Today's news tips:
1. The Federal Reserve revokes special regulatory requirements for banks' crypto activities
DCG sues subsidiary Genesis for over $105 million
3. SEC Chairman Says Blockchain Rules Can Be Directly Developed Without Congressional Approval
4. Gemini IPO Details: Plans to list on Nasdaq under the ticker symbol GEMI. Net loss for the first half of the year: $282.5 million.
5. MiL.k (MLK) is now available on Binance Alpha, with an airdrop threshold of 200 points.
6. Tiger Global bought 125,000 Class A shares of Circle in Q2
7. BitMine has increased its holdings of ETH by another $600 million in the past 10 hours, currently holding approximately $5.77 billion in ETH
8. A certain address used only $125,000 to roll long ETH in April, and currently has a floating profit of approximately $25 million.
Macro
Federal Reserve removes special regulatory requirements for banks' crypto activities
According to the Federal Reserve's official website, the Federal Reserve has decided to terminate its special regulatory program for emerging activities such as bank encryption and fintech, and related supervision will return to the regular regulatory process. The Federal Reserve has rescinded the regulatory letter that established this special regulation in 2023 and stated that it will incorporate the relevant risk management experience accumulated previously into the standard regulatory system.
Grayscale seeks SEC approval for its Dogecoin ETF, ticker symbol "GDOG"
According to The Block, Grayscale is moving forward with its proposal to list and trade a Dogecoin ETF, according to a recent filing. The fund will trade under the ticker symbol "GDOG." Grayscale stated in its registration statement that it will rename the Grayscale Dogecoin Trust to the Grayscale Dogecoin Trust ETF. If approved by the U.S. Securities and Exchange Commission, the fund will be listed and traded on the New York Stock Exchange Arca, which has already submitted a listing application for the Grayscale Dogecoin Trust.
The three major U.S. stock indexes closed mixed, with Circle (CRCL) rising 7.2%.
According to Cailian Press, the three major U.S. stock indices closed mixed, all recording their second consecutive weekly gain. The Nasdaq fell 0.4%, for a weekly gain of 0.81%; the S&P 500 fell 0.29%, for a weekly gain of 0.94%; and the Dow Jones Industrial Average rose 0.08%, for a weekly gain of 1.74%. Both the Dow and S&P 500 hit intraday all-time highs. Bullish (BLSH) fell 6.82%; Coinbase (COIN) fell 2.26%; and Circle (CRCL) rose 7.20%.
Viewpoint
Fed's Goolsbee: Latest PPI and CPI inflation data are disturbing
Fed's Goolsbee: The latest PPI and CPI inflation data are disturbing. He said that we should not overreact to one month's PPI, CPI, and import prices, but the data is worth paying attention to.
SEC Chairman Says Blockchain Rules Can Be Directly Created Without Congressional Approval
According to Cointelegraph, SEC Chairman Atkins said that the SEC has the authority to take direct action on blockchain-related rules without waiting for congressional legislation.
Santiment: Ethereum's bullish trend slightly outpaces Bitcoin's
Santiment tweeted that BTC's greed peak perfectly coincided with its all-time high and local high. Meanwhile, despite Ethereum significantly outperforming Bitcoin over the past three months, its bullish sentiment is far less than Bitcoin's. Since price movements often move inversely to retail investor expectations, the current outlook suggests Ethereum's bullish trend is slightly higher than Bitcoin's due to the market's lack of appetite for dip-buying compared to Bitcoin.
Project News
DCG sues subsidiary Genesis for over $105 million
Digital Currency Group (DCG) has sued its subsidiary, Genesis Global Capital, in the U.S. Bankruptcy Court for the Southern District of New York, seeking over $105 million plus interest. The lawsuit alleges that DCG provided Genesis with a $1.1 billion promissory note to cover the shortfall in Genesis's assets resulting from the 2022 default of Three Arrows Capital (3AC). Genesis subsequently received substantial returns from TAC Collateral, exceeding the initial amount of the promissory note. Genesis had previously completed bankruptcy reorganization and begun distributing approximately $4 billion in assets to creditors. It also sued DCG and its executives for $2.1 billion.
Binance will launch the 34th TGE project, RICE (RiceAI), on August 18th.
Binance Wallet will host the 34th RICE (RiceAI) TGE on August 18th via PancakeSwap. Subscriptions will be open from 8:00 AM to 10:00 AM (UTC). Participation requires Binance Alpha Points. Additionally, an additional 40,000,000 RICE will be provided for subsequent activities. Details are to be announced.
Binance to Launch USELESSUSDT Perpetual Contract
Binance Futures will launch the USELESSUSDT U-margined perpetual contract at 8:15 PM (ET) on August 15th, offering up to 50x leverage. The underlying asset of this contract is Useless Coin (USELESS), based on the Solana blockchain, and settled in USDT. The contract has a minimum price increment of 0.0001, a funding rate capped at ±2.00%, and is settled every four hours.
Binance Alpha to List Reservoir (DAM), Supporting Spot and Futures Trading
Binance Alpha will be the first platform to list Reservoir (DAM). Spot trading will open on August 18th at 11:00 AM (UTC), and futures trading will open at 12:30 PM (UTC). Eligible users can claim the airdrop using Binance Alpha Points through the Alpha Events page. More details will be announced later.
In the latest experiment, the Qubic mining pool achieved over 51% dominance of the Monero network's hashrate, resulting in six block reorganizations and the orphaning of 60 blocks. Preliminary official reports indicate that Qubic mined approximately 80% of all Monero blocks within two hours, earning a total of 750 XMR and 7 million XTM. The remaining unsold Tari and newly mined XTM, totaling 1.72 billion Qubic, were destroyed, valued at approximately $55,000. Miners and hash rate contributors received 6.22 billion Qubic rewards, equivalent to approximately $200,000. The network peaked at 2.71 GH/s, representing 52% of the global Monero hashrate. This experiment is ongoing, and independent experts are evaluating the impact of this 51% dominance.
Cryptocurrency exchange Gemini has revealed details of its IPO. This follows a draft registration statement filed confidentially in early June. The filing shows that Gemini has applied to list on the Nasdaq stock exchange under the ticker symbol GEMI. The IPO price was not disclosed. Gemini's financials were weaker than previously known; the company reported a net loss of $282.5 million in the first half of 2025, compared to a loss of just $41.4 million in the same period last year. Adjusted EBITDA fell from a profit of $32 million to a loss of $113.5 million during the same period, the filing shows. In 2024, the company expects a net loss of $158.5 million on revenue of $142.2 million.
The filing also reveals that Gemini will move most of its users to a Florida-based "Moonbase" entity, while Gemini Trust will remain in New York. New York has historically had stricter regulations for cryptocurrency companies under its BitLicense rules; Gemini offers staking services to users in all states except its headquarters in New York. The filing also discloses a credit agreement between Gemini and Ripple, entered into in July 2025, valued at up to $75 million, to be paid in Ripple's RLUSD stablecoin.
If Gemini's IPO is successful, it will become the third publicly listed cryptocurrency exchange in the United States after Coinbase and Bullish, which listed on the New York Stock Exchange this week.
Jupiter: Will pledge up to $580 million of SOL from the JLP pool
Jupiter tweeted that it will stake up to $580 million of SOL in the JLP fund pool through the native staking mechanism. This move will increase the yield of JLP and significantly increase the staking weight of Jupiter's validator nodes.
MiL.k (MLK) is now available on Binance Alpha, with an airdrop threshold of 200 points.
According to an official announcement, MiL.k (MLK) is now available on Binance Alpha. Users with at least 200 Binance Alpha Points will receive an airdrop of 245 MLK tokens on a first-come, first-served basis. The point threshold will automatically decrease by 15 points every hour until all rewards are distributed. Claiming the airdrop will cost 15 Binance Alpha Points. Users must confirm their claim on the Alpha event page within 24 hours; otherwise, their claim will be deemed forfeited.
Important data
Ethereum TVL exceeds $95 billion, reaching a new high since 2022
According to DefiLlama, the total locked value (TVL) on the Ethereum (ETH) chain exceeded US$95 billion for the first time since January 2022 today, approaching the highest level since 2021. TVL on Ethereum reached a peak of approximately US$108.7 billion in November 2021.
SharpLink Gaming announced its second-quarter 2025 financial results. The company has adopted ETH as its primary reserve asset, currently holding 728,804 ETH, nearly all of which is staked, and has earned 1,326 rewards. The company reported a net loss of $103.4 million in the second quarter, primarily due to a $87.8 million non-cash impairment charge related to the price decline of LsETH assets and $16.4 million in non-cash equity compensation related to its strategic agreement with Consensys. Revenue for the same period was $7 million, with a gross profit of $2 million. SharpLink has entered into a strategic partnership with Consensys to further advance its ETH asset management strategy.
The WLFI multi-signature address transferred 3.58 billion WLFI to Bitgo 3 hours ago
According to @ai_9684xtpa, a WLFI multisig address transferred 3.58 billion WLFI to Bitgo three hours ago, the largest single transaction in nearly seven months. BitGo serves as the custodian of the USD1 reserve and provides prime brokerage services for liquidity and institutional trading, but this appears to be the first transfer of WLFI assets to Bitgo. Previously, ALT5 Sigma announced a $1.5 billion private placement to launch its WLFI treasury strategy, acquiring 7.5% of the total token supply (approximately 7.5 billion tokens) at $0.20.
World Liberty Finance-linked wallets purchased approximately $18.6 million worth of ETH and WBTC
According to Onchain Lens, a wallet associated with World Liberty Finance has spent 18.6 million USDC on the following purchases:
- 1,911 ETH purchased at $4,500, totaling $8.6 million;
- 84.5 WBTC were purchased at a price of $118,343, with a total value of $10 million.
The wallet still holds $5 million USDC and may continue to purchase it.
According to monitoring by on-chain analyst Ember, a certain address started to roll long ETH with only $125,000 in April, and now it has become $25 million.
This address started buying ETH at this year's lowest point: in April, it withdrew 125,000 USDC from ChangeNOW and Kucoin to Hyperliquid through two addresses to start buying ETH. The price of the first ETH long transaction was $1,490, the lowest point of the year.
Rolling over unrealized profits: Since starting to buy ETH, the price has continued to rise. By continuously adding to his position with unrealized profits, he has snowballed his position from a few hundred ETH to 66,000 ETH, with a value of $300 million. The most recent increase was at 9:00 AM yesterday.
Floating profit: Starting from $125,000, the current floating profit is $24.78 million. When ETH was at its highest point of $4,788 the day before yesterday, the floating profit even reached $43 million.
Current positions of the two addresses:
- 10x more 44,916 ETH, position valued at $200 million, opening price at $4,067, liquidation price at $4,200, with a floating profit of $17 million.
- 10x more 21,832 ETH, position valued at $100 million, opening price at $4,093, liquidation price at $4,198, with a floating profit of $7.8 million.
Lookonchain has detected another mysterious entity, in addition to Bitmine, that has been buying ETH. Over the past four days, this mysterious entity has created three new wallets and withdrawn 92,899 ETH (worth $412 million) from Kraken.
Financing/Acquisition
Galaxy Announces $1.4 Billion in Project Financing to Accelerate Expansion of Helios AI Data Center
Galaxy Digital announced it has secured $1.4 billion in project financing to support the expansion of its Helios data center campus in Texas. This financing will be used for the initial phase of AI and high-performance computing (HPC) infrastructure renovation and expansion. Galaxy has provided $350 million of its own capital, with the remainder covered by debt financing. CoreWeave has signed a second-phase lease agreement, committing to the full 800MW of approved power capacity at Helios, with projected average annual revenue exceeding $1 billion over the next 15 years. Galaxy plans to build Helios into one of the world's largest AI data centers.
According to Jinshi, a person familiar with the transaction revealed that OpenAI has secured $8.3 billion in a new round of funding, part of a $40 billion fundraising plan. This financing comes as the company's business accelerates. The person revealed that OpenAI's annualized recurring revenue has climbed from $10 billion in June to $13 billion, and is expected to exceed $20 billion by the end of this year. Furthermore, the number of paying enterprise users of ChatGPT has rapidly increased from 3 million a few months ago to 5 million. This round of fundraising was completed ahead of schedule, with strong demand and an oversubscription of five times.
Institutional holdings
IVD Medical Holding Limited, a Hong Kong-listed company, plans to seek approval from a special general meeting of shareholders authorizing the board of directors to purchase cryptocurrencies, primarily Ethereum (ETH), for up to HK$3 billion over the next 36 months. The company claims this move aims to strengthen its ETH reserves and accelerate the development of the ivd.xyz exchange ecosystem. The purchases will be made through regulated platforms such as HashKey Exchange, with funds sourced from the company's idle cash and potential fundraising. The announcement emphasizes that any single premium will not exceed 10%, and a dedicated risk management team has been established.
According to on-chain analyst Ember, BitMine (BMNR) has continued to increase its holdings of 135,135 ETH (worth $600 million) over the past 10 hours through three institutional platforms: FalconX, Galaxy Digital, and BitGo. BitMine's total ETH reserves have reached 1.297 million, valued at $5.77 billion.
Tiger Global bought 125,000 Class A shares of Circle in Q2
According to Zhitong Finance, Tiger Global Management (TIGER GLOBAL) filed its second-quarter holdings report (13F) for the period ending June 30, 2025, as disclosed by the U.S. Securities and Exchange Commission (SEC). Statistics show that Tiger Global added seven stocks to its portfolio and increased its holdings in 19 stocks during the second quarter. At the same time, Tiger Global reduced its holdings in six stocks and liquidated two. Among these, the firm acquired 125,000 Class A shares of stablecoin issuer Circle (CRCL.US). Circle's stock performed strongly upon its IPO in June, and its market capitalization has since increased nearly fivefold from its IPO price. Just two months after completing one of the most high-profile public offerings in recent years, the stablecoin issuer Circle (CRCL.US) reported a second-quarter loss while exceeding revenue expectations.
