The Coldcard Attacker Returns for a Fourth Wave, and Tokenized Stocks Post a Fake-Looking Record

The attacker sweeping funds out of Coldcard-generated wallets started a fourth round early this morning, pushing total losses toward $114 million.

Meanwhile, tokenized stock trading looked like it had a breakout month until you check which ticker did the work, and Strategy has now gone five straight weeks without adding Bitcoin.

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Market-Moving News

Three things worth your attention as the week opens. The Coldcard drain is still happening in real time, and the running total keeps climbing.

July’s tokenized equity numbers looked spectacular until you break them down and find one product carrying almost everything. And the company that spent years as Bitcoin’s loudest corporate buyer has been sitting on its hands for over a month.

Prices barely moved through all of it, which is its own kind of signal.

Corporates

Strategy Sells $105M Bitcoin to Defend 12% STRC Yield

Strategy sold 1,638 Bitcoin for $104.7 million while issuing $290.6 million in common stock, redirecting capital toward preferred dividends, reserves, and STRC repurchases.

The sale reduced its holdings to 842,138 BTC, acquired for $63.51 billion at an average cost of $75,419. Strategy received about $63,957 per coin.

Half of the Bitcoin proceeds funded preferred dividends. The other half supported purchases of STRC, its perpetual preferred stock carrying a 12% annual dividend.

Common Stock Absorbs the Pressure

Strategy issued just over 3 million MSTR shares, adding dilution while strengthening securities ahead of common equity.

It placed $250 million into its dollar reserve, lifting the balance to $4 billion. Another $28.9 million helped repurchase STRC, while $11.7 million remained as cash.

You can now see the treasury model moving capital in both directions instead of accumulating Bitcoin without interruption.

Bitcoin Becomes a Funding Source

Strategy repurchased 912,143 STRC shares for $81.2 million as it worked to keep the stock near its $100 stated value.

The transactions were planned capital management, not a forced liquidation. Selling Bitcoin below the company’s average purchase price still shows that dividend commitments and market support can outrank preserving every coin.

Take: Strategy gives you a sharper view of who funds its expanding capital structure when Bitcoin weakens. Your next test is whether common-stock issuance and selective BTC sales can protect a 12% preferred yield without steadily reducing value for MSTR holders.

TradFi

BlackRock Builds Stablecoin Reserve Rails With Two Onchain Funds

BlackRock has launched two blockchain-based money-market products aimed at becoming reserve assets for regulated U.S. stablecoin issuers.

The BlackRock Select Treasury-Based Liquidity Fund now offers tokenized shares on Ethereum. A separate Daily Reinvestment Stablecoin Reserve Vehicle adds onchain ownership, daily dividend reinvestment, and multichain access.

Securitize serves as transfer agent and tokenization provider for the new vehicle.

Stablecoin Reserves Move Onchain

The reserve vehicle invests entirely in cash, U.S. Treasury securities maturing within 93 days, and overnight repurchase agreements backed by Treasuries. BlackRock says both products intend to meet GENIUS Act reserve requirements.

The new vehicle requires a $3 million minimum investment, while the existing Treasury fund held about $6.2 billion before adding its onchain share class. You can read the launch as BlackRock moving beyond tokenized shares and into the assets supporting digital dollars.

Cash Management Becomes Crypto Infrastructure

BlackRock already manages about $60 billion in reserves for Circle, while BUIDL holds roughly $2.5 billion. Its wider cash-management platform oversees nearly $1.073 trillion.

The products give stablecoin issuers Treasury-backed liquidity, daily income, permissioned transfers, and blockchain ownership records through one structure.

Qualification is intended, not guaranteed. Regulators have not approved the funds as reserve assets for every issuer, and the new vehicle has not reported an asset total.

Take: Stablecoin issuers may soon compete on reserve management as much as transaction volume.

Watch whether billions move into BlackRock’s onchain funds once the U.S. framework takes effect, because that will tell you whether tokenized cash has become core infrastructure.

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Industry

BitGo Links $104B Custody Network to Three Exchanges

BitGo has launched Link, giving institutional treasury teams one control center for assets held across BitGo, Coinbase, Kraken, and Crypto.com.

The platform shows balances and subaccounts while allowing users to transfer funds, rebalance capital, meet margin calls, and follow transactions through settlement. '

Assets remain with their existing custodians or exchanges. Link connects the accounts without pooling every holding inside one wallet.

One Policy Engine Follows the Money

Institutional crypto teams often manage separate logins, approval chains, and records for each venue. BitGo Link applies the company’s Policy Engine to transfers started from its interface.

Firms can restrict destinations, set transaction limits, assign permissions, and require several approvals before money moves. You gain one operating view, but the connected exchange still controls assets held on its platform.

Visibility Does Not Remove Counterparty Risk

BitGo reports about $104 billion in assets under custody and supports more than 1,700 digital assets across 44 blockchains. Connecting Coinbase, Kraken, and Crypto.com gives Link an immediate institutional footprint.

BitGo plans to add more venues and treasury tools.

A unified dashboard cannot prevent an exchange outage, withdrawal freeze, compromised account, or insolvency. Its value depends on whether centralized oversight reduces mistakes without creating another access point attackers can target.

Take: BitGo gives you a cleaner way to govern capital moving between custody and trading venues. Your real test is whether one control layer improves speed and accountability without hiding the risk attached to each exchange.

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Future Forward

A quiet calendar week, which puts the focus squarely on whether the Coldcard sweeps continue and whether Strategy breaks its buying pause.

Watch This Week:

🔍 Coldcard sweep activity and whether a fifth wave materializes

🔍 Strategy’s next filing for any sign the Bitcoin buying pause has ended

📊 US labor market data midweek, which could move Treasury yields and pressure risk assets

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Crypto Know-How: Why Multisig Wallets Survived a Bug That Drained Single-Key Ones

The most useful detail in the Coldcard story is the one getting the least attention. Every drained wallet was single-signature. Multisig setups were untouched. Understanding why is worth more than any price call this week.

A single-signature wallet works the way most people picture crypto custody. One seed phrase generates one private key; that key controls the funds, and anyone who obtains it can move everything.

Simple, and it works right up until the moment the key is compromised.

When Coldcard’s firmware generated seeds with far less randomness than intended, attackers could work backward and reproduce those keys offline. One broken key, one drained wallet, no defense.

Multisig splits control across several keys and requires a threshold of them to authorize any transaction. A two-of-three setup means three keys exist and any two must sign.

The keys can live on different devices from different manufacturers, in different physical locations, held by different people. Compromising one accomplishes nothing on its own.

That is exactly why multisig users came through this week untouched even if their Coldcard generated one of the compromised keys.

The attacker could reproduce that single key and still could not move a satoshi, because the wallet demanded a second signature from a device that was never affected.

The tradeoff is real. Multisig is more complicated to set up, harder to recover if you lose track of your keys, and more annoying to use day to day.

For small balances, that friction is not worth it. But if a meaningful portion of your net worth sits behind one seed phrase on one device from one manufacturer, this week demonstrated precisely what that concentration costs when the manufacturer gets something wrong.

Everything Else

• 💻 AI is taking on more of Wall Street’s morning research routine, ranking hundreds of stocks by the same factors professional analysts monitor.

• A solo Bitcoin miner packaged block 960,804 early Monday and collected a reward of roughly 3.157 BTC, worth close to $200,000, marking the thirteenth block claimed by independent miners this year even as the professional mining sector struggles with compressed margins. 

• Bithumb published a three-stage roadmap targeting a 2028 public listing, with internal control upgrades this year and a preliminary listing review in 2027, following the February incident where a staff error briefly credited users with hundreds of thousands of phantom Bitcoin and crashed the local price. 

• Traders attributed Bitcoin’s slide from $65,000 to thin participation rather than panic selling, with ETF flows turning negative and CME open interest falling back to levels last seen in 2023, suggesting stalled buying rather than aggressive distribution.

• Minnesota’s crypto ATM restrictions took effect following reports of roughly $1 million in losses tied to machines in the state, adding to a growing list of US jurisdictions imposing caps and disclosure requirements on kiosk operators. CoinDesk

• Crypto markets have now spent several sessions tracking gold with unusual closeness, a correlation that tends to appear when investors treat both as reactions to the same macro anxieties rather than as independent bets.