Strategy resumes its acquisition strategy with a nine-figure purchase, Coinbase deals with the fallout of a major extortion scheme, and JPMorgan navigates sanctions compliance. Meanwhile, corporations turn to staking for yield. Stay up on the crypto news that matters with “Crypto Currents,” daily from The Fly. Join us at 2 PM ET for your essential briefing on the fast-moving world of cryptocurrency on FlyCast radio, Also, subscribe to our YouTube channel for the Crypto Fly By weekly recap.
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STRATEGY ACQUIRES $108M IN BITCOIN: Strategy (MSTR), the largest publicly traded corporate holder of bitcoin (BTC-USD), has resumed its purchasing spree. According to a regulatory filing, the company acquired an additional 1,229 bitcoin last week for approximately $108.8M in cash, at an average price of $88,568 per coin. This latest accumulation brings the company’s total holdings to 672,497 BTC, acquired for a total aggregate purchase price of roughly $50.44B and currently valued at $58.95B at the time of writing.
ARREST MADE IN $355M COINBASE EXTORTION CASE: Authorities have made an arrest in connection with a massive extortion scheme targeting the largest U.S. crypto exchange. In a post made to X, Coinbase (COIN) CEO Brian Armstrong confirmed the arrest of a former customer support agent in India. The breach, which involved insider bribery and data theft, targeted nearly 70,000 customers and resulted in approximately $355M in costs for the company across two quarters. The incident has drawn attention from federal prosecutors, with the U.S. Department of Justice reportedly opening an investigation earlier this year.
JPMORGAN FREEZES ACCOUNTS: Cointelegraph reports that JPMorgan (JPM) has frozen bank accounts linked to stablecoin startups BlindPay and Kontigo after flagging business activity tied to sanctioned jurisdictions like Venezuela. A spokesperson for the bank clarified that the decision was driven by sanctions compliance rather than an opposition to stablecoins.
BITMINE AND SHARPLINK STAKE ETHER HOLDINGS: (ETH-USD) ahead of the weekend. Other firms are following suit, with SharpLink Gaming (SBET) reportedly staking “nearly all” of its ether holdings to generate rewards, and Bit Digital (BTBT) also participating in staking protocols. This corporate shift toward staking is effectively reducing the supply of ether available on the open market.
BLACKROCK AND FRANKLIN TEMPLETON DRIVE REAL-WORLD ASSET GROWTH: The tokenization of real-world assets continues to gain traction among asset managers. Cointelegraph notes that tokenized U.S. Treasurys have become a gateway product for the sector, with platforms like the BlackRock (BLK) USD Institutional Digital Liquidity Fund and offerings from Franklin Templeton (BEN) pushing the segment’s value into the multi-billions.
CANTOR PREDICTS CRYPTO WINTER AND M&A BOOM: In a research report, analysts at Cantor Fitzgerald characterized 2025 as a “monumental year” for the industry despite entering a “crypto winter” cycle as we head into 2026. The firm anticipates short-term weakness for bitcoin but notes that Strategy is unlikely to sell any portion of their stash even if the price tests its $75,000 break-even level. While projecting a 16% decline in volumes for Coinbase in 2026, the analysts highlighted a record $8.6B in global crypto M&A for 2025, including Coinbase’s acquisition of Deribit. The report also predicts the tokenized real-world asset sector will eclipse $50B by the end of 2026 and frames prediction markets as a serious threat to traditional sportsbooks like DraftKings (DKNG). Among specific assets, the note identified zcash (ZEC-USD) as the best performer year-to-date, gaining 883.6%, while sui (SUI-USD) and avalanche (AVAX-USD) lagged among the top 20 performers.
PRICE ACTION: As of time of writing, bitcoin was trading at $87,602.36, while ether was trading at $2,932.70, according to price data from CoinDesk.
