Bitcoin and the broader digital asset market got a taste of “not-QE” this week — and responded positively.

Bitcoin (BTC) rose more than 23% toward $79,000, while Ether climbed above $2,400 after the US Treasury moved to double certain long-dated bond buybacks. The move added momentum to a growing question for digital asset markets: if Washington continues to support liquidity without formally launching quantitative easing, could Bitcoin and other risk assets benefit the most?

The “not-QE” label reflects the mechanics. Treasury buybacks, run as regular operations since 2024, use cash raised largely through bill issuance to repurchase older, less-liquid long-dated bonds — supporting market function and swapping duration out of the market without the Federal Reserve expanding its balance sheet, the defining feature of formal quantitative easing.

That question is already influencing business decisions across the crypto sector. Standard Chartered sees Bitcoin moving toward $100,000, Metaplanet is bringing its Bitcoin treasury strategy to the US, and Cypherpunk Technologies is committing $33 million to Zcash mining.

Standard Chartered analyst sees Bitcoin reaching $100,000 as Treasury buybacks expand

Standard Chartered analyst Geoff Kendrick said Bitcoin could reach $100,000 by year-end as the US Treasury doubles long-end bond buybacks, a move he described as “exactly the type of thing Bitcoin loves.”

In a client note, Kendrick said BTC’s key technical level is $65,500, and that a move above that level could confirm the cycle low is in place. He pointed to Wednesday’s Treasury plan to at least double buyback operations for 10- to 20-year and 20- to 30-year coupons. Long-dated yields fell after the announcement, and Bitcoin immediately rose more than 6% to nearly $69,000, its highest level since early June, according to CoinMarketCap.

The expanded buyback program is set to run from Sept. 9 through Nov. 4. Kendrick said Bitcoin tends to benefit from government liquidity interventions and that its fixed supply makes it resistant to monetary debasement. He added that the outlook depends on BTC holding above $65,500, without which the cycle low cannot be confirmed.

Metaplanet expands Bitcoin treasury strategy to the US with Super League deal

Metaplanet plans to take a controlling stake in Nasdaq-listed Super League Enterprise, a gaming and media company, extending its Bitcoin treasury strategy into the US market.

The Tokyo-based company will contribute 2,100 BTC and $2.5 million in cash to Super League, which will be renamed Superplanet. The Bitcoin contribution is worth roughly $145 million and represents less than 5% of Metaplanet’s 43,000 BTC holdings. The company said the BTC will come from its existing treasury, not from new purchases.

Chief Executive Officer Simon Gerovich said the structure creates two capital-raising channels: Superplanet in US markets and Metaplanet in Japan. Shares of Super League jumped more than 50% after the announcement.

Metaplanet’s accumulation follows the corporate Bitcoin treasury playbook popularized by Michael Saylor’s Strategy (formerly MicroStrategy), and its holdings make it one of the largest publicly listed corporate holders of the cryptocurrency.

The transaction is expected to close in the fourth quarter, pending shareholder approval and other customary closing conditions.

Cypherpunk launches Zcash mining fleet controlling 18% of network hashrate

Cypherpunk Technologies is moving deeper into Zcash (ZEC) mining after acquiring a mining fleet from Winklevoss Capital — the investment firm of Cameron and Tyler Winklevoss, co-founders of the Gemini crypto exchange — in a $33.33 million equity deal, giving the publicly traded company about 18% of the network’s hashrate.

Zcash is a privacy-focused blockchain built on zero-knowledge proofs that shield transaction details and secured, like Bitcoin, through proof-of-work mining.

The operation is already active at US facilities and is producing about 4.2 GSol/s, or roughly 18% of Zcash’s current hashrate. Cypherpunk also holds 323,394 ZEC, equal to about 1.9% of the circulating supply, and has set a target of 5% ownership. The company has argued that Zcash mining offers more attractive economics than Bitcoin mining or AI data center workloads.

Those economics, however, depend heavily on ZEC’s price, network hashrate, mining difficulty and operating costs. The move follows a rally that sent ZEC up more than 1,300% over the past 12 months, although the token has since corrected. The network implemented its Ironwood upgrade on July 28 to replace the Orchard pool after a flaw that could have allowed counterfeit ZEC creation, though no exploitation was ever detected.

CFTC seeks comment on AI compute futures as CME eyes October launch

The US Commodity Futures Trading Commission (CFTC) is seeking public comment on futures contracts tied to AI computing capacity, a step that could help shape an emerging market for trading and hedging compute costs.

Bloomberg reported Monday that the regulator sent a request for comment to the White House Office of Management and Budget, a review step under the Paperwork Reduction Act that typically precedes formal requests for public feedback. CME Group, the world’s largest derivatives exchange, said last week that it plans to launch two compute futures contracts on Oct. 5, pending regulatory approval, with Silicon Data providing the benchmarks. Estimates from TD Lombard, Goldman Sachs and Bridgewater Associates place AI infrastructure spending at roughly 2% to 2.5% of US GDP this year.

The review could affect the timeline for planned compute products from CME Group and Intercontinental Exchange, the New York Stock Exchange’s parent, both of which remain subject to regulatory approval. If cleared, they would be among the first standardized derivatives tied to AI computing capacity. After the White House review is complete, the CFTC is expected to open a comment period that typically lasts 30 or 60 days, according to Bloomberg.

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