Bitcoin traded between US$107,000 (AU$161,450) to US$118,000 (AU$178,050) during September. Prices were supported by expectations of further US Federal Reserve rate cuts and risk-on sentiment in global markets but later softened as investors adopted a more cautious approach amid weak macroeconomic data.
In the United States, regulatory advancements continued to shape the digital asset landscape. In September, the U.S. Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) issued a landmark joint statement allowing U.S. exchanges to list and trade certain spot crypto assets. This coordinated approach signals stronger inter-agency collaboration on the recommendations from the President’s Working Group on Digital Asset Markets. The SEC also granted accelerated approval for listing standards related to crypto exchange-traded funds. This decision is expected to simplify the listing process, pave the way for faster digital asset ETF launches and enhance U.S investors’ accessibility to digital asset products.
Institutional adoption remained robust. Vanguard, the world’s second largest asset manager with US$11 trillion AUM, is reportedly exploring brokerage access to crypto ETFs, signaling a reversal of its long-held cautious stance due to client demand and evolving regulation. Morgan Stanley made a significant move into the digital asset space, partnering with Zerohash to enable crypto trading to its E*Trade platform, with rollout expected in the first half of 2026.
Corporate treasury activity accelerated, with public company Bitcoin holdings surpassing 1 million BTC in September for the first time, underscoring the asset’s rising popularity in treasury strategies around the world. In the U.S., Strategy (formerly MicroStrategy) added 7,378 BTC in September at an average price of US$113,520, increasing its total holdings to 640,031 BTC. In Japan, Metaplanet acquired more than 10,000 BTC in September, raising its total holding to 30,823 BTC and positioning itself as the fourth largest publicly-traded holder of Bitcoin. In Europe, BTCS, Europe’s largest digital asset treasury company (DATCO), announced a $100 million capital raise to expand its “Active Treasury” model, combining BTC exposure with emerging blockchain ecosystems.
Governments and sovereign wealth funds deepened their Bitcoin engagement. El Salvador redistributed $678 million in BTC across 14 new addresses to reduce single-wallet risk and mitigate potential quantum computing threats. In the U.S., Ohio has joined Colorado, Utah, and Louisiana as the fourth state to authorise cryptocurrency payments for government services.
Overall, September highlighted growing institutional alignment around Bitcoin, regulatory clarity in the US, and the ongoing mainstreaming of BTC as a strategic treasury asset.
