Serenity remains heavily invested in AAOI, but the timing of its $600 million at-the-market offering is unfavorable. Production constraints and demand visibility underpin its holding stance.

Strategy today announced the establishment of a dedicated U.S. dollar liquidity pool named "USD Cash" under its Digital Credit Capital framework. The pool will be used for general Bitcoin financial company purposes, including purchasing Bitcoin, paying preferred stock dividends and debt interest, repurchasing common or preferred stock, repaying convertible bonds, and increasing U.S. dollar reserves. The company emphasized that its existing USD Reserve policy remains unchanged, continuing to be exclusively used for supporting preferred stock dividends and outstanding debt interest payments. USD Cash, as a complementary tool, grants management more flexible capital deployment capabilities to respond faster to market changes and price dislocations in Bitcoin or the company’s securities. As of August 23, the USD Reserve balance stood at $5.1 billion, while USD Cash’s balance was $1.59 billion. Both figures include expected cash proceeds from sold but unsettled at-the-money (ATM) shares. During the week of August 17 to 23, Strategy sold 18,261,118 common shares of MSTR solely via at-the-market follow-on offerings, generating net proceeds of $2.0065 billion. Of this amount, $136.4 million was used to repurchase STRC preferred stock, $300 million was added to the USD Reserve, and the remainder was allocated to USD Cash. As of August 23, the company’s Bitcoin holdings totaled 840,447 coins, with a total purchase cost of $63.36 billion and an average purchase price of $75,385. No Bitcoin transactions were executed during the week.

US Bitcoin treasury firm Strive announced it purchased 1,110 Bitcoin last week at an average price of roughly $73,409, a significant surge from its previous weekly buying scale. As of August 21, Strive holds a total of 21,356 Bitcoin, alongside 505,000 preferred shares of Strategy STRC (with a fair value of approximately $48.57 million) and around $171.9 million in cash.

According to the official website of the Shanghai Stock Exchange (SSE), Shanghai Sugon Technology Co., Ltd. — one of China’s "four leading domestic GPU startups" — has announced plans for an initial public offering (IPO) to list on the SSE’s Science and Technology Innovation Board (STAR Market). The preliminary inquiry date is August 28, and the issuance price will be set on August 31. The initial strategic placement volume for the offering is 8.607034 million shares, accounting for approximately 20.00% of the total offering size. The difference between the final and initial strategic placement volumes will be reallocated in line with the principles outlined in Section 6: "The Offering’s Clawback Mechanism". Prior to the activation of the clawback mechanism, the initial offline institutional offering volume is 27.542639 million shares, representing roughly 80.00% of the offering size after deducting the initial strategic placement. The initial online retail offering volume is 6.8855 million shares, accounting for approximately 20.00% of the post-initial-strategic-placement offering size. The total final offline and online offering volume equals the overall offering size minus the final strategic placement volume, with the final online and offline volumes to be determined based on clawback adjustments.

After news broke that the U.S. Treasury may draw nearly $1 trillion in Treasury General Account (TGA) funds to support its recently announced expanded U.S. Treasury bond repurchase program, the market received a short-term boost. U.S. Treasury Secretary Scott Bessent said such operations could even exceed this new minimum level. However, the Treasury did not specify at the time how it would fund these purchases. Per HTX market data, Ethereum rose above $2,500, while Bitcoin broke through $78,000. Per BIT (bit.com) market data, U.S. stock index futures pared some losses: S&P 500 and Dow Jones futures are currently down around 0.1%, and Nasdaq futures are down roughly 0.4%. U.S. Treasuries extended their rally, with the 10-year Treasury yield falling 4 basis points to 4.70%. Per Bitget market data, spot gold climbed above $4,670 per ounce, up 1.47% on the day.

Jiang Zhuoer, founder of BTC.TOP (LeiBit Mining Pool), said in a recent post that two trades he made are worth summarizing. One was a short position on Ethereum (ETH): he entered at $1,834 and stopped out at $2,100, losing millions of dollars. This is his single largest loss since he began trading swing positions, with multiple mistakes made during the process. The other was a short position opened at $2,525 that took profit at $2,450, successfully catching the market top within less than 1% of the peak — a rare stroke of luck. He will conduct a detailed review of his prior trades later.

According to HTX market data, Ethereum has surged past $2,500, posting a 1.6% gain over the past 24 hours.