Ethereum Breaks Records as Treasuries and ETFs Drive Momentum; Bitcoin Treasuries Expand

Ethereum surged to a new all-time high above $4,879, fueled by record ETF inflows, growing ETH treasuries, and dovish Fed signals. MetaMask announced the launch of mUSD, its Stripe-backed stablecoin set to integrate across its ecosystem. Ark Invest added $37M in Bullish and Robinhood as crypto equities sold off. Meanwhile, Strategy increased its bitcoin holdings to 629,376 BTC, while Metaplanet bought another 775 BTC, reinforcing Asia’s corporate push into bitcoin treasuries.

Ethereum Breaks All-Time High Amid Surging ETF Flows and Treasury Demand

Ethereum set a new all-time high on Friday, climbing 15% in 24 hours to $4,879 and surpassing its 2021 peak. The rally follows weeks of accumulation by ETH treasuries, consistent inflows into spot Ethereum ETFs, and a supportive regulatory backdrop. ETH has more than doubled in two months, outpacing Bitcoin’s performance as investors rotate toward Ethereum-linked products.

The move was catalyzed by dovish comments from Federal Reserve Chair Jerome Powell, which sparked a broad crypto rally. Ethereum surged nearly 8% in one hour following Powell’s remarks, extending gains that were already underpinned by $1 billion+ daily ETF inflows and large-scale treasury purchases. Analysts note ETH continues to dominate DeFi liquidity, holding 9x more value than Solana, while Layer-2 networks like Base drive adoption at scale.

Market participants suggest ETH’s breakout represents more than a technical milestone—it highlights Ethereum’s evolving role as a global settlement layer. “It’s finally ETH’s moment to shine,” said Glider’s Brian Huang, citing ETF inflows, institutional treasuries, and ecosystem growth. With sentiment strengthening across DeFi and further catalysts on the horizon, Standard Chartered analysts project ETH could reach $7,500 by year-end.

MetaMask to Launch mUSD Stablecoin with Stripe-Owned Bridge

MetaMask confirmed plans to release MetaMask USD (mUSD), its native stablecoin, later this year on Ethereum and Consensys’ Linea network. Issued by Stripe-owned Bridge and fully backed by cash and short-duration Treasuries, mUSD will integrate across MetaMask’s wallet, enabling on-ramp, swap, transfer, and bridging functionality at launch.

The stablecoin is positioned as the default digital dollar within the MetaMask ecosystem, with additional benefits from yield on reserves used to enhance user experience. “The best incentive for holding mUSD is the improved experience it unlocks across DeFi,” said Ajay Mittal, VP of product strategy at MetaMask, noting potential lower costs and deeper integrations.

This marks the first time a self-custodial wallet has launched its own stablecoin, signaling a new model for how retail-focused crypto infrastructure could embed stable value directly into its stack. mUSD’s debut follows Stripe’s acquisition of Bridge and highlights growing convergence between fintech incumbents and Web3 infrastructure.

Ark Invest Adds $37M in Bullish and Robinhood as Crypto Stocks Slide

Cathie Wood’s Ark Invest expanded its crypto-related holdings on Tuesday, purchasing $21.2 million in Bullish shares and $16.2 million in Robinhood, even as both stocks fell more than 6% on the day. The trades came through the ARK Innovation ETF (ARKK), continuing a pattern of accumulation across multiple sessions.

Last week, Ark acquired $172 million worth of Bullish shares across three ETFs following the exchange’s NYSE debut. This week’s additional purchases of Robinhood followed consecutive buys totaling $23 million across Friday and Monday. Despite Ark’s conviction, both stocks slid further in after-hours trading, with Bullish closing at $59.51 and Robinhood at $107.50.

The broader crypto equity sector also sold off, with Coinbase down 5.8%, Galaxy Digital off 10%, Strategy declining 7.4%, and Circle slipping 4.5%. The pullback coincided with broader equity weakness as the Nasdaq fell 1.5%. Ark’s strategy underscores a long-term bet on crypto-linked equities despite short-term market volatility.

Strategy Adds 430 BTC, Expands Holdings to 629,376 Bitcoin

Bitcoin treasury firm Strategy disclosed the purchase of 430 BTC for $51.4 million, bringing its total holdings to 629,376 BTC worth $72.4 billion. The company said it paid an average of $119,666 per coin, funded through proceeds from its suite of preferred stock offerings, which continue to underpin its capital-markets strategy.

The purchases highlight Strategy’s methodical approach to accumulation via perpetual preferred structures, including STRK, STRF, STRD, and STRC. These instruments provide fixed or floating dividend payouts while enabling the company to raise billions in equity for bitcoin purchases. As of mid-August, remaining capacity across its financing stack stands at over $40 billion.

Since initiating its bitcoin strategy in 2020, Strategy has invested $46.2 billion in BTC at an average cost of $73,320, now sitting on roughly $26 billion in unrealized gains. Its holdings represent more than 3% of Bitcoin’s circulating supply, cementing Strategy as the world’s largest corporate holder of the asset.

Metaplanet Boosts Holdings with $93M Bitcoin Purchase

Japanese bitcoin treasury firm Metaplanet acquired an additional 775 BTC for $93 million, lifting its total holdings to 18,888 BTC worth $2.1 billion. The purchase was executed at an average price of $120,006 per coin, reflecting the company’s continued commitment to expand its treasury despite recent market volatility.

The Tokyo-listed firm now ranks seventh globally in bitcoin holdings. Its second-quarter earnings showed ¥1.2 billion ($8.4 million) in revenue, up 41% QoQ, and ¥11.1 billion ($75 million) in net income after a Q1 loss. Management reaffirmed full-year guidance of ¥3.4 billion in revenue and ¥2.5 billion in operating profit, citing resilient recurring income streams.

CEO Simon Gerovich emphasized that recurring bitcoin-linked income adds flexibility to pursue additional financing and further accumulation. Despite an 8.6% drop in its stock last week, Metaplanet continues to expand its role as Asia’s largest bitcoin treasury, mirroring Strategy’s aggressive playbook on a regional scale.