Speaking on CNBC’s Squawk Box on September 11, Novogratz explained that treasury teams within crypto firms have recently shifted attention to other blockchain projects.

He noted that this has likely pulled some market energy away from Bitcoin in the short term.

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He pointed to recent activity involving Galaxy Digital, Jump Crypto, and Multicoin Capital as examples of companies directing funds toward newer tokens.

While Bitcoin has not shown much movement lately, Novogratz noted that it could change later in the year. He mentioned that a potential shift in US interest rate policy could drive another wave of demand for Bitcoin.

Additionally, he referenced SEC Chair Paul Atkins’ remarks about updating securities regulations to support on-chain markets.

Novogratz also mentioned that Nasdaq had submitted a request to the SEC to allow tokenized versions of traditional financial assets, such as stocks and exchange-traded funds (ETFs).

He explained that Bitcoin initially gained attention as a digital store of value, while stablecoins became useful for cross-border payments. However, Novogratz stated that the lack of reliable blockchains, as well as clear regulations, has slowed further adoption.

He added that while different blockchains will continue to compete, it is unlikely that any single network will dominate the industry. Ethereum
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On August 25, Tim Draper, co-founder of Draper Associates, shared his views that altcoins play an important role in strengthening Bitcoin. How? Read the full story.

SOL Strategies CEO Leah Wald outlined how Solana-focused digital asset treasury companies can drive institutional adoption and exchange-traded fund (ETF) flows.

In an interview with CryptoSlate, Wald noted that multiple Solana treasury companies create a “rising tide” effect similar to Bitcoin miners benefiting alongside Bitcoin ETF inflows.

She noted the parallel between Bitcoin ecosystem dynamics, where miners receive inflows alongside spot and futures ETFs, suggesting similar potential for Solana-focused companies.

Wald explained:

“You’ve always seen that in the past where miners get inflows, like Bitcoin miners. ETF gets inflows alongside Bitcoin spot and Bitcoin futures ETFs get inflows.”

She described the phenomenon as retail investors choosing different products based on enthusiasm, while institutions prefer ETFs for tax advantages and custody structures.

Wald acknowledged widespread market expectations for a spot or staked spot Solana ETF under a 33 Act wrapper, viewing this development as part of a broader rising tide of product offerings.

She emphasized that treasury companies must operate respectfully to maintain industry credibility while benefiting from expanding product availability.

Bloomberg ETF analysts expect an approval in October, when most of the spot Solana ETF filings will meet their final deadline with the SEC.

DAT dynamics

Addressing concerns about digital asset treasury (DAT) company valuations, Wald acknowledged that many firms that added Bitcoin now trade at discounts to multiple of Bitcoin NAV (mNAV), including Bitcoin miners.

A Sept. 2 report by Grayscale highlighted a decreasing mNAV for DAT companies, suggesting a cooling of interest from investors.

However, she expressed confidence that SOL Strategies’ dual approach as both a technology company and treasury accumulator provides competitive advantages during market downturns.

Wald stated:

“It does not scare us. I think it positions us in a position of strength because we’re the only ones running a real business and it’s a business that continues to accumulate and compound.”

She noted that discount trading environments place pressure on management teams to execute validator business models effectively rather than relying solely on asset appreciation.

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SOL Strategies differentiates itself by calling the company “DAT plus plus,” emphasizing technology development alongside treasury accumulation.

Wald described the firm as a technology company first, with treasury accumulation as a secondary function, contrasting with purely speculative treasury models.

SOL Strategies added SOL to its treasury and started trading on Nasdaq on Sept. 9 under the ticker STKE.

Infrastructure validation

Despite being the second-largest decentralized ecosystem, with over $12 billion in total value locked, Solana still represents a small fraction of the tokenization landscape.

Institutions deployed nearly $500 million using Solana’s infrastructure, representing 3.1% of this market. In comparison, Ethereum has a 52% dominance over tokenization efforts.

Wald sees institutional treasury companies as catalysts for closing this gap through education and validation efforts.

She explained:

“I do think that any ETF, like any well-respected issuer or well-respected company, anyone that puts boots on the ground on education is only going to help Solana, the network, grow and succeed.”

She emphasized validation and adoption benefits from proper educational initiatives about Solana’s technical advantages.

Wald stressed the significant institutional interest, including BlackRock’s plans to launch a yield fund on Solana alongside existing tokenized products from Apollo and Franklin Templeton.

She listed these developments as evidence of growing institutional recognition of Solana’s capabilities for tokenization and digital asset infrastructure.

Wald concluded by positioning treasury companies as educational ambassadors for Solana’s institutional adoption journey:

“It’s on all of us out there to educate why we think that it’s better, cheaper, faster, quicker, all those different merits to get there. Hopefully, with all the DAT leaders out there providing education, it should snowball.”

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Paolo Ardoino, CEO of Tether, the issuer of the largest stablecoin USDT, took to X on Sunday to refute claims about the firm selling its Bitcoin (BTC) to invest in gold. In his post, Ardoino wrote that “Tether didn’t sell any Bitcoin,” adding that:

“While the world continues to get darker, Tether will continue to invest part of its profits into safe assets like Bitcoin, Gold and Land.”

How the rumor started

On Sept. 6, YouTuber Clive Thompson claimed that “recently, Tether has been buying gold and selling Bitcoin.” Thompson’s assertion was based on an examination of Tether’s statements of assets.

According to Thompson, Tether sold over $1 billion BTC and purchased over $1.6 billion gold in the last quarter. This indicates that Tether is dumping Bitcoin in favor of gold, as per Thompson.

Flaws in Thompson’s claims

Jan3 CEO Samson Mow pointed out flaws in Thompson’s theory based on public data. In an X post, Mow explained that Thompson arrived at the wrong conclusion since he assumed that a fall in BTC holdings of Tether automatically meant they sold it for gold.

In the first and second quarter of this year, Tether reported holdings of 92,650 BTC and 83,274 BTC respectively. According to Mow, Thompson forgot to factor in Tether’s funding of a separate project called Twenty One Capital (XXI). Tether transferred 14,000 BTC on June 2 and 5,800 BTC in July, sending a total of 19,800 BTC to XXI.

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Therefore, Mow explained that Tether had 4,624 BTC more in Q2 2025 than the previous quarter. Accounting for July’s transfer, Tether “has (at least) a net increase in Bitcoin holdings of 10,424 BTC,” Mow wrote.

Consequently, Mow dismissed Thompson’s claim as “false” and labeled it a “desperate” attempt to create bearish news surrounding Bitcoin.

Tether’s deepening relationship with Gold

The latest development surrounding Tether comes just days after the company announced that it’s looking into investing in gold mining firms. But Tether has been diversifying into gold for a while.

In June, the stablecoin issuer spent $90 million to acquire a substantial stake in a company specializing in gold royalties. Earlier this week, Tether announced that it will pour another $100 million into the same firm—Elemental Altus Royalties Corp.

Additionally, Tether issues the gold-backed stablecoin Tether Gold (XAUT)—XAUT is backed by about 7.66 tons of gold stored in Switzerland. Around 5% of USDT reserves is also held in gold by Tether.

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DV8 today appointed Jason Fang, founding partner of Sora Ventures, as chief executive officer, outlining a shift to a corporate Bitcoin treasury and broader digital asset strategy, the company said.

The move follows a months-long reshaping of DV8’s ownership and balance sheet.

A cross-border group that includes Sora Ventures, UTXO Management, Kliff Capital, AsiaStrategy, Moon Inc., and Mythos Group initiated an acquisition of the Thai-listed firm through a voluntary tender offer in July, positioning DV8 to execute a Bitcoin-centric playbook for public companies in Southeast Asia.

Days later, DV8 named Thai investor Chatchaval Jiaravanon as chairman and expanded its board with a mix of local executives and crypto operators.

DV8 also raised fresh capital through a warrant program completed in mid-July. According to company filings, shareholders exercised 99.9% of available DV8-W2 warrants at 0.80 baht, adding about THB 241 million, roughly 7.4 million dollars, and lifting cash by 38%. The capital raise gives the company room to begin treasury activity and related infrastructure work under the new mandate.

Fang arrives with a record of structuring listed-company Bitcoin programs around Asia. In December 2024 Sora Ventures announced a $150 million fund aimed at helping public companies implement balance-sheet Bitcoin strategies tailored to local market rules.

In February, Fang detailed a “MicroStrategy 2.0” framework in Hong Kong that pairs direct holdings with yield-oriented structured products while removing private key management from end investors.

The Sora ecosystem has since moved onto public markets through Top Win International’s merger and rebrand path to AsiaStrategy on Nasdaq, including a ticker change to SORA and a subsequent push into strategic investments related to corporate Bitcoin adoption.

In August, AsiaStrategy disclosed a $10 million convertible note led by WiseLink and began accepting Bitcoin for luxury watch sales, adding an operational settlement layer that complements the treasury thesis.

Thailand’s policy backdrop has improved for corporates exploring digital assets. The government approved a five-year personal income tax exemption on crypto gains for investors, a move that reduces friction for capital formation and potential secondary-market participation around Bitcoin-treasury equities.

The securities regulator has also authorized the use of USDT and USDC in digital asset transactions, allowing stablecoin pairs on local venues and widening the toolkit for market liquidity. Separate coverage this cycle has pointed to a first local spot Bitcoin ETF approval, indicating a gradual expansion of regulated Bitcoin exposure within the jurisdiction.

For DV8, the immediate roadmap centers on treasury governance, disclosure cadence, and the sequencing of any initial Bitcoin purchases, while the board transition and new cash provide the operating basis.

Prior actions around Sora’s network, including structured yield overlays and cross-listings that connect Hong Kong and U.S. markets, offer a template for how treasury accumulation can interact with corporate finance tools and product initiatives.

DV8’s tender, board changes, and warrant funding provide the backdrop for Fang’s appointment, which now concentrates decision-making for a Thai issuer pursuing a Bitcoin-first model linked to a wider regional network of public companies and investors.

Disclosure: Sora Ventures is an investor in CryptoSlate.

Welcome to Slate Sundays, CryptoSlate’s new weekly feature showcasing in-depth interviews, expert analysis, and thought-provoking op-eds that go beyond the headlines to explore the ideas and voices shaping the future of crypto.

Stephan Lutz is the CEO of BitMEX, the industry’s longest-standing crypto futures exchange, dating all the way back to when BTC was still in diapers.

From his swanky Singapore office, a busy skyline of skyscrapers behind him, he smiles confidently through the camera, rolling his eyes only slightly as I ask about his background. “I’ve told it so many times already,” he groans.

I jokingly suggest we switch to the AI version of him for a moment, or that we cover the topic very briefly, but Stephan isn’t a man who does things in brief. Our chat went on for more than an hour. It’s not often that you meet someone who can articulate their thoughts on the GFC, Brexit, crypto derivatives, and memecoins in the same breath.

From the bulge bracket to BitMEX

You might call Stephan something of an overachiever. With a background in business administration, economics, banking, and finance, he cut his teeth as a corporate finance analyst at Dresdener Bank.

He then moved to the consultancy side, scaling Deutsche Börse, Europe’s largest stock exchange operator, before working his way up to partner at PwC. He shares:

“I advised large bulge bracket investment banks during Brexit, the ECB, for example, on certain financial stability matters. I did a lot of work around bank recovery and resolution planning after the great financial crisis, and I was part of one of the teams that said what needed to be liquidated in the end.”

From mopping up the spills of 2008 to providing insights into a Brexit-driven financial climate, Stephan was approached by BitMEX in 2020, which he says:

“Led to a situation that no one had seen coming apart from me.”

With his blue-chip background in consultancy and finance, not even a crypto-native firm like BitMEX knew how fascinated Stephan was by blockchain technology, having become enchanted by its possibilities very early on at Deutsche Börse.

In 2010, he couldn’t see it replacing the Börse’s high-speed securities booking infrastructure with its five transactions per second speed, but he knew it was the future.

“I always followed the crypto industry, more so on the technology side, and the underlying real-world use cases for that. So, when BitMEX asked in 2020, it was like, finally, I can get my hands “dirty” with something that I’m interested in! It took me three days to accept the job without even negotiating the salary, and people said, ‘You’re head of capital markets at one of the biggest audit and advisory firms in the world. What are you doing?!’”

He smiles, with a wicked glint in his eye. Stephan doesn’t strike me as a person who cares too much about what other people think; despite the incredulity of his peers, he ran toward BitMEX with open arms:

“They asked me specifically because of my background, a regulation/compliance/audit guy, helping with adding credibility. Of course, I have all of this, but I was always a rebel, and I always liked to do things differently. They thought they hired a very risk-averse guy, and in the end, I’m actually rather the opposite.”

The OG crypto derivatives exchange

BitMEX is the industry’s “OG” derivatives exchange, founded in 2014, and while its trading volume is 80% institutional, it remains the playground of individual traders: around 80% of its half a million or so users are retail accounts. Stephan says:

“We are strong in crypto derivatives, and especially Bitcoin-denominated crypto derivatives. We are the OG brand, the original.”

10 years of operations in most industries is just a trifle, but in crypto, it equates to decades. BitMEX was built on the ashes of Mt. Gox and has survived, arguably, thrived throughout many a bump in the road. I ask Stephan how BitMEX continues to compete in a now crowded market. He reflects for a moment before replying:

“Let me give you an example of what we are not. We don’t operate a launchpad like many Asian exchanges, because that means you need to have new projects flowing in, and then you sell them. It’s a marketing tool. You have a spot exchange next to it. We don’t do this. We look at top coins, or top pairs, or top contracts. 10 assets make up 99% of our volumes. Why? Because we provide derivatives, futures, and perpetual swaps. That’s it. ”

While he’s proud of the fact that BitMEX is open to everyone, he’s quick to emphasize that he would never recommend his mom or kids to onboard with BitMEX if it were the first thing they wanted to do in crypto.

“I would say, no, no, no, no, don’t do this, because you need to have a certain level of education and experience.”

Yet, in the spirit of live and let live, if someone wants to take a risk, they should be able to do it without being mollycuddled or gatekept:

“I think we live in a free world, and it should be a free world.”

Of course, he highlights BitMEX’s role in user education and the plentiful resources the exchange puts out to ensure that traders are taking an informed risk.

“We are totally transparent. Even our technical documentation is publicly available. We give BitMEX Alpha out regularly, the crypto traders’ digest, and we do other courses… I mean, if you close your eyes, we can’t do anything about it, but if you’re going in with eyes wide open, you know what you’re going to do.”

Built on the rubble of Mt. Gox

Launching on the debris of Mt. Gox, which saw 142,000 BTC drained from its users, BitMEX has always been security-conscious. It’s one of the few exchanges in crypto that has never been hacked as a result.

Since the crypto winter of 2022, when “the shit hit the fan,” and FTX blew up, dragging half the industry with it, Stephan says BitMEX overhauled its entire frontend and backend infrastructure and processes to put “more focus on risk management.” He laughs:

“Despite everything you read about it, BitMEX is one of the most conservative crypto places on this planet. Why? Because we do just a few things. Number one, we have always been very focused on derivatives for professionals, and number two, we have full segregation of assets.”

In a business terrain fraught with landmines at every turn, BitMEX has never compromised on customer fund security. All assets are secured via secure multi-party computation (MPC), and all transfers are protected by transaction rules that assure any attack is blocked at a policy level.

“Our funds and customer funds have never been commingled. Our engine checks on a second-by-second basis. If all positions don’t add up to zero, the engine stops, and we investigate.”

I confess to Stephan that my memories of BitMEX go back to the cowboy days of retail traders getting rekt, and Crypto Twitter baying for BitMEX’s blood. The company has come a long way since then. He pauses:

“To this cowboy, “Wild West” thing, we could have done more in terms of educating people, but we have even been sued for market manipulation, and all those have been proven wrong in court, officially. All of those legal cases have gone away by now. We have fought them all through. The evidence was clear. The engine worked as intended. If I put in an order that’s using up 100% of my collateral, and the market moves against me, then I am liquidated. That’s just how it works.”

He says that in the early days, people were new to the concept of futures, and that led to more liquidations. Fast-forward to today, and there has been a sweeping sophistication and institutionalization of the space, just like in traditional finance.

“It was the same in TradFi. All this equity trading became retail in the 80s, right? I mean, all this Wolf of Wall Street stuff. In the 10 years we have been in crypto, I would say, in terms of professionalization, we are maybe where the TradFi world was around the early 2000s or so, maybe a little bit earlier.”

Bridging TradFi and crypto with copy trading

BitMEX launched its new copy trading feature earlier this month, which Stephan describes as bridging the worlds of TradFi and crypto. In TradFi, he explains, users have many options to earn a passive income, such as exchange-traded funds, index trackers, and more.

“Why do people love ETFs? I mean, next to, hey, it’s efficient because you pay less fees than for active management. It’s copy trading basically.”

Copy trading enables users to benefit from the experience and success of professional traders and easily replicate their strategies.

“It just means, if Stephan does something, I want to have the same. It’s like in Harry and Sally, with the restaurant scene, I want to have the same, and those two, oh, this lady, right?” Why is that good? If you have traders who are good, and you open this up, there are two things. The copy followers actually learn something, because they will see what is traded when, and it’s like a passive investment. I just follow the lead of someone else.”

BitMEX’s copy trade feature enables users to emulate multiple traders at once, to not “put all your eggs in one basket,” and the call can be reversed as well: if you find a trader whose strategy you disagree with, you can set up your preferences to do exactly the opposite.

“So if a trader buys, for example, Ethereum, I sell Ethereum, and the other way around, and then you can calibrate by saying, I copy it by 100%, I copy it by, let’s say, something between 0 and 100%. So, calibrating your risk level. You really can pick and choose what is good for your risk level.”

Genius acts, institutional plays, and BitMEX’s next moves

As an Asia-based exchange, BitMEX has never catered to U.S. traders, but with a changing of the guard at the White House and a relaxation of rules surrounding crypto, is that likely to change in the future? What does Stephan think of the Trump administration and the latest moves to come out of Washington? He pauses for a moment before replying:

“I think the GENIUS Act was genius. They basically turned a competitive disaster, relative disaster, into a competitive advantage within a couple of days.”

So, is BitMEX actively exploring the U.S. market, then? He laughs:

“It depends on what you mean by ‘actively’. We are actively exploring what we would need to do to re-enter the U.S., which is, it would cost us the better part of 18 and 24 months to do that in a valid way, because you need to be on the ground, we are not.

You need to then start with the right license, and go state by state, it takes time… So we are looking at this, but don’t expect us to open up a BitMEX office in the next half year.”

What else is on the cards for BitMEX for the rest of 2025 and beyond? Stephan says he will be sharing news at TOKEN2049 in October, and I can’t help but wonder if there will be any news of a stateside expansion despite his coy denial.

In other plans, he says, BitMEX will roll out its institutional-grade custody solution, having recently moved its data centers from Dublin to Tokyo in a strategic move to cater to institutional traders. He explains:

“The majority of all the crypto exchanges outside of the U.S. run their data centers in Tokyo. I mean, no one knows that. Why it’s an institutional thing for the market makers in particular, it makes hedging between venues easier. It’s not creating new issues to trade, but we enhance efficiency for our institutional customers through this capital efficiency, so they need to deploy less capital.”

Standing on the shoulders of giants

We’ve gone way over time, and the sky behind Stephan is dusky and tinged with pink, but as we wrap up the interview, I have one more question. I’m dying to know what it’s like to follow in the footsteps of such an outspoken CEO, like Arthur Hayes.

He pauses for the longest time since we’ve been recording, and I fleetingly wonder if I’ve lost audio, before he carefully says:

“It’s good, it’s an honor, and it’s difficult.”

He says the “legacy is great,” and the name opens doors for him; even when he was a partner at PwC, he didn’t receive so much enthusiasm for getting in a room with him.

“When I was at PwC, and I called someone to pitch for my idea for a consulting project or whatever, it was like, hey, I’m Stephan, I’m the capital markets leader at PwC in Europe, and would you have time for me? And the answer never was a no. It might be, I only have time in eight weeks from now, which is a semi-no.”

He doesn’t have that problem now, but admits that it’s challenging at times because being the co-owner and CEO of a firm is not the same as being a CEO only. He can’t always execute as fast as he would like to or as decisively as his predecessor. Still, he smiles, he’ll take it anyway.

“The privilege is I can go to basically any person in this industry and say, ‘Can we have a chat?’ And usually I get one, which is a big help already in driving the business. I would say this is the privilege I was handed over.”

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