Spot BTC and ETH ETFs Waver Amid Dwindling Tailwinds, Ripple Announces $1B Deal for GTreasury, and Strategy Resumes Bitcoin Buys

Takeaways

• Spot bitcoin and ether ETFs returned to net inflows on Tuesday, bringing in $340 million combined: The strong inflows came after spot bitcoin and ether ETFs posted $755 million in combined net outflows on Monday. The inflows marked a positive turnaround after the crypto industry suffered $19 billion in liquidations Friday amid new tariff worries.
• Ripple strikes $1 billion deal for GTreasury: Ripple has agreed to acquire GTreasury, a provider of treasury management systems, for $1 billion. The deal will give Ripple increased access to the multi-trillion corporate treasury market.
• Bernstein analysts predict the supply of USDC, the second largest stablecoin, will surge from $76 billion to $220 billion by the end of 2027: The analysts cite Circle’s regulatory positioning and partnerships as possible reasons USDC has an edge over competitors.
• Strategy acquired an additional 220 BTC for roughly $27.2 million, bringing the firm’s holdings to an estimated 640,250 BTC: The purchase was funded via at-the-market sales of perpetual preferred stocks and comes after taking a pause in its weekly purchases.
• Stablecoin company OwlTing debuted on the Nasdaq on Thursday under the ticker OWLS: The company went public via a direct listing after reporting $7.6 million in revenue in 2024.

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Spot Bitcoin and Ether ETFs Return to Inflows After Rocky Start to Week

The day prior, bitcoin and ether ETFs had posted $755 million in net outflows, partly driven by the wider market slump noted at the start of last weekend.

On Tuesday, spot bitcoin ETFs drew in around $103 million in net inflows, driven primarily by inflows to Fidelity’s FBTC and Blackrock’s IBIT. Meanwhile, Fidelity’s FETH accounted for a large segment of the $236 million in spot ETH ETF inflows, pushing the second largest crypto by market cap higher before it retreated below $4,000 on Wednesday.

The choppy crypto ETF performance came after President Donald Trump threatened new tariffs on China on Friday, sparking more than $19 billion in crypto liquidations.

Ripple Strikes $1B Deal for GTreasury

For Ripple, the deal is aimed at giving the company access to the multi-trillion dollar corporate treasury market.

"For too long, money has been stuck in slow, outdated payments systems and infrastructure, causing unnecessary delays, high costs, and roadblocks to entering new markets -- problems that blockchain technologies are ideally suited to solve," said Ripple CEO Brad Garlinghouse.

The news comes after Ripple acquired prime broker Hidden Road for $1.25 billion in April and stablecoin company Rail for $200 million in August. The latest deal will allow it to tap into the global repo market via Hidden Road as well as enable 24/7 cross-border payments. Based in San Francisco, Ripple is best known for launching XRP.

Said Garlinghouse: “Ripple’s and GTreasury’s capabilities together bring the best of both worlds, so treasury and finance teams can finally put their trapped capital to work, process payments instantly, and open up new growth opportunities.”

Bernstein Sees USDC Supply Tripling to $220 Billion End of 2027

The firm also said the stablecoin sector will reach a value of $670 billion in the same timeframe, driven by its expanding number of use cases and ability to streamline payments.

The firm has made a case for USDC’s growth because of Circle’s reserve structure, strategic partnerships, and implementation on at least 28 different blockchains. It also pointed to the fact that $3 trillion in USDC changed hands in the first half of this year. In their view, these exchange flows will make it difficult for new entrants to make headway in the space.

Bernstein also said the GENIUS Act’s focus on “payment stablecoins” may work in USDC’s favor, arguing the new framework passed in July is beneficial to US-based issuers such as Circle and has the potential to help foster further growth. Currently, Tether’s USDT remains the latest stablecoin by market cap at over $180 billion, with USDC just shy of $76 billion.

Strategy Buys 220 BTC, Holdings Rise to 640,250 BTC

The latest purchase has increased the firm’s holdings to an estimated 640,250 BTC, which is currently worth roughly $73 billion. The purchase was financed using proceeds from ATM sales of a number of different perpetual preferred-stock programs. Its ATM programs are part of a wider fundraising plan, which targets a total raise of around $84 billion earmarked for further bitcoin purchases through 2027.

Strategy reports it has spent around $47.4 billion including fees to acquire the stockpile, which remains the largest corporate bitcoin treasury in the world. It also reported an unrealized gain of just under $3.9 billion on digital assets in its most recent quarterly filings. The most recent purchase comes as the company made a brief pause to its weekly bitcoin purchases. Co-founder Michael Saylor took to X to reiterate his confidence in bitcoin, tweeting “Don’t Stop ₿elievin.”

OwlTing Lists on Nasdaq, Becoming One of the First Asian Stablecoin Firms to Trade in US

The company listed shares under the ticker OWLS via direct listing.

OwlTing changed course since its founding in 2010, having originally launched as an e-commerce and hospitality business. Now it provides regulated stablecoin infrastructure, with its OwlPay stack forming institutional partnerships to offer issuance and settlement for stablecoins. The company said it records $30 billion in daily stablecoin transactions, with predictions of major growth of the sector over the coming years.

In 2024, the firm disclosed $7.6 million in revenue which represented solid growth compared to the year prior. Despite having pivoted to stablecoins, the firm still retains its hospitality arm, OwlNest, which now reportedly has over 2,500 clients worldwide. With its focus on regulatory compliance, many think OwlTing is well-positioned to serve increasing institutional demand for stablecoin solutions in the coming years

-Team Gemini