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Breaking new ground for digital assets, the U.S. Securities and Exchange Commission has approved a major change allowing in-kind creations and redemptions for crypto exchange-traded products (ETPs). This shift marks a departure from previous rules that only permitted cash transactions for spot bitcoin and ether ETFs.
SEC Chairman Paul S. Atkins called the decision a key step toward building a fit-for-purpose regulatory framework for crypto markets. He said the move will help reduce costs, increase efficiency, and align crypto ETPs with other commodity-based funds, offering more flexibility to investors and issuers.
Jamie Selway, Director of the Division of Trading and Markets, said the update will help create a more dynamic and accessible crypto ETF market. The SEC also approved several new proposals, including ETPs holding both bitcoin and ether, options on spot bitcoin ETPs, and increased position limits. These decisions highlight the Commission’s commitment to fair and balanced crypto regulation.
Bitcoin giant Strategy has purchased 21,021 BTC for $2.47 billion, following the largest U.S. IPO of 2025. The company raised the funds by selling 28 million shares of its new preferred stock, STRC, at $90 each. The offering, upsized from an initial $500 million goal, more than doubled the size of Circle’s $1 billion IPO in June.
This latest purchase brings Strategy’s total Bitcoin holdings to 628,791 BTC, acquired at an average price of $117,256 per coin. It’s the firm’s largest buy since March, according to BitcoinTreasuries.NET. Strategy, formerly MicroStrategy, has consistently used equity, debt, and convertible notes to expand its Bitcoin treasury, inspiring over 160 public companies to add crypto to their balance sheets.
STRC is set to begin trading on Nasdaq Wednesday, becoming the first U.S.-listed perpetual preferred stock issued by a Bitcoin treasury firm. Strategy’s offerings, including STRK, STRF, and STRD, aim to attract income-focused investors while fueling further Bitcoin accumulation.
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“An economist says to a physicist: ‘Sure, this equation works in practice. But does it work in theory?’”
— Overheard in the faculty lounge
For those fortunate enough never to have learned the mechanics of special purpose acquisition vehicles, here’s all you really need to know: If you don’t like the company a SPAC finds to buy, you can get your money back.
There are lots of important details, of course — PIPEs, warrants, fees, the price you paid — but the differentiating factor is the redemption mechanism.
SPACs raise capital by issuing shares at $10 and then…
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Bitcoin remains steady at $118,000 as markets await the Trump administration’s highly anticipated digital assets report, expected to be released tomorrow. The report is the first major crypto policy report under President Trump and could mark a historic shift in US support for Bitcoin and related technologies.
The White House report is the result of months of work from the President’s Working Group on Digital Assets, led by David Sacks and Bo Hines. Crypto In America’s Eleanor Terrett, formerly of Fox Business, says it may include proposals for funding the strategic Bitcoin reserve, include further information on the national digital asset stockpile, regulatory clarity, and…
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In a bold and high-energy appearance on Bloomberg Crypto, Jack Mallers, CEO of Twenty One Capital, made clear his company’s ambition: to be the most dominant Bitcoin treasury in the world—and to ride Bitcoin’s value far past the six-figure mark.
Following the firm’s announcement that it expects to receive an additional 5,800 BTC from Tether ahead of its public listing, Mallers laid out the case for Bitcoin’s continued price surge, asserting that $150,000 per BTC is just the beginning.
“Is there enough Bitcoin for me at $120k? No. $130k, $140k, $150k? There’s always Bitcoin available—it just depends on what you’re willing to pay for it,” Mallers said….
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This is a segment from the Forward Guidance newsletter. To read full editions, subscribe.
It’s Fed Decision Day Eve, and while we’re all but certain interest rates will remain unchanged, tomorrow’s FOMC statement and Chair Powell’s press conference have potential to move markets.
Investors are hoping for a September rate cut, and right now, they’re decently confident that’s what we’ll get. Markers are currently pricing in a 62% chance of a 25bps cut in September, per data from CME Group.
What kind of language in tomorrow’s statement would assure markets that FOMC members are feeling dovish? For starters: any indication that tariff-related inflationary…
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Standard Chartered Bank says Ethereum ETH/USD-focused corporate treasuries have already purchased 1% of all ETH in just two months and could grow to own as much as 10% of the total supply.
What Happened: The projection reflects a shift in digital asset allocation strategy among public companies, with Ethereum gaining preference over Bitcoin BTC/USD due to yield-generating capabilities and regulatory arbitrage advantages.
According to a July 29 research note by Standard Chartered’s Digital Assets division, the volume of ETH bought by corporate treasury companies since early June has matched the strongest recorded flows into ETH exchange-traded funds (ETFs).
These ETH treasury companies…
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Josh Mandell, the former Salomon Brothers and Caxton Associates trader who accurately predicted Bitcoin’s March 14 surge to $84,000, has reaffirmed his forecast that the Bitcoin price will reach $444,000 amid unprecedented institutional buying. “$444K IS THE DESTINATION,” Mandell wrote previously.
In a recent post on X, Mandell, whose trading portfolio grew from $2 million to over $23 million in the past year, reconfirmed his conviction in Bitcoin’s trajectory to $444,000. His latest statement comes as corporate treasuries continue to accumulate Bitcoin aggressively. He also predicts Bitcoin to hit $84,000 before it marches towards $444K.
Pool tables covered with…
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Corporate interest in Ethereum is rapidly growing, with institutional treasuries now holding 1% of ETH’s circulating supply, according to a report from Standard Chartered. The bank forecasts this could rise to 10% over time, marking a tenfold increase in corporate participation.
Companies like BitMine Immersion Technologies and SharpLink Gaming have begun adopting ether treasury strategies that generate passive income through ETH staking. Unlike bitcoin, ETH offers staking rewards, currently around 3%, and access to decentralized finance tools, giving it a unique advantage for corporate portfolios. The bank noted that ETH buying activity now rivals inflows into spot ether ETFs, which are also seeing record demand.
ETH has outperformed bitcoin in recent months, with the ETH/BTC ratio climbing from 0.018 in April to 0.032 in July. Standard Chartered believes this trend signals a longer-term shift in institutional crypto strategy. The bank maintained its year-end price target of $4,000 for ETH, which was trading around $3,830 at the time of the report.