Bitcoin (BTC) registered a sharp drop on Friday, falling from $119,150 to a low of $116,930 as the market rally continues to reverse. The flagship cryptocurrency lost momentum after surging past $124,000 to set a new all-time high, and has struggled to reclaim key levels in the face of substantial selling pressure.
BTC is down 1.20% over the past 24 hours, trading around $117,600.
Microstrategy Inc. Is Now Officially Strategy Inc.
Strategy Inc. has announced that it has officially changed its legal name from Microstrategy Inc. to Strategy Inc. The change came into effect on August 11, 2025. The formal transition completes the firm’s rebranding initiative, first unveiled on February 5, 2025. It also establishes the company’s identity as the world’s first and largest Bitcoin treasury enterprise. However, Strategy confirmed that its corporate structure and CUSIP numbers remained the same, despite the name change. Its securities will also continue trading under their existing ticker symbols.
Strategy also outlined its commitment to continue accumulating Bitcoin (BTC) as its primary treasury reserve asset using debt proceeds, equity, and operating cash flow. It also offers exposure to an array of digital assets using equity and fixed-income securities. Strategy also provides advanced AI-driven analytics software.
Harrys Announces Bitcoin (BTC) Investment
Harrys, a national cigarette company in Canada, has announced a Bitcoin investment, acquiring 0.1525593 BTC for an aggregate cash consideration of $25,000. The purchase makes Harrys the first publicly traded tobacco company to add BTC to its balance sheet. The company’s board of directors unanimously approved the purchase, believing that allocating a portion of the company’s treasury to Bitcoin purchases is an innovative step towards financial diversification and long-term value creation.
The company has also opened a corporate cryptocurrency account with Bitbuy, a leading Canadian digital asset platform. The account was established by best practices for digital asset management and other notable crypto ventures, including an account with Bitbuy opened by WondeFi.
Hive Posts $45 Million In Revenue Thanks To Bitcoin Mining
Bitcoin miner Hive Digital Technologies posted its strongest quarterly performance to date, driven by a surge in Bitcoin production and a jump in mining efficiency. The company reported $48.8 million in digital currency mining revenue for the first quarter of the fiscal year 2026, ending on June 30. This marks a 44.9% sequential increase from the previous quarter. The revenue jump was due to a 47% rise in average hashrate, which rose from 5.9 EH/s in Q4 to 8.7 EH/s in Q1. This increase in average hashrate allowed Hive to mine 406 BTC, a 34% rise quarter-over-quarter despite a 10.2% increase in network difficulty. Aydin Kilic, President and CEO of Hive, stated,
“This was a phenomenal quarter. We’re now producing 7.5 Bitcoin daily with over 15 EH/s, and we’re on track to reach 25 EH/s by Thanksgiving, cementing HIVE among the world’s largest bitcoin miners.”
Hive’s total revenue for the quarter clocked $45.6 million, with mining accounting for nearly 90%. Gross operating margins also improved, rising from 28.2% in the previous quarter to 34.7%.
Bitcoin (BTC) Price Analysis
Bitcoin (BTC) is struggling to recover after Thursday’s drop. The flagship cryptocurrency surged to a new all-time high on Thursday, crossing $124,000 and reaching $124,553. However, it lost momentum almost immediately thanks to macroeconomic headwinds, falling over 4% to slip below $120,000 to $118,389. Sellers retained control on Friday as the price fell nearly 1% to $117,436. However, BTC has made a marginal recovery during the ongoing session.
An analysis of Bitcoin perpetual futures long-short ratio has revealed a shift in investor sentiment in the derivatives market, with bearish positions dominating across major exchanges. Data from the past 24 hours shows that short positions have an edge over long positions. Short positions are at 51.8% while long positions account for 48.51%. This indicates that traders are betting on a potential decline in BTC’s price and a pessimistic market outlook. Individual exchange data provides a more detailed picture, with Binance having 51.38% of positions being short and 48.62% long. Bybit has a stronger bearish bias, with short positions at 53.89% and long positions at 46.11%.
Long and short ratios are crucial for traders as they offer insight into market sentiment and potential price movements. More short positions indicate a higher probability of downward price pressure.
BTC started the previous week in positive territory, rising 0.73% to cross $115,000 and settle at $115,051. However, it lost momentum on Tuesday, falling 0.82% to a low of $112,622 before settling at $114,112. Buyers returned to the market on Wednesday as BTC rose 0.80% to reclaim $115,000 and settle at $115,028. Bullish sentiment intensified on Thursday as the price rallied, rising over 2% to cross $117,000 and settle at $117,515. Despite the positive sentiment, BTC was back in the red on Friday, dropping 0.71% to $116,683. The price registered a marginal decline on Saturday before rebounding on Sunday, rising 2.42% to cross $119,000 and settle at $119,309.
Source: TradingView
BTC reached an intraday high of $122,319 on Monday, to start the week on a bullish note. However, it lost momentum after reaching this level and dropped to $118,701, ultimately falling 0.51%. The price recovered on Tuesday, rising 1.19% to reclaim $120 and settle at $120.113. Bullish sentiment intensified on Wednesday as BTC rose nearly 3% to cross $123,000 and settle at $123,365. The flagship cryptocurrency surged to a new all-time high on Thursday, reaching $124,533. However, it lost momentum and plunged below $120,000 to settle at $118,389, ultimately dropping over 4%. Sellers retained control on Friday as the price fell 0.80% to $117,436. The current session sees BTC marginally up, trading around $117,730.
Disclaimer: 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.
