Strategy (MSTR), the largest publicly traded company holding bitcoin (BTC), did not appear to have added to its bitcoin position last week. Executive Chairman Michael Saylor typically takes to X to preview buys each Sunday and then tweets out the details by around 8 am ET on Monday morning. There were no such tweets this week. This ends a six-week run of weekly purchases, dating back to Oct. 6. The Tysons Corner, Virginia-based firm holds 649,870 bitcoin with an average cost basis of $74,433 per coin, a ...

Group 1 - The stock price of Strategy (MSTR.US) has fallen below the market value of its Bitcoin holdings, indicating increasing market caution towards the largest enterprise Bitcoin holder [1] - Strategy's market capitalization dropped to approximately $65.34 billion, below the total value of its 641,692 Bitcoins, which is $66.59 billion, resulting in a "negative premium" phenomenon [1] - This occurrence is rare in Strategy's trading history, as the company typically trades at a premium over its net asset value, reflecting a shift in investor sentiment towards operational risks and potential dilution factors [1] Group 2 - Despite Bitcoin's relatively stable price fluctuations between $100,000 and $105,000, Strategy's stock price has experienced greater volatility, with traders viewing Bitcoin as a more "pure" market exposure [1] - Strategy has recently raised $49.9 million to acquire 487 additional Bitcoins, continuing its long-term holding strategy, but this move has raised concerns about future dilution risks and debt levels [2] - The recent price dip and subsequent rebound of Strategy's stock highlight a subtle change in institutional investor behavior, differentiating between the risks of "Bitcoin as an asset" and "companies holding Bitcoin" [2]

Core Insights - BitMine Immersion Technologies (NYSE: BMNR) has acquired approximately 203,800 ETH in the past week [1] - The company's total holdings in crypto assets and cash amount to $13.4 billion, which includes 3.24 million ETH, 192 BTC, $219 million in cash, and $119 million in Eightco Holdings equity [1] Summary by Category - **Acquisition Activity** - The company has recently purchased around 203,800 ETH [1] - **Total Holdings** - BitMine's total crypto assets and cash holdings are valued at $13.4 billion [1] - This total includes 3.24 million ETH and 192 BTC [1] - Cash holdings are reported at $219 million, alongside $119 million in equity from Eightco Holdings [1]

Core Insights - CEA Industries (BNC) is developing the "world's largest BNB corporate treasury" and currently holds 480,000 BNB, with total assets approximately valued at $663 million [1] - The company positions itself as a public market investment channel for the BNB ecosystem, with CEO David Namdar describing BNB as "the most undervalued blue-chip crypto asset" [1] - BNC's current implied net asset value per share is approximately $14.59, indicating that the stock is trading at a "discount" [1]

Core Insights - Strategy, the largest corporate holder of Bitcoin, paused its Bitcoin accumulation after making $140 million in dividend payments, marking the first halt since July [1] - The company's Bitcoin holdings are valued at nearly $80 billion, coinciding with Bitcoin's price nearing all-time highs [1] - Strategy has issued several types of preferred shares this year, with three offering a 10% annualized percentage yield [2] Financial Performance - Strategy reported a $3.9 billion gain in the fair value of its Bitcoin holdings for the third quarter [3] - The company noted accrued interest on missed dividend payments, totaling $22.4 million and $37.6 million for its STRC and STRD stock, respectively [3] - Strategy's shares increased by 2.8% to $361, with a year-to-date rally of 25% [3] Market Reactions - The prediction market Polymarket showed a significant drop in the odds of a Bitcoin purchase announcement, from over 60% to 1% [6] - Michael Saylor, co-founder and Executive Chairman, indicated the lack of new Bitcoin purchases through social media, referencing a "$9 billion reminder of why we HODL" [5][6] - There was some confusion regarding Saylor's comments, with speculation about unrealized gains in Bitcoin holdings from the second quarter [7]

Core Insights - 21Shares AG has announced a fee reduction for its Core Bitcoin ETP (CBTC) and Core Ethereum ETP (ETHC) to 10 basis points (0.10%), down from 0.21%, effective October 1, 2025, making them among the lowest-cost options for accessing Bitcoin and Ethereum in Europe [1][9] - This fee waiver will last for 12 months, reinforcing 21Shares' commitment to providing cost-effective investment solutions [1][3] Company Positioning - 21Shares has surpassed 50 listed crypto ETPs in Europe, solidifying its status as the issuer with the most diverse range of physically backed crypto investment products [2] - The company has also achieved over $11 billion in assets under management (AUM) globally, indicating strong market presence and investor confidence [2] Product Strategy - The Core series aims to offer investors efficient access to Bitcoin and Ethereum, with the recent fee reduction aligning with the company's mission to enhance access to digital assets through regulated investment vehicles [3][4] - 21Shares' products have maintained tight spreads throughout 2025, ensuring efficient execution for investors alongside reduced fees [3] Leadership Perspective - Mandy Chiu, Head of Financial Product Development at 21Shares, emphasized that the fee reduction makes it easier for European investors to include foundational crypto assets in their portfolios through a regulated ETP structure [4]

Core Insights - Virtune has completed the first rebalancing of the Virtune Coinbase 50 Index ETP, which is listed on multiple European exchanges [1] - The Virtune Coinbase 50 Index ETP tracks the Coinbase 50 Europe Index, serving as a benchmark for digital assets similar to the S&P 500 for traditional markets [5] Product Portfolio - Virtune's product offerings include various ETPs such as Virtune Bitcoin ETP, Virtune Staked Ethereum ETP, and Virtune Crypto Top 10 Index ETP among others [2] Index Allocation - As of August 28th, the index allocation was as follows: Bitcoin 40.66%, Ethereum 33.84%, XRP 10.86%, and others [3] - Post-rebalancing on August 29th, Bitcoin's allocation increased to 50.00%, while Ethereum decreased to 28.86% [3][4] Rebalancing Details - The index is rebalanced quarterly to reflect market changes, adjusting asset weightings based on market capitalization [4] - No changes were made to the crypto assets included in the index during this rebalancing [5] Performance Metrics - The performance of the Virtune Coinbase 50 Index ETP in August was +3.05% [5] Company Overview - Virtune is a regulated Swedish digital asset manager that issues crypto ETPs on European exchanges, focusing on compliance and strategic collaborations [7]

Core Viewpoint - The company, Boyaa Interactive (00434), has made a strategic investment in Bitcoin by purchasing approximately 290 Bitcoins for a total consideration of about HKD 257 million (approximately USD 32.91 million) using its own funds [1] Group 1: Investment Details - The transactions took place between August 5 and August 25, 2025 [1] - Following this purchase, the company now holds a total of approximately 3,670 Bitcoins [1] - The average purchase cost for the Bitcoins is USD 62,878 each [1]

Core Viewpoint - Bitcoin reached a historic high of $124,002.49, driven by expectations of a more accommodative monetary policy from the Federal Reserve and favorable financial reforms announced in the U.S. [1] Group 1 - The price of Bitcoin increased by 0.9% during the Asian morning session, surpassing its previous peak set in July [1] - Analysts attribute the surge in Bitcoin's price to the increasing certainty of interest rate cuts by the Federal Reserve, ongoing institutional buying, and the Trump administration's easing of regulations on cryptocurrency investments [1] - Technical analysis suggests that if Bitcoin effectively breaks through the $125,000 level, it could potentially rise to $150,000 [1]

Core Viewpoint - The company, Zhiyun International (08521.HK), has entered into a subscription agreement to issue a total of 63 million shares at a subscription price of HKD 0.760 per share, representing a discount of approximately 16.48% compared to the closing price of HKD 0.91 on the date of the agreement [1] Financial Summary - The net proceeds from the subscription are expected to be approximately HKD 47.62 million [1] - The company plans to allocate the proceeds as follows: up to 10% for supplementing the group's working capital and 90% or more for establishing a cryptocurrency inventory, particularly in Bitcoin and related instruments [1]