The Daily: Bitcoin just posted its biggest weekly dollar gain ever, and more

The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.

Happy Monday! Bitcoin is heading back toward $80,000, but QCP Capital analysts say the real test now is whether macro data can sustain a rally initially fueled by short covering, stronger ETF inflows, and shifting Treasury-market conditions.

In today's newsletter, bitcoin records its largest weekly dollar gain in history, Strategy sells $2 billion in MSTR shares and establishes a new "USD Cash" pool, Tom Lee says ether's upside move was "overdue" as Bitmine buys another 32,447 ETH, and more.

Meanwhile, Stand With Crypto ramps up its midterm push with 32 House endorsements.

P.S. Don't forget to check out today's reader poll on alt season later in the newsletter.

Bitcoin records largest weekly dollar gain in history

Bitcoin just posted its largest dollar-denominated weekly gain ever, climbing $14,264 (nearly 25%) to close the week at $77,387.

• The rally, triggered by the Treasury's buyback expansion plans, flipped sentiment from apathy to FOMO, with the Crypto Fear & Greed Index hitting 78 — its highest reading since December 2024.
• Spot bitcoin ETFs also pulled in $1.9 billion in net inflows for the week ended Aug. 21, their biggest haul since the last bull run peak in October 2025.
• Strive CEO Matt Cole said he has a "very strong" conviction that the bitcoin bear market is over, with BTC breaking out against both the dollar and gold.
• Cole predicted the next bitcoin cycle "will be the strongest we have ever seen," pointing to a "hunt for scarcity" in an AI-driven world.
• Analysts also expect bitcoin's run to continue near-term amid ETF inflows and easing liquidity, though BTC Markets' Rachael Lucas cautioned the move could prove fragile if it's driven by leverage rather than spot demand.

Strategy sells $2 billion in MSTR shares, makes no bitcoin purchases, establishes $1.6 billion 'USD Cash' pool

Strategy sold 18.26 million MSTR shares for about $2 billion between Aug. 17 and Aug. 23, but bought and sold no bitcoin, according to an 8-K filing with the SEC on Monday.

• The firm put $136.4 million toward STRC buybacks and $300 million into its USD reserve, lifting it to $5.1 billion, while setting aside the remaining $1.59 billion in a new "USD Cash" pool for general treasury use, including potential bitcoin buys.
• Strategy's holdings remain at 840,447 BTC, now worth around $66 billion with roughly $2.4 billion in paper profit after bitcoin's record weekly surge above $77,000.
• Bernstein said the firm's balance sheet has stabilized and expects Strategy to resume buying bitcoin as STRC climbs back toward its $100 par value, with the preferred currently trading for around $96.
• Meanwhile, fellow bitcoin treasury company Strive acquired 1,110 bitcoin for $81.5 million last week, as its total holdings reach 21,356 BTC.

'Upside move in ETH was overdue,' Tom Lee says as Bitmine buys another 32,447 ether

Tom Lee's Bitmine bought another 32,447 ETH last week, pushing its treasury above 5.85 million ETH (worth around $14.7 billion), equivalent to about 4.8% of ether's circulating supply.

• Lee said ETH's 30% weekly gain, its biggest since May 2025, signals a potential launch point for a larger move, calling the rally "overdue" amid easing financial conditions.
• He tied the move to tailwinds including Wall Street tokenization, agentic AI, White House support for crypto, and the Treasury's long-term bond buying lifting risk appetite.
• Bitmine now stakes over 5 million ETH, around 87% of its holdings, for a projected annual staking revenue of $330 million, and remains the largest ether treasury, ahead of Sharplink and The Ether Machine.

Fasset reaches unicorn status after $68 million raise led by SBI Group

Stablecoin-focused neobanking platform Fasset raised $68 million in a Series C round led by Japan's SBI Group, hitting a $1 billion valuation and unicorn status.

• The LA-based firm will use the funds to expand Own Network, its regulated infrastructure linking banks, payment providers, and liquidity providers across more than 100 banking corridors.
• Fasset also plans to invest in AI-enabled systems for corridor banking, stablecoin settlement, and tokenized assets, with CEO Mohammad Raafi Hossain pitching a vision of "any-to-any banking."
• The round follows Fasset's $51 million Series B in May, and deepens SBI's ties to the company as stablecoins take a bigger role in cross-border payments.

Bernstein says Circle's growth cycle can continue without the Clarity Act, sees 59% upside

Bernstein maintained its Outperform rating and $140 price target on Circle, implying about 59% upside from Friday's $87.98 close, arguing its growth cycle can continue whether or not the Clarity Act passes.

• The firm's analysts said USDC's supply added roughly $1.7 billion in the past week after nearly six months of sideways drift, with the stablecoin used as collateral across DeFi, tokenized equities, RWA perpetuals, and prediction markets.
• They expect Circle's growth to be driven by a shift in the macro regime, real-world blockchain capital markets, stablecoin payment adoption, and emerging use of stablecoins for agentic payments.

In the next 24 hours

• It's quiet on the economic calendar front.
• U.S. FOMC member Thomas Barkin will speak at 8 a.m. and 4 p.m. ET on Tuesday.
• Acala and Plasma are among the crypto projects set for token unlocks.

Reader poll

XRP was last week's top major, up 39% versus bitcoin's 25%. Is altcoin season here?

YES, ALTS ARE BACK

NO, JUST A BLIP

One click records your pick. We'll share the answer in a later edition.

Congratulations to the 68% of you in last Monday's poll who correctly guessed bitcoin would end the week higher after Wednesday's FOMC minutes!

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