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Strategy Restarts Bitcoin Buying, Spending $370 Million
Strategy Inc. resumed Bitcoin purchases after a 10-week pause, returning to its signature accumulation strategy after the crypto bear market pressured its shares, weakened confidence in the financing model and prompted a balance-sheet overhaul.
The original Bitcoin treasury company — co-founded and run by Michael Saylor — bought $369.7 million of the tokens in the week ended Aug. 30, according to a filing on Monday. The largest buyer of Bitcoin also raised $602.8 million through the sale of common stock to help fund the purchases and bought back $151.8 million of preferred shares.
Strategy’s latest Bitcoin purchase comes as conditions around its financing model have improved modestly. Bitcoin’s rebound toward $80,000 has helped lift Strategy’s shares and pushed the market capitalization of the company closer to the value of its Bitcoin holdings. The firm holds around $73 billion in Bitcoin, which traded at around $79,000 on Monday.
Robinhood Chain beats Ethereum in daily revenue as memecoin trading takes over
The upstart Robinhood Chain just had its busiest day yet, and the rush is looking a lot more like a memecoin casino than the market for tokenized stocks it was built to host.
Apps on the chain earned about $2.66 million over 24 hours, second only to Solana's $5.07 million and ahead of every other network, DefiLlama data shows. That is twice what apps on Ethereum brought in and six times what those on Base did. App revenue refers to the money those applications earn from users, not revenue collected by Robinhood itself.
Robinhood benefits from the activity as it runs the underlying system that processes transactions on Robinhood Chain and collects the fees users pay to use it. The company has not disclosed exactly how much the chain is earning, though executives said in a July earnings call that it “makes a few basis points on transactions.”
The blockchain processed 5.52 million transactions on Aug. 30, an all-time high, while trading on decentralized exchanges reached roughly $875 million, according to onchain data.
Bitcoin & Ethereum Spot ETF Flow
The overall net inflow of the US Bitcoin spot ETF on Monday was $216.70 million. The total net asset value of Bitcoin spot ETFs is $99.61 billion, and the ETF net asset ratio (market value compared to total Bitcoin market value) is 6.29%.
The Bitcoin spot ETF with the highest net inflow on August 31 was iShares Bitcoin Trust (IBIT), with a net inflow of $205.91 million, according to SoSoValue.
Source: SoSoValue
The overall net inflow of the US Ethereum spot ETF on Friday was $87.68 million. The total net asset value of Ethereum spot ETFs is $15.61 billion, and the ETF net asset ratio (market value compared to total Ethereum market value) is 5.23%.
The Ethereum spot ETF with the highest net inflow on August 31 was iShares Ethereum Trust ETF (ETHA), with a net inflow of $59.94 million, according to SoSoValue.
Source: SoSoValue