AllScale 2026-09-22 Crypto x Macro Daily
1. Strategy reboot: Accumulate more; the Bitcoin treasury enters rebalancing
An 8-K filed with the U.S. SEC shows that from September 14 to 20, the company bought 950 bitcoins for $75.7 million and repurchased $174 million worth of STRC preferred stock. As of September 20, the company held 846,000 bitcoins and retained approximately $6.09 billion in reserves and cash. The focus is not simply “keeping on buying coins,” but rather the company beginning to allocate among BTC purchases, security buybacks, and the retention of cash. For the market, corporate treasury demand remains, but future accumulation pacing will be more dependent on financing costs, preferred stock discounts, and cash management pressure.
2. Hong Kong dollar stablecoins move into the fund subscription/redemption scenario
Xia hu Funds (Hong Kong), Standard Chartered Bank, and OSL completed the application for using regulated HKD-backed stablecoin HKDAP to subscribe and redeem units of digital-asset market funds. This process places stablecoins, custody, fund units, and on-chain settlement within a single compliant framework. It shows that stablecoins are moving from a trading medium toward an institutional cash-management tool. The impact is that if subscription/redemption efficiency, redemption arrangements, and bank fund inflows continue to stabilize, tokenized funds may achieve higher settlement efficiency; however, scaling still depends on liquidity, customer onboarding, and regulatory boundaries.
3. Vietnam’s first batch of crypto licenses enters implementation
Vietnam is expected to issue its first batch of crypto asset service licenses in 2026, and five companies have already passed initial assessments. Draft regulations require platforms to submit periodic reports on customer assets, provide advance notice for specific transactions by major shareholders and executives, and file records for when assets are listed or delisted. After the first licensed institution receives a license, domestic investors will enter a transition period; afterward, trading activities must be gradually migrated to licensed channels. For the industry, this raises the thresholds for capital, custody, network security, and anti-money-laundering—benefiting institutional participation and the construction of local fiat on/off-ramps—but squeezing space for smaller and mid-sized platforms.
The above content is compiled from publicly available information only and does not constitute any investment advice.
1. Strategy reboot: Accumulate more; the Bitcoin treasury enters rebalancing
An 8-K filed with the U.S. SEC shows that from September 14 to 20, the company bought 950 bitcoins for $75.7 million and repurchased $174 million worth of STRC preferred stock. As of September 20, the company held 846,000 bitcoins and retained approximately $6.09 billion in reserves and cash. The focus is not simply “keeping on buying coins,” but rather the company beginning to allocate among BTC purchases, security buybacks, and the retention of cash. For the market, corporate treasury demand remains, but future accumulation pacing will be more dependent on financing costs, preferred stock discounts, and cash management pressure.
2. Hong Kong dollar stablecoins move into the fund subscription/redemption scenario
Xia hu Funds (Hong Kong), Standard Chartered Bank, and OSL completed the application for using regulated HKD-backed stablecoin HKDAP to subscribe and redeem units of digital-asset market funds. This process places stablecoins, custody, fund units, and on-chain settlement within a single compliant framework. It shows that stablecoins are moving from a trading medium toward an institutional cash-management tool. The impact is that if subscription/redemption efficiency, redemption arrangements, and bank fund inflows continue to stabilize, tokenized funds may achieve higher settlement efficiency; however, scaling still depends on liquidity, customer onboarding, and regulatory boundaries.
3. Vietnam’s first batch of crypto licenses enters implementation
Vietnam is expected to issue its first batch of crypto asset service licenses in 2026, and five companies have already passed initial assessments. Draft regulations require platforms to submit periodic reports on customer assets, provide advance notice for specific transactions by major shareholders and executives, and file records for when assets are listed or delisted. After the first licensed institution receives a license, domestic investors will enter a transition period; afterward, trading activities must be gradually migrated to licensed channels. For the industry, this raises the thresholds for capital, custody, network security, and anti-money-laundering—benefiting institutional participation and the construction of local fiat on/off-ramps—but squeezing space for smaller and mid-sized platforms.
The above content is compiled from publicly available information only and does not constitute any investment advice.