Cryptocurrency Market Overview Weekly September 25

    • Market Cap: $3 trillion
    • 24H Vol: $113 billion
    • BTC Dominance: 56.5%
    • BTC: $83,500 (+5%)
    • ETH: $2,685 (+5.9%)
    • XRP: $1.57 (+17%)

    Altcoin Season Signals Emerge

    The shift in market dynamics has led to the signal of an “altcoin season,” with the crypto rally now extending beyond Bitcoin. Glassnode’s Altcoin Cycle Signal has flipped from a Bitcoin-dominated phase to one favoring altcoins, a departure from the trend observed during the August rally.

    Bitcoin’s Divergence from Traditional Assets

    Bitcoin’s relationship with major asset classes such as US equities and gold has weakened, as these markets have largely failed to mirror the cryptocurrency’s recent resurgence. This divergence suggests a changing correlation for BTC.

    Zcash Soars on European ETP Debut

    The privacy-focused cryptocurrency Zcash (ZEC) continued its impressive ascent, surpassing $1,600 for the first time in a decade. This latest surge followed the launch of Europe’s first ZEC Exchange Traded Product (ETP) by 21Shares.

    Bitget Reports Major Hot Wallet Breach

    The week was marked by a significant security incident, with cryptocurrency exchange Bitget reporting a breach of its hot wallet that resulted in the loss of over $350 million in various digital assets. The exchange assured users that all losses would be covered by its User Protection Fund, ensuring customer balances remain unaffected.

    Ondo Finance Launches BlackRock-Backed Portfolios

    Ondo Finance has introduced three new on-chain portfolio products, developed in collaboration with BlackRock strategies. These offerings aim to bridge traditional portfolio management with blockchain technology, a development that may have contributed to the strong performance of Ondo’s native token this past week.

    Strive Asset Management Resumes Bitcoin Accumulation

    Strive Asset Management, a significant corporate holder of Bitcoin, has resumed its purchasing activity after a three-week pause. The firm acquired an additional 950 BTC for $75.7 million. In a separate, more substantial purchase, Strive also acquired 1,355 BTC for $107.7 million this week.

  • Bitcoin Rally Cools Amid $15.6 Billion Options Expiry; XRP, Solana Surge

    Bitcoin Rally Cools Amid $15.6 Billion Options Expiry; XRP, Solana Surge

    Bitcoin experienced a slight pullback on Friday, trading around $83,600, a dip of approximately 1% from its previous close, as the week’s rally paused. This decline follows an intraday peak near $87,000, a level not seen in months, after the cryptocurrency broke through the $75,000 to $81,000 range that had constrained it for weeks.

    However, chart-watching traders remain unperturbed by this movement. Bitcoin’s daily technical indicators still signal a bullish outlook, with the 50-day moving average positioned above the 200-day, a configuration known as a golden cross.

    A portion of Friday’s price softness can be attributed to a mechanical factor. The expiration of $15.6 billion in Bitcoin options on Deribit often prompts dealers to unwind their hedges once this activity concludes. This routine event can cause price fluctuations without necessarily disrupting the underlying trend.

    This explanation aligns with a notable decrease in both open interest and 24-hour trading volume, which fell by 14.39% and 13.68%, respectively. Liquidations were also relatively balanced, with $161.96 million in long positions offset by $156.1 million in shorts over the past 24 hours, suggesting a recalibration of leverage rather than a significant one-sided sell-off.

    Broader macroeconomic factors continue to play a role. While the Federal Reserve raised rates by 25 basis points to a range of 3.75% to 4% on September 16, its first increase since 2023, it simultaneously continued to purchase short-term Treasury bills to maintain ample bank reserves. This dual approach softened the hawkish perception and supported risk assets.

    However, this period of relief proved short-lived. Federal Reserve Chair Kevin Warsh’s post-meeting dot plot indicated a median rate projection of just 4.1% through the end of 2027, suggesting only one additional rate hike was likely. Fed Governor Michael Barr’s statement on September 23, noting that “further policy adjustments are likely needed,” coincided with a report revealing core PCE inflation at 3.4%, nearing a four-year high.

    Consequently, the probability of an October rate hike has increased, standing at approximately 75% according to the CME’s FedWatch tool and 68.5% on Myriad Markets, a significant shift from the sentiment immediately following the September meeting.

    In parallel, spot Bitcoin ETFs attracted another $299.09 million on Friday. While this figure is lower than the daily inflows recorded earlier in the week, it indicates a cooling of the initial buying surge rather than an acceleration.

    The total cryptocurrency market capitalization currently stands at $2.87 trillion, down from the over $3 trillion mark reached earlier this week. The Fear and Greed Index has receded to 72 from a peak of 79, remaining firmly in “greed” territory but with a less euphoric sentiment.

    Most of the top 10 cryptocurrencies have followed Bitcoin’s downward trend over the past 24 hours. Ethereum is trading relatively flat, BNB has declined by 0.81%, and Tron and Hyperliquid are both in negative territory. XRP and Solana have emerged as exceptions.

    XRP has seen a notable increase, up 4.37% on the day and 15.45% over the week, trading near $1.58 with a market capitalization of $99 billion. XRP ETFs experienced a nine-day inflow streak totaling $1.6 billion in late August, and these inflows have persisted, suggesting growing institutional interest in the token.

    Solana is up 3.36% for the day and 9.33% over seven days, changing hands at around $119.84 with a market capitalization of $70 billion. The network’s Alpenglow upgrade, designed to reduce transaction finality to approximately 150 milliseconds, has already received overwhelming support in a validator governance vote, although its mainnet activation date remains tentative. Meanwhile, spot Solana ETFs from Fidelity, Grayscale, and VanEck, which launched in November 2025, continue to attract inflows as the upgrade narrative gains traction.

    The next significant test for Bitcoin is approaching rapidly. September’s Personal Consumption Expenditures inflation data is scheduled for release on September 30, followed by the September jobs report on October 2. Both of these economic indicators have the potential to reshape interest rate expectations heading into the fourth quarter.