Summary: Strategy (MSTR) sold approximately 5.43 million shares through its "at-the-market" program, raising net proceeds of about $544.5 million. The funds were not used to purchase new BTC; instead, the company continued to expand its cash reserves. Saylor stated that dollar reserves have increased to $3.75 billion, sufficient to cover about 2.1 years of preferred stock dividends. Approximately $25 million was used to repurchase about 288,930 shares of STRC stock. Roughly one month after the last BTC purchase announcement, Strategy again did not add to its BTC holdings; total BTC position stands at approximately 843,775 coins, with an average cost of about $75,476. 👀 Investor focus has shifted to: When will Saylor deploy these billions in cash for the next major BTC purchase. ---Michael Saylor's strategy once again raised hundreds of millions of dollars, but surprisingly, none of it was used to purchase new Bitcoin (BTC). Instead, the company continued to expand its cash position. At this point, the world's largest corporate Bitcoin holder appears to be deliberately hitting the brakes, while investors await the next large-scale purchase. Strategy Builds Multi-Billion Dollar ReservesA new SEC filing shows that Strategy sold 5.43 million MSTR shares last week through its so-called at-the-market program. The company raised approximately $544.5 million in net proceeds. Michael Saylor stated that dollar reserves have increased to $3.75 billion. He noted that this amount is sufficient to cover the company's preferred stock dividend obligations for about 2.1 years. Strategy has increased its dollar reserves by $525 million, achieving 2.1 years of dividend coverage. As of July 26, 2026, we hold 843,775 BTC and $3.75 billion in dollar reserves. $MSTR $STRC — Michael Saylor (@saylor) July 27, 2026 A small portion of the raised funds ($25 million) was used to repurchase 288,930 shares of STRC stock. This is also evident from the official SEC filings. Bitcoin Purchase Fails to Materialize AgainWhat investors had been primarily waiting for did not happen again. Strategy did not purchase any additional Bitcoin last week. This brings the total reserves to 843,775 BTC, for which the company paid approximately $63.69 billion in total, at an average purchase price of $75,476 per Bitcoin. Approximately one month has passed since Strategy last announced a new Bitcoin purchase. Since then, the focus appears to have shifted toward strengthening the cash position. This shift comes after the preferred stock STRC, which Strategy used to raise funds earlier this summer, came under considerable pressure. The price fell well below the $100 issue price at the time, prompting the company to first increase its liquidity buffer. STRC has since partially recovered, but the share price remains below the original issue price. With $3.75 billion in cash reserves, Strategy now possesses considerable financial strength. Therefore, the biggest question facing investors is not whether Michael Saylor will buy Bitcoin again, but when he will decide to deploy the billions in reserves for the next purchase.

MicroStrategy's Michael Saylor Raises $3.75 Billion Without Buying New Bitcoin

Circle CEO Jeremy Allaire declared that "the spectacle era of cryptocurrency has ended," defining the next chapter of blockchain as a technology that will quietly blend into the background of everyday financial life. Allaire stated: "The most important technologies in history eventually fade into the background." He described blockchain as "invisible infrastructure" that will operate silently behind consumer and financial applications in the future, without requiring users to interact directly with the underlying network. This statement was shared by CoinMarketCap in a post on the X platform on September 19, coinciding with a rapid rise in institutional industry activity and reflecting Allaire's core philosophy, which he has continued to advocate throughout 2026. <img src="https://static2.fansone.co/images/a1a6c371-4a11-483a-93fe-3578f9d70fa1.avif" />- <h2>From Spectacle to Infrastructure</h2>Allaire's remarks continue his consistent core message. In a July interview, the Circle CEO stated that stablecoins are evolving from cryptocurrency trading tools into "foundational channels that quietly move funds behind the scenes," adding that "every major institution, every large bank, every capital markets company" can now view blockchain assets as digital cash. In early September, Circle launched its Arc blockchain, which Allaire called "the most impactful major platform release in our history," describing it as a universal "economic operating system" for payments, tokenized finance, and commercial interactions between AI agents, according to CoinDesk. This positioning of "invisible infrastructure" comes one week after Allaire commented on CNBC regarding the Clarity Act's failure to pass a Senate procedural vote, once again highlighting that cryptocurrency regulation remains a moving target even as the industry actively moves toward mainstream integration. - <h2>Industry Echoes at EBC12</h2>Allaire's remarks align with the overall tone of the 12th European Blockchain Conference (EBC12), held September 16-17 in Barcelona. In the two-day panels, speakers from Fidelity Digital Assets, Citi, BlackRock, and LSEG all described a market that has moved from proof-of-concept pilots to actual deployment. Citi's Nadine Teychenne emphasized the importance of real-time settlement and programmable assets, while LSEG's Darko Hajdukovic outlined plans for 24/5 trading and digital securities depositories. "This technology has largely proven its capabilities," EBC12 organizers stated. "The focus is now shifting toward creating measurable real-world value." - <h2>The Gap Between Vision and Scale</h2>Despite strong momentum, EBC12 speakers acknowledged that conviction among large asset allocators remains uneven. LO:TECH's Radoslav Poljasevic described traditional investor participation as "present at a certain scale, but still relatively limited compared to inflows into equities and artificial intelligence." Europe's MiCA regulatory framework is also currently under review, with a consultation open until September 30, 2026, to test whether existing rules can keep pace with an industry increasingly integrating into institutional finance. Allaire's vision of blockchain "fading into the background" may well be the shared pursuit of the entire industry. However, whether this vision becomes reality depends on how quickly infrastructure, the regulatory environment, and institutional demand can align. -other source: <a href="https://www.vox.com/2017/7/31/16069680/transcript-blockchain-bitcoin-circle-currency-money-exchange-jeremy-allaire-too-embarrassed-to-ask" rel="noopener noreferrer" target="_blank">《Full Transcript: Blockchain Expert and Circle CEO Jeremy Allaire on Too Embarrassed to Ask》</a>

Circle CEO Says the 'Spectacle Era' of Cryptocurrency Has Ended

Bitcoin and the US Dollar Index are rising in tandem. This unusual movement has attracted high attention from traders and analysts, who have long relied on the inverse relationship between these two assets for judgment.Since early August, Bitcoin has surged from around $63,000 to a recent high near $87,000, then slightly pulled back, currently trading around $84,600. In the same period, the US Dollar Index has climbed from a low of 98.40 in early September to above 101.00. The simultaneous strengthening of both breaks a long-standing pattern where Bitcoin typically rises when the dollar weakens, and vice versa.<h2>Rare Decoupling Phenomenon</h2>Bitcoin and gold have long been seen as safe-haven tools against dollar weakness, especially during periods of expected monetary easing or uncertain fiscal prospects. When Bitcoin rises in sync with the dollar, it means other forces are overriding the traditional pull of the dollar on cryptocurrency prices—these may include rising risk appetite, institutional fund allocations, or specific catalysts for Bitcoin itself.This rally concludes Bitcoin's second-best performing third quarter in history. According to Pluang citing CoinGlass data, Bitcoin accumulated a decline of over 36% in the first half of 2026, but rebounded strongly in the third quarter with a gain of about 43.5%.<h2>Historical Precedents Suggest Caution</h2>Despite the notable divergence, analysts warn against overinterpreting a single overlapping rally. Over multiple cycles, the relationship between Bitcoin and the US Dollar Index (DXY) has fluctuated between weakening and reaffirming, with brief positive correlations in the past, but without breaking the overall inverse trend pattern.U.Today's Arman Shirinyan wrote: "For now, the US Dollar Index strengthening in tandem with Bitcoin appears more like a temporary decoupling rather than a shift in the long-term pattern." He noted that more valuable signals will emerge in the coming weeks when the dollar continues to rise while Bitcoin holds its gains or experiences a pullback.<h2>What Happens Next</h2>Traders are now focusing on upcoming major macroeconomic catalysts—the Federal Reserve's policy statements, inflation data, and changes in market risk sentiment—to determine whether Bitcoin's rally can continue independently of the dollar's movement, or if the historical inverse relationship will ultimately re-dominate the market.

Bitcoin Rises in Sync with the Dollar, Breaking Historical Inverse Correlation Patterns

<h2>1. 傳統金融與加密金融的「深度整合期」已到來</h2>摩根士丹利設立實驗室與 Blockchain.com 籌備 IPO，顯示加密產業正從「邊緣投機資產」轉向「主流金融基礎設施」。 機構端： 不再滿足於被動持有比特幣，而是主動研究區塊鏈如何優化自身業務（如代幣化資產、穩定幣結算）。 企業端： 加密原生企業尋求上市，意味著行業進入成熟期，需要接受公開市場監督，以換取更穩定的資金來源。 <a href="https://www.bloomberg.com/news/articles/2026-09-29/morgan-stanley-builds-crypto-lab-to-test-future-of-wall-street" rel="noopener noreferrer" target="_blank">Morgan Stanley Builds Crypto Lab to Test Future of Wall Street</a> <h2>2. 監管合規成為「新護城河」</h2>希臘 MiCA 牌照核發與 Binance 爭議，凸顯合規已成為加密企業生存與擴張的關鍵。 合規紅利： 獲得 MiCA 牌照的機構將擁有在歐盟 27 國通行的「護照」，這是未合規競爭對手無法比擬的優勢。 監管不確定性： 即使高層傳聞干預，也反映監管環境仍受政治因素影響，企業需做好多手準備。 <a href="https://cointelegraph.com/news/greece-first-mica-entrants-hcmc-binance-lagarde" rel="noopener noreferrer" target="_blank">Greece gets first MiCA entrants as watchdog denies Binance-Lagarde claim</a> <h2>3. AI 與加密的 資本競爭 與 技術融合</h2>Bain 報告揭示的 AI 營收缺口，與加密產業的現狀形成有趣對比。 資本競爭： AI 與加密都在爭奪有限的科技資本。AI 面臨營收無法支撐基礎建設的風險，可能導致部分資金回流至更具明確商業模式的加密項目。 技術融合機會： AI 所需的去中心化算力、數據市場、支付結算等，恰恰是區塊鏈技術的強項。未來可能看到更多「AI + Crypto」的跨界解決方案，例如去中心化 AI 訓練市場、AI 代理支付協議等。 <a href="https://www.bloomberg.com/news/articles/2026-09-29/ai-faces-6-trillion-test-to-justify-data-centers-bain-says" rel="noopener noreferrer" target="_blank">AI Faces $6 Trillion Test to Justify Data Centers, Bain Says</a> <h2>總結</h2>這週的新聞描繪出一個 更成熟、更合規、更務實 的加密產業圖景。機構不再只是買比特幣，而是深入技術底層；企業不再盲目追求高估值，而是尋求可持續盈利；監管不再模糊不清，而是具體落地執行。同時，AI 產業的挑戰也為加密技術提供了新的應用想像空間。

9/29 37幣市簡報｜傳統與加密金融的深度整合期已到來，監管合規 將成新的護城河

#37幣市日常 無論是金融市場、加密市場，還是菜市場 其實本質上都是一樣的，都是買賣與博弈輪 - 你可以責怪攤販賣臭魚爛蝦給你 你也可以向攤販學習怎麼挑選新鮮食材 攤販不是你的老師，沒義務教你怎麼挑選 所以你要自己先做點功課，先學習問對問題 才能找對窗口找對答案，有效的獲取資源 - 人間就是修行的道場，生活就是導師 方方面面都能讓你學到各種經濟學、心理學及其他 可惜大部份人懶得思考，將責任推給他人比較簡單 如果你放棄學習，那你就只能為你的愚蠢買單 這就是你應付的學費，直到你學會為止 也別挫折，這是我們每個人的必經過程 - 你想在市場裡獲得什麼 不取決於市場裡有什麼、是什麼 取決於你想成為什麼樣的人 要獲取什麼來協助你 成為你想成為的人

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MicroStrategy's Michael Saylor Raises $3.75 Billion Without Buying New Bitcoin

Circle CEO Says the 'Spectacle Era' of Cryptocurrency Has Ended

Bitcoin Rises in Sync with the Dollar, Breaking Historical Inverse Correlation Patterns

9/29 37幣市簡報｜傳統與加密金融的深度整合期已到來，監管合規將成新的護城河

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Creator other post

MicroStrategy's Michael Saylor Raises $3.75 Billion Without Buying New Bitcoin

Circle CEO Says the 'Spectacle Era' of Cryptocurrency Has Ended

Bitcoin Rises in Sync with the Dollar, Breaking Historical Inverse Correlation Patterns

9/29 37幣市簡報｜傳統與加密金融的深度整合期已到來，監管合規 將成新的護城河

Random Post

Nanshijiao Dongshan Duck Head | Limited deliciousness sold only five hours a day, first marinated then fried—the five-hour limited treat known only to savvy foodies. Ordering this way is the most cost-effective!

【幻境生物誌】No.012 露珠雀

One Song One Story---《Compromise》

Walking 20,000 steps abroad, staying up late and sitting long hours writing articles after returning home? Freesia compression socks keep my legs feeling light all day!

9/29 37幣市簡報｜傳統與加密金融的深度整合期已到來，監管合規將成新的護城河