Crypto investors outpace advisers in digital asset adoption

Crypto investors across the US, UK, France, Germany, Italy, Sweden and Switzerland now own digital assets, with crypto making up roughly 10% of their portfolios on average. The CoinShares survey of 2,230 investors with at least $500,000 in investable assets found ownership rates ranging from 54% in Sweden to about 70% in the US, UK, Germany and Switzerland. In five of the seven countries, at least 85% of existing crypto investors said they plan to increase exposure in 2026.

Four in ten respondents in Switzerland, France, the US and Germany who work with an adviser described the adviser as overly cautious about digital assets. Ric Edelman, founder of the Digital Assets Council of Financial Professionals, noted that his own research suggests typical allocations of 2% to 5% are more common, yet he recommends larger allocations of 10% to 40% depending on risk tolerance.

OKX extends funding round at $25 billion valuation

OKX raised an undisclosed amount at a $25 billion valuation, extending a round that previously brought in $200 million from Intercontinental Exchange in March. Existing partners and investors, including Standard Chartered’s SC Ventures, Qube Research & Technologies, Ripple and stablecoin issuer Circle, participated in the extension. OKX did not disclose the exact amount raised in the latest round.

The funding comes as OKX moves further into traditional financial markets. On Monday, an OKX-ICE joint venture filed with the U.S. Securities and Exchange Commission to launch a tokenized stock trading platform under the agency’s new innovation exemption. The platform’s launch remains subject to the filing and exemption.

Strategy spends six times more on STRC buybacks than Bitcoin

Strategy spent $176.3 million repurchasing 1.77 million STRC shares last week, more than six times the $28.7 million it spent buying 334 Bitcoin. The purchase brought Strategy’s holdings to exactly 848,000 BTC, according to a Monday 8-K filing with the SEC. Bitcoin accumulation has slowed considerably, with holdings rising just 0.2% in the third quarter after 7,218 BTC in purchases were partly offset by the sale of 5,553 BTC.

STRC, meanwhile, has recovered to near its $100 par value. The shares were trading around $99.53 after falling to roughly $75 in late June. Strategy also filed a proxy seeking shareholder approval to pay dividends daily on STRC, STRF, STRK and STRD. STRC currently pays dividends twice monthly, while the other three pay quarterly. Shareholders are scheduled to vote on the proposal on Oct. 28. If approved, daily STRC dividends would begin in November, followed by STRF, STRK and STRD in January.

Bitcoin faces resistance from high Treasury yields

Bitcoin briefly climbed above $87,000 last week before pulling back to below $83,000 on Wednesday. Delphi Digital pointed to Bitcoin’s 43% third-quarter gain and third consecutive weekly advance, but warned that the grind higher is happening against real resistance. This resistance includes the Federal Reserve’s September rate hike and Treasury yields at multi-decade highs.

Vanessa Grellet of Arche Capital noted that the debasement trade, which favors scarce assets such as Bitcoin and gold as a hedge against the declining purchasing power of fiat currencies, does not depend on low interest rates. The outlook for rates has shifted since then. September payrolls showed just 29,000 jobs added, well below forecasts of 80,000, sharply lowering the odds of an October rate hike, according to CME FedWatch. New York Fed President John Williams also said there was no urgency to raise rates again. For now, elevated Treasury yields remain a hurdle for risk assets.

What to watch

Affluent investors are moving faster on crypto than their advisers. If advisers do not adjust their recommendations, they risk losing clients who seek higher allocations. OKX’s new funding round signals continued institutional interest, but the lack of disclosed capital raises questions about the scale of the investment. Strategy’s preference for preferred stock buybacks over Bitcoin accumulation may indicate a shift in corporate treasury strategy that could affect liquidity and dividend policy.

Readers should verify the current holdings of Strategy and the status of the OKX-ICE tokenized platform filing. Monitoring Treasury yield trends will also help gauge Bitcoin’s near-term support level.

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