The US Treasury Department and the Internal Revenue Service have released interim guidance that significantly eases tax burdens for corporations holding Bitcoin and other digital assets. Issued on Sept. 30, the notices, 2025-46 and 2025-49, clarify how the Corporate Alternative Minimum Tax (CAMT) applies to unrealized gains, a question that had raised alarm across corporate […]
The post US clears path for companies to hold Bitcoin tax-free appeared first on CryptoSlate.
New IRS guidance eliminates a looming tax risk associated with unrealized crypto gains, a relief for Strategy.
Michael Saylor, the executive chairman of MicroStrategy, which recently rebranded to Strategy, has once again drawn attention to the company’s aggressive Bitcoin acquisition strategy by reviving and actively utilizing the public BTC Tracker. What Is The Bitcoin Tracker And Why Does It Matter Michael Saylor has once again released the Strategy Bitcoin tracker, a chart that the market has come to watch closely. According to the X post, the latest buy brings Strategy’s total Bitcoin treasury holdings to 639,835 BTC, which is approximately $70.01 billion. Related Reading: Michael Saylor Says Bitcoin Is Not Just An Asset; What Is It Then? CryptosRus has stated that the familiar orange dots continue their steady climb upward and to the right, a simple yet powerful indicator hinting that additional BTC buys may be on deck. Every time this chart comes out, the market leans in. Saylor’s conviction has transcended simple corporate policy to become a genuine market signal. An analyst known as BitBull has confirmed a crucial turning point for the Bitcoin market, highlighting that BTC Open Interest has fallen to its lowest level in a month, effectively wiping out all the leverage that had built up during September. BitBull views this deleveraging event as a positive and healthy development for the market. By purging excessive leverage, the market is now considered to be in a healthier state, which could set the stage for a reversal upward in BTC price. Why The Current Bitcoin Run Is Only The Beginning Market analyst Zynx has offered insights into the BTC market and future price targets, pointing out that the bull market is still in its early stages and has significant room to run. He stated that BTC needs to cross $151,000 just to equal its all-time high in Gold, which suggests a specific metric where BTC’s price, relative to the price of an ounce of gold, would match its previous peak ratio. Related Reading: Bitcoin Daily RSI At Most Oversold Level Since April — Time To Buy? Historically, every cycle since the inception, BTC has more than doubled its price in Gold at a minimum, usually much more than that. However, the $300,000 target is looking increasingly realistic. While it is impossible to give a time frame, if history repeats, crossing the $151,000 all-time high within the next six months is expected. Furthermore, what makes this cycle fascinating is the macro overlay. Some analysts, such as EneaDenkt and others, are using the US Business Cycle Institute for Supply Management (ISM) as a key indicator for predicting the timing when BTC will peak. Zynx concluded by acknowledging that this is definitely a very interesting time for the BTC rally, and this cycle will definitely be like no other. Featured image from Pixabay, chart from Tradingview.com
Strategy (formerly MicroStrategy) expanded its Bitcoin holdings by purchasing of 196 BTC for $22.1 million at an average price of $113,048 per coin, according to a filing with the US Securities and Exchange Commission (SEC) dated Sept. 29. According to the firm’s dashboard, this acquisition marks its third-smallest buy this year, following its 130 BTC […]
The post Strategy expands Bitcoin holdings to record 649,031 BTC despite MSTR stock slump appeared first on CryptoSlate.
The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.
Strategy's holdings account for more than 3% of the total 21 million bitcoin supply — worth around $72 billion.
As we approach the final quarter of 2025, key charts provide valuable insights to help crypto traders navigate the evolving market landscape.
Metaplanet, a Japanese public company, bought 5,419 Bitcoin in a single purchase and climbed into the ranks of the world’s largest corporate holders. Related Reading: Ripple CTO Drops Bombshell: XRP At The Core Of Trillions In Banking Future According to reports, the buy pushed its total holdings to 25,555 BTC. That move now places the firm among the top five corporate Bitcoin treasuries. Large Purchase And New Ranking Reports have disclosed the purchase cost around $632.5 million, at an average price of about $116,724 per Bitcoin. Market watchers noticed the company surpassed exchange-backed treasuries to claim the fifth spot. The company’s average cost basis across all holdings is said to be roughly $106,000 per BTC. The scale is significant, and the shift in ranking was immediate. Metaplanet’s leap drew attention because the company did not make the purchase quietly. Based on reports, it has been raising capital specifically to buy more Bitcoin. The Japanese firm has announced plans to raise around $1.4 billion through share and warrant issuances and other offerings. Those funds are earmarked for additional accumulation. The target gives a sense of their appetite: they aim to hold 210,000 BTC by the end of 2027, a figure that would amount to roughly one percent of all Bitcoin expected to exist. Metaplanet has acquired 5419 BTC for ~$632.53 million at ~$116,724 per bitcoin and has achieved BTC Yield of 395.1% YTD 2025. As of 9/22/2025, we hold 25,555 $BTC acquired for ~$2.71 billion at ~$106,065 per bitcoin. $MTPLF pic.twitter.com/CBhZi2X9lE — Simon Gerovich (@gerovich) September 22, 2025 Funding Moves And Strategy According to reports, the company is using equity sales to fund accumulation, including special share offerings. That approach shifts the balance of risk onto shareholders when Bitcoin swings widely. Some investors welcome the bold plan. Others worry about dilution and how repeated capital rounds could affect existing holders. The strategy is straightforward: raise money, buy Bitcoin, repeat. Some actions were passive at first, then became aggressive as the company accelerated purchases. Market response has been mixed. Stock traders reacted with volatility. The company’s share price saw both gains and pullbacks after the announcement. Some analysts flagged the obvious tradeoff—large Bitcoin exposure can deliver big upside when BTC rallies, but it also amplifies losses during sharp declines. Still, Metaplanet has posted strong headline gains: one source reported a year-to-date yield near 395% tied to the move into Bitcoin, though that figure depends heavily on Bitcoin’s performance over the same period. Related Reading: Bitcoin Is ‘Digital Capital’ That Outpaces Traditional Assets—Michael Saylor Ambitious Targets And Risks Market watchers say reaching 210,000 BTC by 2027 would require continued capital raises and big market buys. Such a plan would keep Metaplanet in the headlines for months and years ahead. If Bitcoin stumbles, the company’s balance sheet and shareholder returns would be tested. Regulatory shifts could also change the calculus, especially in Japan and other major markets. Featured image from Unsplash, chart from TradingView
The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.
Strategy's bitcoin holdings now account for more than 3% of the total 21 million BTC supply — worth around $72 billion.
Welcome to Slate Sundays, CryptoSlate’s new weekly feature showcasing in-depth interviews, expert analysis, and thought-provoking op-eds that go beyond the headlines to explore the ideas and voices shaping the future of crypto. On Wall Street and Crypto Twitter, few names spark debate like Michael Saylor and his Bitcoin-hungry software company, Strategy. Gone are the days when […]
The post Strategy and the centralization question: what happens when one firm holds 3% (or 7%) of all Bitcoin? appeared first on CryptoSlate.
The total illiquid Bitcoin has reached a new high, providing a bullish outlook for the flagship crypto. This refers to the BTC supply that is unlikely to hit the open, given the long-term holding of the investors who own these coins. Bitcoin’s Illiquid Supply Hits New High Glassnode data shows that Bitcoin’s illiquid supply has reached a new high of 14.3 million BTC, marking over 72% of the flagship’s circulating supply. This supply is held by long-term holders (LTHs) who haven’t moved their coins in over seven years, highlighting a strong conviction in the flagship crypto. Related Reading: Bitcoin Price Eyes Demand Zones In Higher Timeframes – Here’s The Target A large part of Bitcoin’s supply being in the hands of long-term holders is typically bullish, as it continuously reduces the amount of selling pressure on the coin. It could also lead to a potential supply shock, whereby demand outpaces supply. Asset manager Fidelity stated in a research report that this new demand for BTC, coupled with a fixed supply and decreasing issuance schedule, was what likely sparked the rally to a new all-time high (ATH) above $124,000. Fidelity further predicted that this upward trend for the Bitcoin price could continue in the years ahead. Meanwhile, Fidelity highlighted two distinct cohorts that satisfy the threshold of Bitcoin’s illiquid supply. The first is the BTC that was last moved seven or more years ago, while the second is public companies that hold at least 1,000 BTC. Michael Saylor’s Strategy leads the latter as his company currently holds 638,985 BTC, which accounts for over 3% of Bitcoin’s total supply. Strategy hasn’t sold any coin since it began accumulating in 2020. Fidelity predicts that the combined group will hold over six million Bitcoin by the end of 2025 or over 28% of the crypto’s total supply of 21 million. The asset manager noted that BTC’s illiquid supply has only decreased quarter-over-quarter once in its history. BTC’s Scarcity May Become Its “Focal Point” Fidelity predicts that over time, Bitcoin’s scarcity may become the focal point as more entities buy and hold BTC long term. They noted that the illiquid supply could rise drastically if nation-state adoption increases and the regulatory environment continues to evolve. Countries like the U.S. are already looking to establish a Strategic Bitcoin Reserve, which could create a massive supply shock. Related Reading: Crypto Founder Says Bitcoin Price At $100,000 Is Cheap, Reveals Real Cycle Peak Value On the other hand, Fidelity noted that there is the possibility of large amounts of Bitcoin’s illiquid supply being transferred. This could happen as long-term holders and public companies move to realize gains, possibly due to a significant price appreciation. The asset manager earlier mentioned that early signs of potential capitulation may already be emerging as 80,000 ancient BTC were sold in July 2025. At the time of writing, the Bitcoin price is trading at around $115,600, down in the last 24 hours, according to data from CoinMarketCap. Featured image from Pixabay, chart from Tradingview.com
Strategy’s long-running bet on Bitcoin remains at the heart of the debate over the asset’s place in finance. Based on reports, the firm now holds more than 638,500 BTC, a stake that Saylor has said is worth “tens of billions” of dollars. Related Reading: FalconX Moves 413K Solana Worth $98M – Impact On SOL Price That stockpile has shaped both the company’s identity and Michael Saylor’s public message since Strategy began buying Bitcoin in 2020. Saylor Predicts Long Run Outperformance According to Saylor’s recent interview on Coin Stories, Bitcoin will outperform the S&P 500 “forever.” He went further, saying the S&P 500 would lose nearly 29% each year when measured against Bitcoin for the next 21 years. Those are among the most aggressive public forecasts he has voiced. He also pointed to Bitcoin’s returns over the past 10 years as proof that the gap already exists. My discussion with @NatBrunell on the digital transformation and reinvigoration of capital markets through digital credit instruments — $STRK $STRF $STRD $STRC — built on $BTC digital capital.pic.twitter.com/t8AcsgdiKF — Michael Saylor (@saylor) September 19, 2025 Saylor Frames Bitcoin As Digital Capital And New Collateral Based on reports, Saylor described Bitcoin as a form of “digital capital” that could be used to back loans and other credit instruments. He argued that a fixed supply and decentralized network give Bitcoin a more predictable long-term path than fiat money. Policy action is part of his effort. Meetings with other crypto executives, including talks about a strategic Bitcoin reserve bill, were mentioned as steps toward making the asset more widely accepted in finance and policy circles. Claims About Fiat And Collateral Face Real Tests Saylor contrasted Bitcoin with the US dollar and with conventional collateral, saying currencies suffer from long-term depreciation tied to inflation and central bank policy. But critics point to Bitcoin’s price swings and regulatory uncertainty as real obstacles to using it as stable collateral. Some risk would be built into any credit product that leans heavily on a volatile asset. These concerns have been raised by market participants and remain part of the public record. Related Reading: From $2 Trillion To $400T? CEO Sees Bitcoin Exploding 200x – Here’s More Strategy’s Corporate Path And Index Eligibility Saylor explained why Strategy is not yet in the S&P 500. He said the company needed changes in fair value accounting and sustained profitability before it could be considered. Reports show the company only began its major Bitcoin purchases in 2020 and has since anchored much of its corporate strategy to the coin. That strategy continues to shape investor views of the company’s earnings and balance sheet. Featured image from Unsplash, chart from TradingView
Saylor says bitcoin’s volatility is easing as early holders cash out, clearing the way for institutions to step in and build a stronger market base.
The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.
Lower premiums mean less capacity to buy more bitcoin, with average daily purchases by treasury firms falling to the lowest level since May.
Strategy, the largest public holder of Bitcoin, has expanded its reserves even as the premium on its stock continues to fade. The company revealed on Sept. 15 that it purchased 525 BTC for about $60.2 million, paying an average price of $114,562 per coin. The latest buy pushed Strategy’s 2025 Bitcoin yield to 25.9% and […]
The post Strategy keeps expanding Bitcoin reserves amid declining stock premium appeared first on CryptoSlate.
Strategy's holdings now account for more than 3% of the total 21 million bitcoin supply — worth around $73 billion.
The company's bid to join the S&P 500 index was rejected, despite meeting eligibility criteria, the report said.
The JPMorgan analysts warned that other index providers may also reconsider their inclusion of Strategy and similar crypto treasury firms.
Strategy, the software company turned corporate bitcoin treasury, was not included in the latest rebalancing of the S&P 500 index.
The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.
Bitcoin’s supply–demand balance narrowed further last week as corporate treasuries captured a dominant share of new issuance. Last week, two publicly traded firms, Strategy and Tokyo-listed Metaplanet, purchased more than $230 million worth of BTC. According to their separate announcements, their combined acquisitions, totaling 2,091 BTC, represented about two-thirds, or 66%, of all coins produced […]
The post Strategy and Metaplanet scooped up 66% of newly mined Bitcoin last week appeared first on CryptoSlate.
Bitmine's latest disclosure suggests the Ethereum treasury firm bought an additional $1.4 billion in ETH since Sept. 4.
Strategy's holdings now account for more than 3% of the total 21 million bitcoin supply — worth around $71 billion.
Wall Street’s appetite for companies holding Bitcoin on their balance sheets is cooling, and investors are starting to show it, according to the New York Digital Investment Group. Related Reading: MemeCore Explodes 3,800% For ATH — But Is A Collapse Around The Corner? Greg Cipolaro, the firm’s global head of research, said the disparity between share prices and net asset value (NAV) for major buyers is narrowing even as Bitcoin reached highs earlier this year. He pointed to several forces pushing those premiums down, from looming supply unlocks to increased share issuance. Premiums On The Slide Investor worry over future token unlocks is weighing on prices. Cipolaro listed other drivers: shifting corporate aims among digital-asset treasuries, fresh share sales, investor profit-taking, and a lack of clear differences between companies that simply hold Bitcoin. Companies often used as proxies for Bitcoin gains — names like Metaplanet and Strategy — have seen that gap compress. In plain terms, stocks that once traded at a healthy premium to the coins they own are now much closer to their NAVs. Buying Activity Slows Sharply Reports have disclosed that the combined holdings of publicly disclosed Bitcoin-buying companies peaked at 840,000 BTC this year. Strategy accounts for a third of that total, or about 637,000 BTC, while the rest is spread across 30 other entities. Data shows a clear slowdown in purchase size. Strategy’s average buy in August fell to 1,200 BTC from a 2025 peak of 14,000 BTC. Other companies bought 86% less than their March 2025 high of 2,400 BTC per transaction. Monthly growth has cooled too: Strategy’s monthly increase slid to 5% last month from 40% at the end of 2024, and other firms went from 160% in March to 7% in August. Share Prices And Fundraising Values Are Coming Under Pressure A number of treasury companies are trading at or below the prices of recent fundraises. That gap creates risk. If newly issued shares begin trading freely and owners decide to cash out, a wave of selling could follow. Cipolaro warned a rough patch may be ahead and advised companies to consider measures that support their share price. Related Reading: Why $50 XRP By December 2025 Isn’t ‘Hopium’ If ETFs Get Greenlight: Analyst Stocks May Face A Bumpy Ride One straightforward move suggested was stock buybacks. According to Cipolaro, crypto focused companies should set aside some capital raised to buy back shares if needed. That approach can lift prices by shrinking the number of outstanding shares. Meanwhile, Bitcoin itself has not been immune to swings. Based on CoinMarketCap quotes, BTC was trading around $111,550, down about 7% from a mid-August peak above $124,000. The price move tightens the margin for error for treasury firms: their fortunes are linked to the coin, but their stock prices can move independently and sometimes more harshly. Featured image from Unsplash, chart from TradingView
Bitcoin (BTC) experienced a moderate price rebound last week, rallying to around $113,000 before witnessing a minor setback. The crypto market leader now trades near the $111,000 price level and stands 10.46% away from its all-time high. Meanwhile, recent data from blockchain analytics firm CryptoQuant has highlighted an intriguing trend in the accumulating activity of Bitcoin treasuries. Related Reading: Old Bitcoin Supply Unlocks: 7,626 BTC Aged 3–5 Years Moves Onchain Bitcoin Treasury Holdings Hit 840K In 2025 In a weekly report posted on September 5, CryptoQuant reports that Bitcoin treasury holdings by public and private companies have reached a new record of 840,000 BTC in 2025, representing the overwhelming institutional interest seen in the present market cycle. However, beneath this headline milestone lies a stark, cautious shift in market dynamics. Notably, monthly purchases have slowed dramatically, raising questions about the sustainability of corporate demand for Bitcoin. Through combined efforts with bitcointreasuries.net.data, CryptoQuant has discovered that Strategy, being the most aggressive institutional accumulator of Bitcoin, has sharply reduced its buying pace by 97% over the last 12 months. Notably, after acquiring an all-time high of 134,000 BTC in November 2024, the Saylor-led company’s purchases dropped to just 3,700 BTC in August 2025. While other Bitcoin treasuries have stepped in more cautiously, adding 14,800 BTC in August compared to Strategy’s relatively small 3,700 BTC buy, their volumes remain far below the peaks seen earlier in 2025. Notably, these other companies had produced a temporary surge in early 2025, recording a 66,000 BTC all-time high purchase in January, which has clearly faded following their August reports. Notably, all this data indicates that while total holdings are at record levels, the flow of new institutional money appears to be drying up. Related Reading: Bitcoin Mining Turns To Clean Energy Alternatives — Here’s Why Bitcoin Price Overview At the time of writing, Bitcoin is trading at $110,942, up by 0.48% over the past 24 hours. Daily trading volume has also increased by 4.56% to $61.05 billion, indicating steady market activity. However, the cryptocurrency faces headwinds, with a 3.76% monthly loss underscoring its fragile momentum. The next key resistance level sits near $113,700, a zone that has already proven difficult to break on two separate occasions over the past month. Meanwhile, with Bitcoin price direction largely uncertain, CryptoQuant’s report suggests corporate treasuries appear hesitant to allocate further capital at scale, preferring smaller, more conservative purchases. This behavior signals that while the narrative of Bitcoin as a treasury reserve asset persists, incremental demand growth is slowing. In addition, it raises significant concerns about the potential behavior of these treasury companies during the much-anticipated crypto winter. Featured image from istock, chart from Tradingview
Robinhood was unexpectedly added to the S&P 500, boosting its stock by 7% after the market closed.
MARA's bitcoin stack has reached 52,477 BTC — the second-largest public bitcoin treasury after Michael Saylor's Strategy.