This week’s stories included crypto treasuries, legal drama, AI infrastructure and exchange fundraising. Evernorth showcased its 473 million XRP treasury after listing on Nasdaq, while HEX founder Richard Heart was reportedly detained in Istanbul. Larry Fink warned that halting U.S. data center construction could trigger recession, Binance US reportedly sought funding at less than a quarter of its 2022 valuation, and Strive passed MARA to become the fourth-largest public bitcoin holder.
Key Takeaways
- Strive’s consecutive $280M and $235M bitcoin purchases signal renewed corporate demand for BTC.
- Binance US’s reported $1B valuation is roughly 78% below its $4.5B valuation in 2022.
- Evernorth’s 473M XRP treasury could position it to lead a broader wave of XRP treasury companies.
WEEK IN REVIEW
BlackRock Boss Larry Fink Sounds Recession Alarm Over AI Data Center Shutdowns
BlackRock CEO Larry Fink is sounding the recession alarm over proposals to halt new data center construction, warning that…
Editor’s comment:
As Matt Hougan says, recessions are now illegal in the eyes of Washington and Wall Street. Fink is doing his job in enforcing the law, and making sure that the AI bubble can continue for as long as possible.
Binance US Chases $100 Million at a Fraction of Past Valuation: Bloomberg
Binance US is reportedly seeking up to $100 million in fresh capital at a valuation of roughly $1 billion, a striking reversal from its $4.5 billion pre-money valuation in 2022.
Editor’s comment:
It will be interesting to see what Binance’s agenda is here. The US market seems crowded, and dethroning the bigger players like Coinbase, Kraken, and Gemini seems nearly impossible. Kraken’s IPO, planned for Q2 next year at the earliest, will also likely solidify the upper caste of US exchanges.
Strive Buys $235M in Bitcoin, Knocks MARA Out of Fourth Place
Strive just leapfrogged MARA in the corporate bitcoin rankings, snapping up another 2,822 BTC for $235 million, barely a day after revealing a $280 million purchase.
Editor’s comment:
As long as they don’t blow up like Satsuma, more DATs aggressively accumulating coins is quite simply bullish for BTC. As consensus that a bottom has convincingly already taken place, it’s likely that Strategy will go on another spree, and other DATs follow suit, potentially creating a noticeable supply shock.
HEX Founder Richard Heart Reportedly Arrested in Istanbul Dawn Police Raid
HEX and Pulsechain founder Richard Heart, whose legal name is Richard James Schueler, was reportedly detained during an early morning raid in Istanbul on Oct. 14, 2026
Editor’s comment:
From Bitcoin maxi to the founder of multiple coins and a chain, the Richard Heart saga is one of the most entertaining in crypto. Currently, Heart looks like he’s only getting hit with tax evasion, but authorities reportedly believe there may have been other scams being run from his house in Istanbul.
Evernorth Rings Nasdaq Closing Bell, Showcasing XRP Treasury
Evernorth’s 473 million XRP treasury took the spotlight at Nasdaq’s closing bell. The ceremony highlighted a corporate investment model that…
Editor’s comment:
The slow mainstreamification of digital assets continues as another crypto company joins the stock market. Last year we saw the rise of Ethereum and Solana DATs, and it looks like we may now see the rise of some more. With first mover’s advantage, Evernorth could become the Strategy or Bitmine of the XRP world.