Bitcoin Magazine
Coinbase CEO Brian Armstrong Says Clarity Act Will Pass — And That Bitcoin Bottom Is In
Coinbase CEO Brian Armstrong has said that bitcoin’s bottom is in and reiterated that the coin will hit $400,000 by 2030.
Speaking on CNBC Thursday, the head of America’s biggest crypto exchange said that he was confident the long-awaited crypto Clarity Act would pass next week.
Bitcoin was trading sluggishly throughout June and July but started surging in August, spurred on by positive regulatory news. Over a 30-day period, the largest cryptocurrency is currently up over 20%.
JUST IN: Coinbase CEO Brian Armstrong tells CNBC the Bitcoin "bottom is in" and BTC hitting $400,000 by 2030 is a "reasonable target"
— Bitcoin Magazine (@BitcoinMagazine) September 10, 2026
“[$400,000] is a reasonable target by 2030, and if you follow crypto, you know it typically goes through these four-year-ish cycles: there’ll be a run-up, some euphoria, there’ll be a down period,” Armstrong said.
“Most of the down periods last about a year, and we’ve actually just come across the one-year mark for this down period, so I personally believe that the bottom is in.”
Bitcoin was recently trading for close to $77,318 per coin. It hit a new all-time high of $126,080 in October.
Market observers have been paying attention to the long-awaited Clarity Act this year. The bill drafts a framework to formally divide oversight between regulators, distinguishing which digital assets are securities, commodities or stablecoins. The crypto industry has long called for such rules to be in place.
Senators will vote on the long-awaited legislation next week after an August delay.
U.S. President Trump helped spur a surge in the bitcoin price when he hosted crypto executives and traditional finance bigwigs at the White House and urged lawmakers to move forward with the bill.
Armstrong said on Thursday that he was confident the bill would get through — and help unlock new capital as a result.
“We saw with the Genius Act that passed last year for stablecoins: in the wake of that legislation passing, we saw well over 150 large companies integrate stablecoins within just a three-month period,” he said.
“And I think something similar could happen with the Clarity Act passing — it’s a regulatory checkbox, it’d be a big milestone certainly to unlock institutional capital and to bring things like tokenized equities and perks to the United States, which would be very good.”
This post Coinbase CEO Brian Armstrong Says Clarity Act Will Pass — And That Bitcoin Bottom Is In first appeared on Bitcoin Magazine and is written by Mathew Di Salvo.
Brian Armstrong, Coinbase’s CEO, said Bitcoin reaching $400,000 by 2030 is a reasonable target, and described the $300,000-$400,000 range as very likely to be hit within that window, in a CNBC Squawk Box Asia segment. The call is Armstrong’s personal read on where Bitcoin’s price could land, not a formal Coinbase corporate forecast or a consensus market call.
Armstrong is the CEO of the largest U.S. crypto exchange, and his outlook carries weight because it’s grounded in policy developments he’s directly involved in shaping, not a spreadsheet model he’s publishing for Coinbase clients.
Coinbase CEO Brian Armstrong says Bitcoin could realistically reach $400,000 by 2030.
— Crypto Emperor (@Cryptoemperor06) September 10, 2026
That would put BTC at nearly 5x its current level, reflecting his long-term conviction in institutional adoption and Bitcoin’s growing role in the global financial system. pic.twitter.com/AHn42RaKLB
In the clip, Armstrong walked through the CLARITY Act and what greater regulatory clarity could mean for the crypto industry as a whole, tying the legislation to the pace at which institutional capital moves into digital assets. He also said he believes the Bitcoin trade has already bottomed and expects upside as pressure continues to build in global bond markets.
That bond-market framing is the more interesting piece for traders parsing his logic. Armstrong is effectively arguing that stress in sovereign debt markets pushes capital toward scarce, non-sovereign assets, a thesis long-time Bitcoin holders have made for years.
Coinbase itself sits at the center of that flow, and Armstrong’s comments arrive as the exchange continues pushing regulators toward a clearer rulebook for digital assets, a topic covered in more detail in our look at how regulatory clarity could unlock institutional capital.
Neither the CNBC segment nor Armstrong’s remarks lay out a specific valuation model, a probability weighting, or a precise timeline for the bottom he says has already formed; the forecast is directional conviction.
Discover: The Best Token Presales
The CLARITY Act has become shorthand in these conversations for the broader push to define how digital assets get regulated in the U.S. Armstrong’s decision to lead with it signals where he thinks the real re-rating catalyst sits.
— Coin Bureau (@coinbureau) September 10, 2026
“If it passes, we get legislation,”
“If it doesn’t pass, the SEC and CFTC are ready to issue rules.”
Armstrong said the Sept. 15 Senate vote will bring regulatory clarity… pic.twitter.com/A38qUeLF7d
His argument, as framed in the CNBC segment, links clearer rules directly to wider institutional adoption. The logic being that large allocators need defined jurisdiction and compliance guardrails before committing larger positions to Bitcoin meaningfully.
That’s a familiar setup for anyone who traded through prior Bitcoin price prediction cycles tied to ETF approvals: the asset doesn’t need the legislation to pass to rally, but sustained institutional flow tends to follow policy certainty rather than lead it.
Earn $50 and Enter $300K Prize Draw on EdgeXArmstrong’s comments don’t reference a specific pending vote or implementation deadline, so traders shouldn’t treat passage of any legislation as imminent based on this interview alone. The more relevant variable in the near term is whether Bitcoin can confirm the bottom Armstrong referenced.
Until regulatory outcomes firm up, Armstrong’s $400,000 figure functions as a directional marker rather than a tradable price level, the kind of long-dated target that shapes positioning sentiment more than it dictates entries.
Whether it holds up depends less on Coinbase’s own roadmap and more on how quickly institutional capital and policy clarity actually materialize over the next several years.
Trade Crypto on Bybit and Get a Chance to Win Our $1,000 USDT AirdropThe post Bitcoin News: Bond Stress and Regulation Shape Armstrong’s $400K BTC Prediction appeared first on Cryptonews.
Bitcoin Magazine
VerifiedX Launches $15 Million Financing Round to Deploy Institutional Bitcoin Infrastructure
VerifiedX (verifiedx.io), the programmable financial operating system for Bitcoin and intelligent assets, today announced that its Foundation has launched a $15 million financing round and the first institutional investors have already invested. Initial capital will fund VerifiedX’s institutional Bitcoin distribution.
Cantor Fitzgerald is serving as VerifiedX’s investment banking partner in connection with the financing. The Foundation is not yet disclosing the identities or terms of the initial investors.
Part of the capital is allocated to expand custody relationships with partners including BitGo, the digital-asset custodian listed on the New York Stock Exchange, which will hold vBTC (VerifiedX’s Bitcoin-collateralized token) and vBTC.b (its counterpart on Base, Coinbase’s Ethereum layer-2 network). BitGo is a qualified custodian, meaning U.S. custody rules allow registered investment advisers to hold client assets there.
The capital also funds listings. Tier-one centralized exchanges will be listing vBTC and VFX, VerifiedX’s native token, with a first announcement expected within weeks. The round also supports borrow-and-lend programs: facilities that let a holder borrow against Bitcoin, or lend it out for a return, without sacrificing ownership or locking redemption rights.
“Nearly every way to put Bitcoin to work on-chain today asks the holder to swap it for someone else’s IOU. It’s the reason less than 1% of all Bitcoin held by institutions is earning any yield. vBTC is a game-changer in that regard, and this round funds the custody, exchange and lending rails that will allow institutions to use vBTC and natively turn their Bitcoin into productive financial capital,” said Brian May, a member of the VerifiedX Foundation.
With a wrapped Bitcoin token, the industry’s usual route, the holder hands Bitcoin to a custodian, or to a small group of signers acting together, and receives an off-chain representation on another network. The stand-in is only as good as whoever holds the Bitcoin behind it.
vBTC is built the other way around. When a holder creates a vBTC token, the VerifiedX network generates a unique native Bitcoin address inside each token and the holder deposits Bitcoin to their own self-custodial deposit address. The Bitcoin stays in that address, visible on Bitcoin’s own ledger and never leaves the Bitcoin ecosystem. Deposits and withdrawals are authorized by threshold signatures spread across VerifiedX’s validators, so no single party holds the key, and a holder that would rather not rely on the network’s validators can run its own and restrict signing to their own validators exclusively. The holder can redeem to native Bitcoin at any time. A holder can use vBTC for payments, trading, as collateral, in lending or in treasury. vBTC.b puts the same design on Base, so the asset can be used in applications there non-synthetically.
About VerifiedX
VerifiedX is a financial operating system for Bitcoin, intelligent, and alternative assets, enabling self-custodial ownership, instant settlement, programmable finance, native Bitcoin utility, and agentic financial infrastructure. Through products including vBTC, BFLY, and PulseXAI, VerifiedX connects institutions, users, and autonomous systems through a unified blockchain ecosystem framework.
Its ecosystem includes:
Further VerifiedX Inquiries:
Website: https://verifiedx.io/
Discord: https://discord.gg/7cd5ebDQCj
X: https://twitter.com/vfxblockchain
Github: https://github.com/verifiedxblockchain
Email: info@verifiedx.io
PulseXAI and BFLY are trademarks of VerifiedX. Copyright 2026 VerifiedX. All rights reserved.
This post VerifiedX Launches $15 Million Financing Round to Deploy Institutional Bitcoin Infrastructure first appeared on Bitcoin Magazine and is written by Bitcoin Magazine.
Why Strategy can trade at a 19 percent discount and an 8 percent premium on the same day.
On 5 September 2026, the tracker BitcoinTreasuries.net showed Strategy, the world’s largest corporate holder of bitcoin, trading at 0.81x mNAV. The same page, on the same day, also showed it at 1.08x.¹
One number says the market values the company at a 19 percent discount to the bitcoin it owns. The other says the market values it at an 8 percent premium. Neither is a mistake. They are two of the three formulas in circulation, all wearing the same name.
Anyone trying to understand bitcoin treasury companies runs into mNAV within about five minutes and into the confusion above within about ten. What follows is an attempt to make the metric legible, including where to find the raw numbers so you never have to take a dashboard’s word for it.
Net asset value is a dollar amount. For a treasury company, it is roughly the value of the crypto it holds, plus cash, minus debt. A company with 1,000 bitcoin at $100,000 each and $20 million of debt has a NAV of $80 million.
mNAV is a ratio built on top of that idea. It divides what the market says the company is worth by what the company’s crypto is worth.
Notice the sleight of hand in that sentence. The denominator is the gross value of the crypto, not the net asset value just defined. Nothing is subtracted from it. Every argument in this piece is about the numerator, and the debt that a real NAV would net off has to be smuggled into the top of the fraction instead. Strategy says as much in its own glossary, which states that although the metric carries the label NAV, it is not net asset value in the traditional financial sense.²
The acronym also has two competing expansions. Bitcoin Magazine’s glossary entry, the most detailed explainer currently available, defines mNAV as “market net asset value” and presents it as a per-share dollar figure. Its page also discloses that the publisher is a subsidiary of a company that is itself a bitcoin treasury vehicle, which readers can weigh as they see fit.³ Strategy, Metaplanet, and every major tracker use “multiple of net asset value” and present it as a ratio.² If the number has a dollar sign in front of it, you are looking at the first kind. If it ends in an x, you are looking at the second. The rest of this piece uses the ratio.
The simplest version:
mNAV = market capitalization ÷ (coins held × spot price)
A company holds 1,000 bitcoin. Bitcoin is $100,000, so the crypto is worth $100 million. The company has 10 million shares trading at $12, so its market capitalization is $120 million.
mNAV = $120 million ÷ $100 million = 1.2x
Buyers are paying $1.20 for every dollar of bitcoin the company owns.
The number moves constantly, because both halves move independently. The stock reprices all day, and so does the coin. mNAV is a live figure, not a quarterly one.
Everyone agrees on the bottom half of the fraction. The argument is about the top half, and specifically about what counts as the company’s value. Three answers are in common circulation, and on 5 September 2026 Strategy had all three at once: 0.81x, 0.82x and 1.08x.¹
Basic mNAV uses market capitalization, meaning today’s share price multiplied by the shares that exist today. It answers a shareholder’s question. If I own the common stock, what am I paying for each dollar of the company’s bitcoin? Strategy’s basic figure of 0.81x says the common stock was priced 19 cents below every dollar of bitcoin behind it.
Fully diluted mNAV keeps the same idea but enlarges the share count to include shares that could exist. Employee options, warrants and convertible bonds all turn into stock under the right conditions, and each new share carves the same pile of bitcoin into thinner slices.
Strategy’s diluted figure of 0.82x sits almost on top of its basic figure, and the reason is worth spelling out. A convertible bond only becomes stock if the share price rises above an agreed level. Below that level, the conversion right is worthless, the bond stays a bond, and the company has to repay it in cash. Bonds in that state are described as out of the money. Most of Strategy’s convertibles were out of the money in September 2026, so the extra shares existed only on paper, and counting them barely moved the ratio.
Enterprise-value mNAV widens the numerator instead of the share count. It adds total debt and the value of preferred stock, then subtracts cash, which is the standard way of asking what the whole business costs rather than what one slice of it costs.
The choice of default matters because it changes what the public sees. BitcoinTreasuries.net, a widely cited public tracker of corporate bitcoin holdings, switched its default to enterprise value in June 2026. It defines the numerator as the market value of all share classes, plus total debt, plus the notional value of perpetual preferred shares, minus cash.¹ Metaplanet, the Tokyo-listed company that has followed Strategy’s playbook most closely, publishes a similar version on its own site: market capitalization plus total debt, divided by bitcoin NAV.⁴
The gap between the equity-only figure and the enterprise-value figure comes down to who has a claim on the coins before shareholders do.
Scale the bitcoin down to $100 to make the arithmetic readable. Enterprise value counts everything, meaning the stock plus what the company owes minus the cash it holds, and at 1.08x, the market priced all of that at $108 against $100 of bitcoin. Basic mNAV counts only the stock, and at 0.81x the market priced the shares at $81.
Subtract one from the other, and the difference is $27. The $27 is what the company owes bondholders and preferred shareholders, net of its cash. Lenders sit ahead of shareholders in the queue, so $27 of every $100 of bitcoin is spoken for before common shareholders get anything, leaving $73.
The result is worth sitting with. The shares trade at $81 against a residual claim of roughly $73. The stock that looked like a 19 percent discount to bitcoin is, once the debt is counted, priced at about 1.11 times the bitcoin actually left for shareholders.
Two things cut the other way. Preferred stock enters the enterprise-value numerator at its notional amount, which is what it says on the certificate rather than what it trades for, so if the preferred changes hands below par, the real senior claim is smaller than $27. And shareholders own the operating software business, which sits in neither figure. The residual is therefore somewhat larger than $73, and how much larger is exactly the question mNAV is not built to answer.
The choice depends on what you are asking, and the most useful information is in the gap between them rather than in either one.
Use enterprise value to judge the business. It asks what the market thinks the whole enterprise is worth against the coins it holds, without caring how the claims on it are divided. For comparing one treasury company to another, it is the fairer number, which is why the main public tracker adopted it as its default.
Use the basic or fully diluted figure to judge the stock, because it describes the thing you would actually be buying. Just do not read it alone. On its own, it flatters a heavily indebted company, as the $ 81-against-$73 example above shows.
Use the gap between the two to size the leverage. A company where the two figures nearly touch has little debt. A company where they are far apart has a lot, and the wider the gap, the more the shareholder’s outcome depends on what happens to the debt rather than on what happens to bitcoin.
Worth noticing what all of this implies. A treasury company with no debt, no preferred stock, and no options, warrants, or convertibles would have all three figures land on the same number. The whole argument exists only because these companies are leveraged, so the spread between the definitions is not really a flaw in the metric. It measures how much the company owes.
A single treasury stock can look like a bargain or a bubble depending on nothing but the share count in the denominator. DefiLlama, a crypto data aggregator that publishes three share-count lenses side by side rather than picking one, showed one such stock reading either 0.06x or 5.27x. Both were arithmetically correct.⁵
The disagreement is not confined to obscure stocks either. On 5 September 2026, two widely read trackers reported Metaplanet on the same day. BitcoinTreasuries.net had it at 0.60x. mnav.com had it at 1.21x.⁶ One of those figures says the market values the company at a steep discount to its bitcoin, and the other says it commands a healthy premium. The likely causes are different coin counts, different share counts, yen conversion and timing, and anyone quoting one figure without the other is presenting a choice as a fact.
Convertible debt is the sharpest disagreement of all, because it can land in either half of the fraction depending on who is calculating. Many trackers treat it as equity automatically and fold it into the share count. Greg Cipolaro is Global Head of Research at NYDIG, an institutional bitcoin financial services firm, which makes his objection notable because the criticism comes from inside the bitcoin industry rather than from a skeptic outside it. He argues the automatic treatment is wrong on both accounting and economic grounds, because a holder of an out-of-the-money convertible wants cash back, not shares.⁷
The practical rule: an mNAV figure means nothing without a method and a date attached.
Everything above concerns disagreements between outside trackers. There is a second problem, and it is why you should be careful with any figure a treasury company publishes about itself. Strategy has redefined mNAV twice, and both times the new definition produced a higher number than the old one.
Strategy’s basic mNAV fell below 1.0x first. The company then moved to the enterprise-value definition, which folds debt and preferred stock into the numerator and therefore reports a larger figure, keeping its published mNAV above 1.0x for a while longer. Enterprise-value mNAV then crossed below 1.0x too, around late June 2026.⁸
On 23 July 2026, the company changed the formula again, this time to share price divided by net bitcoin per share. The new denominator strips out everything owed to senior claimants before counting the bitcoin:
bitcoin reserve ~ $55.6 billion
plus USD reserve ~ $3.2 billion
minus out-of-the-money convertible debt ~ $6.8 billion
minus notional preferred stock ~ $15.5 billion
= net reserve ~ $36.6 billion
The $22.3 billion of convertible debt and preferred is what Strategy calls its senior claims, the money that ranks ahead of common shareholders if the company is ever wound up. A smaller denominator produces a bigger ratio, so under the new formula Strategy’s mNAV read just above 1.0x, while outside trackers using the basic method still showed roughly 0.68x.⁹
Here is the awkward part, and it cuts against reading the change as pure spin. The new formula is the same calculation as the $ 81-against-$73 comparison earlier. Both put the share price over the bitcoin that survives the senior claims. The definition Strategy adopted to keep its number above 1.0x is also, arguably, the most honest of the three for a shareholder deciding what a share is worth. Whether the company arrived at it for that reason or for the number it produced is not something the filings can settle.
The same notional problem applies here too, and Strategy’s flagship preferred series was trading below its $100 par at the time, so the deduction is larger than the market’s own view of that claim.¹⁰ Strategy’s own glossary also states that figures published before and after 23 July 2026 are not comparable, so every mNAV the company put out before that date sits on a different basis from the one on its website today.² A company-published mNAV and a tracker-published mNAV are not the same measurement and should never be plotted on the same chart.
Strategy and Metaplanet both trade at a discount today, but for most of the last three years they did not. Understanding why the premium existed is the fastest route to understanding why it went away.
If you can buy a spot bitcoin ETF, paying $1.50 for a dollar of someone else’s bitcoin needs a reason. Four have been offered.
A company trading above 1.0x can sell new shares, spend the proceeds on coins, and leave every existing shareholder with more bitcoin per share than they started with.
What matters here is that the mechanism is circular. The premium is worth something because it can be converted into bitcoin per share, and only for as long as the premium lasts. A rising price justifies the issuance, and the issuance justifies the price, on the way up and on the way down alike.
An ETF holds one dollar of bitcoin for every dollar you put in. A treasury company borrows, so it holds more.
Say a company raises $1,000 from shareholders, borrows another $500, and spends all $1,500 on bitcoin. Your $1,000 is now backing $1,500 of coins.
If bitcoin doubles, the pile is worth $3,000. The company repays the $500 it borrowed, and $2,500 is left for shareholders. You turned $1,000 into $2,500 while the ETF holder turned $1,000 into $2,000.
The same arithmetic runs the other way. If bitcoin halves, the pile is worth $750, the $500 loan still has to be repaid, and $250 is left. You lost 75 percent while the ETF holder lost 50 percent. Borrowed money magnifies both directions, which is the entire trade.
The borrowing was also unusually cheap. Treasury companies raised most of it through convertible bonds, which lenders can swap for shares instead of taking cash back if the price climbs above an agreed level. The swap right is worth more the more the stock jumps around, and Treasury stocks jump around a great deal, so some of these bonds were issued at zero interest. Shareholders got the leverage without paying a coupon for it.
Leverage does not create a premium by itself. In the example above, the market capitalization is $1,000, and the gross bitcoin is $1,500, so the basic mNAV on day one is 0.67x. Borrowing raises the denominator without raising the numerator, so leverage mechanically pushes the basic figure down, which is the same effect visible in Strategy’s $81 against $108. What leverage justifies is paying more than a dollar for each dollar of the residual claim. It cannot on its own explain a market capitalization above the gross value of the coins, which is what a premium means.
Plenty of money is not allowed to touch crypto directly. Pension mandates, index funds, and various institutional rules block it.
A treasury company is an ordinary listed stock, so it slips past those rules. Once it joins a major index, funds that track the index have to buy it whether they wanted crypto exposure or not.
Analysts at JPMorgan made the same point about smaller investors, noting that Strategy shares offered bitcoin exposure to people who were barred from buying spot bitcoin ETFs.¹¹ A premium is what you pay for a door that is otherwise closed to you.
Once a stock is popular and volatile, other funds get built on top of it. Several exchange-traded funds exist for no purpose other than to deliver twice the daily move of Strategy’s share price, and to do that they have to own the stock. Every dollar that goes into one of those funds becomes a dollar buying Strategy shares.
The amounts are not small. Analysts at JPMorgan found that those funds took in $3.4 billion in November 2024 alone, and credited them with much of the near 60 percent rise in Strategy’s share price that month.¹¹ A higher share price let Strategy sell new stock on better terms and buy more bitcoin with the money. Demand for the funds fed the company, and the company’s buying fed the story that made the funds popular in the first place.
The flywheel stalls below 1.0x. Lenders can stop offering cheap terms. Index providers can drop the stock. Funds can shrink as fast as they grew. The premium lasted exactly as long as the reasons behind it did.
Above 1.0x, selling shares to buy coins makes every existing shareholder richer in coin terms. Below 1.0x, the same action makes them poorer.
To see it, take a company simple enough that the numbers stay clean. It holds 1,000 bitcoin, has no debt, and has 1,000 shares. Each share therefore backs exactly 1 bitcoin. With bitcoin at $100,000, each share is worth $100,000.
Now the company sells 100 new shares and spends everything it raises on bitcoin. The only difference between the two cases below is the price the shares fetch.
At 1.5x mNAV, the market values each share at $150,000, even though only $100,000 of bitcoin sits behind it.
sell 100 shares at $150,000 = $15,000,000 raised
buy bitcoin at $100,000 = 150 bitcoin
bitcoin held 1,000 → 1,150
shares 1,000 → 1,100
per share 1.000 → 1.045 +4.5%
At 0.8x mNAV, the market values each share at $80,000, against the same $100,000 of bitcoin behind it.
sell 100 shares at $80,000 = $8,000,000 raised
buy bitcoin at $100,000 = 80 bitcoin
bitcoin held 1,000 → 1,080
shares 1,000 → 1,100
per share 1.000 → 0.982 -1.8%
Same company, same action, opposite result for the people who already owned it.
The reason is in the second case. Each new share entitles its buyer to roughly a bitcoin’s worth of the company, but the cash it brings in only buys 0.8 of a bitcoin. The missing 0.2 has to come from somewhere, and it comes out of the shares that already existed.
Nothing about 1.0x is arbitrary. It is simply the point where the cash a new share raises buys exactly the bitcoin that share is entitled to, and the whole curve pivots around it.
The knock-on effects are what actually hurt. The growth story stops, because bitcoin per share can no longer rise through issuance. Interest payments and preferred dividends still come due in cash regardless. And the rational move flips from buying coins to buying back stock, which consumes cash that would otherwise buy coins.
Both major treasury companies have said as much in writing. Strategy filed its capital allocation policy with the SEC in August 2025, and it reads as a straightforward map of what the company does at each level of the metric. Above 4.0x, it actively issues stock to buy bitcoin. Between 2.5x and 4.0x, it does so opportunistically. Below 2.5x it issues stock only tactically, to cover debt interest and preferred dividends. Below 1.0x, it says it will consider issuing credit to buy back its own shares.¹²
Metaplanet followed the same logic in practice, announcing a repurchase of up to 150 million shares, about 13 percent of shares outstanding, backed by a $500 million credit facility, explicitly to address its declining mNAV.¹³
Every input is public.
Coin holdings come from company filings. Strategy files a Form 8-K roughly weekly, the filing type used for events rather than fixed reporting dates, stating exact holdings, purchase price, and shares sold under its at-the-market program. The filing covering the week to 19 July 2026 reported no purchases and holdings of 843,775 bitcoin at an aggregate purchase price of $63.69 billion.¹⁴ All of it is free through SEC EDGAR full-text search. Metaplanet discloses this through the Tokyo Stock Exchange and its own site.
Worth pausing on those two figures together. The same 843,775 coins were worth about $55.6 billion four days later, against $63.69 billion paid for them. The company was roughly 13 percent underwater on its bitcoin, which helps explain why the discount has been so stubborn.
Share count comes from the cover page of the most recent quarterly or annual report, the 10-Q and the 10-K, both of which state shares outstanding as of a specific date on the first page. Reaching a fully diluted figure means going further in, to the convertible notes footnote, for conversion prices and share counts. Debt, preferred stock, and cash come from the balance sheet in the same filing, with preferred face values also repeated in the weekly 8-Ks. Spot price and market capitalization come from anywhere live.
For company-published figures, Strategy maintains a dashboard at strategy.com showing mNAV, net bitcoin per share, bitcoin yield, and its full debt and preferred stack, with definitions under a Notes section.¹⁵ Worth knowing: Strategy formally designated that dashboard as an official disclosure channel in its SEC filings, so its self-defined mNAV carries regulatory weight while remaining a number the company itself defines.¹⁶
One honest limitation applies to everyone, including the trackers. Filings are point-in-time, and markets are not, so any hand-calculated mNAV uses last quarter’s share count against today’s price.
mNAV values the coins and ignores everything else. Strategy still runs an enterprise software business. Bitcoin miners own physical infrastructure worth real money. Cipolaro’s fuller critique is that the metric is, at best, misleading and, at worst, disingenuous, and that it should be replaced by an analysis that values the operating business separately.⁷ BitcoinTreasuries.net now removes mNAV entirely for miners and for companies where crypto is a secondary holding, because the comparison is not meaningful.¹
A discount is also not automatically a bargain. It can be the market pricing in refinancing risk, dividend obligations, or the simple fact that the accumulation engine has stopped. Galaxy Research, the research arm of the crypto financial services firm Galaxy Digital, warned in 2026 that mNAV-driven capital formation resembles the leveraged investment trusts of the 1920s closely enough to make the sector structurally fragile.¹⁷
There is a direct historical precedent, and it is the most useful thing in this article. The Grayscale Bitcoin Trust traded at a premium until February 2021, flipped to a discount, reached nearly 50 percent below the value of its own bitcoin in December 2022, and stayed at a discount for three years. The gap closed to zero only on 11 January 2024, when conversion to a spot ETF finally created a redemption mechanism.¹⁸
Treasury companies have no such mechanism. You cannot hand back your shares and receive bitcoin. Without a way to close the gap by arbitrage, a premium or a discount can persist for years.
One Company, Two Numbers: A Guide to mNAV was originally published in Coinmonks on Medium, where people are continuing the conversation by highlighting and responding to this story.
How I am setting up for 10–20X returns on my portfolio this cycle
In the 2020/2021 cycle I invested heavily in BTC and ETH options on the Canadian ETF’s back when BTC was just coming out of its bear market blues, and BTC was roughly $29,000. Those options paid off over 10X returns, even while having been bought 2X off the bottom. As importantly, they involved zero altcoin specific risk, minimum counterparty risk (regulated ETF’s) and no trading and constant position management .. AND could be bought in my retirement account or tax free savings account.
I bought, I held about 2 years, and I sold at 10–12X the price. Original article written in July 2023 below:
Best Bear Market Opportunity Yet
I managed those returns despite buying the BTC and ETH options after Bitcoin had doubled from its bear market Bottom in Oct of 2022. Now, we are roughly 35% off the bottom (which I think is very likely THE bottom), and the opportunity is on par with the previous cycle.
I am not ready to divulge all the specifics just yet, as my strategy is likely to evolve as we near the end of the bear market. That said, here is the gist of it:
I do believe Bitcoin will have a solid bull run, but also concede that dimishing returns are a mathematical reality.
BTC Targets:
ETH and SOL are more difficult to predict, particularly given the capital drain from AI stonks and Meme coins.
That said, I believe ETH has a shot at some redemption here as corporations and large entities gravitate towards L2 chain they can customize and control. I will refine these targets in the coming months as Robinhood chain and Solana play out their game of meme coin capture, and provide them by year-end in an update article.
To be frank, the real talent at this point is to ignore all the noise on crypto X, and make a plan and stick to it. If you are like me, this big move up caught you somewhat off guard, and perhaps more sidelined that you would like. I have had a battle with the FOMO demons for weeks now, and winning that battle is what will set the stage for huge gains.
The timeline is far too bullish, and my expectation at this point is that we take a bit of a breather and pull back into the low 70K, or high 60K range BTC, at which point I will not try to time my entries but will buy hard in expectation of a big 2027 and 2028. Then sit back, stomach the volatilty, and cash in in a couple years while 90% of crypto X is trying to predict the hourly charts and missing the 300–400% gains on spot BTC (and 1000%–1500% on call options)
Good luck out there, and see you on the next one!
Sovereign Crypto (aka RickyBobby)
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The Bull Run is Quietly Loading was originally published in Coinmonks on Medium, where people are continuing the conversation by highlighting and responding to this story.
Malone Lam, a 22-year-old Singaporean and recent Miami resident, pleaded guilty in a Washington, D.C. federal court to one count of participating in a RICO conspiracy tied to the theft and laundering of more than $245 million in Bitcoin and cryptocurrency. He faces a maximum sentence of 20 years, according to court proceedings before U.S. District Judge Colleen Kollar-Kotelly.
The case centers on an August 2024 theft of more than 4,100 Bitcoin from a Washington-area victim, executed not through a protocol exploit but through impersonation and credential theft.
Malone Lam, 22, a citizen of Singapore and recent resident of Miami, pleaded guilty today in connection with his role as ringleader of an international cybercrime conspiracy that used social engineering to steal and launder cryptocurrency valued at more than $245 million,… pic.twitter.com/R8Nnz9a7n6
— U.S. Attorney DC (@USAO_DC) September 8, 2026
According to prosecutors, two alleged co-conspirators posed as representatives of Google and the Gemini cryptocurrency exchange to manipulate the victim into granting access to his Google Drive and revealing security codes. That access allegedly let Lam siphon off the Bitcoin holdings in one move.
No wallet was cracked; no private key was brute-forced. The attackers simply talked their way past the human layer that sits in front of every custody setup.
Lam is one of 18 defendants charged in the case and the 11th to plead guilty. Prosecutors describe him as an organizer for a network of young men who ran a string of cryptocurrency scams starting in 2023.
Trade Crypto on Bybit and Get a Chance to Win Our $1,000 USDT AirdropAuthorities say Lam helped launder and convert the stolen cryptocurrency into cash, which then funded a fleet of more than 30 cars, including custom Porsches, Lamborghinis, and Ferraris, a $2 million watch, and rented mansions in Miami. Nightclub spending alone reportedly hit $569,000 in a single evening at one Los Angeles club.
— AlphaWire (@AlphaWireHQ) September 8, 2026
Prosecutors say Lam and his associates impersonated Google and Gemini representatives to socially engineer a victim and steal more than 4,100 BTC, later… pic.twitter.com/sno0sEe9xs
The run lasted a month before FBI agents arrested Lam in Miami. Per the indictment, an off-duty law enforcement officer had tipped him off that agents were en route, though the arrest went ahead regardless. In a recorded jailhouse call cited in the indictment, Lam told associates the outcome had exceeded even their own worst-case scenarios for what getting caught might look like.
The mismatch between the crime’s technical simplicity and its financial scale is the real story here. Social engineering doesn’t require exploiting Bitcoin’s underlying protocol. It requires exploiting the people and institutions standing between a holder and their keys. Google Drive access and a leaked security code did more damage here than any blockchain-level attack could.
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Judge Kollar-Kotelly had not immediately scheduled Lam’s sentencing hearing at the time of the plea. He faces up to 20 years in prison on the single racketeering-conspiracy count, with the remaining defendants in the 18-person case still working through their own proceedings.
For traders and holders, the takeaway isn’t abstract: large balances sitting behind cloud-linked recovery methods, reused security codes, or support channels vulnerable to impersonation remain the softest target in the ecosystem.
Recovery of stolen funds, when it happens at all, typically comes through law enforcement asset forfeiture rather than any on-chain remedy, a process illustrated by past cases involving long-delayed Bitcoin recovery efforts tied to historic exchange failures.
The Lam case is a reminder that the weakest link in crypto security is rarely the cryptography.
Earn $50 and Enter $300K Prize Draw on EdgeXThe post Bitcoin Thief Pleaded Guilty: The $245M Social Engineering appeared first on Cryptonews.
Bitcoin Magazine
CoinCorner Launches Lloyd’s-Insured Multisig Bitcoin Vault with AnchorWatch
British bitcoin exchange CoinCorner has debuted a multisig BTC custody service that splits control of customer keys between the Isle of Man exchange and its US partner AnchorWatch — with holdings insured by Lloyd’s of London.
The service charges 1.5% a year and is pitched at owners who want cold-storage security without managing hardware themselves, the Isle of Man-based company announced Tuesday.
Its new service comes following the Coldcard wallet hack — where bitcoin holders using a single signature wallet lost funds after hackers were able to exploit the popular products due to a firmware bug in the devices that lead to a weak seed generation. About $115 million was lost in the theft.
“Vault offers a simple non-technical setup for customers, and partnering with AnchorWatch means we can offer fully insured, multi-signature custody with the simplicity our customers expect from CoinCorner,” CoinCorner CEO Danny Scott said in a statement.
Customers can open a Vault and deposit whatever amount they choose, but the bitcoin doesn’t move into the insured wallet immediately, CoinCorner said.
Rather, transfers typically happen on the first working day of the following month, and holdings are verifiable on-chain via a wallet address CoinCorner provides.
Top-ups are allowed anytime, the companies said, Customers define their own identity verification rules before funds can move.
CoinCorner added that it is the first service of its kind globally.
Multisig has long been the security-conscious Bitcoin holder’s answer to single-key risk but has also been dismissed as too fiddly for anyone but the technically committed: setting one up traditionally means assembling several hardware devices, generating and backing up multiple private keys and keeping track of which key sits where.
CoinCorner and AnchorWatch are aiming to simplify things. Vault handles key distribution on the customer’s behalf, leaving them with the security properties of multisig without the setup that has kept most people away from it.
This post CoinCorner Launches Lloyd’s-Insured Multisig Bitcoin Vault with AnchorWatch first appeared on Bitcoin Magazine and is written by Mathew Di Salvo.
Bitcoin Magazine
Capital B Buys 376 Bitcoins in Its Biggest Purchase of 2026
European bitcoin treasury Capital B has announced a BTC buy, snapping up 376 coins — one week after it said Blockstream boss Adam Back was investing in the company.
The Euronext Growth-listed company said Tuesday that it now owns 3,521 bitcoins — worth over $277 million at today’s prices — making it the 25th biggest publicly traded bitcoin treasury in the world, according to Bitcoin Treasuries data.
Capital B’s buy was for €25.3 million (over $29 million), according to its announcement.
— Capital B (@_ALCPB) September 7, 2026
Full Release (EN): https://t.co/PQDwqfWX9a
Full Release (FR): https://t.co/SrVf8lvp8Q
BTC Strategy (EN): https://t.co/P5j3GA76kt
Just last week, the company said that top bitcoiner Adam Back, who heads up bitcoin infrastructure company Blockstream, had invested €7.6 million ($8.8 million) in Capital B to help with its buys.
The firm in August said it had raised €21 million ($24 million) in a private placement backed by Back and asset manager TOBAM.
The bitcoin treasury’s stock was trading 2% lower on Tuesday.
Capital B built most of its bitcoin position through fundraising rounds during the first half of 2026.
In May, it snapped up 192 coins for €13 million after completing three capital raises.
The company, which calls itself “Europe’s first Bitcoin treasury company,” is trying to build a bigger bitcoin position as other treasuries look to raise funds and accelerate their buys.
Capital B says on its website that it wants to eventually hold 210,000 bitcoins. “Our objective is simple: accumulate 1% of Bitcoin’s total supply by 2033,” it reads.
Digital asset treasuries became big in 2025 as more publicly traded companies tried to follow in the footsteps of Nasdaq-listed Strategy (formerly MicroStrategy), which started buying bitcoin in 2025.
Hundreds of publicly traded companies started buying bitcoin — with many buying other cryptocurrencies — to boost their stock prices. But since the price of bitcoin started dropping, a number of them are now under water or have had to sell their holdings.
Strategy, the largest corporate holder of the asset, has this year slowed down its bitcoin buys and instead pivoted to building a stronger cash balance and buying back its stock as the price of its shares has tumbled.
This post Capital B Buys 376 Bitcoins in Its Biggest Purchase of 2026 first appeared on Bitcoin Magazine and is written by Mathew Di Salvo.
Bitcoin Magazine
Strategy Halted Its Bitcoin Buys Again Last Week
Bitcoin treasury Strategy has halted stacking sats — again.
Just one week after resuming its bitcoin buying following a 10-week hiatus, the Nasdaq-listed company has put its BTC purchases on hold again.
Instead, the firm continued buying back its stock, repurchasing $176 million of STRC and increasing the size of its digital credit securities repurchase program from $1 billion to $2 billion, according to a Tuesday regulatory filing and announcement from founder and chairman Michael Saylor.
Strategy has repurchased $176M of $STRC and increased the size of its Digital Credit Securities Repurchase Program from $1.0B to $2.0B. As of 9/7/26, we hold 845,050 $BTC and $6.5B of USD Assets. $MSTR https://t.co/mxqv9QCRat
— Michael Saylor (@saylor) September 8, 2026
The company still holds 845,050 bitcoins worth over $66 billion at today’s prices and $6.5 billion in dollar reserves. The bitcoins were bought at an average price of $63.73 billion, according to Tuesday’s filing.
Strategy shares (NASDAQ: MSTR) were trading more than 3% lower Tuesday morning in New York.
The company paused its bitcoin buys in June, instead focusing on building a cash buffer, buying back its stock and even sometimes selling some of its holdings.
Strategy has defended its bitcoin sales, with CEO Phong Le saying that the company now has a “bullet-proof balance sheet” because of the move, and that it was the “right trade at the time” to sell when it did.
In the company’s quarterly earnings in July, Strategy posted a $8.22 billion loss. But Le reassured investors that the firm’s current paper loss was nothing to worry about.
“We’re the J.P. Morgan of the crypto economy, so whether we sell 1,000 Bitcoin out of 840,000 to me is irrelevant to the conversation,” Le said.
Strategy — formerly MicroStrategy — is an enterprise software company that pivoted to buying and holding bitcoin in 2020.
It first bought the cryptocurrency to protect its shareholders from inflation. Since then, it has aggressively bought the asset and pivoted to being a bitcoin treasury.
Investors can now buy its shares to get heightened exposure to the cryptocurrency, or get paid a yield via its digital credit products.
This post Strategy Halted Its Bitcoin Buys Again Last Week first appeared on Bitcoin Magazine and is written by Mathew Di Salvo.
Bitcoin Magazine
How One Executive Recruitment Firm Is Using M&A to Turn Earnings Into Bitcoin
Connecting Excellence Group (XCE) has signed binding Heads of Terms for its first proposed recruitment acquisition, targeting a specialist UK and U.S. recruitment business that generated £1.79 million in revenue and £431,000 in EBITDA over the last 12 months. The target also holds 8.216 Bitcoin.
The deal has not yet closed and remains subject to further due diligence, funding and a definitive purchase agreement. [Read XCE’s full announcement.]
Beyond the headline, the structure of the deal offers an interesting look at how an operating company can use M&A as part of a broader Bitcoin strategy.
XCE (AQSE: XCE | OTCQB: XCELF) wants to acquire profitable recruitment businesses, retain much of the earnings they generate, and expand the pool of internally generated capital available for growth and Bitcoin.
There is also a notable symmetry between buyer and target. XCE’s existing operating business, Spencer Riley, grew revenue 20.6% over its latest 12-month period. The acquisition target grew revenue 21.5% over the same period.
XCE is not simply looking to add scale. It is attempting to acquire growing, profitable businesses and bring them into a listed group with Bitcoin on its balance sheet.
XCE expects to pay £575,000 in initial cash consideration at completion. Approximately £425,000 would settle amounts owed to the target companies by the vendors and return to the group, resulting in an estimated net cash outflow of roughly £150,000 before transaction costs.
Another £60,000 cash payment is due in 2028, while much of the remaining consideration is deferred and tied to EBITDA performance through fiscal 2029. XCE expects to retain approximately 75% to 85% of the acquired business’s cumulative EBITDA during the earn-out period.
Compare that with the business being acquired: £1.79 million in trailing revenue, £1.27 million in gross profit and £431,000 in EBITDA, with revenue growing 21.5% year over year.
The objective isn’t simply to buy more revenue. XCE is attempting to acquire additional earnings power while preserving as much capital as possible.
If the business continues performing after completion, those earnings become another source of capital available for reinvestment, additional acquisitions and Bitcoin.
That is where M&A starts to become part of the Bitcoin strategy.
The model can extend beyond revenue and earnings.
When an acquisition target holds cash reserves, XCE can structure a transaction to acquire that reserve from the seller and then change how that capital is held once it sits inside the group. In practice, that could mean raising capital to acquire £1 million of existing cash reserves and subsequently converting that reserve to Bitcoin.
The result is different from simply raising £1 million and spending it on Bitcoin. XCE is acquiring the operating business around the reserve as well: its revenue, earnings and future cash-generating capacity.
This proposed deal provides a direct example of the same principle, except the target has already made the conversion.
It holds 8.216 BTC.
Under the proposed terms, XCE would purchase that Bitcoin at market value with no premium. The cash paid would be matched by Bitcoin of equivalent value moving onto XCE’s balance sheet.
So the Bitcoin isn’t being acquired for free with the operating business. XCE is effectively exchanging cash for an equivalent amount of Bitcoin while separately acquiring the underlying earnings stream.
If completed, however, the transaction would expand both sides of XCE at once: another growing, profitable operating business and another 8.216 BTC on its balance sheet.
That combination is central to the model. An acquisition can potentially add revenue, EBITDA and balance-sheet assets at the same time.
How XCE intends to operate the businesses after acquisition is another important part of the strategy.
The company is targeting profitable, owner-managed specialist recruitment businesses, but it does not intend to absorb them into a single centralized operating brand.
Acquired companies retain their existing brands, management teams and operating independence while joining a publicly listed group backed by a Bitcoin balance sheet. That makes XCE’s model closer to a decentralized acquisition compounder.
Rather than attempting to create value primarily through integration and cost cutting, the strategy is designed to let individual businesses continue operating with autonomy while XCE provides permanent ownership, access to the listed group and centralized capital allocation.
XCE’s existing business gives some context for the type of growth it is looking to add. Spencer Riley generated approximately £1.84 million in revenue during the 12 months ended June 30, up 20.6% from the prior year. The proposed acquisition target grew at a similar rate, with revenue rising 21.5%.
If XCE can continue acquiring businesses with similar economics, the group can potentially compound by adding new earnings streams without dismantling the businesses producing them. Those earnings then feed into a common capital allocation framework in which Bitcoin is one potential destination.
XCE isn’t relying on operating earnings alone to grow its Bitcoin position. The company reported 72.94 BTC as of September 1, up from 9.27 BTC at its December 2025 IPO. Capital markets activity has contributed to that growth.
Most recently, longtime investor Adam Back subscribed for new XCE shares through the transfer of 10 BTC to the company, increasing its Bitcoin holdings by 15.9%.
M&A introduces another source of potential capital alongside those transactions: earnings and balance-sheet assets acquired with the operating businesses themselves.
Put together, the model looks something like this:
Acquire profitable businesses → retain their autonomy and earnings power → grow group cash generation → allocate capital across further acquisitions and Bitcoin → repeat.
External capital can provide immediate purchasing power, as the Adam Back transaction demonstrates. Acquired reserves can add balance-sheet capital. Profitable operating businesses can continue generating capital as long as they perform. XCE is attempting to combine all three.
Bitcoin does not make a poor acquisition a good one. XCE still has to acquire quality businesses at sensible prices, preserve their earnings power and allocate the resulting capital effectively. But the strategy illustrates how Bitcoin can fit inside a traditional operating company without becoming disconnected from the business underneath it.
The decentralized structure is important here. XCE does not need every acquired company to become a “Bitcoin business.” The recruitment companies can continue serving their customers, operating under their existing brands and generating earnings. Bitcoin sits at the group level as part of the broader capital allocation strategy.
That creates a different way to think about Bitcoin on a corporate balance sheet.
The company can raise outside capital. It can acquire existing reserves and change how they are held. It can acquire profitable businesses and retain the cash they generate. Management can then allocate capital between operations, additional acquisitions, other corporate needs and Bitcoin. That is how XCE is using M&A to turn earnings into Bitcoin.
Not by automatically converting every pound of profit into BTC, but by building a decentralized group of profitable businesses capable of producing more earnings and making Bitcoin one destination for the capital they generate.
For operators, that may be the more interesting question: not simply how to find more capital to buy Bitcoin, but how to build a business capable of generating more capital in the first place.
Disclaimer: This content was prepared on behalf of Bitcoin For Corporations for informational purposes only. It reflects the author’s own analysis and opinion and should not be relied upon as investment advice. Nothing in this article constitutes an offer, invitation, or solicitation to purchase, sell, or subscribe for any security or financial product.
This post How One Executive Recruitment Firm Is Using M&A to Turn Earnings Into Bitcoin first appeared on Bitcoin Magazine and is written by Nick Ward.
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