Overview

• Coinbase’s David Duong forecasts a consolidation wave led by mergers and acquisitions, citing Strive’s purchase of Semler Scientific as an early template.
• Only a small set of treasuries is expected to endure as scale, capital allocation and liquidity conditions separate leaders from laggards.
• Firms are pivoting to crypto-native yields such as staking and DeFi looping to bolster returns, with TON Strategy staking about 82% of Toncoin and targeting near-full allocation by Oct. 10 to fund buybacks.
• Buyback activity has ramped yet outcomes remain uneven, with TON Strategy’s repurchase coinciding with a 7.5% slide in its shares.
• Sector heft keeps growing, with corporate treasuries holding over 1.3 million BTC and roughly 5.5 million ETH, influencing network supply dynamics.