Treasury’s ‘Not-QE’ approach boosts Bitcoin as policy expectations shift

Digital-asset markets turned sharply risk-on this week, buoyed by a fresh dose of liquidity policy from Washington—framed not as quantitative easing, but as expanded Treasury buybacks in the long-dated bond segment. Bitcoin rose more than 23% toward the $79,000 area and Ether pushed above $2,400 as the market digested the implications for rates, dollar liquidity, and broader risk appetite.

The move has also become a catalyst for business strategy across crypto. Standard Chartered reiterated a bullish year-end outlook for Bitcoin, while Metaplanet extended its Bitcoin treasury approach into the US through a deal to take control of a Nasdaq-listed company. In parallel, Cypherpunk Technologies broadened its mining operations into Zcash, and regulators signaled further attention on how “compute” assets could be packaged into futures markets.

Key takeaways

• US Treasury action to at least double long-dated bond buybacks helped lift Bitcoin and Ether, reinforcing the “liquidity matters” narrative for risk assets.
• Standard Chartered’s Geoff Kendrick pointed to a key Bitcoin level around $65,500, arguing a break could confirm a cycle low—conditional on holding above that threshold.
• Metaplanet will inject 2,100 BTC into a renamed US-listed entity, Superplanet, as part of a treasury strategy designed to create separate US and Japan funding pathways.
• Cypherpunk Technologies’ Zcash mining expansion is already operational and is positioned to control about 18% of Zcash network hashrate, while profitability depends on ZEC price and network difficulty.
• The CFTC is seeking public input on AI compute futures, while CME has outlined a potential Oct. 5 launch for new compute-related contracts pending approvals.

Treasury buybacks drive a “not-QE” rally in Bitcoin

Standard Chartered’s optimism was anchored to the US Treasury’s decision to expand long-end bond buybacks. According to Cointelegraph’s earlier reporting on the market reaction, Geoff Kendrick said Bitcoin could reach $100,000 by year-end as these purchases increase liquidity—an action he described as “exactly the type of thing Bitcoin loves.”

The analyst highlighted Bitcoin’s critical technical zone around $65,500. In Kendrick’s framing, a sustained move above that level could validate that the cycle low is already in. He linked this technical threshold to the broader backdrop: falling long-dated yields after the Treasury announcement coincided with Bitcoin’s immediate response, with the asset climbing more than 6% toward nearly $69,000, per CoinMarketCap.

Just as important is timing and conditionality. The expanded buyback window runs from Sept. 9 through Nov. 4. Kendrick’s bullish thesis still depends on BTC holding above $65,500; without that, he argues, investors cannot credibly treat the cycle low as confirmed. For traders, this turns a macro headline into a concrete monitoring point: not the buybacks alone, but whether price action respects the technical level identified by Standard Chartered.

Metaplanet brings its Bitcoin treasury play to the US via Superplanet

While liquidity policy influenced the public markets, corporate balance-sheet decisions reflected a separate but related belief: that Bitcoin exposure is worth structuring into operating and funding plans. Metaplanet announced it plans to take a controlling stake in Nasdaq-listed Super League Enterprise—an arrangement intended to extend its Bitcoin treasury strategy into US markets.

Under the terms described in Cointelegraph coverage of the transaction, Metaplanet will contribute 2,100 BTC and $2.5 million in cash to the company, which will be renamed Superplanet. The BTC amount is reportedly worth roughly $145 million and represents less than 5% of Metaplanet’s existing 43,000 BTC holdings, with the contribution coming from treasury rather than new purchases.

Management said the structure is designed to open two different capital-raising channels: Superplanet for US investors and Metaplanet for shareholders in Japan. In the market, the announcement translated into immediate momentum—shares of Super League reportedly surged over 50% following the news.

As with any cross-market corporate move, execution risk remains. The deal is expected to close in the fourth quarter, subject to shareholder approval and customary closing conditions. For observers, the key watch item is whether the US-listed vehicle can reliably monetize or expand its funding base while maintaining the Bitcoin exposure that anchors the strategy.

Cypherpunk turns toward Zcash mining with high hashrate exposure

Crypto business expansion didn’t stop at treasury strategies. Cypherpunk Technologies is also scaling into proof-of-work diversification by launching a Zcash mining fleet after acquiring equipment from Winklevoss Capital in a $33.33 million equity deal.

Based on the details reported by Cointelegraph, Cypherpunk’s operation is already online at US facilities and is producing about 4.2 GSol/s. That level is described as roughly 18% of Zcash’s current hashrate—meaning the company’s influence on network mining capacity is meaningful, even if Zcash remains decentralized through a broader set of miners.

The company also holds 323,394 ZEC, roughly 1.9% of circulating supply, with a stated target of 5% ownership. While those holdings can support operational strategy, Cypherpunk’s economics are ultimately sensitive to variables outside its control: ZEC’s price, changes in network hashrate, mining difficulty, and operating costs.

The timing matters. Cointelegraph noted ZEC had rallied sharply—rising more than 1,300% over 12 months before later correcting—highlighting the cyclicality that can make mining profitability hard to forecast. On the protocol side, Zcash implemented its Ironwood network upgrade on July 28, replacing the Orchard pool after a flaw that could have allowed counterfeit ZEC creation; importantly, Cointelegraph’s earlier report states no exploitation was detected.

For investors, the core question is whether Cypherpunk’s scale—especially the current hashrate share—translates into durable cash flow in a market where difficulty can rise and token prices can swing. For Zcash network participants, higher industrial involvement raises the practical need to monitor how operational concentration evolves over time.

CFTC input sought on AI compute futures as CME prepares for launch

Beyond traditional crypto assets, regulators are examining how new “real-world” infrastructure exposures might be tradable. The CFTC has opened a comment process regarding futures contracts tied to AI computing capacity, according to Bloomberg reporting cited by Cointelegraph.

Bloomberg reported Monday that the regulator sent a request for comment to the White House Office of Management and Budget. CME Group, meanwhile, previously announced plans to launch two compute futures contracts on Oct. 5, pending regulatory approval, with Silicon Data providing benchmarks. Estimates cited in the same coverage place AI infrastructure spending at roughly 2% to 2.5% of US GDP this year, underscoring the scale regulators appear to be watching.

This matters for market structure because “compute” is not yet a standardized asset class. If futures tied to compute capacity gain traction, they could offer a new hedging tool for companies whose costs depend on data center access and GPU-like capacity—potentially reducing uncertainty for participants as AI infrastructure spending continues.

However, the regulatory pathway is not instantaneous. Once the White House review is complete, the CFTC is expected to open a comment period—typically lasting 30 or 60 days, Bloomberg said. That creates a timeline constraint for any compute products from CME Group and other exchanges, such as Intercontinental Exchange, which remain subject to approval.

What to watch next is whether the “liquidity without QE” narrative sustains through the Sept. 9 to Nov. 4 buyback window—especially if Bitcoin remains above the $65,500 level flagged by Standard Chartered. At the same time, investors should track how corporate Bitcoin strategies execute across borders and whether mining economics hold steady as network difficulty and ZEC prices change. On the market-innovation front, the CFTC’s compute-futures comment process could determine how quickly hedging around AI infrastructure costs becomes tradable.