Key Takeaways
- • A CoinShares survey of 2,230 affluent investors (holding at least $500,000 in investable assets) across seven developed economies found a majority already own crypto, with digital assets averaging about 10% of portfolios.
- • At least 85% of existing crypto holders in five of the seven countries plan to increase exposure in 2026, while roughly four in ten advised respondents in Switzerland, France, the U.S. and Germany called their advisers overly cautious.
- • Strategy spent $176.3 million repurchasing STRC preferred stock last week, more than six times the $28.7 million it used to buy 334 Bitcoin, bringing holdings to 848,000 BTC.
- • OKX extended a funding round at a reported $25 billion valuation and an OKX-ICE joint venture filed with the SEC to launch tokenized stock trading, subject to regulatory review.
- • Bitcoin's 43% third-quarter gain faces resistance from Treasury yields above 5%, with Bitcoin trading between roughly $83,000 and $87,000 last week.
Summary
Wealthy investors across major developed markets are allocating to digital assets faster than their financial advisers recommend, according to a new CoinShares survey of 2,230 investors with at least $500,000 in investable assets across the United States, United Kingdom, France, Germany, Italy, Sweden and Switzerland. Ownership ranged from 54% in Sweden to around 70% in the U.S., UK, Germany and Switzerland. Ric Edelman, founder of the Digital Assets Council of Financial Professionals, disputed the 10% headline allocation, citing his own research showing 2% to 5% is more representative of current practice, while arguing advisers should consider 10% to 40% depending on risk tolerance.
Bitcoin is attempting to extend its strongest third quarter since 2017, with a 43% gain and a third consecutive weekly advance, according to Delphi Digital, which cautioned that the rally is occurring against real resistance from Treasury yields at multi-decade highs and the Federal Reserve's September rate hike. Bitcoin briefly rose above $87,000 last week before slipping below $83,000 on Wednesday. Vanessa Grellet of Arche Capital argued the debasement trade does not depend on low rates. Rate expectations have also shifted: September payroll growth of 29,000 jobs fell well short of the 80,000 forecast, according to CME FedWatch data, reducing the odds of an October hike, and New York Fed President John Williams said there was no urgency to raise rates again.
OKX extended a funding round at a reported $25 billion valuation without disclosing the amount raised. Participants included Standard Chartered's SC Ventures, Qube Research & Technologies, Ripple and Circle, building on a $200 million investment from Intercontinental Exchange in March. An OKX-ICE joint venture has filed with the SEC to launch a tokenized stock trading platform under the agency's innovation exemption; the filing and any launch timeline remain subject to regulatory review.
Strategy is directing significantly more capital to its preferred stock than to Bitcoin. Per its SEC 8-K filing, the company repurchased 1.77 million STRC shares for $176.3 million last week versus $28.7 million for 334 Bitcoin, bringing holdings to 848,000 BTC. Holdings rose just 0.2% in the third quarter, with 7,218 BTC purchased and 5,553 BTC sold. STRC has recovered to about $99.53 from roughly $75 in late June, near its $100 par value. Strategy has also proposed moving STRC to daily dividends, with STRF, STRK and STRD following, subject to a shareholder vote on October 28. The company said the change would not alter dividend rates or total payment obligations, though it could affect reinvestment timing, liquidity and price stability.
Bitcoin is attempting to extend its strongest third quarter since 2017, with a 43% gain and a third consecutive weekly advance, according to Delphi Digital, which cautioned that the rally is occurring against real resistance from Treasury yields at multi-decade highs and the Federal Reserve's September rate hike. Bitcoin briefly rose above $87,000 last week before slipping below $83,000 on Wednesday. Vanessa Grellet of Arche Capital argued the debasement trade does not depend on low rates. Rate expectations have also shifted: September payroll growth of 29,000 jobs fell well short of the 80,000 forecast, according to CME FedWatch data, reducing the odds of an October hike, and New York Fed President John Williams said there was no urgency to raise rates again.
OKX extended a funding round at a reported $25 billion valuation without disclosing the amount raised. Participants included Standard Chartered's SC Ventures, Qube Research & Technologies, Ripple and Circle, building on a $200 million investment from Intercontinental Exchange in March. An OKX-ICE joint venture has filed with the SEC to launch a tokenized stock trading platform under the agency's innovation exemption; the filing and any launch timeline remain subject to regulatory review.
Strategy is directing significantly more capital to its preferred stock than to Bitcoin. Per its SEC 8-K filing, the company repurchased 1.77 million STRC shares for $176.3 million last week versus $28.7 million for 334 Bitcoin, bringing holdings to 848,000 BTC. Holdings rose just 0.2% in the third quarter, with 7,218 BTC purchased and 5,553 BTC sold. STRC has recovered to about $99.53 from roughly $75 in late June, near its $100 par value. Strategy has also proposed moving STRC to daily dividends, with STRF, STRK and STRD following, subject to a shareholder vote on October 28. The company said the change would not alter dividend rates or total payment obligations, though it could affect reinvestment timing, liquidity and price stability.
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