A market analysis from Unchained says the Bitcoin treasury trade is beginning to change shape as some pure-play public companies move away from accumulating BTC and crypto. VanEck head of digital assets research Matthew Sigel recently highlighted a list of firms that have abandoned those strategies, including Satsuma Technology, whose shareholders voted on July 21, 2026 to liquidate all 668 BTC, return capital to investors, and delist, with more than 90% approval. At the same time, Unchained points to the emergence of a cash-flow-based alternative. It cites Orange Juice, a proposed permanent capital company backed by a Bitcoin treasury and founded with names including Lyn Alden and Jeff Booth, as an early signal. About a week later, Tether-backed Twenty One Capital disclosed an executive shake-up and outlined a revised strategy that Unchained says closely resembled Orange Juice’s plan. Glenn Cameron, Global Head of Onramp Institutional, told Unchained that two successor models are emerging from the pure-play structure: Strategy’s credit model and a permanent capital model. The report frames the debate around which approach can hold up better and what rising competition could mean for MSTR.

A years-old randomness flaw in Coldcard hardware wallet firmware has come under intense scrutiny after several waves of suspicious Bitcoin sweeps were linked by researchers to seeds created under affected software versions. Investigations by Block and Coinkite traced the issue to a 2021 code migration that routed seed generation through a software pseudorandom number generator instead of the intended hardware RNG on some firmware paths, reducing the effective search space of wallet seeds below the design target. Galaxy Research said three suspected attack waves it identified covered 4,585 addresses and 1,367.05 BTC, and on Aug. 3 its researchers flagged a fourth wave that was later updated to about 448.7 BTC across 709 potential victim addresses. Those figures come from on-chain pattern analysis and are not a wallet-by-wallet confirmation of Coldcard victims or final losses. The incident has also reopened debate over custody models. Researchers and market observers pointed to higher address activity, movements from older UTXOs, and inflows to centralized venues after the disclosure, while cautioning that on-chain data alone cannot prove those moves were caused by the Coldcard bug. Coinkite has said users with affected seeds need to generate a new seed in patched firmware or another trusted environment and move funds, because updating firmware alone does not restore the missing entropy in an already created mnemonic.

Coinkite has confirmed a seed-generation flaw affecting parts of the Coldcard hardware-wallet line, after on-chain analysts tracked the theft of 594.48 BTC in a burst of transactions completed within roughly 25 minutes. The incident involved 1,324 UTXOs swept through 500 transactions across a three-block window, with the funds taken from about 500 single-signature addresses. Security researchers said the issue traces back to firmware changes introduced in March 2021 that accidentally disabled the secure chip’s hardware random-number generator, leaving key generation to rely on predictable inputs such as a chip serial number and clock registers. Coinkite first focused its warning on the Mk3, then later expanded the affected scope to include older firmware on the Mk4, Mk5 and Q. The company said users should not wait for a firmware update and should move funds by creating a new seed on an unaffected device, verifying backups, testing with a small transaction and then transferring the full balance. Devices including TAPSIGNER, OPENDIME and SATSCARD were said to be outside the affected codebase.

A growing list of public companies that once embraced the bitcoin treasury model are now selling BTC, paying down debt and reworking their balance-sheet strategies after sharp declines in both bitcoin and their own share prices. CoinDesk reports that Strategy, Satsuma Technology, Smarter Web Company, Sequans Communications, Nakamoto and Empery Digital have all sold bitcoin for purposes ranging from debt repayment and operating needs to stock buybacks and cash preservation. Crypto miners including MARA Holdings and Bitdeer are also reducing holdings, using proceeds to repay or repurchase debt while shifting energy and computing capacity toward AI data centers. The pressure extends beyond asset sales. Leadership turnover at Twenty One Capital and the collapse of Bitcoin Standard Treasury Company’s proposed merger point to broader strain across the digital-asset treasury sector. Even so, Strategy remains the largest public bitcoin holder with more than 840,000 BTC, and CEO Michael Sayler said limited sales would not amount to a broad exit plan.

SpaceX closed its Nasdaq debut at $160.95, up about 19% from its $135 IPO price, giving it a market value of roughly $2.1 trillion. The listing drew money away from other space stocks, with Virgin Galactic down 31%.

Shareholders of Satsuma have approved two special resolutions that set the company on course to unwind its bitcoin treasury and leave the London market. At a general meeting held on July 20, investors backed a plan to return substantially all of the company’s capital to shareholders and also voted to cancel its listing on the UK Financial Conduct Authority’s Official List. The board is now expected to shut down trading operations and sell the company’s remaining roughly 668 BTC. The timetable tied to the June 24 shareholder circular lays out the next steps. The record time for B Share entitlement falls at 6 p.m. on August 3, while warrant holders must exercise before that deadline if they want the resulting ordinary shares included in the capital return. Satsuma will then seek court approval in the UK, with a directions hearing scheduled for August 13 and a confirmation hearing on September 8. Under that schedule, the delisting is set for September 14, with payments and CREST transfers due by September 28. The vote follows a difficult stretch for the company, which had accumulated most of its bitcoin at an average price above $113,000. Bitcoin traded below $68,000 in July, leaving Satsuma with steep unrealized losses. Pressure had also built from shareholders, including Pantera Capital and holders representing more than 20% of issued capital.

JUP token soared 99.5% this week, leading altcoin gains. WIF rose 42% and SOL increased 37%. Bitcoin fell 6% and Ethereum dropped 12%. FLOKI and BSV were top losers. The altcoin season index stands at 59, not yet triggered.

Bit.Store has introduced a B2B offering for crypto projects, featuring token listings, co-branded cards, custom card designs, and personalized URLs, while also previewing its upcoming $STORE rewards program.