By George Glover
Bitcoin was edging higher Tuesday as investors waited for the Federal Reserve's policy decision, while the latest in a string of so-called crypto treasury stocks was giving up some of its recent gains.
The world's largest token by total market capitalization was up 0.6% over the past 24 hours to $115,642, according to data from CoinDesk. It's now trading about 8% off the record high it hit last month.
Meanwhile, shares in Helius Medical Technologies slipped 4.9% in premarket trading. They had soared 142% on Monday after the neurotechnology company said it had launched an offering set to raise more than $500 million in cash, which it intends to invest in the Solana token.
Bitcoin investor Strategy's stock has surged this year, and that has led to a flurry of copycats seeking to capitalize on investors' desire for more exposure to digital assets.
Strategy's business model has been to issue shares and debt so it can hoard more Bitcoin, and other so-called crypto treasurers have pledged to load up on the likes of Ethereum and Worldcoin, the token that's associated with OpenAI CEO Sam Altman's project to scan every human's eyeballs to allow people to verify their identity online.
Strategy co-founder Michael Saylor is one of several crypto execs gathering in Washington, D.C. on Tuesday to try to push forward a bill aiming to establish the U.S.'s strategic Bitcoin reserve, according to a report by The Block.
Other tokens were mixed in Tuesday trading. Ethereum slid 0.3%, but Solana climbed 0.3% and XRP was up 1.5%, according to CoinDesk data.
The Fed is widely expected to lower interest rates by a quarter of a percentage point, but it could give Bitcoin a boost if it opts for an outsize half-point cut.
When borrowing costs fall, the returns on safe investments such as bonds and cash become less appealing, making cryptos and other risk-on assets more attractive because of their higher potential yields.
Write to George Glover at george.glover@dowjones.com
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September 16, 2025 08:22 ET (12:22 GMT)
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