Strategy Gears Up for New Purchases; BTC Offloading Casts Concerns

Strategy boosts its BTC buying power with a $2.47B equity raise, bringing its holdings to nearly 608K BTC. Galaxy executes a record-breaking $9B bitcoin sale for a Satoshi-era investor, underscoring deepening institutional market depth. ARK Invest trims Coinbase and Block exposure while doubling down on Ethereum through Bitmine. U.S. spot BTC ETFs bounce back with $226M in net inflows after three days of outflows, as Ethereum ETFs continue a 15-day winning streak. Meanwhile, Anchorage Digital partners with Ethena Labs to launch the first GENIUS-compliant stablecoin onshore, setting the stage for a new chapter in regulated, yield-bearing digital dollars.

Strategy Boosts BTC Treasury Plan with $2.47B Stretch Offering

Bitcoin treasury giant Strategy is ramping up its BTC acquisition strategy with a new preferred stock offering, Stretch (STRC), expected to raise $2.47 billion. Priced at $90 per share—10% below initial expectations—the STRC offering adds to a growing suite of BTC-focused equity instruments from the firm, each tailored to different investor risk profiles. Stretch includes a 9% variable monthly dividend and aims to support ongoing BTC purchases.

Strategy recently resumed Bitcoin buying after a brief pause in early July, adding over $1.2 billion in BTC across two major tranches. The company now holds 607,770 BTC, worth more than $70 billion, representing nearly 2.9% of the total 21 million BTC supply. Founder Michael Saylor continues to position Bitcoin as a superior reserve asset, spurring copycat strategies from other listed firms. The movement has broadened beyond BTC, with some firms including Ethereum and Solana in their corporate treasuries. Strategy’s stock (MSTR) slipped 2% as BTC prices edged lower to $115,655.

Galaxy Executes Record $9B BTC Sale for Early Investor

Galaxy has facilitated the largest notional sale of Bitcoin in history, selling over 80,000 BTC on behalf of a Satoshi-era investor. Valued at more than $9 billion, the sale marks one of the earliest and most high-profile exits from the crypto space to date. According to Galaxy, the transaction was part of a broader estate planning strategy.

The sale comes amid a wave of activity from dormant wallets. Last week, a separate whale moved $1.26 billion in BTC, and another long-inactive address transferred over 80,000 coins. These transactions suggest that long-term holders are beginning to reposition amid growing market maturity and increasing liquidity.

While such large movements often raise concerns around market impact, Galaxy’s ability to execute a transaction of this size highlights the growing depth of the institutional crypto market. The firm did not disclose the exact counterparties involved.

ARK Invest Rebalances Exposure, Unloads COIN and SQ Shares

Cathie Wood’s ARK Invest has trimmed its exposure to major crypto-linked equities, offloading $12.1 million in Coinbase shares and $9.8 million in Block Inc. stock across its ARKK and ARKW ETFs. The latest trades reflect ARK’s ongoing strategy of active rebalancing as crypto markets evolve.

ARKK sold over 27,000 Coinbase shares, while ARKW divested smaller positions in both Coinbase and Robinhood. At the same time, the firm acquired $175 million in shares of Bitmine, a firm that recently disclosed holding over $1 billion in ETH, signaling a possible strategic shift toward Ethereum-focused infrastructure.

This latest rotation shows how institutional investors are diversifying their crypto exposure, balancing traditional equity plays like Coinbase with more blockchain-native holdings. The move aligns with broader themes in the market as altcoins and alternative Layer 1 assets gain traction.

Bitcoin ETFs Snap Outflow Streak with $226M Influx

U.S. spot Bitcoin ETFs saw a net inflow of $226.6 million on Thursday, ending a three-day run of outflows. Fidelity’s FBTC led the pack with $106.6 million, followed by VanEck’s HODL with $46.4 million. BlackRock’s IBIT—the largest of the group—added $32.5 million, signaling a return of investor confidence after a volatile week.

Earlier in the week, Bitcoin ETFs logged $285 million in cumulative outflows across Monday to Wednesday. Despite the rebound, BTC fell 1.7% to $115,988, while Ethereum rose slightly to $3,644. Onchain data from Arkham noted that Galaxy Digital moved over 10,000 BTC to exchanges, then withdrew $370 million in USDT.

Meanwhile, Ethereum ETFs continued their 15-day inflow streak, adding another $231.2 million. The consistent ETH interest suggests a growing institutional appetite for multi-asset exposure beyond Bitcoin, especially amid ETH-based product launches and broader DeFi engagement.

Anchorage to Launch First GENIUS-Compliant Stablecoin Onshore

Anchorage Digital, the first federally chartered crypto bank in the U.S., will issue Ethena Labs’ yield-bearing USDtb token domestically, making it the first stablecoin aligned with the recently passed GENIUS Act. The token, backed by BlackRock’s BUIDL and crypto collateral, has already reached $1.45 billion in TVL since its offshore debut.

With Anchorage minting and redeeming USDtb directly in the U.S., the move brings regulated oversight to a new class of synthetic stablecoins. The infrastructure will enable broader distribution across institutional platforms, including asset managers and payment networks seeking yield-bearing, programmable dollars.

This development positions Anchorage alongside incumbents like Circle and PayPal, which will need to adapt to GENIUS compliance. Treasury Secretary Scott Bessent and industry leaders expect the act to spark a new wave of stablecoin innovation and adoption. Institutions like JPMorgan and Citi are reportedly preparing pilots for GENIUS-ready stablecoin issuance.