Hey crypto addicts,


Michael Saylor says Strategy and Strive can grow alongside each other as both companies pursue Bitcoin-focused treasury strategies. The comments come as Strive continues building its Bitcoin holdings while Strategy remains the largest corporate holder of BTC. Rather than viewing the two companies as direct rivals, Saylor described the growing number of Bitcoin treasury firms as part of a broader expansion of corporate demand for the asset.

The development highlights how Bitcoin treasury strategies are spreading beyond Strategy’s original model. More companies are using equity, debt, and other financing tools to build BTC exposure, creating a growing ecosystem of publicly traded Bitcoin holders. This could also increase competition for capital as investors compare different approaches to holding and financing Bitcoin.

As more corporations adopt Bitcoin treasury strategies, the market is developing a new layer of institutional demand around BTC. Strategy and Strive represent two examples of a broader trend that could continue reshaping how public companies use Bitcoin on their balance sheets. Here’s what you need to know from today’s crypto market.☕

What we’ve covered for you today:

UK crypto firms are facing a regulatory transition as the Financial Conduct Authority prepares to introduce a formal authorization regime for digital-asset businesses. Firms currently operating under the temporary registration framework may be able to continue serving customers while their applications are reviewed, depending on their status and the activities they conduct. The changes are part of the UK’s broader effort to bring crypto services under a more comprehensive regulatory framework.

The FCA has been moving toward stricter requirements covering areas such as governance, financial resources, consumer protection, and financial-crime controls. Companies that do not meet the new authorization requirements could eventually be required to stop providing regulated crypto services in the UK. The transition therefore creates a significant compliance challenge for firms preparing their applications.

The regulatory shift highlights how major crypto markets are moving from temporary registration systems toward formal licensing regimes. For crypto businesses, authorization will increasingly depend on meeting established standards around security, transparency, and risk management. Here’s what you need to know from today’s crypto market.☕

Malaysian authorities have detained 30 people in an investigation into alleged electricity theft linked to illegal Bitcoin mining operations. Police reportedly seized 126 Bitcoin mining machines during raids in Selangor, with the suspects accused of bypassing electricity meters to power mining equipment. Authorities estimate the stolen electricity caused losses of around 500,000 ringgit.

The investigation highlights the growing scrutiny around the energy demands of Bitcoin mining, particularly when operators use unauthorized electricity connections. Malaysia has previously carried out large-scale enforcement actions against illegal mining operations, with authorities warning that power theft can damage the electricity grid and create safety risks. The latest arrests show that enforcement remains a key issue for the country's crypto-mining sector.

The crackdown also reflects the broader challenge facing Bitcoin miners as energy costs, regulation, and access to reliable power become increasingly important to profitability. While legitimate mining operations continue to invest in infrastructure, illegal operators face growing pressure from authorities. Here’s what you need to know from today’s crypto market.☕

Metaplanet’s directors are defending a proposed share plan for CEO Simon Gerovich as the Japanese Bitcoin treasury company seeks to expand its corporate strategy. The plan would give Gerovich the right to acquire additional shares under specific conditions, with the company arguing that the structure is designed to align management incentives with long-term shareholder interests. The proposal comes as Metaplanet continues expanding its Bitcoin holdings and corporate footprint.

The company says the plan could help retain leadership and support the execution of its Bitcoin-focused strategy as the business grows. Metaplanet has increasingly positioned itself as a Bitcoin treasury company, using capital-market financing to acquire BTC while expanding its shareholder base. The proposal has nevertheless drawn attention because of its potential impact on shareholders and corporate governance.

The development highlights how Bitcoin treasury companies are increasingly using sophisticated equity structures to fund growth and align management incentives. As more public companies build BTC exposure, questions around dilution, governance, and executive compensation are becoming an increasingly important part of the strategy. Here’s what you need to know from today’s crypto market.☕

Looking to put your quantitative thinking into practice? We provide the tools and the platform.

With over 700,000 users from around the world, WorldQuant BRAIN enables students and researchers to explore ideas, develop quantitative skills and engage with a global community driven by curiosity.

Find out more about WorldQuant BRAIN®

Base has activated its Cobalt upgrade, introducing new infrastructure aimed at supporting tokenized finance and institutional use cases on the Ethereum Layer 2 network. The upgrade is designed to improve compliance features, including tools for permissioned applications and KYC requirements, while maintaining Base’s existing

Bloomberg is bringing stablecoin data directly to its Terminal through a new onchain data service, giving financial professionals access to information on stablecoin activity alongside traditional market data. The service will provide metrics covering stablecoin supply, transactions, and blockchain activity, making it easier for institutional users to

Petrobras is using Cardano’s blockchain to track sustainable aviation fuel and renewable diesel as part of a pilot focused on improving transparency across the energy supply chain. The system records key production and certification data onchain, allowing participants to verify the origin and sustainability attributes of fuels.

👇 All completely free, one click to subscribe.