Crypto World
SoFi Tie-up Shows Stablecoins Can Provide Alternative Blockchain Settlement Rail
Stablecoins are increasingly being used to settle payments behind existing card networks, allowing money to move around the clock without changing how consumers pay.
But rather than cutting Visa, Mastercard or banks out of the process, the technology is beginning to replace a narrower piece of the payments stack: the traditional banking rails used to settle obligations between participants.
That shift was in focus this week when SoFi began settling debit and credit card transactions with Mastercard using its SoFiUSD stablecoin. The bank said it is migrating its entire card program, which it expects to process more than $25 billion in annualized volume, to the system.
The shift does not remove intermediaries from the card settlement process, a SoFi spokesperson told Cointelegraph, but provides an alternative blockchain-based settlement rail.
For customers, the change largely happens behind the scenes. SoFi cardholders will continue using their debit and credit cards as normal, while moving the process onchain allows the bank to settle transactions faster, according to the spokesperson.
Visa is also moving settlement onchain. In April, the company said its stablecoin settlement pilot had reached a $7 billion annualized run rate as it expanded support to nine blockchains, describing blockchain settlement as a “viable complement to traditional settlement rails.”
Related: US weighs overseas push for dollar-backed stablecoins: Bloomberg
Stablecoins don’t eliminate payment intermediaries
Federal Reserve researchers wrote in a March note that stablecoins could change the economics of payments without necessarily eliminating banks.
Cointelegraph spoke with payments and investment experts to better understand what moving card settlement onchain actually changes, and what remains largely the same.
“I wouldn’t call it disintermediation at this stage,” Martins Benkitis, co-founder and CEO of emerging-markets liquidity provider Gravity Team, told Cointelegraph.
“Visa and Mastercard are still there. The banks are still there. The network is still calculating the obligations, managing the transaction and deciding how participants interact with it,” he said.
Visa stablecoin settlement model. Source: Visa
As a result, stablecoins could become a larger part of payments without businesses or consumers necessarily interacting with them directly.
“If stablecoins become a major part of payments, most businesses probably won’t care that there is a stablecoin somewhere in the process,” Benkitis said. “They’ll care that settlement is available when they need it and that the money arrives.”
The economics of faster settlement
Varun Datta, venture capitalist and founder of Truth Ventures, agreed that continuous settlement could reduce delays and the amount of capital firms need to keep in different locations for payments, particularly across borders.
But those benefits do not necessarily translate into cheaper payments, he said. Conversion, compliance, integration and stablecoin-management costs still need to be considered.
“I don’t think speed on a blockchain automatically means a cheaper end-to-end payment,” Datta said. He added that he would want to see evidence of lower total costs and better liquidity management at scale before calling the economic case proven.
Related: US stablecoin adoption could surge with bank-like protections: Visa survey
Stablecoins still need local liquidity
The economics can become more complicated when stablecoins ultimately need to be converted into local currencies.
Benkitis said that while dollar-denominated stablecoins can move between balance sheets within minutes, completing payments in emerging markets can be more complicated. Local currency liquidity can be thinner, fewer banks may handle the flows, and access to the domestic banking system is still required.
“The stablecoin gets the value there quickly,” Benkitis said. “You still need the local liquidity to finish the payment.”
Magazine: Winners and losers of the SEC’s new tokenized stocks rules
Crypto World
Ripple Price Analysis: Is It All Doom and Gloom for XRP After the Latest Rejection at $1.60?
XRP’s breakout from its descending channel delivered a strong rally, but the move has now met substantial selling pressure at a major resistance area. The resulting pullback puts the recent breakout to the test, with the next reaction around former resistance likely to be important for the short-term structure.
Ripple Price Analysis: The Daily Chart
On the daily chart, Ripple’s XRP remains structurally stronger following its sharp rebound from the $1.27 region. The asset rallied rapidly toward the major $1.61-$1.70 resistance zone, briefly entering this area before sellers stepped in aggressively.
The rejection has pushed XRP back toward $1.47, showing that supply around $1.61-$1.70 remains significant. Nevertheless, the broader recovery structure has not yet been invalidated. The price remains well above the moving averages, with the higher one currently positioned around $1.27 and potentially acting as an important dynamic support if a deeper correction develops.
For buyers, reclaiming $1.55 and eventually breaking through the $1.61-$1.70 resistance zone would be required to resume the bullish leg. Conversely, continued selling could lead to a broader retracement, with the $1.40 area becoming relevant before the more substantial $1.27 region comes back into focus.
XRP/USDT 4-Hour Chart
The 4-hour timeframe provides a clearer view of the current retest. XRP successfully broke above the descending channel that had contained the price action for several weeks and subsequently accelerated toward $1.65. However, the rally was rejected almost immediately after entering the $1.61-$1.69 supply zone.
The resulting correction has now brought XRP back toward the $1.42-$1.45 demand zone. Crucially, this area overlaps with the former descending channel resistance, creating a potential breakout-retest setup.
Therefore, the reaction around $1.42-$1.45 could determine the next short-term move. If buyers defend this zone and price establishes support above the broken trendline, the recent decline could simply represent a healthy retest before another attempt toward $1.60-$1.65.
On the other hand, a decisive breakdown below the $1.42 area would weaken the breakout structure and increase the likelihood of a deeper correction. In that case, attention could shift toward the $1.28-$1.22 major demand zone, where XRP previously attracted strong buying pressure.
The post Ripple Price Analysis: Is It All Doom and Gloom for XRP After the Latest Rejection at $1.60? appeared first on CryptoPotato.
Some changes famously accompany aging. For some people, it gets harder to hear in crowded places; for others, reading a menu in dim light gets trickier. But not everyone knows to expect a loss of muscle mass. Starting around age 30, people lose 3-5% of their lean muscle per decade. For most people, this decline isn’t noticeable until around age 60, when it might start to make daily activities more difficult.
One of the most effective ways to combat muscle loss is to build and protect the muscle you already have through strength training. Not only will that help you avoid frailty and falls, but it can also keep you moving with ease through your daily activities.
When people ask Charlie Grundas, a certified personal trainer and owner of We, The Collective Fitness in Chicago, why it’s important to strength train after 50, he has an easy reply: “Do you ever want there to be a time where you can’t get off the toilet?” he says. “I don’t think there should ever be [a time when] you drop something on the floor, and you’re like, ‘Well, forget it, I don’t own that anymore.’”
You also start losing bone density as you age, and strength training builds healthy bones, which helps prevent falls and fractures. Plus, the muscle you build may offer some insulating protection if you do stumble, says Will Hewitt, certified personal trainer and director of training at Flight House Fitness in Charlestown, Mass.
Strength training can help at any age, whether you want to keep improving in your athletic pursuits, be able to pick up grandchildren, or simply bring your groceries inside in one trip, Grundas says. It’s OK to start with just a few exercises and just a few sets and repetitions: anywhere from one to three sets of six to 15 repetitions is beneficial, according to the American College of Sports Medicine. What’s most important is that you do it—ideally at least twice a week.
It’s always a good idea to get the green light from your doctor before starting any new exercise routine. You might also consider working with a fitness professional, like a certified personal trainer or certified strength and conditioning specialist, if you’re new to strength training at this stage of life or if you’ve had any injuries or surgery. A professional can help you modify movements and swap out equipment that might feel better for your particular circumstances, Hewitt says.
They can also help encourage you to try activities you might think you “shouldn’t” do in your 50s and beyond. “Your days of doing an 18-inch box jump may be over, and that’s a hard pill to swallow, but let’s do a six-inch box, and maybe six months from now, we’ll be doing 12 inches,” he says. “It’s just like eating your vegetables: You just have to keep doing it, and you’ll be better for it.”
Here are some of the best strength-training exercises he and others recommend you try as you get older, plus how to do them with proper form.
Goblet squat
A squat is the movement required to stand up from sitting down, which is something you’ll want to be able to do your whole life long, Grundas says. This particular variation works your quads, hamstrings, glutes, and core, and it’s approachable for people of all fitness levels, Hewitt says. Holding a weight at your chest can help you keep your chest up, and keeping a wide stance can help you squat more deeply, according to the National Academy of Sports Medicine.
How to do it
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Start standing with your feet slightly wider than shoulder-width apart, toes pointing slightly out, holding a dumbbell (cupping one end like it’s a heavy goblet) or kettlebell at your chest with both hands.
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Push your hips back and bend your knees to lower your body until your thighs are parallel to the floor or as far as you can comfortably go, keeping the weight close to your chest and your elbows inside your knees.
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Press through your feet to return to the starting position.
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Complete all repetitions, aiming for six to 15.
Modify it
You can work all the same muscles by doing a step-down instead. Standing on a stair, start to walk down, and as soon as your heel touches the lower step, press through your standing leg and return both feet to the higher stair, Grundas says. Repeat, alternating feet with each repetition.
Sitting-rising test
At the end of the weekly yoga class he teaches, Grundas challenges his class to stand up from the floor without using their hands. This works many different lower-body muscles and your core, in addition to helping you maintain your mobility and your balance. A 2026 European Journal of Preventive Cardiology study found people who could sit down and stand up from the floor without using their hands or other body parts for support had a four times lower risk of death over the study period compared to people who required more support.
How to do it
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Start standing barefoot on the floor.
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Sit down cross-legged on the floor using as little support from your hands or legs as possible.
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Stand up, once again using as little support as possible.
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Complete all repetitions, aiming for three to five.
Modify it
Use your hands or legs as needed to help you sit and stand. Keep practicing, aiming to be able to do the movement with less help.
If you’re able to sit and rise without support, challenge yourself with a Turkish get-up instead, Grundas says.
Seated overhead press
This movement can help you maintain your ability to put dishes away on the highest shelf in your kitchen or stow your suitcase in the overhead compartment on a plane, Grundas says.
How to do it
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Start sitting on a bench or a sturdy piece of furniture with your feet planted on the floor, holding a dumbbell in each hand at your shoulders with your elbows bent and your palms facing forward.
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Press both dumbbells overhead until your arms are straight but not locked.
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Pause briefly, then lower the dumbbells to return to the starting position.
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Complete all repetitions, aiming for six to 15.
Modify it
If you need something a little easier, use light weights to do a lateral raise, Grundas suggests:
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Start standing with your feet shoulder-width apart, holding a dumbbell in each hand by your sides, palms facing your body.
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Keeping your arms straight and your shoulders back and down, slowly lift the dumbbells up and out to your sides until the dumbbells are level with your shoulders.
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Slowly lower the dumbbells back to the starting position.
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Complete all repetitions, aiming for six to 15.
If you’re ready for a more challenging move, try a bench press, he says:
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Lie on your back on a flat bench with your feet flat on the floor holding a barbell with your hands slightly wider than shoulder-width apart.
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Press the bar up until your arms are straight, but don’t lock your elbows.
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Slowly lower the bar with control until you’re just about at your chest.
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Complete all repetitions, aiming for six to 15.
Kickstand Romanian deadlift
Grundas recommends a modified deadlift to help you maintain your ability to pick something up off the ground.
How to do it
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Stand on one foot with the toes of your other foot on the floor slightly behind your heel, like you’re in a staggered “kickstand” position. Keep most of your weight in your standing leg and a slight bend in that knee. Hold a dumbbell or kettlebell in your opposite hand.
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Keeping that slight bend in your standing knee, push your hips back and lower the weight in front of your leg until you feel a stretch in the back of your thigh.
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Pause briefly, then press through your standing foot to return to the starting position.
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Complete all repetitions, aiming for six to 15, then repeat on the other side.
Modify it
Try it without any weight at first to get used to the movement. Once you feel comfortable in the kickstand position, you can try a single-leg Romanian deadlift, where you extend your kickstand leg straight behind you instead. You can also lift heavier weight with both feet on the floor in the traditional Romanian deadlift position.
Bear crawl hold
Core exercises help improve balance, which can ward off falls, Hewitt says. Your core muscles also include your pelvic floor, so strengthening these muscles can help prevent bladder and bowel issues that become more common with age.
How to do it
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Start on your hands and knees on the floor.
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Press through your palms and toes to lift your knees a few inches off of the floor.
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Keep your back flat and hips level as you hold this position for 10 to 60 seconds.
Modify it
Elevate your hands on a sturdy bench, step, or couch to make this a little easier.
Once you get comfortable holding this position, make it a little more challenging by lifting one hand off the floor at a time and tapping it to the opposite shoulder or holding one arm and the opposite leg in the air for several seconds, Hewitt says. You can also crawl forward and backward in this position without letting your knees touch the floor.
Bitcoin’s recent price surge has triggered a possible bullish signal for even larger gains.
That signal is the price topping its 365-day rolling simple moving average.
On Sept. 22, bitcoin rose above its 365-day average near $80,900 for the first time in 310 days, Ryan Horst and Joni Zhuleku, founders of Altcoin Pro, said in an email conversation.
Altcoin Pro found that bitcoin was higher 12 months later in each of the five previous instances in which it regained its 365-day average after spending at least 90 days below it. The gains ranged from about 59% to more than 1,400%, though the largest increase came in 2012, when bitcoin was a fringe asset.
Horst said the pattern is not fail-safe. When the firm included shorter periods below the line, it found two failed breakouts, in July 2018 and March 2022, when bitcoin fell about 27% and 59%, respectively, within 90 days.
“This September’s move is encouraging, especially after 310 days below the line, but we want to see it hold,” Horst said. “It is a signal, not a guarantee.”
A bizarre drama played out on YouTube this past week, when a channel called Mighty Mike Plays posted a video explaining how nine-year-old “Mighty Mike” apparently got a hold of his father Dave’s company card and spent $118,000 on a YouTube ad campaign.
However, the story immediately appeared to have a number of holes, and within a few days there were too many red flags for influencers, who had initially boosted the story’s reach, to ignore.
Just a kid and his dad
Mighty Mike Plays, which features Roblox and Minecraft videos, was created in June of 2024 but only started posting videos in August of this year.
Over the past month, the channel has uploaded 175 long and short form videos — a considerable number for a child of nine.
When it suddenly started reaching the front page of YouTube ads, people began to comment that Mike was going to get in trouble with his father. They were, in fact, being played by the marketing.
On September 14, the channel released a video titled “Message from Dad… Mighty Mike Plays is Over.”
In the video, Dave speaks while Mike plays Minecraft. He states that Mike had spent $118,000 on the YouTube ad campaign and worst of all that the charges were on his company card and now he might get fired.
Dave didn’t explain why he would ever use a company card for anything but company purchases or how using the card even for a $20 ad campaign — as he stated was his intention — wasn’t illegal, but no red flags outside of this were obvious yet.
Read more: Kalshi’s AI ad turned an Asian YouTuber into ‘a white dude’
99 problems and the vid is one
On September 18, a new video was released, once again with Mike playing Minecraft and Dave speaking. Unfortunately, this time the video was nothing but red flags. Dave states that he’s been fired from his job and that the company has demanded that he pay back all $118,000 within 30 days.
He doesn’t clarify what will happen in 30 days if the company isn’t paid back.
Dave doesn’t show any proof of ad spend or any emails with his colleagues where they discuss the circumstances. Instead he suggests that the family will soon lose their home because he’ll have to sell it within the 30-day period.
All of this sounds like fiction, but it only gets more absurd.
Dave states that he doesn’t want to start a GoFundMe or Kickstarter to support his family and doesn’t specify a reason, though it’s thought that if you lie about the reason you need funds on these websites you can get sued and the money can get clawed back.
Instead, he says, he wants to sell merchandise online to try to raise the funds himself — a bizarre decision.
Slop merch, slop campaign
Dave’s website is filled with AI-created merchandise, all selling for immense prices (nearly $100 for t-shirts that say “118k” and “67 wassup chat”), some supposedly already sold out.
And, as eagle-eyed YouTubers quickly pointed out, the terms of service, which previously promised that returns would be allowed within 30 days, now state that ALL SALES ARE FINAL.
It’s unclear if this is legal or binding to anyone who bought the merchandise before the change.
Needless to say, it’s now Dave who’s claiming that he’s going to be suing numerous influencers and YouTubers for suggesting that he’s a scammer, emailing them to say he’s hired a lawyer and will be taking them to court for libel — an expensive move for a man who supposedly just lost his job and owes $118,000.
Regardless, Mike and Dave are posting videos again but have yet to address any of the previous red flags littering their videos.
Protos will follow the story for more information if anything changes.
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.
Digital asset treasury (DAT) companies—publicly traded firms that hold cryptocurrencies and finance additional crypto buys by trading at a premium to their holdings—are losing the advantage that once made the model attractive to investors, according to a report from DWF Ventures released this week.
DWF found that among the 20 largest DATs by assets under management, only four trade above their holdings’ value. When the market stops paying that premium, the financing mechanism behind the strategy can weaken, making it harder for these companies to expand without diluting shareholders.
Key takeaways
- According to DWF Ventures, only four of the 20 largest DATs by assets under management trade above an mNAV of 1, indicating a premium over their crypto holdings.
- The report points to broad discounts as evidence that investors are paying less for public “crypto exposure” than they did when the model was new.
- DWF says the mNAV premium investors historically paid tends to have peaked when the strategy drew the most attention and leveraged Bitcoin demand was strongest.
- Separately, Sequans Communications has exited its Bitcoin treasury position entirely after selling its remaining 314 BTC, illustrating how companies may unwind when the model stops working.
Premiums fade for the largest treasury funds
DWF Ventures’ analysis centers on mNAV, a measure designed to compare a company’s market value to the value of its cryptocurrency holdings. The firm reported that just four of the 20 largest DAT companies trade with mNAV above 1—meaning their market capitalization exceeds the value of their crypto assets.
The four companies identified by DWF are Bit Digital, Strive, Hyperliquid Strategies, and BitMine. For the rest of the cohort, the market values their equity below the value of the crypto they hold, signaling that the typical “equity premium” narrative is no longer broadly supported.
DWF attributes this shift to investor behavior: where earlier demand helped these stocks command premiums, current discounting suggests capital markets participants are less willing to pay extra for crypto exposure through a treasury structure rather than simply owning the underlying asset.
The strategy’s origin—and why performance has mattered
DAT branding grew around a model associated with Michael Saylor’s Strategy, which pioneered the Bitcoin treasury approach in 2020. As DWF notes, once that blueprint became widely known, many DAT stocks began to underperform a simpler alternative: holding Bitcoin directly.
Even for companies that did manage to outperform in certain periods, DWF says the edge over holding the cryptocurrency itself has generally been small. That matters because the treasury thesis does not rely only on asset price exposure—it relies on being able to access capital efficiently. When the market no longer offers a premium, the structural advantage can evaporate.
DWF also highlights that the premiums investors paid for DAT stocks were not constant over time. The firm points to a pattern where the “equity premium to NAV” was strongest when investor attention surged and leverage demand for Bitcoin was elevated.
Where the premium peaked—and what the market is now signaling
According to DWF, the premium cycle appears tied to timing and market conditions. The report states that the strategy’s premium investors paid generally peaked when the approach was new and attracting fresh interest.
As an example, DWF cites Strategy’s mNAV peak in late 2024 during Bitcoin’s rally, when demand for leveraged BTC exposure was strong. The broader inference is that DAT valuations may improve when markets are eager to buy more Bitcoin exposure—especially through structures that can, at least in theory, expand holdings over time using equity issuance.
However, the latest data suggests those conditions have changed. DWF’s findings describe a market that is increasingly unwilling to price treasury companies above their crypto holdings, leaving less room for the strategy to compound through incremental capital raises.
Exits and earlier warnings about a “model break”
The new DWF report arrives as another example of treasury model unwinding comes into view. Earlier this week, French semiconductor company Sequans Communications disclosed it has sold its remaining 314 BTC, completing an exit that began with a redemption of convertible debt in May. After the sale, Sequans reported it holds no cryptocurrency on its balance sheet.
While Sequans’ disclosure is specific to its own balance sheet, it fits a broader theme raised in prior research: if DAT stocks trade at discounts to NAV, the economics of raising new equity to buy more crypto can become counterproductive.
DWF is not alone in making that case. In September 2025, Standard Chartered raised concerns about an “mNAV collapse” even as Bitcoin and crypto markets were rising, warning that such a shift could prompt consolidation among DAT firms. Galaxy Digital also sounded a similar note, arguing that the DAT model “critically depends on a persistent equity premium to NAV.”
The logic is straightforward. When shares trade at a premium to the value of holdings, companies can issue stock and use the proceeds to acquire additional crypto without diluting existing shareholders’ stake relative to NAV. But if shares trade below NAV, new fundraising becomes more dilutive and can undermine the central mechanism that makes the strategy attractive.
Galaxy research analyst Will Owens captured the risk succinctly, writing that “if the premium collapses, or worse, flips to a discount, the model begins to break.”
That concern has become more relevant during the current market backdrop. The article notes Bitcoin moved from a record high of more than $126,000 in October to below $60,000 before recovering to around $86,000. Even with the rebound, the relationship between crypto prices, leverage demand, and treasury-company valuation premiums appears to have weakened compared with earlier phases of the cycle.
What investors should watch next
With DWF showing that most of the largest DAT firms now trade below the value of their crypto holdings, the key question for shareholders is whether any renewed equity premium emerges as leverage demand and market sentiment improve—or whether discounts persist, forcing more companies to restructure, dilute, or exit treasury strategies entirely.
Crypto World
No More ‘Trump Avenue’: Canada’s Capital Votes to Rename Residential Street Amid Tense Trade War
Canada is seeking to further strengthen ties overseas by becoming the European Union’s first “associate member”—a goal European Commission president Ursula von der Leyen has vowed to help make a reality. The proposed arrangement, the details of which have yet to be ironed out, would likely deepen cooperation on trade, defense, AI, and Arctic security.
Carney made his pledge to E.U. lawmakers when he addressed the European Parliament in Strasbourg, France, on Sept. 17. Touting closer ties with the bloc, he said “Europe and Canada are stronger together” and insisted “we are not fair-weather allies, we believe that our prosperity grows when it is shared.”
During Carney’s trip to Europe, Canada applied to join the British-led Joint Expeditionary Force military coalition—a force launched in 2014 and made up of 10 North Atlantic NATO member states that conduct rapid-response and security operations.
Juneau warns that despite Carney’s current push to diversify trade and defense away from the U.S., the results of these deals may take a long time to truly stand up, as “in practice, diversifying trade and security relationships is measured in years and decades.”
Sequans Communications has sold its remaining 314 Bitcoin, completing its exit from a Bitcoin treasury strategy that once saw the semiconductor company hold more than 3,200 BTC.
On Thursday, the French semiconductor company said the exit follows the redemption of its convertible debt in May and will allow it to refocus on its core cellular internet-of-things (IoT) and software-defined radio businesses.
CEO Georges Karam said the company used Bitcoin sales to eliminate its convertible debt and strengthen its balance sheet, leaving Sequans with no cryptocurrency holdings and no outstanding debt beyond government-financed research and development obligations.
Sequans launched its Bitcoin treasury strategy in June 2025 after announcing a $384 million sale of equity securities and convertible secured debentures. At the time, Karam called Bitcoin “a premier asset and a compelling long-term investment.”
The company began reducing its holdings less than six months later, selling 970 BTC in November to redeem half its convertible debt. By May 2026, Sequans said it was “no longer pursuing” the treasury strategy and would monetize its remaining Bitcoin over time.
Related: REX launches 2x leveraged ETF tied to Bitcoin treasury firm Strive
Bitcoin treasury exits mount in 2026
A growing number of digital asset treasury companies have abandoned or scaled back their accumulation strategies in 2026 amid the crypto bear market.
In late July, Matthew Sigel, head of digital assets research at VanEck, identified at least nine companies that had fully liquidated or abandoned their Bitcoin and crypto treasury strategies in 2026, alongside several others that had reduced their holdings.
Source: Mathew Sigel
UK-listed Satsuma Technology was among the more drastic reversals. In July 2025, the company raised 100 million British pounds ($135 million) through convertible loan notes to expand its Bitcoin treasury, in what Cointelegraph reported at the time was a UK record for a Bitcoin treasury raise.
A year later, shareholders voted overwhelmingly to return substantially all of the company’s capital and cancel its listing. The board subsequently authorized the closure of its trading activities and the sale of its entire 669 BTC position.
Other companies to fully liquidate their Bitcoin holdings this year include Bitdeer, Genius Group and Prenetics. MARA Holdings and Empery Digital have also made substantial sales without abandoning their treasury strategies altogether.
The companies cited by VanEck’s Sigel exited or reduced their holdings for a range of reasons, including debt repayments, working capital needs, shareholder returns and shifts in business strategy.
Magazine: Big Questions: Does Satoshi actually own 1.1 million Bitcoin?
U.S. and Iranian negotiators are discussing a phased agreement to end the war, according to a Reuters headline.
The deal would include a reopening of the Strait of Hormuz, and D.C. lifting its economic blockade of Iran.
The major obstacle in talks, according to Reuters, citing Iranian, regional, and Western sources, is neither side wanting to be the first to surrender its leverage. Thus, the phased approach — Iran reopening the Strait in exchange for the Trump administration to potentially give the Iranian government access to frozen assets.
For the moment, the news has sent oil lower by nearly $2 per barrel, though it’s still up 2% for the day. That’s easing interest rates by a couple of basis points, with the Nasdaq trimming an earlier 0.8% decline to just 0.2%.
Bitcoin has bounced a bit, now trading at $84,600, up 0.5% over the past 24 hours.
The crypto treasury model has largely lost its early advantage, with most digital asset treasury (DAT) companies no longer commanding the premiums that allowed them to raise capital and accumulate more crypto without diluting existing shareholders, according to a new report from DWF Ventures.
The report, published Thursday, found that only four of the 20 largest DATs by assets under management trade above an mNAV of 1, meaning their market value exceeds the value of their crypto holdings. They are Bit Digital, Strive, Hyperliquid Strategies and BitMine.
The widespread discounts suggest investors are no longer willing to pay the same premium for crypto exposure through publicly traded companies.
Since Michael Saylor’s Strategy pioneered the Bitcoin treasury model in 2020, most DAT stocks have underperformed simply holding the underlying crypto asset, according to DWF. Even among the DAT stocks that have outperformed, DWF found that the advantage over simply holding the cryptocurrency has generally been small.
The report comes as Sequans Communications, a French semiconductor company that launched a Bitcoin treasury strategy last year, disclosed that it sold its remaining 314 BTC, completing an exit it began by redeeming its convertible debt in May. Sequans now holds no cryptocurrency on its balance sheet.
According to DWF, the premium investors paid for DAT stocks generally peaked when the strategy was new and attracting investor attention. Strategy, for example, saw its mNAV peak in late 2024 during Bitcoin’s rally, when demand for leveraged BTC exposure was strong.
Related: Strategy unveils $44.1B capital-raising capacity to buy more Bitcoin
DAT warnings predate the latest downturn
DWF isn’t the only firm to warn about falling mNAVs. Standard Chartered raised the issue in September 2025, when Bitcoin and the broader crypto market were booming, warning that an “mNAV collapse” could lead to widespread consolidation among digital asset treasury companies.
Galaxy Digital sounded a similar warning last year, arguing that the DAT model “critically depends on a persistent equity premium to NAV.”
That premium allows companies to issue shares and use the proceeds to buy more crypto without diluting existing shareholders’ holdings. If shares instead trade below NAV, raising equity to buy more crypto can become dilutive and undermine the strategy’s core financing mechanism.
“If the premium collapses, or worse, flips to a discount, the model begins to break,” Galaxy research analyst Will Owens wrote.
The model has proved harder to sustain this year, with Bitcoin falling from a record high of more than $126,000 last October to below $60,000 before recovering to around $86,000.
Magazine: Bitcoin treasury firms can outperform BTC… but is the risk worth taking?
Litecoin , the cryptocurrency considered silver to bitcoin’s gold, and one that’s often missing from day-to-day crypto discussions, has bucked the broader market weakness over the past 24 hours.
LTC currently ranked 24th largest by market cap, has gained nearly 8% to $66 in 24 hours, the highest since January. Prices are up 37% this month, the best performance since November 2024, according to CoinDesk.
Bitcoin , meanwhile, has dropped 3% in 24 hours and is only up 6% for the month. ETH, XRP, SOL and other top 10 coins show a similar performance profile, lagging well behind LTC.
The exact reason for LTC’s outperformance is unclear as of now. The Litecoin Foundation attributed it to increased economic activity on the network.
“Yesterday over $1 Billion of value, over 17M Litecoin, moved across the Litecoin network in 24 hours. This is the Adjusted Economic Volume or “payments” as @ForceXHQ denotes. While not a daily high for the year, that would be $2.51B in 24hrs back in May, it’s a massive percentage of LTC’s market cap. A clear sign as to the activity on chain and its growing use case,” the foundation said on X.
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