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Tether CEO Paolo Ardoino has asserted that only Bitcoin, gold and land will endure as reliable monetary instruments as fiat systems unravel. He framed those three assets as hedges against systemic collapse and said they will outlast any rival currency, reflecting Tether’s ongoing pivot from pure stablecoin backstop to diversified asset allocator.

Speaking during appearances at Bitcoin 2025 and in media interviews, Ardoino has emphasised that Tether will continue to channel a portion of its profits into Bitcoin accumulation and expand gold exposure. He described gold not merely as a relic but as a “natural Bitcoin” and strategic complement to digital reserves. Ardoino also dismissed claims that Tether was liquidating Bitcoin to fund gold purchases, suggesting any shifts in allocation are incremental and disciplined.

Tether’s balance sheet already demonstrates the alignment between rhetoric and action. As of mid-2025, it held around US$8.93 billion in Bitcoin and US$8.72 billion in precious metals, alongside the core swathe of U. S. Treasury allocations. Ardoino has disclosed that gold assets reside in a Swiss vault, underlining both security and the company’s intent to position gold holdings more prominently. His remarks come amid reports that Tether has held discussions with gold mining and royalty firms as part of a broader commodity strategy.

The company’s asset diversification bid is playing out amid intensifying regulatory clarity. With the U. S. Senate having passed the GENIUS Act—legislation meant to regulate stablecoins—Ardoino is charting Tether’s path to compliance while preserving its global reach. He has portrayed the bill as presenting “high but fair” standards for reserve disclosure and anti-money laundering. While it is branded as beneficial to onshore issuers like Circle, Ardoino contends Tether’s offshore structure can adapt via comparable systems or U. S.-based subsidiaries.

Tether is not simply a passive holder of assets. Ardoino has also announced the company’s ambition to become one of the world’s largest Bitcoin miners by year-end, arguing that supporting network security reinforces the value of its reserve holdings. He claimed that while direct Bitcoin investment can outpace mining returns in many scenarios, mining offers strategic hedging benefits. Tether is preparing to open-source its Bitcoin Mining Operating System to enable broader participation in the network, potentially lowering barriers to entry for smaller mining operators.

Binance has pledged $283 million in compensation for users whose holdings suffered from token de-pegging during Friday’s extreme market turmoil. The capital injection is aimed at covering verifiable losses directly caused by platform anomalies.

The move follows a dramatic period of volatility that triggered sharp deviations in stablecoins and staking tokens, with some altcoins registering drastic steep declines or even temporary zero valuations on Binance. Analysts and insiders view the compensation effort as a critical test of the exchange’s stewardship and resilience.

Between 20:50 and 22:00 UTC on Friday, intense selling pressure and slumping liquidity pushed multiple tokens away from their pegged values, according to Binance’s internal timeline. The tokens most affected included USDE, BNSOL, and WBETH. Binance said the de-pegging began around 21:36 UTC and bottomed shortly thereafter.

The exchange insists that all compensations will be limited to losses traceable to system errors or platform shortcomings—not losses deriving from normal market fluctuations or unrealised price shifts. Users must substantiate their claims with transaction records and proof that the losses stemmed from mispricing on Binance.

During the crash, some tokens on Binance appeared to hit “zero” for brief moments. But that zero pricing was largely a display artifact linked to system overload and liquidity gaps, rather than reflecting true value collapse. In parallel, those same tokens maintained nonzero trading levels on other exchanges, underscoring that Binance’s internal issues amplified the anomaly.

To explain the phenomenon, Binance managers pointed to cascading liquidations. As prices dropped, collateralised altcoins were automatically sold to cover leveraged positions, feeding further selling pressure. That mechanism, combined with display parameter issues in decimal configuration, led to mispricing events.

Binance executive Richard Teng issued a public apology, stating: “I’m truly sorry to everyone who was impacted. We don’t make excuses — we listen closely, learn from what happened, and are committed to doing better.” Meanwhile, Binance co-founder Yi He reaffirmed that the firm sees this as a responsibility to its user community, pledging to examine each claim thoroughly.

Crypto markets were hit hard across the board. Over $20 billion in leveraged positions were liquidated industry-wide, with Bitcoin plunging from over $124,000 to lows near $105,000, while altcoins exposed to margin stress plunged further. The market contraction erased nearly $850 billion in market capitalisation within hours.

Gold-backed digital tokens such as Paxos’s PAXG and Tether’s XAUT have shown greater resilience than much of the crypto market during a sweeping $19 billion liquidation event that struck major cryptocurrencies. While Bitcoin and Ether tumbling inflicted heavy losses across leveraged positions, these gold-pegged tokens either held value or gained modestly, driven by the ongoing rally in physical gold.

Bitcoin dropped about 8.5 per cent over 24 hours, and the broader crypto index fell roughly 12.75 per cent, but PAXG dropped a mere 0.23 per cent to around $3,998, while XAUT rose by 0.2 per cent to $4,010. That divergence reflects gold’s strength: the metal closed near $4,018 per troy ounce, bolstered by safe-haven demand in volatile markets.

The combined market capitalisation of gold-pegged tokens has now crossed $3 billion, with PAXG, XAUT and KAU as leading issuers. Trading volumes also surged, reaching about $640 million in a single day, reflecting investor flight into more stable digital assets. These tokens have returned over 50 per cent year to date, mirroring gold’s gain in 2025.

Gold’s atmosphere of strength rests on several pillars: strong inflows into physically backed gold ETFs, weakening U. S. dollar dynamics, inflation hedge demand and rising geopolitical fragility. The World Gold Council reports that global ETF holdings have now reached $472 billion, marking one of the strongest quarters ever in gold history.

Yet caution signs are mounting. Analysts and the World Gold Council warn the gold market may be entering overextended territory. With gold having risen across multiple weeks, technical indicators suggest the metal might be overbought and primed for a pullback. In particular, extreme deviation above its 40-week average raises the prospect of a reversal.

Adding fuel to this narrative is the entry of tokenisation infrastructure and institutional backing. Nasdaq-listed Prestige Wealth has raised $150 million to create a treasury vehicle for Tether’s gold reserves, aiming to layer blockchain transparency onto gold ownership. Meanwhile, the World Gold Council has floated a “Pooled Gold Interests” initiative in partnership with Linklaters and Hilltop Walk to democratise fractional ownership and tradability of vault-backed bullion.

Luxembourg’s Intergenerational Sovereign Wealth Fund has placed 1 per cent of its assets into Bitcoin exchange-traded funds, making it the first sovereign fund in the Eurozone to adopt such exposure. The move was unveiled during the presentation of the 2026 national budget by Finance Minister Gilles Roth.

Under a new investment mandate approved in July 2025, the FSIL is authorised to allocate up to 15 per cent of its portfolio into alternative investments, including private equity, real estate, and digital assets. The 1 per cent allocation to Bitcoin ETFs reflects a cautious approach: the fund avoids direct crypto holdings to limit custody and operational risk.

At present, the fund’s total assets are estimated between €700–900 million, with the Bitcoin allocation amounting to about €7–9 million. Bob Kieffer, Director of the Treasury, described the sum as a symbolic yet measured step. He noted that given FSIL’s mission and structure, the 1 per cent level “strikes the right balance while sending a clear message about Bitcoin’s long-term potential.”

Advocates argue the allocation signals growing institutional acceptance of digital assets within sovereign portfolios. Critics caution that Bitcoin’s volatility may be ill-suited for public-sector funds. Some observers contend that 1 per cent is negligible in impact yet potent in signalling. The fund’s leadership anticipates that monitoring performance will shape future adjustments within the 15 per cent limit.

Luxembourg’s decision departs from the pattern of European states owning Bitcoin only through seizure or law-enforcement action; here, the allocation is proactive and policy-based. Analysts place the development in the context of Luxembourg’s ambition to serve as a crypto and fintech hub under the European Union’s Markets in Crypto-Assets regime. Already hosting numerous crypto firms, Luxembourg aims to reinforce credibility by integrating digital assets into sovereign investment strategy.

Other European institutions have taken indirect exposure paths. Norway’s sovereign fund has gained crypto-linked exposure through equities, while some central banks in Finland and the Czech Republic have expressed interest in digital assets. The Luxembourg move may prompt broader rethinking of asset allocation norms among state funds.

FSIL’s strategy places the Bitcoin position in ETFs rather than direct holdings, a choice intended to manage custody risk and improve regulatory oversight. The law permitting cryptocurrency exposure came amid internal policy debates, with critics warning of reputational and financial risk in volatile markets. Kieffer acknowledged that “some may argue that we’re committing too little too late; others will point to the volatility and speculative nature of the investment.”

Luxembourg’s financial regulator, the Commission de Surveillance du Secteur Financier, has adapted rules governing virtual assets and alternative funds, creating a regulatory backdrop conducive to this experiment. The fund will continue to invest primarily in bonds and equities, with the digital assets portion complementing a diversified portfolio.

CleanCore Solutions announced it has accrued over 710 million Dogecoin tokens in its treasury, yielding more than US$20 million in unrealised gains as it edges toward a one-billion token target.

The Omaha-based company launched its Dogecoin treasury programme on 5 September, using proceeds from a US$175 million private placement to make phased acquisitions. The holding is backed by the Dogecoin Foundation and coordinated through its corporate arm, House of Doge.

At a trading price near US$0.245 per DOGE, CleanCore values its holdings at roughly US$173.9 million, leaving a buffer over its capital outlay after marking the gains.

Chief Executive Officer Clayton Adams described the strategy as aligned with “long-term vision of insiders and the House of Doge,” emphasising that the company is not just stacking DOGE but is seeking to expand its utility and maintain disciplined treasury management.

CleanCore says it maintains sufficient cash reserves to continue its accumulation efforts. It has forged a strategic alliance with Bitstamp by Robinhood to serve as the primary trading venue for its Dogecoin operations.

On the markets, shares of CleanCore fell 8.44 per cent to close at US$2.06, before a modest rebound of 1.46 per cent in after-hours trade.

Some analysts question the relevance of mNAV metrics for companies pursuing large crypto treasuries. Greg Cipolaro of NYDIG has argued that mNAV may neglect operational businesses beyond token holdings and may not properly account for convertible instruments.

Standard Chartered has cautioned that smaller firms with aggressive crypto treasury strategies could face overexposure pressures if market volatility intensifies, predicting that consolidation may occur among weaker players.

CleanCore continues to monitor short interest in its stock while working with the SEC to register shares issued under its private placement. The company also underscores that restricted and locked shares are held by insiders, the House of Doge, and affiliates.

Fight Fight Fight LLC, the company behind the TRUMP memecoin, has launched a capital-raising campaign of at least $200 million with ambitions that could scale up to $1 billion to establish a dedicated digital asset treasury that would accumulate holdings of the token, according to people with knowledge of the matter.

The undertaking is led by Bill Zanker, a long-time promoter and Trump ally, and signifies one of the most aggressive attempts yet to stabilise a creator-driven token through internal backing. The funds would be deployed primarily to purchase TRUMP tokens from the open market, an effort to shore up price and signal confidence in what has become a volatile asset.

TRUMP, launched just before Donald Trump’s second inauguration, operates on the Solana blockchain under two joint issuers—Fight Fight Fight LLC and CIC Digital—together controlling 80 percent of its total supply. The public tranche was released in January 2025, and the token rapidly gained speculative traction before encountering steep declines.

Insiders caution that the fundraising process is ongoing and not guaranteed to succeed in full. They also note that structuring such a treasury around a politically branded memecoin carries substantial market, regulatory and reputational risks.

Cryptocurrency analysts observe that the move is consistent with broader trends in 2025: increasingly, token issuers are creating “treasury models” to backstop flagging price action. Yet few of those are tethered so explicitly to a political figure or narrative, making the TRUMP case unique.

The token’s price trajectory has been volatile. After peaking earlier in the year, it has fallen sharply—losing more than 80 percent of its value from highs—attracting scrutiny about its speculative nature and sustainability. Meanwhile, TRUMP maintains strong social media backing and occasional high-visibility events, such as a dinner hosted by Trump in May for top token holders, which had triggered a notable price bump.

In June, plans were floated by the issuer to launch an “Official Trump Wallet” to facilitate trading and custody, but disputes emerged with World Liberty Financial. Those tensions underscored internal complexity and fragmented control within the broader Trump crypto ecosystem.

Analysts underline that for the treasury plan to have long-term impact, it must go beyond buybacks. Critics argue that stockpiling tokens may serve only short-term price support, lacking sustainable utility or integration into broader infrastructure. There is a risk that concentrated control over token issuance and vesting schedules could invite regulatory scrutiny or undermine confidence among external investors.

Institutional curiosity is emerging: Canary Capital Group has reportedly filed paperwork with U. S. regulators to launch a spot ETF tied to TRUMP. Yet the Securities and Exchange Commission’s cautious posture toward meme coins, and obstacles in listing a futures-based derivative market, could impede progress.

The broader Trump-adjacent crypto strategy has already stretched into multiple verticals. Trump Media & Technology Group announced a $2.5 billion initiative to build a bitcoin treasury, and World Liberty Financial has launched a $1.5 billion self-buy programme in its own token, WLFI. In that case, about half the funding is to be in WLFI itself, with the rest directed to debt settlement and resale.

BlackRock’s iShares Bitcoin Trust has overtaken all other funds in its suite to become its most profitable exchange-traded product, generating approximately $244 million in fee revenue over the past year, analysts estimate. Its assets under management are approaching the $100 billion mark, driven by massive capital inflows into the spot Bitcoin ETF space.

IBIT has pulled in surging investor interest, with around $970 million flowing into it in a single trading session — the largest share of the $1.2 billion that U. S. spot Bitcoin ETFs collectively attracted that day. The fund now sits about $2.2 billion short of the $100 billion milestone, a level it is on track to cross more rapidly than any ETF in history.

That speed is notable: IBIT has amassed nearly $98–$100 billion in under 435 days, compared to Vanguard’s flagship S&P 500 ETF, which required over 2,000 days to reach the same threshold. This acceleration reflects investor appetite for regulated, exchange-traded access to digital assets.

BlackRock’s fee structure — currently 0.25% of AUM on IBIT — means that each incremental inflow directly boosts revenue. Analysts Eric Balchunas and James Seyffart have identified IBIT as now bringing in more income than long-established heavyweights in BlackRock’s portfolio, such as the iShares Russell 1000 Growth ETF and iShares MSCI EAFE ETF.

The inflow pattern underscores a broader shift. Since the U. S. Securities and Exchange Commission authorised spot Bitcoin ETFs in January 2024, the category has seen multiple single-day inflows exceeding $1 billion. In several past instances, such inflow spikes have coincided with short-term peaks in Bitcoin’s price, raising questions among market watchers whether these are signs of a turning point.

Bitcoin itself has responded: it pushed past $125,000 this month, buoyed by demand for regulated crypto exposure and safe-haven demand amid macroeconomic pressures. This run-up in price further amplifies IBIT’s appeal, because asset growth happens both through net inflows and valuation gains on its holdings.

BlackRock is also deepening its Bitcoin product strategy. It has filed to create a Bitcoin Premium Income ETF, which would generate yield by selling covered call options on Bitcoin futures — a move aimed at appealing to yield-focused investors seeking regulated crypto exposure. BlackRock has avoided entering the altcoin ETF arena for now, focusing its efforts on Bitcoin-linked products where regulatory clarity is more established.

Still, the meteoric rise of IBIT carries risks. Fee compression remains a structural challenge across the ETF industry, and competitors are poised to launch rival crypto products. The volatility inherent in Bitcoin could reverse gains sharply. Moreover, regulatory shifts — whether through tax treatment, disclosure mandates, or limits on crypto exposure — could reshuffle the competitive landscape.

BitMine Immersion Technologies has disclosed crypto and cash holdings amounting to $13.4 billion, with 2,830,151 ETH tokens forming the bulk of its position, according to its latest statement.

The company’s portfolio also includes 192 Bitcoin, $113 million in “moonshot” equity investments such as Eightco Holdings, and $456 million in unencumbered cash, positioning it as one of the largest public crypto treasuries by ETH exposure.

BitMine’s ETH stash represents roughly 2 percent of total Ethereum supply, underscoring the firm’s aggressive accumulation strategy. In its announcement, the company reaffirmed its ambition to reach a “5 percent alchemy” threshold—i. e., to hold 5 percent of ETH’s total circulation.

Thomas “Tom” Lee of Fundstrat, chairman of BitMine, framed ETH as the “premier choice” for its reliability, 100 percent uptime, and alignment with institutional and AI adoption in blockchain infrastructure. He argued that as Wall Street and AI increasingly anchor on the blockchain, Ethereum offers structural advantage.

The disclosed holdings mark a dramatic acceleration in BitMine’s pivot from bitcoin mining toward becoming a major Ethereum treasury vehicle. The firm claims it now leads all publicly traded companies in ETH holdings, and ranks second globally in treasury scale behind Strategy, Inc.

Investors and markets responded swiftly to BitMine’s disclosures and related developments. In July, shares soared following a regulatory filing revealing that Peter Thiel’s Founders Fund had taken a 9.1 percent stake in the company, making him its largest known institutional shareholder. That news helped drive BitMine’s stock to near-record intraday gains.

Analysts view the firm’s strategy as part of a broader trend: smaller-cap crypto and blockchain firms are increasingly diversifying beyond bitcoin into ETH-focused treasury allocations. BitMine’s velocity of accumulation and the high liquidity of its stock have drawn comparisons to Michael Saylor’s bitcoin strategy at MicroStrategy.

Regulatory and market timing factors may amplify or constrain BitMine’s ambition. The U. S. SEC’s evolving posture toward digital asset teams—including Project Crypto and the so-called “GENIUS Act” proposals—could shape the framing of Ethereum as a mainstream institutional asset, or alternatively intensify scrutiny of crypto treasury holdings.

Sceptics point to concentration risk and valuation vulnerability. Holding such a large share of a single token leaves BitMine exposed to ETH price swings, smart contract risks, network upgrades, and macro-crypto sentiment downturns. As the firm presses toward its 5 percent goal, it will also face growing attention from regulators, market participants, and the Ethereum community around centralisation concerns.

Still, BitMine’s approach stands out for its bold scale and speed. The company argues that the “power law benefits” favour large holders of ETH, and that a discount between ETH price and its future utility—particularly under rising AI and blockchain convergence narratives—makes accumulation compelling.

A GoMining-commissioned survey of over 700 Bitcoin holders across North America and Europe reveals that 77 percent of respondents have never engaged with any BTCFi platform. Only around 8 percent say they actively use BTCFi services for lending, staking or yield generation.

The data exposes a striking contradiction: while the BTCFi sector is receiving strong investment and attention, its reach among actual Bitcoin holders remains minimal. Over 65 percent of those surveyed could not name a single BTCFi protocol, pointing to a significant awareness gap in the industry. Roughly 40 percent of respondents say they would allocate less than 20 percent of their Bitcoin to DeFi products—underscoring cautious attitudes steeped in mistrust or lack of comprehension.

GoMining CEO Mark Zalan argues the survey reflects a mismatch in product design: “There’s an enormous appetite for these opportunities, but the industry has built products for crypto natives, not for everyday Bitcoin holders.” He cautions that BTCFi platforms must prioritise simplicity, trust and education over technical sophistication if they are to attract a broader base.

Despite limited adoption, interest in BTCFi is not absent. Some 73 percent of respondents express a desire to earn yield on their Bitcoin through lending or staking, while 42 percent would like access to liquidity without selling. Yet for now those desires largely remain theoretical.

The survey publication coincides with a sharp rise in BTCFi venture capital activity. Data from industry trackers show that in the first half of 2025, funding to Bitcoin-related infrastructure, custody, and DeFi projects reached US$175 million, spread across 32 funding rounds—20 of which targeted consumer-facing applications. Total value locked in BTCFi has also climbed, hitting US$6.6 billion by mid-2025, up from modest levels just a year earlier.

Industry analysts see this as a pivotal moment. BTCFi is theoretically well-positioned: Bitcoin holders collectively control over US$1 trillion in assets, and unlocking even a small portion into yield markets would shift capital flows substantially. But bridging the adoption chasm requires more than protocol robustness—it demands user trust, transparent security models, and intuitive onboarding.

Several projects are experimenting with custodial BTCFi models that reduce user friction, essentially merging decentralised finance with familiar wallet experiences. These hybrids aim to lower the barrier to entry for mainstream holders who are wary of self-custody risks. Others are focusing on streamlined education and marketing campaigns to bring awareness of BTCFi’s value proposition to non-tech audiences, rather than relying exclusively on high-end technical features.

Skeptics argue the reliance on Ethereum’s DeFi archetype may be a poor fit for Bitcoin’s more conservative base. BTCFi protocols often demand bridging, wrapping or interacting with smart contracts—actions that alienate users comfortable with simpler vehicles like ETFs and custodial wallets. A portion of Bitcoin holders remain risk-averse by nature, preferring regulated, custodial holdings and avoiding experimental protocols.

Some in the industry suggest a phased approach: target early adopters first, establish trust metrics, then gradually roll out to mainstream holders. Others urge a revisit to design philosophy itself: ensuring BTCFi can deliver yield, liquidity and composability while behaving in a way Bitcoin users find intuitive and safe.

Bitwise has rolled out the Bitwise Avalanche Staking ETP on Deutsche Börse Xetra, offering investors regulated access to AVAX price movements along with integrated staking income. The product is fully backed by physical AVAX, with staking rewards credited daily and reinvested.

The Avalanche staking ETP joins Bitwise’s suite of index-linked staking vehicles in Europe, designed to cater to institutional demand for yield-bearing crypto exposure through familiar capital markets structures. Listing documents show that the ETP carries an annual management fee of 0.85 per cent and that approximately a third of staking rewards will be retained as a service fee to cover operational costs.

Deutsche Börse’s listing announcement notes that AVNB is tradable in both euros and US dollars and that all staking income is automatically reinvested to boost underlying token holdings. The product is being presented as a way to participate in Avalanche’s ecosystem without having to manage technical staking infrastructure, custody, or validator responsibilities.

Bradley Duke, Head of Europe at Bitwise, said the launch “opens the door for investors to access exposure to price movements in AVAX coupled with staking rewards through an exchange-traded total return product.” He emphasised Bitwise’s mission to make digital assets accessible to institutional investors via regulated, transparent instruments. John Wu, President of Ava Labs, welcomed the development, saying that access through established market structures broadens participation in the Avalanche network.

Avalanche operates as a high-throughput, energy-efficient layer-1 blockchain that enables subnetworks tailored for compliance, governance, and performance use cases. Its growing adoption in tokenisation, decentralized finance, gaming, and payments has made it increasingly of interest to institutional players. The ETP references the “CF AVAX Staked Return Index” benchmark to track performance net of costs and staking fees.

Regulators and exchanges across Europe have gradually warmed to crypto staking products, particularly as demand rises for yield-oriented digital assets within regulated frameworks. Bitwise has already launched similar staking ETPs in the region, including for Ethereum, and says its European product line is domiciled in Germany under oversight by BaFin. Critics caution, however, that staking rewards are subject to network conditions, validator performance, slashing risk, volatility, and protocol governance changes, meaning returns are not guaranteed.

A wave of investor appetite lifted the combined market cap of the top 15 public bitcoin miners to $58.1 billion in September, up from $41.6 billion in August and nearly three times the March low of $19.9 billion. That gain vastly outpaced bitcoin’s six-month rise of 21 per cent.

Iris Energy delivered a standout return of +624 per cent, while Applied Digital jumped +345 per cent and Cipher Mining rallied +321 per cent. Other strong performers included TeraWulf, Hut 8 and Bitfarms, up between +179 and +280 per cent; Riot Platforms added +147 per cent, HIVE rose +133 per cent, and Core Scientific gained +105 per cent. Even industry heavyweights such as CleanSpark, Bitdeer and Mara Holdings posted returns well above bitcoin’s own gain.

The bullish momentum coincided with accelerating pivots by mining firms into high-performance computing and AI infrastructure. Cipher Mining secured a 10-year colocation deal with AI cloud provider Fluidstack worth $3 billion, supported by $1.4 billion in backing from Google for lease obligations in return for share warrants. This deal boosted investor confidence and underscored the strategic shift beyond raw bitcoin mining.

Analysts note that miners with credible AI/HPC pivots posted average gains of roughly 57 per cent over the past month, significantly beating more traditional or “pure-play” miners. Those gains also outstripped bitcoin’s roughly 9 per cent rise in the same period.

At the same time, the bitcoin network’s hash rate jumped 9 per cent month on month, reaching an average of about 1,031 exahashes per second. That increase intensified competition and compressed margins: daily block reward revenue fell 10 per cent, and gross profit dropped 17 per cent compared to August.

Although elevated valuations reflect renewed investor faith in the mining sector, concerns about sustainability persist. The widening gap between equity valuations and operating revenues prompts questions about whether mining operators can sustain growth amid rising electricity costs, regulatory risks and hardware supply constraints.

Several firms are doubling down on their diversification efforts. Iris Energy has expanded into cloud services, while Core Scientific is pushing deeper into enterprise AI hosting. TeraWulf recently announced multi-year AI hosting contracts backed by Google and leased deployment capacity across its sites.

Riyadh has unveiled a bold draft plan to permit all non-resident foreign investors direct access to the main Saudi stock market, eliminating the need for the current Qualified Foreign Investor framework and abolishing swap agreements. The Capital Market Authority has opened a 30-day public consultation on the proposal, which, if adopted, would mark a major liberalisation in the Kingdom’s capital markets.

Under the draft, non-resident investors would no longer need to satisfy eligibility thresholds currently required for QFI status, and would be permitted to hold shares in listed companies in their own names. The plan would also phase out swap arrangements that allow foreign parties to obtain economic exposure to Saudi stocks without holding legal title. The consultation period runs until 31 October 2025.

The CMA says the changes aim to broaden the investor base, increase liquidity and attract a wider pool of capital. Foreign holdings in the main market had already reached SAR 412 billion by mid-2025, comprising more than 471 percent growth from SAR 72 billion in 2015. Non-resident capital under the QFI regime, combined with swap exposure, totals over SAR 528 billion.

The QFI system currently imposes strict entry criteria — one requirement is minimum assets under management of SAR 1.875 billion. QFIs also enjoy direct ownership and voting rights, whereas swap-based investors operate indirectly. Under the rules, non-resident foreign investors face a cap of 10 percent in any listed firm, while aggregate foreign ownership in a company is capped at 49 percent. Swap contracts are legally structured to grant economic benefits without formal shareholding rights under the depositary centre system.

Market analysts say lifting QFI restrictions could lower barriers for small and mid-sized international asset managers that presently cannot meet the QFI thresholds. “This is a structural shift — it moves Saudi from a screened-access regime to an open one,” commented a Gulf region investment strategist. Observers note, however, that tightening surveillance, settlement and disclosure mechanisms will be essential to managing risks of volatility and capital flight.

Under the draft, swap accounts held by foreign investors would need to be converted to direct shareholding accounts within a transition period of up to 12 months. The CMA also proposes adjustments to reporting, market conduct and corporate governance rules to ensure fairness.

The consultation draft aligns with broader reforms introduced in 2025, including simplification of account opening for some foreign investor categories, especially GCC-residents or overseas investors with prior residency in the region. That move had already signalled a gradual loosening of restrictions.

Equity markets in the Gulf contrast in openness. The UAE and Qatar allow broader foreign participation, while Saudi’s incumbent QFI plus swap structure has long been viewed as more restrictive. Proponents of liberalisation contend that full direct access may raise Saudi’s appeal as a regional hub and deepen cross-border portfolio flows.

Bitcoin’s price has flirted with the $115,000 mark, only to pull back and settle into a tight range between about $108,750 and $112,000 as buying momentum weakens. Traders and analysts now await a decisive move in either direction to signal the next major trend.

After a breakout attempt stalled just above $115,000, liquidity cooled and buyers began to step aside, according to on-chain data and sentiment analysis. The 30-day momentum index on CryptoQuant dropped to –2 per cent from +1 per cent earlier in the week, underlining a loss of conviction behind the rally. The price action now shows descending highs, suggesting bulls are losing early ground. Resistance sits in the $111,000–$112,000 zone; only a sustained move here could re-ignite upward pressure. Failure to defend support around $108,600 could expose the market to a slide toward $106,000–$105,000.

Technical analysts point to a pattern of consolidation following the failed breakout above $115,000. While buyers attempted to push through, they lacked follow-through, leaving the market stuck in a neutral to slightly bearish posture. Axel Adler, whose work with CryptoQuant is cited in analyses, observed that sellers are stepping in at lower highs, limiting upside attempts. Market structure is now tilted toward volatility unless fresh demand emerges.

Institutional behaviour adds nuance. Whale wallets—those holding between 100 and 1,000 BTC—have accumulated roughly 65,000 BTC in recent sessions, bringing their aggregate holdings to an all-time high of about 3.65 million BTC. That accumulation suggests structural demand remains under the surface. At the same time, analysts note that technical indicators like moving averages have formed bullish signals—for instance, a “golden cross” between the 50-day and 100-day exponential moving averages on shorter timeframes is seen as supportive. Some forecasts even project a path toward $150,000 should momentum revive.

Macro drivers are also in focus. ETF inflows in the United States are injecting liquidity into the market and are widely regarded as a catalyst for continuation moves. Bitcoin has reclaimed its 100-day moving average, which had acted as resistance and is now a support anchor. RSI readings have turned positive, and the broader sentiment has shifted from outright bearish to cautiously optimistic as institutional capital flows reappear.

Still, not everyone is confident. Some analysts argue that despite price strength, the upside is structurally vulnerable. A technical review on Seeking Alpha has rated Bitcoin a “Sell” over the next 12 months, citing weaker momentum and divergence as signals that gains may not sustain without external catalysts.

Crucially, macroeconomic uncertainty looms. Market bets converge around expectations of U. S. Federal Reserve interest rate cuts in the final quarter. Should stimulus emerge, risk-assets including Bitcoin might rally; if inflation surprises or central banks hold firm, volatility could reverberate downward.

Metaplanet has added 5,268 Bitcoin to its treasury, lifting its total holdings to 30,823 BTC—a stash now worth roughly $3.5 billion. The move marks another aggressive step in the company’s ambition to dominate corporate Bitcoin accumulation.

The Tokyo-listed firm disclosed the latest purchase via its analytics platform, citing an average cost per coin in the range of $116,800. With this transaction, Metaplanet fortifies its position among the largest public Bitcoin treasuries globally. The company has previously disclosed a 5,419-coin buy earlier in September.

Metaplanet’s strategy, initiated in 2024 when it shifted from hotel and media operations into a Bitcoin-heavy treasury model, has relied heavily on capital raises and issuance of equity linked instruments. In early September, shareholders green-lit a plan to issue up to 550 million new shares overseas—raising about ¥130.3 billion —with proceeds earmarked in part for further BTC accumulation. Eric Trump, who serves on Metaplanet’s advisory board, was present at the meeting and took part in a fireside chat session.

The company projects bold long-term goals: by 2026, it aims to reach 100,000 BTC, and by late 2027, to hold 210,000—about 1 percent of total Bitcoin supply.

Despite its crypto focus, Metaplanet’s stock performance has been volatile. Since mid-June, the share price has fallen sharply—losing over 50 percent—reflecting investor concern over dilution risk, weak revenue fundamentals, and compressed valuation premiums compared to its Bitcoin holdings.

Analysts caution that Metaplanet’s heavily leveraged approach leaves it vulnerable. Should Bitcoin’s price fall, the firm could see large mark‐to-market losses or face funding constraints if markets turn against inflows. Still, Metaplanet argues its “Bitcoin yield” metric—growth in BTC per share—aligns incentives for equity holders to back continued accumulation.

The company also is diversifying its strategy. It has launched a U. S.-based subsidiary in Miami to manage derivatives and income-generation business lines, and is developing digital platforms rooted in Bitcoin.

Gold surged to an unprecedented high on Wednesday, driven by investor flight to safe assets after the United States entered a federal government shutdown that threatens to delay key economic data releases.

Spot gold climbed above $3,875 per ounce, and U. S. gold futures for December touched $3,887.40, marking fresh peaks in the metal’s dramatic rally this year. The dollar weakened, while U. S. stock futures slid, reflecting the heightened uncertainty gripping global markets.

The shutdown froze large swathes of federal operations after Congress failed to approve funding for the 2026 fiscal year, triggering furloughs for approximately 750,000 federal workers and imposing a daily cost to the government of around $400 million.

With the shutdown effectively halting the release of critical economic indicators—most notably the September non-farm payrolls data—the Federal Reserve is being forced to rely on alternate data sources to assess conditions ahead of its October meeting. Chicago Fed President Austan Goolsbee warned that central bankers will need to “turn to other data sources” if official reports are suspended.

In labor market reports released earlier, the JOLTS data showed only marginal growth in job openings in August, while hiring declined—signalling cooling momentum in the U. S. labour market. This, combined with the shutdown, has increased market expectations that the Fed will move to cut interest rates in October. Futures now price in a 96 per cent likelihood of a 25-basis-point cut.

Institutional demand has bolstered the gold rally: central banks have continued to accumulate bullion, even as inflows to gold-backed exchange-traded funds have surged. Analysts point to a powerful confluence of safe-haven inflows and speculative momentum. Deutsche Bank and other firms have flagged upside targets in the $3,900–$4,000 range if current conditions persist.

Silver also posted gains, hitting a 14-year high, while platinum and palladium lagged modestly. In India, gold prices on the MCX breached all-time highs, crossing ₹1,17,351 per 10 grams as global and domestic investors sought shelter from volatility.

Analysts caution, however, that the rally faces key risks. A rebound in the dollar, a surprise hawkish tilt from the Fed, or a sudden resolution of the funding impasse could reverse momentum. The longer the shutdown endures, the greater the danger that data collection becomes impaired—threatening the quality of future releases such as inflation, GDP, and employment statistics.

The valuation of the U. S. Treasury’s gold reserves has also gained attention: the gold holdings—officially booked at historical rates—now command a market value exceeding $1 trillion, driven by the steep rise in bullion prices.

Wall Street insiders note that the shutdown has injected a new element of volatility into markets already stretched by geopolitical tensions and macro imbalances. Equity futures were already under pressure on Wednesday, with the S&P 500 and Nasdaq both down nearly 0.5 per cent in early trade.