Sentiment may be in the dumps, but if you look closely, there is always a story in Bitcoin that reminds you just how unstoppable this asset is becoming.
This week, we’re turning away from the geopolitical headlines and focusing on America’s capital markets, where Bitcoin treasury company Strive has seized the spotlight.
Ever since announcing it would become the world’s first company to offer daily dividends through its SATA preferred stock, investor demand has been relentless.
After increasing its Bitcoin holdings by 7% last week, Strive could potentially expand its treasury by as much as 25% this week based on estimates tied to record SATA issuance.
While Bitcoin’s price continues to consolidate in the $70,000 range, new demand engines keep emerging beneath the surface, laying the foundation for the next leg higher.
Other top stories from the week include:
‘Holy Grail’ Bitcoin Layer 2 announced by legendary Bitcoin Dev.
A lawsuit filed in NYC looks to claim ownership of Satoshi’s coins.
MARA spends $1.5 billion to buy a power plant.
Latest News
Adoption
Cube, a new Layer 2 unveiled by Bitcoin developer Burak, combines Ark, BitVM, and a programmable virtual machine to enable trustless smart contracts on Bitcoin without bridges, custodians, or protocol changes.
MoonPay launches a ChatGPT app that lets users research Bitcoin and generate purchase BTC links directly within the chatbot, adding native crypto onboarding and transaction functionality for nearly 1 billion users.
SpaceX discloses ownership of 18,712 BTC worth up to $1.45 billion in its IPO filing, making it one of the world’s largest corporate Bitcoin holders with gains exceeding $700 million.
Regulation
CFTC approves the first regulated Bitcoin perpetual contract in the U.S., allowing Kalshi to list BTCPERP and marking a major step toward bringing crypto perpetual trading onshore.
Anonymous plaintiffs file a New York lawsuit seeking legal ownership of 3.8 million dormant BTC, including roughly 1.1 million bitcoin widely believed to belong to Satoshi Nakamoto.
EU advances anti-money laundering rules that cap certain cash payments above €10,000, impose identity checks on crypto transactions over €1,000, and require exchanges to delist privacy coins by 2027.
Markets
$1.29 billion dark pool block trade hit BlackRock’s IBIT this week, one of the largest Bitcoin ETF transactions on record, as spot Bitcoin ETFs sold 46K BTC over the last 10 consecutive trading days.
CME launches 24/7 Bitcoin and Ethereum futures trading, effectively ending the creation of new weekend CME gaps and allowing institutions to manage crypto exposure continuously throughout the weekend.
Treasury
Strive raises enough capital through its SATA preferred stock offering this week to acquire 2,624 BTC (15% of its current holdings), as SATA recorded record trading volume each day, peaking at $164M on Friday.
Strategy completes a $1.5 billion repurchase of its 2029 convertible notes at an 8% discount, pausing Bitcoin purchases while maintaining holdings of 843,738 BTC.
Metaplanet faces shareholder backlash after expanding investor perks as shares traded below 1.0x mNAV, with investors calling for buybacks and stronger action to support Bitcoin-per-share growth.
Mining
Bitcoin’s mining difficulty increased 1.76% to roughly 139 trillion, returning to September 2025 levels despite miners increasingly allocating infrastructure and capital toward higher-margin AI workloads.
Bitcoin miner records an inscription containing the full text of the U.S. Constitution in the OP_Return of a single transaction, marking the 13th known time the historic document has been permanently stored on-chain.
MARA’s $1.5 billion Long Ridge power plant acquisition expands its owned power capacity to 2.2 gigawatts, as the company says reliable power, not capital or land, is the primary bottleneck for AI infrastructure.
Politics
Iran is advancing legislation to formalize control of the Strait of Hormuz, including a framework for its “Hormuz Safe” platform, which facilitates maritime insurance and related payments using Bitcoin.
Coinbase and CEO Brian Armstrong contribute $25.5 million to crypto-focused super PAC Fairshake, helping raise an $85 million war chest ahead of a pivotal US midterm election cycle.
Texas appoints members to its Strategic Bitcoin Reserve Advisory Committee and launches a search for custody and liquidity providers, as the state prepares to buy and hold Bitcoin itself.
BITCOIN NEWS YOUTUBE IS HEATING UP
The conversation starts on the newsletter and goes deeper on YouTube.
We’re publishing new content every week featuring some of the biggest names and ideas in Bitcoin:
• Monday interviews with thought leaders like Joe Consorti, Max Keiser, and Stacy Herbert
• Wednesday livestreams breaking down the week’s biggest stories with analysts like Nik Bhatia and Infra
• Friday deep dives into the trends shaping global finance and Bitcoin’s future, from sovereign debt crises to AI and market bubbles
Our latest video asks a simple question:
Are we living through one of the largest stock market bubbles in history?
In this week’s deep dive, we:
• Explore the speculative mania spreading across global markets
• Explain why the SpaceX IPO could mark peak market euphoria
• Break down why this may be the most important time to HODL Bitcoin
Plus, if you’ve been following the SATA story in this newsletter, you’ll want to subscribe now.
Later today, we’re releasing our exclusive interview with Strive CEO Matt Cole, where we discuss Bitcoin treasury companies, preferred shares, digital credit, and why he’s preparing to go to Congress to fight the big banks.
👉 Watch the latest video, subscribe to the channel, and turn on notifications so you don’t miss today’s interview with Matt Cole.
Bam’s 2 Sats
A Wild Week in Bitcoin Treasury Land
The last seven days were another tumultuous period for Bitcoin Treasury Companies.
It began with speculation that Michael Saylor and Strategy had sold bitcoin to help cover the company’s $1.5 billion bond repurchase. Instead, Strategy appears to have funded the transaction from its cash reserves.
That decision frustrated some STRC holders, who believed the company’s $2+ billion cash balance was being preserved to provide at least two years of dividend coverage.
At the same time, Strive reported a 1,109 BTC purchase last Monday, bringing its total holdings to roughly 16,500 BTC. That’s a 7% increase in its Bitcoin treasury in just one week.
For a company rapidly climbing the ranks of the world’s largest corporate Bitcoin holders, that’s a significant move. Strive has now surpassed Coinbase and claimed the #7 spot among public corporate Bitcoin holders.
SATA Refuses to Slow Down
As if that wasn’t impressive enough, many investors were closely watching SATA, Strive’s preferred stock and the company’s answer to Strategy’s STRC.
Two major questions hung over the week:
Would demand remain strong through the final ex-dividend date before SATA’s transition to daily dividends?
And would Bitcoin’s price drawdown dampen investor appetite for the instrument?
Well, SATA continued to surprise.
The stock posted record trading volume every day throughout the week. By Friday, SATA’s volume had reached roughly 40% of Strategy’s STRC volume.
That’s a remarkable figure when you consider that Strive is only about 2.5% the size of Strategy. The level of investor demand being expressed through SATA is far outpacing the company’s relative size.
Estimates for weekly SATA issuance suggest the proceeds could fund between 2,624 and 4,600 BTC of additional purchases.
At the high end, that would represent roughly 27% of Strive’s entire Bitcoin treasury added in a single week, before accounting for any potential common stock issuance that could be used to fund further accumulation.
Another way to think about it: adjusted for size, it would be the equivalent of Strategy acquiring roughly 230,000 BTC in a single week.
That comparison highlights just how extraordinary the pace of capital formation has become. At that scale, the market structure is becoming increasingly difficult to ignore.
by strc.live
Could This Be the Early Innings of a Supply Shock?
At this point, it seems clear that preferred stock has become a powerful capital-raising vehicle for Bitcoin treasury companies, at least when measured by investor demand.
That does not mean the structure is risk-free. It does not mean every company will execute it successfully. And it does not mean the market has fully priced in the long-term consequences.
But after another week of record issuance and trading volume, the demand side of the equation is becoming increasingly difficult to dismiss.
The year is only five months old, and Strategy has already acquired roughly 171,000 BTC. That’s about 2.6x the amount of Bitcoin mined so far this year.
Now Strive appears to be accelerating rapidly as well, adding another major source of demand to an already supply-constrained market.
by Strategy
The Big Question Remains: Will This Be Good for Bitcoin’s Price?
It remains to be seen how far this trend can go. But the mechanism is becoming increasingly clear.
These preferred stock vehicles are creating a new pathway for yield-seeking capital to flow into Bitcoin, without requiring investors to understand Bitcoin, custody Bitcoin, or think like Bitcoiners.
It may not be the most cypherpunk path to adoption, but it is increasing demand for Bitcoin, integrating it more deeply into global capital markets, and could ultimately become a roundabout way of orange-pilling some of the world’s largest financial institutions.
As the saying goes: everything is good for Bitcoin.
Keep building. Keep stacking.
- Bam
