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Strive Raise - Strive to raise roughly $160 million after upsizing preferred stock offering.
Tokenization Partnership - Tether's Hadron, Bitfinex Securities to tokenize assets with ETF issuer KraneShares.
Payment Partners - Ripple teams with Mastercard, Gemini to use RLUSD to settle credit card transactions.
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DePIN focused on geospatial and positioning data
GEODNET generated $1.2M in quarterly revenue (+27.9% QoQ), bringing annualized revenue to ~$5M
1,778 new Satellite Miners, expanding coverage to 5,037 cities across 148 countries — world’s largest decentralized RTK network
Collaborations with RTKsub, ROVR Network, and the AI Unbundled Alliance expand enterprise and AI-integrated geospatial use cases
Solana’s DeFi TVL increased 32.7% QoQ to $11.5 billion
The Application Revenue Capture Ratio (Chain GDP divided by Real Economic Value) grew from 222.8% to 262.8%
Stablecoin market cap on Solana grew 36.5% QoQ to an all-time high of $14.1 billion
SOL finished Q3 2025 with a market cap of $113.5 billion, a 37% QoQ increase
Decentralized lending & borrowing protocol
TVL rose 24.4% QoQ to $2.8B, driven by growth in BNB and BTC-backed collateral (notably xSolvBTC and SolvBTC)
Total value borrowed (TVB) surged 45.7% QoQ to $958.3M, reflecting renewed leverage appetite and higher capital efficiency
Partnerships with SafeBlock and RedStone Atom improved accessibility and risk control
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Strategy used convertibles, ATMs, and preferreds to turn capital markets into a BTC accumulator, raising over $41 billion and compounding BTC per share when a premium to NAV and strong volatility supported accretive issuance. The preferred layer adds permanent capital but creates about $568 million in annual dividends and a dependence on continued ATM access, which introduces liquidity and dilution risks.
BitMine can run a similar playbook. Its 3.24 million ETH treasury, higher ETH volatility, and deep equity liquidity support low-coupon convertibles, while staking yields of roughly 2.5–5% can help service interest and preferred payouts. Under moderate leverage, staking income can cover financing costs and grow ETH per share without constant equity issuance, provided capital is raised opportunistically at a premium to NAV.
