Wealthy investors add crypto as advisers lag; Strategy ramps buybacks

Wealthy investors in multiple developed markets are moving faster on crypto than many of their own financial advisers, according to new research from CoinShares. At the same time, macro conditions remain a key variable for Bitcoin—especially as Treasury yields stay elevated—while crypto-linked corporate activity continues across exchanges, tokenization efforts, and publicly traded crypto vehicles.

The latest developments include Bitcoin attempting to extend a strong quarter, CoinShares survey results showing broad ownership among affluent investors, OKX raising capital at a $25 billion valuation and progressing toward U.S. tokenized stock trading plans, and Strategy allocating far more to its preferred stock than to Bitcoin buybacks in a recent stretch of activity.

Key takeaways

• CoinShares survey data shows a majority of affluent investors in seven economies already hold crypto and many plan to increase exposure in 2026.
• Bitcoin’s rally follows its best third quarter since 2017, but risk appetite may be constrained by Treasury yields above 5%.
• OKX extended a funding round at a $25 billion valuation and has moved toward U.S. tokenized stock trading via an SEC filing.
• Strategy reported spending far more on STRC share buybacks than on Bitcoin purchases in the latest week, leaving its BTC holdings at 848,000.
• Strategy also sought shareholder approval to shift certain preferred stock dividends from monthly/quarterly to daily, pending a vote on Oct. 28.

Bitcoin’s momentum faces a “5% Treasury” headwind

Bitcoin is attempting to build on its best third quarter since 2017, with data cited by Delphi Digital pointing to a 43% gain in Q3 and a third consecutive weekly advance. Yet the research cautioned that the latest climb is occurring “against real resistance,” reflecting competition from traditional fixed-income returns.

Delphi highlighted that investors are facing both a macro policy backdrop and an unusually attractive yield environment: the Federal Reserve’s September rate hike and Treasury yields at multi-decade highs. The implication for crypto is straightforward—when cash and bonds offer compelling returns, marginal capital can become harder to attract to high-volatility assets.

That said, at least one market participant argued that the “debasement trade”—the idea that scarce assets like Bitcoin and gold can act as hedges against fiat purchasing power erosion—doesn’t rely on low interest rates to work. Still, the near-term direction of rates appears to have shifted compared with earlier expectations. CME FedWatch data, referenced in the coverage, pointed to September payroll growth coming in well below forecasts (29,000 jobs added versus 80,000 expected), reducing the odds of an October rate hike. New York Fed President John Williams also said there was no urgency to raise rates again.

Even so, elevated yields continue to act as a hurdle. Bitcoin briefly climbed above $87,000 last week before slipping below $83,000 on Wednesday, underscoring that momentum may be vulnerable to shifting macro pricing.

CoinShares: affluent crypto adoption outpaces advisory caution

CoinShares’ survey suggests that crypto is already embedded in the portfolios of many higher-net-worth individuals—often more so than in discussions with professional advisers.

Across 2,230 investors holding at least $500,000 in investable assets in the U.S., UK, France, Germany, Italy, Sweden, and Switzerland, the survey found that a majority of affluent respondents already hold digital assets. Crypto represents about 10% of their portfolios on average, and country-level adoption varies: Sweden was cited as the lowest among the group at 54%, while the U.S., UK, Germany, and Switzerland were around 70%. Looking ahead, in five of the seven countries, at least 85% of existing crypto investors said they planned to increase exposure in 2026.

Notably, the research also points to a mismatch between investor sentiment and adviser behavior. In Switzerland, France, the U.S., and Germany, roughly four in 10 respondents who work with an adviser described those advisers as overly cautious about digital assets.

Industry commentary accompanied the findings. Ric Edelman—founder of the Digital Assets Council of Financial Professionals—questioned the survey’s “10% of portfolio” average, saying his own research suggests allocations of 2% to 5% are more typical. Even so, Edelman said advisers should consider larger allocations—ranging from 10% to 40%—depending on investor risk tolerance.

For the market, the practical takeaway is that demand from well-capitalized investors may not be waiting for traditional advice channels to catch up. If advisers remain conservative while client interest grows, education and product access could become a competitive differentiator for financial firms over the next year.

OKX raises at $25B valuation and advances U.S. tokenized trading plans

Crypto exchange operator OKX has extended a funding round at a reported $25 billion valuation, according to coverage of the announcement. The exchange did not disclose the amount raised in the extension.

The raise builds on earlier financing in the same round, including $200 million from Intercontinental Exchange in March. In the extension, existing partners and investors participated, including SC Ventures, Qube Research & Technologies, Ripple, and Circle.

Beyond the fundraising headline, OKX is also taking steps aimed at expanding into regulated financial market infrastructure. The coverage notes that an OKX–ICE joint venture filed with the U.S. Securities and Exchange Commission to launch a tokenized stock trading platform under the SEC’s “innovation exemption.” The filing—and therefore the timeline for any launch—remains subject to the exemption and related regulatory review.

For investors and builders, this matters because tokenized securities and on-chain trading are often framed as the bridge between crypto-native rails and legacy market participants. Even without confirmed timing, the regulatory engagement signals where major liquidity providers and exchanges see the next expansion opportunities.

Strategy shifts more capital to STRC buybacks than Bitcoin

Strategy’s latest reported capital allocation highlights an ongoing emphasis on its preferred stock structure—even as it remains one of the best-known corporate Bitcoin buyers.

Earlier coverage cited that Strategy spent $176.3 million repurchasing 1.77 million STRC shares last week. That figure was more than six times the $28.7 million the company spent buying 334 Bitcoin during the same period. The purchase activity brought Strategy’s holdings to exactly 848,000 BTC, according to an SEC 8-K filing referenced in the coverage.

While Strategy continues to accumulate Bitcoin, the company’s pace appears to have slowed. The holdings rose just 0.2% in the third quarter after purchases of 7,218 BTC were partly offset by the sale of 5,553 BTC.

Meanwhile, STRC itself is described as having recovered toward its $100 par value, trading around $99.53 after falling to roughly $75 in late June.

Strategy also filed a proxy seeking shareholder approval to pay dividends daily on STRC, along with STRF, STRK, and STRD. As described in the coverage, STRC currently pays dividends twice monthly while the other three pay quarterly. Shareholders are scheduled to vote on the proposal on Oct. 28.

If approved, daily STRC dividends would begin in November, followed by the remaining series in January. Strategy said the change would not alter dividend rates or overall payment obligations, though it could affect reinvestment timing, liquidity, and price stability.

That combination—more buybacks of STRC relative to Bitcoin purchases, plus a proposed dividend schedule shift—could be an important signal for how Strategy balances corporate capital structure considerations with its Bitcoin strategy. For holders and observers, the key uncertainty is how these changes will influence market perception of the firm’s risk and cash-flow profile.

Going forward, traders should watch two fronts: whether macro-driven yield levels continue to restrain risk appetite for Bitcoin after its strong third-quarter performance, and how regulatory developments around tokenized securities progress alongside corporate capital allocation decisions from major crypto-linked public firms.