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Strategy plans to sell up to $21 billion in 8.00% Series A Perpetual Strike Preferred Stock through an at-market offering, according to a Monday filing with the SEC. The company intends to use the net proceeds from this offering for general corporate purposes, including Bitcoin acquisitions and working capital.

As detailed in the filing, the Nasdaq-listed company entered into a Sales Agreement with multiple financial institutions, including TD Securities, Barclays Capital, and Cantor Fitzgerald, to manage the stock sale. The preferred shares will trade on the Nasdaq Global Select Market under the ticker “STRK.”

The offering will be conducted over time through 12 financial institutions acting as sales agents, who will receive up to 2% of gross proceeds.

The preferred stock carries an 8.00% annual dividend based on a $100 per share liquidation preference, paid quarterly on March 31, June 30, September 30, and December 31. Shareholders can convert their preferred shares into Class A common stock at a rate of $0.1000 Class A shares per preferred share, with an initial conversion price of $1,000 per Class A share.

The offering marks another move by Strategy to increase its Bitcoin Treasury position. The company has previously used debt offerings and equity issuances to fund Bitcoin acquisitions under the leadership of Executive Chairman Michael Saylor, who has championed Bitcoin as a Treasury reserve asset.

Earlier this year, Strategy announced a plan to raise $2 billion through stock offerings to fund more Bitcoin purchases as part of their “21/21 Plan.”

The 21/21 plan is the company’s strategic initiative to raise a total of $42 billion over three years, including $21 billion in equity and $21 billion in fixed-income instruments. The goal is to use the raised capital to acquire more Bitcoin, further solidifying its position as the world’s largest Bitcoin Treasury Company.

As of early 2025, Strategy had already raised $15 billion through equity and $3 billion via convertible debt. The company is shifting its focus toward fixed-income issuances this year.

Strategy currently holds 499,096 BTC, valued at $41.5 billion at current market prices.

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Fears of a looming recession, coupled with escalating trade tensions between the US and Canada, triggered Bitcoin price drops and altcoin sell-offs on Sunday night.

Speaking on Fox News’ Sunday Morning Futures, Trump avoided directly addressing recession possibilities in 2025, saying he hated predicting “things like that.” He emphasized his economic policies aim to bring wealth back to America, though the transition may take time.

Trump’s tariffs on imports from countries like Canada, Mexico, and China have been a source of market volatility. Despite this, the US President defended his approach as necessary for achieving his economic goals.

Also on March 9, Mark Carney, a former governor of the Bank of Canada, won the Liberal Party leadership election, replacing Justin Trudeau as Canada’s prime minister.

The new prime minister-elect went off on Trump in his first speech, stating that Trump won’t succeed in his trade war with Canada.

“America is not Canada. And Canada never, ever, will be part of America in any way, shape or form,” Carney said. Trump has repeatedly referred to Trudeau as the “Governor” of Canada, suggesting that Canada would be better off as the 51st U.S. state.

“My government will keep our tariffs on until the Americans show us respect,” he said. Canada has imposed 25% tariffs on US consumer goods in retaliation to Trump’s tariffs.

Bitcoin fell below $81,000 following Carney’s victory, according to CoinGecko data. At press time, BTC recovered slightly above $82,000, down 4% in the last 24 hours.

Market turmoil deepened as Bitcoin declined. Ether and XRP each shed more than 6%, while Dogecoin dropped over 10%.

Other top coins like BNB, Solana, Cardano, and TRON also saw significant losses, while lower-cap tokens such as Injective, Maker, and Render experienced double-digit drops.

The total crypto market capitalization decreased 6% to $2.8 trillion within a day. Leveraged liquidations reached $600 million, with approximately $530 million in long positions eliminated, according to Coinglass data.

The Atlanta Federal Reserve’s GDPNow model has revised its forecast for the first quarter of 2025, predicting a GDP contraction of 2.4%. This downward revision reflects weaker-than-expected consumer spending and a widening trade deficit, raising concerns about a potential recession.

Market reaction to Trump’s Bitcoin reserve: A mixed bag

The market turbulence continued after Trump’s Thursday executive order establishing a Strategic Bitcoin Reserve, which initially sparked selling pressure due to limited details about funding beyond existing US-held Bitcoin.

US Treasury Secretary Scott Bessent said Friday that discussions are underway about additional BTC acquisitions, but the first step is to halt the sale of seized Bitcoin.

He also noted that while the current focus is on Bitcoin, the broader strategy is to establish a comprehensive crypto reserve.

While some analysts view the reserve’s creation as formal recognition of Bitcoin’s role as a strategic asset, positioning it alongside traditional reserves like gold, this recognition has not translated into immediate market confidence.

Crypto community members also had mixed reactions to the White House Crypto Summit held after the executive order.

Speaking at the event, Chainlink co-founder Sergey Nazarov expressed optimism that US officials are now actively engaging with the blockchain and crypto industry, which he believes could help the country stay at the forefront of financial innovation.

“Me and other people in the room do believe that the crypto, blockchain, Web3 infrastructure is the next iteration of the financial system,” Nazarov said. “And I think that the US should have its leadership position continue in that new financial system.”

Multicoin Capital managing partner Kyle Samani also viewed the event positively, labeling it a “historic moment” for crypto.

In contrast, Coin Bureau CEO Nic Puckrin and Bitcoin maximalist Justin Bechler expressed disappointment, questioning the summit’s impact and criticizing its approach.

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David Sacks has defended himself against recent allegations that he used his position to manipulate crypto markets, calling the claims baseless.

Speaking in a new episode of The All-In Podcast, the White House AI and crypto czar addressed accusations that he engaged in a scheme to inflate his crypto holdings for personal gain.

“People came out right away and were saying that somehow I was engaged in a scheme to pump my bags or to basically create exit liquidity for myself,” Sacks said, arguing that these claims are serious since they amount to accusations of a crime.

Sacks reiterated that he had divested all his crypto holdings before joining the administration to avoid any appearance of a conflict of interest. He confirmed in an earlier statement that he had sold Bitcoin, Ethereum, and Solana.

“When it comes to crypto, there are going to be fluctuations in the market,” he explained. “You never want someone to be able to point at one of those fluctuations and say somehow that the cryptos are benefited from that and create a conspiracy theory, which is exactly what basically happened.”

Sacks disclosed that he and his venture firm Kraft had liquidated approximately $200 million in crypto assets, of which $85 million was personally attributable to him.

“We cleared that before day one, paid taxes on it, and basically said there wouldn’t be a conflict,” he stated, adding that the scrutiny then shifted; people claimed that even if he didn’t own crypto, he was still invested in crypto funds.

Sacks clarified that beyond direct crypto holdings, he also withdrew from multiple crypto-focused investment funds, including positions in Bitwise, Multicoin Capital, and Blockchain Capital.

“At this point, I think they’ve basically given up on this narrative,” Sacks said.

According to Calacanis, who manages one of the divested funds, the process requires selling fund interests at discounts of “50%, 25% off,” potentially resulting in eight or nine-figure losses for Sacks.

Trump’s crypto tsar also dismissed the notion that he sought financial gain through his role. He disclosed that he’s taking an unpaid consultant role in the administration.

Sacks criticized the assumption that wealthy individuals enter government for financial gain, calling it “lazy and stupid.”

“It’s a lazy and stupid narrative to say that the reason why someone who’s already successful in business goes into government is to somehow make more money. I was making money before,” he said. “This involves a substantial disruption of my business interests.”

Sacks reiterated that his divestments were necessary to avoid any ethical concerns, even if it meant huge financial loss.

“In divesting, I have to either pay taxes or take a significant discount. It costs you money,” he said. “So it’s just a lazy narrative that people create. But there’s no truth to it.”

Sacks has faced public scrutiny over allegations of potential conflicts of interest tied to his role as Trump’s crypto and AI czar.

Critics, including Senator Elizabeth Warren, have raised concerns that Sacks could influence Trump’s pick of altcoins for the US crypto reserve and financially benefit from those picks, which include Bitcoin, Ethereum, Solana, Cardano, and XRP.

The President eventually signed an executive order to create a Strategic Bitcoin Reserve and a US digital asset stockpile, using legal forfeiture.

In an interview with Bloomberg TV on Friday, Sacks clarified that Trump previously mentioned XRP, SOL, and ADA because they were among the top five crypto assets by market cap.

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Dubai, United Arab Emirates, March 6th, 2025, Chainwire

Bybit, the world’s second-largest cryptocurrency exchange by trading volume, becomes the first platform to include USDtb, a blockchain-based USD stablecoin created and managed by Ethena Labs, on its Spot exchange. USDtb combines the liquidity of stablecoins with the security and transparency of institutional-grade U.S. Treasury assets, marking a pivotal innovation in the evolution of digital dollars.

USDtb is backed primarily by BlackRock’s USD Institutional Digital Liquidity Fund Token (BUIDL), which holds 100% of its assets in cash, U.S. Treasury Bills, and other short-term U.S. government obligations. This conservative and transparent backing makes USDtb a compelling option for investors seeking both stability and yield in the digital asset ecosystem.

A New Chapter in Stablecoins

Unlike traditional stablecoins, USDtb blends tokenized U.S. Treasury fund products with a stablecoin reserve, delivering a unique combination of stability, flexibility, and instant liquidity. This next-generation stablecoin enables faster, cheaper transactions compared to traditional banking systems, while offering users stable returns with principal protection — echoing the success of Ethena Labs’ USDe.

Key Timeline

• USDtb Listing on Spot Trading: Mar 4, 2025, 8AM UTC
• USDtb Withdrawals Open: Mar 5, 2025, 8AM UTC
• USDtb 5% Airdrop: 1st Snapshot on Mar 6, 2025
• First Reward Distribution: Before Mar 7, 6AM UTC

Deposits and withdrawals will be available via the ETH network. 

Exclusive 5% APR Boost for Bybit Users

To celebrate the listing, Bybit is offering 5% Annual Percentage Rate (APR) on USDtb holdings for new and existing eligible users with no lock-up requirements. From Mar. 6 to Apr. 4, eligible Bybit users may join the Bybit exclusive event to enjoy the limited-time 5% APR on USDtb holdings, starting at a minimum of 0.00005 USDtb. Holders will continue to enjoy 95% of the yield on Treasury Bills after the 1st month.

Rewards will be distributed in USDtb on a first-come, first-served basis, and capped at a total of 200 million in USDtb tokens. The APR will be gradually decreasing after the cap is reached. However, all USDtb holders on Bybit will continue to earn rewards indefinitely after the promotional period ends.

“By listing USDtb, Bybit is pioneering a new frontier for stablecoins — bridging traditional finance and digital assets with unprecedented transparency and institutional-grade security,” said Jerry Li, Head of Earn & Wealth Management at Bybit. “We are proud to be the first to introduce this innovative asset to our users, expanding their options for both secure savings and dynamic trading opportunities, all while maintaining the seamless experience Bybit is known for.”

About Bybit

Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving a global community of over 60 million users. Founded in 2018, Bybit is redefining openness in the decentralized world by creating a simpler, open and equal ecosystem for everyone. With a strong focus on Web3, Bybit partners strategically with leading blockchain protocols to provide robust infrastructure and drive on-chain innovation. Renowned for its secure custody, diverse marketplaces, intuitive user experience, and advanced blockchain tools, Bybit bridges the gap between TradFi and DeFi, empowering builders, creators, and enthusiasts to unlock the full potential of Web3. Discover the future of decentralized finance at Bybit.com.

For more details about Bybit, please visit Bybit Press

For media inquiries, please contact: [email protected] 

For updates, please follow: Bybit’s Communities and Social Media

Discord | Facebook | Instagram | LinkedIn | Reddit | Telegram | TikTok | X | Youtube

Contact

Head of PR
Tony Au
Bybit
[email protected]

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A wallet associated with Mt. Gox, the defunct crypto exchange, just sent 12,000 Bitcoin, worth over $1 billion, to an unidentified address in the past hour, according to data from Arkham Intelligence. The transfer came amid Bitcoin’s ascent to the $90,000 mark.

The Mt. Gox-labeled wallet also moved 166,505 Bitcoin worth approximately $15 million to its cold wallet on Wednesday evening.

These transactions broke a long period of being idle, following a transfer of $172 million in Bitcoin last December. The entity still owns more than 36,000 Bitcoin, valued at about $3.3 billion at current market prices.

Mt. Gox has extended its repayment deadline from October 31, 2024, to October 31, 2025, citing ongoing verification and processing requirements for claimants. While some creditors have received fiat currency payments, others are still waiting for compensation in Bitcoin or Bitcoin Cash.

Although Mt. Gox’s Bitcoin movements have historically influenced market sentiment, recent transfers have had minimal impact on Bitcoin prices. However, market participants remain concerned about potential price effects if creditors choose to sell their holdings following full compensation distribution.

Bitcoin is trading at around $90,100, up 4% in the last 24 hours, according to TradingView data.

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BlackRock CEO Larry Fink expects market volatility and elevated inflation in 2025 but remains bullish about long-term growth opportunities, projecting a “big economic boom” driven by advancements in science and technology.

Speaking today at the RBC Capital Markets Global Financial Institutions Conference, Fink said that this year would be a “rocky” year as markets adjust to trade tensions and policy shifts. He noted that the “next six months” will be marked by increased market volatility.

“In the next six months, I think we’re going to have a lot of volatility and volatility is creeping up quite considerably,” he said.

Yet, Fink anticipates the country will overcome the current social and economic challenges.

“The world’s fine. I mean, a lot of noise. We’ll get beyond — we’ll get by this,” Fink said.

“All of that is going to be just a reorientation. And ultimately, we’ve — we find ways of fixing it. But in the short run, we’re going to have elevated inflation,” he said.

Fink urged investors to buy during the dips, emphasizing his confidence in the enduring strength of the US capital markets.

“For long-term investors, if there’s a big dip, good, good time to buy and I truly believe that. I believe we’re getting set up for a big economic boom,” Fink said, anticipating the boom will largely be driven by new technologies and science.

Addressing the growing anxiety surrounding tariffs and potential deportations, Fink said they could cause immediate economic disruptions they could cause. However, despite the current climate of trade uncertainty, he stays optimistic about the possibility of a positive outcome, suggesting a potential trade agreement between the US and China.

“We expect in the short run volatility, we expect elevated inflation, moderation of the economy in the short run. But over the course of three quarters, four quarters, I think we’re going to be resuming a pretty good trajectory,” he noted.

AI and robotics poised to unleash deflationary wave

Discussing AI, Fink highlighted the potential of the technology to drive innovation, efficiency, and ultimately, deflation.

“The Generative AI is going to transform the science and all the sciences so rapidly,” he said.

The CEO pointed out that AI implementation is currently expensive, limiting its accessibility to large corporations. However, he expressed optimism that the cost of AI models will decrease, allowing for wider adoption and “democratization” of the technology.

Fink believes that the US technology sector, driven by AI, will be a major driver of stock market growth and investment opportunities over the next five years.

Fink also noted the rapid evolution of robotics, where AI and visual technology are enabling robots to perform increasingly complex tasks. He contrasted older, code-driven robots with new AI-powered machines capable of delicate and precise actions.

“The ability to overlay AI with robotics with visual technology is going to be transformational,” Fink said. “And that’s why when you think about so many functions and so many things, it will be ultimately very deflationary.”

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Treasury Secretary Scott Bessent reaffirmed the administration’s commitment to tackling inflation and making life more affordable for Americans. Speaking in an interview with FOX News on Tuesday, Bessent detailed the administration’s economic priorities, including efforts to lower interest rates.

🇺🇸 JUST IN: US Treasury Secretary Scott Bessent states, “We are committed to lowering interest rates.” pic.twitter.com/roPcecaL85

— Crypto Briefing (@Crypto_Briefing) March 4, 2025

Mortgage rates have declined “dramatically” since Election Day and the inauguration, Bessent said. He attributed this trend in part to upcoming bank deregulation.

Bessent emphasized that the administration aims to lower interest rates to help Americans struggling with high borrowing costs, particularly those in the bottom 50% of income earners who have been “crushed by these high interest rates” over the past two years.

According to him, lower interest rates would not only benefit homeowners but also help ease credit card and auto loan costs, which have disproportionately affected low-income Americans.

“So we’re set on bringing interest rates down and I think that’s one of the greatest accomplishments so far,” Bessent said.

While inflation is easing, Bessent noted that costs for essential goods, housing, and insurance remain high, largely due to excessive regulations imposed by the previous administration.

“There’s affordability and then there’s inflation. Inflation is slowing, still not back to the Fed’s target area. Affordability is this massive spike that we saw over the past two and four years,” said Bessent when asked how affordability could affect inflation.

“We’re going to try to bring the prices back down,” said Bessent, noting that deregulation is key to addressing costs across sectors like insurance and housing.

“There’s several thousand dollars of administrative burdens every year, and if we can cut that red tape and bring that down, then that’s an excellent start on the affordability,” Bessent said.

The administration’s tariff policies were another key focus of Bessent’s remarks. New tariffs—10% on all Chinese imports and 25% on imports from Mexico and Canada—went into effect this week, sparking market reactions.

While some analysts fear potential price hikes, Bessent expressed confidence that Chinese manufacturers will absorb the tariffs rather than passing costs onto American consumers.

“On the China tariffs, China’s business model is export, export, export, and that’s unacceptable,” Bessent stressed.

“They’re in the middle of a financial crisis right now that they’re trying to export their way out of it. So with the China tariffs, I am highly confident that the Chinese manufacturers will eat the tariffs. Prices won’t go up,” he explained.

He also pointed to recent moves by companies like Honda, which announced plans to shift manufacturing to Indiana, as evidence that tariffs are successfully encouraging businesses to bring production back to the US.

“With Canada and Mexico, you know, I think we’re in the middle of a transition, and just like you mentioned, Honda moving to Indiana is a great start,” he said.

The Treasury secretary also outlined plans to expand US energy production across crude oil, natural gas, and nuclear power.

“We’re going big in nuclear and we are going to… it’s going to bring down costs, but we’re also going to become major exporters of energy, which will make the world more secure,” Bessent said.

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