All-In On XRP: Why This Leading Investor Sold His Entire Bitcoin Stack

A new market thesis is grabbing attention.

Author and industry expert Shanaka Anslem Perera says the Bitcoin cycle didn’t break this time, but flipped instead. And if he’s right, the bear market everyone is waiting for may already be behind us.

A Different Cycle

Perera points to one unusual moment: Bitcoin broke its all-time high before the halving. That has never happened in any previous cycle.

To him, that was the key signal that the usual four-year rhythm had inverted.

He argues that 2024 wasn’t a bull run at all, calling it “political repricing.” In other words, investors were reacting to the possibility of a pro-crypto U.S. administration, not the start of a new crypto wave.

2025 Looks Like a Bear Market in Disguise

On paper, Bitcoin near $90K shouldn’t feel bearish. But Perera says the signs are there:

• Bitcoin dominance at multi-year highs
• Altcoins “bleeding to death”
• $3.5B in ETF outflows in a single month
• A 29% correction from the October peak
• Sentiment indicators stuck in fear

A price that once sounded impossible now feels uncomfortable.

Bitcoin’s Demand Now Moves With the Fed

Perera believes the halving cycle was overtaken by macro. Once ETFs funneled institutional capital into Bitcoin, demand began tracking Federal Reserve liquidity instead of retail euphoria.

Some agreed with him, saying Bitcoin “outgrew its old cycle” the moment it entered mainstream financial plumbing. Others argued the narrative is compelling but not confirmed.

Looking Ahead to 2026

Perera’s conclusion is straightforward: if the market already lived through its bear phase emotionally , even at high prices, the next major move could be the real blow-off top.

Kraken has partnered with Avelacom to give institutional clients faster access to its trading systems, aiming to appeal to firms using latency-sensitive strategies in digital asset markets.

The deal connects Avelacom’s network directly to Kraken’s matching engine. The setup allows professional traders to receive market data and execute orders more quickly, enabling strategies such as cross-exchange arbitrage and liquidity aggregation.

Low-Latency Connection for Kraken Clients

In an announcement on Monday, Kraken said clients using the integration can expect real-time price updates with minimal delay and improved execution consistency.

The exchange called the upgrade part of its effort to meet the needs of institutions trading across multiple liquidity venues. Avelacom operates a global network linking major financial hubs, including London and Tokyo.

Its fiber route between the two cities offers sub-138 millisecond round-trip latency, while hybrid routes combining fiber and wireless further reduce transmission time.

The partnership strengthens Kraken’s institutional infrastructure as demand grows for faster and more robust trading systems in the crypto sector. Kraken offers access to the network through its institutional division for clients seeking enhanced trading performance.

Recently, Kraken collaborated with Deutsche Börse Group to unify fragmented crypto, foreign exchange, and derivatives markets into a single access point for institutional investors. The collaboration linked Deutsche Börse’s traditional exchange infrastructure with Kraken’s digital asset platform.

Expanding Institutional Infrastructure

The deal aims to make trading, settlement, and custody processes seamless across both traditional and digital assets, ensuring investors experience consistent handling whether dealing in stocks, tokens, or futures. The scope covers trading, custody, settlement, collateral management, and tokenized assets.

Both parties said the goal is to deliver “frictionless” institutional access through one integrated setup. Kraken Co-CEO Arjun Sethi described the agreement as an example of “what happens when two infrastructures designed for scale and trust intersect.”

“Our partnership with Deutsche Börse Group demonstrates what happens when two infrastructures designed for scale and trust intersect,” commented Arjun Sethi, Co-CEO of Kraken.

Additionally, Kraken has agreed to acquire Backed Finance, a platform that issues blockchain-based tokens representing real-world securities such as stocks and exchange-traded funds.

The move aims to bring tokenized products closer to Kraken’s main trading operations ahead of its planned public listing in 2026, and will allow the exchange to integrate the issuance and trading of these assets within a single platform.

Strategy (MicroStrategy) has acquired 10,624 BTC for $962.7 million at an average price of $90,615 per bitcoin. 

Its total holdings to 660,624 BTC with an average acquisition cost of $74,696 per bitcoin.

The December purchase is the largest in Q4, surpassing the Nov. 17 buy (8,178 BTC) and dwarfing the smaller weekly tranches (168–525 BTC in October/November).

Bitcoin remains unfazed 

However, the mammoth purchase has had little impact on the Bitcoin price, which is still sitting just below $92,000. 

MSTR is up by 3% in pre-market trading following the recent announcement. 

Strategy (MicroStrategy) has acquired 10,624 BTC for $962.7 million at an average price of $90,615 per bitcoin. 

The purchase has been financed with proceeds from common equity ATM (an “at-the-market-offering”) and STRD preferred sales

Its total holdings to 660,624 BTC with an average acquisition cost of $74,696 per bitcoin.

The December purchase is the largest in Q4, surpassing the Nov. 17 buy (8,178 BTC) and dwarfing the smaller weekly tranches (168–525 BTC in October/November).

Bitcoin remains unmoved

However, the mammoth purchase has had little impact on the Bitcoin price, which is still sitting just below $92,000. 

MSTR is up by 3% in pre-market trading following the recent announcement. 

Dubai, UAE, December 8th, 2025, Chainwire

• Follows first-of-its-kind pilot run with Franklin Templeton, Zodia Custody, Avalanche, and CMS demonstrates enforceable bilateral credit within digital assets custody
• Debut at Abu Dhabi Finance Week 2025 showcases a breakthrough in institutional credit infrastructure

SemiLiquid, a custody-native infrastructure layer for institutional credit, today announced the launch of its Programmable Credit Protocol (PCP) at Abu Dhabi Finance Week 2025. The groundbreaking infrastructure enables institutions to activate credit against digital and tokenized assets held in custody – without transferring collateral, marking a critical advancement in the evolution of digital capital markets. Developed and launched in Abu Dhabi, the protocol is now planned to be rolled out globally, underscoring the emirate’s rise as a leading hub for digital assets and a launchpad for financial innovation.

The launch is backed by a successful pilot conducted with Franklin Templeton, Zodia Custody, Avalanche, Presto Labs, M11 Credit, Oasis Foundation & CMS. As part of the pilot, Franklin Templeton’s daily-yielding tokenized money-market fund, BENJI, was used as collateral, which remained encumbered throughout the loan lifecycle, under pre-agreed terms and automated triggers. This simulated proof-of-concept allowed institutions to retain full daily yield while granting lenders enforceable security over the assets – eliminating counterparty risk without any collateral movement.

While tokenised assets are projected to reach $10 trillion by 2030, credit infrastructure has remained trapped in legacy workflows. More than 70% of institutional bilateral financing still involves bespoke, deal-by-deal paperwork & collateral transfers across fragmented accounts and systems, creating counterparty risk and friction that prevent tokenized assets from functioning as scalable, financeable collateral.

SemiLiquid's pilot has shown that the technology & legal framework is mature and institutions are ready. The company is advancing to Phase II, launching in early 2026, which will expand integrations across additional custodians, collateral types, and jurisdictions. Future capabilities will include under-collateralized lending supported by verified solvency attestations & and a unified framework for enforceability across markets.

For more information, users can visit https://pcp.co/

Media Contact:

semiliquid@yapglobal.com

About SemiLiquid:

SemiLiquid delivers the infrastructure powering the next evolution of institutional credit. Built on custody-native rails, its Programmable Credit Protocol (PCP) standardizes and automates bilateral lending - bringing the trust of traditional finance and the efficiency of programmable markets to a unified, compliant, and interoperable credit ecosystem.

About Zodia Custody

Zodia Custody is an institution-first digital assets platform with support from Standard Chartered, in association with Northern Trust, SBI Holdings, National Australia Bank, and Emirates NBD. Through the combination of its custody, treasury, and settlement solutions, Zodia Custody enables institutional investors around the globe to realise the full potential of the digital assets future – simply, safely, and without compromise. Zodia Custody is registered with the Financial Conduct Authority, Central Bank of Ireland, Commission de Surveillance du Secteur Financier, and holds a licence with the Hong Kong Companies Registry.

Zodia Custody implements the requirements of the 5AMLD and applies the same standards as Standard Chartered relating to AML, FCC, and KYC. It implements the requirements of the FATF Travel Rule. Zodia Custody Limited is registered in the UK with the FCA as a crypto asset business under the Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2017. Zodia Custody (Ireland) Limited is registered with the Central Bank of Ireland as a VASP under Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 (as amended). Zodia Custody (Ireland) Limited was established in Ireland in August 2021. Zodia Custody (Ireland) Limited is registered with the CSSF in Luxembourg as a Virtual Asset Service Provider in accordance with article 7-1 (2) of the law dated 12 November 2004 on the fight against money laundering and terrorist financing, as amended. Zodia Custody (Hong Kong) Limited is registered with the Registry for Trust and Company Service Provider with License Number TC009245 under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO), Cap. 615 in respect of its custodial activities in digital assets.

For further information on Zodia Custody, users can visit: https://zodia-custody.com/

Contact

Account Manager

Vinita Kullai

YAP Global

vinita@yapglobal.com

Bitcoin treasury company Strategy (formerly MicroStrategy) acquired an additional 10,624 BTC for approximately $962.7 million at an average price of $90,615 per bitcoin between Dec. 1 and Dec. 7, according to an 8-K filing with the Securities and Exchange Commission on Monday — its largest purchase since July.

Strategy now holds a total of 660,624 BTC — worth around $60 billion — bought at an average price of $74,696 per bitcoin for a total cost of around $49.4 billion, including fees and expenses, according to the company's co-founder and executive chairman, Michael Saylor. To put that in perspective, the haul represents more than 3% of Bitcoin's total 21 million supply and implies around $10.6 billion of paper gains at current prices.

The latest acquisitions were made using proceeds from at-the-market sales of its Class A common stock, MSTR, and perpetual Stride preferred stock, STRD. 

Strategy's STRK, STRC, STRF, and STRD perpetual preferred stock's respective $21 billion, $4.2 billion, $2.1 billion, and $4.2 billion ATM programs are in addition to the firm's "42/42" plan, which targets a total capital raise of $84 billion in equity offerings and convertible notes for bitcoin acquisitions through 2027 — upsized from its initial $42 billion, "21/21" plan after the equity side was depleted.

STRD is non‑convertible with a 10% non‑cumulative dividend and the highest risk‑reward profile. STRK is convertible with an 8% non‑cumulative dividend, allowing equity upside. STRF is non‑convertible with a 10% cumulative dividend, making it the most conservative. STRC is a variable‑rate, cumulative preferred stock offering monthly dividends, with adjustable rates designed to keep it near par.

Saylor again hinted at its latest acquisitions ahead of time, sharing an update on Strategy's bitcoin acquisition tracker on Sunday, stating, "₿ack to Orange Dots?"

Strategy's bitcoin acquisitions. Image: Strategy.

Strategy's new $1.44 billion USD Reserve

Last Monday, Strategy announced it had purchased another 130 BTC for approximately $11.7 million at an average price of $89,960 per bitcoin — taking its total holdings to 650,000 BTC.

The firm also announced a $1.44 billion USD Reserve to support the payment of dividends on its preferred stocks and interest on its existing debt.

That cash reserve is enough to cover its commitments for a year and a half, according to Bitwise CIO Matt Hougan. With its first debt maturity also not due until February 2027, he said that Strategy is nowhere close to needing to liquidate its bitcoin to meet obligations right now, pushing back against a growing narrative.

However, CryptoQuant argued the reserve signaled that Strategy was preparing for a bear market, with Head of Research Julio Moreno predicting that bitcoin could trade between $70,000 and $55,000 next year.

Meanwhile, analysts at JPMorgan said Strategy's resilience was key to bitcoin's price direction in the near term.

Saylor, at least, remains confident in that resilience. In an interview earlier this year, he said Strategy's capital structure is designed to withstand a 90% drop in bitcoin that persists for four to five years, thanks to its mix of equity, convertible debt, and preferred instruments — though he acknowledged that shareholders would still "suffer" in such a scenario.

DAT struggle

According to Bitcoin Treasuries data, there are 190 public companies that have adopted some form of bitcoin acquisition model. MARA, Tether-backed Twenty One, Metaplanet, Adam Back, and Cantor Fitzgerald-backed Bitcoin Standard Treasury Company, Bullish, Riot Platforms, Coinbase, Hut 8, and CleanSpark make up the remainder of the top 10, with 53,250 BTC, 43,514 BTC, 30,823 BTC, 30,021 BTC, 24,300 BTC, 19,324 BTC, 14,548 BTC, 13,696 BTC, and 13,011 BTC, respectively.

However, the value of many of the cohort's shares is down significantly from their summer peaks as their market cap-to-net asset value ratios sharply contract — with Strategy itself down 61%, for example. Strategy's mNAV currently sits at around 0.86.

CoinShares Head of Research James Butterfill wrote in a recent report that while DATs were born from a sensible idea (corporates diversifying treasury reserves away from fiat currencies and toward digital assets), the rapid expansion of token treasuries, shareholder dilution, and the pursuit of token-per-share growth at all costs have diluted that purpose.

"As the bubble deflates, the market is re-evaluating which companies genuinely fit the DAT model and which were simply riding momentum," he said.

Strategy's stock closed down 3.8% on Friday at $178.99 and is currently up 2.4% in pre-market trading on Monday, according to The Block's Strategy price page. MSTR fell 2.2% last week overall, and is now negative to the tune of 40.4% year-to-date, compared to bitcoin's slight 1.5% 2025 loss.

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.