The Daily: Strategy's CEO says selling bitcoin low and buying high was the 'right trade,' and more

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

Happy Wednesday! Bitcoin is holding near $77,000 despite surging global bond yields and renewed U.S.-Iran tensions, with analysts pointing to light leverage and strong ETF demand as signs of resilience after August’s 25% rally.

In today's newsletter, Strategy CEO Phong Le explains why the firm sold bitcoin low and bought it high, G20 finance leaders agree to establish clearer rules for digital assets, Kalshi and Polymarket see their monthly volumes drop for the first time in a year, and more.

Meanwhile, buying memecoins with credit cards on Robinhood Wallet and Fomo appears to sidestep card-network crypto rules, Zack Abrams reports in The Block's latest feature piece.

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

Strategy CEO says selling bitcoin at $60,000 before buying at $80,000 was the 'right trade'

Strategy CEO Phong Le defended selling roughly 7,000 BTC in the $60,000 to $65,000 range before buying back around $80,000, saying the decisions were driven by capital costs rather than bitcoin's price.

• "It was the right trade at the time to sell bitcoin to fund some of our Stretch dividends," Le said in a Bloomberg TV interview. "It's the right trade at this point in time to sell MSTR at a premium to buy bitcoin."
• The company had paused buying for about 10 weeks to shore up its balance sheet, cutting net debt from roughly $7 billion to zero and building about $7 billion in cash reserves.
• The bitcoin Strategy sold during the buying pause represented less than 1% of its treasury, Le said, noting that the company had increased its holdings by about 30% this year.
• Strategy then resumed buying last week, acquiring 4,603 BTC for about $369.7 million at an average price of $80,318, lifting its total holdings to 845,050 BTC, worth roughly $65 billion.
• Le called Strategy a "net accumulator" now running a "two-way strategy," and said it could keep buying at $90,000, $100,000, or even $130,000 if the economics remain attractive.

G20 finance leaders vow to establish 'clear pathways' for digital assets innovation

G20 finance ministers and central bank governors pledged to set clearer rules for digital assets, acknowledging they can support "broad-based economic growth" and play a key role in driving private sector innovation.

• In a statement after a two-day meeting in Asheville, North Carolina, the officials committed to frameworks that establish "clear pathways" for digital asset innovation while preserving financial stability.
• They said they're awaiting forthcoming Financial Stability Board findings on the cross-border implications of global stablecoin arrangements, as well as stablecoin data sources, availability, and potential challenges.
• The G20 also reaffirmed its cross-border payments roadmap and urged members to extend large-value payment system operating hours, as the U.S., EU, and Japan build out their own digital asset frameworks.

Kalshi and Polymarket's combined volume falls 15% in August, first monthly decline in a year

Combined volume at Kalshi, Polymarket, and Polymarket US fell 14.5% in August to $45.3 billion, the first monthly decline in a year after a FIFA World Cup-driven summer surge.

• Kalshi drew $37.2 billion (down 7.3% from July), while Polymarket and its U.S. platform saw a combined $8.2 billion, down a sharper 36.7%, though total volume stayed well above May's $25.7 billion.
• The pullback comes as both platforms face mounting state scrutiny over sports contracts, with over a dozen states now having taken enforcement action or sued the firms.
• Kalshi is still expanding its footprint in sports regardless, recently becoming the U.S. Open's exclusive prediction market partner.

Adam Back invests another $8.8 million in Capital B as bitcoin treasury firm targets 3,521 BTC

French bitcoin treasury firm Capital B raised €7.6 million ($8.8 million) from Adam Back in a private share placement priced at a 15.4% premium to the Sept. 1 closing price.

• The proceeds and ongoing operations could fund another 376 BTC, the firm said, lifting Capital B's potential holdings to 3,521 BTC from 3,145 BTC, ranking it 26th among the public companies tracked by Bitcoin Treasuries.
• Back's stake will rise to 17.77% from 14.82% with the issuance, and could reach 27.8% if all the attached warrants are exercised, which would bring the company another €49.4 million ($57 million).
• The deal follows a €15.2 million ($18 million) raise in May that included Back, as Capital B also explores a European bitcoin-backed credit instrument modeled on Strategy's STRC.

Hyperliquid Strategies expands equity facility to $2.5 billion

Hyperliquid Strategies expanded its committed equity facility with Chardan Capital Markets to $2.5 billion from $1 billion, giving it room to sell more stock to fund its HYPE treasury.

• The firm has already sold about $647 million of shares under the agreement as of June 30, and held roughly 29.4 million HYPE tokens as of Aug. 23.
• Its Nasdaq-listed shares closed down 7.3% on Tuesday at $11.36 but remain up 73% over the past month and 230% year to date.

In the next 24 hours

• U.S. jobless claims data are due at 8:30 a.m. ET on Thursday.
• U.S. Federal Reserve board member Christopher Waller speaks at 8:30 a.m.
• Aerodrome Finance and Aurora are among the crypto projects set for token unlocks.
• NFT.NYC concludes. Global Blockchain Congress 2026 kicks off in London.

Reader poll

Strategy's CEO defended selling bitcoin low to buy it back higher as the "right trade." Agree?

YES, SMART CAPITAL MANAGEMENT

NO, THAT'S BACKWARDS

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

*Some 55% of respondents in last Wednesday's poll agreed that Fed Chair Kevin Warsh would lean hawkish in his first Jackson Hole speech.

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