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According to Cointelegraph, the current crypto treasury narrative mirrors investor sentiment from the dotcom era of the late 1990s and early 2000s, which led to a significant stock market downturn. Ray Youssef, founder of the peer-to-peer lending platform NoOnes app, draws parallels between the overzealous investor psychology of the dotcom crash and the present crypto market, despite the involvement of financial institutions. Youssef notes that the dotcom era was marked by innovative IT market phenomena, attracting both serious companies and opportunists due to the allure of bold, futuristic visions. Today, the global financial market is similarly driven by cryptocurrency, decentralized finance, and the Web3 revolution.

Youssef predicts that many crypto treasury companies may eventually falter, leading to a sell-off of their holdings and potentially triggering the next crypto bear market. However, he believes that a select few will endure and continue to accumulate crypto at discounted rates. The prominence of crypto treasury companies in the current market cycle is seen as evidence of crypto's evolution from a niche phenomenon to a global asset class, attracting interest from nation-states and corporations. Despite the challenges, responsible management can help crypto treasury companies navigate downturns and even prosper. Effective treasury and risk management practices, such as reducing debt burdens and issuing equity instead of corporate debt, can enhance a company's chances of surviving market fluctuations.

Companies that opt to finance crypto purchases through debt should strategically plan their repayment schedules, considering the cyclical nature of assets like Bitcoin (BTC). Structuring debt to mature beyond typical market cycles can prevent financial strain during periods of depressed crypto prices. Additionally, investing in supply-capped cryptocurrencies or blue-chip digital assets that tend to recover between cycles is advisable, as opposed to altcoins that may lose significant value and struggle to rebound. Companies with operational revenue streams are better positioned than those solely focused on treasury activities, as they can leverage their earnings to support crypto acquisitions rather than relying solely on external funding. This approach provides a more stable foundation for navigating the volatile crypto market landscape.

On Sep 27, 2025, 17:01 PM(UTC). According to Binance Market Data, Ethereum has dropped below 4,000 USDT and is now trading at 3,999.110107 USDT, with a narrowed narrowed 0.22% increase in 24 hours.

According to BlockBeats, Bitcoin mining company TeraWulf, listed on Nasdaq as WULF, is planning to raise approximately $3 billion to support the construction of its data centers. Morgan Stanley is arranging this potential transaction, which could commence as early as October. The fundraising might be executed through the high-yield bond or leveraged loan markets.

Google is expected to provide backing for the transaction, potentially enhancing the debt's credit rating. Rating agencies are anticipated to assign a credit rating within the BB to CCC range for this deal.

According to BlockBeats, data from CME's 'FedWatch' indicates an 87.7% probability that the Federal Reserve will cut interest rates by 25 basis points in October. The likelihood of maintaining the current rate stands at 12.3%.

According to PANews, Bloomberg's senior ETF analyst Eric Balchunas highlighted on the X platform that BlackRock has filed for the iShares Bitcoin Premium ETF. This exchange-traded fund (ETF) is a spot product under the 1933 Act and employs a covered call strategy on Bitcoin. The aim is to generate some returns from Bitcoin investments. This ETF is an extension of another Bitcoin exchange-traded fund, IBIT. In the U.S. market, mainstream ETF products are required to comply with both the 1933 Act and the 1934 Act.

On Sep 27, 2025, 14:34 PM(UTC). According to Binance Market Data, BNB has crossed the 980 USDT benchmark and is now trading at 980 USDT, with a narrowed 4.64% increase in 24 hours.

According to PANews, Hyperdrive announced on the X platform that two accounts in the thBILL market have been compromised. As a precautionary measure, Hyperdrive has suspended all currency markets to conduct a thorough investigation. The issue does not affect HYPED.

According to PANews, Nasdaq-listed Bitcoin treasury firm POP Culture has announced plans to sell 5,000,000 shares of Class A common stock at a price of $1.20 per share. The company aims to raise approximately $6 million through this offering, which is expected to be completed around September 29, 2025, pending customary closing conditions. Previously, POP Culture acquired 300 Bitcoins and intends to expand its Bitcoin treasury to 1,000 coins.

On Sep 27, 2025, 12:30 PM(UTC). According to Binance Market Data, BNB has crossed the 970 USDT benchmark and is now trading at 970.090027 USDT, with a narrowed 3.64% increase in 24 hours.

According to BlockBeats, the probability of a U.S. government shutdown on October 1st is currently reported at 71% on Polymarket's official website. This prediction reflects growing concerns over potential disruptions in government operations.

According to BlockBeats, Federal Reserve officials are set to make several public appearances next week, with potential implications for economic indicators and the upcoming Federal Open Market Committee (FOMC) meeting. If the U.S. government shuts down on October 1, the release of the employment report may be delayed, potentially affecting the Consumer Price Index (CPI) and the October FOMC meeting.

On Monday at 20:00 (UTC+8), Loretta Mester, the Cleveland Fed President and 2026 FOMC voting member, will participate in a policy panel discussion.

On Tuesday at 01:30 (UTC+8), John Williams, the New York Fed President and permanent FOMC voting member, along with James Bullard, the St. Louis Fed President and 2025 FOMC voting member, will deliver speeches.

At 06:00 (UTC+8) on Tuesday, Raphael Bostic, the Atlanta Fed President and 2027 FOMC voting member, will engage in a dialogue with the CEO of Delta Air Lines on topics related to the Atlanta economy.

Later on Tuesday at 18:00 (UTC+8), Federal Reserve Vice Chair Philip Jefferson will speak.

On Wednesday at 01:00 (UTC+8), Austan Goolsbee, the Chicago Fed President and 2025 FOMC voting member, will deliver remarks.

At 07:10 (UTC+8) on Wednesday, Lorie Logan, the Dallas Fed President and 2026 FOMC voting member, will speak, followed by another speech from Vice Chair Jefferson at 08:30 (UTC+8).

On Thursday at 22:30 (UTC+8), Lorie Logan will again address the public.

Finally, on Friday at 18:05 (UTC+8), John Williams will speak at a farewell symposium for Klaas Knot, the outgoing President of the Dutch Central Bank.

Additionally, on Friday at 20:30 (UTC+8), the U.S. will release data on September's non-farm payrolls, unemployment rate, and average hourly earnings.

According to PANews, market sentiment has been tense this week due to communications from central banks and seasonal factors, with cryptocurrencies experiencing the most significant impact. Despite maintaining relatively high levels, their price movements resemble a minor correction rather than a simple pullback. Ethereum has fallen below $4,000, and Bitcoin is just shy of $110,000. The market is closely watching to see if further corrections in cryptocurrencies will trigger additional reactions from the persistent market frenzy.

Key events to watch this week include:

On Monday at 20:00 (UTC+8), 2026 FOMC voting member and Cleveland Fed President Harker will participate in a policy panel discussion.

On Tuesday at 01:30 (UTC+8), FOMC permanent voting member and New York Fed President Williams, along with 2025 FOMC voting member and St. Louis Fed President Mussa, will deliver speeches.

At 06:00 (UTC+8) on Tuesday, 2027 FOMC voting member and Atlanta Fed President Bostic will discuss economic topics with Delta Air Lines CEO.

At 18:00 (UTC+8) on Tuesday, Federal Reserve Vice Chair Jefferson will speak.

At 21:45 (UTC+8) on Tuesday, the U.S. September Chicago PMI will be released.

At 22:00 (UTC+8) on Tuesday, the U.S. August JOLTs job openings and September Conference Board Consumer Confidence Index will be announced.

On Wednesday at 01:00 (UTC+8), 2025 FOMC voting member and Chicago Fed President Goolsbee will speak.

At 07:10 (UTC+8) on Wednesday, 2026 FOMC voting member and Dallas Fed President Logan will deliver remarks.

At 08:30 (UTC+8) on Wednesday, Federal Reserve Vice Chair Jefferson will speak again.

On Thursday at 20:30 (UTC+8), the U.S. initial jobless claims for the week ending September 27 and the August factory orders month-over-month rate will be released.

At 22:30 (UTC+8) on Thursday, 2026 FOMC voting member and Dallas Fed President Logan will speak again.

On Friday at 18:05 (UTC+8), FOMC permanent voting member and New York Fed President Williams will speak at the farewell symposium for Dutch Central Bank President Knot.

At 20:30 (UTC+8) on Friday, the U.S. September non-farm payrolls, unemployment rate, and average hourly earnings year-over-year and month-over-month rates will be released.

According to PANews, data from Strategicethreserve indicates that the mNAV metrics of three Ethereum treasury companies—SharpLink, The Ether Machine, and ETHZilla—have fallen below 1 due to declining ETH prices. The mNAV values have reached 0.99, 0.07, and 0.88, respectively. Currently, these companies hold 838,730, 495,360, and 102,240 ETH.

The market value to net asset value ratio, mNAV, is a crucial indicator for assessing the valuation of treasury companies. When mNAV exceeds 1, companies can issue additional financing at a premium and use the proceeds to purchase ETH, thereby increasing the per-share ETH holdings and enhancing the balance sheet. However, if mNAV converges to 1 or falls below, the downward trend in ETH prices and weak secondary market support can shift the flywheel mechanism from 'enhancement' to 'dilution,' creating negative feedback.

According to PANews, SOS Limited, a New York Stock Exchange-listed company involved in commodity trading and cryptocurrency mining, has temporarily halted its internal Bitcoin mining operations. In its latest 2025 semi-annual financial report, the company revealed this strategic shift following a $7.5 million fundraising effort through a share placement at the end of July. The funds are expected to prioritize the development and expansion of third-party mining hosting services.

According to Foresight News, investor Huang Licheng has significantly increased his XPL holdings, raising his position to $13.3 million, equivalent to 8.8 million units. The average purchase price for these holdings is $1.55 per unit. Currently, the investment is experiencing a loss of $381,000 per unit, with an overall position loss of approximately $14.06 million.

According to PANews, Richard Byworth, a partner at Swiss hedge fund Syz Capital, is reallocating investments from Strategy (formerly MicroStrategy) and several Bitcoin ETFs to the Japanese Bitcoin treasury company Metaplanet. Byworth anticipates that Metaplanet's market performance could exceed Bitcoin's recent trends by over 50%.

According to PANews, Adam, a macro researcher at Greeks.live, shared insights on the X platform regarding the current market sentiment. The group exhibits complex emotions, with traders positioning themselves on both sides. This includes selling call options at a strike price of $110,000 and buying put options at a strike price of $109,000.

There is skepticism about the prevailing market optimism, with traders noting that 'CT's expectations for Q4 are overly optimistic' and describing the price movements as 'foolish price behavior.' As the weekend approaches, traders have observed significant volatility compression, making it 'difficult to see' substantial fluctuations.

Several traders are actively managing their short option positions, including ETH call options and BTC put options, with plans to take profits before holding positions overnight.

According to CoinMarketCap data, the global cryptocurrency market cap now stands at $3.78T, up by 1.44 over the last 24 hours.Bitcoin (BTC) traded between $108,620 and $110,300 over the past 24 hours. As of 09:30 AM (UTC) today, BTC is trading at $109,084, down by 0.51%.Most major cryptocurrencies by market cap are trading mixed. Market outperformers include MIRA, ALPINE, and AEVO, up by 457%, 163%, and 22%, respectively.Top stories of the day:U.S. Stock Market Sees Record Concentration in Top CompaniesPotential Delay in U.S. Employment Report Due to Government ShutdownVanEck Updates Solana Spot ETF Application DocumentsS&P 500 Futures Rise Following Core PCE Price Index ReleaseVesting NFTs Lead Daily Sales on BNB Chain, Surpassing EthereumBitcoin's Dominance in Crypto Portfolios Highlighted in CoinGecko ReportU.S. Government Shutdown Looms Amid Failed Senate BillMarket Anticipates Future Volatility Despite Current StabilityUS Core PCE for August Expected at 2.9% Annually, 0.2% Monthly Ethereum Treasury Companies Face Decline in mNAV Amid Price Drop Market movers:ETH: $3980.67 (+1.39%)XRP: $2.7731 (+0.42%)BNB: $966.97 (+2.39%)SOL: $200.13 (+2.36%)DOGE: $0.22863 (+1.24%)TRX: $0.3358 (+0.51%)ADA: $0.7779 (+0.35%)WLFI: $0.2043 (+5.31%)XPL: $1.4488 (+14.30%)WBTC: $109194.54 (-0.45%)

According to PANews, Zhiyun International, a company listed on the Hong Kong Stock Exchange, has announced that its wholly-owned subsidiary, Zhiyun Kuangshi Limited, has successfully opened a Bitcoin account on a regulated virtual asset trading platform in Hong Kong. The company has purchased over one Bitcoin using internal resources, with an average purchase price of approximately $118,000, equivalent to about HKD 918,000.

According to PANews, economist and cryptocurrency critic Peter Schiff shared data on the X platform indicating that Bitcoin (BTC) and Ethereum (ETH) have underperformed compared to major precious metals this year. Platinum has surged by 74%, silver by 59%, palladium by 44%, and gold by 43%, while Ethereum has risen by 20% and Bitcoin by 16%. Schiff also highlighted that Bitcoin has been in a prolonged 'stealth bear market,' as its price in gold terms is currently 22% lower than its peak in August 2025 and 20% below its high in November 2021.