Bitcoin treasuries grow while LTHs dump

September 08, 2025

 

Reading time: 5 minutes

Strategy adds $217M in Bitcoin as treasury buying meets holder sell-off

Key points:

  • Strategy bought 1,955 BTC for $217.4 million after its S&P 500 exclusion, lifting holdings to 638,460 BTC.

  • Metaplanet and El Salvador added to their reserves, while long-term holders offloaded 241,000 BTC, flashing caution alongside technical dip signals.

News - Michael Saylor’s Strategy Inc. purchased 1,955 BTC between September 2 and 7 at an average price of $111,196 per coin, just days after being passed over for S&P 500 inclusion. The company now holds 638,460 BTC worth more than $71 billion, acquired at an average of $73,880. Strategy’s Form 8-K highlighted a BTC Yield of 25.8% for 2025.

Japan’s Metaplanet also expanded reserves with 136 BTC for $15.2 million, bringing its holdings to 20,136 BTC, while El Salvador marked the fourth anniversary of its Bitcoin Law with a symbolic 21 BTC purchase, raising its national stash above 6,300 BTC. Collectively, treasury companies now control over 1 million BTC.

Mixed signals - Despite these buys, long-term holders sold about 241,000 BTC in the past month, one of the largest drawdowns of 2025, worth nearly $27 billion. Analysts warned that this, combined with slowing treasury accumulation, could weigh on prices.

Technical charts also show caution. A bear flag breakdown points toward $95,500, while historical Fibonacci retracements suggest a potential dip near $101,600 before a new all-time high. Still, BTC held steady near $111,000, with QCP Capital calling its resilience above $110,000 a positive sign.

Tether rumors - Speculation that Tether sold Bitcoin to fund gold purchases was dismissed by CEO Paolo Ardoino, who clarified the firm had simply moved BTC into majority-owned treasury company XXI. Tether continues to frame gold as a complement to its Bitcoin strategy.

Forward Industries secures $1.65B for Solana treasury push

Key points:

  • Forward Industries raised $1.65 billion, backed by Galaxy, Jump, and Multicoin, to launch the largest Solana-focused corporate treasury to date.

  • SOL traded near $203 as investors accumulated 3.79 million tokens from exchanges, signaling bullish momentum above the $200 support zone.

News - Forward Industries (FORD), a Nasdaq-listed design firm turned digital asset player, has secured $1.65 billion in cash and stablecoin commitments to establish what it calls the largest Solana (SOL) treasury financing to date. The PIPE round was led by Galaxy Digital, Jump Crypto, and Multicoin Capital, with C/M Capital Partners also participating.

The move marks a sharp pivot for Forward, which plans to position itself as a publicly traded institutional vehicle within the Solana ecosystem. Galaxy will oversee treasury management, Jump will provide infrastructure through its Firedancer validator and DoubleZero projects, and Multicoin’s Kyle Samani will chair Forward’s board. The firm’s shares jumped as much as 128% in pre-market trading following the announcement before paring gains.

If fully deployed, Forward’s $1.6 billion reserve would nearly triple the size of Upexi’s 2 million SOL treasury, currently worth about $430 million. It would also outpace other recent corporate efforts, including Sharps Technology’s $400 million raise and DeFi Development Corp.’s $280 million holdings.

Institutional conviction in Solana - Forward’s backers, Galaxy, Jump, and Multicoin, are all long-time Solana supporters. Galaxy has swapped portions of its Ethereum exposure into SOL, Jump continues to develop the Firedancer validator client to boost network scalability, and Multicoin has been invested since Solana’s seed round in 2018. Their alignment with Forward reflects renewed institutional conviction that Solana can scale beyond retail hype and into long-term infrastructure.

Solana sentiment and price action - SOL held firm around $203, maintaining support at $200. On-chain data showed that investors purchased $770 million worth of SOL over the past week, with 3.79 million tokens leaving exchanges: a clear sign of accumulation. Short-term holders also boosted their share of supply to 13.22% in September, reflecting growing confidence.

Analysts say a breakout above $206 could drive SOL toward $214 and $221, while a failure to hold $200 risks a slide back to $191. With institutional backing and retail inflows aligning, Solana’s near-term outlook is shifting from cautious to bullish.

BitMine expands $9B ETH treasury, fuels Worldcoin momentum

Key points:

  • BitMine Immersion Technologies boosted its Ethereum treasury to more than 2 million ETH worth $9B, securing its place as the largest ETH treasury holder.

  • A $20M investment in Eightco Holdings, a firm adopting Worldcoin as its main reserve asset, triggered OCTO stock to surge over 1,000%.

News - BitMine Immersion Technologies (BMNR) now holds 2.069 million ETH valued at $8.9 billion, along with 192 BTC and $266 million in cash, taking its total reserves above $9.2 billion. The firm, which pivoted to an Ethereum-first strategy in June, aims to accumulate 5% of ETH’s circulating supply. This makes BitMine the world’s largest Ethereum treasury holder and the second-largest overall crypto treasury company, trailing only Strategy’s massive Bitcoin reserve.

Alongside its ETH expansion, BitMine launched its “Moonshot” strategy with a $20 million investment in Eightco Holdings (OCTO). Eightco plans to allocate most of its $270 million raise toward building a Worldcoin (WLD) treasury. News of BitMine’s involvement sent OCTO shares soaring over 1,000% in pre-market trading.

Worldcoin network growth - Worldcoin’s ecosystem has simultaneously gained traction. More than 530,000 new users verified in the last week, bringing the total above 33.5 million. Its anonymized multi-party computation framework, backed by global universities, now enhances the project’s decentralization and privacy. The upgrade, powered by Nvidia H100 chips, supports millions of uniqueness checks per second and distances operations from the project’s founders.

Price impact and investor sentiment - WLD rallied 25% to a two-month high of $1.26, extending weekly gains to nearly 50%. Futures data showed a 1.09 long/short ratio, while the Smart Money Index hit a 48-day high, underscoring institutional flows. On-chain data also confirmed strong accumulation, with long-term holders and Chaikin Money Flow inflows adding support for the rally. Analysts now eye resistance at $1.34, with potential upside toward $1.64 if bullish momentum continues.

Key points:

  • Grayscale filed to convert its Chainlink Trust into a spot ETF that would trade on NYSE Arca under ticker GLNK.

  • Filing outlines cash creations and potential staking via third-party providers, with Coinbase Custody and BNY Mellon in key roles.

  • Separately, a Dogecoin ETF from REX–Osprey could debut as early as next week, stoking memecoin volatility.

News - Chainlink’s LINK jumped toward the 23 dollar area after Grayscale submitted an S-1 to convert its existing Chainlink Trust into a spot ETF on NYSE Arca as GLNK. The trust currently manages roughly 29 million dollars. The proposal mirrors recently approved spot bitcoin and ether structures with cash creations and redemptions, while leaving room for in-kind processes if rules evolve. LINK outperformed many large caps on the day as traders bet on further ETF traction. 

How GLNK would work - Grayscale says GLNK would hold LINK with Coinbase as custodian, BNY Mellon as transfer agent and administrator, and CSC Delaware Trust as trustee. The filing contemplates staking through vetted third-party providers while keeping assets in custodian wallets. Any staking rewards could be retained, distributed, or sold to cover expenses depending on guidance. The conversion aims to upgrade accessibility versus the current trust format by offering regulated exposure on a national exchange. 

Market context for altcoin ETFs - The move follows the 2024 launch of spot bitcoin and ether ETFs and sits alongside Grayscale’s proposals for assets such as dogecoin, solana, avalanche, litecoin, and XRP. Chainlink has also benefited from fresh adoption narratives, including efforts to bring macroeconomic data onchain. 

Dogecoin ETF watch - ETF chatter is heating up around DOGE. REX Shares, with Osprey Funds, filed a prospectus to list a Dogecoin ETF under the 40 Act. Analysts say a launch could come as soon as next week, with the product expected to trade as DOJE and be distributed by Foreside Fund Services. DOGE has rallied around the 23 cent level on the speculation, while prediction markets show high odds of DOGE ETF approval this year. Traders warn of heightened volatility around any listing.

Did you know?

  • Bitcoin ETFs are nearing parity with gold ETFs in AUM - With around $160 billion in assets under management, Bitcoin ETFs are rapidly closing the gap with gold ETFs (holding ~$180 billion), signaling escalating investor confidence and a potential surge in crypto’s institutional appeal.

  • Nasdaq seeks approval to list tokenized securities - Nasdaq has filed with the U.S. SEC to become the first major American stock exchange to list tokenized securities, setting the stage for traditional assets to trade on blockchain-based platforms potentially by Q3 2026.

  • HashKey unveils a $500 million Digital Asset Treasury fund - Hong Kong’s top licensed crypto exchange, HashKey Group, launched a $500 million multi-currency Digital Asset Treasury (DAT), marking a major institutional bet on crypto and a move that echoes U.S. firms’ growing trend of corporate crypto holdings.

Top 3 coins of the day

Worldcoin (WLD)

Key points:

  • WLD was trading at $1.32, soaring 28.4% in the past 24 hours.

  • The 20-day MA crossed above the 50-day MA in a bullish signal, while RSI entered overbought territory at 72.4.

What you should know:

Worldcoin rallied sharply from $1.03 to $1.33 before closing at $1.32, backed by a significant surge in trading volume to 234.84M. The bullish crossover of the 20-day and 50-day moving averages reinforced market momentum, though the RSI at 72.4 suggested stretched conditions that could trigger short-term profit-taking. Support is now seen near $1.14, with resistance around $1.33–$1.35. Beyond technicals, sentiment was lifted by BitMine’s $20M investment into OCTO to build a Worldcoin treasury strategy, a move viewed as institutional validation. Additionally, adoption catalysts such as Razer’s integration for anti-bot gaming checks and Match Group’s World ID pilot for Tinder Japan age verification helped offset ongoing regulatory scrutiny. Holding above $1.28 could keep the bullish outlook intact, while a sustained break higher may pave the way for further gains.

Key points:

  • PENGU was last seen at $0.0328, gaining 7.1% in the last 24 hours.

  • The Parabolic SAR stayed above the candles, while the Awesome Oscillator remained green lately, hinting at an early bullish shift.

What you should know:

PENGU advanced from $0.0299 to $0.0334 before closing at $0.0328, marking its strongest daily rise in weeks on higher trading volumes. While the Parabolic SAR remained above the price, showing lingering downward pressure, the Awesome Oscillator stayed green during the recent sessions, suggesting renewed momentum. Support rests near $0.0300, with resistance at $0.0342. Setting chart signals aside, optimism stemmed from Pudgy Penguins’ ICEE partnership, which will bring branded costumes into its upcoming Pudgy Party mobile game. Whale wallets also accumulated 1B PENGU ($32.5M) in August despite insider selling pressures, signaling confidence at current levels. Traders are watching whether PENGU can sustain closes above $0.032 to confirm a stronger reversal.

Solana (SOL)

Key points:

  • SOL traded at $214, up by 3.7% in the past 24 hours.

  • The 9-day SMA held below the price, while the DMI reflected bullish dominance with moderate trend strength.

What you should know:

Solana rose from $205 to $216 before closing at $214, supported by steady volume of 3.6M. The price stayed above its 9-day SMA ($204), confirming short-term strength, while the DMI showed the +DI leading over the –DI with an ADX reading near 24, indicating a moderate but active trend. Immediate resistance lies at $216–$220, while support is seen around $205. Zooming out of technicals, confidence was reinforced by DeFi Development Corp’s treasury purchase of 17,760 SOL ($2.7M) and renewed optimism around a possible U.S. Solana ETF approval in October. On-chain data also suggested minimal overhead supply above current levels, reducing sell pressure. Traders are watching if SOL can sustain closes above $216 to confirm a move toward $229, with $205 acting as a near-term floor.

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