The Daily: Strategy now holds 632,457 bitcoins, Philippines eyes BTC reserve, $1 billion Solana treasury firm said to be in the works, and more

Happy Monday, and welcome to The Daily.

 

Crypto markets are pulling back after last week’s rally — but strategic accumulation hasn’t slowed.

 

Strategy (formerly MicroStrategy) added 3,081 BTC, bringing its total to 632,457 bitcoins. In Japan, Metaplanet has added another $11.7 million in bitcoin, earning it a spot on the FTSE mid-cap index. Meanwhile, the Philippines is considering a proposal to establish a 10,000 BTC sovereign reserve with a 20-year lockup. 

 

On the ether side, Tom Lee’s BitMine now holds more than $8 billion in ETH, while ETHZilla has approved a $250 million share buyback plan.

 

Three major altcoin treasuries are in the works: Galaxy, Jump, and Multicoin are said to be jointly raising $1 billion for a Solana treasury firm; former Bitmain executives are planning a BNB treasury backed by YZi Labs; and another Solana effort is targeting a $400 million raise with backing from ParaFi and Pantera.

 

Anchorage Digital has launched a new ventures arm focused on backing early-stage onchain protocols. And Vitalik Buterin says prediction markets remain ineffective for hedging due to the lack of interest payouts.

 

Let’s get started. P.S., I also write The Funding, a biweekly newsletter on crypto VC trends. The latest edition breaks down why raising a crypto VC fund is still tough — even in a bull market. Subscribe here.

Strategy buys 3,081 more bitcoin for $357 million 

Bitcoin treasury giant Strategy purchased another 3,081 BTC for $357 million, bringing its total holdings to 632,457 BTC — worth roughly $70 billion at current prices.

The new bitcoins were acquired between Aug. 18 and Aug. 24 at an average price of $115,829 per BTC. The company has now spent around $46.5 billion on its bitcoin reserves, locking in more than $23.5 billion in unrealized gains.

The purchase was funded through a mix of equity and preferred stock offerings, including $309.9 million raised via its common ATM program and over $47 million through preferred shares — STRK, STRF, and STRD. Strategy still has over $47 billion in remaining capacity across its various issuance programs.

The latest purchase followed a weekend post from Strategy’s Executive Chairman Michael Saylor, who wrote “Bitcoin is on sale” alongside a graphic of Strategy’s holdings. 

MSTR shares had recently dipped to their lowest level since April, amid investor debate over the stock’s premium. But supporters argue the markup enables cheaper bitcoin acquisition, giving Strategy a flywheel for compounding exposure.

A Philippine lawmaker proposes a 10,000 BTC strategic reserve 

A new bill introduced in the Philippines Congress seeks to establish a 10,000 BTC (currently worth about $1.1 billion) sovereign reserve, potentially locking up for two decades.

House Bill 421, filed by Congressman Miguel Luis Villafuerte, proposes that the country’s central bank, Bangko Sentral ng Pilipinas, purchase 2,000 BTC annually over five years and store it in cold wallets for a minimum of 20 years.

The bill stipulates that the bitcoin holdings may not be sold or swapped during the 20-year lockup except for government debt repayment. After the lockup, the central bank governor would be allowed to liquidate no more than 10% of the reserve every two years.

If enacted, the Philippines would join a small group of nations using bitcoin as a strategic sovereign asset. El Salvador and Bhutan have acquired BTC via direct purchases or sovereign funds, while the U.S. and China hold large stashes of confiscated bitcoin.

Galaxy, Jump, and Multicoin reportedly seek $1 billion to create a Solana treasury firm 

Galaxy Digital, Jump Crypto, and Multicoin Capital have reportedly partnered and are said to be in talks to raise $1 billion to establish a new Solana-focused digital asset treasury company.

The trio plans to acquire a public company and convert it into a Solana treasury vehicle. The transaction is expected to close in early September, with Cantor Fitzgerald LP acting as lead banker for the deal. The Solana Foundation is also said to be backing the initiative.

The move follows a wave of altcoin treasury strategies modeled after Michael Saylor’s bitcoin-centric playbook. While most corporate treasuries to date have focused on BTC and ETH, newer entrants are increasingly targeting altcoins such as Solana, BNB, and XRP.

According to The Block’s data dashboard, public Solana treasury firms currently hold around 3.44 million SOL. Upexi leads the pack, having entered a $500 million credit agreement last month to grow its Solana position.

Anchorage Digital launches ventures arm to back early-stage protocols

Anchorage Digital has rolled out a new venture capital unit to support early-stage protocol teams, joining the ranks of crypto infrastructure giants investing directly in the onchain ecosystem.

Called Anchorage Digital Ventures, the program will offer funding, engineering support, and go-to-market help for teams building core crypto infrastructure. 

Anchorage said it’s aiming to back projects that are “institutional-ready from day one,” especially in areas like Bitcoin DeFi, real-world assets, and decentralized identity.

Anchorage's new program comes as crypto venture funding remains subdued despite a broader market recovery. Selected startups will receive "modest" funding and hands-on help from Anchorage’s internal teams.

Vitalik Buterin suggests prediction markets should pay interest

Ethereum co-founder Vitalik Buterin says most prediction markets don’t pay interest — and that makes them ineffective for hedging.

Not paying interest "makes them very unappealing for hedging because to participate at all you sacrifice a guaranteed 4% APY on the dollar," he wrote on Farcaster.

Buterin added that more hedging use cases could emerge once that gap is addressed and volumes grow.

In the next 24 hours

In the U.S., July durable goods orders and core capital goods data are due Tuesday, followed by the S&P Case-Shiller home price index for June and August consumer confidence.

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