The Daily: Mt. Gox pushes back repayment deadline, Standard Chartered says bitcoin may never fall below $100k again, and more

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

Happy Monday! Crypto rebounded over the weekend, boosted by trader optimism about macroeconomic conditions amid U.S.-China trade talks and Sunday's short liquidation surge.

In today's newsletter, Mt. Gox pushes back its repayment deadline by yet another year, Standard Chartered says bitcoin may never fall below $100,000 again, Strategy buys another $43 million worth of bitcoin, and more.

Meanwhile, bitcoin illiquid supply declines as 62,000 BTC moves out of long-term holder wallets, according to Glassnode.

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P.S. CryptoIQ is now available to everyone. Take the test for a chance to win $20,000!

Mt. Gox pushes back repayment deadline by another year

Defunct crypto exchange Mt. Gox has postponed its creditor repayment date by another year to Oct. 31, 2026, marking its third extension since the rehabilitation trustee's original 2023 target and coming just four days ahead of this year's previous deadline.

• The trustee said it has "largely completed" base, early lump-sum, and intermediate repayments for creditors who met all eligibility requirements.
• However, many creditors remain unpaid due to incomplete procedures or processing issues, prompting the court-approved extension.
• Around 19,500 creditors have received repayments so far, including distributions in Bitcoin and Bitcoin Cash through Kraken and Bitstamp.
• Mt. Gox still holds 34,689 BTC, worth roughly $4 billion, according to Arkham's onchain labeling data.
• Founded in 2010, the Tokyo-based exchange collapsed in 2014 after losing 850,000 BTC in a security breach.
• In 2023, the trustee announced it aimed to reimburse a portion of the original losses to creditors with recovered assets, including 142,000 BTC and 143,000 BCH, as well as 69 billion Japanese yen.

Standard Chartered says bitcoin may never fall below $100,000 again 'if this week goes well'

Standard Chartered Head of Digital Assets Research Geoffrey Kendrick said easing U.S.-China trade tensions have boosted market sentiment, with the bitcoin-gold ratio rebounding after the Oct. 10 tariff-driven selloff.

• In a note to clients on Monday, he suggested "bitcoin may never go below $100,000 again" if positive macro and geopolitical momentum continues through the week.
• Kendrick also pointed to this week's expected Fed rate cut, major tech earnings, and renewed ETF inflows as key catalysts that could reinforce bitcoin's upward trajectory.
• He added that a new all-time high in bitcoin would confirm the end of the four-year halving-cycle theory, arguing that ETF inflows now drive price action more than block reward cycles.

'It's orange dot day': Michael Saylor's Strategy buys another 390 BTC for $43 million

Strategy (formerly MicroStrategy) bought another 390 BTC for $43.4 million at an average price of $111,117 between Oct. 20 and Oct. 26, raising its total holdings to 640,808 BTC worth around $74 billion.

• The latest acquisitions were made using proceeds from at-the-market sales of its perpetual preferred stocks — STRK, STRF, and STRD.
• The company's stash now accounts for more than 3% of bitcoin's total supply, reflecting roughly $26.6 billion in unrealized gains at current prices.
• Despite adding to its position, Strategy's stock remains 37% below its summer highs, with its market cap-to-net asset value (mNAV) ratio sitting near 1.1 as investor sentiment cools across the bitcoin treasury cohort.

Trump brothers' American Bitcoin snaps up $160 million in BTC

Strategy was outshone on Monday, however, as American Bitcoin Corp., co-founded by Eric and Donald Trump Jr., confirmed it added 1,414 BTC worth over $160 million to its reserves, bringing its total holdings to 3,865 BTC to rank among the top 25 public treasuries.

• Executive Chair Asher Genoot said American Bitcoin's integrated mining operations give it a cost advantage over firms that buy bitcoin solely on the open market.
• The miner, majority-owned by Hut 8, added that it will start publishing a new transparency metric, "Satoshis per Share,” to show how much bitcoin backs each share.
• ABTC rose nearly 12% to $6.28 following the news, though the stock remains below its early September Nasdaq debut price of around $8.

MegaETH raises $50 million in minutes as MEGA token sale tops 3x demand

MegaETH's MEGA token sale, which was scheduled to last up to 72 hours, sold out within minutes on Monday morning, raising the maximum $50 million cap as demand exceeded three times the available supply.

• The sale, offering 5% of MEGA's total supply, valued the Ethereum Layer 2 project at a $999 million fully diluted valuation, with accredited investors able to lock tokens for a year to receive a 10% discount.
• The MEGA token serves as the economic engine for MegaETH's sequencer rotation and proximity markets, with about 70% of its supply reserved for the team, ecosystem, and staking rewards.

In the next 24 hours

• It's quiet on the economic calendar front.
• Jupiter is set for a token unlock.
• Blockchain Life kicks off in Dubai. Money20/20 continues in Las Vegas.

Never miss a beat with The Block's daily digest of the most influential events happening across the digital asset ecosystem.

Disclaimer: This article was produced with the assistance of OpenAI’s ChatGPT 3.5/4 and reviewed and edited by our editorial team.

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