Galaxy Sells $9B in Satoshi-Era BTC
Windtree’s $720M BNB Treasury | Grok X Kalshi
Marco Manoppo & Karon Pangestu
July 28, 2025
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Good Morning.
The market’s feeling twitchy, but the game is getting bigger. Old whales are cashing out, institutions are quietly doubling down, and crypto is slipping deeper into the foundations of finance, real estate, and AI.
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In Today's Email:
What Matters: Galaxy Sells $9B in Satoshi-Era BTC đź’¸
Product of the Week: Grok X Kalshi 🤝
Charts: Windtree’s $720M BNB Treasury, Christie’s $1B Homes for Crypto 🔎
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Narratives: ETH beta mania.
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WHAT MATTERS
Galaxy Sells $9B in Satoshi-Era BTC
Source: Lookonchain
State of play: Galaxy Digital has confirmed executing one of the largest bitcoin transactions ever recorded, selling over 80,000 BTC valued at more than $9B on behalf of a Satoshi-era investor.
According to the firm, this was part of the client's estate planning strategy.
The transaction, which involved deposits to multiple exchanges including Binance and OKX, caused Bitcoin to dip below $115,000 amid increased market volatility.
CEO Mike Novogratz remains optimistic, predicting Bitcoin could hit $150,000 this year while expecting Ethereum to outperform in the short term due to rising institutional interest.
Why it matters: Massive BTC sales from old whale funds can shake market confidence and drive price volatility.
Our take: Galaxy’s offload shows strategic profit-taking near all-time highs, but remaining holdings suggest they’re not done with Bitcoin yet.
For builders and investors: Watch for renewed volatility and consider ETH exposure, as institutional interest appears to be rotating into Ethereum.
PRODUCT OF THE WEEK
Grok X Kalshi
Effective immediately, Kalshi and xAI are partnering to bring Grok to prediction markets.
Two of the fastest growing companies in America are now on the same team.
@xai 🤝 @Kalshi
— xAI (@xai)
4:44 PM • Jul 24, 2025
Elon Musk’s xAI has integrated its Grok conversational AI into Kalshi, the only CFTC-regulated event contract exchange.
This integration allows Kalshi users to access real-time AI-powered insights, including on-chain data, historical odds, and news.
The move gives Grok a live testing ground while enhancing Kalshi’s product with intelligent forecasting tools.
Kalshi, which raised $185M at a $2B valuation in June 2025 led by Paradigm, supports crypto deposits (BTC, SOL, USDC, WLD) but settles all trades in USD.
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CHARTS OF THE WEEK
Windtree Targets $720M BNB Treasury
State of play: Windtree secured $520M in equity financing, including a $500M credit line and $20M from Build and Build Corp, with 90% allocated to BNB purchases to build one of the largest public crypto treasuries.
This follows a prior $60M commitment, bringing its total potential BNB buying power to $720M.
Kraken will provide custody, OTC, and trading services once shareholders approve the plan.
Windtree’s aggressive entry comes as more public companies boost their crypto holdings.
According to data from The Block, the total stacked market cap of crypto-holding public firms has surged past $180B as of July 2025, led by giants like MicroStrategy, Riot Platforms, and MARA Holdings.
GameStop, Metaplanet, and 21 other firms are also contributing to this growth, with significant new positions in BTC, ETH, SOL, and now BNB.
Our take: As more public firms diversify into crypto, expect treasuries to become key battlegrounds for on-chain influence and market perception.
Christie’s Offers $1B in Homes for Crypto
Source: eMarketer
State of play: Christie’s International Real Estate has launched a new division focused on facilitating luxury property sales using cryptocurrency.
According to the New York Times, over $1B worth of real estate listings are now open to crypto-only offers.
The move comes after several high-value deals, including a $65M Beverly Hills sale completed entirely in crypto.
Led by Southern California CEO Aaron Kirman, the division employs a team of lawyers and crypto experts to ensure secure, bank-free transactions.
Some deals even allow anonymous buyers, provided the source of funds is verified. Featured properties include the iconic Invisible House in Joshua Tree.
Kirman believes crypto could account for over one-third of US home sales within five years.
Our take: Christie’s move reflects growing confidence in crypto as a medium for high-value transactions, though the market’s reliance on legal vetting and niche buyers suggests mainstream adoption is still unfolding.
QUICK BITES
Metaplanet adds 780 BTC for $92.5M.
SharpLink Gaming buys $295M in ETH.
Christie’s offers $1B in homes for crypto.
Trump's EU tariff deal holds Bitcoin near $119K.
xAI has integrated its Grok conversational AI into Kalshi.
Nasdaq-listed drug company is set to buy $700M in BNB.
Dragonfly faces possible US charges over Tornado Cash ties.
Galaxy sells more than 80,000 BTC for a Satoshi-era investor.
Crypto is still seen as 'risky' by US investors despite ownership surge.
US spot Ethereum ETFs log second-biggest week with $1.85B in net inflows.
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