Trump Media & Technology Group Files Amended Registration Statement for Bitcoin ETF. Trump Media & Technology Group has filed an amended registration statement for a Bitcoin ETF. The ETF will directly hold Bitcoin and offer its shares to investors, aiming to mirror Bitcoin's price performance. Crypto.com will serve as the ETF's exclusive Bitcoin custodian, lead execution agent, and liquidity provider. Upon its listing, the Trump Bitcoin ETF's shares will be listed on the New York Stock Exchange Arca. Yorkville America Digital will serve as the ETF's sponsor. PAXOS is applying for a trust bank license from US regulators. Crypto company PAXOS announced it is applying for a trust bank license from US regulators.
Market
As of press time, according to CoinGecko data:
BTC price is $118,674, up or down -0.5% in 24 hours;
ETH price is $4,225.63, up or down -0.5% in 24 hours;
BNB price is $805.78, up or down +0.3% in 24 hours;
-4.4%; the price of DOGE is $0.2227, with a 24-hour increase or decrease of -4.6%; the price of XRP is $3.13, with a 24-hour increase or decrease of -1.3%. The price of TRX is $0.3452, with a 24-hour increase or decrease of +2.1%. US Senate Democrats Criticize Republican Crypto Bill as a "Highway to Regulatory Evasion" Democratic staff members of the US Senate Banking Committee criticized the Republican draft cryptocurrency legislation as providing a "highway to regulatory evasion" for traditional assets, expressing concern that non-crypto assets like stocks could circumvent US Securities and Exchange Commission (SEC) oversight simply through tokenization. Democrats pointed out that the definition of "affiliated assets" in the draft is not limited to cryptocurrencies, potentially allowing companies to sell assets without investor protections, increasing market volatility and the risk of fraud. Previously, the House of Representatives passed the Digital Asset Markets Transparency Act, which establishes a division of labor between the SEC and the Commodity Futures Trading Commission (CFTC) in the digital asset field. Democrats also expressed concern about President Trump's family's crypto business, saying the draft does not limit its influence. Wisconsin introduces new bill requiring full Know Your Customer (KYC) at Bitcoin ATMs. The Wisconsin Senate introduced new bill, SB386, which would require all Bitcoin ATMs to implement comprehensive Know Your Customer (KYC) procedures. Transactions would require identification, cap single transactions at $1,000, and collect other personal information to strengthen oversight. Trump: No Tariffs on Gold. Trump tweeted, "No Tariffs on Gold!" but offered no further explanation. On July 31, U.S. Customs and Border Protection notified a New York company that gold bars imported from Switzerland would be subject to Trump's so-called reciprocal tariffs, currently at 39%. Gold prices subsequently surged. The Trump administration announced last week that it would sign an executive order clarifying gold tariff levels, but no executive order has been issued yet. Stripe and Paradigm Collaborate on Tempo, a Layer 1 Blockchain. According to a recent job posting on the website of the Blockchain Association, a cryptocurrency lobbying group, fintech giant Stripe is collaborating with crypto venture capital firm Paradigm to develop a high-performance, payment-focused Layer 1 blockchain called Tempo. The project, which has a small team and is currently in a stealth phase, is compatible with the Ethereum programming language. Stripe has been increasing its investment in the crypto sector in recent years, acquiring stablecoin infrastructure company Bridge (US$1.1 billion) and crypto wallet developer Privy to build out its stablecoin ecosystem. Stripe CEO Patrick Collison has stated that as the technology matures, stablecoins are gaining substantial commercial traction. The Tempo blockchain will allow Stripe to control a key layer of stablecoin transaction processing, but the company has not yet disclosed whether it plans to issue a companion cryptocurrency. Terraform co-founder Do Kwon may plead guilty Terraform Labs co-founder and former CEO Do Kwon may plead guilty on Tuesday morning in the U.S. District Court for the Southern District of New York. Judge Paul Engelmayer said Kwon needs to prepare a detailed statement of the facts of the crime, and the plea hearing will be held on Tuesday. Previously, in March 2023, U.S. prosecutors charged Kwon with multiple counts of fraud, commodities fraud, wire fraud, securities fraud, market manipulation, and money laundering. These charges were related to the collapse of Terra USD (UST), the algorithmic stablecoin he led, which resulted in billions of dollars in losses. Kwon denied all charges in January of this year. The Uniswap Foundation proposes to establish a new legal entity, called "DUNI," under Wyoming's Decentralized Unincorporated Nonprofit Association (DUNA) framework for its governance organization. This entity will retain its existing governance structure and address compliance, tax, and contract signing requirements. The proposal calls for $16.5 million in UNI to be allocated to the entity to settle historical tax and fine liabilities, estimated at less than $10 million, and to establish a legal defense budget. The Foundation's general counsel stated that this move will pave the way for future protocol fees, which would allocate a portion of limited partner fees to the DAO treasury. Under this framework, fee revenue would not be directly distributed to UNI holders and would not alter Uniswap's decentralized governance model. Ant Group denies rumors of partnership on rare earth-based RMB stablecoins. Ant Group announced on August 11th that it has noticed online claims claiming that "Ant Group, the People's Bank of China, and China Rare Earth Group are jointly developing the world's first rare earth-based RMB stablecoin," and is using this information to mislead investors into focusing on related sectors. Ant Group has never had any such plans with relevant institutions. The public is advised to be discerning and be wary of scams. Bullish plans to increase IPO size, raise target valuation to $4.82 billion. Reuters reported that Bullish, the cryptocurrency trading platform backed by Peter Thiel, has increased the size of its initial public offering (IPO) and is now targeting a valuation of $4.82 billion. This is a significant increase from last week's target of $4.2 billion, reflecting the market's sudden surge in enthusiasm for digital assets. Rumble to Acquire Artificial Intelligence Company Northern Data for Approximately $1.17 Billion According to market news released by @ImCryptOpus: Video-sharing platform Rumble (NASDAQ: RUM) will acquire artificial intelligence company Northern Data for approximately $1.17 billion in an all-stock transaction backed by Tether. SoftBank's PayPay Plans US IPO, Expected to Raise Over $2 Billion SoftBank Group has selected investment banks to assist its Japanese payment app operator PayPay in preparing for a potential US initial public offering, according to two people familiar with the matter. The banks leading the listing preparations include Goldman Sachs, JPMorgan Chase, Mizuho Financial Group, and Morgan Stanley, the sources said. PayPay's IPO could raise over $2 billion, and sources indicate it could take place as early as the fourth quarter of this year. (Jinshi) Trump Media & Technology Group: Bitcoin ETF to Launch Later This Year Trump Media & Technology Group (DJT.O): A Bitcoin ETF will directly hold Bitcoin and offer investors shares, designed to reflect Bitcoin's price performance. The Bitcoin ETF will launch later this year. CoinShares: Digital Asset Investment Products Received $572 Million in Inflows Last Week CoinShares' latest report shows that digital asset investment products saw a resumption of inflows last week, totaling $572 million. Earlier this week, outflows reached $1 billion, which we believe was driven by growth concerns stemming from weak US jobs data. However, in the second half of the week, inflows reached $1.57 billion, likely spurred by the US government's announcement that digital assets would be permitted in 401(k) retirement plans. Ethereum ETPs led the market, attracting $268 million in inflows, the highest of any asset class. This brought year-to-date inflows to a new high of $8.2 billion, and recent price increases have pushed total assets under management to a new all-time high of $32.6 billion, an 82% increase year-to-date. Bitcoin rebounded after two consecutive weeks of outflows, with inflows totaling $260 million last week, while short Bitcoin saw outflows of $4 million. Solana, XRP, and Near saw inflows of $21.8 million, $18.4 million, and $10.1 million, respectively. Strategy acquired 155 BTC for approximately $18 million last week. Strategy acquired 155 BTC between August 4 and August 10 for approximately $18 million, at a price of approximately $116,401 per Bitcoin, and has achieved a 25.0% return on BTC so far in 2025. As of August 10, 2025, Strategy held 628,946 BTC at a price of approximately $73,288 per Bitcoin. SharpLink Successfully Raised $400 Million Through a Registered Direct Offering. SharpLink announced the signing of securities purchase agreements with five top global institutional investors, successfully raising $400 million through a registered direct offering. As of August 10, 2025, the company held approximately 598,800 ETH. Combined with approximately $200 million in unallocated ATM financing, the company's total ETH holdings are expected to exceed $3 billion. Ethereum's Year-to-Date Gains Surpass Bitcoin's, Driven by Significant Increase in Institutional Demand So far in 2025, the price of Ethereum (ETH) has risen approximately 29%, surpassing Bitcoin (BTC)'s approximately 28% increase over the same period for the first time. Ethereum recently broke through the $4,000 mark for the first time in eight months, reaching $4,311.58. Surging institutional demand, particularly from digital asset treasury firms and increased inflows into BlackRock's Ethereum spot ETF, has driven prices higher. Last month, the spot Ethereum ETF saw net inflows of approximately $5 billion, bringing its total net inflows to over $9 billion since its listing in July 2024, bringing its assets under management to approximately $20 billion.
▌BitMine's total ETH holdings exceed 1.15 million, worth over $4.96 billion
BitMine announced that its ETH holdings are worth more than $4.96 billion. As of 10:59 pm EST on August 10, the company held a total of 1,150,263 ETH at a price of $4,311 per ETH, making BitMine the world's largest ETH reserve.
▌Nakamoto CEO: Will buy $1 billion of BTC tomorrow
On August 11, Nakamoto CEO David Bailey posted on the X platform that he would buy $1 billion of BTC tomorrow. He wrote: "Ever since I came into contact with Bitcoin, I have always dreamed of buying $1 billion worth of Bitcoin at one time. Tomorrow this dream will come true."
▌Fundamental Global announced that it will use $200 million in private placement to purchase ETH
Nasdaq-listed Fundamental Global announced that it has used all net proceeds from the previous $200 million private placement to purchase ETH. As of 6:30 pm Eastern Time on August 10, 2025, the ETH holdings reached 47,331, with an average purchase price of $4,228.40. 180 Life Sciences Announces Closure of Approximately $156 Million in Private Placement to Purchase Ether 180 Life Sciences Corp. (NASDAQ: ATNF) announced that it sold approximately $156 million in principal amount of its Senior Secured Convertible Notes due 2028 (the "Convertible Notes") to an institutional investor in a private placement on August 8. The Company intends to use the net proceeds from the Convertible Notes to purchase additional Ether (ETH). This offering further expands the Company's recently announced Ether (ETH) fund management strategy. The Company plans to provide investors with regular updates on its Ether (ETH) holdings in the near term to ensure maximum transparency. Thumzup Announces $50 Million Public Offering, Net Proceeds to Accumulate Cryptocurrency and Mining Equipment. Thumzup Media Corporation, the social media company in which Donald Trump Jr., the eldest son of President Donald Trump, holds cryptocurrency reserves, announced the pricing of its privately placed public offering of common stock and the issuance of pre-funded warrants to certain investors to purchase common stock at a public offering price of $10 per share. The company expects to receive gross proceeds of $46.5 million from the offering, before deducting underwriting fees and other related expenses. The offering is expected to close on or about August 12, 2025, subject to customary closing conditions. The company plans to use the net proceeds from the offering for the exploration of cryptocurrency accumulation and mining equipment, working capital, and general corporate purposes. Dominari Securities LLC served as the sole underwriter for the offering. Canary Submits Collateralized INJ ETF Application to CBOE According to market news, Canary has submitted a collateralized INJ ETF application to the Chicago Board Options Exchange (CBOE). USDC Treasury Mints 250 Million USDC According to Whale Alert, USDC Treasury minted 250 million USDC in three separate transactions in the early morning hours. Heritage Distillery Completes $220 Million in Private Funding to Establish IP Token Reserve Heritage Distillery, a US-listed company, has completed $220 million in private funding. Investors include Story Foundation and a16z Crypto. Heritage will allocate $82 million in proceeds to purchase IP tokens from the Story Foundation at a fixed price of $3.40.
Important Economic Developments
▌Trump team includes Bowman, Jefferson, and Logan in its list of candidates for Federal Reserve Chair
Golden Finance reported that according to two U.S. government officials, Federal Reserve Vice Chairs Bowman and Jefferson, as well as Dallas Fed President Logan, are under consideration for the Fed Chair position if it becomes vacant next year. Treasury Secretary Bensont, who is overseeing the selection process, said he will interview additional candidates in the coming weeks. Officials said Trump expects to make a final announcement this fall. Other candidates still under consideration include Trump economic advisor Kevin Hassett, Federal Reserve Governor Waller, economist Mark Summerlin, and former Federal Reserve officials Kevin Warsh and James Bullard, according to people familiar with the matter. Last week, Trump nominated Stephen Milan, chairman of the White House Council of Economic Advisers, to fill a seat on the Federal Reserve Board. Officials said that since Milan's nomination has been submitted to the Senate for confirmation, the Trump team does not see a need to rush the search for a new chairman. Bessant will interview all candidates for chairman and then recommend a short list of candidates to the president for a meeting. The probability of a September Fed rate cut is 85.9%. According to CME's "Fed Watch," the probability of the Fed keeping interest rates unchanged in September is 14.1%, and the probability of a 25 basis point rate cut is 85.9%. The probability of the Fed keeping interest rates unchanged in October is 5.2%, the probability of a cumulative 25 basis point rate cut is 39.9%, and the probability of a cumulative 50 basis point rate cut is 55.1%. How Did MicroStrategy's Stock Price Soar Over 1,000-Fold with BTC? Corporate treasuries are the financial nerve center of a company, tasked with ensuring liquidity, managing risk, and optimizing returns. They have traditionally been conservative, relying on fiat currencies, bonds, and other stable investments. However, MicroStrategy broke this mold by adopting Bitcoin as its primary reserve fund. Treasury managers aim to strike a delicate balance between risk and return. Their primary objective is to protect the company's assets from market downturns or liquidity crises, while also ensuring the best returns for the company's remaining funds. They must also manage risk during periods of market volatility and stressed conditions. This is the focus of MicroStrategy's inclusion of Bitcoin in its treasury, challenging traditional norms and adopting a high-risk, high-reward strategy. As a result, this bold strategy has transformed not only its balance sheet but also its stock performance, solidifying the company's position as a pioneer in cryptocurrency adoption. MicroStrategy co-founder and executive chairman Michael Saylor sees Bitcoin as an antidote to fiat inflation. He argues that the purchasing power of the US dollar is rapidly eroding, while Bitcoin, due to its limited supply, offers an excellent store of value. This strategy has transformed MicroStrategy into a hybrid of a software company and a cryptocurrency investment vehicle. MicroStrategy co-founder and executive chairman Michael Saylor sees Bitcoin as an antidote to fiat inflation. He argues that the purchasing power of the US dollar is rapidly eroding, while Bitcoin, due to its limited supply, offers an excellent store of value. This strategy has transformed MicroStrategy into a hybrid of a software company and a cryptocurrency investment vehicle. MicroStrategy is using financing strategies such as equity issuance, debt financing, free cash flow, and Bitcoin-backed loans to fuel its Bitcoin purchases. This strategy needs to comply with mainstream financial services regulations while ensuring it can handle volatile assets like Bitcoin. MicroStrategy's bold Bitcoin acquisition strategy, utilizing convertible notes and dollar-cost averaging, has transformed it from a struggling software company into a Bitcoin proxy, driving its stock price up over 1,000-fold and redefining its market image.
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