Weekly Wire | Treasuries Stack BTC, Stablecoins Swell 

Market Momentum and Institutional Moves 

This past week showcased the growing institutional appetite for Bitcoin, with two headline-grabbing acquisitions: 

• Metaplanet added 2,193 BTC, pushing its total holdings north of $930 million. 

• Strategy (formerly MicroStrategy) made yet another bold move, buying 705 BTC for $75.1M, bringing its cumulative stack to an eye-popping 580,955 BTC, worth over $60 billion. 

Strategy’s average purchase price now stands at $70,023 per bitcoin, with paper gains estimated at $19.3 billion. The buys were funded by selling over $74 million in preferred stock. 

While the pace has cooled compared to earlier this year, Strategy's broader “42/42” plan to raise $84 billion by 2027 signals ongoing bullish conviction. 

Notably, GameStop entered the spotlight with a splashy purchase, adding 4,710 BTC – roughly $512 million - in a move that sent waves through both the crypto and equities markets. This represented a quick turn from its March 2025 announcement, when the board approved the addition of Bitcoin as a treasury reserve asset.   

Ethereum Surges Ahead 

Ethereum led all digital assets last week, pulling in $286 million in net inflows. Renewed institutional and retail demand appears to be driven by some of the recent infrastructure development discussions.  

Although there is no date for the next hard fork, the focus appears to be on performance and modularity – a welcome development considering the increasing competition in layer 1 chains and ecosystems.  

One of the more interesting notes of the week:  SharpLink Gaming, an online gaming company, announced it has raised $425 million in investment to establish an Ethereum treasury. On the surface, it appears we’ve just received our first Microstrategy-type entity for Ethereum-but time will tell. SharpLink stock jumped 420% on the news to $35 per share,  a sharp rise from just $2 per share before the Ethereum treasury strategy was revealed.  

Derivatives and On-Chain Strength 

Bitcoin options open interest rose to a record high above $48 billion, indicating heightened expectations for volatility and strong positioning by sophisticated traders. This week started below the $40 billion mark, but it was exciting to see such levels reached.  

Stablecoins and Market Liquidity 

The stablecoin market cap crossed $235 billion, pointing to increased capital parked in digital dollars. One key question remains: Will we see some of these dollars rotate into risk assets?  

Regulatory momentum around stablecoins is also heating up globally, potentially boosting investor confidence. Lastly, the news cycle was hit with a bit of an eye opener as the major banks were in early discussions around a joint stablecoin project.    

 Week Ahead: What to Watch 

• BTC Treasury Watch: Will more businesses join the trend?  

• ETH Catalysts: Continued flows into Ethereum could signal a new wave of institutional strategies.  

• Strategy’s Next Move: With $84 billion on the table for future bitcoin buys, expect volatility around any new capital raises or disclosures. 

• Will we see more Strategy type acquisition vehicles on other chains?  

Financial Advice Disclaimer: Nothing in this article constitutes professional or financial advice, performance data or any recommendation that any specific cryptocurrency, portfolio, index, investment product, transaction or investment strategy is suitable for any specific person. You assume the sole responsibility of evaluating the merits and risks associated with all financial decisions and should seek the advice of a registered financial advisor when in doubt.