The Daily: Bitcoin records highest monthly close, Coinbase re-enters top 10 public treasury companies with 2,509 BTC buy, and more

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

It's Friday! Despite a record monthly close for bitcoin, the crypto market is kicking off August in the red as traders digest Trump's latest deadline-day tariff announcements and key economic data.

In today's newsletter, Coinbase discloses a 2,509 BTC acquisition, analysts cheer Strategy's "iPhone moment," Metaplanet files a $3.7 billion stock issuance plan to fund further bitcoin accumulation, and more.

Meanwhile, Bernstein says Q2 is the "quarter that doesn't matter" for Coinbase as the crypto exchange's stock tumbles 15% post-earnings.

Let's get started.

Bitcoin records highest monthly close in history despite dip

Bitcoin closed July at $115,644, marking the highest monthly close in its 16-year history despite the recent dip.

• The market quickly absorbed a massive 80,000 BTC ($9 billion) OG whale sale during the month — "a reflection of the market's resilience and growing maturity," according to BTC Markets Crypto Analyst Rachael Lucas.
• "That level of recovery shows there's now a solid foundation of buyers ready to step in, underscoring sustained confidence in bitcoin as an asset," Lucas said. "We're seeing bitcoin hold its ground in the face of macro uncertainty and increased institutional involvement."
• However, LVRG Research Director Nick Ruck warned of continued short-term selling pressure amid ETF outflows, Federal Reserve policy concerns, and Trump tariff woes, but still expects a rebound later this month.
• Despite near-term volatility, the analysts pointed to bitcoin's long-term strength as a scarce, decentralized, and increasingly relevant financial asset.

Coinbase re-enters top 10 public bitcoin treasury companies with 2,509 BTC buy

Coinbase disclosed Thursday it bought 2,509 BTC in Q2 for approximately $222 million, pushing its total holdings to 11,776 BTC ($1.3 billion) and leapfrogging Elon Musk's Tesla in the public company treasury rankings to re-enter the top 10.

• CEO Brian Armstrong reaffirmed the exchange's bullish stance, saying, "Coinbase is long bitcoin … we keep buying more" as the firm now sits on $614 million in unrealized bitcoin gains.
• Despite an expected drop in trading volume and revenue for Q2, Coinbase reported $1.4 billion in net income, boosted by growth from its ETF custody and Base Layer 2 network product lines.
• Coinbase also unveiled plans to become an "everything exchange" in the U.S., offering tokenized stocks, prediction markets, and early-stage token sales onchain.

Analysts cheer Strategy's record Q2 as bitcoin treasury pioneer celebrates its 'iPhone moment'

Strategy reported record Q2 net income of $10 billion and boosted its so-called "BTC $ Gain" to $20 billion, solidifying its position as the top bitcoin treasury firm.

• Executive Chairman Michael Saylor unveiled a new capital strategy centered on Stretch (STRC), a bitcoin-backed perpetual preferred stock he called the company's "iPhone moment."
• Wall Street analysts praised Strategy's mNAV-driven issuance model and capital precision, with multiple firms raising price targets and reiterating their bullish ratings on MSTR.
• Despite a 5% dip in its stock price on Friday, analysts remain confident in Strategy's long-term plan to scale bitcoin-per-share growth through equity innovation and strategic capital raises.

Metaplanet plans $3.7 billion stock issuance by 2027 to fund bitcoin accumulation

Tokyo-listed bitcoin treasury firm Metaplanet filed to issue up to $3.7 billion in new perpetual preferred shares by 2027 to fund its aggressive BTC accumulation plan.

• The proposed raise represents about 75% of its current market cap and would help support the firm's optimistic goal of reaching 210,000 BTC in treasury holdings, up from its current 17,132 BTC.
• However, the plan hinges on shareholder approval at a Sept. 1 meeting to increase the number of authorized shares and create two new preferred share classes.
• These shares would prioritize dividend payouts up to 6% over common shareholders, with proceeds earmarked for bitcoin acquisitions.

Spot Ethereum ETFs post 20th consecutive day of net inflows, marking longest streak since debut

Spot Ethereum ETFs notched their 20th straight day of net inflows on Thursday, pulling in another $17 million to mark their longest streak since launching in July 2024.

• The 20-day run has attracted nearly $5.4 billion in total net inflows, dwarfing the previous $1.4 billion 19-day record and pushing total ETF assets under management to $21.5 billion.
• Analysts said the surge reflects a rotation out of bitcoin, as investors look for greater upside in altcoins, while U.S. issuers race to launch new spot ETFs for assets like Solana, XRP, and Litecoin.

Looking ahead to next week

• Eurozone PPI numbers are released on Tuesday. U.S. mortgage data follow on Wednesday. The Bank of England's latest interest rate decision is due on Thursday alongside U.S. jobless claims figures.
• U.S. FOMC members Mary Daly and Raphael Bostic speak on Wednesday and Thursday, respectively. Bank of England Governor Andrew Bailey will speak on Thursday.
• Ethena, IOTA, EigenLayer, Immutable, and Moca Network are set for token unlocks.

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Disclaimer: This article was produced with the assistance of OpenAI’s ChatGPT 3.5/4 and reviewed and edited by our editorial team.

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