Bitcoin Surges Past $125,700 as Strategy Pauses BTC Purchases Amid $80 Billion Holdings

U.S. Government Shutdown Halts SEC Crypto Policy Work, Delays ETF and Tokenization Progress

The ongoing U.S. government shutdown has brought federal crypto policy development to a standstill, according to a research note from TD Cowen’s Washington Research Group. With Congress failing to approve a funding deal, the Securities and Exchange Commission (SEC) has been forced to pause most operations, significantly delaying efforts related to crypto regulation, tokenization frameworks, and the approval of crypto exchange-traded funds (ETFs).

Analyst Jaret Seiberg noted that the SEC cannot resume work on critical policy initiatives until government funding is restored. Even after reopening, further delays are expected as staff catch up on backlogged work. The SEC is currently operating with only a minimal emergency team, effectively halting progress on pending exemptive relief for tokenized equities and other digital asset products.

During the shutdown, attention is shifting to agencies that remain operational, including the Federal Reserve, Office of the Comptroller of the Currency (OCC), and Federal Deposit Insurance Corporation (FDIC). These institutions may continue exploring stablecoin issuance, crypto custody services, and tokenized payment infrastructure while the SEC remains inactive.

BitMine Immersion Technologies Expands Ethereum Treasury to $13 Billion After $823 Million ETH Purchase

BitMine Immersion Technologies, the largest publicly traded Ethereum treasury firm, announced it has increased its total ETH holdings to $13 billion after acquiring 179,251 ETH worth roughly $823 million last week. The purchase brings BitMine’s total to 2.83 million ETH, bought at an average price of $4,535 per token—below the current market price of $4,625.

Alongside its Ethereum position, BitMine holds 192 Bitcoin (around $24 million), a $113 million stake in Eightco Holdings, and $456 million in cash. The company ranks as the world’s largest Ethereum holder and the second-largest crypto treasury overall, trailing only Strategy’s $80 billion Bitcoin reserves.

Following the announcement, BitMine’s stock (BMNR) rose over 5% to $59.78, extending its 37% monthly rally. Chairman Tom Lee said after meetings at Token2049 in Singapore that BitMine remains focused on integrating AI and crypto investment themes, emphasizing Ethereum’s growing alignment with institutional finance and emerging technologies. Market sentiment suggests BitMine could reach 3 million ETH holdings by late October, with traders assigning an 86% probability to the milestone.

Plume Network Registers With SEC as Transfer Agent to Bridge Traditional Securities and Blockchain

Plume Network, a layer-2 blockchain focused on real-world assets (RWAs), has officially registered as a transfer agent with the U.S. Securities and Exchange Commission (SEC). The move allows Plume to directly manage and automate securities-related functions such as shareholder registries and ownership transfers onchain, while reporting to the SEC and the Depository Trust and Clearing Corporation (DTCC).

This regulatory milestone positions Plume to bring traditional financial instruments onto blockchain infrastructure and streamline tokenized securities issuance. Following a $20 million funding round led by Brevan Howard Digital, Huan Ventures, and Galaxy Ventures, the firm has already facilitated over $62 million in tokenized assets via its institutional product, Nest Credit.

Plume CEO Chris Yin said institutional adoption of tokenized RWAs remains early but growing, comparing the sector’s progress to Bitcoin’s early years. While most onchain RWAs currently focus on low-risk yield products like U.S. Treasuries, Yin emphasized tokenization’s broader potential for fundraising, investor engagement, and transparency. Despite an overall slowdown in crypto venture funding, RWA infrastructure continues to attract strong institutional and investor interest.

Bitcoin Hits New All-Time High Above $125,700 as ETF Inflows and Tight Supply Drive Rally

Bitcoin surged to a new all-time high above $125,700 on October 6, fueled by strong inflows into spot exchange-traded funds (ETFs) and decreasing exchange balances that signal ongoing long-term accumulation.

September saw a 5% month-over-month rebound, while exchange-held BTC continued to decline, suggesting holders are keeping coins off trading venues. Miner fundamentals remain robust, with breakevens around $108,000, record-high hashrates, and strong profit margins maintaining network stability.

With nearly 95% of Bitcoin’s total supply already mined and annual issuance growth now under 1%, scarcity continues to increase. The rally follows gold’s recent record above $3,800, often a bullish precursor for Bitcoin.

Seasonal factors also provide support, as October historically delivers double-digit gains. However, elevated derivatives open interest could trigger volatility if leveraged positions unwind. Analysts say sustained ETF demand and stable funding conditions are essential for Bitcoin to consolidate above previous highs and extend its upward trajectory into Q4 2025.

Strategy Pauses Bitcoin Purchases After $140 Million Dividend Payout, Bitcoin Holdings Now Worth $80 Billion

Strategy, the world’s largest corporate Bitcoin holder, paused its accumulation of BTC last week for the first time since July, following $140 million in dividend payments to preferred shareholders. The Virginia-based company currently holds 640,000 Bitcoin valued at nearly $80 billion, according to a press release.

This marks only the third pause in Strategy’s Bitcoin purchases this year, each aligning with the end of a fiscal quarter. The firm has diversified its funding approach by issuing five types of preferred shares, three of which pay a 10% annualized dividend. Recent SEC filings show accrued quarterly interest payouts of $22.4 million on STRC and $37.6 million on STRD shares.

Despite the pause, Strategy’s financial performance remains strong. The company reported a $3.9 billion fair value gain on its Bitcoin holdings in Q3, while its stock (STRC) rose 2.8% to $361 on Monday, up 25% year-to-date.

Co-founder Michael Saylor hinted at the halt in a Sunday post on X, stating there would be “no new orange dots this week,” a reference to the firm’s visual tracking of Bitcoin buys. Traders on Polymarket, who had priced in a likely purchase, saw odds of a new buy collapse from over 60% to just 1%. Saylor also cited a “$9 billion reminder of why we HODL,” which industry observers interpreted as a nod to Strategy’s massive unrealized Bitcoin gains.