Strive Reaches 25,000 Bitcoin After $36.6M Stock-Funded Purchase
Good Morning Lions,
Strive just crossed a threshold that matters: 25,000 Bitcoin. They bought 469 coins between September 8 and 11 for $36.6 million, all funded through SATA preferred stock issuance. The stock's notional value now sits past $1 billion for the first time, and their amplification ratio hit 53.5%. This is the kind of move that tells you something about how institutional capital is thinking about Bitcoin right now — not as a trade, but as a reserve asset worth leveraging equity to accumulate. The mechanism is simple: issue stock, buy Bitcoin, compound the position. It works until it doesn't, but the signal is clear.
Underneath that, we've got fragmentation spreading through Ethereum's layer-2 ecosystem, regulatory clarity inching forward in the Senate, and some real infrastructure questions about how builders actually get paid on-chain. Let's break it down.
Strive hits 25K BTC milestone via stock issuance. ETH/Base wallet standard talks collapse. Senate crypto bill gains traction under new negotiator.
Strive Crosses 25K Bitcoin on Stock-Funded Accumulation
TL;DR: Strive purchased 469 BTC for $36.6 million between September 8–11, funded entirely through SATA preferred stock issuance. Their total holdings now sit at 25,000 coins, pushing the stock's notional value past $1 billion and their amplification ratio to 53.5%. The move signals institutional capital treating Bitcoin as a reserve asset worth leveraging equity to accumulate.
Ethereum and Base Abandon Joint Wallet Standard
TL;DR: Ethereum and Base ended efforts to align on a shared account abstraction standard, with each network now pursuing separate technical designs. The divergence means wallet developers will need to support multiple transaction formats across chains. The split reflects competing priorities — security versus speed — and exposes the fragmentation baked into L2 scaling.
XRP Ledger Sees Institutional Lending Traction via RLUSD
TL;DR: Clearpool Finance highlighted institutional lending on the XRP Ledger gaining momentum with RLUSD-denominated loans. Prediction markets view the development as a positive signal for Ripple's ecosystem, though lending features remain in testing. The move shows stablecoin infrastructure moving beyond Ethereum into alternative chains.
L2 Fragmentation Deepens as Ethereum-Base Wallet Talks Collapse
TL;DR: Ethereum and Coinbase-backed Base ended mid-September collaboration on a unified account-abstraction wallet standard, each pursuing separate technical approaches. The split reflects competing priorities between security and speed. Wallet developers now face the cost of supporting multiple transaction formats, and users will feel the friction across chains.
Ethereum ePBS Puts Builders in a Capital Bind
TL;DR: Jason Vranek argues that collateral-backed payments under ePBS impose real costs on builders — idle reserves, failed delivery risk, and opportunity cost. Trusted payment arrangements could ease the burden but shift risk elsewhere. The network faces a structural choice: lock capital or accept counterparty risk.
Senate Crypto Bill Gains New Negotiator With Wyoming Background
TL;DR: Chris Land, newly appointed staff director of the Senate Banking Subcommittee on Digital Assets, has taken the lead negotiator role for a Senate cryptocurrency bill. His Wyoming legislative background on digital assets signals potential momentum toward clearer U.S. crypto regulation. The shift suggests serious movement on the policy front.
House Tax Bill Cuts Mining and Staking Reward Deferral
TL;DR: The House Ways and Means Committee will consider a 114-page crypto tax package Wednesday that restructures treatment of fees, stablecoins, and loans. The bill excludes provisions allowing miners and stakers to defer taxation of rewards until sale — a meaningful gap for the industry. The omission signals where Congress is drawing the line on favorable treatment.
The real question now is whether Strive's move signals a broader institutional shift toward Bitcoin reserves, or if it's just one player running a leverage play that works until the macro environment changes. Either way, the stock-funded accumulation model is worth watching — it's a different animal than the ETF flows we've been tracking. — Khal
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More crypto news, daily, at news.leodex.io. The Daily LEO · Written by the LEO Team, Edited by Khal.