Galaxy, Jump, Multicoin lead Forward Industry’s $1.65B Solana treasury raise

Sandeep Nailwal, cofounder of Polygon and CEO of Polygon Foundation, has reacted to the volume of transactions processed by the Bank of Liechtenstein (Bank Frick) in the month of August. The traditional bank is a fully regulated European bank that has been working with cryptocurrencies since 2018.

Bank Frick and Polygon transaction milestone

Notably, its bet on Polygon (POL) resulted in the processing of $15.4 million transactions in the crypto asset in August 2025 alone.

This suggests that the traditional finance institution is taking Polygon seriously. The volume indicates the level of engagement and transactions performed through the bank.

Nailwal’s reaction shows he considers the development as indicative of Polygon’s growing adoption in the traditional banking system. 

"Big numbers happen on Polygon!"he wrote in his post on X to celebrate the notable achievement by Bank Frick.

The cofounder’s excitement is understandable as the development suggests that Polygon’s utility is expanding beyond just DeFi and NFTs. 

The crypto asset is now gaining traction also in a regulated financial environment. Such real large-scale financial usage could significantly impact the price outlook of POL even as large holders in the ecosystem also support the asset.

As of press time, Polygon is changing hands at $0.2801, which represents a 2.08% increase in the last 24 hours. The asset climbed from $0.2741 to a peak of $0.2813 before posing a slight correction. However, its trading volume remains in the red zone by 1.65% at $154.26 million.

Polygon upgrade boosts speed and security for institutions

Polygon’s adoption by Bank Frick and the relatively large volume of transactions recorded might be a result of the network’s performance speed. 

In June 2025, a major upgrade was carried out to allow for faster finality and cut down the time frame from 90 seconds to 5 seconds.

Another significant boost that the upgrade had for Polygon was to improve security, which is a major concern in traditional finance.

Analysts at research and brokerage firm Bernstein have initiated coverage on the Peter Thiel-backed crypto firm Bullish, which recently landed an upsized $1.1 billion initial public offering, with shares surging on its NYSE debut.

In a note to clients on Monday, the analysts led by Gautam Chhugani set an initial $60 price target — 14.6% to the upside on Friday's closing price of $52.35 — with a "market-perform" rating, citing the firm's seasoned management team, with a strong edge in running an institutional exchange business.

Bernstein expects Bullish to emerge as the second-largest institutional crypto exchange behind Coinbase, pending the successful launch of its U.S. business in 2026. While Coinbase remains the dominant player, analysts argue the market offers opportunities in areas such as stablecoins, market data, and indices.

Bullish's ownership of crypto media platform Coindesk could also serve as a springboard into a subsequent retail exchange launch, the analysts argued. Still, with the stock trading at around 28 times estimated 2027 EBITDA, or 1.4 times its IPO price, they cautioned that investors will want to see early evidence of execution in the U.S. before buying into the growth story.

The institutional crypto market

The institutional crypto market has so far been dominated by market-makers and arbitrage funds operating largely offshore, Bernstein said. However, the analysts expect the U.S. to emerge as the key hub, as major asset managers roll out products ranging from single-asset ETFs to actively managed crypto funds — forecasting the institutional crypto revenue pool will more than triple, climbing from about $5 billion today to $18 billion by 2030, with the U.S. share rising to 20% from just 7% now.

Bernstein expects Bullish to capture roughly 8% of U.S. institutional spot volumes by the end of 2027, while its global share remains about 7%. The analysts project that crypto derivatives, including futures and options, will account for 11% of Bullish's volumes and 10% of revenues by that year, as the broader institutional derivatives pool expands from $3 billion to $13 billion by 2030, with the U.S. taking 20% of the market.

Overall, the firm forecasts Bullish's revenue will grow from $213 million in 2024 to $377 million in 2027, with EBITDA margins widening from 24% to 42% as U.S. buildout costs fade. The analysts' $60 price target values Bullish at roughly 34 times 2027 estimated EBITDA — a premium to Coinbase and Robinhood — on expectations of significant growth potential.

"We expect a successful U.S. business debut to be the north star for BLSH to create shareholder value," they concluded.

Chhugani maintains long positions in various cryptocurrencies.

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

El Salvador’s President, Nayib Bukele, celebrated the nation’s fourth anniversary of the Bitcoin Law by purchasing around $2.3 million worth of Bitcoin. The country not only expanded its Bitcoin holdings to over $700 million but also proved its pro-crypto stance by continuing its BTC integration. 

El Salvador Expands Bitcoin Holdings 

On Sunday, El Salvador bought another 21 BTC, bringing its total holdings to 6,313.18 BTC, worth around $702 million. President Bukele revealed the news on his official X post, saying, “Buying 21 bitcoin for Bitcoin Day.” This is part of the country’s “one Bitcoin a day” approach, which has been implemented since Bitcoin became legal tender in 2021.

According to data from Bitcoin Office, the country has added roughly 28 Bitcoins in the last 7 days and over 50 BTC in the last 30 days. This move underscores El Salvador’s commitment to integrating Bitcoin into its traditional economy and educational system. Despite all the hurdles it faced since 2021, the country continues to expand its BTC holdings. 

Bitcoin is trading at $111,943 currently, with a market cap of over $2.2 trillion. However, the trading volume has declined this month. It started from $34 billion in trading volume and rose to around $60 billion by September 6, but now it has dropped to $26 billion. 

El Salvador Increasing Bitcoin Security

In August, El Salvador redistributed its holdings across multiple addresses with a cap of 500 BTC per address. Later, the National Bitcoin Office revealed that the initiative was part of a strategic move to enhance the security of its National Strategic Bitcoin Reserve.

The agency hopes that splitting the country’s BTC holdings into 14 smaller accounts could minimize the impact of a potential quantum attack. 

To further boost the country’s crypto framework, El Salvador passed an “Investment Banking Law” in August. This law allows major financial institutions to offer Bitcoin and other cryptocurrency services to “qualified investors.” 

It also requires financial institutions to seek licenses before providing digital asset-related services, which automatically enhances the security standard of El Salvador’s crypto framework. 

Michael Saylor’s business intelligence software giant has completed another impressive bitcoin purchase, growing its stash to 638,460 BTC.

The Japan-based Metaplanet, also referred to as the Asian Strategy, led the way with a new BTC acquisition announcement from earlier today.

Strategy has acquired 1,955 BTC for ~$217.4 million at ~$111,196 per bitcoin and has achieved BTC Yield of 25.8% YTD 2025. As of 9/7/2025, we hodl 638,460 $BTC acquired for ~$47.17 billion at ~$73,880 per bitcoin. $MSTR $STRC $STRK $STRF $STRD https://t.co/QNIuAWRwEW

— Michael Saylor (@saylor) September 8, 2025

The newly acquired 1,955 BTC, bought for $217 million at an average price of $111,196 per unit, put Strategy’s total holdings at the aforementioned record-setting level of 638,460 BTC. The company has spent $47 billion to acquire this digital fortune, at an average price of $73,880 per bitcoin.

Given the cryptocurrency’s price increase today to $112,000, this puts Strategy in a very comfortable position, as its paper gains stand at over $24 billion.

Metaplanet’s purchase was more modest this week, accumulating 136 BTC for $15.2 million. Still, the company’s total stash has grown to 20,136 BTC, bought for $2.080 billion (average price of $103,196 per bitcoin). The paper value of its own fortune stands at $2.255 billion.

Metaplanet has acquired 136 BTC for ~$15.2 million at ~$111,666 per bitcoin and has achieved BTC Yield of 487% YTD 2025. As of 9/8/2025, we hold 20,136 $BTC acquired for ~$2.08 billion at ~$103,196 per bitcoin. $MTPLF pic.twitter.com/nwEAv0NzQq

— Simon Gerovich (@gerovich) September 8, 2025

A fresh on-chain move has brought attention back to the Shiba Inu meme coin, after an anonymous address withdrew more than $1.29 million worth of SHIB from Coinbase. Of course, people are wondering where this much liquidity is heading next.

The wallet that received it, labeled "0x18C5," now has 103.15 billion SHIB in it, which is about $1,291,478 or 304 ETH.

It did not all happen right away. First, 67.30 billion SHIB worth roughly $817,000 came in three days ago, then another 35.84 billion SHIB valued at $445,000 came in 16 hours ago. The two steps together boosted the account balance from just under $900,000 to over $1.29 million in just 72 hours.Arkham">

If one breaks the withdrawal into two stages, it does not seem like a random move but more like a planned move — whether that is into private storage, cold custody or a layered setup that keeps exchange exposure minimal. 

What's price of Shiba Inu coin?

The SHIB price, meanwhile, is steady at around $0.00001270, with a 1.7% increase from yesterday, and it is still holding strong above its "summer base" of $0.00000923. The chart is still in a sideways drift, but major withdrawals like this suggest that the big players are happy to build positions in a low-key way rather than waiting for a breakout to chase higher entries.

That has been a significant part of why SHIB has been trading the way it has recently — it is calm on the surface, but there are major sums moving behind the scenes.

Michael Saylor’s Bitcoin strategy shows no signs of slowing down. On September 8, that it has acquired an additional 1,955 BTC for approximately $217.4 million.

Strategy has acquired 1,955 BTC for ~$217.4 million at ~$111,196 per bitcoin and has achieved BTC Yield of 25.8% YTD 2025. As of 9/7/2025, we hodl 638,460 acquired for ~$47.17 billion at ~$73,880 per bitcoin. — Strategy (@Strategy)

The latest purchase was made at an average price of $111,196 per bitcoin, highlighting the company’s continued conviction in the long-term value of the asset despite volatility.Fresh Accumulation Pushes Holdings Higher

With this latest buy, Strategy’s total bitcoin holdings now stand at a staggering 638,460 BTC. The company has spent an aggregate $47.17 billion on these acquisitions, translating to an average purchase price of $73,880 per bitcoin.

At current levels, Strategy is sitting on substantial unrealized gains while maintaining an enviable 25.8% year-to-date yield in 2025.

This accumulation once again shows Saylor’s approach of steadily acquiring bitcoin during both bullish and bearish cycles. The firm has repeatedly emphasized that bitcoin remains its primary treasury reserve asset, and that scaling holdings over time is central to its corporate strategy.Funding the Bitcoin Purchases

The recent acquisitions were funded through proceeds from various at-the-market (ATM) share offerings, including STRF ATM, STRK ATM, and MSTR ATM.

Between September 2 and September 7, Strategy sold more than 750,000 shares across these vehicles, raising over $217 million in net proceeds. These funds were quickly deployed into bitcoin purchases, reflecting the company’s disciplined treasury allocation process.

The ATM program has become a powerful financing tool for Strategy, allowing it to raise capital efficiently while maintaining momentum in its accumulation strategy.

As of September 7, billions remain available for issuance and future bitcoin purchases, ensuring the company has flexibility to act when market conditions align.What It Means for Bitcoin’s Next Move

Saylor has long been one of the most vocal proponents of bitcoin, positioning it not only as a hedge against inflation but also as the digital equivalent of gold. With more than 638,000 BTC under management. Strategy is the largest corporate holder of bitcoin by a wide margin.

The timing of the latest buy—above $111,000 per coin—shows confidence that bitcoin’s price has more room to run. Some analysts argue that these bold purchases reflect expectations of new all-time highs in the near future, as institutional demand and scarcity dynamics continue to support the market.Saylor Joins Bloomberg Billionaires as Net Worth Tops $7.3B

Strategy executive chairman Michael Saylor has joined the ranks of the world’s richest individuals, debuting on the Bloomberg Billionaire Index this week with an estimated net worth of $7.37 billion.

Saylor now holds the , after seeing his fortune climb by nearly $1 billion since the start of 2025, a 15.8% increase.