A clear look at Strategy’s Bitcoin model, the conditions that could trigger sales and how to understand future updates within the proper context. Strategy is the largest corporate Bitcoin holder, with roughly 650,000 BTC on its balance sheet. The company’s model hinges on raising capital and converting it into BTC while keeping its market-cap-to-Bitcoin value (mNAV) above 1. CEO Phong Le has described any Bitcoin sale as a “last resort” option that would be considered only if mNAV drops below 1 and access to new capital meaningfully deteriorates. Read more
ABTC shares plunged by more than 50% in early trading as the broader crypto market downturn triggered a sharp repricing of mining and treasury stocks. Shares of American Bitcoin Corp (ABTC), the Bitcoin-mining and treasury company headed by Eric Trump, plunged on Tuesday as difficult market conditions continued to pressure crypto-linked equities. ABTC, which debuted on the Nasdaq in early September following a reverse merger with Gryphon Digital Mining, lost more than half its value in early trading. The stock reached an intraday low of $1.75, representing a 51% decline on the day, according to data from Yahoo Finance. The shares are now down roughly 78% from their post-listing high of $9.31 on Sept. 9, underscoring the broad unwinding across the digital-asset sector and its spillover into related equities. Read more
Paul Atkins spoke from the NYSE on Tuesday, saying that the SEC planned to unveil an innovation exemption for crypto projects ”in a month or so.” Paul Atkins, chair of the US Securities and Exchange Commission, said that the agency can continue advancing digital asset regulation without legislation from Congress, signaling his expectations for the industry in 2026. In a CNBC interview released on Tuesday, Atkins said the SEC was providing “technical assistance” as Congress considered legislation for digital asset regulation, likely referring to the market structure bill working its way through the US Senate. Atkins said that although the agency’s operations were impacted by the longest US government shutdown in the country’s history, he continued to make progress on “rules that are focused on helping [the crypto] sector.” “We have enough authority to drive forward,” said Atkins. “I’m looking forward to having an innovation exemption that we’ve been talking about now. We’ll be able to get that out in a month ...