WuBlockchain’s daily crypto news selection covered four developments: reported layoffs at Pump.fun, Strategy’s second-quarter earnings, a new New York trust charter for Circle, and a Reuters report on fund flows tied to the unlicensed Dubai exchange Shelbit.
Pump.fun reportedly cut staff before the first PUMP unlock
Pump.fun, a Solana meme coin launch platform, reportedly laid off some employees in early April this year, around two months before the first PUMP token unlock. At least one former employee lost access to token allocations worth more than $1 million at current prices as a result.
In an internal meeting, Pump.fun co-founder Noah Tweedale said the company had “expanded too quickly.” Former employees also said the platform carried out another round of layoffs in mid-July, bringing total dismissals to more than 40 over two months. That figure has not been independently verified, and Pump.fun’s co-founders did not respond to requests for comment.
Strategy reports Q2 2026 results
Strategy, formerly known as MicroStrategy, released its financial results for the second quarter of 2026. As of July 26, the company held about 843,775 BTC, up 25% for the year, and said it had raised roughly $17.06 billion through its at-the-market, or ATM, issuance program.
The company reported second-quarter revenue of $122.4 million, a 6.9% increase from a year earlier. It posted a net loss of $8.22 billion because of fair value changes in its Bitcoin holdings, compared with net income of $10.02 billion in the same quarter last year.
As of the end of June, Strategy held $1.71 billion in cash and cash equivalents and $736.1 million in short-term investments. The company said it had increased its U.S. dollar reserves to $3.75 billion, enough to cover preferred stock dividends and debt interest expenses for about 2.1 years.
Strategy also said it generated about $218.4 million this year by selling Bitcoin and used part of those proceeds to pay preferred stock dividends. In addition, it repurchased STRC preferred shares with a notional value of about $28.9 million, paying about $25 million in actual cash. By the end of the second quarter, its convertible debt had fallen from $8.21 billion to $6.71 billion.
Circle secures New York trust charter
Stablecoin issuer Circle said its subsidiary, Circle Internet Trust Company LLC, also known as Circle New York Trust, has received a limited purpose trust charter from the New York State Department of Financial Services, or NYDFS.
Circle said the charter adds to the regulatory structure for both the company and USDC in New York State. The company previously became the first business to receive an NYDFS BitLicense in 2015.
Reuters says Shelbit handled at least $4 billion in Iran-linked funds
Reuters reported that Shelbit, an unlicensed crypto exchange based in Dubai, has allegedly processed at least $4 billion in funds tied to Iranian gambling and sanctions evasion networks since May 2024.
According to the report, Shelbit had fund flows involving the Central Bank of Iran, wallets linked to the IRGC, and Nobitex, an Iranian exchange sanctioned by the United States. The report also said Shelbit sent at least $676 million to addresses linked to Binance.
Binance said Shelbit never opened an account directly with the exchange. It added that the company had investigated and frozen related user accounts and reported the matter to law enforcement agencies.