WuBlockchain’s weekly Top 10 roundup this time centered on crypto regulation, product launches from traditional finance firms, corporate bitcoin treasury strategy, stablecoin compliance, and changing on-chain activity across the market.
SEC says it can move on crypto market rules if CLARITY Act stalls
U.S. Securities and Exchange Commission Chair Paul Atkins said the SEC is prepared to issue its own rules covering crypto market structure if Congress fails to pass the CLARITY Act. He added that legislation would be more durable and would help prevent the regulatory framework from shifting with changes in government.
The bill passed the Senate Banking Committee in May by a 15-9 vote and has not yet reached a full Senate vote. The SEC has already placed rules for crypto asset issuance, custody, and trading on its 2026 regulatory agenda.
Crypto ownership in Canada rises to 25%
According to a new survey released by the Ontario Securities Commission, crypto ownership in Canada has more than doubled over the past few years. One quarter of Canadians now hold digital assets or crypto investment funds, up from 10% in 2023 and 13% in 2022.
The survey also showed usage extending beyond speculation. Among existing crypto holders, 74% said they had actually used digital assets, while 89% of stablecoin holders said they had used their holdings. Of that group, 20% said they used stablecoins for international transfers.
Investor diligence also improved. The report said 50% of crypto holders check whether a trading platform is properly registered before investing, up from 38% in the earlier survey.
Morgan Stanley Investment Management launches spot ETH and SOL ETPs
Morgan Stanley Investment Management launched the spot Ethereum ETP MSSE and the spot Solana ETP MSOL, both listed on NYSE Arca with fees of 0.14%.
Both products plan to stake part of their ETH and SOL holdings, and Morgan Stanley Investment Management said it will not retain the staking rewards. Combined with the previously launched bitcoin product MSBT, the firm’s crypto ETP lineup now covers BTC, ETH, and SOL.
BNY to put fund holder records on-chain
BNY, which has more than $59 trillion in assets under custody and administration, is set to roll out a digital transfer agency service that moves fund transaction processing and holder records onto blockchain while retaining the traditional transfer agency system.
Its transfer agency business currently serves about $8.6 trillion in assets and 7.6 million accounts. Baillie Gifford will be the first to use the system for what was described as the UK’s first fully native regulated tokenized fund. BlackRock and BNY-owned Dreyfus are also expected to adopt it in upcoming funds.
Strategy posts $8.22 billion Q2 net loss tied to bitcoin fair-value change
Strategy, formerly MicroStrategy, reported its results for the second quarter of 2026. As of July 26, the company held about 843,775 BTC, up 25% year to date, and had raised about $17.06 billion through its ATM issuance program.
Second-quarter revenue came in at $122.4 million, up 6.9% from a year earlier. The company posted a net loss of $8.22 billion due to fair-value changes in its bitcoin holdings, compared with net income of $10.02 billion in the same period last year. As of the end of June, it held $1.71 billion in cash and cash equivalents and $736.1 million in short-term investments.
Strategy said it had raised its U.S. dollar reserves to $3.75 billion, enough to cover preferred dividends and debt interest payments for about 2.1 years. It also said bitcoin sales this year generated about $218.4 million, part of which was used to pay preferred stock dividends. The company repurchased STRC preferred shares with a face value of about $28.9 million for roughly $25 million in actual cash outlay. Convertible debt fell from $8.21 billion to $6.71 billion by the end of the second quarter.
On the earnings call, Strategy said future fundraising would no longer be directed entirely toward buying bitcoin. Instead, it plans to allocate dynamically between BTC and dollar reserves depending on market conditions to support the stability of its Digital Credit system. Management also said the company may continue to sell small amounts of bitcoin when favorable in order to replenish dollar reserves, pay preferred dividends and interest, and support securities buybacks. It said there is currently no plan to use bitcoin-backed loans because of counterparty risk, margin risk, and the possibility of becoming a short target. Management added that it wants to gradually reduce the size of convertible debt and keep dollar reserves at a level that covers about two to three years of dividend and interest obligations.
Robinhood outlines expansion plans on earnings call
Robinhood CEO Vlad Tenev said on the company’s second-quarter earnings call that Robinhood could become the first financial company to reach a $1 trillion market capitalization. He said the company plans to keep expanding around Agentic Finance, Robinhood Chain, global asset tokenization, and private markets.
Chief Financial Officer Shiv Verma said the company believes the business could grow tenfold over the next decade. Robinhood has already launched perpetual futures overseas and plans to make the product available to more customers. Asked about a U.S. launch timeline, management said it would not provide a specific schedule, but added that the lack of a timeline should not be taken to mean the company is not actively pursuing it.
Tenev also said the team is actively developing AI Agentic Trading features and plans to open more AI capabilities to traders in suitable use cases.
For the quarter, Robinhood reported net revenue of $1.308 billion, up 32% year over year and a record high. Net income rose 48% to $573 million, with diluted earnings per share of $0.62. Transaction-based revenue increased 44% to $776 million. Within that figure, prediction market revenue rose more than tenfold to $156 million, while options and equities revenue increased 29% and 95%, respectively. Crypto revenue fell 38% to $100 million.
Quarterly net deposits reached $21.7 billion, platform assets rose 32% year over year to $369 billion, and Gold subscribers increased to 4.8 million. The company also lowered its 2026 guidance for adjusted operating expenses and share-based compensation to a range of $2.675 billion to $2.775 billion.
Only USDC, USDG and EURC meet MiCA requirements among top 50 stablecoins
Patrick Hansen, Circle’s senior director for EU strategy and policy, said in a post that the European Union now has 21 issuers offering about 35 regulated e-money tokens. But among the top 50 stablecoins by global market capitalization, only USDC, USDG, and EURC comply with MiCA requirements.
He argued that future MiCA reviews should improve the regime’s competitiveness and strengthen global regulatory coordination. In his view, the framework should support EU-issued e-money tokens in cross-border payments and tokenized trade, while also building a recognition mechanism for stablecoins regulated outside the bloc so that more global stablecoin activity falls within MiCA supervision.
Digital asset treasury companies pivot toward AI data centers
With the crypto market still weak, at least a dozen digital asset treasury, or DAT, companies have announced moves in recent months into AI data centers and related businesses in an effort to attract investors again. So far, the results have been limited.
K Wave Media has fallen about 71% since pivoting to data center development in May. Lixte Biotechnology dropped about 33% after merging with a battery company, and AlphaTON Capital, which renamed itself Alpha Compute, also fell about 33%. Several law firms said enthusiasm around the DAT model has clearly cooled, and more companies are now seeking exposure to AI, data centers, aerospace, and small modular nuclear reactor businesses.
July bitcoin average spot volume may hit lowest level since November 2023
K33 Research said bitcoin trading stayed subdued through July and is on track to record the lowest monthly average spot trading volume since November 2023.
The report said BTC fell about 3% over the past week and remained range-bound between $60,000 and $66,000. CME bitcoin futures open interest stayed near multi-year lows, perpetual futures open interest stood at about 300,000 BTC, and average daily spot turnover in July was about $2.2 billion, pointing to weaker market participation.
Binance Research says H1 2026 saw broad on-chain contraction, not sector rotation
Binance Research said in its first-half 2026 on-chain market report that the crypto market was defined by broad contraction across networks rather than capital rotating from one sector to another. Total DeFi TVL fell by $43.4 billion, a 38% drop, while the combined market capitalization of the six major layer-1 networks shrank by $246.5 billion, down 42%.
The report’s key findings included the following:
- Ethereum’s marginal holder base shifted from ETFs to corporate balance sheets, with spot ETF holdings falling to 5.2 million ETH while digital asset treasury companies increased holdings to 7.7 million ETH.
- User activity on general-purpose layer-2 networks dropped sharply, with user operations down about 77% from January through June.
- Solana network revenue fell 64.5%.
- BNB Chain became the leading venue for tokenized equities and was the only major layer-1 network in deflation, with an annualized burn rate of 5.05%.
- The industry recorded 207 security incidents in the first half, with losses totaling $972 million.
- Driven by the World Cup and non-sports events, monthly notional volume in prediction markets jumped 86% to $51.6 billion, with Kalshi and Polymarket accounting for 92% of June trading volume.
Financing highlights
Among the funding developments listed this week, Ethereum Institutional completed its first ecosystem financing round, led by BitMine, SharpLink, and others. AI security company V12 raised $10 million in seed funding and plans to build an automated vulnerability discovery system. Robotics data platform Axis Robotics raised $12 million in a seed round, and distributed AI infrastructure project ALPHEA announced a $5 million financing.
WuBlockchain said more fundraising activity can be found at crypto-fundraising.info.