Metaplanet will fund most bitcoin buying with equity, chiefly perpetual preferred, and hold credit-line borrowing under about 10% of its BTC value. Its new room for income businesses also means the 1.0x mNAV test it applies before selling common shares no longer isolates a premium on the coins.
Reality
- Evidence62
- Adoption30
- Hype gap+20
- Incentives68
- Confidence60
September 3 brought $730.9 million and September 18 brought $433 million, so the other eleven sessions of the month netted a combined outflow near $850.3 million against a category holding about $102.5 billion.
Reality
- Evidence40
- Adoption70
- Hype gap+25
- Incentives55
- Confidence45
Solana's spot ETFs have taken net inflows for twelve straight weeks, an average of at least $117m a week, and the latest week came in at $60.7m. Bitcoin's spot funds took $6.1m on their quietest volume since October 2024.
Reality
- Evidence35
- Adoption58
- Hype gap+25
- Incentives45
- Confidence40
CoinShares marks stabilised data centre capacity at $27m a megawatt and energised mining capacity at $3m, and the conversion cost in between explains why Core Scientific, Keel, Cipher and IREN are walking away from hashrate.
Reality
- Evidence45
- Adoption38
- Hype gap+35
- Incentives70
- Confidence45
Dowagiac's bitcoin miners went dark on September 1 so that 20 megawatts could be leased to an unnamed California neocloud at roughly $3 million per megawatt-year. The customer's cash in the door so far is $10.6 million.
Reality
- Evidence40
- Adoption30
- Hype gap+58
- Incentives75
- Confidence38
Messari puts Morpho's outstanding loans at a record $5bn, with 95% of it stablecoin credit. About $1.3bn of that comes from Coinbase customers borrowing USDC against $2.5bn of cbBTC, and that prices out as a 52% loan-to-value book, not a leverage book.
Reality
- Evidence50
- Adoption78
- Hype gap+15
- Incentives70
- Confidence55
Spot bitcoin ETFs pulled $606 million on August 20, and IBIT kept $503 million of it. The month's record total is mostly one issuer, and the first fund liquidation shows why.
Reality
- Evidence42
- Adoption70
- Hype gap+12
- Incentives55
- Confidence45