Hey there, PoI readers! 💫

It's your favorite crypto connoisseur, Mochi, back with another fresh serving of the hottest tech and Web3 news. Today we've got Saylor stacking sats like there's no tomorrow, crypto VCs writing fewer but fatter checks, US lawmakers going to war against CBDCs, and Bitcoin ETFs making a triumphant comeback that's leaving gold in the dust. Grab your favorite snack — this one's packed. Let's dive in!

INTEL BRIEF

🟧 Strategy's Michael Saylor has once again hinted at a fresh Bitcoin purchase, just as BTC hovers near $66,000 and the company's treasury trades at a discount to its net asset value.

🟧 Crypto fundraising jumped nearly 50% year-on-year, but the number of deals dropped 46% as investors concentrated capital into fewer, larger late-stage mega-rounds.

🟧 A group of 29 US lawmakers is demanding a permanent ban on a US central bank digital currency (CBDC), calling any temporary block dangerously insufficient to protect Americans' financial freedom.

🟧 US spot Bitcoin ETFs posted back-to-back weekly inflows for the first time in five months, pulling in over $568 million this week as institutional appetite makes a notable comeback.

Michael Saylor Is Back at It Again and Bitcoin Buyers Are Paying Close Attention

Michael Saylor is out here doing what Michael Saylor does best — buying more Bitcoin. The co-founder of Strategy (formerly MicroStrategy) dropped his now-iconic BTC accumulation chart on X with the caption "The Second Century Begins," which, at this point, is basically the crypto world's version of a dinner bell. Translation: more BTC is incoming.

Strategy's most recent purchase before this signal was in late February, when the company scooped up 3,015 BTC for over $204 million, pushing its total holdings to a jaw-dropping 720,737 BTC — valued at approximately $48.4 billion at the time of writing. That's not a treasury, that's a flex.

There's just one catch — Bitcoin is currently trading below Strategy's average purchase price of ~$75,985 per BTC, meaning the company is sitting on some unrealized pain. Its basic net asset value (NAV) has dipped below 1, technically putting the stock at a discount to its BTC holdings. In simpler terms: the market isn't exactly throwing a party for them right now.

Meanwhile, industry analysts are speculating that 2026 could be a consolidation year for crypto treasury companies. Wojciech Kaszycki, CSO of treasury firm BTCS, believes cash-generating businesses may soon be buying up BTC-only treasury companies struggling with sub-NAV valuations. His logic? "Two plus two can equal six" when the right players merge.

Saylor, however, isn't interested in M&A activity, citing the unpredictability of deals that can drag on six to twelve months. Apparently, when you're busy stacking hundreds of thousands of Bitcoin, boardroom deal-making feels like a distraction.

Saylor signaled another Bitcoin purchase for Strategy as BTC hovers near $66K

Strategy's NAV is below 1, meaning it's trading at a discount to its own BTC treasury

Industry insiders speculate 2026 could see consolidation among crypto treasury companies — but Saylor isn't interested in mergers

Crypto Venture Capital Is Alive But Only the Big Dogs Are Getting Fed

Crypto fundraising is up almost 50% year-on-year. The bad news? That money is being hoarded by a shrinking club of big players writing massive checks — kind of like a potluck where three people brought all the food and everyone else just showed up with a bag of chips.

According to Messari's latest fundraising data, the average deal size ballooned to $34 million over the past 12 months — a staggering 272% increase from the year before. At the same time, the number of active investors fell 34.5% to just 3,225, and total deal count dropped 46%. More money, fewer hands. Make it make sense.

The concentration is wild. In February alone, just three deals accounted for 44% of the $795 million raised that month. Those heavy hitters? Tether's $200M investment into Whop, $75M for sports prediction market Novig (led by Pantera Capital), and $70M for Latin American stablecoin fintech ARQ (backed by Sequoia Capital). Three rounds. Nearly half the month's capital.

Messari CEO Eric Turner didn't sugarcoat it either, pointing out that outside of Dragonfly Capital, no major crypto VCs have recently closed new fund rounds — adding that "the industry needs some fresh capital." Ouch.

For context, we're nowhere near the 2021-2022 glory days, when monthly funding regularly hit $4 billion. That milestone has only been crossed three times since. Some investors are now reportedly eyeing AI and high-performance computing instead. Can't say we blame them.

Early-stage deals are still happening — just fragmented. Interstate's $1.5M round pulled in 15+ participants ranging from VCs to individual angels. Cute, but it's not exactly moving the needle.

Crypto fundraising rose ~50% year-on-year, but deal count fell 46% — fewer, bigger bets dominate

Just 3 deals made up 44% of February's $795M raised — capital concentration is extreme

Messari's Eric Turner speculates the industry needs fresh VC capital, as few major funds have closed new rounds recently

Twenty Nine US Lawmakers Are Declaring War on CBDCs and They Mean Business

US lawmakers have had enough of half-measures when it comes to Central Bank Digital Currencies (CBDCs) — and they're not being shy about it. In a letter addressed to House Speaker Mike Johnson and Senate Majority Leader John Thune, Congressman Michael Cloud and 28 colleagues made their position crystal clear: no CBDC, ever, full stop.

The letter was a direct response to a proposed amendment tucked inside the House-passed Housing for the 21st Century Act (H.R. 6644), which would bar the Federal Reserve from issuing a CBDC — but only until 2031. The lawmakers called that a "watered-down" solution, arguing that a temporary ban is essentially just hitting snooze on a problem that never needed an alarm in the first place.

"A CBDC is inherently anti-American," the letter stated, warning that a government-issued digital currency would expose citizens to unconstitutional financial surveillance and hand the unelected Federal Reserve "unprecedented power" over everyday Americans' finances. Strong words — but apparently, this group feels the stakes are high enough to use them.

The lawmakers are pushing to restore the full language of the Anti-CBDC Surveillance State Act (HR 1919), introduced by Congressman Tom Emmer in June 2025. That bill passed the House on July 17 but has since been collecting dust, still awaiting full Senate approval.

There's also a separate bill floating around — Senator Mike Lee's No CBDC Act (S 464), introduced in February 2025 — but that one has similarly stalled in Congress. At this rate, the legislation has more sequels than a superhero franchise, with about as much resolution.

29 US lawmakers are demanding a permanent ban on a US CBDC, calling any temporary block insufficient

They argue a CBDC would enable unconstitutional financial surveillance and violate Americans' civil liberties

Two anti-CBDC bills — HR 1919 and S 464 — remain stalled or incomplete in Congress

Bitcoin ETFs Are Making Gold Look Like a Retirement Home and the Numbers Prove It

US spot Bitcoin ETFs are finally getting some love again. This week marked the second consecutive week of net inflows — the first back-to-back weekly gains since October — pulling in approximately $568.45 million, hot on the heels of last week's $787.31 million. The vibes? Cautiously optimistic.

To appreciate the turnaround, remember where we just came from. Bitcoin ETFs suffered a brutal $3.8 billion in cumulative outflows across five straight weeks, with the worst week — ending January 30 — seeing $1.49 billion walk out the door in a single week. Ouch.

This week's flows were a rollercoaster even within itself. Monday kicked off strong at $458M in inflows, Tuesday added $225M, and Wednesday flexed hardest with $461.77M. Then Thursday and Friday turned cold, with $227M and $348M in outflows respectively. Investors, it seems, are still making up their minds — but the weekly net remains positive, and that's what counts.

Spot Ether ETFs also chipped in, recording $23.56 million in net inflows this week after $80.46M the week prior — their first back-to-back positive weeks since early October. Not as flashy, but hey, a win is a win.

Now for the jaw-dropping stat of the week. Blockstream's marketing director Fernando Nikolić pointed out on X that Bitcoin ETFs have already matched roughly 15 years of cumulative gold ETF inflows — in under two years. And that happened during a 46% Bitcoin drawdown. As Nikolić put it, "Bitcoin isn't trying to be gold. Bitcoin is making gold look slow." Savage, but the data speculated to back it up is hard to ignore.

Spot Bitcoin ETFs posted back-to-back weekly inflows for the first time in 5 months, bringing in $568M this week

This follows a brutal $3.8B outflow streak across five consecutive weeks prior to the rebound

Bitcoin ETFs are believed to have matched ~15 years of gold ETF inflows in under 2 years — even during a major market downturn

And that's a wrap, my lovely PoI readers!I hope this edition left you feeling informed, entertained, and maybe just a little bit more bullish on your brain cells. Whether you're stacking Bitcoin like Saylor, watching ETF flows like a hawk, or just here to make sure the government doesn't surveil your wallet — we see you, and we appreciate you.

Until next time, this is Mochi signing off with a virtual high-five!

P.S. Don't forget to share your thoughts, questions, and favorite crypto puns with us. very voice matters in the PoI community! 📣❤️ Share the newsletter

🍨📰 Catch you in the next issue! 📰🍨