Crypto Market Update: Strategy Buys US$2.54 Billion in Bitcoin

Bitcoin (BTC) was priced at US$76,264.99, up by 1.7 percent over the last 24 hours.

Bitcoin maintained its upward momentum, showing resilience even as broader markets shifted toward a risk-aversion stance. This strength came after US spot Bitcoin exchange-traded funds marked their most significant weekly performance in over a quarter, recording nearly US$1 billion in inflows last week.

Negative funding and short-skewed liquidations signal potential short squeezes for Bitcoin, while rising open interest points to building conviction.

Ether (ETH) was priced at US$2,329.92, up by 1.3 percent over the last 24 hours.

Altcoin price update

• XRP (XRP) was priced at US$1.43, up by 0.8 percent over 24 hours.

• Solana (SOL) was trading at US$85.90, trading 0.7 percent higher over the past 24 hours.

Today's crypto news to know

Strategy drops US$2.54 billion on Bitcoin in the largest play since 2024

Michael Saylor’s Strategy (NASDAQ:MSTR) is aggressively doubling down on its digital asset treasury, purchasing a massive US$2.54 billion worth of Bitcoin over a single week. The acquisition represents the software company's largest single purchase of the flagship cryptocurrency since November 2024.

To finance the move, the firm primarily relied on the sale of US$2.18 billion of its STRC perpetual preferred shares, a strategy designed to avoid the harsh dilution of common stockholders that often accompanies large equity sales.

This pivot to preferred shares comes with a heavy 11.5 percent dividend burden, but the company recently proposed switching to semi-monthly payouts to help keep the asset trading at par.

Strategy has benefited greatly from Bitcoin's recent three week winning streak, with the token briefly topping US$78,000 over the weekend to hit a two month high. Its total Bitcoin war chest now sits at an estimated US$61 billion.

Despite this aggressive buying spree, Strategy's stock remains down about 48 percent over the past year, though it did enjoy a 30 percent rally last week amid the broader market recovery.

Polymarket chases US$15 billion valuation

Prediction market heavyweight Polymarket is reportedly negotiating a major US$400 million funding round that would push its corporate valuation to a staggering US$15 billion.

According to a report by the Information, the platform is actively seeking fresh strategic investors to join the raise, which insiders suggest could ultimately swell to an impressive US$1 billion.

This potential capital injection arrives just a month after Intercontinental Exchange (NYSE:ICE) poured US$600 million into the company, bringing the legacy financial operator's total investment commitment to US$1.6 billion.

In recent months, prediction markets have rapidly evolved from niche crypto experiments into fully integrated institutional financial instruments. Competitors are also securing massive war chests, with rival Kalshi recently raising US$1 billion to hit a US$22 billion valuation amid growing interest from Wall Street giants.

Coinbase brings crypto-backed loans to UK customers

Coinbase Global (NASDAQ:COIN) is officially expanding its lucrative crypto-backed lending services across the pond to users in the UK. British customers can now leverage their Bitcoin and Ether holdings as collateral to borrow USDC stablecoins without needing to liquidate their core digital asset portfolios.

The new feature is powered by Morpho, an open-source lending protocol built directly onto Coinbase's proprietary Base layer-2 network. Borrowing capacities are tiered based on the specific collateral provided, allowing Bitcoin holders to unlock up to US$5 million in liquidity, while Ethereum users max out at US$1 million.

The international expansion follows a highly successful US launch in early 2025, which has already generated US$2.17 billion in loan originations over the last 15 months.

Major Japanese institutions to trial on-chain JGB trading

Four major organizations are teaming up to test a way to trade Japanese government bonds (JGBs) using blockchain technology. According to a press release, a collaborative proof-of-concept trial will put JBGs, highly valued worldwide as safe assets, on-chain to test the feasibility and legality of 24/7, real-time collateral transactions.

The project is a joint effort between two major Japanese banks, Mizuho Financial Group (NYSE:MFG,TSE:8411) and Nomura Holdings (NYSE:NMR,TSE:8604), as well as the Japan Securities Clearing Corporation and Digital Asset Holdings, the tech provider supplying the Canton Network blockchain.