The Daily: Ripple co-founder moves $140 million in XRP, Strategy boosts bitcoin bet, GameSquare adds NFT to treasury, and more

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

Happy Thursday! Here’s what you need to know in crypto today.

Altcoins are seeing some profit-taking, with XRP sliding after Ripple co-founder Chris Larsen moved $140 million worth of XRP tokens to exchanges. Still, overall sentiment remains strong — JPMorgan says crypto inflows have reached $60 billion year to date, driven in part by a shifting regulatory backdrop.

Crypto treasury strategies are evolving, with NFTs now joining the mix. GameSquare bought a $5.15 million CryptoPunk as a strategic asset, while Strategy expanded its “Stretch” preferred stock offering to $2 billion to buy more bitcoin.

And long-dormant wallets are stirring. A legacy bitcoin wallet from 2011 just moved $468 million after 14 years of inactivity — the latest in a string of historic whale movements.

Let’s dive in.

Ripple co-founder moves $140 million in XRP to exchanges: ZachXBT

• A wallet linked to Ripple co-founder Chris Larsen has moved around $140 million in XRP to exchange-linked addresses over the past week, according to blockchain investigator ZachXBT.
• The wallet transferred 50 million XRP in total — 30 million to two known exchange wallets, 10 million to a third, and the rest split across two newly created addresses.
• Larsen-linked accounts still hold about 2.81 billion XRP, worth roughly $9 billion.
• Large transfers from early Ripple insiders often raise market concerns due to XRP’s concentrated supply. The SEC previously alleged that Larsen and his spouse sold $450 million in XRP between 2017 and 2020.
• XRP briefly hit an all-time high of $3.65 on July 18 but has since cooled as traders took profits and altcoins dipped broadly.

Strategy upsizes ‘Stretch’ preferred stock offering to $2B for more bitcoin

• Bitcoin treasury firm Strategy is expanding its recently announced "Stretch" preferred stock offering to $2 billion, up from $500 million, following strong investor demand, Bloomberg reported. The capital will go toward further bitcoin accumulation.
• Last week, the firm spent nearly $740 million on 6,220 BTC, taking its total holdings to 607,770 BTC — roughly 3% of the total bitcoin supply.
• The Stretch shares are priced at $90 each (a 10% discount) and carry a 9% annual dividend. The new securities rank above Strategy’s Strike and Stride series but below its Strife shares and outstanding convertibles.
• Analysts at TD Cowen believe the company could amass 900,000 BTC by 2027. Strategy — formerly MicroStrategy — now runs four active preferred stock programs.

GameSquare buys $5.15M CryptoPunk as treasury asset

• Ethereum holding company GameSquare has added CryptoPunk #5577 — a rare “Ape Punk” — to its treasury in a $5.15 million equity deal with Robert Leshner, founder of Compound and Superstate.
• GameSquare will hold the NFT as a strategic asset and aims to tokenize its shares on Superstate. Leshner, who originally acquired the Punk in 2022 for 2,501 ETH (~$7.7M), will join the firm as an advisor.
• The company has already acquired over 10,000 ETH and recently increased its ETH treasury authorization to $250 million.

OG bitcoin wallet from 2011 moves $468M after 14 years

• A dormant bitcoin wallet from 2011 just transferred 3,962 BTC — worth around $468 million — early Thursday, after first sending a small test transaction, according to Arkham.
• The wallet had accumulated its BTC when the asset traded at $0.37. Its reactivation adds to a string of recent moves by early holders, including transfers totaling over $1.7 billion in BTC in the past week.
• The identity of the wallet owner is unknown, sparking speculation about sales, internal reshuffling, or links to early figures like Satoshi Nakamoto.

JPMorgan: Crypto inflows hit $60B YTD amid regulatory shift

• Crypto inflows have reached $60 billion year to date, up nearly 50% since May, according to JPMorgan analysts. They attribute the rise to ETF flows, CME activity, and renewed VC funding — all supported by improving U.S. policy.
• The analysts pointed to the recently passed GENIUS Act and the advancing CLARITY Act as reasons for growing confidence. These moves could make the U.S. more attractive for crypto firms compared to Europe’s MiCA regime.
• Ethereum is emerging as a top beneficiary thanks to its role in DeFi, smart contracts, and growing corporate treasury adoption. Fund managers are also exploring altcoin ETF products with staking components as investor demand diversifies beyond bitcoin.

In the next 24 hours

• Tornado Cash co-founder Roman Storm’s trial is set to hit a key moment on Friday, when U.S. prosecutors are expected to wrap their case. Storm’s defense will begin presenting witnesses after that.
• The U.S. Census Bureau is scheduled to release the Durable Goods Orders report on Friday.

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