The Daily: Strategy buys $740 million in bitcoin, Trump Media’s bitcoin stash hits $2 billion, BitGo files for IPO and more

The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.Happy Monday! Here’s what’s happening across the crypto world. These days, it’s all about crypto treasury companies. Strategy just picked up another 6,220 BTC. Trump Media’s bitcoin stash has crossed $2 billion. The Ether Machine is heading to Nasdaq with $1.5 billion to spend on ETH. Mercurity plans a $200 million SOL treasury. GameSquare just bought 8,351 ETH after securing approval to deploy $150 million more into crypto. And DeFi Development Corp has boosted its Solana holdings to 999,999 SOL. Crypto IPOs and acquisitions are gaining steam, too. BitGo has quietly filed to go public, while Polymarket is making moves to re-enter the U.S. with the acquisition of derivatives exchange QCEX. Meanwhile, NFTs are showing signs of life again — the total market cap is back above $6 billion, helped by a whale buying 45 CryptoPunks for more than 2,000 ETH. And in a long-awaited lift-off, Justin Sun is finally set to fly on Blue Origin, four years after bidding nearly $30 million for a seat. Let’s get into it.Strategy spends $740 million on more bitcoinStrategy has bought another 6,220 BTC for $739.8 million, bringing its total holdings to 607,770 BTC — worth around $71.8 billion.The latest buy was funded via at-the-market sales of its Class A stock (MSTR) and preferred shares STRK, STRF, and STRD, leaving billions in remaining capacity across its equity programs.Strategy's BTC stack now places it among the top 10 corporate cash-equivalent holdings in the S&P 500, according to the company, ranking just behind General Motors and ahead of ExxonMobil.Its holdings account for nearly 3% of bitcoin’s total supply, far outpacing other corporate BTC treasuries like Marathon, Riot, and Metaplanet.TD Cowen has raised its price target for Strategy to $680, expecting BTC to hit $155,000 by December 2025.Trump Media’s bitcoin stash hits $2 billionTrump Media & Technology Group (ticker DJT), the parent of Truth Social, said its Bitcoin treasury program has reached around $2 billion in combined holdings of bitcoin and bitcoin-related securities.DJT’s bitcoin trove now represents roughly two-thirds of the company’s $3 billion in liquid assets.An additional $300 million has been earmarked for buying options tied to bitcoin‑linked equities, which the company may convert into spot bitcoin "depending on market conditions."The announcement comes weeks after the company denied a report it was raising $3 billion for crypto — despite now appearing to have done just that.The Ether Machine to list with $1.5 billion in ETHThe Ether Machine plans to go public on Nasdaq via a SPAC deal with Dynamix Corporation, with over $1.5 billion in committed capital, including 400,000+ ETH on its balance sheet.Co-founder Andrew Keys is contributing nearly $645 million (around 170K ETH), while backers include 1Roundtable/ 10T Holdings, Archetype, Blockchain.com, Electric Capital, Kraken, and Pantera.The firm will pursue ETH-denominated returns through staking, restaking, and DeFi strategies, offering institutional exposure to Ethereum yield.If successful, the listing would make Ether Machine the largest publicly traded ETH holder, surpassing SharpLink and BitMine Immersion.The newly combined company aims to list under the ticker ETHM by Q4, pending shareholder approval.BitGo files for IPOCrypto custodian BitGo has confidentially filed for a U.S. IPO, joining firms like Circle, Grayscale, and Bullish in tapping capital markets as crypto sentiment improves under Trump’s administration.The firm didn’t disclose offering size or valuation, but it reportedly safeguards over $100 billion in digital assets across 1,200+ tokens.BitGo's move comes after a failed $1.2 billion acquisition by Galaxy Digital in 2022, followed by years of litigation. The company’s client list includes Pantera, RTFKT Studios, and several spot bitcoin ETF issuers.NFT market tops $6 billion as whale sweeps CryptoPunksThe total NFT market cap has jumped past $6 billion, its highest since February. Daily NFT sales volume surged 154% to $41.4 million, according to CryptoSlam.A whale spent over 2,080 ETH ($7.8 million) on 45 CryptoPunks, driving the floor price up nearly 16% to 47.5 ETH.Analysts say rising altcoin prices and risk-on sentiment are reviving interest in legacy NFT collections — though activity remains concentrated in blue chips.Experts warn that sustained momentum will depend on deeper wallet engagement and a new narrative beyond established collections like CryptoPunks. In the next 24 hours The White House is expected to release its first crypto policy report, following a directive from President Trump’s executive order that established the Digital Asset Markets Working Group. Notable token unlocks ahead for EigenLayer and IOTA.Never miss a beat with The Block's daily digest of the most influential events happening across the digital asset ecosystem.Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.