Here’s what happened in crypto today

Today in crypto, Thailand’s SEC seeks comments on rules requiring retail-accessible overseas crypto derivatives to trade on qualifying, centrally cleared exchanges. Strive bought 1,800 Bitcoin for $143 million, becoming the fifth-largest publicly traded corporate holder, while Strategy also resumed Bitcoin purchases after a two-month pause with a $370 million acquisition.

Thailand SEC proposes retail access to regulated overseas crypto derivatives

Thailand’s Securities and Exchange Commission (SEC) has proposed allowing intermediaries to facilitate retail access to certain digital asset derivatives traded overseas. 

Under the proposal, eligible products would need to resemble crypto derivatives traded in Thailand, including their underlying assets, maturity, leverage and settlement methods. 

The products must also trade on an exchange that uses a central counterparty for clearing and is overseen by a regulator belonging to specified international regulatory or exchange groups. 

The consultation marks Thailand’s latest step toward bringing crypto-linked products into its regulated capital markets. The SEC formally designated cryptocurrencies and digital tokens as permissible derivatives underlyings in a notification dated March 5 and is discussing potential contract specifications with the Thailand Futures Exchange. 

Meanwhile, crypto derivatives that do not meet the proposed conditions could only be offered to institutional investors. The regulator said institutions are better equipped to assess and manage complex and high-risk products. 

Existing rules allow intermediaries to facilitate overseas derivatives investments for retail and high-net-worth clients only when the products resemble those traded domestically. According to the SEC, overseas crypto derivatives require tailored rules because structures and risk levels vary. 

The consultation remains open until Sept. 30. The SEC did not provide an implementation date for the proposed amendments. 

Strive joins top five corporate Bitcoin holders after $143 million purchase

Strive bought 1,800 Bitcoin for roughly $143 million last week, lifting its holdings to 23,156 BTC and making it the fifth-largest publicly traded corporate Bitcoin holder.

The asset manager and Bitcoin treasury company acquired the BTC at an average price of $79,431 per coin, including fees and expenses. The purchase followed a 1,110 BTC acquisition the previous week for about $81.5 million.

Strive’s latest purchase increased its Bitcoin holdings by roughly 8.4% in five business days and pushed the company past crypto exchange Bullish in the rankings of publicly traded corporate holders.

The buying comes as Bitcoin rebounds from its recent downturn, climbing more than 23% to above $81,000 after the US Treasury Department announced it would increase certain long-term bond buybacks. BTC was back below $79,000 on Monday.

Strategy buys $370 million Bitcoin in first corporate purchase since June

Michael Saylor’s Strategy acquired 4,603 Bitcoin for $370 million, marking the first acquisition from the largest corporate Bitcoin holder in two months.

Strategy acquired 4,603 Bitcoin (BTC) at an average purchase price of $80,318, pushing its holdings to 845,050 BTC, acquired for a total of $63.3 billion at an average price of $75,413, according to a Monday 8-k filing with the Securities and Exchange Commission.

The Bitcoin purchase was funded by the net proceeds of a 602 million MSTR common stock sale. The company used $30 million of the net proceeds to increase its USD Cash reserve and $151.8 million to repurchase its preferred STRC stock.

Nasdaq-traded MSTR was up less than 1% in Monday’s pre-market activity, after dropping more than 7% on Friday.

The move marks Strategy’s first corporate Bitcoin acquisition since mid-June, when the company last acquired 1,587 BTC for roughly $100 million.