Metaplanet Gets Shareholder Approval

In case you missed it! Our recap of last week’s reports:

• Why is Bitcoin Bearish Despite a Dovish Fed?
• Bybit x Block Scholes July Volatility Review

Daily Updates:

• The sixth largest digital asset treasury for BTC, Metaplanet, announced that it had secured approval from shareholders for a proposal that will allow it to raise as much as $3.8B in order to buy more BTC through the use of preferred shares — shares that combine features of both equity and debt.  
• Earlier last week, the company also announced plans to raise $884M by selling shares overseas. 
• Despite increasing their BTC holdings from 7,800 bitcoins in June 2025 and recently reaching 20,000 bitcoins, shares of Metaplanet have fallen 55% since their Jun 16, 2025 high. However, year-to-date, the stock is still up 145%.
• This purchase pushes its holdings towards the updated year-end goal of 30,000 BTC after already surpassing the goal of 10,000 BTC earlier in 2025. 

• In other crypto news, the native token of the Trump family backed World Liberty Financial DeFi project, WLFI, fell on its first day of trading on major cryptocurrency exchanges such as Binance, OKX, and Bybit, from $0.33 to $0.21, according to data from Coingecko. The token currently trades at $0.24.
• WLFI have since put forward a proposal to use all fees earned by WLFI’s protocol-owned liquidity (POL) to buy back WLFI on the open market and permanently burn it. By reducing circulating supply, the aim is to increase the value of the existing tokens. 

• BTC poised a small recovery over the past 24 hours and has bounced from its $107K low yesterday, to trade at $110K. 
• ETH continued to trade within its range of $4,300 and $4,400 while SOL has outperformed both. 
• Over the past seven days, SOL is up 8%, compared to a 0.6% decline in ETH and a flat BTC. 
• Skew levels across the term structure for BTC have recovered slightly though not enough to change the skew towards put options that we have seen since BTC fell from its ATH in mid-August. 
• Currently, 7-day BTC options have a put-call skew of -2.77%. 
• As we have commented previously, smiles for ETH also suggest traders are cautious of further downward moves in spot, however less so than they are in BTC. ETH skew for 7-day options is at -2.28%. 

• In the US, as treasury markets reopened following the Labor Day holiday, the yield curve steepened slightly. 
• The yield on two-year notes rose 1bps to 3.63%, while longer-tenor yields such as the 10-year yield rose 3bps to 4.26%.
• Meanwhile gold prices hit record highs of $3,508.73 per ounce earlier today during Asian trading hours.
• The last time gold prices recorded record highs was during the April tariff turmoil earlier in the year. Back then, as gold prices rose past $3,500, BTC fell from $110K to $75K. 
• Year to date, gold is up 30% — up by more than both BTC and the S&P 500.

• Ethereum’s developers will shut down the Holesky testnet in September 2025, shutting it down two weeks after the upcoming Ethereum mainnet Fusaka upgrade is finalised on the network, which is proposed for the second half of the month.
• The Fusaka upgrade will advance scalability, security, and efficiency of the network by introducing peer data sampling, spam resistance, optimised cryptographic costs and limits, flexible blob handling, fairer fees, higher gas capacity, and new cryptographic primitives.
• Testnet retirements are routine, with previous testnets such as Kiln, Ropsten, Rinkeby, and Goerli all being switched off.

This Week's Calendar:

Charts of the Day: