PA Daily | BitMine plans to issue $20 billion in additional common stock; OKB surges after positive burn announcement

Today's news tips:

Regulation & Macro

US Treasury Secretary Bensont: Fed should consider 50 basis points rate cut in September

U.S. national debt exceeds $37 trillion for the first time

Politico: Trump officials consider Fed Vice Chairman Jefferson as Fed Chairman

Vietnam to pilot digital asset exchange in international financial center

The Vietnamese government announced it will pilot a digital asset exchange in an international financial center. Three legislative initiatives have laid the foundation for the digital asset sector: the National Assembly's approval of a resolution to develop a financial center, the Ministry of Finance's submission of a proposal for a digital asset exchange pilot, and the new law clarifying asset class definitions. The Ministry of Finance is currently finalizing the pilot policy, which will be submitted to the government in August and will cover issuance, trading, and management. Service providers will be able to independently select listed assets, prioritizing highly liquid assets. Officials emphasize blockchain as core infrastructure and will strengthen cybersecurity and risk management. The central bank is researching a model for a national digital currency (CBDC).

Grayscale Cardano Trust ETF registered in Delaware

According to Delaware company registration information, the Grayscale Cardano Trust ETF was officially incorporated in Delaware on August 12, 2025, with registration number 10293424. The entity type is a statutory trust, the registered agent is CSC Delaware Trust Company, and the registered address is 251 Little Falls Drive, Wilmington, DE 19808.

Do Kwon intends to plead guilty to two charges of conspiracy to commit wire fraud and wire fraud

According to Reuters, at a US court hearing, the judge announced that Do Kwon will plead guilty to two counts of conspiracy to defraud and wire fraud related to the collapse of over $40 billion in cryptocurrency assets. Kwon was accused of misleading investors by claiming that the TerraUSD stablecoin algorithmically restored its peg, while secretly directing high-frequency trading firms to buy to inflate its price. This behavior drove the market capitalization of TerraUSD and Luna to $50 billion by spring 2022. Kwon had previously reached a settlement with the US SEC, paying an $80 million fine and being banned from crypto trading. He has been in custody since being extradited from Montenegro in 2024.

Do Kwon faces up to 25 years in prison; sentencing is expected to be announced in December.

According to Reuters, Terraform Labs founder Do Kwon pleaded guilty in New York to conspiracy to commit wire fraud and wire fraud in connection with the plummeting TerraUSD and Luna markets, resulting in investor losses of approximately $40 billion. Prosecutors allege that he misled investors by concealing the manipulation of TerraUSD's price by high-frequency trading firms. Kwon agreed to pay an $80 million fine and be banned from crypto trading. His sentencing, to be announced on December 11th, carries a maximum sentence of 25 years, though prosecutors have agreed to a recommendation of no more than 12 years, following his guilty plea.

Project News

Qubic says its team is testing the PoW protocol and emphasizes it did not harm the Monero network.

Circle will issue 10 million shares, including 8 million shares sold by existing shareholders

Stripe appoints Paradigm co-founder Matt Huang as first CEO of Tempo Blockchain

According to Fortune, payments giant Stripe will appoint Matt Huang, co-founder and managing partner of Paradigm, as the first CEO of its new blockchain project, Tempo. Huang will also retain his position at Paradigm. Tempo is positioned as a high-performance Layer-1 blockchain focused on payments and compatible with Ethereum code. Stripe recently acquired stablecoin company Bridge and wallet service provider Privy to strengthen its stablecoin technology stack. It remains unclear whether Tempo will issue its own token, and the project's launch date has not been disclosed.

Coinbase Adds WalletConnect Token (WCT) to Its Roadmap

Circle announces the launch of ARC, a Layer 1 blockchain focused on stablecoins

Circle's proposed Arc blockchain will use USDC as its native gas

According to Circle's official blog, Arc has launched an open Layer-1 blockchain designed specifically for stablecoin finance. Arc uses USDC as its native gas, supports low and predictable USD-denominated fees, and features a built-in institutional-grade foreign exchange engine, enabling 24/7 automated settlement between stablecoins. Arc leverages the high-performance Malachite consensus mechanism, supporting sub-second finality and optional privacy. The EVM-compatible chain targets applications such as cross-border payments, stablecoin derivatives, on-chain credit, and capital market settlement. It is expected to launch in public beta this fall, with a mainnet launch in 2026.

SUI Network mistakenly released Robinhood's IPO announcement, suspecting it was leaked in advance

According to the SUI Blog, SUI Network briefly published and then quickly deleted a blog post announcing the listing of the SUI token on Robinhood, sparking speculation of a premature leak and an embargo. The announcement emphasized the growth of the SUI ecosystem and the increased accessibility and trust it would bring to users. No official announcement has yet been released, and further confirmation is still needed.

Grayscale Launches DeepBook and Walrus Trust, Deploying Key Protocols for the Sui Ecosystem

According to The Block, Grayscale announced the establishment of two single-asset trusts, DeepBook and Walrus, which hold the native tokens of the Sui blockchain, DEEP and WAL, respectively. DeepBook provides a liquidity layer for decentralized financial applications on the Sui network, while Walrus focuses on on-chain data storage and privacy, supporting cross-chain applications. The two tokens have a market capitalization of $372 million (DEEP ranks 226th) and $559 million (WAL ranks 168th), respectively, with prices down approximately 5% and 3% in the past 24 hours. The trust products are open to daily subscriptions only for qualified investors and do not promise secondary market trading.

BitMine plans to issue $20 billion in additional common stock

According to a supplemental prospectus filed with the SEC, BitMine (BMNR) plans to issue an additional $20 billion in common stock through a "market-based" offering, in addition to its previous $2 billion and $2.5 billion offerings, bringing the total to $24.5 billion. The filing indicates that the company has already sold approximately $4.5 billion in shares as originally planned. BMNR, listed on the NYSE American, closed at $58.98 on August 11.

Starknet mainnet welcomes the launch of derivatives DEX Extended

According to The Block, Extended, a decentralized perpetual swap exchange built by the former Revolut team, has launched on the Ethereum Layer 2 network Starknet, supporting over 50 trading pairs and up to 100x leverage. Previously operating on StarkWare's StarkEx, Extended boasts an average daily trading volume of $319 million and a 30-day annualized return of approximately 70%. The project has raised $6.5 million in funding from investors including Tioga Capital, Semantic Ventures, and StarkWare. Extended will migrate to Starknet in three phases, with the old and new versions running side-by-side for the first two weeks before the old version is phased out. US users will not be able to access the platform.

Binance to Launch its 33rd Exclusive TGE: Cherry AI (AIBOT)

Binance Wallet and Cherry AI (AIBOT) will launch the 33rd exclusive Time-to-Energy (TGE) on PancakeSwap from 8:00 AM to 10:00 AM (UTC) on August 14th. Users must use Binance Alpha Points to participate. Officials stated that an additional 30 million AIBOT will be allocated for related activities, with further details to be announced.

PublicAI (PUBLIC) will be launched on Binance Alpha on August 15th.

Binance Alpha will initially support PublicAI (PUBLIC) on August 15th. Eligible users can claim the airdrop using Binance Alpha Points via the Alpha event page after trading opens.

Binance will remove ANIME/FDUSD, HYPER/FDUSD, and STO/BNB spot trading pairs

Binance will remove the three spot trading pairs ANIME/FDUSD, HYPER/FDUSD, and STO/BNB at 11:00 on August 15, and will simultaneously stop the related trading robot services.

Binance Alpha to List TCOM Global (TCOM) on August 15th

Binance Alpha will be the first platform to list TCOM Global (TCOM) on August 15th. Eligible users can claim the TCOM airdrop using Alpha Points on the Alpha Events page. Detailed information will be announced later.

Eden Network announces official closure and launch of EDEN token buyback

Eden Network has announced that it has decided to cease operations. Effective immediately, its Eden RPC, Eden Bundles, and Mempool Stream products will cease service. Users are advised to use alternatives such as Flashbots Protect and Blocknative Mempool Explorer. Eden Network will also launch a buyback program for EDEN tokens at a fixed exchange rate of 0.00001506 ETH/EDEN. The total buyback amount is 2,000 ETH, limited to the approximately 133 million EDEN currently in circulation. The buyback window will close at 23:59 UTC on September 30th. US users are not eligible to participate in this buyback.

X Layer completes PP upgrade and starts OKB Gas Token economic model optimization

According to official news, OKX has decided to strategically upgrade X Layer, transforming it into a leading public chain focused on DeFi, payments, and Repository Waiver (RWA) scenarios. Built on Polygon CDK, X Layer completed its "PP upgrade" on August 5, 2025, increasing network throughput to 5,000 TPS, reducing gas costs to near zero, and enhancing security and compatibility with the Ethereum mainnet. The upgrade will also advance ecosystem development, focusing on DeFi, global payments, and the issuance and circulation of Repository Waivers (RWAs). Application adoption will be accelerated through ecosystem funds, liquidity incentives, and infrastructure improvements. OKX Wallet, OKX Exchange, and OKX Pay are fully integrated into X Layer, offering fast, zero-gas withdrawals and an efficient on-chain payment experience.

This upgrade also includes an optimization of the OKB Gas Token economic model. OKB will continue to serve as the sole gas and native token of the X Layer. OKX will destroy 65,256,712.097 OKB from historical repurchases and reserves. Following this, the OKB smart contract will be upgraded to remove the issuance and manual burn functions, fixing the total supply at 21 million. Users holding Ethereum L1 OKB will need to deposit their assets to OKX and complete the chain swap via the "Withdraw to X Layer" function. Concurrently, OKTChain will be phased out, ceasing trading on OKX at 2:10 PM (UTC+8) on August 13, 2025. OKT will be periodically exchanged for an equivalent amount of OKB based on the average closing price from July 13 to August 12, 2025. On-chain OKT exchange will continue until January 1, 2026.

Company financial reports

eToro's second-quarter cryptocurrency trading revenue accounted for over 90%

eToro's latest financial report shows that cryptocurrency trading revenue reached $1.91 billion in the second quarter, accounting for 91% of total revenue. The company's total revenue was $2.09 billion, with crypto asset trading remaining the primary source of revenue. During the same period, the company incurred a net loss of $8.4 million from crypto derivatives trading. Compared to the first quarter, the proportion of crypto revenue decreased slightly (from 93% in Q1), indicating an increase in contributions from sectors such as equities. eToro recently announced that it will tokenize US stock assets on the Ethereum blockchain to expand its trading product offerings. The company went public on the Nasdaq in May of this year at $52 per share. Its current share price is $50.7, down 8.2% from its first day of trading.

Circle's USDC circulation increased 90% year-on-year in Q2, with a net loss of $482 million.

According to BusinessWire, Circle (NYSE: CRCL) released its second-quarter 2025 financial results, showing a 90% year-over-year increase in USDC circulation to $61.3 billion, and a 53% year-over-year increase in total revenue and reserve income to $658 million. However, the company reported a net loss of $482 million, impacted by non-cash expenses related to its IPO. Circle completed its $1.2 billion IPO, launched the Circle Payments Network, announced partnerships with Binance, OKX, and others, and plans to launch Arc, a layer-1 blockchain specifically designed for stablecoin finance .

Financing & Acquisitions

Market News: Sam Altman and OpenAI will invest $250 million in brain-computer interface company Merge Labs

Pantera Capital disclosed that it has invested more than $300 million in DAT companies

Coinbase announces the restart of stablecoin fund guidance

Perplexity Offers $34.5 Billion to Acquire Chrome

According to the Wall Street Journal, artificial intelligence company Perplexity has made an offer to Google to acquire its Chrome browser for $34.5 billion. Perplexity, currently valued at approximately $18 billion, said several major venture capital funds have agreed to fully support the deal.

Transak Completes $16 Million in Strategic Financing, Led by IDG Capital and Tether

Transak, a Web3 payments infrastructure company, announced the completion of a $16 million strategic funding round led by IDG Capital and Tether, with participation from Primal Capital, 1kx, Protein Capital, and Fuel Ventures. Transak plans to use the funds to expand its stablecoin payment network and enter new markets. The company claims that approximately 30% of its $2 billion in trading volume comes from stablecoin flows, and has obtained regulatory licenses in the US, UK, EU, Canada, Australia, and India. Tether currently holds over 60% of the stablecoin market share.

1Kosmos Completes $57 Million Series B Funding to Advance Biometric Identity Security

According to Tech in Asia, US identity verification platform 1Kosmos announced the completion of a $57 million Series B funding round led by Forgepoint Capital and Origami's Oquirrh Ventures, with a $10 million credit line from Bridge Bank, bringing its total funding to over $72 million. 1Kosmos plans to use the new funds to drive product innovation, accelerate market expansion in North America, Europe, the Middle East, and Asia Pacific, and deepen its technical integrations with leading identity and access management (IAM), customer identity and access management (CIAM), privileged access management (PAM), and zero trust platforms.

Diginex to acquire compliance automation firm Findings for $305 million

Diginex, a Nasdaq-listed digital asset financial services company, announced that it has signed a memorandum of understanding to acquire compliance automation company Findings for $305 million, consisting of $270 million in Diginex shares and up to $35 million in cash.

Bullish raises $1.1 billion in IPO, oversubscribed by more than 20 times

According to Bloomberg, digital asset trading platform Bullish raised $1.1 billion in its initial public offering, priced at $37 per share, higher than the previous range of $32 to $33. The IPO was oversubscribed by more than 20 times, bringing its market capitalization to $5.4 billion. BlackRock and ARK Investment Management expressed interest in subscribing for a combined $200 million in shares. Bullish, led by former NYSE President Tom Farley, primarily serves institutional clients. Its largest shareholder is Block.one CEO Brendan Blumer, who holds a 30.1% stake. The company will list on the NYSE under the ticker symbol BLSH.

On-chain & important data

Pump.fun sold 86,000 SOL tokens for the first time since its coin issuance, exchanging them for $16.28 million USDC.

Ethereum Foundation-associated addresses sold a total of 2,794.87 ETH in two hours

An anonymous whale added another 35,000 ETH, bringing his total holdings to 328,000.

USDC Treasury mints 500 million new USDC on Solana

According to Whale Alert, at 18:55 and 18:56 Beijing time on August 12, USDC Treasury minted 250 million new USDC on the Solana chain, with a total value of US$500 million.

Aave ranks among the top 40 US banks by deposit size

The deposit size of decentralized finance protocol Aave has exceeded that of three US banks, jumping into the top 40 US banks with a total deposit of US$67.921 billion, ranking 38th.