ION expands ETF trading capabilities with Tradeweb integration
Investing.com-- Bitcoin remained on the back foot on Tuesday, further scaling back a recent recovery as progress towards ending a U.S. government shutdown and more buying by top corporate holder Strategy did little to lift prices.
The world’s largest crypto fell 0.9% to $104,180 by 00:25 ET (05:25 GMT).
Bitcoin little cheered by shutdown progress, Strategy buy
Bitcoin retreated even as broader risk appetite was supported by the U.S. Senate approving a bill aimed at ending a government shutdown in the world’s largest economy.
The bill will now be considered by the House of Representatives on Wednesday, with the House’s Republican majority signaling it will approve the measure.
Still, this news gave limited support to Bitcoin and crypto markets, as investors largely favored other risk-driven assets, specifically stocks. A rebound in tech stocks also drew in more capital to equities over crypto this week.
Bitcoin was little enthused by Strategy Inc (NASDAQ:MSTR), the world’s largest corporate holder, disclosing it had purchased 487 coins this week. The purchase brought Strategy’s total Bitcoin holdings to 641,692 coins.
Short seller Jim Chanos closes Strategy position
Short seller Jim Chanos, who famously shorted Enron before its 2001 collapse, said lover the weekend he had unwound his short position on Strategy, as the company’s stock value collapsed to levels in line with the value of its Bitcoin holdings.
Chanos’ short position in the stock had stemmed chiefly from Strategy trading at a major premium to its Bitcoin holdings. But following an extended rout in the stock over the past month, the investment manager was now unwinding his position, he said.
Chanos said in a social media post that Strategy’s multiple of Enterprise Value to Bitcoin Net Asset Value (mNAV) had effectively halved this year to 1.23x, from a peak of 2.50x, when he had initially unveiled his short position.
Chanos also noted that there was still room for more value compression in Strategy.
Strategy’s class A shares are trading down 20.4% so far in 2025, as investors increasingly questioned the company’s premium over the value of its Bitcoin holdings.
SoFi launches crypto trading, becoming first US bank to offer digital assets
SoFi said Tuesday it will begin offering cryptocurrency trading to its customers, joining a growing list of traditional financial firms entering the digital asset space as regulation becomes clearer and adoption expands.
The fintech firm said users will be able to buy, sell, and hold a range of major tokens, including bitcoin, ethereum, and solana. Rising retail participation and increasing institutional involvement have fueled a pickup in crypto activity, helping drive momentum for brokers and exchanges positioned at the heart of the market.
While cryptocurrencies remain volatile, investor interest in accessing digital assets has continued to build.
"SoFi is the first bank in the U.S. to offer crypto trading and investing," CEO Anthony Noto said. "The product we’re launching today is for retail members, but institutional access is right around the corner."
Crypto price today: altcoins dither with Bitcoin
Broader crypto prices moved in a flat-to-low range, amid a dearth of directly positive cues for the sector. Weakness in Bitcoin also largely spilled over into other coins.
World no.2 crypto Ether fell 1.9% to $3,514.57, while XRP lost 3.3% to $2.44.
Solana and Cardano slide 3.2% and 2%, respectively, while BNB fell 1.3%.
Among meme tokens, Dogecoin and $TRUMP slipped over 2% each.
(Ambar Warrick contributed to this report.)