Crypto Biz: The cost of stacking sats
Summary
This crypto business roundup covers several developments across trading, analytics, and settlement infrastructure. CryptoQuant warned Strategy that its Bitcoin accumulation model is becoming harder to sustain as dividend coverage shrinks and cash reserves come under pressure. CBOE is considering turning its Bitcoin and Ether futures into perpetual contracts, which would expand its derivatives offering if regulators allow it. Chainlink joined a banking initiative to test stablecoin-based FX settlement for cross-border markets, while Fortitude Mining is moving toward a Nasdaq listing through an all-stock merger with HeartSciences. The piece also shows how crypto firms and market infrastructure providers are adapting to new regulatory and capital-market conditions.