Bitcoin (BTC) has given some of its gains from the sharp August rally, and the retreat is now tracing a familiar outline on the chart.
Analysts have flagged a Bart Simpson pattern forming on BTC. The formation has drawn concern that the decline still has room to extend.
The Bart Simpson Pattern Is Forming on Bitcoin, Here’s What It MeansBitcoin gained 25% in August and pushed through $80,000 late in the month. The asset traded near $77,281 on Wednesday, down 1.42% over 24 hours.
Bitcoin (BTC) Price Performance. Source: BeInCrypto MarketsSeveral analysts flagged the shape on the 4-hour chart. The pattern takes its name from the cartoon character because it resembles his hair.
Price moves sharply in one direction, trades sideways in a narrow range, then snaps back toward the earlier level.
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The setup becomes particularly important if Bitcoin loses the $75,800 level, which another analyst identified as a key threshold. A break below it could confirm the bearish pattern.
On the other hand, holding above $75,800 could invalidate the bearish setup and give buyers room to regain momentum. In that case, Bitcoin could turn higher and retest the May high near $83,000.
Still, the Bart Simpson pattern should not be treated as a definitive bearish signal. The formation can emerge during normal consolidation after a sharp price move and does not necessarily lead to another leg lower.
Spot Demand Contracts as Long-Term Holders SellThe flow data carries more weight than the pattern. Analyst CW8900 said spot demand has turned negative during the sideways move.
Negative readings appeared on two consecutive days. In contrast, futures demand stayed solid across the same stretch.
“Without the support of spot demand, there is no bullish rally,” the analyst said.
Meanwhile, analyst Axel Adler Jr reported that long-term holder distribution rose 61.5% between August 18 and August 28. The 30-day sum climbed from 174,500 BTC to 281,900 BTC.
That marked the highest reading since the start of 2026. Adler said the rebound after the short squeeze opened a window for profit-taking.
He added that inflation and labor figures due over the next few days will shape the Fed’s September decision. Whether current demand can absorb that growing supply now decides where Bitcoin price action heads next.
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Key Takeaways Advanced Micro Devices stock has gained 115% year-to-date despite a 2.4% decline on Tuesday amid market-wide selling pressure. Analyst consensus price target of $647.19 suggests potential for an additional 41% rally from current trading levels. BMO Capital launched coverage with a Buy rating and $550 price objective; Raymond James raised its rating to Strong Buy with a $641 target. The company’s Instinct MI355X AI infrastructure deployment is operational in Saudi Arabia, with expansion plans targeting 1 gigawatt capacity by decade’s end. Ark Invest divested more than $92 million in AMD shares during late August, sparking questions about near-term price action. Advanced Micro Devices posted quarterly sales of $11.54 billion, representing a 50.1% increase compared to the same period last year and surpassing Wall Street’s $11.31 billion forecast. Earnings per share reached $1.66, exceeding the consensus estimate of $1.62. The stock began trading Wednesday at $459.61, within its 52-week trading band of $149.22 to $584.73.
Advanced Micro Devices, Inc., AMD
Even after Tuesday’s modest retreat, AMD stock remains among the top semiconductor performers in 2026, posting a 115% year-to-date advance.
Wall Street Remains Optimistic BMO Capital’s Harsh Kumar launched coverage with a Buy recommendation and $550 price objective. Kumar characterized AMD as positioned “on the verge of becoming a complete AI infrastructure provider,” highlighting its comprehensive GPU, CPU, and DPU portfolio alongside the forthcoming Helios full-rack AI platform.
The Helios system is scheduled for September 2026 delivery and has already attracted attention from major tech players including OpenAI, Meta, and Anthropic.
Raymond James analyst Simon Leopold took a more aggressive stance, elevating AMD to Strong Buy status with a $641 price target, raised from his previous $565 forecast. Leopold highlighted robust server CPU demand and described AMD as offering the most compelling combination of earnings growth potential, data center exposure, and competitive gains among semiconductor companies.
Leopold anticipates AMD’s data center business will at minimum double during 2027, with a realistic scenario where AMD surpasses Intel in data center CPU revenue within the next two years.
The Street’s collective outlook stands at Strong Buy, backed by 28 Buy recommendations and 6 Hold ratings. The consensus $647.19 price target represents approximately 41% appreciation potential from present levels.
Middle East Expansion and Shareholder Activity AMD’s Instinct MI355X-powered AI infrastructure became operational in Saudi Arabia through a collaboration with Cisco and HUMAIN. The partners are targeting up to 250 megawatts of incremental capacity beginning in 2027, with ambitions to reach 1 gigawatt by 2030.
From an institutional perspective, Field and Main Bank established a fresh AMD stake during Q2, acquiring 19,373 shares valued at approximately $11.3 million. This purchase positioned AMD as the financial institution’s 13th-largest equity holding. Institutional shareholders control 71.34% of AMD’s total shares outstanding.
However, not all institutional activity pointed upward. Ark Invest liquidated 156,286 AMD shares valued at roughly $74.5 million on August 28, following an earlier disposal of 37,977 shares worth over $18 million on August 26.
Company insiders also executed sales during August through pre-established Rule 10b5-1 trading arrangements. EVP Forrest Norrod divested 17,261 shares at $459.95 on August 24, while EVP Mark Papermaster sold 28,811 shares at $471.87 on August 20.
AMD currently carries a P/E multiple of 118.15 and a PEG ratio of 4.87. Increasing treasury yields have created headwinds throughout the chip sector, weighing on AMD alongside industry peers Nvidia and Intel.
The stock’s 50-day moving average registers at $502.84, compared to its 200-day moving average of $389.16. AMD’s market capitalization currently stands near $750 billion.
Bitcoin August Rally Is Being Put to the Test With Higher Treasury Yields
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Bitcoin fell to $77,500 today, unwinding part of the nearly 25% August’s gain. It happens as renewed U.S.-Iran strikes and a fresh leg higher in Treasury yields rekindled bets on a Federal Reserve rate hike this month.
The reversal poses a direct test of whether August’s rally was a durable shift in Bitcoin’s macro positioning or simply a byproduct of falling yields that has now gone into reverse.
The U.S. and Iran traded a fresh round of strikes overnight Tuesday, with both sides digging in over control of the Strait of Hormuz. President Donald Trump threatened to hit Iran’s oil infrastructure directly, while Tehran warned of further retaliation against U.S. bases in the surrounding Gulf countries.
Oil prices jumped sharply on the escalation, marking the worst U.S.-Iran hostilities in over a month and reviving worries about energy-driven inflation spreading through the global economy. Government bond yields surged in response across Japan, Australia, the U.S., and Europe, and markets moved quickly to price in a higher probability that the Federal Reserve would raise rates at its September meeting. Right now, inflation is still running above the central bank’s 2% annual target.
Discover: The Best Crypto to Diversify Your Portfolio
Why Falling Yields Helped BitcoinAugust’s near-25% rally was fueled chiefly by a drop in yields. Higher rates bode poorly for purely speculative assets such as Bitcoin, and the same yield channel that lifted the asset last month is the one dragging it lower this week.
Renewed buying from Strategy, the largest corporate Bitcoin holder, offered only limited support even as the company made its first purchase in two months. That the market’s most consistent structural bid could not offset macro pressure underscores how much of Bitcoin’s near-term price action is currently dictated by rates and oil rather than treasury-driven demand.
The selloff was not confined to Bitcoin. Crypto prices retreated on Wednesday after also posting strong August gains, with every major token trading lower against the dollar.
Solana and the TRUMP memecoin posted the sharpest declines among majors, while BNB held up best, slipping just 0.3%. The uniformity of the drawdown across large caps and memecoins alike points to a risk-off move. They are all driven by macro conditions rather than any single protocol.
Crypto Market Cap Ranking, CoingeckoStart Trading Crypto, Visit MEXC
Friday’s Payrolls Data Could Set the Next Rate SignalThe focus this week is squarely on U.S. nonfarm payrolls data, due Friday, for further cues on the Fed’s next move. Any sign of labor-market resilience gives the central bank more headroom to hike, which would reinforce the same yield pressure now weighing on Bitcoin and other risk-sensitive assets.
🚨 KEVIN WARSH'S RATE HIKE CASE DEPENDS ON THIS WEEK'S JOBS DATA.
At Jackson Hole, he leaned hard on 4.1% unemployment and near record low jobless claims to argue the Fed has room to keep rates high, or go higher, without hurting workers.
That argument only holds up if the… pic.twitter.com/vElFjJkaIi
— Bull Theory (@BullTheoryio) August 31, 2026 A softer print would cut the other way, easing the immediate case for a September hike and potentially relieving some of the yield pressure that unwound August’s gains, though that remains a conditional scenario rather than a confirmed outcome.
Until that data lands, Bitcoin’s price action is likely to keep tracking oil prices and Treasury yields more closely than any crypto-specific catalyst as the U.S.-Iran conflict and bond-market rout intensified earlier this week.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
Goldman Sachs has added three stocks to its European “Conviction List – Directors’ Cut” list. The list tracks the bank’s buy-rated European equities.
The inclusions are the payment processing company Adyen, the German energy firm RWE, and the German insurer Talanx. All three arrive with different setups.
Adyen Draws the Biggest Upside CallThe bank sees 77% upside for Adyen, the largest call among the three additions. Adyen closed at €1,006.80 on September 1, down 3.88% for the session.
The Dutch payment processor sits roughly 37% under its 52-week high of €1,600.80. It also remains down nearly 28% in 2026.
Adyen Stock Performance. Source: Google FinanceAnalyst Mohammed Moawalla credits Adyen’s integrated platform for its edge. He points to new client ramps, including the Toast partnership in the US and Shopify’s European expansion.
Goldman also expects Adyen to benefit from agentic commerce. The bank flagged tie-ups with OpenAI, Google, and Microsoft.
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RWE and Talanx Round Out the AdditionsNext, RWE closed at €58.58 on September 1 and has gained roughly 30% so far this year. Goldman set a €75 target, implying 28% upside.
Analyst Alberto Gandolfi expects the grid spending and possible data center deals to lift the valuation. He also flagged stronger US renewable returns and potential LNG profits.
Lastly, Talanx carries a €141 target, representing 13% upside. The stock traded near €125, close to a 2026 high. It has gained 12% yeat-to-date.
Analyst Andrew Baker described its Retail International arm, which sells policies outside Germany, as an “underappreciated growth engine” and projected that premiums there would rise 8% to 10% annually through 2030.
Goldman dropped Hannover Re, along with Enel, Wise, and Zalando from the list. Two of Goldman’s three September calls lean on AI.
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Wall Street logged its third consecutive losing session Tuesday. Fresh U.S. strikes on Iran sent oil surging, and CNBC’s Jim Cramer says three forces now keep the market, including Bitcoin, volatile.
The Dow fell 419 points and the Nasdaq dropped 1%. Both slides reflect geopolitical shocks, bond market stress, and a hawkish new Fed chair. The 10-year Treasury yield climbed to 4.79%.
Three Forces Rattling Wall StreetThe first of the three factors is Iran. Renewed U.S. strikes near the Strait of Hormuz pushed Brent crude up 4.6% to $95.70 a barrel Tuesday evening. U.S. crude closed above $90 for the first time in over a month.
Cramer says the pattern keeps repeating as Iran’s latest Hormuz threat resurfaces whenever ceasefire hopes fade.
The second factor is the Federal Reserve. Federal Reserve Chair Kevin Warsh has signaled he would raise rates even at the cost of a recession.
Cramer compares him to former Fed Chair Paul Volcker, another inflation hawk. Traders now put the odds of a September rate hike at 66%, up from about 40% a week earlier.
The third is the president himself. Cramer estimates a provocative post on Iran shaves about a quarter point off major indexes. An actual strike can cut markets by half a percent and add two percentage points to oil. He calls it a volatility premium with no fixed expiration.
Cramer’s team also trimmed data center exposure ahead of the November election, wary of political risk to AI names. They kept core holdings in Nvidia and Apple.
Bitcoin Also Feeling the PressureThe pressure has spilled into digital assets too. Bitcoin’s brief slide below $77,000 tracked Tuesday’s broader risk-off move.
Bitcoin has slipped below $77,000 briefly. Image Source: BeInCryptoInvestors trimmed exposure across both stocks and crypto. Ether slid alongside bitcoin as traders cut risk broadly across the sector. Cramer’s investing club raised cash to more than 15%, the highest level in its 25-year history.
He is betting the whipsaw continues until Iran’s conflict eases or the Fed’s path becomes clearer. The next test arrives Friday, when the August jobs report could reshape rate-hike expectations further.
Ethena has launched Ethena Pay, a self-custodial mobile finance app the company calls "the internet money neobank," combining dollar savings, card spending, international transfers and fiat onramps into a single product built entirely on Avalanche.
The app holds user balances in USDe, Ethena's synthetic dollar, and lets users move between fiat and digital dollars, send money domestically and abroad, and spend through Visa's network of more than 130 million merchants, according to a joint announcement from Ethena and Avalanche developer Ava Labs. Deposits made by bank transfer or in crypto are converted into USDe, and withdrawals to external bank accounts settle in the recipient's local currency.
"Avalanche was focused on RWAs and tokenized assets before almost anyone else was talking about them," said Ethena founder Guy Young. "Ethena Pay can plug into the liquidity and applications already in the Avalanche ecosystem, then serve those products through a simple experience where users never have to interact directly with DeFi."
Avalanche's role is to move value behind the interface: it settles the transfers, payments and money movement that the app abstracts away from users, who never select a network or interact with onchain infrastructure directly. Ava Labs frames the arrangement as a template other neobanks and fintechs could copy, pairing a company's own product and customer relationship with Avalanche as the settlement layer underneath.
The rollout is limited at launch. Ethena Pay opened with an initial early-access list of roughly 400 users and plans to expand that list weekly as it moves out of beta through September. The app is live on iOS in more than 50 countries, with Android support, multi-currency accounts, and access in the United States and European Union still to come. Ethena has said the card is not available to US persons, reflecting the regulatory constraints still facing the launch in its largest potential market.
The product gives Ethena a consumer distribution channel it has not previously had. USDe's circulating supply stood at roughly $4 billion at launch, down from a peak of about $15 billion in September 2025, as competition from bank-issued and fintech stablecoins has intensified and Ethena has faced regulatory pushback in Europe, including an order from Germany's BaFin last year to wind down its EU-facing USDe business. Ethena has already processed more than $30 billion through its mint and redemption systems and says USDe is integrated across more than 100 platforms, but that activity has been concentrated in trading and DeFi rather than everyday spending. ENA, Ethena's governance token, rose following the announcement and was trading around $0.158 on Tuesday.
Whether Ethena Pay changes that mix will depend on how far the company can extend the rollout beyond its initial access list, and whether it can bring the product into the US and EU markets that remain excluded from this first phase.
Key Highlights Ethena Pay, a self-custody financial application powered by Avalanche, has entered beta testing in 48 nations worldwide. Users can earn annual percentage yields reaching 6% on USDe holdings and receive cashback rewards up to 10% from participating merchants like Uber and Spotify. The ENA governance token has appreciated approximately 68% during the last 30 days, currently trading around $0.16. A governance proposal from the Ethena Foundation suggests allocating 95% of net protocol revenue to ENA token buybacks after USDe supply crosses $7.5 billion. Following the buyback announcement, ENA jumped over 10% and registered approximately $595 million in daily trading activity. Ethena Labs has officially released the beta version of Ethena Pay, an innovative financial application operating on the Avalanche blockchain. The platform is currently accessible in 48 nations, spanning regions including Brazil, Mexico, Kenya, Singapore, and Australia.
Built with self-custody principles, the application enables users to maintain balances in USDe, Ethena’s algorithmic dollar token, displayed as dollar-equivalent amounts. Incoming transactions in either traditional or digital currencies automatically convert to USDe upon receipt.
The platform features IBAN banking integration, facilitating seamless fund transfers between Ethena Pay and conventional bank accounts using local currency denominations. Transactions in USD, EUR, and GBP carry no fees, while alternative currencies incur charges ranging from 0.05% to 0.1%.
A tiered membership structure governs yield generation. Standard tier participants receive 5% annual yields on balances up to $5,000. Pro tier members, achieved by staking $2,000 in ENA tokens or completing 10 referrals, earn 6% yields on balances reaching $15,000. VIP status, requiring $10,000 in locked ENA or 50 successful referrals, provides 6% yields on balances up to $50,000.
Rewards Program and Payment Features The platform incorporates a payment card system distributing cashback rewards in AVAX tokens. Standard members receive 4% cashback, while Pro tier users earn 4.5% and VIP members collect 5% on general purchases. Enhanced rewards of up to 10% apply for Pro and VIP tiers at partner merchants including Uber, Spotify, and Claude.
Iron, a MoonPay subsidiary, powers the technical infrastructure supporting the application. Avalanche serves as the sole settlement blockchain for all transaction processing and fund movements.
Notable exclusions from the initial launch include the United States, European Union, Canada, Taiwan, and South Korea. Ethena anticipates expanding to these jurisdictions during the beta phase, subject to obtaining necessary regulatory clearances.
Token Performance and Revenue Allocation Strategy The ENA token has experienced an approximately 68% appreciation over the previous 30-day period, despite trading below earlier peak valuations. CoinGecko data shows the token exchanging hands near $0.16 on Tuesday.
Ethena (ENA) Price Last Friday, the Ethena Foundation introduced a governance proposal to channel 95% of protocol net revenues into ENA token repurchases. This mechanism would activate when USDe’s total circulating supply achieves the $7.5 billion threshold.
Market response was immediate, with ENA advancing more than 10% post-announcement and accumulating 27% gains throughout the week. Daily trading volumes reached approximately $595 million, representing a 16% increase from the previous session.
$ENA LAST CHANCE TO CATCH THE TRAIN🚀
For everyone who missed $ENA before the pump, you may get another opportunity to jump in before the next strong impulse to the upside.
We have formed a classic Double Bottom pattern, and price has already broken above the key level.
I’m… pic.twitter.com/dUQChFuXRg
— LAR (@LAR7Crypto) September 1, 2026
Market analyst LAR (@LAR7Crypto) identified a Double Bottom chart formation developing for ENA, observing that price action had successfully breached a critical resistance threshold. The analyst projected a medium-term price objective of $0.30 and an extended target of $1.50, suggesting a potential pullback to $0.13 could provide an optimal entry opportunity.
USDe maintains a circulating supply near $4 billion, significantly reduced from its September 2025 peak of approximately $15 billion. With a market capitalization of roughly $4.1 billion, USDe holds the position as the sixth-largest stablecoin in the cryptocurrency ecosystem.
The fee switch is priced as if the buying has already started. It hasn’t, and the revenue that would fund it is what currently pays for the growth the switch is waiting on.
One of these removes discretion from the cash. The other is discretion.
Posted September 2, 2026 at 5:31 am EST.
Crypto projects have started returning value to their tokenholders, buying back tokens with real revenue the way public companies buy back stock, and voting to cut new supply. Ethena proposed a buyback program last week and ENA rose as much as 27% over the two days that followed. Solana’s validators voted to cut the supply of new SOL. And Hyperliquid already spends nearly all of its trading fees buying back its own token, every day, automatically.
Buybacks themselves aren’t new. Binance was burning BNB with a fifth of its quarterly profits years ago. What changed is that paying tokenholders stopped looking legally radioactive in the U.S., and value-return programs became standard in about a month.
These programs are not alike. Some are rules: written into code or a fixed schedule, automatic, easy to verify. Some are pens: decisions a foundation makes privately, on terms it sets. And the one that moved the market most last week hasn’t bought anything: Ethena’s buyback does not switch on until USDe, its synthetic dollar, grows 78% from here.
What Ethena Actually Proposed Ethena’s proposal would activate a “fee switch,” routing a share of the protocol’s revenue into ENA purchases. Ethena runs USDe, a $4.22 billion synthetic dollar that earns yield from the basis trade: hold an asset, short its perpetual future, collect the funding longs pay.
The terms are a staircase. The take rate (the share of protocol revenue directed to buybacks) starts at 5% when USDe supply reaches $7.5 billion and scales to 25% at $25 billion, per the milestone table in the governance post. At the first milestone, that’s roughly $22.5 million a year of buying, by the post’s own illustrative math; at $20 billion of supply, $240 million.
The number that traveled last week was 95%: the share of the Foundation’s revenue take that buys ENA once the first milestone hits. The number that matters is the take itself, and the governance post sets it two ways that never reconcile: the milestone table directs a share of protocol revenue, starting at 5%; the text below it commits 95% of the net revenue Ethena’s three business lines pay the Foundation. An equity buyback comes wrapped in board authorization, securities filings, and liability. This one is a governance post and a vote.
That vote is live on Snapshot and closes Sept. 2 at 13:59 UTC. As of Tuesday evening it ran 17.8 million ENA in favor, none against, across 87 votes. ENA trades near $0.158, below the proposal day’s peak but up roughly 77% in 30 days.
Why serious investors subscribe:
Clear thinking during macro regime changes
Fewer trades, better decisions
Avoiding one bad allocation often matters more than finding one great trade
According to monitoring by TradingBeats (formerly Hyperinsight), the U.S.-Iran conflict has escalated again, with both sides launching mutual attacks, raising risks of supply disruptions in the Strait of Hormuz. WTI crude oil rose 5.2% to $90.22, while Brent crude gained 4.6% to $94.65, hitting near five-week peaks. The WTI and Brent contracts are currently trading at $90.87 and $95.50 respectively, with 24-hour increases of around 4.81% and 4.69%. Amid the rapid rise in oil prices, a major crude oil short position holder (0x0c4a) on Hyperliquid partially stopped losses, closing out 31,461.31 WTI and 50,774.85 Brent short positions. This resulted in losses of approximately $53,900 and $161,200 respectively, with the account recording a single-day drawdown of $1.26 million. As of press time, the position still holds around $16.88 million in combined short positions in both oils: WTI crude oil (20x leverage): short position worth about $6.459 million, average entry price of $88.70, unrealized loss of around $153,400, liquidation price of $97.49; Brent crude oil (20x leverage): short position worth about $10.425 million, average entry price of $91.89, unrealized loss of around $392,300, liquidation price of $101.63.
Hyperliquid Strategies Inc. (HSI), a Nasdaq-listed company with a primary focus on building its corporate treasury around the HYPE token, has expanded its equity financing plan. The company raised its stock-sale program commitment from $1 billion to $2.5 billion, according to a Form 8-K filing submitted to the US Securities and Exchange Commission on September 1.
HSI doubles equity facility for HYPE-fueled treasury strategyThe increase comes as part of Amendment No. 1 to HSI’s Committed Equity Facility agreement with Chardan Capital Markets, initially signed in October 2025. This facility allows HSI to gradually sell newly issued shares on the market and use the proceeds to fund its strategy of accumulating HYPE tokens.
The amendment formally raises the total commitment for equity sales to $2.5 billion from the original $1 billion cap. As detailed in the September 1 filing, this step reflects HSI’s expanding approach to crypto treasury management and token demand generation.
The Amendment increases the Total Commitment from $1.0 billion to $2.5 billion.
Hyperliquid Strategies, September 1 Form 8-K
HSI had already used a significant portion of its initial facility. According to its August 27 earnings announcement, the firm raised $646.6 million at an average share price of $8.70 and deployed $773.4 million to purchase approximately 16.5 million HYPE tokens at an average cost of $46.77 each.
$773.4 million deployed to accumulate ~16.5 million HYPE tokens at average cost of $46.77.
Hyperliquid Strategies, August 27 earnings release
The latest amendment introduces extra measures to protect existing shareholders. Once $1 billion in stock is sold through the facility, any further sales of shares below $12.02 are capped so that the total issued stock does not exceed 42,641,847 shares, or 19.99% of total outstanding shares before the amendment. This restriction, known as the Exchange Cap, aligns with Nasdaq’s shareholder approval requirements under Rule 5635 and limits dilution from discounted stock sales unless shareholder approval is obtained.
Original CapNew CapAverage HYPE CostShares Cap Below $12.02$1 billion$2.5 billion$46.7742,641,847 sharesHSI positioned itself as a corporate treasury specialist in the crypto sector, offering public-market investors indirect exposure to HYPE alongside staking rewards at the company level.
Mini dictionary: Hyperliquid Strategies Inc. (HSI) is a public company listed on Nasdaq that focuses on building digital asset treasuries, primarily by accumulating the HYPE token as a reserve asset and offering investors synthetic exposure to its value and staking rewards.
As of June 30, HSI’s total assets stood at $2.06 billion, with $1.904 billion allocated to HYPE. The company reported zero debt, and its HYPE holdings increased from 12.5 million to 29.3 million over the last fiscal year.
The company reported a 77% price increase in HYPE over Q2, during which the broader crypto market lost nearly 13% of its capitalization. The scaled-up equity program gives HSI substantial flexibility for future HYPE purchases, though buying capacity remains tied to its ability to raise new funds through share sales.
Protocol revenues and buyback mechanism drive demandHYPE’s economic model has been described by Coinbase Institutional as “equity-like,” as fees collected by the Hyperliquid protocol are used for systematic buybacks of the HYPE token. Matt Hougan, CIO at Bitwise, highlighted this approach in his analysis of the protocol’s revenue-driven value model.
Hyperliquid generated more than $800 million in revenue last year and uses ~99% of it to buy and burn HYPE.
Matt Hougan, Bitwise CIO
Bitwise estimates that since Hyperliquid launched, $1.3 billion worth of HYPE tokens have been purchased and burned. According to DefiLlama, annualized fee revenue from Hyperliquid stands at $950.63 million, with the protocol’s annualized net revenue at $713.83 million. Open interest on the platform recently reached $13.771 billion, while the HYPE token currently trades at $82.21.
New investments by HSI would combine institutional-level demand with ongoing protocol-driven buybacks. This creates a link between trading activity, treasury accumulation, and token demand in the wider crypto market.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
Preview: US ADP Non-Farm Payrolls data will be released tonight, with an expected 48,000 new jobs added.
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Hyperliquid Strategies expanded its equity financing facility with Chardan Capital Markets from $1 billion to $2.5 billion on Sept. 1, according to a new U.S. Securities and Exchange Commission filing.
Summary
Hyperliquid Strategies expanded its Chardan equity facility from $1 billion to $2.5 billion in capacity. The facility permits periodic share sales but does not guarantee the company raises $2.5 billion. Proceeds may fund general corporate purposes, including potential HYPE purchases, subject to discretion and conditions. A 42,641,847-share exchange cap applies to certain below-$12.02 sales after the first $1 billion raised. PURR closed at $11.36 on September 1, falling approximately 7.3% during the regular trading session. The Nasdaq-listed company can raise funds over time by selling newly issued PURR shares to Chardan. Hyperliquid Strategies previously said proceeds from the facility could support general corporate purposes, including potential purchases of HYPE, the native token of the Hyperliquid network.
The $2.5 billion commitment represents the facility’s maximum aggregate capacity. It does not mean the company has received that amount, completed an offering of that size or committed the proceeds to buying HYPE.
Actual proceeds will depend on the number of shares sold and the prices at which transactions occur. Each issuance would also increase PURR’s outstanding share count, creating potential dilution for existing investors.
Hyperliquid Strategies adds $1.5 billion in capacity Hyperliquid Strategies and Chardan signed the amendment to their ChEF purchase agreement on Sept. 1. The original agreement dates to Oct. 22, 2025.
The amendment raises the total commitment by $1.5 billion. Chardan can purchase newly issued common shares from Hyperliquid Strategies after the company submits qualifying purchase notices under the agreement.
Today we filed an 8K explaining the details of our updated equity facility.
When we originally put this facility in place it had a headline of $1bn (which at the time seemed like an awful lot). We are now close to hitting the $1bn limit, so we have increased the agreement to… pic.twitter.com/OsbcpogT67
— David Schamis (@dschamis) September 1, 2026 Hyperliquid Strategies controls the timing and amount of individual sales. Its SEC disclosures state that financing decisions will depend on market conditions, PURR’s trading price and management’s assessment of how the proceeds should be deployed.
The arrangement differs from a traditional loan. Selling shares does not create principal repayments or interest expenses. However, the company exchanges equity for cash, reducing the percentage ownership represented by each existing share.
The facility also does not guarantee that Chardan will purchase $2.5 billion in stock. Transactions remain subject to the agreement’s terms, conditions and limitations. The amount ultimately raised could be lower than the maximum commitment.
Potential HYPE purchases remain optional Hyperliquid Strategies said in its prospectus that proceeds from equity-facility sales were planned for general corporate purposes, including potential HYPE purchases.
That language gives management broad discretion. It does not establish a minimum HYPE allocation, purchasing deadline or fixed token target. The company could also direct proceeds toward operating expenses, transaction costs or other corporate requirements.
The Sept. 1 Form 8-K does not report a new HYPE acquisition. It also does not disclose whether Hyperliquid Strategies has completed share sales using the additional $1.5 billion of capacity.
Hyperliquid Strategies reported holding 29.3 million HYPE as of Aug. 19. Since completing its business combination in December 2025, the company had spent $773.4 million to acquire approximately 16.5 million tokens at an average price of $46.77, as crypto.news reported.
The company also reported $149.9 million in cash at the end of June and said it carried no debt. Its HYPE position had more than doubled from the roughly 12.6 million tokens associated with the company’s creation.
In related coverage, the transaction that formed Hyperliquid Strategies included $305 million in cash alongside the initial HYPE contribution. The company has since used equity financing as a central part of its token accumulation strategy.
Nasdaq rules limit lower-priced issuances The amendment introduces an exchange cap that becomes relevant after aggregate share sales through the facility reach $1 billion.
After that threshold, Hyperliquid Strategies generally cannot sell more than 42,641,847 shares at prices below $12.02. The limit equals 19.99% of the common shares outstanding immediately before the amendment was executed.
The company can exceed the cap if shareholders approve additional issuances under Nasdaq rules. The restriction may also cease to apply if shareholder approval is not required under an available Nasdaq provision.
At $12.02 per share, 42,641,847 shares would represent approximately $512.5 million in gross proceeds. This calculation excludes fees and assumes every share is sold at the stated price.
The relationship between the share cap and the expanded commitment could restrict access to the full facility when PURR trades below $12.02. Raising the entire $2.5 billion may require higher sale prices, shareholder approval or an applicable Nasdaq exception.
The effect on existing investors will depend on the timing and size of each issuance. Selling shares at lower prices requires the company to issue more stock to raise the same amount of cash, increasing dilution.
PURR closes below the amendment’s threshold PURR closed at $11.36 on Sept. 1, down approximately 7.3% during regular trading. The stock opened at $11.76 and traded between $11.03 and $12.31. Volume reached about 24.3 million shares.
Source: Google Finance The closing price placed PURR below the amendment’s $12.02 reference level. However, the market price does not activate the exchange cap by itself. The restriction concerns completed below-threshold sales after cumulative facility purchases reach $1 billion.
HYPE treasury company Hyperliquid Strategies increased its equity facility with Chardan Capital Markets from $1 billion to $2.5 billion, giving the company additional capacity to raise capital through share sales.
In a Tuesday filing with the US Securities and Exchange Commission, Hyperliquid Strategies said it amended its October 2025 Chardan Equity Facility purchase agreement to increase the aggregate gross purchase price of newly issued common shares.
The agreement allows Hyperliquid Strategies to periodically direct Chardan, a New York-based investment bank and broker-dealer, to purchase shares subject to pricing, trading volume, and other conditions. Chardan can subsequently resell the shares in the public market.
The increased facility gives the company more potential funding for its HYPE-focused treasury strategy, but drawing on it would issue additional shares and could dilute existing shareholders. The $2.5 billion represents the maximum capacity rather than funds already raised.
Hyperliquid Strategies previously reported raising $647 million through the facility and expanding its treasury to about 29.3 million HYPE tokens.
The expansion follows renewed market interest in Hyperliquid. HYPE jumped more than 20% in August after US President Donald Trump said Commodity Futures Trading Commission Chair Michael Selig was working to bring the decentralized trading platform into the US “in a fully compliant and legal fashion.”
Hyperliquid Strategies shares rose 30.4% following Trump’s remarks. Despite sharing the protocol’s name and holding its native token, the company says it is independent and not affiliated with Hyperliquid.
Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.
HYPE treasury company Hyperliquid Strategies increased its equity facility with Chardan Capital Markets from $1 billion to $2.5 billion, giving the company additional capacity to raise capital through share sales.
In a Tuesday filing with the US Securities and Exchange Commission, Hyperliquid Strategies said it amended its October 2025 Chardan Equity Facility purchase agreement to increase the aggregate gross purchase price of newly issued common shares.
The agreement allows Hyperliquid Strategies to periodically direct Chardan, a New York-based investment bank and broker-dealer, to purchase shares subject to pricing, trading volume, and other conditions. Chardan can subsequently resell the shares in the public market.
The increased facility gives the company more potential funding for its HYPE-focused treasury strategy, but drawing on it would issue additional shares and could dilute existing shareholders. The $2.5 billion represents the maximum capacity rather than funds already raised.
Hyperliquid Strategies previously reported raising $647 million through the facility and expanding its treasury to about 29.3 million HYPE tokens.
The expansion follows renewed market interest in Hyperliquid. HYPE jumped more than 20% in August after US President Donald Trump said Commodity Futures Trading Commission Chair Michael Selig was working to bring the decentralized trading platform into the US “in a fully compliant and legal fashion.”
Hyperliquid Strategies shares rose 30.4% following Trump’s remarks. Despite sharing the protocol’s name and holding its native token, the company says it is independent and not affiliated with Hyperliquid.
Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.
TradeXYZ recorded $202.36 billion in trading volume during the second quarter of 2026, an increase of 79.2% from the previous quarter, according to a Sept. 1 report from the Hyperliquid Research Collective.
Summary
TradeXYZ’s quarterly trading volume rose 79.2% to $202.36 billion, according to the independent research report. Equity perpetual volume increased 377% quarter-on-quarter, reaching $58.9 billion across 55 markets during Q2 2026. TradeXYZ’s HIP-3 volume share increased from 84.5% to 95.1% during the second quarter of 2026. Quarter-end open interest reached $2.96 billion, representing a 64.6% increase from the previous quarter’s level. Felix, Ventuals and Dreamcash stopped operating between June 19 and July 2, reducing HIP-3 competition. The platform’s estimated share of trading across Hyperliquid’s HIP-3 markets rose from 84.5% to 95.1% during the quarter. Its fastest-growing segment was equity perpetuals, where volume increased 377% quarter-on-quarter to $58.9 billion across 55 markets.
The figures come from an external research report prepared by GLC Research, Four Pillars, Arrakis and GRZ Research. They should not be treated as audited financial results or figures confirmed through a TradeXYZ regulatory filing.
2026 Trade[XYZ] Q2 Report
Today, we're excited to release Trade[XYZ]'s 2026 Q2 Report.
While three of its HIP-3 rivals, Felix, Ventuals, and Dreamcash, shut down entirely this quarter, Trade[XYZ] pulled further ahead. Its share of HIP-3 volume climbed from 84.5% to 95.1%.… pic.twitter.com/F2irNgYE2r
— Hyperliquid Research Collective (HRC) (@HyperliquidR) September 1, 2026 The report also calculated $7.59 million in quarterly revenue, up 32.9%, while open interest reached $2.96 billion at the end of June. Open interest increased 64.6% from the previous quarter.
TradeXYZ captures 95.1% of HIP-3 trading volume TradeXYZ’s quarterly volume rose by approximately $89.43 billion from the estimated Q1 level of $112.93 billion. Growth in trading activity outpaced revenue, which increased by 32.9% over the same period.
That difference can reflect changes in product mix, fee rates, trader tiers and the proportion of volume generated by markets with lower effective fees. The report did not provide enough audited information to identify a single cause.
TradeXYZ’s HIP-3 market share increased by 10.6 percentage points during Q2. The research group estimated that its share had reached approximately 99.5% on a trailing 30-day basis by the time the report was prepared.
HIP-3 allows third parties to deploy perpetual futures markets on Hyperliquid while using the network’s trading infrastructure. Deployers can choose market parameters and list assets that are not available through Hyperliquid’s original validator-operated markets.
Hyperliquid’s current fee documentation says HIP-3 deployers may retain up to 50% of the trading fees generated by their markets. That creates a direct revenue model for platforms that can attract traders and maintain liquid order books.
The structure also separates TradeXYZ from a conventional centralized exchange. Users trade through Hyperliquid’s on-chain infrastructure, while TradeXYZ acts as the deployer responsible for its market selection and related parameters.
Equity perpetuals drive the fastest growth Equity perpetual volume reached $58.9 billion during Q2, representing about 29.1% of TradeXYZ’s total reported volume. The segment covered 55 equity-linked markets by the end of the quarter.
A perpetual contract gives traders price exposure to an underlying asset without a fixed expiration date. Equity perpetuals can therefore track the market value of a company’s shares while trading outside the normal operating hours of traditional stock exchanges.
These contracts do not necessarily provide the same rights as owning the underlying shares. Perpetual holders generally do not receive voting rights, legal ownership or direct claims on company assets. Funding payments and liquidation rules also create risks that do not apply to ordinary unleveraged share ownership.
TradeXYZ introduced its pre-IPO perpetual product, known as IPOP, on May 1. The first market tracked Cerebras, followed by contracts linked to SpaceX and Quantinuum, according to the report.
The research group said those contracts continued through the companies’ public listings and then converted into standard equity perpetuals. It also claimed that the pre-IPO markets provided prices close to the companies’ opening public trades.
Those conclusions come from the report’s analysis. TradeXYZ has not filed audited evidence showing that pre-IPO perpetual prices consistently predict opening prices, and three completed examples would not establish long-term reliability.
The growth forms part of a wider convergence between cryptocurrency infrastructure and equity markets. For example, Wintermute registered as a U.S. broker-dealer while preparing to expand into equities and tokenized securities, as covered in the report on its regulated U.S. securities entry.
Rival closures increase market concentration TradeXYZ’s rising share also reflects the departure of competing HIP-3 deployers. Felix, Ventuals and Dreamcash stopped operating between June 19 and July 2, according to the research report.
Their closures removed alternative venues during and shortly after the quarter. This means TradeXYZ’s 95.1% share resulted from both its own volume growth and reduced competition.
The report did not provide detailed reasons for each closure. It also did not disclose whether customers experienced losses, whether open positions were transferred or how much volume each departing platform handled before stopping operations.
A market share approaching 100% gives TradeXYZ a strong position among HIP-3 deployers, but it also concentrates activity and operational dependence in one platform. Future market share could change if new deployers enter, existing teams relaunch or Hyperliquid modifies the HIP-3 framework.
The concentration is specific to HIP-3 markets and should not be confused with TradeXYZ controlling all Hyperliquid trading. Hyperliquid also hosts its original perpetual markets, spot assets and other infrastructure outside TradeXYZ’s deployed products.
CFTC action does not directly approve TradeXYZ The report described the U.S. Commodity Futures Trading Commission’s May action on perpetual futures as regulatory validation for the broader product category.
On May 29, the CFTC issued a policy statement explaining its position on listing perpetual contracts. The agency released the statement alongside an order allowing a designated contract market to list a bitcoin-linked perpetual futures contract.
That action covered a U.S.-regulated contract offered by a registered market operator. It did not approve TradeXYZ, Hyperliquid’s offshore markets or TradeXYZ’s equity perpetual products.
TradeXYZ users should therefore not interpret the CFTC decision as granting U.S. regulatory authorization to the platform. The legal treatment of equity-linked perpetuals can involve derivatives and securities rules that differ from those governing a bitcoin contract.
Regulators in other jurisdictions have followed separate approaches. One Trading received a Dutch license to offer regulated perpetual futures in the European Union, according to coverage of its European derivatives authorization.
The comparison shows that regulatory approval normally applies to a specific operator, legal entity and product structure. Broader acceptance of perpetual futures does not automatically authorize every on-chain market using a similar contract design.
Q3 data will test whether TradeXYZ retains its lead The next relevant update will be TradeXYZ’s third-quarter volume, revenue and open-interest data. Those figures should show whether Q2 growth continued after three competing HIP-3 deployers closed.
Equity perpetual activity will be another key measure. The segment must maintain liquidity across its expanded list of markets for the 377% quarterly increase to represent more than a short-term surge around major listings.
Future pre-IPO conversions will also provide more evidence about how TradeXYZ handles corporate listings, reference prices and contract transitions. The report did not announce a fixed schedule for additional IPOP markets.
TradeXYZ’s U.S. availability remains a separate regulatory question. Neither the research report nor the CFTC statement announced approval for the platform to offer equity perpetuals directly to U.S. customers.
Hyperliquid Strategies has raised its equity facility with Chardan Capital Markets from $1 billion to $2.5 billion, increasing the company’s access to capital through future share sales.
SEC filing details amendmentsIn a filing submitted Tuesday to the US Securities and Exchange Commission, Hyperliquid Strategies announced an amendment to its equity facility purchase agreement with Chardan, first established in October 2025. The amendment lifts the aggregate gross purchase price of newly issued common shares that Chardan may buy from the company.
The agreement allows Hyperliquid Strategies to direct Chardan, a New York-based broker-dealer and investment bank, to acquire shares in tranches, guided by predetermined pricing, trading volume, and other conditions. Chardan, in turn, holds the ability to resell these shares on the open market.
The $2.5 billion figure represents the facility’s maximum drawdown potential, not funds currently raised. If accessed, this arrangement would provide additional financial support for Hyperliquid Strategies’ treasury operations focused on the HYPE token. However, drawing on the facility would involve issuing new shares, which could dilute the stake of existing shareholders.
HYPE treasury strategy and market momentumTo date, Hyperliquid Strategies has reported securing $647 million through this equity facility, growing its treasury to about 29.3 million HYPE tokens.
Recent market interest in Hyperliquid has intensified. In August, the HYPE token jumped over 20% after US President Donald Trump remarked that Commodity Futures Trading Commission Chair Michael Selig was working to introduce the decentralized trading platform to US markets “in a fully compliant and legal fashion.”
Hyperliquid Strategies’ shares climbed 30.4% following Trump’s statements.
Despite sharing a name with the trading protocol and holding its native HYPE token, Hyperliquid Strategies asserts its independence and states that no official affiliation exists between the company and Hyperliquid.
Broader trends in asset managementAs institutional strategies evolve, technological advancements are also shaping financial services. While traditional markets often rely on intermediaries and brokers, platforms like 1stepSwap are redefining asset management. Investors are beginning to hold shares of major US companies, as well as assets such as gold and silver, directly in crypto wallets. By tokenizing real-world assets and instantly sourcing optimal prices, these platforms aim to eliminate middlemen from the process.
Short Closed, Long Opened, Position GoneHigh-leverage trader James Wynn suffered another swift liquidation after flipping from bearish to bullish on $BTC. According to on-chain tracker Lookonchain, Wynn closed a 1.33 BTC short position for a $1,500 loss, then immediately opened a 30x Bitcoin long worth approximately $147,000. The position carried a liquidation price of $77,243.53. Bitcoin moved against the trade and the position was wiped out shortly after it was opened.
The rapid sequence, a short closed at a small loss, a directional flip, and an almost instant liquidation, is consistent with a pattern that on-chain analysts have tracked for months. Wynn had been opening leveraged positions on Bitcoin through Hyperliquid with position sizes ranging from $44,000 to $190,000 in notional value. The platform's automated liquidation system closes positions once margin falls below the required threshold, leaving no room for recovery when leverage is extreme.
A Long Record of High-Stakes LossesThe latest trade fits squarely into one of the most closely watched liquidation streaks in crypto. The liquidation left Wynn's account at just over $900, and blockchain analytics firm Lookonchain noted that he had been liquidated six times in the space of two weeks. Prior to that streak, Wynn had already logged 194 total liquidations, with his peak notional exposure once reaching $1.26 billion.
After making sizable profits on meme coins like PEPE, Wynn turned to leveraged trading on Hyperliquid in March 2025 and quickly became one of the platform's most visible traders, amassing tens of millions of dollars in gains through aggressive bets on cryptocurrencies. Those gains eroded sharply. On-chain analytics firm Arkham Intelligence confirmed that Wynn's account on Hyperliquid had been reduced to slightly over $900 after his Bitcoin position was liquidated.
The episode is a reminder of how quickly extreme leverage can work in reverse. At 40x leverage, a roughly 2.5% adverse move in Bitcoin is enough to wipe the margin entirely, and the repeated liquidations underline the dangers of high-leverage trading on decentralized perpetual exchanges. At 30x, the margin for error is only marginally wider. Each directional bet Wynn places is watched closely by on-chain analysts, partly because the trades themselves can move sentiment, and partly because the outcomes consistently illustrate the asymmetric downside of high-leverage crypto trading.
Sources
Yahoo Finance: James Wynn's Account Drops to $900 After Latest Bitcoin Liquidation on Hyperliquid
CoinDesk: How James Wynn's $100M Implosion Is a Leverage Tale as Old as Time
The Block: Hyperliquid Trader James Wynn Hit With Over $100 Million Loss
2 September 2026 | 10:40 Hyperliquid Strategies expanded its Chardan equity facility from $1 billion to $2.5 billion, increasing its potential HYPE-buying capacity without reporting any completed share sales or token purchases.
Key Takeaways The facility’s maximum commitment increased to $2.5 billion. The $2.5 billion is not cash already raised. Lower-priced PURR sales face a 42.64 million-share limit. Direct HYPE demand requires completed share sales and token purchases. What the $2.5 billion figure actually means Hyperliquid Strategies’ September 1 filing increased the total commitment under its equity-purchase agreement with Chardan Capital Markets from $1 billion to $2.5 billion. The additional $1.5 billion gives the company more room to issue and sell PURR common shares under the agreement’s conditions.
The figure represents the maximum aggregate gross purchase price of those shares, rather than money already held by Hyperliquid Strategies. The filing concerns the Nasdaq-listed treasury company trading under PURR, not the Hyperliquid protocol itself.
And still the company’s wider strategy makes the amendment relevant to HYPE. Its latest annual report identifies accumulating the token as its primary business, although the expanded agreement provides no fixed allocation or buying schedule. Any future purchases would still begin with transactions in the equity market.
Four steps separate the facility from HYPE demand 1. Hyperliquid Strategies must issue PURR shares The agreement allows the company to create and sell new common shares, but issuance does not happen automatically. Management decides when to use the facility and how much stock to offer.
2. The share sales still have to occur Hyperliquid Strategies can raise money only when shares are purchased under the agreement. The amount collected will depend on how often the company uses the facility, how many shares it issues and the prices calculated under its terms.
Those prices determine the cost to existing shareholders. A lower PURR price requires more shares to raise the same amount of money, increasing dilution and using the applicable share allowance more quickly.
That constraint becomes more important after the first $1 billion of sales. From that point, shares issued below $12.02 count toward an aggregate limit of 42,641,847 shares, representing 19.99% of the common stock outstanding immediately before the amendment.
At just under $12.02 per share, raising the additional $1.5 billion would require more than 124.8 million shares—nearly three times the 42.64 million-share limit. Reaching the full capacity at those prices would therefore require shareholder approval unless Nasdaq rules permit an exception.
The $12.02 figure is not a minimum sale price. It is the threshold below which the share-count restriction applies, making PURR’s market value an important factor in how much of the facility can be used efficiently.
3. Completed sales must produce usable cash Only completed transactions create cash that Hyperliquid Strategies can deploy. The $2.5 billion ceiling describes the agreement’s maximum gross purchase value, not proceeds already received.
4. Management must direct the money toward HYPE Cash from PURR sales does not enter the HYPE market on its own. Management must authorize token purchases and report them before any portion of the expanded facility can be counted as direct HYPE demand.
Will HYPE benefit? HYPE could benefit, but not from the amendment alone. The token receives direct demand only when Hyperliquid Strategies completes PURR sales and uses the resulting capital to purchase HYPE.
Previous transactions show that this route is more than theoretical. In its August 27 financial update, the company reported raising $647 million through PURR issuance during the fiscal year while deploying $773 million from its available capital to acquire HYPE.
Those purchases helped increase its treasury from an initial 12.5 million tokens to 29.3 million HYPE by June 30. The figures should not be read as a one-to-one flow of the same money, but they show that equity financing has already supported the company’s broader accumulation strategy.
The latest amendment could extend that process, although management retains flexibility. The company’s annual filing says future capital may also support acquisitions involving businesses connected with the Hyperliquid ecosystem.
Confirmed treasury purchases would add buying demand, but they would not guarantee an equivalent increase in HYPE’s market value. The price effect would depend on how quickly the company bought, the liquidity available at the time and how much supply other holders brought to the market.
HYPE holds near its record as the wider market slips While that future buying power remains unconfirmed, HYPE is already displaying relative strength in the spot market. The token traded near $83.3 at approximately 07:00 UTC on September 2, about 4% below its late-August record near $86.70.
Hyperliquid (HYPE/USD) daily price chart with moving averages and RSI indicator. HYPE reached that record before the September 1 amendment, so the expanded facility cannot explain the rally but it may add another possible source of future demand. But for now no reported PURR sale or treasury purchase connects the agreement with the token’s current price.
HYPE’s resilience stands out against a market in which XRP fell to $1.32 despite positive ETF inflows. Larger assets were also contending with the yield and yen pressures weighing on crypto as September began.
The plan depends on two markets Financing a HYPE treasury with newly issued stock ties the company’s buying power to the market value of PURR. A stronger PURR price allows Hyperliquid Strategies to raise capital with fewer new shares, while a weaker price makes the same strategy more dilutive and brings the exchange cap into play sooner.
That relationship becomes more demanding after HYPE’s August rally. New capital now buys fewer tokens than it did before the advance, leaving the company to weigh the price paid for HYPE against the number of PURR shares issued to finance each purchase.
The facility’s real strength will become visible in PURR’s sale prices, not in its $2.5 billion ceiling. Those prices could determine whether the expanded agreement provides efficient HYPE-buying power or remains largely unused capacity.
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice.
Author
Alex is Editor-in-Chief of Coindoo and co-founder of Millennial Media Group, with nearly a decade of experience covering financial markets - crypto first, then everything else. It started in 2016 with Bitcoin. Like most people at the time, he didn't fully understand it - so he kept digging. Blockchain, tokenomics, the projects, the cycles. That curiosity never stopped, and eventually pulled him into traditional markets too: equities, commodities, macro. Not because he left crypto behind, but because you can't properly understand one without the other. What drives him is straightforward: he wants to know why something is happening, not just that it's happening. Most market coverage stops at the headline - price up, price down, here's a chart. Alex finds that kind of reporting actively unhelpful. If you walk away from an article without understanding the mechanism behind the move, what did you actually learn? He holds a degree in Tourism from New Bulgarian University - not the most obvious path into financial markets, but markets have a way of pulling in people who are simply too curious to stay out. He has authored over 200 in-depth analyses and more than 10,000 articles across crypto and traditional finance. He still thinks every day in markets teaches him something new. That's probably why he hasn't stopped.
Key Highlights Hyperliquid’s HYPE token climbed 1.29% to approximately $83 following its integration into Hashdex’s NCIQ cryptocurrency ETF The token secured a 3.36% allocation in the Nasdaq CME Crypto Index, bringing the total number of assets in the fund to nine On September 1, Hyperliquid Strategies increased its equity financing arrangement with Chardan Capital Markets from $1 billion to $2.5 billion Cryptocurrency analyst Ted (@TedPillows) reported on X that a major investor acquired $11.8 million worth of HYPE within 24 hours The platform is currently negotiating with Payward, Kraken’s parent entity, to provide regulated perpetual futures contracts for U.S.-based traders The HYPE token from Hyperliquid is currently valued at approximately $83, marking a 1.29% increase following the simultaneous announcement of two significant developments. Investment firm Hashdex incorporated HYPE into its diversified spot cryptocurrency ETF, while Hyperliquid Strategies expanded its equity financing capability to $2.5 billion.
Hyperliquid (HYPE) Price The modification to Hashdex’s Nasdaq CME Crypto Index ETF, trading under NCIQ, became effective on September 1, 2026. The portfolio now encompasses nine digital assets, representing an expansion from its previous eight-asset composition.
HYPE joins the index with a 3.36% allocation. Bitcoin maintains its position as the dominant holding at 74.36%, with Ethereum following at 11.88%, XRP at 5.21%, and Solana at 3.79%.
Hyperliquid Secures a Spot In Hashdex’s ETF
Hashdex has added Hyperliquid’s hyperliquid:native to its Nasdaq CME Crypto Index ETF, effective September 1.
The move expands NCIQ from eight crypto assets to nine. HYPE enters the index with a 3.36% weighting, according to cited… pic.twitter.com/DwzCkSHurZ
— BSCN (@BSCNews) September 2, 2026
The current index composition features Bitcoin, Ethereum, XRP, Solana, Hyperliquid, Stellar, Cardano, Chainlink, and Bitcoin Cash.
NCIQ was introduced by Hashdex in February 2025, initially containing only Bitcoin and Ethereum. The fund operates on a rules-based framework that evaluates factors including liquidity, market capitalization, custodial infrastructure, and compliance with regulatory listing requirements.
Samir Kerbage, Chief Investment Officer at Hashdex, emphasized that expansion was integral to the fund’s design. “The intention behind launching NCIQ in February 2025 with two assets was always portfolio expansion,” Kerbage explained.
Kerbage further highlighted Hyperliquid’s decentralized exchange architecture and emerging regulatory clarity as factors contributing to the ecosystem’s growing significance in traditional financial markets.
Hyperliquid Strategies Boosts Capital Facility Coinciding with the ETF news, Hyperliquid Strategies submitted documentation to the SEC expanding its equity financing arrangement with Chardan Capital Markets from $1 billion to $2.5 billion. This expanded framework represents available capacity rather than capital already secured.
The ultimate funds raised will vary based on share distribution volumes and market pricing. The organization has indicated that proceeds may support general corporate operations, potentially including additional HYPE token acquisitions, though no specific allocation requirements exist.
As of August 19, Hyperliquid Strategies maintained holdings of 29.3 million HYPE tokens. Beginning in December 2025, the firm deployed $773.4 million to purchase approximately 16.5 million tokens at a mean cost of $46.77 per token.
PURR, the company’s publicly traded stock on Nasdaq, concluded September 1 at $11.36, representing a 7.3% decline for the session. This valuation remains beneath the $12.02 reference threshold connected to share issuance limitations outlined in the revised financing agreement.
Cover image via depositphotos.com Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Since Multicoin Capital transferred a significant amount of HYPE to Coinbase Prime while the asset is trading near its recent highs, Hyperliquid is facing a potentially significant supply event. Over the course of the last 12 hours, Multicoin Capital deposited a total of 261,555 HYPE, or roughly $21.7 million, to Coinbase Prime, according to on-chain data provided.
Hyperliquid breaks the ceilingThe transfers took place in three batches: 63,235 HYPE, 101,144 HYPE, and 97,176 HYPE. The transactions stand out in particular because of the timing. After an incredible surge from roughly $57 in the second half of August, HYPE is currently trading at $82.93. The token entered consolidation after recently reaching the $86–$87 range.
HYPE/USDT Chart by TradingViewThe likelihood that coins are being prepared for sale usually increases with large transfers to an exchange-related address. A Coinbase Prime deposit should not be taken as an executed market sale, though. Additionally, prime infrastructure can support OTC, settlement, and institutional custody.
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Sell-side liquidity surgesTherefore, rather than being evidence that Multicoin has dumped $21.7 million worth of HYPE, the transfers indicate increased potential sell-side liquidity. Institutional pressure on HYPE is close to its peak. The movement is worthwhile to watch because of its technical structure. As buyers run into resistance, HYPE has repeatedly produced upper wicks, having failed to sustain its rally past approximately $84–$87.
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A clean breakout may be more challenging if there is more institutional supply around these levels. However, there is not yet much indication of a significant technical breakdown. HYPE is still well above its primary moving averages.
The following averages stay around $64.01 and $62.86, while the shortest major average on the chart is located around $73.48. This leaves a significant gap between structural support and spot price.
Additionally, momentum has cooled without crumbling. After previously entering overbought territory, the RSI has dropped toward 66, indicating that the rally is losing some excess while still remaining comparatively strong. The level to watch right now is approximately $80. Losing it might accelerate profit-taking and reveal the $76–$73 area.
On the other hand, absorbing the Multicoin-related supply while holding $80 would demonstrate significant underlying demand. The $21.7 million Coinbase Prime deposit presents a valid sell-risk signal for the time being, but HYPE's price structure has not yet confirmed that institutional distribution is outpacing buyers.
Hyperliquid Strategies Inc (Nasdaq: PURR), the publicly traded company behind the Hyperliquid trading ecosystem, disclosed in a Form 8-K filed September 1 that it has expanded its committed equity financing facility with Chardan Capital Markets LLC from $1.0 billion to $2.5 billion. The report, submitted to the U.S. Securities and Exchange Commission, amends the ChEF Purchase Agreement the two parties first signed in October 2025.
Amendment No. 1 Lifts the Total Commitment Under Amendment No. 1, the total commitment under which Hyperliquid may issue newly created shares of common stock to Chardan rises from $1.0 billion to $2.5 billion in aggregate gross purchase price, subject to the terms, conditions and limitations of the original agreement. The increase provides a larger equity line the company can draw on over time rather than an immediate capital raise, according to the filing. A copy of the amendment is filed as Exhibit 10.1 to the 8-K and is incorporated into the report by reference.
The Exchange Cap and Nasdaq Constraints The filing also spells out an exchange cap that limits dilution. After $1.0 billion of stock has been sold under the facility, Hyperliquid may not issue shares priced below $12.02 apiece if the transaction would push the total above 42,641,847 shares, about 19.99% of the shares outstanding before the amendment, unless stockholders approve the issuance under Nasdaq Stock Market rules. That threshold mirrors Nasdaq listing standards that require shareholder approval for issuances at or above 20% of outstanding shares. The company is incorporated in Delaware and lists its principal executive offices at 477 Madison Avenue in New York.
More Financing Firepower for the Ecosystem The expanded facility gives Hyperliquid Strategies additional flexibility to fund growth as it pushes deeper into institutional crypto markets. The company’s HYPE token has already weathered a major unlock, and the platform has extended its reach into tokenized equities alongside other institutions this year. The commitment does not itself deliver new proceeds, but it raises the ceiling on capital the company can raise from Chardan as it scales its trading and tokenization ambitions, and the filing does not specify how any future proceeds would be used.
AUTHOR
Jide Idowu is a skilled freelance writer with expertise in blockchain technology, cryptocurrency, and digital finance. Known for his ability to break down complex topics into clear, engaging content, Jide crafts articles, blog posts, and analyses that resonate with both beginners and seasoned professionals. His work spans a wide range of subjects, from emerging crypto trends to in-depth explorations of blockchain innovations. With a keen eye for detail and a passion for educating readers, Jide is a reliable voice in the rapidly evolving world of digital assets.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
Strategy CEO Phong Le said Bitcoin is entering a strong bull market and the company has no plans to sell its BTC holdings. Speaking in an interview with Bloomberg, Le stated that Strategy will continue its Bitcoin accumulation strategy and may continue buying even if the price rises.
Le stated that the company would continue to make purchases even if Bitcoin reached $80,000, $90,000, $100,000, or $130,000. The Strategy CEO said that if Bitcoin were to reach $260,000 in the future, investors would still consider purchases made at the $130,000 level as a successful investment in retrospect.
Strategy is known as one of the largest companies that places Bitcoin at the center of its institutional treasury strategy. The company maintains its long-term approach by increasing the amount of Bitcoin on its balance sheet through regular BTC purchases. Phong Le’s recent statements also indicate that Strategy will not abandon its Bitcoin accumulation policy despite price fluctuations.
The company’s decision not to sell Bitcoin is based on the expectation that the crypto asset will appreciate in value in the long term. Strategy management argues that Bitcoin’s limited supply, as well as increasing institutional adoption, could provide long-term support for the price.
Le’s assessment revealed that the company is focusing on long-term potential rather than short-term price movements in Bitcoin. The CEO stated that even purchases at levels as high as $130,000 could be considered reasonable retrospectively if Bitcoin were to reach $260,000.
Strategy’s aggressive Bitcoin accumulation policy sets the company apart from traditional institutional investors, but it also increases its balance sheet risk against declines in the BTC price. Despite this, Le has given no indication that the current strategy will be changed.
The assessment that Bitcoin has entered a strong bull market supports the expectation that the company may continue to make large-scale BTC purchases in the future. Market participants are closely monitoring Strategy’s new purchases and changes in the company’s Bitcoin reserves.
*This is not investment advice.
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Key Takeaways Cango shares dropped over 21% following disclosure of an $81.6 million quarterly net loss for Q2 2026. Quarterly revenue totaled $50.8 million, representing approximately a 50% decrease from the prior quarter, with bitcoin mining contributing $47.4 million. During the quarter, the firm produced 656 BTC and maintains holdings of 1,065 BTC valued at approximately $82.8 million. Operational hashrate reached 27.58 EH/s following the retirement of legacy S19 mining equipment. Earnings per share registered at ¥-13.370, falling short of the ¥-6.820 analyst consensus by ¥6.55. Shares of Cango (CANG) were changing hands near $1.89 during Tuesday’s session, declining more than 21% following the cryptocurrency mining company’s disclosure of an $81.6 million net loss in the second quarter.
Cango Inc., CANG
The quarterly performance significantly underperformed Street forecasts. Earnings per share registered at ¥-13.370, falling ¥6.55 below the analyst consensus of ¥-6.820. Meanwhile, revenue totaling ¥341.24 million came in substantially lower than the ¥577.37 million estimate.
Second quarter revenue reached $50.8 million, representing approximately half the figure generated in the first quarter. The bitcoin mining segment generated $47.4 million of total revenue.
The significant drop in revenue stemmed from a strategic operational adjustment. The company decommissioned aging S19 mining equipment and transitioned portions of its capacity toward a hosted leasing arrangement, characterizing this as a move to optimize its mining footprint.
Cango, $CANG, Q2-26.
Mining revenue got cut in half. Losses improved sharply as Cango resets the fleet and pivots toward AI compute.
🔴 Revenue: $50.8M | -15% vs. consensus | -50% QoQ
🔴 GAAP diluted EPS -$1.99 vs. -$0.90 est.
📉 Net loss: -$81.6M vs. -$261.1M in Q1 pic.twitter.com/BZjJ4PzJQ8
— EarningsTime (@Earnings_Time) August 31, 2026
As of June 30, the company’s operational hashrate stood at 27.58 EH/s. This figure comprised 19.94 EH/s from proprietary mining operations and 7.74 EH/s from leasing arrangements.
The firm produced 656 Bitcoin throughout the quarter. As the period closed, its treasury contained 1,065 BTC in holdings, representing approximately $82.8 million in value based on current market rates.
There was a modest bright spot regarding expenses. The streamlined operation enabled a reduction of roughly 5% in average cash costs per bitcoin mined compared to the first quarter, lowering the figure to around $73,313. The company has additionally implemented hedging strategies for its bitcoin holdings to mitigate volatility risks.
Emphasis on Efficiency Rather Than Expansion Chief Executive Officer Paul Yu indicated the organization is now prioritizing “unit economics rather than scale” within its cryptocurrency mining operations. This strategic adjustment signals a departure from merely expanding computational capacity.
The company has simultaneously been diversifying into artificial intelligence infrastructure. Cango is repurposing its Georgia-based mining facility to accommodate GPU computing capabilities, with the location designed to support up to 3 MW.
Expansion Into AI Computing Income from the Georgia GPU facility is anticipated to commence during the third quarter. This projection makes the upcoming quarterly report critical for evaluating whether the artificial intelligence strategy is yielding tangible revenue.
CANG shares have declined 42.69% during the trailing three-month period and have fallen 89.76% over the past year.
According to InvestingPro, Cango’s overall financial health receives a “fair performance” assessment.
Strategy CEO Phong Le defended the company’s decision to sell Bitcoin near $60,000 before resuming purchases around $80,000, arguing that its treasury trades depend on capital costs rather than Bitcoin’s market price.
Summary
Strategy bought 4,603 Bitcoin for $369.7 million at an average price of $80,318 last week. Phong Le said capital costs, rather than Bitcoin’s market price, determine Strategy’s treasury transaction decisions. Strategy’s latest filing showed 845,050 Bitcoin acquired for an aggregate $63.73 billion through August 30. Dollar assets reached $6.71 billion, nearly matching convertible debt and reducing reported net leverage completely. Le said Strategy remains a net Bitcoin accumulator despite adopting a formal two-way treasury strategy. Speaking on Bloomberg Crypto on Sept. 1, Le said the earlier sales and the latest purchase were both appropriate because Strategy’s financing conditions had changed between the transactions.
Strategy purchased 4,603 BTC for $369.7 million between Aug. 24 and Aug. 30 at an average price of $80,318, according to an Aug. 31 regulatory filing.
The purchase lifted its holdings to 845,050 BTC, acquired for approximately $63.73 billion at an average cost of $75,412 per coin.
Strategy links Bitcoin trades to capital costs Le said Strategy does not decide whether to buy or sell Bitcoin solely by comparing the cryptocurrency’s current price with past levels.
Instead, management considers the cost of raising capital and the return it expects from deploying that capital. If Strategy can issue common shares at a premium to the value of its assets, it may use the proceeds to buy Bitcoin while increasing Bitcoin exposure on a per-share basis.
“We don’t buy or sell Bitcoin based on the price of Bitcoin,” Le said. “We buy or sell based on our cost of capital.”
The position explains why Strategy considered selling Bitcoin between approximately $60,000 and $65,000 reasonable while later paying more than $80,000. The transactions occurred under different balance sheet and financing conditions.
Le said issuing MSTR shares had become attractive again because the stock was trading at a premium. Strategy sold approximately $602.8 million of common shares during the week that ended Aug. 30, using part of the proceeds for its Bitcoin purchase.
The company also increased its general USD Cash pool by $29 million and spent approximately $152 million repurchasing STRC preferred shares below their $100 stated amount.
Strategy’s return to Bitcoin purchases after a two-month pause was therefore part of a broader capital allocation decision rather than a directional call that Bitcoin would rise from $80,000.
Bitcoin sales funded financial obligations Le said Strategy sold roughly 7,000 BTC during its balance sheet restructuring, describing the amount as “minuscule” relative to its total holdings.
Strategy’s public Bitcoin ledger records sales of 2,225 BTC in early July, 1,638 BTC in early August and 1,690 BTC the following week. Those three disclosed reductions total 5,553 BTC.
The company had also reported selling approximately $218.4 million of Bitcoin earlier in 2026 to fund part of its preferred dividend obligations. Le’s interview figure appears to describe the broader period in rounded terms.
Le said selling Bitcoin to pay preferred dividends was “the right trade at the time.” Strategy had already committed to regular payments on its preferred securities and needed dollar liquidity to meet those obligations without relying entirely on new financing.
The sales represented a departure from Strategy’s earlier reputation as a company that only accumulated Bitcoin. Its board formally authorized a Bitcoin monetization program in June, allowing management to sell BTC to finance its dollar reserve, pay dividends and interest, repurchase securities or meet other approved obligations.
The policy permits up to $1.25 billion in Bitcoin sales to build the designated USD Reserve. It does not require Strategy to sell that amount.
Strategy’s first disclosed sale under its evolving treasury policy marked a transition toward active management of its Bitcoin holdings, rather than an abandonment of its accumulation strategy.
Strategy says net leverage has fallen to zero Le said Strategy used the pause in Bitcoin purchases to strengthen its balance sheet. Over roughly two months, it increased dollar assets while reducing its net exposure to convertible debt.
The company reported $6.71 billion in USD assets as of Aug. 30. That amount comprised cash and other dollar-denominated holdings allocated across its designated reserve and general corporate liquidity.
Its convertible debt stood at approximately $6.75 billion. Strategy therefore reported net leverage of 0.0% because its company-defined calculation subtracts dollar assets from outstanding debt before comparing the balance with its Bitcoin reserve.
Net leverage of 0.0% does not mean Strategy has eliminated its legal debt or preferred stock obligations. The company continues to have convertible notes outstanding and must make preferred dividend payments.
The metric instead shows that its dollar assets nearly offset the principal value of its convertible debt. The calculation does not subtract all preferred stock claims.
Le described the balance sheet as a “fortress,” arguing that Strategy has no meaningful Bitcoin liquidation price under its current structure. The company’s debt is not secured directly by its Bitcoin in a way that would automatically force sales when BTC falls to a stated level.
That claim does not mean a prolonged Bitcoin decline would have no financial effect. Lower Bitcoin prices could reduce Strategy’s asset value, weaken its ability to issue shares at attractive prices and increase pressure from preferred dividends and other obligations.
Strategy adopts a two-way Bitcoin policy Le said Strategy now operates a “two-way strategy.” It may sell Bitcoin when doing so improves its capital structure, even though it intends to remain a net accumulator over time.
The framework makes Bitcoin one component of Strategy’s financing system rather than an asset that can never be sold. Management can compare BTC sales with common equity issuance, preferred offerings, repurchases and cash usage.
Strategy’s June framework explains that common stock issuance can be accretive when MSTR trades above the company’s adjusted net asset value. Issuing shares below that level can dilute Bitcoin exposure per share.
Le said Strategy could continue purchasing Bitcoin at $90,000, $100,000 or $130,000 if the cost of capital makes those purchases attractive. Those levels were examples, not forecasts or confirmed purchase orders.
The company would also consider selling Bitcoin again if the proceeds were more valuable elsewhere in its capital structure. Le said price alone would not determine such a decision.
Strategy’s Aug. 31 purchase confirms that it has returned to accumulation after its restructuring period. It now controls slightly more than 4% of Bitcoin’s maximum 21 million supply.
The next update will depend on Strategy’s weekly capital markets activity. Further MSTR issuance at a premium could finance additional Bitcoin purchases, while weak equity demand or higher financing costs could slow accumulation or make another sale more economical.
Meanwhile, Le’s central argument was that the apparent contradiction between selling near $60,000 and buying near $80,000 disappears when the transactions are viewed through Strategy’s cost of capital.
The Bitcoin sales supplied dollars for preferred obligations and balance sheet restructuring. The later purchase used proceeds from common shares issued when management believed MSTR’s market premium made the transaction accretive.
Le said Strategy had strengthened its dollar position, reduced net leverage and retained flexibility to transact in both directions. He maintained that the company remains a long-term net buyer, but no longer treats Bitcoin sales as prohibited.
He also said future purchases could occur at much higher Bitcoin prices if Strategy can obtain capital on sufficiently attractive terms. The comments described a conditional financing framework rather than a Bitcoin price prediction.
Capital B has raised €7.6 million from strategic investor Adam Back through a new private placement that could fund the purchase of 376 more Bitcoin and take its holdings to 3,521 BTC.
Summary
Capital B raised €7.6 million from Adam Back through a private placement of 13.18 million shares with warrants attached. The company said the proceeds and ongoing operations could fund another 376 BTC, potentially taking its holdings to 3,521 BTC. Full exercise of the warrants issued in the transaction could provide Capital B with another €49.4 million in capital. Back’s stake is expected to rise to 17.77% after the new shares are issued, before accounting for potential warrant exercises. Capital B said on Sept. 2 that Back subscribed to 13,181,030 shares carrying four warrants each at €0.58 per unit, generating gross proceeds of €7.64 million. The subscription price represented a 15.4% premium to the company’s Sept. 1 closing share price.
Net proceeds are expected to reach approximately €7.3 million after fees and transaction expenses. Capital B plans to use the funds primarily to add Bitcoin to its balance sheet as a long-term reserve asset, continuing a strategy focused on increasing BTC held per fully diluted share.
The financing follows another private placement announced days earlier under the same €0.58 subscription terms.
Capital B could add 376 Bitcoin after Adam Back investment Proceeds from the new placement, combined with Capital B’s ongoing operations, could support the purchase of 376 BTC. Completing the acquisition would increase the company’s potential holdings to 3,521 BTC.
Capital B currently holds 3,145 BTC after buying another five Bitcoin for €280,000 in August. Crypto.news previously reported the five Bitcoin purchase, which took its strategic reserve from 3,140 BTC to 3,145 BTC.
The five coins were acquired at an average price of €55,882 each. Capital B reported an aggregate acquisition cost of €284.2 million for its strategic Bitcoin reserve after the transaction.
The Sept. 2 financing consists of shares with attached subscription warrants, known as ABSA. Each of the 13.18 million shares carries four warrants divided across three tranches.
Two Warrants 2026-06 attached to each share have an exercise price of €0.75. One Warrant 2026-07 can be exercised at €0.98, while one Warrant 2026-08 carries a €1.27 exercise price. All three classes have five-year maturities.
Capital B can open an accelerated exercise period for a tranche if the 20-day volume-weighted average price of its shares exceeds 130% of the corresponding exercise price for 20 consecutive trading days. Unexercised warrants would become void at the end of an accelerated exercise period.
Full warrant exercise could provide another €49.4 million If Back exercises every warrant issued through the transaction, Capital B would receive another €49.43 million.
The 26.36 million Warrants 2026-06 could generate €19.77 million. Another €12.92 million could come from the 13.18 million Warrants 2026-07, while exercise of the same number of Warrants 2026-08 would provide €16.74 million.
Those proceeds remain conditional on future warrant exercises and are separate from the €7.6 million secured through the share placement.
The structure follows Capital B’s €21 million private placement announced on Aug. 28. That financing involved 36.2 million shares carrying four warrants each and was subscribed by institutional investors including Back and French asset manager TOBAM.
Investors paid the same €0.58 per unit, while net proceeds were estimated at €19.9 million. Capital B said the financing and its operating resources could fund 270 BTC, potentially increasing its holdings from 3,145 BTC to 3,415 BTC.
Full exercise of the 144.88 million warrants attached to that placement could generate another €135.8 million. The potential proceeds were separate from the confirmed €21 million financing and depended on investors exercising the warrants.
Capital B used a similar funding structure in May when it completed a €15.2 million private placement involving Back, TOBAM and other institutional investors. The company issued more than 23 million shares with four warrants attached to each at €0.66 per unit.
Capital B later deployed part of the capital raised during that period into a 192 BTC acquisition worth €13 million. The purchase increased its holdings to 3,135 BTC at the time.
Adam Back’s Capital B stake is set to rise Back already held 54.3 million Capital B shares before the latest transaction, representing 14.82% of ordinary share capital and 12.31% on a diluted basis.
Once the new shares are issued, his position will increase to approximately 67.49 million shares. His ordinary ownership will rise to 17.77%, while his diluted stake will reach 14.76%.
Full exercise of the warrants from the Sept. 2 placement would increase Back’s position to 120.21 million shares, equivalent to 27.80% of Capital B on an ordinary basis and 23.36% on a diluted basis.
Blockstream Capital Partners would hold 18.91% after the initial share issuance, while public and institutional investors would account for 53.43%. Executives would hold 5.59%, followed by TOBAM at 3.18% and UTXO Management at 1.12%.
Capital B shareholders approved substantial financing authority in June, including up to €5 billion in capital increases and €100 billion in credit instruments. The resolutions received more than 95% support from votes cast and formed part of the company’s financing framework for its Bitcoin treasury strategy.
Capital B reverse stock split takes effect Sept. 8 Closing of Back’s latest private placement is expected from Sept. 3, although Capital B said technical requirements could delay completion by several days. The shares issued through the transaction will carry the same rights as its existing ordinary shares.
The new shares will be admitted to trading on Euronext Growth Paris after closing. Warrants attached to the shares will not be separately listed, while ordinary shares created through future warrant exercises will be admitted to trading as they are issued.
Capital B is separately preparing a 10-for-1 reverse stock split scheduled for Sept. 8. Ten existing shares will be consolidated into one new share when the process takes effect.
Following the consolidation, each warrant from the latest placement will entitle its holder to one-tenth of a new Capital B share. The adjusted exercise prices will be €7.50 for Warrants 2026-06, €9.80 for Warrants 2026-07 and €12.70 for Warrants 2026-08.
This is a general announcement. Products and services referred to here may not be available in your region. Fellow Binancians, Binance Academy is pleased to announce that the Bitcoin Learn & Earn rewards have been replenished for the month of September 2026! Eligible new users can once again complete the optional quiz and earn 0.00001 BTC in token vouchers. Activity Period: 2026-09-01 00:00 (UTC) until further notice How to Participate Eligible new users who registered on Binance after 2026-09-01 00:00 (UTC) and complete the Learn & Earn quiz with all the correct answers can each earn 0.00001 BTC in token vouchers. Rewards are available for claims to the first 5,000 new users each month on a first-come, first-served basis. Please Note: Each user can complete the Learn & Earn only once and claim a maximum of one reward.Once all rewards are distributed, participation will close for that month.Rewards will be renewed each month, please stay tuned to our official announcements. Begin your crypto journey by learning the foundation of it all — Bitcoin. Explore the Bitcoin Page For More Information: How to Get Started with Binance Learn & EarnBinance Launches EduFi - Learn and Earn Program - to Educate Users on the Blockchain Industry Terms and Conditions: Only users who registered after 2026-09-01 00:00 (UTC) can participate in the Learn & Earn.Eligible new users are required to complete KYC to receive rewards from this activity.Illegally bulk registered accounts or sub-accounts shall not be eligible to participate or receive any rewards. Rewards are limited and are available on a first-come, first-served basis. Users may only claim the reward for the Learn & Earn after completing the respective quiz.Users will not be able to participate in this activity once all rewards are distributed. The actual value of the reward received is subject to change due to market fluctuation.Token voucher rewards will be distributed within 48 hours to qualified learners who pass the quiz. Users may check their rewards via Profile > Rewards Hub.The validity period for the token voucher is set at 14 days from the day of distribution. Learn how to redeem a token voucher.Binance reserves the right to disqualify any participants who tamper with Binance program code, or interfere with the operation of Binance program code with other software.Binance reserves the right to terminate the activity at any time without prior notice.Binance accounts can only be used by the account registrants. Binance reserves the right to suspend, freeze or cancel the use of Binance accounts by persons other than account registrants.Binance reserves the right of final interpretation of the activity. Binance reserves the right to change or modify these terms at its discretion at any time.Additional promotion terms and conditions can be accessed here.There may be discrepancies between this original content in English and any translated versions. Please refer to the original English version for the most accurate information, in case any discrepancies arise. Thank you for your support! Binance Team 2026-09-02
The days of waiting days for casino payouts are fading fast. Bitcoin has introduced a new standard for speed, transparency, and control in the digital gaming world. Players no longer need to rely on traditional banking hours or worry about chargebacks eroding their winnings. Blockchain technology removes the middleman, putting the power directly into the hands of the player. This shift is not just a minor upgrade; it is a fundamental restructuring of how money moves in the gaming sector. For those looking to experience this shift firsthand, Lucky Hills casino Canada offers a seamless entry point into the world of crypto-powered gaming, combining a robust selection of games with the instant settlement that Bitcoin provides. The platform demonstrates how modern operators leverage this technology to build trust and efficiency.
Key Facts About Crypto and Gaming Table of Contents
Bitcoin’s integration into online casinos is not just a trend; it is backed by measurable data. The numbers show a clear trajectory of adoption and user preference. Here are five surprising statistics that highlight this transformation.
In January 2026, the average Bitcoin transaction confirmation time on the Lightning Network dropped to under two seconds, making real-time slot play and instant bonus payouts a technical reality. A 2025 industry report by Statista indicated that over 48% of online casino players in North America had used a cryptocurrency for at least one deposit or withdrawal within the previous twelve months. The volatility of Bitcoin in late 2024 pushed many operators to adopt stablecoin conversion at the point of deposit, yet by mid-2025, over 60% of high-stakes players still preferred holding their winnings in BTC to capitalize on market upswings. Chargeback fraud, which costs traditional online casinos an estimated $200 million annually, has seen a 99% reduction on platforms that exclusively use blockchain transactions. By the third quarter of 2026, the global market for crypto-based gambling is projected to exceed $1.5 trillion, driven largely by the demand for provably fair algorithms that allow players to verify each game’s outcome independently. The Speed Advantage Over Traditional Banking Traditional banking methods create friction. Credit card processing can take days, and withdrawal requests often involve lengthy verification delays. Bitcoin eliminates these bottlenecks entirely. When you request a payout in BTC, the network processes it within minutes, regardless of the amount or the time of day. This immediacy changes the player experience dramatically. You win a jackpot at 2 AM, and you can have the funds in your personal wallet before your coffee brews. This speed is not just a convenience; it reduces anxiety and builds immediate trust between the player and the platform.
Furthermore, the absence of intermediaries means lower transaction fees. Banks and payment processors charge hefty percentages for handling cross-border transactions. Bitcoin transactions carry a miner fee that is often a fraction of a cent. For players who engage in frequent gameplay, these savings add up quickly. This cost efficiency allows operators to pass value back to the players through more generous bonuses and promotional offers, creating a more competitive market.
Transparency and Provable Fairness Trust is the currency of the online gaming world. For years, players had to take the house’s word that the random number generator was truly random. Bitcoin and blockchain technology introduce a concept called provable fairness. This cryptographic method allows players to verify that a game’s outcome was not tampered with. You can check the hash before you play and confirm the result after the round. This transparency is revolutionary.
This level of verification builds a stronger relationship between the player and the casino. It removes the suspicion that often clouds traditional gaming. When you see the code and verify the result, you engage with the game on a more confident level. This system also protects the operator, proving they run a fair operation. The immutable ledger of the blockchain records every transaction, creating a permanent and unalterable history of gameplay and financial activity.
The Future Landscape of Crypto Slots and Bonuses The evolution of Bitcoin in casinos points toward a future where decentralized finance (DeFi) and gaming merge completely. We are already seeing the rise of smart contracts that automatically trigger bonus payouts without human intervention. Imagine a slot machine that pays out a progressive jackpot directly to your wallet the moment the reels stop, with no manual approval process. This automation reduces overhead and eliminates the potential for human error or delay.
The integration of Web3 wallets also simplifies the user experience. You no longer need to provide extensive personal documents to start playing. You connect your wallet, and your transaction history on the blockchain serves as your verification. This privacy aspect appeals to a growing demographic of users who value their digital autonomy. As the technology matures, expect to see more gamified experiences where your in-game assets are tokenized, allowing you to trade them on open markets. The line between playing a game and investing in digital assets will continue to blur, offering a dynamic environment for both casual players and crypto enthusiasts.
Final Thoughts Bitcoin has moved from a niche payment method to a core infrastructure for modern online casinos. It offers speed, security, and a level of transparency that traditional finance cannot match. The shift towards provably fair gaming and instant settlements is not a passing fad; it is the logical evolution of an industry that thrives on trust and efficiency. As we move further into 2026, the casinos that embrace this technology will lead the market, offering players a superior and more equitable gaming experience. The question is no longer whether to use Bitcoin, but which platform will best harness its potential to redefine the thrill of the game.
Michelle DG
Michelle is an editor at CoinCentral & Blockonomi, covering the latest trends in crypto, blockchain, and digital finance. With a sharp eye for detail and a passion for emerging technologies. [email protected]
TLDR: Strategy sold 7,000 BTC near $60K to fund preferred dividends, calling it the right trade. Net debt fell from $7 billion to zero while dollar reserves grew to $7 billion. Total assets reached $72 billion, including $65 billion in Bitcoin holdings. Strategy opposes MSCI’s proposal to exclude firms with non-operating assets from stock indexes. Strategy CEO Phong Le defended two opposite Bitcoin trades as equally correct decisions during a recent Bloomberg TV interview.
Le said selling Bitcoin between $60,000 and $65,000, then buying again near $80,000, both reflected sound financial judgment. He explained that Strategy bases its choices on cost of capital rather than price direction alone.
Selling at $60K Reflected Capital Needs, Not Price Doubt Le said the earlier Bitcoin sale, covering roughly 7,000 BTC, was tied to funding preferred dividends. He described it as the right trade at the time, based on where Strategy’s balance sheet stood then.
The amount sold represented less than 1% of total Bitcoin holdings. Le said this kind of sale is part of running Strategy as an operating company, not purely a Bitcoin accumulator.
He compared the sale to financing decisions companies make around large infrastructure investments. According to Le, the goal was never to predict short-term Bitcoin price movement.
Instead, the sale addressed an immediate capital requirement using existing Bitcoin reserves. This distinction, he said, separates Strategy’s approach from simple market timing.
Over the following two months, Strategy reduced its net debt from about $7 billion to zero. During that stretch, the company also built roughly $7 billion in U.S. dollar reserves.
Total assets climbed to around $72 billion, with $65 billion held directly in Bitcoin. Le referred to this position as a fortress balance sheet.
With debt cleared and reserves strengthened, Strategy resumed Bitcoin buying near $80,000. Le said this purchase used the same cost-of-capital reasoning applied to the earlier sale.
He noted that selling MSTR shares at a premium now supports funding additional Bitcoin purchases. Le called this a two-way strategy rather than one-directional accumulation.
Buying at $80K Fits a Longer-Term Accumulation Plan Despite the earlier sale, Le stressed that Strategy remains a net accumulator of Bitcoin overall. He said the company expects to keep buying at higher price levels if conditions remain favorable.
Le pointed to $90,000, $100,000, and even $130,000 as levels where purchases could still make sense. The company views Bitcoin accumulation as a long-term financial strategy.
Alongside the Bitcoin trading discussion, Strategy and Michael Saylor formally opposed an MSCI proposal. The proposal would exclude companies holding non-operating assets from global stock indexes. Strategy argues this classification treats Bitcoin holdings inconsistently compared to other asset types.
Strategy noted that current accounting rules already classify Bitcoin gains and losses as operating income. Meanwhile, assets like wood and oil remain classified as operating income under existing index standards. The company said this inconsistency conflicts with the role of index providers as neutral market arbiters.
Strategy confirmed it is participating in MSCI’s feedback process regarding the proposed change. The company also cited $6.7 billion in U.S. dollar reserves as part of its financial position. Strategy said its capital-raising ability places it among major participants in broader capital markets today.
Bitcoin, ağustos ayında kaydettiği güçlü yükselişin ardından teknik grafiklerde dikkat çeken bir görünüm sergilemeye başladı. Bitcoin fiyatında ortaya çıkan ve analistlerin “Bart Simpson formasyonu” olarak adlandırdığı yapı, son günlerdeki geri çekilmenin daha derin bir düzeltmeye dönüşüp dönüşmeyeceği sorusunu gündeme taşıdı.
Ağustos boyunca yaklaşık yüzde 25 değer kazanan lider kripto para, ayın son bölümünde 80.000 dolar seviyesinin üzerine çıkmayı başardı. Ancak yükselişin ardından gelen satışlar, BTC’nin kazançlarının bir kısmını geri vermesine neden oldu.
Bitcoin, çarşamba günü yaklaşık 77.281 dolar seviyesinde işlem görürken son 24 saat içerisinde yüzde 1,42 değer kaybetti. Kripto para piyasasında yatırımcıların dikkatini şimdi hem teknik seviyeler hem de zincir üstü talep verileri çekiyor.
Bart Simpson Formasyonu Bitcoin İçin Ne Anlama Geliyor? Bazı analistler, Bitcoin’in dört saatlik grafiğinde Bart Simpson karakterinin saç çizgisine benzeyen bir fiyat formasyonunun oluştuğuna dikkat çekti. Bu yapı genellikle fiyatın kısa sürede sert biçimde yükselmesi veya düşmesi, ardından dar bir aralıkta yatay hareket etmesi ve sonrasında ilk hareketin ters yönünde hızla geri dönmesiyle ortaya çıkıyor.
Bitcoin’in ağustos rallisinin ardından dar bir bantta işlem görmesi ve daha sonra geri çekilmeye başlaması, bu formasyonun gündeme gelmesine yol açtı. Ancak teknik yapı tek başına kesin bir yön tahmini sunmuyor.
Piyasa analizi açısından 75.800 dolar seviyesi kritik bir eşik olarak öne çıkıyor. Analistlere göre Bitcoin’in bu seviyenin altına gerilemesi, söz konusu düşüş senaryosunun teknik açıdan daha güçlü hale gelmesine neden olabilir.
Buna karşılık BTC’nin 75.800 dolar üzerinde kalması, negatif formasyonu geçersiz hale getirebilir. Böyle bir durumda alıcıların yeniden güç kazanması ve Bitcoin fiyatının mayıs ayında görülen yaklaşık 83.000 dolar seviyesine doğru hareket etmesi mümkün olabilir.
Bitcoin Spot Talebi Neden Negatife Döndü? Teknik görünüm kadar piyasadaki gerçek alım talebi de yatırımcılar için önem taşıyor. Analist CW8900, Bitcoin’in yatay hareket ettiği süreçte spot piyasadaki talebin negatif bölgeye geçtiğini belirtti.
Bu negatif görünüm iki gün üst üste devam etti. Aynı dönemde vadeli işlem piyasasındaki talebin güçlü kalması ise dikkat çeken bir ayrışma yarattı.
Spot piyasadan gelen talebin zayıflaması, fiyat yükselişlerinin sürdürülebilirliği açısından önemli bir risk oluşturabilir. Vadeli işlem tarafındaki hareketler kaldıraçla desteklenirken, spot alımlar genellikle kripto para piyasasına doğrudan sermaye girişini yansıtıyor.
Bu nedenle yatırımcıların yalnızca teknik grafiklere değil, spot talebin yeniden toparlanıp toparlanmadığına da bakması gerekiyor. Özellikle Bitcoin ve diğer dijital varlık piyasalarında yükselişin sağlıklı şekilde devam etmesi için gerçek alım iştahının korunması önem taşıyor.
Uzun Vadeli Bitcoin Yatırımcıları Satışlarını Artırdı Zincir üstü veriler, uzun vadeli Bitcoin sahiplerinin son yükseliş döneminde satış faaliyetlerini artırdığını da gösteriyor. Analist Axel Adler Jr.’a göre uzun vadeli yatırımcıların dağıtım miktarı 18 Ağustos ile 28 Ağustos arasında yüzde 61,5 yükseldi.
30 günlük toplam satış miktarı aynı süreçte 174.500 BTC’den 281.900 BTC’ye çıktı. Bu rakam, 2026 yılının başlangıcından bu yana görülen en yüksek seviyeye işaret ediyor.
Adler, kısa pozisyonların tasfiye edildiği short squeeze sonrasında gerçekleşen fiyat toparlanmasının uzun vadeli yatırımcılar için kâr realizasyonu fırsatı yarattığını düşünüyor. Artan satış miktarı, piyasaya ek Bitcoin arzı gelmesi anlamına geliyor.
Bu nedenle mevcut Bitcoin fiyat hareketinin yönü, yeni talebin piyasaya çıkan bu arzı ne kadar karşılayabileceğine bağlı olacak. Yatırımcıların portföy ve kripto yatırımı kararlarında bu arz-talep dengesini dikkate alması önem taşıyor.
FED Kararı BTC Fiyatını Etkileyebilir Mi? Önümüzdeki günlerde açıklanacak ABD enflasyon ve iş gücü piyasası verileri de Bitcoin için önemli bir katalizör olabilir. Bu veriler, ABD Merkez Bankası’nın eylül ayındaki para politikası kararına ilişkin beklentileri doğrudan etkileyebilir.
Faiz beklentilerindeki değişim, yatırımcıların riskli varlıklara yönelik yaklaşımını değiştirebileceği için Bitcoin ve geniş kripto para piyasası üzerinde de etkili olabilir. Özellikle artan satış arzı devam ederken makroekonomik verilerden kaynaklanabilecek volatilite daha fazla önem kazanıyor.
Sonuç olarak Bart Simpson formasyonu tek başına Bitcoin için kesin bir düşüş sinyali oluşturmuyor. Ancak 75.800 dolar desteğinin durumu, spot talepteki zayıflama ve uzun vadeli yatırımcıların artan satışları birlikte takip edilmesi gereken önemli göstergeler arasında bulunuyor.
Bu içerik kesinlikle yatırım tavsiyesi niteliği taşımamaktadır. Piyasalar yüksek risk içermektedir ve yatırım kararlarınızı almadan önce kendi araştırmanızı yapmanız önemlidir.
Son Dakika kripto para haberleri için hemen tıkla.
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Twenty One Capital CEO Raphael Zagury said Bitcoin is experiencing its first “hashrate bear market” as network computing power remains below its late 2025 record and listed mining companies redirect infrastructure investment toward artificial intelligence.
Summary
Raphael Zagury called Bitcoin’s prolonged computing power decline its first ever hashrate bear market publicly. Bitcoin hashrate fell roughly 22% to 24% from its late 2025 peak, presentation materials showed. Zagury said artificial intelligence creates a competing use for miners’ power capacity and infrastructure today worldwide. Public miners increasingly pursue AI computing, though several companies continue operating substantial Bitcoin mining fleets. Lower network hashrate can increase surviving miners’ revenue share after Bitcoin adjusts mining difficulty downward. Zagury presented the argument at Bitcoin Asia in Hong Kong on Aug. 28. Twenty One Capital subsequently filed the prepared transcript with the U.S. Securities and Exchange Commission.
Bitcoin hashrate approached 1.3 zettahashes per second late last year before entering a prolonged decline, Zagury said. His presentation materials calculated a drawdown of approximately 22% to 24% from the peak.
“Hashrate bear market” is Zagury’s description of the current cycle rather than an official Bitcoin network classification. It refers to the unusually long period during which estimated computing power has failed to return to its previous record.
Bitcoin hashrate decline differs from the 2021 shock Bitcoin’s hashrate measures the estimated computing power miners contribute to securing the network and competing for block rewards. A higher figure generally means more machines or more efficient equipment is operating.
Twenty One Capital CEO: Bitcoin Is Experiencing Its First-Ever Hashrate Bear Market; Nearly All Miners Are Moving From Bitcoin Mining to AI
Tether-backed Bitcoin treasury company Twenty One Capital CEO Rapha Zagury said at Bitcoin Asia 2026 that Bitcoin is experiencing its… pic.twitter.com/cw8WiyROll
— Wu Blockchain (@WuBlockchain) September 2, 2026 Zagury contrasted the current decline with the disruption caused by China’s 2021 mining ban. Hashrate fell rapidly during that episode as companies shut down Chinese facilities, but recovered as machines moved to North America, Central Asia and other regions.
The present cycle has developed more gradually. Rather than relocating the same machines, operators are reconsidering whether new electricity and data center capacity should be allocated to Bitcoin mining at all.
“This has been the longest period that we’ve seen from an all-time high until recovery,” Zagury said.
Network estimates vary because Bitcoin does not publish an exact count of active machines. Analysts infer hashrate from block production rates and mining difficulty, which means daily readings can fluctuate sharply.
CoinWarz estimated hashrate at about 829 exahashes per second on Sept. 2, after readings moved above one zettahash during several days in late August. Longer moving averages provide a clearer measure than daily estimates.
Previous analysis found that Bitcoin mining difficulty had fallen 19.9% from its November peak by late July. Hashrate had remained in a downward trend for approximately 287 days, according to Bitcoin Magazine Pro data cited in that report.
AI gives miners another use for scarce power Bitcoin miners and AI data centers compete for several of the same resources. Both require large power connections, cooling systems, land, data center buildings and access to capital.
AI facilities require different chips, networking equipment and construction standards from Bitcoin mines. Converting a mining site is therefore more complicated than replacing ASIC machines with graphics processors. Sites with secured power and fiber access can nevertheless provide a starting point for high performance computing development.
Zagury said this option changes the hashrate cycle because miners can now direct capital toward another computing market instead of automatically expanding their Bitcoin fleets.
“If you look at the public mining companies out there, there really isn’t anybody staying the course to mine Bitcoin at scale,” he said. “Pretty much everybody is leaving the industry right now.”
The statement describes a broad trend but should not be read literally. MARA, CleanSpark, Riot, Bitdeer and other publicly traded companies continue operating large Bitcoin mining fleets, even as some explore or build AI infrastructure.
The shift is most advanced at companies such as TeraWulf, IREN, Core Scientific, HIVE and Cipher. TeraWulf reported $21 million in AI and high performance computing hosting revenue during the first quarter, exceeding its Bitcoin mining revenue for the first time as its AI business became its largest revenue source.
Cipher has also obtained a $200 million revolving credit facility to finance its expansion into long-term AI data center contracts.
Low cost miners could gain network share Zagury rejected the idea that Bitcoin mining is inherently a poor business. He argued that profitability depends on where an operator sits on the industry’s cost curve.
A miner with efficient equipment and low electricity costs can remain profitable under conditions that force a higher-cost competitor to shut down. Capital structure also matters because heavy debt and short repayment schedules can create pressure even when a facility remains operationally competitive.
Hash price, which measures expected miner revenue for a unit of computing power, remains low compared with historical levels. That puts pressure on operators using older machines or expensive electricity.
However, declining network hashrate can benefit miners that remain active. Bitcoin adjusts mining difficulty every 2,016 blocks, or approximately every two weeks, to keep average block production close to ten minutes.
When computing power leaves the network, a downward difficulty adjustment can make it easier for remaining miners to find blocks. Each surviving operator can then control a larger share of the network without adding machines.
“The beautiful thing about Bitcoin mining being in a bear market of hashrate is that, for those that stay around, they naturally get a higher share of the market,” Zagury said.
That benefit does not guarantee higher profits. Revenue still depends on Bitcoin’s price, transaction fees, electricity costs, equipment efficiency and the amount of competing hashrate.
Bitcoin price must outpace hashrate growth Zagury said mining has the best chance of outperforming Bitcoin when the asset’s price increases faster than network hashrate.
If Bitcoin rises by 50% while hashrate remains flat, a miner’s revenue can increase without an equivalent rise in competition. If computing power grows faster than Bitcoin’s price, each operator’s network share and revenue per machine can decline.
Zagury recommended buying Bitcoin directly before investing in mining for someone allocating only a small amount of capital. He said investors considering larger, diversified allocations could combine Bitcoin with mining exposure.
“If you only have $1, buy Bitcoin first,” Zagury said. “I think that’s the best way to express your view.”
His position reflects Twenty One Capital’s stated approach of measuring potential investments against Bitcoin. The Tether-backed company treats the cryptocurrency as its main benchmark and argues that an operating business must justify its additional risks by offering a credible path to outperforming BTC.
Mining companies face construction, electricity, equipment, management and financing risks that do not arise from holding a spot Bitcoin exchange-traded fund. They can also offer operating leverage when Bitcoin rises faster than their costs and network competition.
Energy flexibility remains mining’s main advantage Zagury also defended Bitcoin mining against criticism that it wastes electricity. He argued that energy use supports economic development and that mining offers a flexible source of demand.
ASIC machines can shut down and restart faster than heavy industrial facilities. Miners can therefore reduce consumption when electricity demand rises and resume operations when unused capacity becomes available.
The ability to curtail operations has led miners to participate in grid stabilization programs, particularly in energy markets with variable renewable generation. Financial and environmental results depend on the underlying power source and the terms of each arrangement.
AI data centers generally require steadier power than Bitcoin mines because customer workloads cannot be interrupted as easily. Bitcoin mining may therefore retain a role at sites where electricity is abundant but unreliable or cannot be transmitted economically.
Zagury said mining now provides four forms of optionality: flexible energy demand, increased network share when competitors leave, proximity to Bitcoin’s protocol and reusable data center infrastructure.
Whether miners capture those benefits will become clearer through upcoming difficulty adjustments and public company results. Filings will show how much capital miners direct toward new ASIC equipment compared with AI construction.
The sector’s direction is unlikely to be uniform. Some operators will retain Bitcoin mining, others will combine mining with AI hosting, and companies controlling the most attractive power sites may shift more aggressively toward high performance computing.
Bitcoin started September below 78000 dollars after a 25% rise in August, its best monthly performance since November 2024. Indeed, this entry into the month called “Rektember” revives an unfavorable seasonality. Bitcoin loses on average about 3% in September since 2013. In 2026, the main risk however does not come from the calendar but from the Federal Reserve. Markets now anticipate a possible rate increase starting September 16.
In brief Bitcoin enters ‘Rektember’ after a 25% rise in August. September historically shows an average return of -3% for BTC. The risk of a Fed rate hike reaches 66%. High bond yields increase the pressure on risky assets. Inflation and upcoming US statistics could steer Bitcoin. September remains the least favorable month for Bitcoin While the market enters the period cautiously, the expression “Rektember” combines September with the English term “rekt” used in the crypto ecosystem to signal heavy losses. This word is based on Bitcoin’s historically weak performance during the ninth month of the year.
BTC has closed September in the red eight times since 2013. Its average monthly return is -3%, making it its worst-performing month over the period.
Some important data summarize this seasonality :
Bitcoin has lost on average nearly 3% in September since 2013 ; Only five of the last thirteen Septembers ended in the green ; BTC gained about 25% in August 2026 ; Its price dropped 1% below 78000 dollars at the beginning of September. Thus, this historical average does not directly predict a correction. This sample only covers thirteen years. Moreover, the last three Septembers all saw increases. Bitcoin notably rose by 5.16% in 2025.
However, the August rebound might facilitate profit-taking. After a monthly gain of 25%, some owners may secure part of their gains, especially when Bitcoin fails to sustainably reclaim the 80000 dollar mark.
The probability of a rate hike reaches 66% The monetary risk is a more real factor than seasonality. As August ended, CME FedWatch assigned a 66% probability to a 25 basis point increase at the upcoming Fed meeting. This estimate was still 40% a week before.
In this light, this decision could raise the federal funds rate range from 3.50%-3.75% to 3.75%-4.00%. A second increase before year-end would then raise the range to 4.00%-4.25%. These probabilities come from futures contracts. They may still increase before the September 15 and 16 meeting.
Kevin Warsh consolidated his expectations during his speech at Jackson Hole. Thus, the Fed chairman recalled that the PCE inflation was about 3.7% over twelve months and 4.1% annualized over six months, against a 2% target.
In his official speech, he stated:
We must be convinced that core inflation is clearly and quickly moving toward our target. Otherwise, we have work to do.
This explanation does not guarantee a hike in September. However, it proves that the Federal Reserve remains ready to tighten its policy if upcoming data do not reveal a sufficient slowdown in prices.
Higher yields reduce the appeal of risky assets Kevin Warsh’s remarks sparked a new phase of tension in the bond market. Thus, the yield on the US ten-year Treasury approached 4.8%, its highest level since January 2025.
Higher yields have made bonds and dollar investments relatively more attractive. Bitcoin pays no regular income. Investors typically require a stronger upside to accept its volatility if rates rise.
The pressure is not exclusively related to cryptos. Indeed, the S&P 500 recorded a 0.7% loss on September 1, while the Nasdaq dropped 1%. Gold also retreated under the pressure of a rising dollar and yields.
Moreover, geopolitical tensions between the United States and Iran add another risk. WTI crude oil is above 90 dollars a barrel after new American strikes. A sustained increase in energy would fuel inflation and strengthen arguments for a rate hike.
Bitcoin’s progress will therefore truly depend on upcoming US employment and price figures. A slowdown in inflation would reduce the probability of a rate increase. Conversely, strong data would strengthen the dollar and keep BTC under pressure before the September 16 decision.
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Luc Jose A.
Diplômé de Sciences Po Toulouse et titulaire d'une certification consultant blockchain délivrée par Alyra, j'ai rejoint l'aventure Cointribune en 2019. Convaincu du potentiel de la blockchain pour transformer de nombreux secteurs de l'économie, j'ai pris l'engagement de sensibiliser et d'informer le grand public sur cet écosystème en constante évolution. Mon objectif est de permettre à chacun de mieux comprendre la blockchain et de saisir les opportunités qu'elle offre. Je m'efforce chaque jour de fournir une analyse objective de l'actualité, de décrypter les tendances du marché, de relayer les dernières innovations technologiques et de mettre en perspective les enjeux économiques et sociétaux de cette révolution en marche.
DISCLAIMER
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.
CoinMarketCap’s Crypto Fear and Greed Index continues to remain in the “greed” zone despite a limited decline in market sentiment. The index fell 2 points to 73 compared to yesterday’s level.
The index is used to measure investor sentiment in the cryptocurrency market. A reading closer to zero indicates excessive fear, while a reading closer to 100 indicates excessive optimism. The current value of 73 shows that investors generally maintain a bullish outlook and have a high risk appetite.
CoinMarketCap considers the price movements of the top 10 cryptocurrencies by market capitalization when creating its index. In addition, market volatility, indicators from derivative markets, and the put/call ratio are among the data used in the calculation.
The index is also calculated using stablecoin supply ratio (SSR) and CoinMarketCap’s own search data. This combines various indicators related to price performance, market volatility, derivatives market, and investor interest under a single metric.
The index being at 73 indicates strong bullish sentiment in the market, while the 2-point drop compared to the previous day suggests a limited cooling in investor sentiment. Nevertheless, the fact that the indicator is still in the greed zone suggests that market participants’ interest in risky assets remains at high levels.
High levels of greed are often seen alongside strong price performance and increased investor interest. However, it is also considered that excessive optimism can make the market more vulnerable to potential corrections.
As prices rise in the crypto market, investors’ willingness to take on more risks can contribute to the index’s upward movement. Conversely, sharp price drops and increased volatility can lead to heightened fear levels.
Market participants will be watching the index’s movement in the coming days, along with the price performance of Bitcoin and major cryptocurrencies. A potential rise in the index could signal a further strengthening of risk appetite, while a fall could indicate increased investor caution.
*This is not investment advice.
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Strategy CEO Phong Le has defended the firm’s decision to sell 7,000 BTC near $60,000 and later repurchase Bitcoin around $80,000, describing both trades as strategically sound. In a televised interview, Le emphasized that the company’s financial moves are driven by capital management needs rather than attempts to time Bitcoin’s price cycle.
Capital allocation and Bitcoin salesLe clarified that the sale of 7,000 BTC, which accounted for less than 1% of Strategy’s total Bitcoin holdings, was intended to provide funding for preferred dividends. He identified this as a practical choice, stating the action reflected “the right trade at the time,” based strictly on the company’s balance sheet requirements.
He compared the process to companies financing significant infrastructure projects through asset allocation, noting that the motivation for the sale came from internal requirements rather than anticipation of Bitcoin’s price trajectory.
By using Bitcoin reserves for immediate capital needs, the company underscored a business approach focused on financial discipline rather than market speculation.
Following the sale, Strategy rapidly reduced its net debt from $7 billion to zero over approximately two months. During the same period, the company increased its U.S. dollar reserves to $7 billion.
Renewed accumulation strategyWith a strengthened balance sheet, Strategy resumed Bitcoin purchases near $80,000, once again applying a cost-of-capital analysis. Le explained that the company’s capital-raising activity, including strategic share sales at a premium, enabled further exposure to Bitcoin assets.
The approach, he noted, is dynamic and aims to optimize resources as conditions evolve, rather than solely accumulating Bitcoin in a single direction. “Selling at $60,000 addressed capital needs, while buying at $80,000 aligned with our long-term accumulation plan once reserves were rebuilt,” Le explained.
Le cited the importance of disciplined capital allocation, repeating that Strategy’s philosophy is not about market timing, but about strengthening the firm’s overall financial position through careful management of both assets and liabilities.
Le indicated that the company may continue to purchase Bitcoin at higher price levels, naming $90,000, $100,000, and even $130,000 as targets if favorable conditions persist.
Policy stance and market integrationIn addition to outlining the firm’s operational focus, Le addressed an ongoing debate with MSCI, the leading stock index provider. He and Michael Saylor have formally opposed MSCI’s proposal to exclude companies with substantial non-operating asset holdings from global indexes—criteria that would impact companies investing in Bitcoin.
Strategy has argued that current accounting standards already classify Bitcoin gains and losses as operating income, while assets like oil and wood also maintain their status as operating assets under existing index rules. This, the company contended, demonstrates inconsistencies that risk undermining fairness across the capital markets.
Le confirmed that Strategy is actively participating in MSCI’s feedback process regarding these potential changes, highlighting the firm’s ability to raise capital as a key strength within broader financial markets. The company currently holds $6.7 billion in U.S. dollar reserves as part of its capital base.
With shifting regulations and high market volatility, investors are seeking faster, more integrated solutions to monitor the cryptocurrency market. In a landscape where a single Federal Reserve decision or a sudden altcoin listing can move prices dramatically, consolidation of tools has become essential. Many traders are now adopting privacy-first platforms such as CryptoAppsy, which offers real-time charts, price alerts, targeted news updates, and macroeconomic data on a unified dashboard, all without requiring account creation.
Bitcoin edged higher, but remained below the 80,000 key level, as investors look to diversify their investments.
Markets face high uncertainty due to the Middle East conflict as well as elevated borrowing by corporates and governments, causing traders to seek diversification in alternative assets.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
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Nancy Beaton, President of the US for digital asset platform Uphold, said traditional banking is in the middle of a structural move toward blockchain infrastructure, and argued that partnerships between companies like Ripple and Uphold are what will actually carry the financial system there.
“There’s no question that the traditional banking system and financial system is moving to the blockchain,” Beaton said. “I think it’s going to take partnerships like Ripple, like Uphold, like platform providers in order to move us in that direction, because that is clearly where the new financial system is headed.”
From Retail Wallet to Enterprise Infrastructure
Beaton described Uphold’s evolution beyond its retail wallet, which lets users buy, sell, hold, trade and earn on digital assets, toward a fully API-enabled platform built for enterprise and institutional clients. That shift lets banks and financial institutions plug directly into Uphold’s infrastructure to offer digital asset services to their own customers without building the technology from scratch.
She said Uphold works continuously with Ripple and the XRP Ledger, and pointed to near-term collaboration with partners including Flare and Firelight on the enterprise side, aimed at giving financial institutions a complete, end-to-end pathway into digital assets.
Why Beaton Thinks Blockchain Beats Legacy Rails
Beaton framed blockchain adoption as fundamentally an operational efficiency story rather than a speculative one. She contrasted today’s near-instant, low-cost blockchain transfers with the traditional system, where international money transfers historically took two to three days to settle and could cost up to 10% in fees. “You are spending 10% to send money overseas. Today, that is not the case,” Beaton said. “You can send money overseas for pennies.”
Positioning XRP as a First Mover
Beaton argued that XRP and the XRP Ledger’s early positioning gives them a structural advantage in guiding that transition, framing the broader vision as one where sending money becomes as routine as sending an email, portfolios earn yield automatically, and crypto can serve as collateral without traditional credit checks, remaking how everyday financial activity works.
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Ripple has returned 700 million $XRP to escrow following its latest scheduled monthly release, according to blockchain tracker Whale Alert. The two re-lock transactions covered 500 million and 200 million XRP respectively, with the combined transfers valued at roughly $950 million.
How the Monthly Cycle Works The move follows Ripple's standard pattern. After the release, the company returned the majority of those tokens to new time-locked contracts, leaving a net 300 million XRP outside the newly created escrows.
The escrow system itself dates back nearly a decade.
September's re-lock of 700 million sits squarely within that range.
What Stays Outside Escrow
Source: Whale Alert
Sources:
CoinGape: Ripple Re-Locks 700 Million XRP Back Into Escrow
Crypto.news: How Ripple's XRP Escrow Works
XRPL.org: An Explanation of Ripple's XRP Escrow (Official 2017 Announcement)
2 September 2026 | 09:34 XRP attracted fresh ETF demand while sliding toward the base of its August correction, leaving $1.32 to determine whether the broader recovery remains intact for now.
Key Takeaways XRP ETFs drew $14.38 million September 1. Ripple returned 700 million XRP to escrow. XRP set a post-peak low near $1.32. The descending channel remains intact for now. ETF buyers arrived, but price did not follow US spot XRP ETFs recorded $14.38 million in net inflows on September 1, according to SoSoValue. Franklin’s XRPZ led the session with $6.63 million, followed by $4.72 million for Grayscale’s GXRP.
Cumulative net inflows reached approximately $1.68 billion, while the products’ combined net assets stood at $1.44 billion after the session. The regulated funds therefore continued attracting capital during XRP’s correction.
XRP did not rise alongside the reported inflows, showing that ETF demand had not yet translated into a broader price recovery. The token had gained nearly 70% during its August advance, giving recent buyers a substantial profit cushion and creating one plausible source of selling.
XRP was not declining in isolation. Its pullback extended a wider crypto-market retreat that began on September 1 as higher Treasury yields and renewed concerns about the yen weighed on risk assets. Coindoo’s report on the two macro risks facing the crypto market explains why several large cryptocurrencies moved lower together. That wider pressure makes it difficult to attribute XRP’s decline to events like Ripple’s escrow activity alone.
Ripple’s 1 billion XRP unlock was not a sell order Ripple’s scheduled September escrow release consisted of three transactions containing 500 million, 400 million and 100 million XRP. Later that day, a report citing XRPL transaction data showed the company creating new escrows for 500 million and 200 million tokens, returning 700 million XRP to time-locked accounts.
The sequence left 300 million XRP outside the newly created escrows. That amount became available to Ripple, but no cited transaction shows the entire balance moving to an exchange or entering public-market circulation.
Ripple’s explanation of the escrow system describes the monthly 1 billion XRP release as an upper limit on possible new supply rather than the amount automatically entering circulation. Tokens that remain unused can be placed into new escrows with later release dates.
The $14.38 million ETF inflow also cannot be measured directly against the roughly $405 million nominal value of the 300 million XRP remaining outside escrow at a price of $1.35. The ETF figure represents capital that entered the funds during one trading day. The larger number represents company-controlled inventory that has not been shown entering the public market.
XRP returns to the base of its August range XRP has worked its way lower inside a daily descending channel since its August rally failed near $1.70. Selling volume has remained well below the levels recorded during the advance, so the pullback still lacks the force of a high-volume breakdown.
XRP/USD daily chart showing the descending channel, Fibonacci levels and moving averages. Source: TradingView, Coinbase. The failed breakout discussed in our August 29 analysis has since developed into a steady sequence of lower highs. XRP fell to $1.3265 on September 2 before recovering toward $1.35, marking its lowest price since the August peak. The wick stopped above the channel’s lower trendline, leaving the wider pattern intact.
A daily close below $1.32 would break the base of the measured Fibonacci range and expose the 200-day simple moving average near $1.27. That would deepen the correction, although XRP would remain technically inside its wider descending channel until price also closed beneath the lower trendline.
Buyers face the channel’s upper boundary in the mid-$1.30s. Moving above it would weaken the recent sequence of lower highs, while $1.40-$1.41 provides the first horizontal resistance. A later recovery through $1.47 would return XRP to the middle of its August range.
What would confirm the ETF signal ETF inflows would carry more weight if XRP escaped the channel and recovered $1.41 with stronger trading volume. That combination would show that regulated fund demand was being reinforced by buyers across the wider market, rather than merely offsetting part of the existing selling pressure.
If inflows continued while XRP closed below $1.32, the opposite conclusion would apply: ETF demand would remain too small to stabilize the broader market.
Price still has to confirm the demand September’s data do not support blaming Ripple’s escrow release alone for XRP’s decline. Most of the unlocked tokens returned to escrow, ETFs continued attracting capital and the wider crypto market also moved lower.
Those factors weaken a simple supply-driven explanation, but they do not establish that the correction has ended. Until XRP breaks its descending channel, positive ETF flows remain supporting evidence rather than confirmation of a recovery.
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice.
Author
Kosta has reported on cryptocurrency markets and blockchain infrastructure since 2020, bringing over six years of hands-on experience in the crypto industry built through daily tracking of markets, trends, and emerging blockchain developments. Specializing in Bitcoin on-chain analysis, institutional ETF flows, and digital asset price action, his work at Coindoo has been cited by other news agencies and consistently covers market developments with a focus on data-driven reporting across Bitcoin, Ethereum, Solana, and XRP. Over the years, Kosta has contributed to multiple crypto media outlets in different regions, authoring over 6,000 articles across the sector. His reporting spans cryptocurrency markets and the broader fintech industry, tracking not only price action but also the technological and regulatory forces shaping the ecosystem. To support his analysis, Kosta actively leverages on-chain data and metrics from leading platforms such as Santiment, Glassnode, and CryptoQuant, enabling deeper, evidence-based market insights. He believes in the power of transparency and the data that underpins the blockchain ecosystem. His academic background in Marketing Management from Denmark further complements his analytical approach, adding a strong understanding of communication strategy and content positioning to his work.
