Here’s what happened in crypto today

Today in crypto, the US Treasury expanded sanctions to Iran’s digital asset sector, alleging a UAE-based broker processed over $100 million in crypto for oil sales. Strive added $81.5 million in Bitcoin as its shares jumped, while Strategy raised about $2 billion but held off on further BTC purchases.

US targets Iran’s crypto sector, cites over $100M in oil-linked payments

The US Treasury has expanded its Iran sanctions framework to cover the country’s digital asset sector, citing more than $100 million in crypto payments allegedly used to facilitate Iranian oil sales. 

On Monday, the Treasury said the Office of Foreign Assets Control (OFAC) issued sectoral sanctions determinations covering digital assets, technology, gold, aviation and shipping. The agency also sanctioned nearly 60 entities, individuals and vessels across nuclear, missile, cyber and oil networks.

The digital asset determination allows OFAC to sanction foreign individuals and companies that operate in or provide services supporting Iran’s digital asset sector. The Treasury said Iran increasingly uses crypto as a “tool of choice for sanctions evasion,” including for transactions linked to the Islamic Revolutionary Guard Corps (IRGC) and government insiders. 

It alleged that UAE-based Ukrainian broker Ivan Obukhov processed over $100 million in crypto payments since 2023 to facilitate oil sales on behalf of the IRGC’s Quds Force. OFAC sanctioned Obukhov and his UAE-based company, Foscom FZE.

Strive adds $81.5 million in Bitcoin as shares jump

Strive bought 1,110 Bitcoin for roughly $81.5 million last week, lifting its holdings above 21,000 BTC as its Nasdaq-listed shares rose more than 8% on Monday.

The company acquired the Bitcoin between Aug. 17 and Aug. 21 at an average price of $73,409 per BTC, including fees and expenses, according to a regulatory filing. The purchases brought Strive’s total holdings to 21,356 BTC, making it the seventh-largest publicly traded corporate Bitcoin holder, according to BitcoinTreasuries.NET.

Strive reported $171.9 million in cash and cash equivalents after adding $17.1 million during the period. Its Class A shares outstanding increased to 79.89 million.

The company also held 505,000 shares of Strategy’s STRC preferred stock, valued at $48.6 million as of Aug. 21.

Meanwhile, Strive’s SATA preferred shares closed Friday at $100.01, returning to management’s targeted $99-to-$101 range. The company raised SATA’s annualized dividend rate to 13% in April and began paying dividends daily in June.

Strategy pauses BTC buys, launches $1.6 billion cash pool after $2 billion raise

Strategy, the world’s largest public company holding Bitcoin, raised about $2 billion through common stock sales last week while making no new Bitcoin purchases.

The Bitcoin treasury company sold 18.26 million MSTR shares between Aug. 17 and Aug. 23 through its at-the-market (ATM) offering program, according to a Monday filing with the US Securities and Exchange Commission.

Strategy repurchased about 1.43 million of its STRC preferred shares for $136.4 million, added $300 million to its US dollar reserve and directed the remaining proceeds to a newly launched US dollar cash account. The company reported $5.1 billion in its reserve and $1.59 billion in the new cash account as of Sunday, bringing its total cash across the two pools to $6.69 billion.

Strategy said the new cash account gives management more flexibility to respond to market conditions and can fund purposes including Bitcoin purchases, preferred-stock dividends, debt payments and securities repurchases. The company made no Bitcoin purchases or sales during the week, leaving its holdings at 840,447 BTC, acquired for $63.36 billion at an average price of $75,385 per Bitcoin.