The Daily: Strategy nears 3% of bitcoin's total supply on fifth anniversary of first buy, BitMine's ETH stack pushes toward $5B, and more

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

Happy Monday! The crypto market surged over the weekend and into this morning, with bitcoin breaching $122,000 and ether topping $4,350 before correcting slightly.

In today's newsletter, exactly five years on, Strategy's holdings approach 3% of bitcoin's total supply. Plus, BitMine adds 317,000 ETH to push its holdings toward $5 billion, an Ethereum ICO participant offloads ETH worth $10 million, and more.

Meanwhile, the Uniswap Foundation is eyeing a protocol fee switch with a proposed Wyoming DUNA wrapper for its DAO.

Let's get started.

Strategy nears 3% of bitcoin's total supply on fifth anniversary of first buy

Exactly five years on from its first bitcoin buy, Strategy's latest acquisition of 155 BTC for $18 million takes its total holdings to 628,946 BTC — nearly 3% of bitcoin's total supply — dominating the now 151 public companies with a bitcoin treasury.

• The most recent purchases were made using proceeds from sales of its perpetual Strife preferred stock, STRF, and perpetual Stretch preferred stock, STRC.
• STRF is a non-convertible preferred stock with a 10% cumulative dividend, while STRC is a new variable-rate preferred stock starting at 9% annually, with adjustable rates.
• Strategy has spent approximately $46.1 billion on its bitcoin holdings so far, according to Executive Chairman Michael Saylor, with paper gains of around $30 billion based on current market prices.
• Saylor again hinted at the likelihood of another bitcoin acquisition filing ahead of time, sharing an update on Strategy's bitcoin acquisition tracker on Sunday, stating, "If you don't stop buying Bitcoin, you won't stop making Money."
• The pace of Strategy's bitcoin buys has generally been slowing in recent weeks as it switched focus from its common stock at-the-market program to its perpetual preferred stocks for funding bitcoin acquisitions.
• In its Q2 financial results, Strategy committed not to issue common equity if its market cap-to-net asset value (mNAV) ratio is below 2.5x — a metric that currently sits at around 1.5x.

BitMine's ETH stack pushes toward $5 billion

BitMine has surpassed 1.15 million ETH , positioning it as the largest corporate Ethereum treasury firm globally, with its holdings accounting for almost 1% of the ether supply, worth nearly $4.9 billion.

• The company added 317,000 ETH, worth approximately $1.3 billion, in just one week, continuing its aggressive accumulation strategy this summer and becoming the first to exceed the 1 million ETH mark.
• BitMine has positioned itself as an Ethereum-denominated treasury and staking company at a time when institutional adoption is maturing amid regulatory developments.
• BitMine chairman Tom Lee, also co-founder of Fundstrat, suggested recently that Ethereum could be entering a "2017 Bitcoin moment," and could reach $30,000 or more if those trends compound.

Ethereum ICO participant sells 2,300 ETH worth $10 million

An Ethereum initial coin offering participant transferred 2,300 ETH , worth about $9.9 million, to Kraken early Monday morning, leaving the address with 1,623 ETH ($7 million) remaining, according to Lookonchain.

• The ICO whale originally acquired 20,000 ETH for approximately $6,200, now valued at around $86 million.
• Previous outbound transfers from the same address include 250 ETH in December 2024, 1,000 ETH in February 2024, and 3,000 ETH in November 2023.
• The price of Ethereum's native cryptocurrency recently climbed above $4,350, reaching its highest levels since December 2021.

Tether-backed Rumble eyes $1.17 billion Northern Data acquisition

Rumble announced its intent to acquire Northern Data in a deal worth €1 billion ($1.17 billion), excluding the high-performance computing specialist's bitcoin mining division.

• The all-stock transaction would grant Northern Data shareholders about 33.3% ownership of Rumble, receiving 2.319 Class A shares for each Northern Data share.
• Tether, a majority shareholder of Northern Data, supports the acquisition and would become Rumble's largest Class A stockholder, building on its $775 million strategic investment in the popular YouTube alternative in December.
• The potential deal aims to position Rumble as a leader in AI cloud services, with its stock up over 10% on Monday following the news.

Developer faces Ethereum 'misuse' allegation

A crypto developer known as "Fede's intern" claimed to have been detained in Izmir, Turkey, over allegations of helping others "misuse Ethereum," though specific charges remain unclear.

• The developer, an Argentinian focused on zero-knowledge technology, insists the accusations are wrong and asserts he was just working on infrastructure projects.
• Fede's intern plans to provide more details after consulting with his legal team to negotiate leaving the country, though some in the crypto community remained skeptical about the legitimacy of the claims.

In the next 24 hours

• U.S. CPI inflation data are due at 8:30 a.m. ET on Tuesday. Est. MoM 0.2%; Core 0.3%. Est. YoY 2.8%; Core 3.0%.
• U.S. FOMC member Thomas Barkin will speak at 10 a.m.
• Aptos and EigenLayer are set for token unlocks .

Never miss a beat with The Block's  daily digest  of the most influential events happening across the digital asset ecosystem.