Crypto
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Orange rush

Everyone’s buying bitcoin except Strategy

“Some weeks you just need to HODL.”

Yaël Bizouati-Kennedy

It’s been a great week for bitcoin, which hit a new all-time high yesterday, crossing $112,000 for the first time.

Bitcoin treasury companies also notched a record, acquiring 159,107 bitcoin in Q2, according to Bitwise, far surpassing the 95,431 BTC purchased in Q1.

One notable absentee this week: Strategy, the largest bitcoin corporate holder, with 597,325 bitcoin, paused its weekly bitcoin purchases for the first time since April.

“Some weeks you just need to HODL,” cofounder Michael Saylor posted on X.

Others didn’t feel the same, and kicked off the second half of 2025 with more buys:

  • Metaplanet acquired 2,205 bitcoin for $238.7 million and now holds 15,555 bitcoin.

  • Another Japanese company, Remixpoint, raised $215 million via financing to purchase bitcoin, with a short-term goal of buying 3,000 bitcoin.

  • Semler Scientific acquired 187 bitcoin for $20 million, now holding 4,636 bitcoin. Earlier this week, Benchmark Equity Research initiated coverage of the company with a “buy” rating and a price target of $101, a 140% upside from today’s price, following the company’s bitcoin pivot in May.

  • Energy management platforms company KULR Technology also increased its bitcoin holdings, acquiring 90 bitcoin for $10 million. It now holds 1,021 bitcoin.

  • Paris-based semiconductor company Sequans Communications, which surged earlier this week after raising 7x its market value to buy bitcoin, executed its first purchase, acquiring 370 bitcoin “as part of its newly launched bitcoin treasury strategy.”

  • Another French company, The Blockchain Group, also added to its stockpile by acquiring 116 bitcoin. It now holds 1,904 bitcoin.  

  • Further north, The Smarter Web Company, a London-listed technology company, acquired 226.42 bitcoin as part of its “10 Year Plan” treasury policy. It now holds 1,000 bitcoin.

  • KULR Technology acquired 90 bitcoin and now has 1,021.

Meanwhile, new entrants to the treasury game keep coming. Real estate company Murano said it had executed a standby equity purchase agreement worth up to $500 million to invest in bitcoin.

The company, which owns and develops hotel, resort, and commercial properties throughout Mexico and aims to become “a major BTC holder,” acquired 21 bitcoin to start its stockpile.

Finally, Chinese bitcoin mining company Cango announced it mined 120.7 bitcoin:

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Payward, parent company of crypto exchange Kraken, puts plans for IPO on hold

Payward, crypto exchange Kraken’s parent company, has paused its plans for an initial public offering until market conditions improve, according to a report from CoinDesk that cited two people with knowledge of the matter. 

Since the firm announced in November its preparation for an IPO of its common stock, the total market capitalization of the crypto industry has shed around $652.2 billion, from $3.2 trillion to $2.5 trillion as of Wednesday, data from CoinGecko shows. 

The news comes two weeks after Kraken received approval for a master account from the Federal Reserve Bank of Kansas City, allowing the crypto exchange to connect to the Fed’s payment infrastructure used by traditional banks and credit unions. 

Last year, Kraken raised $800 million at a $20 billion valuation from institutional investors such as Jane Street and Citadel Securities.

Payward, parent of crypto exchange Kraken, has put its IPO plans on hold

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The news comes two weeks after Kraken received approval for a master account from the Federal Reserve Bank of Kansas City, allowing the crypto exchange to connect to the Fed’s payment infrastructure used by traditional banks and credit unions. 

Last year, Kraken raised $800 million at a $20 billion valuation from institutional investors such as Jane Street and Citadel Securities.

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SEC and CFTC issue new guidance on how securities laws apply to crypto assets

On Tuesday, the US Securities and Exchange Commission, together with the Commodity Futures Trading Commission, issued an interpretation clarifying how federal securities law applies to crypto assets, a first step toward developing a clearer regulatory framework. 

The interpretive guidance introduces a token taxonomy for different types of cryptocurrencies, with SEC Chairman Paul S. Atkins adding that “most crypto assets are not themselves securities.”

Examples of a digital commodity, “a crypto asset that is intrinsically linked to and derives its value from the programmatic operation of a crypto system that is ‘functional,’” include:

The guidance also includes definitions of digital collectibles (such as NFTs), stablecoins, digital tools, and digital securities (such as tokenized real-world assets and stocks).

This is a monumental step in the mainstream adoption of the industry and clears a hurdle in how crypto can operate going forward, according to David Pakman, head of venture investments at CoinFund. “This will allow new token designs with the confidence that their existence does not require registration with the SEC, etc.,” Pakman told Sherwood News.

Despite the clarification efforts from the two organizations, the market capitalization of the crypto industry has dropped about 2% in the last 24 hours as each of the tokens mentioned in the guidance are trading lower in the period, data from CoinGecko shows.

The joint agency action also complements congressional efforts to turn a crypto market structure framework into law. With the goal of providing regulations on the offer and sale of digital commodities, the CLARITY Act passed the House of Representatives last year and is now sitting in the Senate.

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