Your weekly pulse on markets, narratives, protocols, and policy.
Market Pulse
UAE Mined $696 Million in Bitcoin, But Didn’t Buу a Single Coin
It was recentlу revealed that the UAE government mined $696 million worth of bitcoins at the current rate, but for some reason did not buу a single coin. Researchers at Arkham have found that the UAE holds 6,ЗЗЗ BTC mined bу Citadel, a companу majoritу-owned bу the state. This puts the Emirates fourth after the US, UK and Bhutan in the ranking of countries holding the largest amount of bitcoin.
Tom Lee’s BitMine surpasses $8 billion in treasury after latest ETH purchase
Ethereum treasury firm BitMine Immersion Technologies (BMNR) said its crypto and cash holdings have climbed to $8.82 billion, headlined by 1,713,899 ether valued at roughly $7.9 billion, making it the world’s largest corporate ether holder.
BitMine launched its ether-denominated treasury program in late June and has accelerated purchases in recent weeks, positioning itself as a bellwether for corporate ETH accumulation.
Narratives to Watch
Solana To Follow Bitcoin, Ethereum With $1 Billion Raise By These Three Crypto Firms
Galaxy Digital (NASDAQ:GLXY), Multicoin Capital, and Jump Crypto are in discussions with investors to raise approximately $1 billion for a Solana (CRYPTO: SOL)-focused treasury vehicle.
What Happened: The initiative, which would become the largest dedicated reserve for the token, is being structured with Cantor Fitzgerald LP as lead banker, Bloomberg reported, quoting sources.
Trump Advisor and Nakamoto CEO Says Bitcoin Bear Market Won’t Happen for ‘Several Years’ – Here’s Why
Nakamoto Holdings Bitcoin (BTC) treasury company CEO David Bailey is ruling out a downturn for the crypto king for a couple of years.
Bailey says there’s “not going to be another Bitcoin bear market for several years” due to heavy demand.
Trump Media Established $6.42B CRO Digital Treasury
Trump Media announced the creation of a CRO Digital Treasury, valued at $6.42 billion. It demonstrates Trump Media’s commitment to digital assets and the future of blockchain technology.
The new CRO Digital Treasury will establish and maintain a large store of the Cronos blockchain native token, CRO.
Protocol Watch
Grayscale seeks SEC approval for spot Avalanche ETF under AVAX ticker
Major cryptocurrency investment company Grayscale Investments filed an S-1 with the US Securities and Exchange Commission (SEC) to launch a spot Avalanche (AVAX) exchange-traded fund (ETF).
Grayscale filed with the SEC on Friday to convert its existing Avalanche Trust into a publicly traded ETF, according to a registration statement released on Monday.
Pantera Capital Eyes $1.25B Solana Treasury Company
Pantera Capital plans to raise up to $1.25 billion for a U.S.-listed Solana treasury company called Solana Co. The digital asset fund manager will start with $500 million, then add another $750 million through warrant issuance.
This move could create the world’s largest corporate Solana treasury. Currently, public companies hold only 3.44 million Solana tokens worth around $650 million.
First US spot Chainlink ETF could turn LINK into the next institutional obsession
Asset manager Bitwise has applied to launch a spot Chainlink exchange-traded fund (ETF) in the United States, according to an Aug. 26 filing with the Securities and Exchange Commission (SEC).
The proposed fund, called the Bitwise Chainlink ETF, would issue shares representing fractional interests in Chainlink held by the trust. These shares are expected to be listed on a national securities exchange, although the filing does not yet specify the ticker.
Regulatory Radar
House Hearing to Discuss 0% Crypto Capital Gains Tax
The US House of Representatives has scheduled a significant hearing on July 9, 2025, to address the complexities of crypto tax policy. This move comes amidst heightened speculation and excitement about the potential introduction of a 0% capital gains tax on cryptocurrency transactions. The hearing, titled “Making America the Crypto Capital of the World: Ensuring Digital Asset Policy Built for the 21st Century,” is set to be held in the Longworth House Office Building.
South Korea’s Top Banks to Meet Tether and Circle on Stablecoin
South Korea’s top banks are reportedly moving closer to forming partnerships with Tether and the issuers of two of the world’s largest stablecoins. Executives from Shinhan, Hana, KB Financial+0.46%, and Woori Bank are set to meet with representatives from both companies to explore the integration of dollar-pegged and won-pegged stablecoins into the country’s financial ecosystem [1][2]. These discussions mark a significant step in South Korea’s broader effort to establish a domestic stablecoin market, a priority under President Lee Jae-myung’s administration [3].
XRP Futures Set Open Interest Record at CME, With $3.70 Eyed Next
CME Group’s crypto futures suite has surpassed $30 billion in notional open interest, with SOL and XRP futures each crossing $1 billion. XRP became the fastest contract to reach $1 billion in notional open interest, achieving this milestone in just over three months Despite regulatory pressures in the U.S., corporate adoption and pilot remittance programs keep XRP in focus, with institutional flows supporting its price action.
Moonrig Perspective
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