FTX has announced the next milestone in its bankruptcy repayment process. The exchange will initiate its upcoming distribution round on September 30, 2025, with August 15 set as the official record date.
The payout will include Class 5 Customer Entitlement Claims, Class 6 General Unsecured Claims, and newly allowed Convenience Claims that have not yet received funds.
FTX Announces Next Repayment Date
This follows a court-approved move to reduce the disputed claims reserve by $1.9 billion, unlocking more capital for immediate distribution.
Like previous repayments, FTX confirmed that BitGo, Kraken, and Payoneer will facilitate the payments. To receive their funds, creditors must complete KYC, submit tax forms, and onboard with one of the approved providers.
Made a quick video about the FTX hearing about the restricted jurisdictions motion
49 Countries are impacted $470m FTX Claims 90 Objection letters were received pic.twitter.com/6xOXjP7iQw
— Sunil (FTX Creditor Champion) (@sunil_trades) July 23, 2025
Recap of FTX’s 2025 Repayments So Far
FTX began repayments earlier this year, aiming to return over $14.5 billion to creditors.
On February 18, FTX issued its first payout to Convenience Class claimants (claims under $50,000). These creditors received 100% of their original claim plus ~9% interest, calculated from the bankruptcy filing date.
On May 30, the exchange launched its second round, distributing over $5 billion across multiple claim classes.
The September 30 distribution will deliver funds to creditors who have resolved disputes and cleared legal or procedural hurdles.
FTX has emphasized that only approved and registered claims will be eligible. Claims that have been transferred must meet strict criteria and appear on the official register before the August 15 cutoff.
Welcome to the Asia Pacific Morning Brief—your essential digest of overnight crypto developments shaping regional markets and global sentiment. Grab a green tea and watch this space.
Tesla’s quarterly decline contrasts with gains in its bitcoin treasury, while a Japanese firm, Quantum Solutions, targets a $367M acquisition of BTC. Korean infrastructure leader DSRV secures funding, and Tron Inc. prepares Nasdaq ceremony, signaling institutional crypto adoption momentum.
Tesla Reports Steep Revenue Decline Despite Bitcoin Holdings Boost
Tesla faces mounting challenges as second-quarter results reveal the automaker’s steepest revenue decline in a decade, dropping 12% year-over-year to $22.5 billion. Vehicle deliveries fell 12.6% to 143,535 units while earnings per share declined 23% to $0.40, reflecting broader market pressures and competitive dynamics.
The company’s electric vehicle market dominance is showing signs of erosion, with its market share maintaining 46.2%, while GM is aggressively closing the gaps, advancing from 10.8% to 14.9% quarterly. Tesla’s core automotive revenue declined 16% to $16.66 billion, indicating structural headwinds that extend beyond typical cyclical patterns.
However, new FASB accounting rules provide unexpected balance sheet relief through Tesla’s 11,509 BTC holdings, now valued at approximately $1.36 billion. The regulatory shift allows quarterly fair-value reporting rather than historical cost basis, enabling Tesla to recognize bitcoin’s 42% appreciation since April directly on financial statements. This development highlights the strategic value of corporate cryptocurrency treasury strategies during traditional business cycles.
Japanese Quantum Solutions Launches $367M Bitcoin Treasury Strategy
Japanese AI firm Quantum Solutions announced plans to acquire up to 3,000 BTC over twelve months, establishing bitcoin as a strategic treasury reserve asset. The initiative positions the Tokyo-listed company as Japan’s second corporate bitcoin adopter, following MetaPlanet‘s pioneering approach.
Hong Kong-based Integrated Asset Management will provide $10 million initial funding through Quantum Solutions’ subsidiary GPT Pals Studio Limited. The acquisition strategy targets approximately $367 million in bitcoin holdings at current market valuations, representing a significant corporate balance sheet transformation.
CEO Francis Chow emphasized institutional discipline in execution, citing the company’s unique position to develop bitcoin-centric capital structures. The program incorporates cold-hot wallet segregation, internal controls, and comprehensive audit frameworks under Hong Kong’s regulatory clarity.
This strategic pivot reflects broader institutional recognition of bitcoin’s role in inflation hedging and monetary policy risk mitigation across global markets.
South Korean blockchain infrastructure firm DSRV raised approximately $12 million in Series B funding despite challenging investment conditions. Major domestic investors including Intervest and NICE-SK Securities participated in the initial round, with additional institutional funding planned next month.
DSRV operates infrastructure across 70+ global blockchain networks, managing over $3 billion in digital assets while ranking among top-10 validators worldwide. The company reported $7.8 million annual revenue with $2.3 million net profit, demonstrating sustainable profitability in volatile markets.
The funding validates DSRV’s expansion into stablecoin and payment infrastructure services. Holding domestic VASP licensing in South Korea, the company prepares for aggressive global expansion across US, Japanese, and African markets while scaling custody operations and blockchain development capabilities.
Tron Inc. Set to Ring Nasdaq Opening Bell Thursday
Tron Inc. will ring the Nasdaq Opening Bell on Thursday, marking a strategic transformation toward blockchain-integrated treasury operations. Justin Sun, TRON Blockchain founder and Global Advisor, will lead the ceremony from Times Square’s MarketSite.
As the publicly traded entity holding the largest TRON token reserves, the company represents institutional convergence between traditional equity markets and decentralized finance infrastructure. CEO Rich Miller emphasized building shareholder value through strategic innovation.
Beyond blockchain treasury holdings, Tron Inc. maintains diversified operations manufacturing custom merchandise for major theme parks including Disney and Universal, creating a hybrid business model bridging entertainment and digital assets.
XRP has been one of the standout performers in the crypto market over the past month. Its price has soared by 72% amid a broader altcoin rally fueled by Bitcoin’s march to new all-time highs.
However, two critical on-chain indicators now suggest that this uptrend may be losing steam, raising the risk of a near-term reversal.
XRP Traders Brace for Pullback as On-Chain Signals Flash Red
First, XRP’s exchange reserve on leading exchange Binance has spiked sharply, reaching its highest level of the year. According to CryptoQuant, XRP’s exchange reserve—measured using a seven-day moving average—closed at a year-to-date high of 2.98 million tokens on July 22, valued over $10 million at current market prices.
For token TA and market updates: Want more token insights like this? Sign up for Editor Harsh Notariya’s Daily Crypto Newsletter here.
A spike in an asset’s exchange reserve indicates that more tokens are being moved onto centralized exchanges, often in preparation for selling. When investors transfer large amounts of a coin to exchanges, they may be positioning to take profits or exit positions.
In XRP’s case, the surge to a 2.98 million token reserve implies heightened selling intent. If this influx of supply is not met with equal or greater demand from buyers, downward pressure on XRP’s price could quickly build.
Furthermore, CryptoQuant’s data shows that XRP’s taker buy/sell ratio has consistently remained below one since July 10. As of this writing, the metric stands at 0.94
An asset’s taker buy-sell ratio measures the ratio between the buy and sell volumes in its futures market. Values above one indicate more buy than sell volume, while values below one suggest that more futures traders are selling their holdings.
The fluctuation in XRP’s taker buy/sell ratio below one over the past two weeks points to a sell-off trend among futures traders as its price climbs. This mounting sell-side pressure confirms weakening sentiment and could trigger price declines over the next few sessions if it continues.
XRP Bulls Face Key Test at $3.22
At press time, XRP trades at $3.47, just below its all-time high of $3.66. However, mounting sell-side pressure increases the probability of a near-term correction toward the $3.22 support level.
Should this floor give way, XRP could extend its decline to around $2.87.
However, if selling pressure eases and fresh demand enters the market, the altcoin may reclaim its price peak and potentially chart new gains beyond $3.66.
Nature’s Miracle Holding Inc. (OTCQB: NMHI) surged more than 150% on Wednesday after revealing plans to allocate up to $20 million of its corporate treasury into XRP.
The California-based controlled environment agriculture (CEA) firm announced the move early July 23, triggering a sharp rally in its stock.
US Public Companies Start Buying XRP
Nature’s Miracle shares climbed from around $0.04 to over $0.14 at the time of reporting, marking its highest single-day percentage gain in 2025.
In its press release, the company said the XRP reserve will be funded through a registered equity financing agreement with GHS Investments.
Nature’s Miracle Stock Price Chart. Source: Google Finance
The firm plans to hold XRP long-term while leveraging staking strategies to generate yield. CEO James Li cited favorable regulatory changes, including the GENIUS Act, as key to their decision.
The announcement positions Nature’s Miracle among the first publicly traded AgTech firms to adopt XRP in a strategic financial role.
Meanwhile, Wellgistics Health secured a $50 million line of credit for XRP-related treasury operations. Singapore’s Trident Digital also announced intentions to raise up to $500 million for a long-term XRP reserve.
“We see the huge potential of XRP as it improves the speed and reduce the cost of cross-border payments. Many established financial institutions, like Banco Santander and American Express, are already involved with XRP,” said James Li, CEO of Nature’s Miracle.
The growing wave of XRP treasury activity has coincided with heightened market volatility for the token. XRP recently reached an all-time high of $3.66 but fell back below $3.30 on Tuesday amid profit-taking.
Overall, Nature’s Miracle’s XRP strategy signals a shift in how small- and mid-cap firms may approach treasury management, especially following the regulatory clarity brought by recent US crypto legislation.
As more companies begin adopting digital assets for operational and strategic purposes, XRP’s role as a corporate reserve asset appears to be gaining traction.
Pudgy Penguins (PENGU) has recently reached a new all-time high (ATH) of $0.046, marking a six-month milestone for the meme coin.
However, even with the record high, the altcoin is facing a challenge from investors who seem to be exiting, albeit gradually. This could lead to a drop in the PENGU price.
Pudgy Penguins Notes Demand
The rising demand for PENGU has been reflected in the derivatives market. Open Interest, which combines both long and short contracts, surged by 54% in just 48 hours, jumping from $426 million to $657 million. This indicates that the majority of market participants are bullish, as the funding rate remains largely positive, suggesting a stronger preference for long contracts.
This increase in Open Interest signals investor optimism despite the broader market’s turbulence. The surge in contract volumes reflects that PENGU’s price rally is based on spot market trades and also on substantial leverage.
For token TA and market updates: Want more token insights like this? Sign up for Editor Harsh Notariya’s Daily Crypto Newsletter here.
Over the past few days, the holder change for PENGU has been a mix of new investors entering the market and some existing holders exiting. This mixed sentiment shows that there is no clear consensus among investors. While some are confident in PENGU’s potential, others remain cautious, unsure of the sustainability of the recent gains.
The lack of a clear investor pattern indicates skepticism is still widespread. Despite this, the entry of new holders suggests that there is still a strong belief in PENGU’s future, driven by the altcoin’s price momentum and broader market conditions. However, the simultaneous exit of investors could create an underlying challenge for sustaining the uptrend.
PENGU’s price is currently trading at $0.044, after marking a new ATH of $0.046 earlier today. The altcoin has risen nearly 20% in the last 24 hours, showing strong short-term gains. This price action has led PENGU to a six-month high, highlighting the recent bullish sentiment surrounding the meme coin.
To continue its upward momentum, PENGU needs to secure solid investor support. If the altcoin can maintain this buying pressure, it is likely to break past its ATH of $0.046 and aim for a new high, potentially reaching $0.052 or higher. The key factor for continued growth will be the market’s confidence.
On the other hand, if the growing uncertainty and investor exits turn into a more significant trend, PENGU’s price could experience a sharp decline. A potential fall below the support level of $0.040 could lead to a drop to $0.029, signaling a complete reversal of the recent bullish trend and invalidating the optimistic outlook.
A massive $1.7 billion worth of ETH has been pulled from Aave over the past week. Aave community members believe Tron founder Justin Sun withdrew at least $600 million, sparking a cascade of market reactions.
The large exit led to a sharp drop in ETH liquidity on Aave.
Ethereum Whale Movement Causes Sharp Drop in sETH
Continuous whale exit on Aave pushed utilization rates higher, which in turn caused ETH borrowing rates to spike.
One of the hardest-hit strategies was the popular stETH/ETH leverage loop. Charts show that sETH price dropped from $2,800 to $2,200 in a straight line on July 14.
Users typically deposit ETH, borrow against it, buy stETH, and repeat the cycle to earn staking yields. However, higher borrow rates and a weakening stETH peg made the strategy unprofitable.
As loopers began to exit, many rushed to redeem stETH for ETH. This created congestion in the staking withdrawal queue, which currently takes about 18 days to process.
To avoid the wait, some users offloaded stETH on secondary markets, causing a depeg of approximately 0.3%.
What happens when Justin Sun withdraws 600M of $ETH from Aave?
• ETH Borrow & Lend rates spike • The backbone of DeFi, LST looping, is temporarily unprofitable • The market stETH / ETH rate depegs ~0.3%
— Marcin | RedStone ETHWarsaw (@MarcinRedStone) July 23, 2025
This slight depeg poses major risks for leveraged traders. A 0.3% price gap can mean a 3% loss on 10x leverage, forcing many to take losses or wait through illiquid positions.
The situation may worsen if interest continues to accrue, potentially triggering liquidations.
Price charts reflect the stress. ETH rose over 8% in the past week to $3,593 but has since pulled back from its peak.
Meanwhile, sETH—Synthetic ETH issued by Synthetix—jumped 30.5% over the week, signaling demand for alternatives amid volatility.
Rough timeline of events here: 1. Justin Sun pulls ETH supply from Aave. 2. Utilization spikes ETH borrow rates on Aave. 3. stETH loopers are now unprofitable, so start de-leveraging. 4. A bunch of this de-levered stETH hits the staking withdrawal queue. 5. stETH depegs 30 basis…
The event highlights systemic fragility in DeFi. A single large withdrawal disrupted lending rates, broke popular strategies, and exposed reliance on oracles and delayed redemption mechanisms.
With many stETH oracles still using redemption rates, not market rates, lenders remain stuck as the peg drifts.
Before anything was official, before there was a venue, a name, or a date, there was just a shared sense of “we need this”. The idea for ETH Belgrade didn’t come from a funding round or a flashy vision deck. It grew out of conversations, often in hallways of other Web3 events, between people who kept running into each other across the globe. Builders from the Balkans were everywhere.
That idea was brought to life by Tanja Mladenovic and Petar Popovic, who went on to co-found ETH Belgrade and build a team around a simple mission: create an Ethereum event grounded in builder needs and community values.
From Lisbon to Belgrade: The Birth of ETH Belgrade
For Petar, the idea took root at LisCon 2021.
“The energy was unforgettable. I imagined bringing that same spark to Belgrade,” he says.
He and Tanja made it happen by June 2023. The vision was backed by data: Balkan builders were everywhere: Lisbon, Dubai, Paris.
“Serbians, Croatians, Macedonians… always present,” Petar adds. “It showed us we needed something of our own.”
Belgrade, with companies like Tenderly and DeFi Saver and over 50 startups, was the natural choice. It wasn’t just a location, but the center of regional innovation.
Builders First: ETH Belgrade’s Mission
ETH Belgrade was never about the flash. It was about utility.
“There’s often a gap between infrastructure and real-world use cases,” says Petar.
The team set out to close it. Talks extended beyond code, covering product design, regulation, and GTM strategies. The ETH Belgrade Ventures track supported founders with pitch sessions and free booths.
And the commitment didn’t stop at the Balkans: the team flew in hackers from ETH Global Prague, launched “Road to Devcon” meetups in Africa and Southeast Asia, and seeded global community hubs.
Beyond an Event: A Living Ecosystem
ETH Belgrade has grown into an ecosystem: local at its roots, but global in its reach.
“This isn’t just a conference,” Tanja says. “We do coworking days, bootcamps, meetups. We’ve advised ETH event teams, sponsored ETH Safari and ETH Rwanda. It’s bigger than us.”
Culture vs. Code: Where Ethereum Is Headed
Ethereum’s technical roadmap is well-documented. Its cultural future is less clear.
“There’s no roadmap for culture,” says Petar. “We’re seeing shifts in leadership, tone, and community priorities. That’ll define the next 12–18 months more than code.”
Making It Feel Like Home
ETH Belgrade is known for its hospitality, something deeply intentional.
“It’s not just us – it’s the whole community acting like hosts,” says Tanja.
Locals help guests, share tips, and make connections. Internally, small rituals keep the chaos in check.
“I always have my essentials pouch, and take 15 minutes of quiet each day,” Tanja shares.
Quality First, Always
Applications go through a strict review process led by Nikola Vukovic (DeFi Saver) and Natasa Bujosevic. The focus is quality, not fame.
“No one can buy a speaking slot,” says Petar.
Side events, however, are open-source: anyone can host one. Even logistical setbacks have become learning moments.
“Once we ended up setting hackathon tables at 4 a.m. because of miscommunication,” Tanja laughs. “Now, we overcommunicate and document everything.”
Legal Safeguards: Starting with Structure
Ilija Rilakovic, who oversees legal matters for ETH Belgrade, emphasizes one thing above all: start early.
“Most legal challenges can be avoided with clear contracts and proper planning,” he says.
That includes agreements with venues, sponsors, and service providers, covering everything from payment terms to cancellation policies.
Ilija also monitors regulatory frameworks, particularly in the EU.
“For certain markets, such as the EU, due to MiCA regulation, non-EU projects may face restrictions on promoting their services unless specifically invited; a concept known as reverse solicitation. This means that you, as a non-EU project, may not actively advertise or solicit EU customers if the services you’re offering fall under MiCA and require a license,” he explains.
While Serbia currently allows more flexibility, understanding these distinctions is critical when organizing an international event.
Hackathons add another layer of complexity. Ilija recommends clear terms for both participants and sponsors, especially to mitigate intellectual property risks.
“As an organizer, you want to avoid being liable for anything created during the hackathon, particularly the functionality and transferability of the product,” he notes.
From website policies to partnership contracts, the goal is to reduce ambiguity and protect all parties involved, ultimately creating a secure and professional environment for innovation.
Advice to Future Organizers
The team’s advice is clear:
Start with local energy and a few strong builders
Build a team you trust to stay calm when things go off-script
Focus on what adds value: meaningful content, real connections, and a sustainable community
Conclusion
ETH Belgrade wasn’t built overnight. It grew from shared belief, trust, and relentless community focus. While the team is made up of many contributors, from Nikola’s strategic input to Aljosa’s operational coordination, it’s the synergy between them and the broader Balkan Web3 scene that powers ETH Belgrade.
It’s not just an event. It’s a reflection of what Ethereum can become when people, not hype, are at the core.
Hedera Hashgraph is set to implement a mainnet upgrade later today. However, despite the anticipated network improvement, its native token HBAR is already showing signs of fatigue.
HBAR’s price action has cooled off over the past three days, indicating a period of stagnation. With buying pressure starting to drop, the altcoin eyes a pullback over the next few trading sessions.
HBAR Rally Falters as Traders Lose Confidence
Readings from the HBAR/USD one-day chart show that the altcoin posted significant gains between July 9 and July 20. During that period, HBAR’s value rocketed by 59%.
However, over the past three days, this bullish momentum has stalled. While the token has recorded a modest 2% spike in price over the past 24 hours, it is accompanied by a 34% decline in trading volume.
For token TA and market updates: Want more token insights like this? Sign up for Editor Harsh Notariya’s Daily Crypto Newsletter here.
HBAR Price and Trading Volume. Source: TradingView
When an asset’s price climbs while trading volume falls, it suggests weakening conviction behind the move, as fewer participants are driving the price higher. This negative divergence signals that HBAR’s rally over the past day merely mirrors the broader market growth and may not be sustainable in the short term.
Moreover, HBAR’s Balance of Power (BoP) indicator has flipped negative, confirming the waning demand and negative shift in trader sentiment. As of this writing, this momentum indicator stands at -0.57.
The BoP indicator measures the strength of buyers versus sellers in the market, helping to identify momentum shifts. When its value is negative, sellers dominate the market over buyers and put downward pressure on the price.
Can the Upgrade Save HBAR From Sliding Below $0.26?
As the market prepares for the mainnet upgrade, attention will turn to whether the network improvements can boost HBAR’s price action or if the market has already priced in the news. If this is the case and demand remains muted post-upgrade, HBAR’s price could break below $0.26 and fall to $0.22.
With over 861 million users globally, the crypto industry is entering a new phase: adoption at scale. In this context, MERGE Madrid 2025, held at the iconic Palacio de Cibeles from October 7–9, positions itself as a must-attend event to understand, anticipate, and lead the future of digital finance and blockchain technology.
In its third edition, MERGE will welcome over 3,000 attendees, 500 international organizations, and more than 200 high-profile speakers, ranging from central banks and financial institutions to leading blockchain protocols, emerging startups, and global corporations already leveraging Web3 as a strategic innovation driver.
Will Spanish Banks Launch Their Own Stablecoins?
Stablecoins are emerging as blockchain’s true killer app, creating real utility even for non-crypto-native users. In France and Germany, Société Générale and Deutsche Bank have already launched corporate stablecoin projects. In the U.S., banking consortia are discussing joint stablecoin initiatives to enhance efficiency and scalability.
MERGE Madrid 2025 will be the ideal stage to analyze and debate these developments, bringing together traditional finance and native Web3 ecosystems. Confirmed participants include Santander, BBVA, BNP Paribas, TowerBank, Wenia (Bancolombia) and many others.
A Full Week of Vision, Tech, and Web3 Culture
This year, MERGE Madrid expands into a multi-layered experience, built around a weeklong program connecting every part of the ecosystem.
October 7: Private roundtables with regulators at MERGE Institutional, followed by a VIP Cocktail.
October 8–9: The main conference, the heart of the event, will explore business strategies, global regulation, digital finance, immersive art, cultural experiences, and Web3 adoption frameworks.
October 10: MERGE Tech Summit, a full day of developer bootcamps, workshops, and technical sessions.
October 11–12: The weekend Hackathon, where innovation comes to life.
This structure ensures representation from decision-makers and regulators to the developers building the future from code. MERGE transforms Madrid into a real bridge between institutional, technical, and creative worlds, shaping the future of the token economy.
The Bridge Between Latin America and Europe
MERGE Madrid strengthens its role as a strategic connection point between Europe and Latin America, uniting institutions, governments, and businesses from both regions around Web3 innovation.
Previous editions have welcomed institutions like the Central Bank of Brazil, Argentina’s Central Bank, Argentina’s National Securities Commission, El Salvador’s Digital Assets Commission, the European Banking Authority, and governments from Madrid and Buenos Aires, many of whom are returning in 2025.
This transatlantic connection takes on special significance as MERGE coincides with Hispanic Heritage Week, positioning Madrid as a capital of Ibero-American collaboration in decentralized economics.
A World-Class Speaker Lineup
MERGE is growing in every direction – and its speaker agenda is no exception. The 2025 edition features over 200 top experts and international C-level leaders, curated to provide a 360° view of the Web3 ecosystem:
Traditional financial institutions: Key figures include Coty de Monteverde (Banco Santander), Francisco Maroto (BBVA), David Cunningham (Citi), Gabriel Campa (TowerBank), and Pablo Arboleda Niño (Bancolombia) — all leaders in institutional investment and crypto asset adoption.
Native Web3 projects: Influential voices such as Staci Warden (CEO at Algorand Foundation), Cassie Craddock (Managing Director UK & Europe at Ripple), Robby Yung (CEO at Animoca Brands), Eric Piscini (CEO at Hashgraph), Charles d’Haussy (CEO at dYdX Foundation), and Robert Drost (CEO at Eigen Foundation) will be present, driving infrastructure, DeFi, and the convergence of AI and Web3.
Major corporations and fintech: The program includes executives such as Damu Winston (Global Head of Web3 Innovation at Amazon), Esteban Sadurni (Director of Digital Assets and Blockchain at Checkout.com), Michael Higgins (International CEO at Hidden Road), Dotun Rominiyi (Technology Leader at London Stock Exchange Group), and Jaime de Mora (CTO for Startups & Unicorns at Microsoft EMEA), showcasing the strategic and technical role of digital transformation.
Top-Tier Industry Support
Great events attract great partners. This year, MERGE is backed by leading organizations such as: BingX, Bit2Me, Ripple, ATH21, Boerse Stuttgart Digital, ikigii by Towerbank, Arbitrum, Asensi Abogados, Avenia, BSV Blockchain, Chainlink, CryptoMKT, EigenLayer, Finreg360, Lace, Notabene, Parfin, Stakely, Taurus, TRM Labs, and WOW!?
Welcome to the US Crypto News Morning Briefing—your essential rundown of the most important developments in crypto for the day ahead.
Grab a coffee to read how corporate players are rewriting the Bitcoin (BTC) playbook in real time. As traditional finance (TradFi) norms unravel, bold strategies are emerging to reshape corporate balance sheets and redefine what it means to go all in on digital assets, regardless of risk or reward.
Crypto News of the Day: Strategy Rips Up Rulebook on Path to 1 Million Bitcoin, Says Max Keiser
Strategy, now MicroStrategy, recently revealed a new offering called STRC, or “Stretch.” Marketed as a perpetual preferred stock with an initial 9% dividend, the product is explicitly designed to support the company’s goal of accumulating more Bitcoin.
Michael Saylor, executive chairman of Strategy, announced the IPO via X (Twitter), calling it a new lever for Bitcoin accumulation.
Strategy’s post echoed the same language, reaffirming that net proceeds will go toward general corporate purposes, including acquiring Bitcoin.
That mission, however, was punctuated more dramatically in an exclusive comment to BeInCrypto by Bitcoin evangelist Max Keiser.
“Strategy is committed to 1 million Bitcoin by any means necessary. They’re tearing up the corporate finance rule book and charging hell-bent for leather to the 1 million Bitcoin promised land,” Keiser told BeInCrypto.
Morgan Stanley, Barclays, Moelis & Co., and TD Securities are joint bookrunners, signaling strong institutional coordination.
However, Keiser’s comment cuts through the finance speak, articulating that MicroStrategy does not want more Bitcoin. Rather, it wants all the Bitcoin.
This aggressive tone is consistent with Strategy’s decade-long shift from an enterprise software firm to a Bitcoin holding company.
Meanwhile, even as the firm progressively pivots to BTC, analysts say the firm could trigger a Bitcoin cascade worse than Mt. Gox or Three Arrows Capital.
MARA Raises $850 Million to Double Down on Bitcoin
MARA Holdings, the world’s largest public Bitcoin miner, is joining the Bitcoin accumulation wave. The firm revealed a $850 million private offering of convertible senior notes due in 2032.
MARA Holdings, the world’s largest public bitcoin miner, raises $850 million to continue buying bitcoin. MARA Holdings currently holds more than 50k BTC. pic.twitter.com/ZxeujEwGFk
The move signals continued strategic conviction in Bitcoin as a treasury reserve and a core asset in the company’s business model. The offering consists of 0.00% convertible senior notes, with an option for initial purchasers to buy an additional $150 million.
Redemption terms kick in from January 2030, and the company has embedded multiple mechanisms to manage dilution.
MARA intends to use the bulk of the proceeds to buy additional Bitcoin and fund general corporate purposes. This raise highlights MARA’s role as a miner and digital asset treasury operator.
Like Strategy, MARA is positioning itself to amass more Bitcoin while fortifying its balance sheet against future market disruptions.
$BTC is up by $11.4K since Q3 started which means that $MARA is already sitting on over $573 Million Quarterly Net Profit
Bitcoin increased by $24.6K in Q2 which will result in nearly $1.2 Billion in FASB GAAP Net Profit when MARA reports earnings on July 29 @ 5pm