Compiled by ChainCatcher
The past 24 hours brought a heavy slate of developments across crypto markets, regulation, institutional products and adjacent tech. Fidelity moved to add staking to its spot Ethereum ETF, while some Anthropic investors said the company could command a valuation above $2 trillion in an IPO.
Goldman Sachs analyst backs the Fed's July hold
According to ChainCatcher, Goldman Sachs analyst Robert Kaplan said the Federal Reserve was “absolutely” right not to raise rates in July and urged policymakers to stay open-minded ahead of September.
Kaplan said inflation is being shaped by conflicting forces, and rigid forward guidance could backfire. “If we see meaningful improvement, I might be willing to keep holding, but I want to use every stretch of time before September to make that judgment and avoid becoming rigid or presumptive,” he said.
He listed artificial intelligence buildout, tariffs, labor constraints and surging oil prices as inflationary pressures, while AI adoption is pushing in the opposite direction by accelerating disinflation. Kaplan also said Waller should use his Jackson Hole remarks this month to briefly explain why the Fed stayed on hold in July, instead of delivering a purely “philosophical” speech.
On rates, Kaplan said he is more concerned about the long end of the Treasury market than the federal funds rate itself. In his view, the rise in long-dated government bond yields globally reflects a structural supply-demand imbalance driven by persistent fiscal deficits, not Fed policy.
Bullish reports a Q2 net loss of $280 million
Crypto trading platform Bullish released its financial results for the second quarter of 2026, according to GlobeNewswire. The company said it is building a full issuer-support tokenized securities stack covering issuance, listing, trading and tracking as global securities markets gradually move onto public blockchains.
Bullish CEO Tom Farley said the nearly $300 trillion global securities market is shifting toward public blockchains, and Bullish wants to work with issuers to advance that transition. If the proposed acquisition of Equiniti is completed, the company said it would have an integrated platform spanning tokenized security issuance, listing, trading and tracking.
In the quarter, digital asset sales came in at $32.6 billion, down from $58.6 billion a year earlier. The company posted a net loss of $280 million, versus net income of $108.3 million in the same period last year, equal to a diluted loss per share of $1.78.
Its core business metrics improved. Adjusted revenue on a non-IFRS basis rose 62% year over year to $92.6 million from $57 million. Subscription, services and other revenue hit a record $62.7 million. Adjusted trading revenue was $29.9 million, up 24%. Adjusted EBITDA reached $29.5 million, compared with $8.1 million a year ago, while adjusted net income was $14.3 million after a $6 million adjusted net loss in the prior-year quarter.
Bullish said the acquisition of U.K. fintech company Equiniti is advancing and is expected to close in early 2027, subject to regulatory approvals and other customary conditions. It also said CoinDesk indices continued to see institutional adoption. Morgan Stanley launched trading products tied to CoinDesk benchmark indices for Bitcoin, Ethereum and Solana, drawing more than $400 million of inflows in the second quarter.
On the regulatory front, Bullish said it received approval from the Gibraltar Financial Services Commission to provide secondary trading in tokenized securities, making it one of the first regulated platforms to offer issuer-supported tokenized securities trading.
The company also raised and refined its full-year 2026 outlook. It now expects non-IFRS subscription, services and other revenue of $225 million to $245 million, adjusted operating expenses of $225 million to $230 million, and financing costs of $52 million to $60 million.
Fidelity files to add staking to FETH
Fidelity submitted an amended registration statement to the U.S. Securities and Exchange Commission on Aug. 11 seeking to add ETH staking to the Fidelity Ethereum Fund, its spot Ethereum ETF trading under FETH.
The filing said that under normal circumstances, FETH could stake up to 100% of the ETH it holds, with no minimum staking allocation. If the SEC approves the change, the fund's investment objective would also be revised. At present, the fund seeks to track the Fidelity Ethereum Reference Rate, net of expenses. With staking added, the objective would shift to tracking that index while also reflecting staking rewards.
BitGo discloses CFO departure and quarterly loss
Digital asset infrastructure firm BitGo said on Aug. 12 that chief financial officer Edward Reginelli will formally leave the company on Sept. 15. Reginelli notified the board on Aug. 10. The company said his departure was not due to any disagreement over operations, policies or practices. BitGo has started a formal search for a successor, and Reginelli will stay on as an adviser after stepping down.
BitGo also released its second-quarter 2026 results. Total revenue rose 79.6% year over year to $4.33 billion, but the company recorded a net loss of $19 million, compared with net income of $38.3 million a year earlier. The loss narrowed from $60.7 million in the first quarter. Adjusted EBITDA swung to a loss of $4.2 million from a profit of $3 million in the year-ago period.
The company said it cut about 15% of staff in June, and changes in investment focus and operating model are expected to generate about $15 million in annualized cash savings. As of the end of June, BitGo held $159 million in cash and 2,523 BTC on its own balance sheet, valued at about $147.7 million, with no company-level debt.
Garrett Jin sees profit-taking in SK Hynix and waits for a Bitcoin pullback
Garrett Jin published his weekly market report and described the rebound in the Korean market as broad-range volatility rather than a new trend. SK Hynix retested the 1.42 million won area and then rebounded for several sessions, closing up 5.9% at 1,593,000 won. The KOSPI has risen 20% from its July low, entering a technical bull market, but foreign investors have not shifted into long-term holders and leveraged ETF drag remains, he said.
Garrett Jin set $1,150, or about 1.63 million won, as the first profit-taking level, with a next target of $1,300, or 1.85 million won.
On gold, he said the metal posted its strongest weekly gain since January at 7.8%, quoted at $4,388. He linked the move to a decline of 23,000 in July nonfarm payrolls and a mild CPI reading that cooled September rate-hike trading. In the short term, however, he said gold is overbought and a pullback would be a better chance to add in tranches.
Bitcoin has not responded to the same macro tailwinds, in his view, and remains trapped between support at $62,500 and resistance at $65,000 to $70,000. He said a bottoming structure has been forming since $57,700 and that he is waiting for the next buying opportunity after a pullback.
On SpaceX, Garrett Jin called the recent action a classic “bad news exhausted plus short squeeze” setup. He said the unlock acted more as a washout than the start of a decline. But he also warned that the unlock window is not over, with another 319 million shares still to be released and about 700 million shares each in September and October. The current zone up to $160 is a profit-taking area, not a chase zone, he said.
Brazil's OranjeBTC plans a Bitcoin-ecosystem preferred stock ETF
Brazilian Bitcoin treasury company OranjeBTC, listed on B3 under OBTC3, said it will launch the Digital Yield ETF, or DIGY11, in partnership with 3R Investimentos and MarketVector. The ETF is expected to list in early September on Brazil's B3 exchange.
At launch, DIGY11 will invest in preferred shares issued by Strategy through STRC and preferred shares issued by Strive through SATA. It will distribute income monthly in Brazilian reais, while also offering daily liquidity and FX hedging.
Under current market conditions, DIGY11 is expected to offer annualized distribution yield equivalent to CDI plus about 3% to 5%, though the estimate excludes fund share price volatility and is not a yield guarantee. The ETF will not invest directly in Bitcoin. Instead, it aims to give Brazilian investors local access to U.S. dollar income and exposure to Bitcoin-related ecosystem assets through preferred shares linked to Bitcoin treasury companies.
SEC allows Franklin Templeton registered funds to use on-chain FOBXX for cash management
According to CoinDesk, the SEC's Division of Investment Management sent Franklin Templeton a no-action letter allowing its registered funds to use the on-chain money market fund FOBXX, also known as BENJI, to manage cash and collateral on blockchain rather than under traditional custody rules.
The letter relies on Section 17(f) of the Investment Company Act of 1940 and Rule 17f-2, allowing registered funds to hold FOBXX shares without meeting certain physical vault requirements. That supports intraday trading, hourly net asset value calculations and faster transaction processing.
FOBXX primarily invests in U.S. government securities and is designed to maintain a stable $1 share price. It has already expanded across multiple blockchains.
Securitize posts record tokenized AUM of $4.3 billion
Tokenization platform Securitize reported second-quarter 2026 results showing average tokenized assets under management reached a record $4.3 billion, up 16% year over year, with about $1 billion of tokenized assets added during the period. Aggregated trading volume rose 147% to $5.3 billion. Its fund services business administered about $24.3 billion across 663 active funds.
Total revenue fell 5% to $14.4 million. Revenue from tokenization declined 12% to $7.8 million, while asset services revenue rose 3% to $6.6 million. Net loss widened to $21.7 million, and adjusted EBITDA moved from a $1.8 million profit a year ago to a $5.5 million loss.
Securitize listed on the New York Stock Exchange on July 2 through a merger with Cantor Equity Partners II under the ticker SECZ. The company said it entered the third quarter with about $350 million in cash and no debt.
Circle executive says most EU stablecoin issuers cannot custody their own tokens for clients
Patrick Hansen, Circle's senior director for EU strategy and policy, said on X that only 9 of about 23 authorized electronic money token issuers in the European Union are also approved to provide crypto-asset services as CASPs.
That means only those 9 can offer custody and transfer services for the stablecoins they issue. The other 14 can only mint or burn tokens directly to or from customer wallets and cannot hold or send stablecoins on behalf of clients. Hansen said this sharply limits the scope of services those issuers can offer.
He added that Circle has secured the required CASP approval through the MiCA Article 60 notification process and can provide custody or payment services tied to USDC and EURC for institutional clients. He said he was surprised more EMT issuers had not taken the same step.
The 9 entities able to provide at least some crypto-asset services are Circle, Société Générale - Forge, CACEIS Bank, Banking Circle, Bridge, Fiat Republic, Newrails, Blue EMI and Stable Mint.
SEC may introduce an “innovation exemption” for tokenized stocks
Decrypt reported that the SEC plans to roll out two crypto-related initiatives in the coming days, while Congress's CLARITY Act is expected to remain stalled at least until September.
One proposal, which could be introduced at a public meeting on Friday, is “Regulation Crypto,” a framework that would let projects raise funds through token sales without completing full securities registration.
The SEC is also preparing an “innovation exemption” for tokenized stocks, with details possibly arriving Friday as well. The exemption would allow tokenized versions of shares such as Apple, Tesla and Nvidia to trade on blockchain around the clock, with support for fractional trading and near-instant settlement.
These tokenized instruments typically track the economic exposure of the stock but do not include voting or dividend rights. The move is part of SEC Chair Paul Atkins' “Project Crypto” agenda, and Robinhood Chain, Solana and Base have all advanced related on-chain market efforts.
Andre Cronje says DeFi has become on-chain finance
Andre Cronje, founder of Flying Tulip and creator of Fantom Network, said most DeFi protocols are no longer truly decentralized and that only a small number of niche sectors still deserve the DeFi label. In his view, DeFi has evolved into “on-chain finance” or “open finance.”
Cronje said true DeFi should be decentralized, immutable and free of intermediaries. He argued that in most current protocols, the intermediary has simply turned into a company that performs the same roles as decision-makers and risk committees in traditional finance. He added that this does not mean true DeFi has vanished completely, as some protocols are still innovating.
DefiLlama data showed total value locked in DeFi fell over the past 10 months from $167 billion in early October 2025 to $75 billion at the time of publication, a drop of more than half.
A European Central Bank working paper published in March analyzed Aave, MakerDAO, Ampleforth and Uniswap. Using token holding snapshots from November 2022 and May 2023, it found that the top 100 addresses by governance token holdings in those protocols controlled more than 80% of token supply. The ECB used that to question the level of decentralization in the DAOs and whether they should continue to be treated as “fully decentralized” services outside the scope of MiCA. The item cited Cointelegraph.
Spot Bitcoin ETFs post $61.1637 million of net outflows
SoSoValue data showed U.S. spot Bitcoin ETFs recorded total net outflows of $61.1637 million for the day.
Fidelity's FBTC saw the largest single-day net outflow at $46.8221 million, bringing its cumulative historical net inflow to $9.945 billion. BlackRock's IBIT followed with $14.3416 million of net outflows, while its cumulative historical net inflow reached $61.157 billion.
As of publication, spot Bitcoin ETFs held net assets of $77.369 billion. The ETF net asset ratio, measured as a share of Bitcoin's total market capitalization, stood at 6.06%, while cumulative net inflows reached $51.977 billion.
Grayscale points to three drivers of longer-term Bitcoin adoption
Grayscale head of research Zach Pandl said in a report that even though Bitcoin prices have been under pressure recently, the firm expects adoption to keep rising over the medium to long term for three reasons.
- Unsustainable growth in U.S. government debt increases the risk of inflation and currency debasement, which may push investors toward scarce assets and stores of value.
- Stablecoins and tokenization will make blockchains a standard part of financial services, and as the technology spreads, more intermediaries will have the infrastructure and regulatory footing needed to hold and trade Bitcoin.
- Younger investors show a stronger preference for digital assets, alternative investments have become a standard part of portfolios, and institutions, wealth platforms and individuals are expected to keep adding Bitcoin through exchange-traded products and similar tools.
Grayscale said the current bear market has not altered its expectation that Bitcoin adoption will continue to increase.
Researcher found Zoom bugs with fewer than 20 AI prompts
Decrypt reported that Israeli cybersecurity company ASecurity said a researcher used publicly available AI models to identify multiple vulnerabilities in Zoom's annotation tool and build a workable attack chain in less than 24 hours using fewer than 20 prompts.
The bugs are tracked as CVE-2026-53413, CVE-2026-53414 and CVE-2026-53415. An attacker could use them to execute remote code in a meeting without any action from the victim, take control of the device, steal data, or activate the microphone or camera.
ASecurity said the exploit was successfully tested on Zoom for Windows, macOS, Linux, Android and iOS and called it “nation-state level.” It said building this kind of exploit chain previously would have required months of work by a specialized team and a large budget.
ASecurity reported the first issue to Zoom on June 10. Zoom rolled out fixes between June 22 and July 20, but server-side protections in end-to-end encrypted meetings could not filter malicious messages, meaning users need to update manually. A Zoom spokesperson confirmed the issue has been resolved and urged users to stay on the latest version.
About 233,000 BTC moved after the Coldcard incident
After a firmware vulnerability in Coldcard hardware wallets was exploited, about 2,100 BTC was stolen, with losses nearing $130 million. On-chain data showed that around 233,000 BTC, worth about $15 billion, was moved out of long-term holder wallets in the days around the incident.
Casa CEO Nick Neuman said some of the funds came from Coldcard users moving into multisig wallets, while Ledger and Trezor users also took similar steps after the event. Roughly 22,000 BTC moved onto exchanges during the same period.
Coinkite said users who generated seed phrases with firmware versions 4.1 through 4.1.9 should treat those wallets as compromised and migrate immediately to new seed phrases. Those versions covered the period from March 2021 to July 2026.
LTP backs Digital Prime Technologies to expand Tokenet in Asia-Pacific
Institutional digital asset lending technology provider Digital Prime Technologies said on Aug. 12 that it received a strategic investment from LTP, a global institutional digital asset prime broker. LTP will become its chief strategic partner in Asia-Pacific and help broaden institutional participation in the Tokenet platform across the region.
Tokenet is Digital Prime Technologies' institutional-grade lending platform for digital assets and tokenized assets. Following the investment, LTP will work alongside EquiLend, Galaxy Digital and Marex, which had already joined, to build out Tokenet's global institutional infrastructure. LTP said it will use its client network, prime brokerage capabilities and financing expertise to accelerate adoption among financial institutions in Asia-Pacific.
Figure offers crypto-backed loans up to 75% loan-to-value
Figure Lending LLC said borrowers can use Bitcoin, Ethereum or Solana as collateral and receive cash up to 75% of collateral value while retaining ownership of the tokens.
The company said borrowing generally does not count as a sale and typically does not trigger a capital gains event. It added that borrowers should compare maximum loan-to-value ratios, fixed versus floating rates, regulatory licensing and liquidation terms.
Figure offers fixed rates, a 12-month term, a maximum annualized rate of 12.62%, same-day funding and no credit score requirement, with underwriting based on collateral. It also offers an optional liquidation protection feature in some states that can delay liquidation during the term if prices fall. Liquidation can still happen if the loan becomes delinquent. The feature does not apply to missed payments, defaults or other violations of loan terms, and declining crypto prices can still trigger margin calls.
Pershing Square prepares a venture fund for pre-IPO growth companies
Bloomberg reported that as high-growth startups proliferate in areas such as artificial intelligence and biotech, private equity and pre-IPO investment vehicles aimed at ordinary investors are increasing quickly. Bill Ackman's Pershing Square is preparing a new fund that would give investors access to unlisted high-growth companies.
Pershing Square has started the process of setting up “Pershing Square Ventures.” The fund will use a permanent-capital structure, allowing it to hold investments for the long term and keep shares even after portfolio companies go public.
Ackman and Pershing Square chief investment officer Ryan Israel said in a shareholder letter that the new vehicle is intended to capture pre-IPO opportunities and broaden the firm's reach beyond public markets. Pershing Square has not yet disclosed a target size, detailed strategy or fundraising timetable.
Study identifies 65,340 high-risk addresses on Ethereum and BNB Chain
A study presented at USENIX Security '26 found 65,340 high-risk crypto addresses associated with abusive activity across Ethereum and BNB Chain. The addresses were linked to losses of 126,982.94 ETH and 17,726.7 BNB in native tokens.
The researchers estimated total losses tied to those addresses at more than $574.8 million. Two newly described active attack vectors directly accounted for about $15.7 million, or 2.7%, of that amount.
One vector involved contract-account misuse and exploitation of deterministic contract addresses. The second used EIP-7702 to delegate accounts with exposed keys to malicious code that could directly transfer deposits. The team mined 63,004 GitHub repositories from January 2015 to May 2025 and extracted more than 16.3 million deduplicated private keys. The overall detection accuracy was 99.11%.
U.K. lawmakers ask banks to explain restrictions on crypto firms
According to Bitcoin.com, APPG co-chair Gurinder Singh Josan and Lord Vaizey wrote to the CEOs of major U.K. banks asking whether they provide account services to crypto firms, what restrictions they place on digital asset activity, and whether those policies will change as the country's new regulatory framework comes into force.
The lawmakers said access to banking may be the single biggest obstacle to the development of U.K. crypto and digital asset businesses. If licensed crypto firms still cannot secure basic banking services, the competitiveness goals of the new regulatory regime will be hard to achieve.
Economic Secretary to the Treasury Lucy Rigby had previously said FCA-authorized crypto firms should not face banking restrictions simply because of the sector they operate in. Written evidence for the inquiry is due by Aug. 31, after which the APPG plans to submit policy recommendations to the government.
Monaco files Bill No. 1131 to align with MiCA and FATF standards
The government of Monaco submitted Bill No. 1131 to the National Council. The bill would replace Law No. 1.528 adopted in 2022 and bring Monaco's crypto-asset regulatory framework closer to the EU's Markets in Crypto-Assets regulation and Financial Action Task Force standards.
The proposed rules would define which crypto-asset services may be carried out in Monaco and tighten requirements around governance, prudential safeguards and professional conduct. Service providers would need prior approval from the Commission de Contrôle des Activités Financières, and licenses would also be jointly reviewed by the Autorité Monégasque de Sécurité Financière and the Agence Monégasque de Sécurité Numérique. The bill also expands the CCAF's supervisory and enforcement powers.
If approved by the National Council, Monaco would move on to implementing regulations. Monaco has been on the FATF grey list since summer 2024 and has also been listed by the European Commission as a high-risk country for money laundering.
Anthropic investors say an IPO could value the company above $2 trillion
According to ChainCatcher, some existing Anthropic investors expect the company could be valued at more than $2 trillion if it goes public as early as October this year.
Six investors interviewed said demand for Claude and rapid revenue growth could push Anthropic's valuation to more than double its $965 billion level from May this year. Anthropic disclosed in May that its annualized revenue had exceeded $47 billion. Some investors think that figure could rise to $100 billion to $120 billion by year-end.
One investor, using a revenue multiple of about 30x, said Anthropic could be worth as much as $3 trillion. The report made clear that these are investor forecasts. Several investors said Anthropic management has not set an IPO valuation target.
Low-cost AI model competition from China, the company's relationship with the U.S. government, and tighter control of AI spending by enterprises were all cited as potential risks.
Lenovo posts record first-quarter revenue of $26.9 billion
Lenovo Group reported results for the first quarter of fiscal 2026/27, with revenue rising 43% year over year to a record $26.9 billion. Gross margin was 16.5%, up 1.8 percentage points. Loss attributable to equity holders was $609 million, mainly due to a $1.7 billion non-cash fair value loss from warrant remeasurement.
Adjusted profit attributable to equity holders rose 176% to $1.075 billion, topping the $1 billion mark for the first time. Adjusted diluted earnings per share were 7.39 U.S. cents, also up 176%.
All three major business groups delivered record first-quarter revenue. The Intelligent Devices Group brought in $17.1 billion, up 27%, with global PC market share at 24.2% and AI PC share at 25.1%. Smartphone revenue also reached a first-quarter record. The Infrastructure Solutions Group posted $8.5 billion of revenue, up 98%, with operating margin improving to 9.1%. Its AI server order backlog reached $54 billion, up 157% sequentially. The Solutions and Services Group generated $2.9 billion, up 28%, with an operating margin of 24.2%.
AI-related revenue rose 60% and accounted for 35% of total revenue. As an official technology partner of the FIFA World Cup, Lenovo deployed AI technology and more than 25,000 devices across all 104 matches. Regionally, revenue grew 58% in the Americas, 53% in Europe-Middle East-Africa, and 25% in China. Lenovo also ranked in Gartner's global top five supply chains and moved up to No. 153 on the Fortune Global 500 list.
Spot Ethereum ETFs record $7.3791 million of net inflows
SoSoValue data showed U.S. spot Ethereum ETFs recorded total net inflows of $7.3791 million for the day.
BlackRock's ETHA accounted for all of that with a single-day net inflow of $7.3791 million, lifting its cumulative historical net inflow to $11.634 billion. As of publication, spot Ethereum ETFs had net assets of $10.532 billion, an ETF net asset ratio of 4.63% relative to Ethereum's market capitalization, and cumulative net inflows of $11.446 billion.
BITA options income offsets only part of crypto losses
BlackRock's iShares Bitcoin Premium Income ETF, or BITA, generated $344,800 in options income during its first operating period by selling options. That included $79,100 in realized gains and $265,800 in unrealized appreciation.
The fund holds Bitcoin and shares of the iShares Bitcoin Trust ETF, IBIT. As of June 30, 2026, the Bitcoin held by BITA showed an unrealized loss of $782,200, while its IBIT position carried an unrealized loss of $417,600, for a combined loss of $1,199,800.
The fund's realized and unrealized options gains of $344,849 offset about 28.7% of those losses. After adding a net investment loss of $5,337, operating activity reduced net assets by $860,335 overall.
Filings also showed that from the fund's first asset purchase on June 9 to the end of the quarter, Bitcoin fell 4.43% and IBIT declined 4.75%. From BITA's public trading debut on June 12 through June 30, total return was -5.61%.
Coinbase to open more than 170 derivatives contracts to U.K. professional investors
Coinbase said it will open more than 170 derivatives contracts to eligible professional investors in the United Kingdom, covering crypto, commodities, equities and foreign exchange. The rollout will happen over the coming weeks and months.
The lineup includes futures, perpetual contracts and crypto options. Perpetuals have no expiry date and support long, short and neutral strategies, with leverage of up to 50x. Dated futures offer leverage of up to 20x and come with fixed settlement dates.
Coinbase received U.K. investment services authorization in July. The derivatives business will operate under the investment services license of CB Payments Ltd. The first phase is limited to eligible professional investors, and the Financial Conduct Authority will impose requirements around financial resilience, capital, stress testing and market integrity.
SanDisk projects roughly 80% gross margin for fiscal 2028 to 2030
SanDisk's chief financial officer said the company expects to secure $93.9 billion in total contract value from eight customers over the life of those agreements. It expects non-GAAP gross margin of about 80% from fiscal 2028 through fiscal 2030, non-GAAP operating margin of about 75%, and adjusted free cash flow margin of 50% in the same period.
The company said it plans to return 100% of excess cash to shareholders after meeting strategic investment and business development needs.
SanDisk said improving memory industry cycles and rising demand from high-performance computing and AI infrastructure should lift profitability. It said the capital allocation plan prioritizes expansion and strategic investment first, then returns remaining cash through share buybacks, dividends and other methods.
Meme leaderboard
According to data from meme token tracking and analytics platform GMGN, as of Aug. 14 at 08:45:
- Top five ETH hot tokens over the past 24 hours: V4, LINK, PAXG, HEX, ETHFI
- Top five Solana hot tokens over the past 24 hours: BOIÚNA, K-HOME, CHAM, BOB, CATE
- Top five Base hot tokens over the past 24 hours: QUID, VELVET, ELSA, sami, 1F916
Articles highlighted for reading
“The three-layer game in tokenized stocks: issuance, distribution and settlement”
The piece argues that assets on-chain have essentially remained shadows of real shares, but some are trying a different route in which the token becomes the registered share itself. It cites Superstate's Opening Bell as an attempt to put already-registered common stock of listed companies on-chain, and says Coinbase has obtained an ADGM license in Abu Dhabi to register and issue securities directly within a regulatory framework. If that path works, the current competition over who issues and distributes the “shadow” version could be reshaped.
“Cerebras tumbles as hardware revenue unexpectedly falls”
As of the end of June, Cerebras had remaining performance obligations of $25.4 billion, indicating a sizable pipeline of contracted but not yet recognized revenue. The company said it plans to more than triple revenue by 2027. It also said it raised about $6.4 billion in its IPO and held roughly $8.6 billion in cash, cash equivalents, restricted cash and short-term investments at the end of June, along with an $850 million debt financing line. To meet demand, Cerebras is expanding production quickly, saying manufacturing capacity in 2026 will increase more than tenfold, with new lines at Flex, Sanmina and Rocket EMS. Data center capacity that is contracted, under construction, already in operation, or planned for delivery by the end of 2027 exceeds 600MW.
“MicroStrategy sells coins and the market does not fall — is the STRC rebound really bullish?”
This article focuses on the inverse relationship between Bitfinex Long and BTC price. Normally, large long positions on Bitfinex grow when BTC falls and decline gradually when BTC rises, making the indicator a proxy for whether large holders are absorbing weakness. The article says that relationship has broken down recently. The rate-of-change reversal in Bitfinex Long has dropped to its lowest level since the end of the 2022 bear market. With BTC stuck around the mid-$60,000 range, Bitfinex longs have neither expanded nor exited clearly, leaving the indicator without directional value.
“Dividend rights on-chain? Hyperliquid is bringing stock market rules onto blockchain”
The article argues that moving stocks on-chain involves more than trading. It also requires infrastructure for dividends, stock splits, reverse splits, rights issues and asset distributions. In that sense, a complete on-chain stock system needs to handle changes in asset status outside of trading itself. The author frames Hyperliquid's update as an attempt to fill in one piece of that next-stage infrastructure.
“1confirmation: five consumer crypto sectors worth revisiting”
The piece says the idea of building markets around people may not be wrong, and that prior failures may have had more to do with implementation. People trade memecoins tied to individuals, wager on what political figures will do next, buy sports cards based on athlete performance, and even trade stocks partly because of a founder. The article asks whether a market can be built around a person without turning that person into the product being traded. It argues that the next breakout consumer crypto app may come not from today's most crowded themes, but from an idea that failed five years ago and now has the infrastructure and timing to work.