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Bitcoin Holds Steady as ONDO Gains Amid US Treasury Yield Surge

Bitcoin’s performance during US hours was marked by sharp interest-rate-driven swings, as the yield on the US 10-year Treasury note pushed to its highest level in nearly two decades. BTC briefly slipped below $83,000 before stabilizing around the mid-$84,000s, underscoring how quickly macro headlines are feeding into crypto sentiment. Among altcoins, Ondo’s token stood out. ONDO reclaimed the $0.50 area for the first time since December 2025, moving higher as BlackRock-backed Ondo Intelligent Portfolios launched on both Ethereum and BNB Chain. Key takeaways Bitcoin dipped briefly below $83,000 before attempting to regain $84,500 as US Treasury yields rose. The US 10-year yield reached 5.18%—its highest since July 2007—while the 30-year yield hit 5.46%. ONDO returned to $0.50, supported by the launch of BlackRock-linked Ondo Intelligent Portfolios. The new Ondo offering supports non-US users and deploys portfolio settlement via CoW Protocol and CoW DAO. FX pressure in Japan, h...
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Strive Outpaces Saylor's Strategy With $86 Million Bitcoin Treasury Push

Strive built its Bitcoin treasury by raising $85.88 million in three trading days. The firm completed three SATA sessions between September 21 and September 23. Analysts estimate the raise funded roughly 1,001 additional coins for its Bitcoin treasury. Strive's Bitcoin Treasury Grows Session By Session Strive opened the week with $27.69 million in net proceeds on September 21. The company sold about 284,000 shares to fund its Bitcoin treasury that day. Trackers estimate the session added 321.97 coins at an average price of $86,001. The pace accelerated on September 22, and the Bitcoin treasury expanded further. Strive raised $36.08 million and sold roughly 370,000 shares. The session added an estimated 418.27 coins at an average price of $86,266. September 23 brought a smaller but steady gain for the Bitcoin treasury. Strive raised $22.11 million and sold about 226,700 shares. The tracker values that day's addition at 261.43 coins, priced near $84,556. Strategy's Bitcoin Tr...
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Crypto Treasury Model Weakens as DAT Premiums Decline, DWF Notes

Digital asset treasury (DAT) companies—public vehicles that hold crypto and aim to finance growth through a trading premium over their crypto holdings—are losing much of their early advantage, according to a report released this week by DWF Ventures. In its analysis of the 20 largest DATs by assets under management, DWF found that only four trade above their “mNAV,” a metric that compares a company’s market value to the value of its underlying crypto holdings. The implication is straightforward: investors appear less willing to pay extra for crypto exposure through listed balance sheets, shrinking one of the model’s key funding mechanisms. Key takeaways Only four of the 20 largest digital asset treasuries trade above mNAV, meaning most trade at discounts to their crypto holdings. DWF links the shift to investors no longer pricing DAT shares at a persistent premium for crypto exposure. DAT stocks have generally struggled to outperform simply holding the underlying cryptocurrency, ...
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Sequans Drops Bitcoin Treasury Plan After Selling Remaining 314 BTC

French semiconductor company Sequans Communications has fully exited its Bitcoin treasury strategy, selling its remaining 314 BTC and leaving the firm with no cryptocurrency holdings. The move completes a process that began after the company ramped up its Bitcoin position in mid-2025 and gradually shifted away from the approach as it adjusted its financing and corporate priorities. According to a statement from Sequans released on Thursday, the exit was tied to the redemption of its convertible debt in May. Management said the company will now refocus on its core cellular Internet-of-Things (IoT) and software-defined radio businesses, with the Bitcoin proceeds previously used to reduce debt and strengthen its balance sheet. Key takeaways Sequans sold its last 314 BTC, finishing a Bitcoin treasury strategy that previously left the company holding more than 3,200 BTC. The company linked the exit to its May redemption of convertible debt, using prior Bitcoin sales to help eliminate th...
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DWF: Crypto Treasury Model Weakens as Stock Premiums Normalize

Digital asset treasury (DAT) companies—publicly traded firms that hold cryptocurrencies and finance additional crypto buys by trading at a premium to their holdings—are losing the advantage that once made the model attractive to investors, according to a report from DWF Ventures released this week. DWF found that among the 20 largest DATs by assets under management, only four trade above their holdings’ value. When the market stops paying that premium, the financing mechanism behind the strategy can weaken, making it harder for these companies to expand without diluting shareholders. Key takeaways According to DWF Ventures, only four of the 20 largest DATs by assets under management trade above an mNAV of 1, indicating a premium over their crypto holdings. The report points to broad discounts as evidence that investors are paying less for public “crypto exposure” than they did when the model was new. DWF says the mNAV premium investors historically paid tends to have peaked when ...
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SoFi Deal Highlights Stablecoins as a Reliable Settlement Rail

Stablecoins are finding a practical use case in payments: not necessarily to change how consumers pay with their cards, but to alter the settlement rail banks use behind the scenes. The latest example comes from SoFi, which says it has begun settling debit and credit card transactions with Mastercard using its SoFiUSD stablecoin. According to a SoFi spokesperson, the bank is migrating its entire card program—expected to process more than $25 billion in annualized volume—to this blockchain-based settlement approach. Importantly, the bank does not expect the change to remove intermediaries from card payments. Instead, it replaces part of the transaction settlement process with an alternative rail designed to complete obligations faster. Key takeaways SoFi is moving settlement of its debit and credit card transactions to Mastercard using its SoFiUSD stablecoin, while card usage for customers remains unchanged. SoFi expects its card program to reach more than $25 billion in annualized ...
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HIFI Secures $37M to Scale Stablecoin Payments and Tokenized Markets

Stablecoin infrastructure firm HIFI has secured $37 million in a Series A funding round led by Left Lane Capital, underscoring how demand for rails that connect crypto stablecoins to traditional payment and capital-market workflows is holding up even as parts of the broader crypto market have cooled. The round marks HIFI’s first priced financing, according to the company’s CEO Zach Walsh, who also said the platform is processing about $7 billion in annualized volume. The company did not disclose a valuation. Key takeaways HIFI raised $37 million in a Series A led by Left Lane Capital, its first priced funding round. The company says it processes roughly $7 billion in annualized volume through its stablecoin infrastructure. Chainalysis data cited in the coverage shows cross-border stablecoin flows rose to $220.3 billion in the 12 months ending June 2026. HIFI is expanding beyond payments into tokenized capital markets, including settlement support for tokenized repo and Treasury...
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