Crypto
Hunter Biden is launching a memecoin and airdropping it to MAGA wallets
The $LAPTOP token will go live on Base with 1 billion tokens, a six-month founder lockup, and conditional burns tied to the 2028 election. The 20% airdrop targets wallets that bled money on $TRUMP, Substack subscribers, and the mailing list of Channel 5 journalist Andrew Callaghan.
Summary
- Hunter Biden will launch the $LAPTOP memecoin on Base on Sept. 9, with a total supply of 1 billion tokens and 30% locked to founders for six months.
- A 20% airdrop will go to wallets that lost money on the $TRUMP token, Biden’s Substack subscribers, and Andrew Callaghan’s Channel 5 mailing list.
- Up to 30% of supply faces conditional burns tied to 30 preset events, including a Democratic win in 2028, bitcoin hitting a new all-time high, and $LAPTOP flipping $TRUMP’s market cap.
- Tokens tied to unmet conditions will be donated to charity, not returned to the founding team.
- The launch comes as $TRUMP trades at $2.25, down 97% from its $73.43 peak, with 988,905 wallets sitting on combined losses of $3.81 billion.
On a Sunday evening in early September, Hunter Biden posted two words and a date to X: “$LAPTOP September 9.”
No whitepaper. No Medium thread explaining the vision. No staged Twitter Spaces with a rotating cast of influencers nodding along to vague promises about community. Just a ticker symbol ripped from the most infamous piece of consumer electronics in American political history, a launch date, and an image of the laptop that nearly ended his father’s presidential campaign.
Two days before the token goes live on Base, the announcement has already done what it was designed to do: make everyone talk about it. Dozens of copycat tokens have flooded Base, Solana, and Robinhood Chain, with the largest reaching a $1.3 million market cap before the real thing has even minted. The political memecoin market, a category that did not meaningfully exist 20 months ago, is about to get its most provocative entry yet.
The $LAPTOP token is not just another celebrity cash grab wearing a blockchain as a costume. Or at least, that is the argument its backers want you to hear. The tokenomics include a six-month founder lockup, a two-year vesting schedule, and a burn mechanism tied to 30 real-world events that could destroy nearly a third of the supply. The 20% airdrop targets a very specific audience: the roughly one million people who bought Donald Trump’s memecoin and watched it crater 97% from its January 2025 peak. Whether $LAPTOP is a genuine experiment in political tokenomics or an elaborate troll that happens to come with a smart contract, it has already become the most talked-about token launch of the fall.
The tokenomics: what Biden is actually selling
The $LAPTOP token has a fixed supply of 1 billion tokens on Base, the Ethereum layer-2 network built by Coinbase. The allocation breaks down into four tranches that tell you exactly what kind of project this is trying to be.
Founders, including Hunter Biden, hold 30% of the supply. Those 300 million tokens are locked for six months after the Sept. 9 launch and then vest linearly over two years. That means the earliest any founder token can hit the open market is March 2027, and the full allocation will not be unlocked until September 2028. By political memecoin standards, where insider dumps within hours of launch are the norm, that is a comparatively aggressive lockup. By the standards of any serious DeFi protocol, it is table stakes.
Twenty percent of the supply, or 200 million tokens, is reserved for airdrops across two rounds. The first round targets wallets that are underwater on the $TRUMP memecoin. The second goes to Biden’s Substack subscribers and the mailing list run by Andrew Callaghan, the video journalist behind Channel 5 on YouTube. The airdrop does not appear to require any purchase or swap. If you lost money on Trump’s token, or if you subscribe to Biden’s writing or Callaghan’s newsletter, you qualify.
Another 20% covers operations: exchange listings, market-making, liquidity provision, charitable donations, and legal and accounting costs. That is a broad bucket, and the lack of granularity here is worth flagging. “Operations” can mean almost anything, and the project has not published a detailed breakdown of how those 200 million tokens will be deployed.
The remaining 30%, or 300 million tokens, sits in a conditional burn pool tied to 30 preset events. If the conditions are met, the tokens are destroyed. If they are not met, they go to charity. The founding team does not get them back either way.
Why Base, and why now
The choice of Base over Solana is a deliberate break from the political memecoin playbook. Every major political token launched since January 2025, from $TRUMP to $MELANIA to Eric Adams’s ill-fated NYC token, landed on Solana. The chain’s low fees and fast finality made it the default for speculative token launches, and its culture of degenerate trading gave political tokens a ready-made audience.
Base is a different animal. As Coinbase’s Ethereum layer-2 network, it carries institutional credibility that Solana’s memecoin ecosystem does not. Base has grown into the largest layer-2 network by several metrics, with more than 410 DeFi protocols and $264 billion in cumulative transaction volume. It is also the chain where Coinbase has deployed its tokenized stock products, giving it a veneer of regulatory seriousness that matters when the person launching the token is the son of a former president who is also a convicted felon with unresolved legal exposure.
The timing is equally calculated. $TRUMP has been trading below $3 for weeks, and the Senators Elizabeth Warren and Richard Blumenthal sent a letter to SEC Chairman Paul Atkins in early August requesting a formal investigation into the token. The political mood around presidential memecoins has shifted from curiosity to outrage, and $LAPTOP is designed to ride that wave. Launching a token named after the laptop while Trump’s own token is down 97% is not subtle. It is not trying to be.
The airdrop: who gets free tokens and why
The airdrop mechanics are where $LAPTOP gets interesting, and where the project’s real thesis lives. The 200 million airdrop tokens are split across two rounds, and the targeting criteria are unlike anything the memecoin market has seen.
Round one goes to wallets that lost money on $TRUMP. According to blockchain analytics firm Nansen, 988,905 of the 1.48 million wallets that purchased $TRUMP since its January 2025 launch are sitting on combined realized and unrealized losses of $3.81 billion. That is roughly two-thirds of all buyers. The data is on-chain and verifiable, which means building a snapshot of qualifying wallets is technically straightforward. The harder question is how the $LAPTOP team defines “lost money.” Does a wallet need to be net negative on its entire $TRUMP position? Does it need to still hold the tokens? Does a wallet that bought at $50, sold at $10, and then bought back at $2 qualify? None of these details have been published.
Round two targets Biden’s Substack subscribers and Andrew Callaghan’s mailing list. Callaghan is the 27-year-old journalist behind Channel 5, a YouTube documentary series with 3.6 million subscribers that has covered everything from QAnon rallies to spring break chaos. His audience skews young, politically aware, and chronically online, which is precisely the demographic that trades memecoins. The inclusion of Callaghan’s list signals that $LAPTOP is not just targeting crypto natives. It wants to pull in people who have never connected a wallet to a DEX.
The bridge between email subscribers and on-chain airdrops is not obvious. Substack and mailing list subscribers will presumably need to connect a wallet to claim tokens, which introduces friction and potential security concerns. The project has not detailed this process.
The conditional burns: political derivatives by another name
The most unusual feature of $LAPTOP is its conditional burn mechanism. Up to 300 million tokens, 30% of the total supply, are tied to 30 preset events. When an event occurs, the corresponding token tranche is burned, permanently reducing the circulating supply. When a deadline passes without the condition being met, the tokens go to charity.
Three of the conditions have been disclosed publicly:
A Democrat wins the 2028 presidential election. This turns $LAPTOP into a de facto political prediction market token. If Democrats win, tokens burn and the remaining supply becomes scarcer. If Republicans win, the tokens go to charity. Holders are, in effect, making a directional bet on the 2028 election outcome every time they buy $LAPTOP.
Bitcoin reaches a new all-time high. Bitcoin’s current record sits near $109,000, set in January 2025. A new ATH would burn a tranche of $LAPTOP tokens, tying the memecoin’s supply mechanics to the performance of the broader crypto market.
$LAPTOP’s market cap overtakes $TRUMP’s market cap. With $TRUMP trading around $2.25 and holding a market cap near $613 million, this condition sets a specific market performance target. If $LAPTOP flips $TRUMP, tokens burn. If it does not, those tokens go to charity.
The remaining 27 conditions have not been revealed. The project has hinted they will include a mix of political, cultural, and crypto-market events, but the specifics are locked until after launch.
This structure creates something that does not have an exact precedent in crypto. The tokens are not governance tokens. They are not utility tokens. They are speculative instruments whose supply is programmatically linked to real-world outcomes. That is conceptually close to what prediction markets like Polymarket offer, but packaged in a memecoin wrapper with a political narrative baked into every trade.
The $TRUMP wreckage: why a million wallets are underwater
To understand why $LAPTOP’s airdrop targeting is so pointed, you need to understand the scale of the damage $TRUMP inflicted on retail buyers.
Donald Trump launched the $TRUMP memecoin on Solana on Jan. 17, 2025, three days before his second inauguration. The token hit $73.43 on Jan. 19, giving it a fully diluted valuation north of $70 billion and making it the most valuable memecoin in history by a wide margin. Then it collapsed.
By the time Melania Trump launched her own $MELANIA token the next day, $TRUMP had already shed more than half its value. The launch of $MELANIA pulled liquidity from $TRUMP and began its own death spiral, peaking near $13 and eventually falling more than 99% to roughly $0.11 as of September 2026.
$TRUMP’s decline was slower but just as brutal in aggregate. Through June 2026, Nansen’s blockchain data showed 988,905 wallets carrying $3.81 billion in combined losses. Meanwhile, Trump disclosed $636 million in personal income from the token in his 2026 financial disclosure, a figure that represented nearly three times the net gains of all other profitable buyers combined. Around 5,000 wallets made money. Everyone else subsidized the president’s payday.
The wealth transfer was so stark that it triggered a formal response from Congress. On Aug. 4, 2026, Senators Warren and Blumenthal wrote to SEC Chairman Atkins requesting a fraud investigation, arguing that the asymmetry between presidential profits and retail losses “raises questions about potentially fraudulent enrichment.” The SEC has not publicly responded.
Public Citizen, a consumer advocacy group, estimated in August that investors across five Trump-linked crypto products were at least $4.7 billion underwater. That figure includes roughly $3.2 billion attributed to $TRUMP holders and at least $1 billion connected to World Liberty Financial’s WLFI token.
These are the people $LAPTOP wants to airdrop free tokens to. The political framing is impossible to miss.
The political memecoin graveyard
$LAPTOP is entering a market segment with a perfect track record of destroying retail wealth. Every single political memecoin launched since January 2025 has followed the same arc: explosive launch, insider profits, catastrophic decline, and a trail of underwater holders who thought they were buying early.
$TRUMP set the template. $MELANIA copied it and collapsed faster, with the token’s team dumping 9.99 million tokens over just eight days in early trading. Insiders who bought $MELANIA in the two and a half minutes before Melania Trump’s public announcement scooped up 33.4% of the initial supply for $2.6 million, then watched as retail buyers pumped the price before selling into the rally.
Then came Eric Adams. The former New York City mayor launched his NYC token on Solana in January 2026, framing it as a tool to “fight antisemitism and anti-Americanism.” The token surged to a $580 million market cap before crashing 81% within minutes after a wallet linked to the deployer pulled $2.5 million in liquidity at the peak. Multiple accounts on X accused Adams of executing a rug pull. The token’s stated charitable purpose did not survive contact with the market.
The pattern is consistent enough to qualify as a category feature, not a bug. Political memecoins generate attention, attention drives speculative inflows, insiders sell into the liquidity, and retail buyers hold the bag. The question $LAPTOP faces is whether its structural differences, the lockup, the vesting, the conditional burns, the charity fallback, are enough to break the cycle. Skeptics will point out that having better tokenomics than a rug pull is a low bar.
The opposing case: why $LAPTOP could still go to zero
The structural criticisms of $LAPTOP are real and should be stated at full volume.
First, the 20% “operations” bucket is a black box. Two hundred million tokens earmarked for exchange listings, market-making, liquidity, charity, and legal costs, with no published breakdown, gives the team enormous discretion over a fifth of the supply. Good intentions and opaque allocations have coexisted in crypto before. They rarely coexist for long.
Second, the airdrop-to-TRUMP-losers mechanic is clever marketing, but it does not change the fundamental economics of memecoin launches. Airdrop recipients who receive free tokens tend to sell them immediately. If the majority of $LAPTOP’s airdrop goes to people who just lost money on a different memecoin, the selling pressure after distribution could be immense. Free tokens are not the same as committed holders.
Third, the conditional burn mechanism is only as trustworthy as the oracle that determines whether conditions are met. Who decides if a “Democrat wins the 2028 election”? What happens if the outcome is contested? How is “bitcoin ATH” defined: intraday wick or daily close? The smart contract’s resolution mechanism has not been published or audited.
Fourth, Hunter Biden is a polarizing figure who carries personal and legal baggage that extends well beyond crypto. He was convicted on federal gun charges in 2024 and pleaded guilty to federal tax charges the same year. His father pardoned him before leaving office. Attaching a token to this level of political controversy may generate attention, but it also invites regulatory scrutiny that could damage the project regardless of its on-chain mechanics.
Fifth, the political memecoin market has taught a clear lesson over the past 20 months: the only consistent winners are insiders and early sellers. $LAPTOP may have a longer lockup and a more creative distribution model, but it is still a memecoin named after a political scandal, launched by a politically exposed person, with no utility beyond speculation and narrative. The market has seen this movie before. The ending has not changed yet.
The laptop, the pardon, and the spectacle
The name itself is the product. In October 2020, the New York Post published a front-page story based on emails recovered from a laptop that Hunter Biden had left at a Delaware computer repair shop in 2019. The story alleged corruption involving Joe Biden, then the Democratic presidential nominee. Social media platforms blocked links to the article. Fifty-one former intelligence officials signed an open letter suggesting the laptop story bore “the classic earmarks of a Russian information operation.”
Forensic analysis later authenticated the emails. No evidence of Russian involvement materialized. The laptop became one of the most contested artifacts in modern American politics, a symbol that means completely different things depending on who is talking about it.
By turning the laptop into a memecoin ticker, Hunter Biden is doing something that only works in the specific cultural moment of 2026: reclaiming a scandal as a brand. The move follows a broader Biden family trajectory with digital assets that has been, at best, complicated. Joe Biden signed Executive Order 14067 in March 2022, establishing a “whole-of-government approach” to digital asset regulation that pleased almost nobody in the crypto industry. His administration’s SEC, under Gary Gensler, waged an aggressive enforcement campaign against crypto exchanges and token issuers. The idea of a Biden launching a memecoin would have been unthinkable two years ago.
But 2026 is not 2024. The president of the United States has a memecoin. The first lady had a memecoin. A former mayor of New York launched what many called a rug pull. A sitting U.S. senator has proposed legislation specifically to ban presidential memecoins. The Overton window for political tokens has not just moved. It has been removed from its frame entirely.
Hunter Biden is walking through the opening that Donald Trump created. The irony is thick enough to mine.
There is also a personal dimension that makes $LAPTOP different from every other political token. This is not a politician monetizing the office they hold. This is a private citizen monetizing the worst thing that ever happened to him. The laptop saga led to a federal investigation, a gun conviction, a tax guilty plea, and a presidential pardon that Joe Biden initially said he would never grant. By stamping “$LAPTOP” on a token, Hunter Biden is betting that the scandal’s cultural value as a meme now exceeds its weight as a liability. In a market where attention is the only commodity that reliably converts to price action, he might be right. Whether that makes it a good token or just a good headline is a question the market will answer starting Wednesday.
What to watch
- Airdrop snapshot methodology: The project has not disclosed how it will identify qualifying $TRUMP wallets or bridge email subscribers to on-chain claims. The mechanics of the snapshot, and whether it captures current holders, historical losers, or both, will determine who actually receives tokens and how much selling pressure follows distribution.
- Smart contract audit status: No audit has been publicly announced for the $LAPTOP contract. Given the conditional burn mechanism and its reliance on external event resolution, the quality and transparency of the code will be a critical trust signal for anyone considering participation.
- Regulatory response timeline: The SEC has an open inquiry into $TRUMP from Warren and Blumenthal. A second political memecoin launched by the opposing party’s most controversial family member will test whether regulators treat political tokens as a bipartisan problem or a partisan weapon.
- Conditional event resolution oracle: The mechanism for determining whether the 30 preset conditions have been met, who operates it, whether it is decentralized, and what dispute process exists, will separate a genuine experiment from a glorified trust exercise.
- First-week trading volume and holder distribution: The initial price action and the concentration of holdings after launch will reveal whether $LAPTOP attracts a broad base of retail holders or simply becomes another vehicle for a small number of whales to trade against airdrop recipients dumping free tokens.
What is the $LAPTOP memecoin?
$LAPTOP is a 1 billion-supply memecoin launching on Coinbase’s Base layer-2 network on Sept. 9, 2026. It was created by a founding team that includes Hunter Biden, and the token’s name references the laptop he left at a Delaware computer repair shop in 2019, which became a major political controversy.
Who qualifies for the $LAPTOP airdrop?
Three groups qualify: wallets that lost money trading the $TRUMP memecoin, subscribers to Hunter Biden’s Substack newsletter, and members of Andrew Callaghan’s Channel 5 mailing list. The project has not yet detailed the exact snapshot methodology or claim process.
How does the $LAPTOP founder lockup work?
The founding team, including Biden, holds 30% of the total supply. Those tokens are locked for six months after launch, meaning none can be sold before March 2027. After the lockup expires, the tokens vest linearly over two years, with the full allocation unlocking by September 2028.
What are the conditional burn events?
Up to 30% of the supply is tied to 30 preset real-world events. Three have been disclosed: a Democrat winning the 2028 presidential election, bitcoin hitting a new all-time high, and $LAPTOP’s market cap surpassing $TRUMP’s market cap. If conditions are met, the tokens are permanently burned. If not, they go to charity.
Why was Base chosen over Solana?
The project has not given an official reason, but the choice breaks from the Solana-centric pattern set by $TRUMP, $MELANIA, and other political memecoins. Base is Coinbase’s Ethereum layer-2 network and carries institutional credibility, lower fees than Ethereum mainnet, and a growing DeFi ecosystem with more than 410 protocols.
How much money did people lose on $TRUMP?
According to Nansen data from June 2026, 988,905 wallets were holding combined losses of $3.81 billion. The token peaked at $73.43 on Jan. 19, 2025, and trades around $2.25 as of early September 2026, a decline of approximately 97%.
Who is Andrew Callaghan and why is he involved?
Andrew Callaghan is a video journalist and the creator of Channel 5, a YouTube documentary series with 3.6 million subscribers. His mailing list is one of the three groups targeted for the $LAPTOP airdrop. His audience skews young, politically engaged, and internet-native, which aligns with the demographic the project is targeting.
Is $LAPTOP a good investment?
Every political memecoin launched since January 2025 has lost the vast majority of its value after launch. $TRUMP is down 97%, $MELANIA is down 99%, and Eric Adams’s NYC token crashed 81% within minutes. $LAPTOP has structural differences, including a longer lockup and conditional burns, but it remains a speculative memecoin with no underlying utility. This is educational analysis, not investment advice.
Disclaimer: This article was published on Sept. 7, 2026. The information provided is for educational purposes only and does not constitute financial, legal, or investment advice. Always conduct your own research before making any investment decisions.
Crypto
Crypto’s Widening Net: From Fed Bets to Blackjack Tables, Digital Assets Keep Blurring Old Boundaries
If there is one throughline in this week’s crop of crypto headlines, it is that the industry has stopped pretending it is only about buying and holding coins. Across a handful of stories making the rounds, digital assets are shown pushing into territory once reserved for central bankers, casino floors, brokerage accounts and pre-IPO investors alike — a reminder that “crypto news” increasingly means finance news, gambling news and macro news rolled into one.
Take the growing chatter around prediction markets and Federal Reserve policy. Traders have been flocking to on-chain betting platforms to price the odds of late-2026 rate decisions, effectively turning monetary policy into a tradable asset class alongside Bitcoin and Ethereum. That such markets exist at all is notable: a decade ago, speculating on FOMC outcomes required options contracts or futures desks.
Now it can happen peer-to-peer on a blockchain, with odds shifting in real time as economic data lands. The rise of these markets suggests crypto infrastructure is becoming a genuine alternative venue for hedging and speculating on the traditional economy, not just a parallel casino for digital tokens.
Speaking of casinos, the sector itself continues to evolve in ways that mirror shifts in consumer taste rather than technology alone. Reports on crypto gambling lobbies note that live-dealer blackjack tables are increasingly outnumbering roulette wheels—a seemingly small detail that says more about what crypto-native gamblers want.
Live blackjack offers a sense of skill and control that pure-chance games like roulette can’t match, and operators appear to be responding by stacking their lobbies accordingly. It’s a small but telling sign that crypto casinos are maturing into product-driven businesses competing on experience, not just novelty.
Meanwhile, the boundary between crypto trading and traditional equities markets keeps eroding. New developments around Aave’s lending protocol reportedly let users borrow stablecoins against tokenized versions of tech stocks issued through Coinbase and built on the Base network.
If that model gains traction, it would mark a significant step in bringing real-world assets fully into DeFi’s collateral system — letting someone hold a tokenized slice of a Nasdaq darling and borrow against it the same way they might borrow against ETH or Bitcoin today. It’s the kind of integration that regulators, banks and crypto-native builders have all been circling for years, and its practical rollout matters more than the concept alone.
On the trading-platform side, perpetual futures exchanges continue to expand what counts as a “market.” One report describes a platform offering more than 120 perpetual contracts spanning everything from Bitcoin to pre-IPO robotics companies, letting traders apply leverage to assets that, in many cases, aren’t even publicly listed yet.
This kind of expansion into speculative, illiquid corners of the private market — wrapped in crypto’s leverage-friendly perpetual format — raises real questions about price discovery and risk, even as it satisfies demand from traders hungry for exposure beyond the usual crypto majors.
Finally, there’s the steady drumbeat of token listings that keeps the broader ecosystem churning. A gambling-focused token tied to the Dexsport platform recently landed on the MEXC exchange, a move that typically brings a token more liquidity and visibility, if not necessarily more fundamental value. Listings like these remain a bread-and-butter event in crypto markets — routine, but still closely watched by holders hoping for a price bump and a wider trading audience.
Individually, none of these developments is likely to reshape the industry overnight. But together they sketch a familiar pattern in crypto’s ongoing evolution: infrastructure built for speculative tokens is steadily being repurposed for macro bets, tokenized equities, private-company exposure and gambling products alike.
The technology is proving flexible enough to wrap around almost anything with a price — which is exactly why regulators, investors and casual observers alike keep struggling to say where “crypto” ends and the rest of finance begins.
Crypto
Perplexity AI Predicts a Big Move for BTC in 2026 Even With Recent Dip
Perplexity AI predicts that if a full-blown bull market returns in Q4, Bitcoin could reach $180,000 before January 1, 2027. The bullish range is estimated at $140,000 to $180,000, with a potential late-cycle surge that could push Bitcoin beyond $200,000.
Currently priced around $83,000, this would represent a gain of about 115% to reach $180,000. What’s noteworthy is that Bitcoin has already corrected significantly from its previous cycle high of about $126,200 on October 6, 2025, followed by a sharp decline during 2026.
Bitcoin has a history of producing substantial gains during strong market cycles. According to historical annual data, BTC gained approximately 154% in 2023 and 110% in 2024. If the current predictions hold true, we may see a similar increase on the horizon.

Perplexity AI Predicts Bitcoin to $180,000 if Bullish Catalysts Align: Does the Technical Analysis Back it Up?
Bitcoin recently broke out of a pattern of lower highs that had developed since May, reclaiming several key moving averages. According to Reuters’ technical analysis, $81,781 is considered important support, while $86,500 is a significant resistance level. Above that, the next technical targets are around $90,000 and $97,867.
CryptoQuant has noted a similar trend, calling $81,700 a key level because it aligns with Bitcoin’s 365-day moving average. Resistance levels above this are near $86,600 and $88,700.
Bitcoin’s first major test is surpassing the $85,000 level, followed by the $86,000 to $88,000 range. Bitcoin has pushed through this area, which matters because a sustained breakout would remove one of the largest technical obstacles between its current price and the $100,000 level.
The next major milestone is approximately $98,000. Beyond that, the market will be approaching the all-time high of $126,200, where it gets particularly interesting.
Once Bitcoin decisively breaks beyond $126,000, it will enter a phase of genuine price discovery. Historical resistance above that level is very limited. At that point, psychological targets such as $130,000, $140,000, and $150,000 could attract momentum traders and institutional investors.
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Bitcoin Hyper Targets Early Mover Upside as Bitcoin Drops Dangerously Close to $80,000
A -2.5% daily drop is not too much to worry about for whales and those already heavily positioned at a much lower price. However, for those who bought over $80,000, things could be getting uncomfortable, which is why presale opportunities prove so popular.
Bitcoin Hyper ($HYPER) is positioning itself as the first Bitcoin Layer 2 with full SVM integration. It boasts smart contract execution built for speed that outpaces Solana itself, while settling back to Bitcoin’s base-layer security.
As of today, the presale has raised more than $33.1M at a current token price of just $0.0136864, with staking rewards live at launch at a huge 35% APY.
The pitch: solve Bitcoin’s slow transactions, high fees, and lack of programmability without abandoning what makes BTC trusted in the first place. A Decentralized Canonical Bridge handles BTC transfers natively.
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Crypto
XRP Price Slides 2.9% as $1.50 Reclaim Becomes Critical
XRP lost its $1.50 price pivot today, sliding to $1.47 after a daily decline of about 3%. The break forces a binary question onto the chart: does the selling pressure showing up in spot-market volume resolve into a quick reclaim, or does it open the door to a deeper slide toward $1.40-$1.42?
The 200-day EMA is near $1.37, the level that would flip the medium-term structure from bullish to neutral. The token has been printing lower highs since a local peak near $1.63 on September 23, and a second attempt to clear $1.60 on September 25 failed as well. Since then, the decline has been slow and orderly: $1.55, then $1.52, then $1.50, and now $1.47.
There was no single dramatic session driving the move. Instead, the pattern reads as buyers simply not showing up, with every small bounce getting sold rather than extended. After the sharp rally in early September, that kind of cooling was overdue, but the open question is whether $1.50 was ever real support or just a round number the market is now testing.
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ETF Accumulation Narrative or Technical Pullback?
The chart itself frames this as a cooling-off period following the rally that carried the XRP price up nearly 50% from its August low near $1.00. RSI sits at a neutral 54, with no overbought or oversold readings to lean on. Price levels, not oscillators, are setting the tone for this week.

Separately, market data has pointed to sustained spot XRP ETF inflows running into the hundreds of millions of dollars over recent weeks, a trend some trackers frame as ongoing institutional accumulation beneath the price action. That flow data is useful context, but it is not confirmed as the driver of Monday’s drop, as the pullback below $1.50 traces cleanly to failed resistance tests and fading bid support.
The medium-term structure remains intact for now. XRP sits above its 200-day EMA at $1.37, which is curling upward for the first time since spring. This is a sign the longer trend has not broken, even as the shorter-term chart bleeds lower. A descending trendline from the late-August spike to $1.70 was cleared in mid-September, and that breakout is what fueled the run to $1.67 in the first place.
A second descending trendline, drawn from the September 23 high, is now the line bulls need to clear in October; left alone, it points toward $1.20 by mid-November. The levels on both sides of the current price are well defined.
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Reclaim $1.50 or Risk $1.37: XRP Price Next Move
The first job for bulls is straightforward: close a daily candle back above $1.50. Do that, and Monday’s drop reads as a fakeout rather than a breakdown, with $1.55 as the next confirmation level and $1.60-$1.63 as the target that would put the September 23 high back in play.
Fail to reclaim $1.50 in the next day or two, and $1.40-$1.42 becomes the level to watch, with the 200-day EMA at $1.37 as the line that actually matters for the medium-term outlook. A close below it would shift Ripple’s native asset from a bullish structure to a neutral one, opening room toward $1.30 and, in a broader crypto market sell-off scenario, $1.20.
For this week, the range is $1.37 to $1.60, with $1.50 sitting as the pivot in between. On technical analysis grounds, the base case is a dip toward $1.40-$1.42 that gets bought, followed by another attempt at reclaiming $1.50. A pattern consistent with pullbacks inside an uptrend rather than the start of a new downtrend.
The $1.80-$2.00 zone remains the valid medium-term target as long as $1.37 holds; lose it, and that target moves out of reach for the immediate term.
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Crypto
Crypto’s New Playground: Casinos, Fed Bets, and Tokenized Stocks Blur the Line Between Trading and Gambling
The crypto industry has always had a talent for reinventing itself, but the latest wave of product launches suggests the industry is heading somewhere new: a place where trading, betting, and borrowing are becoming almost indistinguishable from one another. A cluster of recent developments — spanning live-dealer casino games, a new token listing tied to decentralized betting platforms, prediction markets built around Federal Reserve policy, sprawling perpetual futures exchanges, and DeFi protocols that let users borrow against tokenized shares of tech companies — paints a picture of an ecosystem racing to fuse speculation of every stripe into a single, crypto-native experience.
Take the world of crypto casinos, where live blackjack tables have reportedly begun to crowd out roulette wheels in lobby rankings. The dynamics driving that shift echo something familiar from traditional gambling: player preference for games that reward skill and pacing over pure chance. Blackjack lets players make decisions — when to hit, stand, split, or double down — giving a sense of agency that a spinning roulette wheel simply can’t replicate. In an industry built around instant, low-friction transactions using digital assets, that appeal seems to translate directly into engagement, with live-streamed dealers adding a layer of social, real-time theater that slot-style games lack.
That same appetite for interactive, decision-driven products is showing up elsewhere. Dexsport, a decentralized betting and casino platform, recently saw its native token, DESU, listed on the exchange MEXC — a milestone that matters less for the listing itself than for what it signals about the sector’s maturation. Token listings on major exchanges typically bring liquidity, visibility, and a degree of legitimacy that smaller platforms struggle to achieve on their own. For everyday users, a listing like this often translates into easier on-ramps, more trading pairs, and a stronger case that the underlying platform is being taken seriously by the broader market rather than treated as a niche experiment.
Meanwhile, speculation is moving well beyond games of chance and into the realm of macroeconomic policy. Prediction markets tracking the Federal Reserve’s interest rate decisions have become one of the more closely watched corners of crypto-adjacent finance heading into the back half of 2026. Traders on these platforms are effectively placing wagers on central bank behavior, turning monetary policy announcements into tradeable events. The appeal is straightforward: instead of relying solely on bond markets or futures tied to traditional finance, participants can now stake positions directly on whether the Fed will hold, cut, or raise rates, often with faster settlement and more granular contract structures than legacy markets offer. It’s a sign that prediction markets, once dismissed as a curiosity, are increasingly viewed as a legitimate barometer of trader sentiment on issues far removed from crypto prices themselves.
The appetite for exotic exposure is also evident in the perpetual futures space, where platforms like ApeX Omni have expanded their offerings well past the usual roster of Bitcoin and Ethereum contracts. With well over 120 perpetual markets now available, traders can reportedly take leveraged positions not just on major cryptocurrencies but on themes as far-flung as pre-IPO robotics companies. This kind of expansion reflects a broader trend of crypto exchanges positioning themselves as all-purpose speculation venues, offering leverage on virtually any asset class that generates enough trader interest — blurring the boundary between crypto trading and speculative bets on private, pre-public companies that would otherwise be inaccessible to retail investors.
Perhaps the clearest example of crypto finance colliding with traditional markets comes from Aave’s newest iteration. The protocol’s fourth version reportedly allows users to borrow USDC stablecoins against tokenized versions of Coinbase-linked tech stocks on the Base network. In practice, that means holders of tokenized equity exposure can unlock liquidity without selling their underlying positions — a mechanic long familiar to DeFi users who collateralize crypto assets, now extended to tokenized real-world securities. It’s a small but telling step toward a future where the wall between “crypto” and “traditional markets” continues to erode, with stocks, bonds, and other conventional assets increasingly represented on-chain and woven into the same lending and borrowing infrastructure that powers decentralized finance.
Taken together, these developments underscore a consistent theme: crypto platforms are no longer content to simply trade digital coins. They are building out entire ecosystems of speculation — casino games, prediction markets, leveraged derivatives, and collateralized lending — all designed to keep users engaged, liquid, and constantly exposed to new forms of risk and reward. Whether this convergence produces a more mature, diversified financial ecosystem or simply amplifies the volatility and risk-taking crypto is already known for remains an open question. What’s clear is that the industry’s appetite for expansion shows no signs of slowing down.
Crypto
When AI Met Crypto: A Season of Super-PACs, Prompt-Injection Heists and Vape-Pen Blockchains

If there was a single theme running through the crypto world’s headlines this spring and summer, it was this: the industry that once promised to reinvent money has increasingly fused itself to the industry promising to reinvent everything else — artificial intelligence.
The result, according to a string of reports and commentary tracked by researcher-journalist Molly White and blogger David Gerard, is a landscape where political money, security failures and marketing absurdity are all converging in ways that ought to worry anyone paying attention.
Start with the money in politics. In a recent interview, White — who has spent years cataloguing where crypto industry cash flows in Washington — turned her attention to a new wrinkle: artificial intelligence companies adopting the same political playbook that crypto firms pioneered.
According to the discussion, OpenAI and Anthropic are now effectively running competing pro-AI super-PACs, pouring money into races much the way crypto-aligned PACs like Fairshake have done in recent election cycles. White reportedly highlighted a botched intervention in New York’s 12th congressional district as an example of the sums involved and the risk of these efforts backfiring.
The parallel is not incidental. Crypto’s political spending playbook — deploy industry money to shape friendly regulation and punish critics — was built over several election cycles and proved remarkably effective at getting crypto-friendly candidates elected and skeptics sidelined.
Watchers like White argue that AI companies, facing their own looming questions about regulation, safety and liability, are now borrowing that same toolkit almost wholesale. Whether AI’s political spending proves as consequential as crypto’s remains to be seen, but the early signs suggest deep-pocketed AI labs are not content to leave the lobbying playing field to blockchain interests alone.
Money and politics aside, the more immediate crypto news has been considerably more chaotic on the technical side. A case in point: an unofficial crypto wallet built on top of Elon Musk’s Grok AI was reportedly compromised through a combination of an NFT and a prompt injection attack — a technique in which malicious instructions are hidden inside content an AI model processes, tricking it into taking unauthorized actions.
The episode is being cited by critics as a vivid illustration of what happens when experimental AI agents are given direct access to cryptocurrency funds without adequate safeguards. As one commentator put it, the incident underscores a blunt truth: the push toward “agentic commerce,” in which AI systems autonomously manage transactions and wallets on a user’s behalf, currently looks a lot like an open invitation to fraud.
That warning fits a broader pattern. Crypto’s history is littered with hacks and exploits that followed hard on the heels of new technical hype cycles — DeFi protocols, bridges, NFT marketplaces — and the addition of AI agents with wallet access appears to be simply the latest frontier for attackers to probe.
Security researchers have long cautioned that combining large language models, which can be manipulated through carefully crafted inputs, with systems that move real money is a combination that demands far more rigorous testing than the industry has so far shown appetite for.
Then there is the sheer commercial strangeness of the AI-crypto convergence. Among the products making the rounds is “Gudtrip,” described in coverage as an AI agent vape pen built with blockchain technology — a mash-up that manages to combine three separate hype cycles (AI, crypto, and vaping) into a single device.
It’s the kind of product that invites eye-rolls even from people steeped in the industry, and it has become something of a symbol for critics who argue that “blockchain” and “AI agent” are increasingly being slapped onto unrelated consumer goods simply because the buzzwords still move product.
Labor practices are also getting the AI-crypto treatment. Reports have surfaced of AI companies experimenting with paying staff in AI-linked tokens rather than conventional money — an arrangement that echoes crypto’s long history of compensating workers and contractors in volatile, illiquid tokens instead of cash. Critics have been quick to note the obvious problem: a token’s value depends entirely on continued enthusiasm for the company issuing it, leaving employees exposed to exactly the kind of speculative risk that traditional salaries are designed to avoid. The practice, if it spreads, would import one of crypto’s more employee-unfriendly habits directly into the AI industry’s compensation structures.
Not everyone covering this convergence is doing so with a straight face. A satirical piece making the rounds — structured as a twist on the old “two cows” economics joke — skewered the fintech, AI, blockchain and crypto sectors in one go, imagining a “crypto” cow story where two digital cows produce “milk tokens” tradeable for millions but drinkable only by avatars in the metaverse, and a “hedge fund” version featuring robotic cows that befriend real cows just to steal their milk.
Silly as the format is, the satire lands because it captures something real: a sense among observers that these overlapping industries have become adept at generating elaborate financial and technical narratives that produce headlines and valuations long before they produce anything resembling durable value.
Taken together, these threads — political spending mirroring crypto’s playbook, an AI wallet hacked via prompt injection, blockchain-branded vape pens, token-based salaries, and no shortage of pointed satire — paint a picture of an industry moment defined less by a single breakthrough than by rapid, sometimes reckless, cross-pollination.
Crypto spent the better part of a decade building the infrastructure, the political machinery and the marketing instincts for turning speculative technology into cultural and financial weight. Now AI companies appear to be absorbing many of the same instincts, for better or worse, at a pace that leaves regulators, security researchers and workers alike scrambling to keep up.
Editor’s note: Much of the reporting referenced above originates from commentary and short-form blog coverage rather than in-depth investigative reporting, and some details — such as the specific financial scale of AI super-PAC spending or the full technical mechanics of the Grok wallet exploit — were not independently verifiable from the available material. Readers should treat figures and claims here as preliminary pending fuller reporting.
Crypto
Nearly half the stocks in the S&P 500 are at cross purposes with the rest of the market
U.S. oil drilling site.
David McNew | Getty Images
Nearly half of the stocks in the S&P 500 are moving against the index with a negative beta, an unusual divergence that is becoming increasingly difficult to ignore.
About 45% of S&P 500 stocks have a negative three-month beta, according to a recent note from Goldman Sachs. The data closely aligns with CNBC’s finding that nearly 40% of S&P 500 stocks had a negative three-month beta versus the index, while 17% have a negative one-year beta, based on weekly returns.
Beta measures how a stock moves relative to the rest of the market. A negative beta means an individual stock’s returns moved in the opposite direction of the S&P 500 over the measured period.
The surge in stocks with a negative beta dovetails with other unusual market signals. The S&P rallied 1.5% last Monday. The same day 30 stocks touched a 52-week low while just 7 scored a new high. The last time the S&P 500 gained at least 1% while sitting within 1% of a new 52-week high and new lows outnumbered new highs was in December 1999, right before the very top of the dot-com boom, according to Jason Goepfert, founder of SentimenTrader.
The two indicators show that market indexes can remain at or close to records despite wide divergences among individual stocks.
Widening divide
The yawning gap largely reflects how concentrated the S&P 500 has become, according to Adam Turnquist, chief technical strategist at LPL Financial.
Mega-cap technology companies carry an outsized weight in the benchmark, meaning a strong performance from a small number of stocks can drive the index even when many others are moving the other way.
“It only takes a few of those mega caps names to work, and a lot of the smaller weighted stocks don’t need to work,” Turnquist told CNBC, pointing to unusually low correlations among S&P 500 stocks.
The same dynamic explains why the broader index can look relatively calm even when individual stocks are making large moves, said Bradley Krom, director of investing strategy at WisdomTree.
“Beta is a function of correlation and volatility,” Krom said. When stocks experience large moves at different times and for different reasons, those moves can largely offset one another at the index level.
In July this year, Alliance Bernstein, using one-year trailing returns, found an unprecedented share of U.S. stocks displaying negative beta as AI winners powered market gains.
Semiconductor makers, hardware companies and other AI infrastructure beneficiaries have benefited from enormous capital spending, while companies outside the AI trade have struggled to keep up.
“But a narrow market can also distort the signal investors receive from index returns. When a handful of companies dominate performance, many financially sound businesses may lag or even decline, simply because they aren’t tied directly to the most powerful market narrative,” wrote Kurt Feuerman, chief investment officer of Select U.S. Equity Portfolios at AllianceBernstein.
Negative energy
Energy stocks with negative beta are being driven by different forces.
“Another part of the other story is energy. That’s been pronounced this year: higher oil prices, higher energy stocks and then the rest of the market trades lower,” said Turnquist, seeing energy as an important part of the negative-beta story, alongside more defensive sectors.
Earlier this month, Evercore ISI used a six-month measure to call out 115 S&P 500 stocks with negative beta, a list skewed toward energy, utilities and consumer staples. The investment bank called the energy sector a “synthetic S&P 500 put option” because of the way it has reacted to geopolitical pressure.
If market leadership broadens out, Turnquist believes the number of negative-beta stocks could decline. But he expects dispersion to remain elevated as investors become remain selective toward beneficiaries of AI spending and seek returns there.
Krom at WisdomTree expects the recent extreme readings to eventually revert to the mean. Similar spikes appeared around the 1999-2000 dot-com bubble, he said, when market concentration and large moves in a narrow group of stocks also triggered unusual divergences.
Turnquist pushed back on comparing today with the dot-com era, leading tech companies now are more mature businesses with established revenue and products. Krom is on the same page. He said the individual pieces driving returns don’t have the same historical relationship they’ve had in the past.
“It is not the same market environment now versus 2000,” Krom said. The negative betas seen today boil “down to the amount of market concentration.”
Crypto
Crypto’s Quiet Mainstreaming: From Wall Street Trading Desks to Weeknight Spending Habits
Cryptocurrency no longer lives only in trading app screenshots and speculative headlines. A cluster of recent coverage suggests digital assets have settled into three very different corners of everyday life at once: the boardrooms of family offices moving nine-figure sums, the phones of ordinary Britons paying for a night out, and a growing ecosystem of explainer sites trying to make sense of it all for newcomers. Taken together, they paint a picture of an asset class that has stopped trying to prove itself and started simply getting used.
At the top end of the market, the mechanics of moving serious money in crypto increasingly mirror what has long happened on Wall Street. Selling a large position on the open market is a blunt instrument — dump a $20 million order into a standard exchange and the price can slide five to ten percent against you before the trade even completes, as algorithms and bots react to the visible order book.
High-net-worth investors and family offices have borrowed a page from traditional equities to avoid that problem, leaning on block trades negotiated privately between two parties and reported only after execution, dark pools where institutional orders are matched away from public view, and OTC desks that lock in a price before a trade ever touches the open market.
None of these tools are new in spirit — block trading dates back to the 1960s, and banks such as Credit Suisse pioneered dark-pool venues in the mid-2000s — but their extension into crypto shows how thoroughly digital assets have been absorbed into the plumbing of institutional finance, complete with all its discretion and negotiated pricing.
Further down the market, the story is less about avoiding slippage and more about convenience. A growing share of everyday spenders now treat crypto the way they treat a contactless card — something to tap and forget.
Much of that shift traces back to apps like Revolut, which began as a travel card and has since folded budgeting tools, instant transfers and built-in crypto purchases into a single interface. For users already comfortable buying fractions of Bitcoin or Ethereum on their phone, spending a small slice of a holding online no longer feels like a leap. Recent Pew Research figures cited in industry coverage suggest roughly one in five adults have used cryptocurrency in some form, evidence of just how far the technology has travelled from niche forums into ordinary financial habits. Faster networks and pound- or dollar-pegged stablecoins have also softened the volatility fears that once made spending crypto feel reckless.

That spending habit has, in turn, fed into digital entertainment, where a wave of offshore-licensed sites — often based in Malta, Curaçao or Gibraltar — have built their appeal specifically around crypto and app-based payments such as Revolut, alongside larger game libraries and bigger sign-up bonuses.
These platforms sit outside the UK’s domestic licensing system, which is precisely the draw for some users, including those who have self-excluded through Gamstop. The logic mirrors a broader pattern researchers have tracked in crypto adoption more generally: users start on a single centralised platform for convenience, then gradually spread activity across multiple services and self-custodied wallets as they grow more comfortable, seeking flexibility rather than a single gatekeeper. It’s worth being clear-eyed about what this means in practice — these offshore sites operate under lighter regulatory oversight than UK-licensed operators, and readers weighing them should treat player-protection tools and responsible-gambling warnings as essential reading, not fine print to skip.
Feeding all of this is a parallel boom in explainer content trying to translate crypto’s jargon — DeFi, staking, tokenomics, smart contracts — into plain English. Sites such as RobTheCoins.com have positioned themselves as educational hubs rather than exchanges or wallets, publishing guides on blockchain business models, crypto tax tools and the overlap between gaming and crypto economies.
That distinction matters, because the line between “content that explains crypto” and “a product that handles your money” is not always obvious to a casual reader, and confusing the two is exactly the kind of mistake that has burned newcomers before.
None of this amounts to a single dramatic headline. There is no exchange collapse or regulatory crackdown driving this particular news cycle. Instead, what emerges is a quieter, arguably more consequential trend: crypto is being absorbed into the ordinary architecture of modern finance and leisure, from the trading desks of the ultra-wealthy down to a tap-to-pay night out.
Whether that mainstreaming is entirely healthy is a separate question. Institutional tools like dark pools and OTC desks still lack the transparency of public markets, offshore gambling platforms carry real consumer-protection gaps, and no amount of friendly explainer content changes the fact that crypto remains a volatile, largely unregulated asset in most jurisdictions.
Readers tempted by any part of this ecosystem — whether it’s a block-trading conversation or a crypto-funded casino account — would do well to verify claims independently, check who is actually regulated, and remember that accessibility is not the same thing as same thing as safety.
Crypto
Convicted cybercriminal arrested in connection with ShinyHunters group
A 24-year-old convicted cybercriminal was arrested in the Netherlands on September 16 on suspicion of aiding crypto hacking collective ShinyHunters.
Krebsonsecurity reports that Pepijn van der Stap was detained by Dutch authorities for questioning in relation to ShinyHunters.
Police claim he’ll appear in the Rotterdam District Court on September 29, while local news reports the United States is also involved in his case.
Over three years ago, van der Stap carried out multiple acts of data theft and extortion under the moniker “Umbreon.”
Read more: Crypto hacking group ShinyHunters says it stole data of 5,000 FBI agents
Van der Stap was eventually arrested, convicted, and handed a four-year suspended sentence. He was released in December 2025.
While carrying out his criminal activities, he worked at cybersecurity startup Hadrian and volunteered at the nonprofit Dutch Institute for Vulnerability Disclosure.
He’s currently the offensive security lead at Neo Security, and described himself to Krebsonsecurity as a reformed convict.
ShinyHunters attacked FBI days after van der Stap’s arrest
Just six days after van der Stap’s arrest, ShinyHunters claimed responsibility for hacking and stealing the data of 5,000 FBI agents.
This attack also manipulated the FBI’s job page to display a picture of the Pokémon Umbreon.
Krebsonsecurity reports that the attack represented a shift in ShinyHunters’ usual attacks while the group is under the leadership of a teenager based in Amman, Jordan, who goes by the nickname “Rey.”
Rey reportedly merged the group with fellow hacking groups Scattered Spider and LAPSUS$ to become ScatteredLapsussHunters.
Read more: Crypto hackers target Hinge and Match Group in data leak
Sources close to the ShinyHunters investigation told the publication that Rey had “ongoing beef” with van der Stap, and that Umbreon’s inclusion was possibly an attempt by Rey to shift blame towards van der Stap.
ShinyHunters has also been linked to the hacking of the Netherlands telecommunications provider Odido last February.
Personal data, including bank account and passport numbers, of six million Odido customers were leaked.
Got a tip? Send us an email securely via Protos Leaks. For more informed news and investigations, follow us on X, Bluesky, and Google News, or subscribe to our YouTube channel.
Crypto
Strategy buys 1,665 BTC and repurchases $152M STRC
Strategy has acquired another 1,665 BTC for approximately $142.7 million while spending $151.7 million to repurchase STRC preferred shares during the week ended Sept. 27.
Summary
- Strategy bought 1,665 BTC for $142.7 million, lifting total Bitcoin holdings to 847,666 coins overall.
- Strategy repurchased 1,534,530 STRC shares for $151.7 million during the September 21 to 27 period.
- MSTR sales generated $246.2 million net proceeds, with no preferred shares issued during the week.
- Strategy held $5.02 billion in USD Reserve and $1.00 billion in deployable USD Cash overall.
- Bitcoin holdings cost $63.95 billion in aggregate, averaging $75,437 per coin including fees and expenses.
Strategy disclosed the transactions in a Sept. 28 Form 8-K, showing that the company paid an average of $85,681 per BTC, including fees and expenses, between Sept. 21 and Sept. 27. The purchase lifted its Bitcoin holdings to 847,666 BTC.
During the same period, Strategy sold 1,469,165 MSTR shares through its at-the-market program, generating $246.2 million in net proceeds. Of that amount, $142.7 million funded the Bitcoin purchases and $103.5 million went toward STRC repurchases.
The company issued no STRF, STRC, STRK or STRD preferred shares through its ATM programs during the week.
Strategy Bitcoin holdings reach 847,666 BTC
Following the latest purchase, Strategy held 847,666 BTC acquired for an aggregate $63.95 billion. Its average acquisition cost stood at $75,437 per BTC, including fees and expenses.
The latest addition follows Strategy’s 950 BTC purchase after a two-week buying pause reported for the previous week. The company spent $75.7 million on that acquisition at an average price of $79,670 per BTC, increasing holdings at the time to 846,000 BTC.
Strategy’s new $85,681 average purchase price for the Sept. 21-27 period was above Bitcoin’s latest market price. CoinGecko shows BTC trading near $83,401 at the latest reading, around 2.7% below Strategy’s average price for the latest purchase.
At that market price, Strategy’s 847,666 BTC position would be worth roughly $70.7 billion. The calculation uses a live market price and therefore differs from the company’s recorded acquisition cost.
STRC repurchases reach another $151.7 million
Alongside the Bitcoin acquisition, Strategy repurchased 1,534,530 shares of its Variable Rate Series A Perpetual Stretch Preferred Stock, or STRC, for approximately $151.7 million.
The latest transaction continues a repurchase program that Strategy began earlier in 2026. After the latest week, $723.5 million of authorization remained under its digital credit securities repurchase program, according to the filing.
Strategy’s previous $174 million STRC repurchase came during the Sept. 14-20 period, when the company spent more on preferred-stock repurchases than on its $75.7 million Bitcoin purchase.
Earlier in September, Strategy doubled its digital credit securities repurchase authorization to $2 billion after spending $176.3 million on STRC during a week when it bought no Bitcoin.
Strategy said in July that it intends to repurchase STRC while the preferred stock trades below its $100 stated amount, subject to market conditions, liquidity and other capital priorities.
MSTR sales funded both transactions
Strategy financed the latest Bitcoin purchase and part of the STRC repurchase through MSTR common-stock sales.
The company raised $246.2 million in net proceeds by selling 1,469,165 MSTR shares between Sept. 21 and Sept. 27. The filing assigns $142.7 million of those proceeds to Bitcoin purchases and $103.5 million to STRC buybacks.
A further $48.1 million of the STRC repurchase came from Strategy’s USD Cash balance. Over the same period, the company used $22.1 million from its separate USD Reserve to pay preferred-stock dividends.
Strategy reported $18.84 billion of additional MSTR issuance capacity under its ATM program as of Sept. 27. No preferred shares were sold during the latest reporting period.
The latest funding structure differs from the previous week, when Strategy made no ATM stock sales and used existing cash to fund its Bitcoin purchase and STRC repurchases.
Strategy keeps $6.02 billion in dollar assets
Strategy ended Sept. 27 with a $5.02 billion USD Reserve and $1.00 billion in USD Cash, giving the company a combined $6.02 billion across the two balances.
The company defines the USD Reserve as capital designated to support preferred-stock dividends and interest payments on outstanding debt. USD Cash is maintained separately for Bitcoin purchases, reserve additions, capital management and other treasury uses.
The cash framework has changed materially since July, when Strategy built a $3.75 billion reserve while Bitcoin buying remained paused.
Strategy’s board expanded its STRC repurchase program during September while continuing to manage Bitcoin purchases, common-stock issuance and preferred-stock obligations through separate pools of capital.
As of Sept. 27, the company still had $723.5 million available under its digital credit securities repurchase authorization and $1 billion available under its separate MSTR common-stock repurchase program.
Crypto
Tether says it helped freeze $550M in Iran-linked USDT
Tether has said it helped freeze nearly $550 million in Iran-linked USDT this year as U.S. authorities targeted wallets tied to the Central Bank of Iran and other sanctioned networks.
Summary
- Tether said more than $344 million was frozen across two addresses in April.
- A July action froze more than $130 million across four additional TRON wallets.
- The U.S. Treasury has named digital assets among five sectors covered by expanded Iran sanctions.
- Tether said its law enforcement work has helped freeze more than $4.9 billion globally.
Tether said on Sep. 28 that it acted on information from the Treasury Department’s Office of Foreign Assets Control and U.S. law enforcement when more than $344 million in USDT was frozen across two addresses in April. OFAC added the same addresses to the Central Bank of Iran’s sanctions entry the following day. The entry also identifies links to the Islamic Revolutionary Guard Corps-Qods Force and Hezbollah.
In July, more than $130 million was frozen across four other wallets as Treasury added four TRON addresses to the central bank’s designation. Tether put its total for Iran-linked USDT freezes in 2026 at approximately $550 million. Its announcement gave the amounts for the April and July actions but did not itemize every freeze included in that total.
The July action was previously covered by crypto.news, which reported that the four TRON wallets held about $131 million in USDT. Treasury Secretary Scott Bessent said at the time that OFAC had sanctioned multiple wallets tied to Iran’s central bank.
Tether froze two wallets before OFAC listed them
The order of the April steps is central to Tether’s account. According to the company, it supported the freeze after U.S. authorities supplied information about the two addresses; OFAC then formally listed those addresses as digital currency identifiers for the Central Bank of Iran.
Earlier reporting on the April $344 million freeze identified roughly $213 million in one TRON wallet and $131 million in another. The restrictions applied to the USDT held at the addresses. They did not require the TRON network itself to stop processing transactions.
Tether CEO Paolo Ardoino said public blockchains let authorities follow fund movements and that the company can act when law enforcement provides credible information. He described USDT as “not a haven for sanctioned actors, terrorist organizations or criminal networks.” His statement sets out the company’s position; the wallet designations and freeze amounts are separate actions reported by OFAC and Tether.
The issuer said it has aligned its freezing policy with OFAC’s Specially Designated Nationals list, including listed wallets that hold USDT after its initial issuance. A freeze prevents tokens at a blocked address from moving. It is distinct from a government seizure or a court order transferring ownership of the assets.
Treasury has expanded Iran sanctions to digital assets
Treasury launched Operation Economic Outcast on Aug. 24 and named digital assets alongside technology, gold, aviation and shipping in five new sectoral sanctions determinations. The department said the measures expanded its authority to target foreign people and companies operating in or supporting those sectors of Iran’s economy.
For U.S. businesses and individuals, OFAC designations carry direct transaction restrictions when a listed party or its blocked property is involved, unless an exemption or license applies. Treasury has also warned foreign firms about possible sanctions exposure for facilitating Iranian sanctions evasion. Those are Treasury’s stated rules and warnings, rather than a new restriction created by Tether’s announcement.
On Sep. 17, OFAC designated Iranian digital asset venture BitBank, its software developer, and three associates of financier Babak Zanjani under the campaign. Treasury alleged that Zanjani’s network used digital asset businesses to move funds for the IRGC, including hundreds of millions of dollars in Bitcoin. The BitBank sanctions action also placed the developer, Pishtaz Simorgh Electronic Trade Company, on OFAC’s list.
A separate U.S. civil case shows how a wallet freeze can precede an effort to take custody of tokens. In September, prosecutors sought forfeiture of $61.2 million in USDT held across ten TRON addresses that court filings said Tether had frozen in 2025. A Sep. 14 warrant authorized the FBI to take custody of the targeted assets; the forfeiture complaint asks a court to award ownership to the government. That case concerns alleged Iranian oil proceeds and is separate from Tether’s stated 2026 freeze total.
Earlier Iran-linked wallets and U.S. cases add context
Tether also cited work with Israel’s National Bureau for Counter Terror Financing. It said the bureau has referred more than 40 cases involving over 640 addresses, resulting in freezes of more than 22 million USDT. In 2023, the company disclosed a freeze of 32 addresses holding $873,118.34 in a case involving illicit activity affecting Israel and Ukraine.
After the Israeli bureau published a list of 187 addresses it associated with the IRGC in September 2025, blockchain analytics firm Elliptic reported that Tether had blacklisted 39 of them. Approximately $1.5 million in USDT remained in those wallets when they were frozen, according to Tether’s account of Elliptic’s findings.
Across its law enforcement work, Tether said it cooperates with more than 340 agencies in 67 countries and that the efforts have helped freeze over $4.9 billion in assets, including more than $2.4 billion connected to U.S. authorities. The body of its announcement states more than 2,800 investigations globally and more than 1,500 involving U.S. law enforcement, while its page subtitle gives higher figures of more than 2,900 and more than 1,600, respectively.
Among the U.S. cases the company cited was a September Justice Department operation against a marketplace serving scam centers. Tether said authorities restrained more than $52 million in one day and that the department acknowledged its assistance. It also cited a February seizure of more than $61 million in USDT tied to an alleged investment fraud operation, in which the Justice Department and Homeland Security Investigations acknowledged its help transferring the assets.
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