Crypto Daily｜Hong Kong Opens Stablecoin Licensing; Strategy Boosts Bitcoin Holdings with $4.2 Billion Equity Offering

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Strategy Boosts Bitcoin Holdings with $4.2 Billion Equity Offering

Strategy, led by Michael Saylor, is pursuing a $4.2 billion equity offering to bolster its Bitcoin holdings, further establishing itself as a dominant force in cryptocurrency investments.

This move has significant potential to affect Bitcoin's market dynamics by increasing institutional interest and influencing price stability.

Hong Kong Opens Stablecoin Licensing: Banks and Brokers Rush In

On August 1, Hong Kong’s Stablecoin Ordinance officially came into effect. The HKMA released detailed licensing guidelines covering capital, custody, KYC, reserves, and governance requirements.

Top banknote-issuing banks like BOCHK and Standard Chartered are expected to apply first. They hold regulatory and institutional advantages under Hong Kong’s currency system. Each stablecoin must maintain full fiat backing under strict bank custody.

HKMA will only issue a few licenses in the first batch. Applicants must submit by September 30 to be considered. Issuers not applying within three months face shutdown by November.

Binance Reclaims Top Spot in Bitcoin Trading Volume

According to new data from analytics firm Alphractal, Binance’s share of BTC spot volume has risen to nearly 45%, climbing from around 40% in April 2025. It’s the highest level of market share the exchange has seen since late 2023.

Alphractal CEO Joao Wedson believes the resurgence could have broader implications for Bitcoin’s price trajectory. “In past cycles, we’ve seen a clear correlation between Binance’s dominance in spot markets and subsequent bullish moves in BTC,” he explained. Wedson argues that institutional traders often prefer exchanges with deep liquidity and reliable execution—conditions that tend to develop when one venue regains a critical mass of volume.

Bitcoin & Ethereum Spot ETF Flow

The overall net outflow of the US Bitcoin spot ETF on Thursday was $114.83 million. The total net asset value of Bitcoin spot ETFs is $152.01 billion, and the ETF net asset ratio (market value compared to total Bitcoin market value) is 6.56%.

The Bitcoin spot ETF with the highest net inflow on July 31 was iShares Bitcoin Trust ETF , with a net inflow of $18.62 million. Following that was Franklin Bitcoin ETF , with a net inflow of 6.78 million, according to SoSoValue.