The Daily: OG bitcoin whale’s 1,000 BTC move, XRP treasury firm’s 65% discount, Forward Industries’ $4B ATM for SOL, and more

The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.

Happy Wednesday! Markets are already pricing in over 95% odds of an imminent 25 bps Fed rate cut, but Kraken Global Economist Thomas Perfumo told The Block that the next 100 bps could prove more consequential for crypto asset prices this cycle.

In today’s newsletter, an OG whale moves $116 million in BTC for the first time in 11 years, XRP treasury firm VivoPower says it’s getting a 65% discount, one in four public bitcoin treasury firms are now trading below NAV, and more.

Meanwhile, CME Group plans to launch options on its Solana and XRP futures products next month.

Let’s get started!

P.S. Don’t forget to check out The Funding, a biweekly rundown of crypto VC trends. It’s a great read — and just like The Daily, it’s free to subscribe!

OG bitcoin whale moves $116 million after 11-year dormancy

A dormant bitcoin whale transferred 1,000 BTC worth around $116 million on Tuesday after more than 11 years of dormancy.

• The OG whale split their entire holdings across four new addresses, according to Lookonchain, citing Arkham onchain tracking data.
• The wallet originally received the 1,000 BTC in January 2014, when that total was valued at around $847,000.
• At today’s price of nearly $116,000 per BTC, the wallet’s value has risen over 136 times since the funds were last moved at a bitcoin price of just $847.
• The motive for the sudden move and the ownership of the wallet or the associated new addresses are unknown.
• Legacy wallets have been stirring recently, with another dormant whale holding 445 BTC moving funds for the first time in 13 years last week, and a Satoshi-era holder offloading a staggering 80,000 BTC ($9 billion) in July.

VivoPower says mining swaps will give it XRP exposure at an effective 65% discount

XRP treasury firm VivoPower said its mining arm Caret Digital will swap mined coins like BTC, LTC, and DOGE into XRP, claiming the strategy effectively gives it a 65% discount to market prices.

• The firm is pursuing a dual-pronged XRP treasury model by combining mining swaps with Ripple equity purchases to lower average acquisition costs.
• VivoPower first unveiled its XRP treasury strategy in May, backed by a $121 million private placement led by His Royal Highness Prince Abdulaziz bin Turki bin Talal Al Saud and Ripple veteran Adam Traidman.
• Last month, VivoPower said its plan to acquire $100 million of privately held Ripple Labs shares would give it exposure equivalent to 211 million XRP at an implied $0.47 per token — an 86% discount.

A quarter of public bitcoin treasury companies now trade below their BTC holdings

One in four public bitcoin treasury firms now trade below the value of their BTC holdings, according to K33, curbing their ability to raise equity for further acquisitions.

• The slowdown is already visible in flows, with average daily BTC purchases by treasury companies dropping to 1,428 BTC in September — the lowest pace since May.
• KindlyMD (NAKA) has seen the steepest collapse, with its mNAV multiple plunging from 75 to 0.7, while the market caps of firms like Twenty One, Semler Scientific, and Smarter Web also trade below net asset value.
• Meanwhile, Strategy’s premium has slid to 1.26 — its weakest since March 2024 — suggesting corporate demand is fading and giving way to ETF and retail-driven spot buying, Head of Research Vetle Lunde said.

Forward Industries doubles down on Solana strategy with $4 billion ATM equity offering

Forward Industries filed a $4 billion at-the-market equity offering with the SEC to fund more Solana buys and expand its treasury strategy.

• The move comes days after the firm closed a $1.65 billion PIPE led by Galaxy, Jump, and Multicoin, which the firm used to acquire 6.82 million SOL.
• Chairman Kyle Samani said the ATM structure gives the firm flexibility to tap equity markets by issuing and selling shares as needed, facilitated via Cantor Fitzgerald.
• Forward Industries’ shares are down more than 10% to $33.33 on Wednesday following the news, while Solana’s price is down 1.1% for the day at $234.50.

‘The Lord told us to’: Denver pastor and wife found liable for $3.3 million crypto fraud

A Denver judge ruled pastor Eli Regalado and his wife, Kaitlyn, liable for a $3.34 million INDXcoin cryptocurrency fraud after they admitted spending investor funds on a home remodel, saying “the Lord told us to.”

• The couple raised money from more than 300 Christian community investors, then also diverted the cash to luxury trips, jewelry, a Range Rover, and other personal expenses, according to the ruling.
• Colorado regulators said the Regalados exploited their religious ties to push a worthless crypto scheme, with Commissioner Tung Chan, who filed the civil charges, branding them “21st century false prophets.”

In the next 24 hours

• The Bank of England’s latest interest rate decision is due at 7 a.m. ET on Thursday. U.S. jobless claims data follow at 8:30 a.m.
• ECB President Christine Lagarde will speak at 3:10 a.m.
• Fasttoken is set for a token unlock.
• EDCON 2025 continues in Osaka. CBC Summit kicks off in Washington, D.C.

Never miss a beat with The Block’s daily digest of the most influential events happening across the digital asset ecosystem.

© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.