Rich investors increase their holdings in cryptocurrencies, advisers lag behind;Strategy increases r

Leading advisers on crypto asset allocation for wealthy investors suggest that macro pressures coexist with institutional dynamics.

CoinShares 'latest research shows that in many developed markets, wealthy investors are deploying in the cryptocurrency field far faster than many of their financial advisers. At the same time, macroeconomic conditions remain a key variable in the trend of Bitcoin-especially as U.S. bond yields remain high; while corporate activity surrounding cryptocurrencies continues to unfold in areas such as exchange operations, tokenization processes, and publicly traded crypto products.

Core Points

1. The wealthy are leading in crypto holdings: CoinShares survey data shows that most wealthy investors in the G7 economies already hold cryptocurrencies, and many plan to increase their exposure in 2026.

2. Bitcoin performs strongly in the quarter but faces macro resistance: Bitcoin has its best third quarter since 2017, but U.S. bond yields of more than 5% may curb risk appetite.

3. OKX values US$25 billion and promotes U.S. tokenized stock trading: OKX has a valuation of US$25 billion after completing a new round of financing and has advanced plans to trade tokenized stocks in the United States by filing documents with the U.S. Securities and Exchange Commission (SEC).

4. Strategy's capital allocation focus shifts: Strategy 在最近一周用于回购其优先股（STRC）的资金远多于购买比特币的资金，使其比特币持仓量维持在848,000枚。此外，Strategy 正寻求股东批准，将部分优先股股息从月度/季度支付改为每日支付，投票将于10月28日进行。

比特币动能遭遇“5%美债”逆风

比特币正试图延续其自2017年以来表现最佳的第三季度势头。据 Delphi Digital 引用数据指出，第三季度涨幅达43%，并实现了连续第三周的上涨。然而，研究警告称，此次攀升面临着“实质性阻力”，反映出与传统固定收益回报的竞争。

Delphi 强调，投资者同时面临宏观政策背景和不寻常的高收益环境：美联储9月的加息举措以及处于数十年高位的国债收益率。对加密市场而言，逻辑十分直接——当现金和债券提供具有吸引力的回报时，边际资本更难流向高波动性资产。

Still, at least one market participant believes that "devaluation transactions"-in which scarce assets such as Bitcoin and gold are used as a hedge against the erosion of the purchasing power of fiat currencies-do not rely on a low-interest rate environment to work. However, compared with early expectations, the direction of interest rates seems to have changed in the near term. CME FedWatch data showed that non-farm employment growth in September was much lower than forecast (adding 29,000 jobs instead of the expected 80,000), reducing the probability of an October interest rate hike. John Williams, President of the Federal Reserve Bank of New York, also said there was no urgency to raise interest rates again.

Even so, high yields still pose an obstacle. Bitcoin briefly exceeded $87,000 last week, but fell back below $83,000 on Wednesday, highlighting that its momentum may be fragile due to macro pricing changes.

CoinShares survey: Crypto penetration among the wealthy exceeds advisers 'caution

CoinShares survey shows that cryptocurrencies are embedded in the portfolios of many high-net-worth individuals-often more popular than when discussed with professional advisers.

In a survey of 2,230 investors in the United States, the United Kingdom, France, Germany, Italy, Sweden and Switzerland with at least US$500,000 in investable assets, it was found that most wealthy respondents already hold digital assets. Cryptocurrencies account for an average of 10% of their portfolio, with adoption rates varying among countries: Sweden has the lowest among the group, at 54%, while the United States, the United Kingdom, Germany and Switzerland have around 70%. Looking ahead, in five of the seven countries, at least 85% of existing crypto investors have said they plan to increase exposure in 2026.

Significantly, the study also pointed to a mismatch between investor sentiment and adviser behavior. In Switzerland, France, the United States and Germany, about 40% of respondents described working with their advisers as being too cautious about digital assets.

Industry comments accompany the survey results. Ric Edelman, founder of the Council of Digital Asset Finance Professionals, questioned the average of the "10% portfolio" in the survey, saying his own research showed a 2% to 5% allocation was more typical. Even so, Edelman said advisers should consider a larger allocation based on investors 'risk tolerance-ranging from 10% to 40%.

For the market, the practical lesson is that investors with sufficient funds may not wait for traditional consulting channels to keep up. If advisers remain conservative and client interest grows, education and product access could become competitive differentiators for financial institutions in the coming year.

OKX raises funds at US$25 billion valuation and advances U.S. tokenization trading plan

Cryptocurrency exchange operator OKX has reportedly expanded a round of financing to a valuation of US$25 billion. The exchange did not disclose the amount of the extended financing.

This round builds on earlier funding in the same round, including a $200 million investment from the Intercontinental Exchange (ICE) in March. During the expansion phase, existing partners and investors participated in the capital injection, including SC Ventures, Qube Research & Technologies, Ripple and Circle.

In addition to the financing headlines, OKX is also taking steps to expand access to regulated financial market infrastructure. The report pointed out that the joint venture between OKX and ICE has filed documents with the U.S. Securities and Exchange Commission (SEC) to launch a tokenized stock trading platform under the SEC's "innovation exemption." The submission of the document and the timetable for any launch will still be subject to exemptions and relevant regulatory review.

This is critical for investors and builders, as tokenized securities and on-chain transactions are often seen as a bridge between crypto-native infrastructure and traditional market participants. Even without a confirmed timetable, regulatory interactions mark the next expansion opportunity that major liquidity providers and exchanges see.

Strategy flows more capital to STRC buybacks than Bitcoin purchases

Strategy's latest capital allocation report highlights its continued focus on its preferred stock structure-even though it remains one of the most prominent corporate Bitcoin buyers.

Earlier reports pointed out that Strategy spent US$176.3 million last week to repurchase 1.77 million STRC shares. This figure is more than six times the amount spent to purchase 334 bitcoins during the period of $28.7 million. According to the SEC 8-K document cited in the report, the buying activity brought Strategy's position to exactly 848,000 BTC.

While Strategy continues to accumulate bitcoin, its acquisition pace appears to have slowed down. Positions rose only 0.2% in the third quarter, as the purchase of 7,218 BTC was partially offset by the sale of 5,553 BTC.

At the same time, the STRC itself is described as returning to a par value of $100 and is currently trading at around $99.53 after falling to about $75 at the end of June.

Strategy also filed a proxy to seek shareholder approval for the payment of daily dividends to STRC and STRF, STRK and STRD. As reported, STRC currently pays dividends twice a month, while the other three only pay quarterly. Shareholders are scheduled to vote on the proposal on October 28.

If approved, STRC's daily dividend will begin in November, followed by other series starting in January. Strategy said the change would not change dividend yields or overall payment obligations, but could affect reinvestment timing, liquidity and price stability.

This combination-more STRC buybacks than Bitcoin purchases, coupled with a proposed dividend schedule change-could be an important signal of how Strategy chooses between balancing the company's capital structure considerations and its Bitcoin strategy. The key uncertainty for holders and observers is how these changes will affect the market's perception of the company's risk and cash flow profile.

Outlook

Looking to the future, traders should pay attention to two fronts: first, whether macro-driven yield levels will continue to curb Bitcoin's risk appetite after strong third-quarter performance; second, as the capital allocation decisions of large crypto-related listed companies advance, how regulatory developments surrounding tokenized securities are progressing.