Only 4 of the 20 largest crypto treasury companies still trade at a premium to their crypto holdings. A new DWF Ventures report shows Bit Digital $BTBT, Strive $ASST, Hyperliquid Strategies $PURR, and BitMine $BMNR are the only four trading at an mNAV above 1. The other 16 trade at a discount. That matters because the crypto treasury model relies heavily on companies being able to raise capital at a premium and use it to buy more crypto without heavily diluting existing shareholders. Once that premium disappears, the flywheel starts to break down. Most crypto treasury stocks have also underperformed simply holding the underlying crypto since adopting their treasury strategies. Strategy $MSTR pioneered the model with its first $BTC purchase in 2020, but premiums across the sector have generally been strongest early on, when the trade was still new. Strategy’s own premium peaked during Bitcoin’s late 2024 rally. Standard Chartered previously warned collapsing mNAVs could drive consolidation, while Galaxy Digital noted the model depends heavily on maintaining an equity premium to NAV. The trade that once allowed these companies to raise capital and aggressively accumulate crypto is losing its biggest advantage. The premium is disappearing.

JUST IN: SEC STAFF ISSUES NEW CRYPTO GUIDANCE CLARIFYING WHEN CERTAIN TOKENS, STAKING RECEIPT TOKENS AND CRYPTO BUYBACKS MAY FALL OUTSIDE SECURITIES LAWS GUIDANCE REPRESENTS SEC STAFF VIEWS, IT IS NOT A NEW SEC RULE OR LAW

PODCAST COMING SOON @avichal breaks down how AI agents are changing jobs, why they could run businesses using crypto, and how Bitcoin could become their savings account. We also explore what happens when agents start acting in their own interests. Full episode drops tomorrow.

Germany's hyperinflation wasn't caused by money printing "Germany did not turn on a printing press for no reason and accidentally cause hyperinflation. During the First World War, it relied heavily on borrowing because its leaders expected victory and believed the defeated countries would help pay the bill. Germany lost." "It emerged with war debts, political instability, and reparations. The occupation of the Ruhr intensified the crisis as the government supported striking workers while production was disrupted." "The government faced obligations it could not meet through normal taxation or sustainable borrowing, so it created money. Prices rose, confidence fell, and people attempted to spend currency as quickly as possible before it lost more value. That accelerating velocity made the inflation even worse." "By late 1923, one U.S. dollar cost approximately 4.2 trillion marks. Savers watched their purchasing power disappear while debtors repaid old obligations with nearly worthless currency." "Printing did not create Germany's war debts, reparations, or political crisis. It was the mechanism that transferred the cost of those problems into the currency."

SoFi just put its $25B annual card volume onchain "Mastercard and SoFi team on stablecoin settlement to cards. This might just sound like another stablecoin story, and it is a story that you're going to hear a lot more stories similar to it in the future, but this is huge." "SoFi has begun settling debit and credit card transactions across Mastercard's network using SoFi USD, which is their stablecoin. They are migrating their entire credit card program, which is expected to process more than $25 billion in annualized volume." "This is live blockchain settlement, not a pilot. This is not a future announcement. This is now happening, at this moment."

The Daily Wolf on @YahooFinance 0:00 Bitcoin ETF inflows and a big stablecoin story 1:05 Bitcoin ETFs pull in $2.3B over four days 1:55 Why BlackRock taking only a third of inflows matters 3:37 Not just a short squeeze: a real floor under Bitcoin 5:01 Mastercard and SoFi settle card payments in stablecoins 7:13 Can you invest in it? Stablecoins will eat the world 8:24 Binance puts $100M into Circle, signs 5-year USDC deal 10:12 Binance faces US scrutiny over Iran sanctions 11:05 BitMEX, the exchange that invented the perp, shuts down 12:25 Prediction markets face new integrity questions

Spot Bitcoin $BTC ETFs attracted +$999 million in inflows on Monday, their largest daily intake since October 2025. This was also the 9th-largest daily inflow since Bitcoin ETFs launched in January 2024. Demand was led by BlackRock’s $IBIT, which took in +$381 million. At the same time, spot Ethereum $ETH ETFs pulled in +$270 million, their largest daily inflow since October 2025. So far in September, Bitcoin ETFs have attracted +$1.3 billion, after +$3.5 billion in August. Bitcoin briefly traded above $87,000, its highest level since January. Institutional crypto demand is back in size.