Saylor’s Strategy Nears Control of 3% Bitcoin Supply

Bitcoin treasury giant Strategy, formerly MicroStrategy, purchased another 155 BTC between August 4 and 10 for $18 million in cash. The acquisition lifts total holdings to 628,946 BTC (worth $76 billion), representing almost 3% of Bitcoin’s ultimate 21 million supply, exactly five years after its first purchase.

Co-founder Michael Saylor funded the buy using proceeds from $13.6 million in perpetual preferred stock sales, bypassing common equity issuance. The purchases draw from Strategy’s broader “42/42” plan to raise $84 billion through equity and convertible notes for Bitcoin accumulation by 2027.

The firm’s Q2 net income hit a record $10 billion, driven by $14 billion in unrealized Bitcoin gains under new fair-value accounting rules. Analysts applauded Strategy’s market-cap-to-NAV discipline, with multiple price target hikes underscoring Wall Street’s approval of its capital structure precision.

Bitcoin Treasuries data ranks Strategy far ahead of other corporate holders, with Marathon Digital trailing distantly at 50,639 BTC. Saylor has declared the capital mix could endure a 90% Bitcoin price collapse for years, though shareholders would inevitably feel the strain.

Paxos Seeks US Banking License for Expansion

Paxos has applied to the Office of the Comptroller of the Currency for a national trust charter, hoping to operate across the US under federal oversight. The license would upgrade its current New York regulatory status and allow the firm to offer broader stablecoin, custody, and tokenization services. Executives said the move aligns with new federal rules under the GENIUS Act and the OCC’s green light for banks to manage crypto.

The company, issuer of PYUSD and PAXG, said national designation will improve efficiency for its institutional clients, which include Mastercard and Interactive Brokers. Paxos follows Circle and Ripple in pursuing similar charters as stablecoin regulation gains clarity. The filing comes a week after Paxos settled a $26.5 million New York case tied to its former Binance USD partnership.

Uniswap DAO Weighs Wyoming Legal Structure

The Uniswap Foundation has proposed restructuring Uniswap Governance as a Wyoming Decentralized Unincorporated Nonprofit Association to provide legal standing. General Counsel Brian Nistler said the change would protect members from personal liability while enabling treasury management and hiring without compromising decentralization.

If approved, the move could revive discussion on activating a fee switch to distribute revenue to UNI holders, a proposal long stalled over securities concerns. Wyoming’s DUNA framework would allow the DAO to contract, own assets, and pay taxes while retaining its on-chain governance. Nistler called the shift precedent-setting, as Uniswap would be the largest DAO to adopt the model.

Sen. Warren Signals Fight Over Crypto Market Structure

Senator Elizabeth Warren has vowed to oppose the Digital Asset Market Structure Clarity Act, warning it favors industry interests. Speaking on MSNBC, she said regulation should curb corruption and protect markets, not “supercharge” risky behavior. The bill passed the House in July with bipartisan support and is slated for Senate debate in September.

Republicans aim to finalize the legislation by September 30, alongside bills on stablecoins and CBDCs. The White House has released recommendations defining SEC and CFTC roles to streamline oversight. Warren’s comments set the stage for a partisan battle over how far market structure reforms should go in shaping the US crypto industry.

Data of the Day

Ethereum has pushed past Bitcoin in year-to-date gains, climbing 29% compared to BTC’s 28%, as institutional buying lifts prices. Demand from Ethereum treasury firms and ETF inflows has pushed ETH above $4,300 for the first time since December 2024. BlackRock’s ETHA and other spot ETH ETFs have added roughly $5 billion in net inflows over the past month.

The surge mirrors Bitcoin’s corporate treasury adoption strategy, with firms stockpiling ETH as a balance sheet asset. Total AUM for publicly traded ETH ETFs now stands near $20 billion, fueled by $9 billion in cumulative inflows since launch. Analysts say continued ETF growth could sustain ETH’s momentum toward retesting its all-time high.

More Breaking News

• Blue Origin will accept Bitcoin, Ether, Solana, USDT, and USDC for New Shepard flights, expanding blockchain’s reach into space tourism through a partnership with Shift4 Payments.
• Peter Thiel-backed crypto exchange Bullish increased its IPO target to nearly $1 billion, raising its share count and expected price range ahead of listing.
• Chainlink partnered with NYSE-parent ICE to bring foreign exchange and precious metals pricing data onchain, aiming to support institutional-grade tokenized asset markets.
• Nasdaq-listed ALT5 Sigma is raising $1.5 billion to build a World Liberty's WLFI token treasury, adding Eric Trump to its board of directors.
• BNB Network Company spent $160 million to buy 200,000 BNB, becoming the largest corporate holder and signaling a strategic shift toward BNB Chain’s ecosystem.
• Elevated Bitcoin and Ether options open interest reflects cautious positioning before US CPI data, with traders hedging downside risk despite recent strong price gains.
• Tether and Rumble offered $1.17 billion to acquire AI firm Northern Data, making Tether the largest Rumble shareholder if the deal is completed.

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