US Bitcoin ETFs record $2.4bn weekly inflows

• US spot Bitcoin ETFs recorded approximately $2.4bn of net inflows during the week ending 25 September, their largest weekly inflow since October 2025.
• Monday accounted for almost $1bn of the total, followed by approximately $715m on Tuesday, $347m on Wednesday, $191m on Thursday and $135m on Friday.
• BlackRock’s IBIT led the week with approximately $1.2bn of inflows, while Fidelity’s FBTC added around $702m and ARK/21Shares’ ARKB attracted approximately $295m.
• The strong week took cumulative 2026 flows back into positive territory at approximately $934m, after the products had been around $5.8bn in net outflows as recently as mid-July.

Goldman Sachs brings $100bn Treasury fund to digital-asset infrastructure

• Goldman Sachs is making its approximately $100bn FTIXX Treasury fund available to institutional digital-asset firms through Lynq.
• FTIXX will become the first external fund distributed through the institutional settlement network, with transactions handled by SEC-registered broker-dealer tZERO Securities.
• Unlike several competing blockchain-based money-market products, Goldman is not tokenising FTIXX itself. Instead, Lynq provides a blockchain-based distribution and settlement channel through which eligible digital-asset institutions can access the existing traditional fund.
• Lynq operates on a private, permissioned Avalanche network and has more than 30 institutional digital-asset firms onboarded.

Franklin Templeton extends tokenised collateral programme to Bybit

• Franklin Templeton expanded its off-exchange collateral programme to Bybit, enabling eligible users to pledge shares in its tokenised money-market funds as collateral for USDT or USDC trading credit lines.
• The underlying assets remain with regulated custody platform ByCustody rather than being transferred onto the exchange. Their value is instead mirrored inside Bybit’s trading environment.
• The tokenised shares, issued using Franklin Templeton’s Benji Technology Platform, represented approximately $686m in net assets at the time of the announcement.
• Franklin Templeton already operates similar arrangements with Binance and OKX.

Binance invests $100m in Circle and expands USDC partnership

• Binance acquired $100m of Circle shares through a private placement alongside an expanded five-year commercial agreement focused on USDC.
• Circle issued Binance approximately 1.24 million Class A shares at $80.84 per share, with the transaction closing on 17 September and disclosed on 22 September.
• Under the expanded agreement, Binance will promote USDC across its platform while Circle will pay monthly incentive fees linked to USDC held through its wallet infrastructure.
• The agreement replaces earlier USDC arrangements between the companies established in 2024 and 2025.

Strategy acquires another 1,665 Bitcoin for $142.7m

• Strategy acquired 1,665 Bitcoin for approximately $142.7m between 21 and 27 September, paying an average price of $85,681 per Bitcoin.
• The acquisition increased Strategy’s holdings to 847,666 BTC, purchased for an aggregate cost of approximately $63.95bn at an average acquisition price of $75,437.
• The purchase was funded through sales of Strategy’s MSTR common stock. The company sold approximately 1.47 million shares during the period, generating $246.2m in net proceeds.
• Of those proceeds, $142.7m funded Bitcoin purchases while $103.5m was allocated towards repurchases of STRC preferred stock.