Crypto markets saw a dense mix of policy, institutional and infrastructure developments over the past 24 hours. Hyperliquid is exploring a compliant route into the U.S. perpetual futures market, according to The Information, a move that would matter because the platform does not currently serve U.S. users. At the same time, GSR markets head Spencer Hallarn said in an interview with Cryptonomist that many tokenization platforms still lack meaningful trading activity, arguing the bottleneck is platform design rather than demand for tokenized assets. Elsewhere, MARA disclosed in an SEC filing that it pledged 18,750 BTC to secure two bitcoin-backed loans totaling $750 million, with proceeds set to support general corporate purposes and its acquisition of Long Ridge Energy & Power. New York City Council has also opened an inquiry into advertising practices across prediction market platforms including Polymarket and Kalshi, adding another layer of scrutiny to the sector. Other major items included Fidelity’s plan to add staking and quarterly cash distributions to its spot Ether ETF, a Coreum bridge exploit that drained nearly 200,000 XRP, and data showing public bitcoin miners have sold about 28,000 BTC this year. The session also featured updates on Bitmine’s growing ETH treasury, Kalshi’s fundraising push, and a fresh warning from Australia’s ASIC over the digital asset platform Yepbit.

Several public companies built around the bitcoin treasury trade have recently turned to selling coins for cash. Strategy, the largest listed corporate bitcoin holder, sold 1,690 BTC last week for $108.6 million and used the proceeds to repurchase its STRC preferred shares, while also raising $653.1 million through the sale of 6.59 million common shares. The company has now disclosed bitcoin sales four times this year, bringing total sales in 2026 to 6,948 BTC, though it still holds 840,447 BTC. Trump Media & Technology Group also reduced its bitcoin position in the second quarter, selling 65 BTC as net loss for the quarter jumped more than tenfold to $238 million, driven by unrealized losses tied to bitcoin and Cronos. Acting CEO Kevin McGurn said the company had sharply scaled back newer businesses including online gambling and crypto, and would focus on Truth Social and its new Truth API licensing product, which already has 10 signed customers. Empery Digital, meanwhile, sold 1,635 BTC between July and early August for $102.2 million, using the funds to repay repo and secured debt while preparing capital for AI data center-related real estate commitments. Taken together, the moves show how bitcoin treasury strategies are being tested by funding costs, debt pressure and cash needs.

Empery Digital sold 1,635 Bitcoin between July 1 and August 6, raising $102.2 million and trimming its holdings to 1,279 BTC, according to Bitcoin.com News. Of the remaining Bitcoin, 954 are pledged as collateral to secure a $35 million debt facility, leaving only 325 unencumbered—down sharply from 1,375 on June 30. During the first half, the company sold another 1,167 BTC for $80.1 million, then spent $54 million on share repurchases and repaid $50 million under repurchase financing plus a separate $10 million loan. After June 30, Empery repaid $20 million of debt and had 585 BTC returned by the lender, reducing collateral from 1,539 to 954 BTC. The firm has also committed $2.9 million to EMHU, a Texstack-managed real estate project, with a possible additional $62.1 million contribution if the acquisition closes. It completed a $20 million investment in Cardinal Data Power for roughly 8% equity. Cash, including restricted, stood at $3.7 million as of June 30, against a $5.7 million working capital deficit.

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