Block 1: Essential news
Bullish: first IPO settled in stablecoins
The Bullish crypto platform made history by becoming the first company to receive the proceeds from its initial public offering entirely in stablecoins. During its IPO in the United States, it raised $1.15bn... paid in USDC, EURC, PYUSD and USDG — mainly via the Solana blockchain. This settlement in digital assets reflects Bullish's stated strategy of making stablecoins a central lever of its operations, particularly for fast and inexpensive international payments. For its CFO, David Bonanno, this initiative demonstrates the combined power of Bullish's infrastructure and stablecoin liquidity in the market. With a current market capitalization of $9.19bn, Bullish continues to stand out in the crypto ecosystem by combining financial innovation with the practical adoption of stablecoins.
Switzerland: Spar accepts cryptocurrencies in over 100 stores
The Spar chain now allows customers to pay for their groceries in crypto in around 100 stores in Switzerland. Thanks to a partnership with Binance Pay and fintech DFX, customers can pay with Bitcoin, stablecoins, and more than 100 other cryptocurrencies with no transaction fees. This national initiative follows a successful trial in Zug, where Lightning payments attracted merchants and consumers with commission fees reduced by two-thirds. At Spar, cryptocurrencies are immediately converted into fiat currency, avoiding any volatility. The group aims to equip its 300 stores in Switzerland in the coming months. This is yet another sign that Switzerland is establishing itself as a preferred location for everyday cryptocurrency use.
BTCS pays out unprecedented dividend... in ether (ETH)
BTCS, one of the first Ethereum Treasury Companies listed in the US, will pay a dividend in ETH to its shareholders — a world first. This "bividend," a contraction of "blockchain" and "dividend," will amount to $0.05 per share, paid in ETH to an address provided in advance. But that's not all: a loyalty bonus of $0.35 per share will be awarded to shareholders who register their shares before September 26 and hold them until January 26, 2026. The stated objective is to reward long-term ownership and limit abusive short selling. The company currently holds 70,140 ETH, valued at $293.5m, which is more than its own market capitalization ($203m). This hybrid model combining crypto dividends and Ethereum cash management could well inspire others.
Paul Atkins wants to protect crypto from "regulatory excesses"
With Paul Atkins taking the helm at the SEC, US crypto is entering a new era. Gone are the Gensler years and the systematic hunt for "financial securities" — the new chairman wants to protect the market from regulatory abuse. At the Wyoming Blockchain Symposium, Atkins reaffirmed that the majority of tokens are not securities. He further clarified this on X: "We need to create a clear framework that protects crypto innovation from regulatory overreach." This shift is directly inspired by the recommendations of the Trump administration, which intends to make the US the global capital of crypto.
We must craft a framework that future proofs the crypto markets against regulatory mischief. I look forward to working with my counterparts across the Administration and Congress to get the job done.
— Paul Atkins (@SECPaulSAtkins) August 19, 2025
Block 2: Crypto Analysis of the week
At the end of July, Saylor promised a red line: no more new shares would be issued if Strategy's (formerly MicroStrategy) share price fell below 2.5x the value of its bitcoin holdings, except to pay debt interest or preferred dividends.
This meant that he was looking at the ratio between:
- The total value of its bitcoins (called "intrinsic value" or NAV – Net Asset Value).
- Strategy's market capitalization (what the company is worth on the stock market).
If Strategy's stock is trading at least 2.5x the value of its bitcoin holdings, then the company can sell new shares. If not, it normally refrains from doing so. This is a way to reassure investors who have been exhausted by years of continuous dilution.
Example:
- Investors pay $25 in shares for every $10 of bitcoin held by the company.
- With the $25 raised, Strategy can buy $25 worth of actual BTC, meaning that each new share allows it to buy more bitcoins than it already represents.
This is what Saylor calls his "secret weapon": using the market premium to buy bitcoin at a discount. This "cushion" — which Saylor calls the mNAV premium — was the group's ultimate financing weapon. By selling its shares well above the value of its bitcoin, Strategy was able to raise cash at a high price and buy even more BTC... at a discount.
(Article analyzing the mNAV premium: Bitcoin's fatal trap)
But no sooner had the rule been established than it began to crack. The company now also allows itself to sell shares even below this threshold, "when deemed advantageous to the company. " Translation: flexibility is taking precedence over discipline.
The Bitcoin machine is slowing down
The timing is not insignificant. While Strategy built its legend on massive BTC purchases, the pace is slowing down. In the week of August 17, the company bought "only" 430 bitcoins ($51.4 million). The previous week: 155 BTC. This is in stark contrast to the frenzied buying campaigns that made Saylor the icon of the "Bitcoin standard."
In total, Strategy holds around $72 billion in Bitcoin. But while the crypto market continues to climb (+23% for BTC since November 20), Strategy's stock is falling (-20% over the same period). This decline is undermining confidence. Over a rolling three-month period, bitcoin is up 2.3%, while Strategy's stock is down 13%.
MarketScreener
Investor doubts
Faced with this poor performance, skeptics are coming out of the woodwork. Short seller Jim Chanos questions the real demand for the four series of preferred shares that Strategy has put on the table. Will they be enough to fill the gap created by the (partial) halt in common stock issuance?
Meanwhile, Bitcoin spot ETFs are draining capital, and a host of crypto-treasury companies are trying to copy Strategy's formula. The historic premium enjoyed by Saylor is eroding.
An empire built on a premium
Let's recap. When MicroStrategy began buying bitcoin in 2020, its shares skyrocketed, at times reaching a 200% premium over the value of its reserves. This valuation bubble allowed Saylor to raise tens of billions of dollars in new shares and transform a low-profile software company into a publicly traded bitcoin proxy.
But this mechanism relies on one condition: that investors continue to pay a premium. As that premium shrinks, the equation changes.
The quest for alternative financing
To limit dilution, Strategy has explored other tools, such as convertible bonds and perpetual preferred shares. On paper, these avoid diluting existing shareholders. In practice, however, they add new costs: debt repayment for convertibles and high dividends for preferred shares.
In short, the balance is precarious. The quest for "unlimited" bitcoin is coming up against the very tangible constraints of traditional finance.
Saylor faces his paradox
Michael Saylor had vowed to bet everything on a unique model, straddling the line between financial innovation and an all-in gamble on bitcoin. But the course correction reveals a truth: even the bitcoin empire needs cash, and the market has its moods.
It remains to be seen whether Saylor's aura will be enough to rekindle the premium that made him so powerful. Without it, Strategy will become just another company, stuck between its debts, its dividends... and the unyielding volatility of bitcoin.
Cryptocurrency rankings (Click to enlarge)
Block 3: Readings of the week
World Liberty Financial, backed by the Trump family, creates a $1.5 billion crypto treasury (Wired)
Crypto crises are coming (Project Syndicate)
