Canary Capital Files For “Made-in-America” ETF Amid Rising ETF Push

Strategy disclosed another bitcoin purchase on Monday, adding 3,081 BTC for $356.9 million at an average price of $$115,829 per coin. The haul lifts the company’s treasury to about 632,457 BTC, cementing its lead among public corporate holders.

The bitcoin treasury company now sits on about $70 billion worth of BTC at current prices, acquired at an average of $$73,527 per bitcoin for a total cost of roughly $46.50 billion, including fees. That implies about $23.5 billion in unrealized gains.

Funding and capital-markets playbook

Last week’s purchases were funded from the firm’s preferred-stock programs. Strategy has leaned on perpetual preferreds, convertibles, and at-the-market equity to finance BTC buys, a model Wall Street analysts say lets the company issue when its market value trades at a premium to the bitcoin per share implied by its balance sheet.

At a roughly $112 billion market capitalization against about $70 billion in bitcoin holdings, Strategy’s equity is trading near a 1.6x market-to-NAV multiple or about a 60% premium to the value of its BTC stash, based on The Block’s bitcoin treasury and company stock dashboards.

TD Cowen this month reiterated a $680 price target after Strategy bought another $51.4 million in bitcoin, citing the accretive nature of its issuance cadence and relatively modest debt profile.

Also, Strategy updated its MSTR Equity ATM Guidance, mapping issuance intensity to mNAV bands to give management more flexibility. In brief, the higher the mNAV multiple, the more actively Strategy expects to issue shares to acquire additional bitcoin. At lower mNAV levels, it prioritizes obligations and may consider repurchases.

The latest buy followed a weekend hint from Executive Chairman Michael Saylor, who posted “Bitcoin is on sale” alongside a SaylorTracker graphic of the firm’s holdings. A week earlier, he touted Strategy’s “Bitcoin Standard” scorecard, noting the stock’s annualized performance since adopting BTC has outpaced the “Magnificent 7” and major asset classes, according to the company’s tracker. According to The Block's price page, BTC traded 10% down from its all-time high as whales migrate to Ethereum.

Strategy's bitcoin acquisitions. Image: Strategy.

Still, MSTR fell to its lowest close since April last week before rebounding, as investors continued to debate the stock’s premium to its underlying bitcoin net asset value. Supporters argue the premium is a feature, not a bug, and provides lower-cost capital to acquire more BTC when mNAV is elevated.

Beyond Strategy, a growing roster of public companies has embraced bitcoin treasury strategies. The Block’s data dashboard shows miners MARA and Riot, financial firms like Galaxy Digital, and other firms, including Bitcoin Standard Treasury Company, Trump Media, and Metaplanet, among notable holders. Still, Strategy remains the pace-setter. After today’s disclosure, its stash is just under/around 3% of bitcoin’s 21 million-coin cap.

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.

After a few more modest acquisitions, the Michael Saylor-co-founded company is back with bigger purchases, this time spending over $340 million to expand its bitcoin holdings by 3,081 BTC.

Consequently, Strategy’s total stash has grown to 632,457 BTC, acquired for $46.5 billion at an average price of $73,527 per bitcoin. This puts its unrealized profits at almost $23 billion even afterBTC’s crashsince yesterday, as its price tumbled from over $115,000 to under $111,000.

Strategy has acquired 3,081 BTC for ~$356.9 million at ~$115,829 per bitcoin and has achieved BTC Yield of 25.4% YTD 2025. As of 8/24/2025, we hodl 632,457 $BTC acquired for ~$46.50 billion at ~$73,527 per bitcoin. $MSTR $STRC $STRK $STRF $STRD https://t.co/KCrM0ffClo

— Michael Saylor (@saylor) August 25, 2025

Monday saw one more BTC purchase made by the so-called Japanese Strategy – Metaplanet. The company’s CEO announced a $11.7 million acquisition, which secured it 103 BTC at a slightly lower price of $113,491.

The overall crypto strategies continue to expand beyond bitcoin. Ethereum, the world’s second-largest digital asset, has enjoyed a steady wave of corporate inflows.

Asreportedearlier today, Tom Lee’s BitMine spent $800 million in just a week to accumulate over 190,000 ETH and extend its lead over SharpLink in terms of the largest Ethereum holder.

Michael Saylor’s Strategy, the world’s largest public Bitcoin holder, added more BTC to its balance as the price tumbled to $112,000 last week.

Strategy acquired 3,081 Bitcoin for $356.9 million during the week ending Sunday, according to a US Securities and Exchange Commission filing on Monday.

Saylor’s business intelligence software company purchased its latest Bitcoin batch at an average price of $115,829 per coin, as BTC started the week at around $116,700 and slipped to $112,000 on Thursday, according to CoinGecko.

The acquisition brought Strategy’s total Bitcoin holdings to 632,457 BTC, purchased for about $46.5 billion at an average price of $73,527 per coin.

Strategy buys 3,666 BTC in August

Strategy’s latest Bitcoin acquisition comes after two modest purchases, including a 430 BTC purchase announced last Monday and another 155 BTC buy the previous week.

With the new purchase, Strategy acquired 3,666 BTC this month, a significant decline from the 31,466 BTC bought in July. In June, Strategy purchased 17,075 BTC.

This is a developing story, and further information will be added as it becomes available.

BitMine Immersion Technologies, the world’s biggest Ethereum treasury led by Thomas “Tom” Lee, reported on Monday that its balance sheet reached $8.8 billion as of August 24, with 1.7 million ETH, 192 Bitcoin, and more than half a billion in cash.

Following a market dip that sent Bitcoin below $111,000 and Ether to about $4,600, the value of BitMine’s digital assets has eased to roughly $8 billion. The company remains the largest corporate holder of ETH, well ahead of peers such as SharpLink Gaming and Bit Digital.

The company’s Ethereum reserves grew by 190,500 in a week, up from more than 1.5 million previously reported. BitMine’s Bitcoin holdings stayed unchanged at 192 units, according to the report.

"This is the second week that BitMine has been able to raise capital from institutional investors at this pace, as we pursue the 'alchemy of 5%' of ETH," said Lee in a statement.

As of August 24, 2025, BitMine shares averaged $2.8 billion in daily dollar volume over five sessions, ranking it alongside the market’s most traded stocks, trailing Coinbase but surpassing JPMorgan and Palo Alto Networks.

"We continue to believe Ethereum is one of the biggest macro trades over the next 10-15 years," Lee added. "Wall Street and AI moving onto the blockchain should lead to a greater transformation of today's financial system. And the majority of this is taking place on Ethereum."

Not only strengthening its lead as the top Ethereum treasury, BitMine also holds the spot as the world’s second-largest crypto treasury behind Strategy, which owns 629,376 Bitcoin worth $71 billion.

Digital asset-focused investment firm B Strategy announced its initiative to launch a Nasdaq-listed BNB treasury company with an aim to raise $1 billion.

"The initiative intends to operate through a U.S.-listed vehicle not only to hold BNB as a treasury but also to become the ‘Berkshire Hathaway’ of the BNB ecosystem," the press release said. 

B Strategy's yet unnamed BNB treasury company will receive strategic support from YZi Labs, the investment firm led by Binance co-founders Changpeng Zhao and Yi He. YZi Labs will provide funding support as well as ecosystem support by connecting the project with its partners, a representative told The Block.

B Strategy said it will also leverage its extensive footprint in the Asia-Pacific region for liquidity, market intelligence and distribution, adding that several prominent Asia-based family offices have already joined as anchor investors.

Apart from operating a BNB treasury, the company will input capital and resources for investing in core technology development, providing grants for projects, and supporting community initiatives, the release said.

The company's Nasdaq listing and the $1 billion raise is expected to be completed within a few weeks, the YZi Labs representative told The Block.

After the notable success of Michael Saylor's strategy, dozens of companies have established their own corporate crypto treasuries. While most of these treasuries are built on Bitcoin and Ethereum, some companies are diversifying into other altcoins like Solana, XRP and Dogecoin.

Once launched, B Strategy's new company will join multiple other companies that offer leveraged exposure to BNB.

BNC, a subsidiary of CEA Industries, purchased 200,000 BNB for $160 million earlier this month, effectively becoming the largest publicly listed holder of the cryptocurrency. BNC previously closed a $500 million private placement led by YZi Labs and 10X Capital.

Binance's exchange token BNB is currently the world's fifth largest cryptocurrency with a $121.9 billion market capitalization. It is trading at $873.8, down 0.22% in the past 24 hours, according to The Block's BNB price page.

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.

Japan’s Finance Minister Katsunobu Kato recognized that cryptocurrencies deserve a place in diversified investment portfolios.

According to a Monday Bloomberg Japan report, Kato acknowledged the role of cryptocurrencies in a diversified investment portfolio during a speech. He was addressing the public from the stage during his keynote at Web3 Conference WebX 2025 in Tokyo.

“While crypto assets carry the risk of high volatility, by establishing a proper investment environment, they can become an option for diversified investment,” Kato said.

Japan’s minister of finance added that, considering the growing user base, he intends to focus on creating a sound trading environment for cryptocurrencies.