NAV · 372

Grayscale amends Zcash Trust registration documents for the fourth time to be listed and traded on NYSE Arca

Comparing news, Grayscale submitted the fourth amendment to the Grayscale Zcash Trust (ZEC) registration statement to the US SEC to list and trade the trust on the New York Stock Exchange Arca market under the code ZCSH. After listing, participants were authorized to purchase and redeem trust shares on a sustainable basis. Previously, the trust only supported OTCQX (OTCQX) transactions and did not support redemption. As of June 30, 2026, the trust held approximately 2.3% of ZEC's circulating supply and NAV of approximately US$155.2 million. Additionally, a subsidiary of Grayscale's parent company DCG is in discussions to purchase shares of approximately 200,000 ZEC trusts, but no binding agreement has yet been reached.

3d ago

Strategy Releases Investor Briefing: 840,000 BTC Bottomed Out, Digital Credit Strategy Becomes Growth Engine

Comparatively, Bitcoin reserve company Strategy (released the latest investor briefing, disclosing that as of August 9, the company held 840,447 bitcoins, accounting for about 4% of the total Bitcoin supply. The company said its core strategy is not only to hold Bitcoin, but also to build a “Digital Credit (Digital Credit)” platform through the capital market to increase Bitcoin holdings per share. As of August 10, Strategy stock (MSTR) had a market capitalization of approximately $38.368 billion, corresponding to 1.06 times MNaV (market capitalization/net bitcoin value per share). The company pointed out that MSTR is not a Bitcoin ETF, and common shareholders do not directly own the bitcoins held by the company, but are holders of remaining equity after debt and preferred shares. Strategy said its “digital credit” strategy aims to issue digital credit products equivalent to 10% to 20% of Bitcoin reserves every year when market conditions permit, with an estimated corresponding scale of about 5.4 billion to 10.8 billion US dollars. The company said that if Bitcoin's long-term yield is higher than the cost of financing, the model could increase common shareholders' exposure to Bitcoin per share. Strategy emphasizes that MSTR, as a common stock of a Bitcoin reserve company, has the dual properties of amplifying returns and risks. The main risks listed by the company include Bitcoin price fluctuations, changes in the financing environment, MNaV compression, dilution of stock issuance, and pressure to repay debt and preferred shares. Up to now, Strategy is still one of the listed companies with the largest amount of bitcoins in the world. The company said it will continue to increase long-term Bitcoin holdings and Bitcoin exposure per share through capital market instruments, digital credit issuance, and active asset allocation in the future. This article is sponsored by GENG, Build Your Fortune on GENG (https://geng.one)

3d agoburnking

After losing 10 billion US dollars in three months, why did DAT's stock price not fall but rise?

Author: Eric, Foresight News Original title: After losing 10 billion US dollars in 3 months, DAT began to return to rationality. The financial reporting season, which had just ended, the Crypto Treasury Company (DAT) handed over a seemingly terrible answer. Strategy's net loss for the second quarter was US$8.22 billion, of which 8.32 billion was a reduction of the fair value of Bitcoin holdings; Strive had a net loss of US$258 million, with over 90% falling prices of Bitcoin and STRC preferred shares held by it; Sharplink's net loss of US$394 million; Metaplanet's net loss of 182.8 billion yen (about US$1.15 billion) in the first half of the year, of which about US$430 million in the second quarter; Bitmine, due to the fiscal year ending in August, It lost only $83.6 million in the March-May fiscal quarter, but the cumulative net loss over the past nine months has exceeded $9 billion. The five companies combined had a net loss of about 10 billion US dollars in the second quarter, and accumulated more than 30 billion US dollars in the first half of the year. A year ago, such a statement was enough to trigger a panic sell-off. But what actually happened was a different story. Strategy's stock price closed up 4.73% on the day the earnings report was released, while the options market originally fluctuated 8% in both directions. From the low at the end of June, Bitmine rebounded about 36%, Sharplink rebounded about 37%, Strategy and Strive rose more than 10%, and Metaplanet also rebounded about 15% from its late-June low. Losses are real, but everyone knows that DAT's second-quarter earnings report must have been a huge loss, the difference between 10 billion and 9.9 billion dollars. Large DAT companies have their own dashboards, or at least there are people who continuously count relevant data. Every financing, every time Bitcoin or Ethereum is being watched by the world with a magnifying glass. Therefore, everyone in the market can see how much money was lost in the second quarter. The financial report simply confirmed what had already happened. What has caused the stock prices of these DAT companies to “bottom up” is that both the market and the company have returned to rationality. In the second quarter, Strategy raised $8.4 billion in a single quarter, surpassing any quarter of last year; in May, it repurchased $1.5 billion of convertible bonds at a face value of 9.2 billion, reducing total convertible bonds from 8.2 billion to 6.7 billion dollars; and in June, Sharplink completed a targeted increase of $75 million at a price higher than net asset value, while using an average price of $4.70 to buy back its shares. In the performance guidance and earnings call, most of these companies invariably gave the same direction: focus on increasing the “content” of each share of crypto assets. Last year, DAT told a story of growth. Whoever buys coins faster will rise. The tide receded this year, and the surviving companies all exchanged KPIs for the same indicator, the number of crypto assets corresponding to each share. Strategy's Bitcoin content per share increased 5% month-on-month in the second quarter; Metaplanet's fully diluted Bitcoin holdings increased 9.6% in the first half of the year; Sharplink repeatedly emphasized the increase in ETH content per share. Accompanying this goal is discipline. Metaplanet clearly implements a set of capital allocation policies. When MNaV is above 1x, it issues additional shares to buy coins, stops issuing additional shares when it is less than 1x, and instead uses preferred shares and credit instruments, and even repurchases stocks. In the second quarter, just because its MNaV fell below 1 times, the company voluntarily abandoned targeted increases from third parties, preferring to slow down the growth rate of its holdings rather than dilute shareholders at a discount. Sharplink and Strategy have also launched repurchases. Treasury companies are no longer brainlessly expanding, but are returning to a simple question: how to make each share more money behind it. Strategy even went against its promise to “never sell coins” for this goal, and its stock price also had the lowest rebound among mainstream DAT companies. This is a pain that must be experienced from “above” to rationality. A new tool for STRC model apprentices to achieve this goal is STRC, invented by Strategy in July of last year, a perpetual preferred stock with a face value of 100 dollars anchored and dividends adjusted monthly. The logic is simple, use around 12%...

4d agoForesight News#DAT

Michael Saylor: Strategy may start share buybacks when it falls cheap enough

Comparing news, Strategy founder Michael Saylor said that buying back the company's own shares is not currently a priority, but if MSTR's stock price falls to a cheap enough level, the company may repurchase shares. Michael Saylor said during a question and answer session on Monday: If MSTR shows a very, very deep discount compared to net asset value (NAV), then you might see us take similar action. Michael Saylor said the company plans to maintain large cash reserves to gain more flexibility that can be used to buy Bitcoin, buy back MSTR or preferred shares, or pay debts. This flexibility also applies to Bitcoin. We must be able to both sell Bitcoin and buy Bitcoin. The company's strategy is to prioritize the development of STRC, cash reserves, and credit operations over share buybacks. He also explained how the price of Bitcoin will affect Strategy's future purchase plans. When the price of BTC is well above its 200-week average, Strategy may keep more of the cash raised; when the price of Bitcoin is close to or below this long-term average, it may be viewed as a buying opportunity. Regarding MSTR investors, Michael Saylor said the investment should be viewed with an investment period of at least four years, preferably 7 to 10 years. He concluded by saying, “I can feel your pain. But I think we have to be prepared for a tough year.

4d ago

Hash Global: Bitcoin bear market may be nearing its end

Source: X Author: Jessica Feng (Hash Global BNB Fund Investment Manager), Henry Yang (Hash Global Investment Partner) Original title: Hash Global: Bitcoin hasn't risen yet, why are we starting to think the bear market might be over? Abstract: Bitcoin has been trading sideways between $62,000 and $65,000 for nearly two months, but on-chain chips have been reshuffled: more than 2.4 million BTC has been deposited in the $610,000 to $65,000 range. Concentration is rare, and a new bottom is being formed. Similar chip structures in history have predicted subsequent market trends. Changes in kinetic energy take precedence over price. Now is the time to enter the next round of cycle layout. Over the past six months, the popularity of AI has absorbed almost all of the market's attention, and even Crypto's last belief, Bitcoin, has been drastically shaken. Since falling below $70,000 in February, BTC has stepped back into the $58,000-$60,000 range three times. Strategy, an old player in the industry, began selling coins, and mining companies turned to AI. The prospects for the industry were bleak, and it also made the fears real time by time. While US stocks continued to rise and gold bottomed out, Crypto seemed to be forgotten by the world: BTC had been trading sideways between $62,000 and $65,000 for almost two months, and the 30-day implied volatility dropped to 36%, setting a multi-year low. The lack of vitality makes it difficult for the public to be optimistic about the market. But what we've been paying more attention to recently is “change” and “perspective,” that is, behind the price, the changes that are taking place in the market. The forces that weighed down the market in the early stages are weakening one by one: macro-austerity expectations have cooled down, the strategic lightning crisis has abated, and the outflow of institutional capital has stopped. Meanwhile, Bitcoin's on-chain chips are gathering again in the midst of consolidation. Everything seems to indicate that an inflection point is approaching, but these changes are not yet reflected in prices, as the market is waiting for more clear signals. Outside the market, AI transactions are cooling down, and a new round of capital switching is about to begin; in the market, the old OGs are still waiting for the last drop and slow to take action — the calm and quiet surface at the moment has just opened up the best angle and timing for us to enter. It is difficult to predict when the market will start, but what is certain is that we are entering the time window for the next round of layout. 1. Under the impression that the price has not changed, the chip structure has been reshuffled. The new bottom is forming a new bottom where BTC has tested the $60,000 mark three times, and has been clearly accepted each time. The price then rebounded to around $65,000, upward selling pressure reappeared, and the market fluctuated repeatedly between $63,000 and $65,000. On the face of it, the price has hardly changed, but on-chain chips have quietly completed a round of redistribution. Currently, more than 2.4 million BTC has been deposited in the $610,000 to $65,000 range, accounting for about 12% of the circulating supply; of these, around $63,000 alone, more than 1 million BTC has been collected, accounting for about 5.2% of the circulating supply. The concentration of chips has risen to a historically rare level. This change is more worthy of attention than short-term ups and downs. The bottom did not appear suddenly, but was “bought” by the market in repeated tug-of-war: some people left the market, others took over; old chips were constantly replaced, and new capital re-established the cost base at a lower position. As more BTC is concentrated in similar price ranges, a new price consensus has also been established. As a result, changes in kinetic energy often precede prices. Looking back at history, from May to November 2024, BTC also experienced a half-year adjustment after the ETF market. Before pulling from $60,000 to $100,000, the chain also had a highly concentrated structure around $50,000 to $60,000. In hindsight, the bottom of the construction at the time was a springboard for the subsequent launch of the market. History won't simply be repeated, but a similar chip structure indicates that the market is experiencing a round of similar bottom changes. 2. Directional choices are coming. The forces suppressing the market are being disrupted, and the concentration of chips represents an intensification of the game. The market is about to make a choice, but this is not enough to indicate the direction. What really tilts the balance upward is that several forces that previously drove the market decline are weakening. 1. Macro pressure is falling, and the risk of interest rate hikes has been reduced. The most important driving factor behind this round of adjustments is market concerns about higher interest rates. The geopolitical conflict boosted inflation expectations, the Federal Reserve sent hawkish signals, US bond yields and the US dollar strengthened, and risk assets naturally came under pressure. Recently, however, this logic of pricing high interest rates has begun to loosen. US CPI fell 0 month-on-month in June...

9d ago22#Bitcoin

Is Bitcoin still salvageable? Let the data do the talking

Author: Will Clemente (@WClemente) Compiled and collated by: BitPushNews Author Profile: Will Clemente worked as the chief analyst at Blockware Solutions in his early years, focusing on Bitcoin on-chain data (exchange fund flow, holder behavior, etc.). In 2021-2022, he co-founded Reflexivity Research with Anthony Pompliano to provide institutional-level on-chain and macro research, and later became a listed company DeFi Technologies acquisition. He then became a consultant and participated in STIX related work. X has nearly 800,000 fans. The analytical style is data-driven and easy to understand. It is one of the influential voices in the field of Bitcoin cycle judgment. Here is the text: Happy summer! I haven't written a long analytical article on Bitcoin in a while. In this post, I'm going to do a thought review and share my thoughts on this asset class and some of my personal thoughts on how to deal with future trends. Last year, I generally focused my personal market attention on commodities, because it was clear at the time that there was an oversupply problem in the cryptocurrency sector, which made the market seem very heavy. At the same time, with the exception of Hyperliquid, lack of substantial innovation led to a lack of market interest — at least compared to the market activity we saw in other markets — making it difficult for demand to absorb all supply. I thought that late last year, when small-cap stocks soared and gold had just set off a sharp rise, Bitcoin had a window of good performance, but I was very disappointed when Bitcoin basically experienced a failed breakthrough (a few days before October 10). In January of this year, I further reduced my Bitcoin positions that I personally still hold because the market trend at the time was similar to the previous bear market we experienced in 2022. Frankly speaking, this hasn't been a fun year for those focused on Bitcoin and the cryptocurrency space. Although judging from the percentage decline, Bitcoin's retracement is much milder than in 2022, in many ways, one can argue that this bear market is even tougher than 2022. At least in 2022, you can clearly indicate the reason for the decline (rising interest rates, removal of leverage and fraud, FTX thunderstorm) and determine that “if these things are likely to change, and at the end of 2022, things are asymmetrically biased towards the impossibility of getting worse, then Bitcoin is probably a good long-term buying point here” — yet today, we don't see any similar situation, other than DaTS and quantum computing (which I'll talk about later), and what I think are some positive signs of recovery that I think are finally beginning to appear. Bitcoin ETFs hold 50 billion US dollars in assets and set a record for initial capital inflows, but they were surpassed by storage ETFs earlier this year. Major institutions have begun to introduce loan products. Gold performed extremely well last year, driven by central bank reserve demand. Fueled by the de-dollarization narrative, this should have been a time for Bitcoin to shine. Almost any individual or entity that wants to gain exposure to Bitcoin can do it, which makes it even more disappointing to see a net Bitcoin ETF outflow of $5 billion over the past year, while DRAM attracted $10 billion in capital inflows within a month. Network Health When we talk about the fundamentals of Bitcoin, we're clearly not talking about metrics in the traditional sense; we're focusing on the underlying state of the network itself. I'm not going to go through each data point one by one to list the data, but I think there are two main points that are really important. In an increasingly centralized world, in the context of a country-led economy and a country-influenced market, and the most centralized technological power brought by large technology companies, I do believe that decentralization is of great value. For those who don't know much about the details of Bitcoin, in addition to the miners we all know, there are also nodes. Nodes can be run by anyone and are responsible for enforcing rules and verifying the network, while miners provide security through extensive energy-backed computation. There are nodes all over the world, and there are probably many more that you can't easily track. The following list alone covers nearly 200 countries. Source: https://bitref.com/nodes/虽然查看矿池（它们对个体矿工没有控制权）是可能的，但你很难像追踪节点那样追踪个体矿工. However, we can get through...

11d agoWendy#cycles #Bitcoin #BEARISH #Bull market #Market topics

Why did Trump's media's $6.4 billion CRO hoarding plan go bad?

Author: Angelilu, Foresight News Original title: Worth $6.4 billion. Trump Media Group's CRO coin hoarding plan came to an end. A year ago, Trump Media Technology Group (DJT) and crypto exchange Crypto.com held high-profile hands to set up a listed treasury company to hoard several billion dollars of CRO. At the time, this politically strong affiliated company set up a stage with a leading exchange to sing, which made a huge impact. A year later, the capital game came to an end sadly. On August 7, DJT, Crypto.com, and SPAC company Yorkville officially announced the termination of this plan, along with the previously announced forecast market and ETF escrow program cooperation. Bitcoin's peak is almost at a standstill, and there is a collective decline in coin hoarding listed companies — after all, this collaboration, which began as a result of being close to politics, failed to reach the point where it came to fruition. At what stage did the suspended cooperation take place, the most important part of this cooperation is to rebuild a publicly traded CRO treasury company. In August 2025, three parties made a high-profile announcement: Trump Media will use SPAC company Yorkville to establish a company called Trump Media Group CRO Strategy, claiming to be the “first and largest publicly traded CRO treasury company,” and plans to stock up about 6.313 billion CROs — close to one-fifth of the current CRO circulation. The entire company is approximately $6.42 billion, comprised of $1 billion in CRO, $200 million in cash, $220 million in warrants, and a $5 billion equity line of credit. However, momentum returned; in fact, this treasury plan never actually came to fruition. It was only a framework agreement announced in August 2025. It had to go through a major SEC filing and approval process for the backdoor listing, which would have been delayed for more than half a year; it remained in a “to be completed” state until it was directly suspended a year later, and was never established. Along with the yellow one, there are two additional packages. Truth Predict, which was originally intended to be embedded into Truth Social's prediction market product — allowing users to bet on political, economic, and sporting events — has now been reduced to a marketing partnership, with Crypto.com only promoting its own prediction market to Truth Social users; Crypto.com provided escrow arrangements for Trump Media's ETFs, which also stopped. The only thing that actually came to fruition and is still in effect is another independent agreement. In August 2025, Trump Media spent about $105 million to buy CRO on the balance sheet, while Crypto.com bought $50 million in DJT shares. This transaction was unaffected by this termination, and it became the only link that did not let go of during this exit. Politics comes first, and commercial transactions come later to figure out why this game of chess fell on Crypto.com. We have to look back — it's political closeness that paved the way for business first. Before and after the 2024 US election, Crypto.com has been handing out olive branches to the Trump campaign: donating $1 million to the inauguration and investing $10 million in MAGA Inc., the pro-Trump super political action committee; CEO Kris Marszalek also personally visited Sea-Lake Manor to talk to Trump about crypto policies in person. In March 2025, the US Securities and Exchange Commission (SEC) dropped its investigation into Crypto.com — and not long before that, the agency had warned Crypto.com about potential enforcement actions. The relationship paved the way, and a commercial partnership only came to fruition in August 2025. The Trump media wanted a crypto story, a bunch of tokens that could be listed, and an ETF custodian; Crypto.com wanted to use Trump's fame to endorse a self-issued CRO. Precisely because of this, the deal had the smell of a conflict of interest from the first day it was announced — the Trump administration itself had the power to oversee the crypto industry, yet the company linked to his family was deeply tied to an exchange that had just donated money and had just been released by the SEC. Senator Elizabeth Warren and others have publicly called for an investigation into whether the relevant SEC decision involved political factors. Why was it withdrawn? The currency price and market are all...

12d agoburnking

H100 completed the acquisition of 2,455.4 BTC, increasing total holdings to 3,506

According to the official announcement, the Swedish-listed Bitcoin reserve company H100 announced the completion of a Bitcoin acquisition transaction to acquire 2,455.4 BTC at a price of about 62,900 US dollars/unit, increasing the total holdings to 3,506 BTC. According to reports, this transaction is the largest merger and acquisition transaction in the European public Bitcoin equity sector. It is also the first “Bitcoin to Bitcoin” merger and acquisition transaction in the global open market. The entire transaction was paid in H100 shares, and the implied share price was SEK 1.86 (1x MNaV) per share, with no cash consideration. After complete dilution, the number of Satoshi per share increased by about 5%, from 288 Satoshi to 303 Satoshi, and the acquired party did not hold any financial debt.

12d ago

Data: HyperStrat DAT spent $13.7 million to buy 2.1 million PURRs, worth approximately $14.19 million

In comparison, according to Hyperliquid News monitoring, HypeStrat DAT spent $13.7 million to buy 2.1 million PURRs, worth about $14.19 million. It still holds $132.9 million in cash and 0.93 times MNaV.

15d ago

Data: Bitcoin institutional holdings shrunk 10% in three months, putting pressure on the corporate treasury model

Comparative news, according to CryptoQuant on-chain data, the total BTC holdings of institutions, including trusts, ETFs, and closed-end funds, have dropped from 1.33 million three months ago to 1.2 million, a drop of about 10% At the same time, the corporate Bitcoin treasury model is also under pressure. Analyst Novaque Research pointed out that the current market value of many Bitcoin treasury companies has fallen below the net asset value (NAV) of their BTC holdings, and the previous positive cycle mechanism of “stock price premium → financing to buy → enhanced premium” has clearly weakened. Strategy, the largest publicly traded company, sold 1,638 BTC last week. This article is sponsored by GENG, Build Your Fortune on GENG (https://geng.one)

16d agoburnking