Token Chronicle

Top cryptos

Meme of the week:

Market Sentiment:

Market update: A turbulent end to the month with both a new ETH ATH and a strong crypto rebound following Powell's speech at Jackson Hole, followed by a significant market decline: BTC touched $108K today. The macro climate is indeed not conducive to risk-taking: disappointing new inflation figures calling into question a potential rate cut in September, and international tensions both in terms of conflicts and economics. The market now has its eyes glued on the US employment numbers coming this week. Nevertheless, we remain bullish with more and more ETFs launching, corporate treasuries, etc.

Main points this week:

International

1. The Fed Warns Banks: Adopt Blockchain or Disappear!
   At the Wyoming Blockchain Symposium, Fed Vice Chair Michelle Bowman warned banks: without blockchain, their days are numbered. Combating fraud, improving customer service, and tokenization — the future of banking will happen with or without banks! In her speech, Bowman urged banks to abandon their "cautious mindset," or risk becoming "obsolete."

2. Eric Trump to Visit Japan in September to Discuss Family Crypto Business
   According to a source close to the matter, Eric Trump is expected to visit Japan in September to attend a shareholders meeting of Metaplanet.

3. A new bill introduced in the Philippines Congress seeks to establish a 10,000 BTC (currently worth about $1.1 billion) sovereign reserve, potentially locking up for two decades. House Bill 421, filed by Congressman Miguel Luis Villafuerte, proposes that the country’s central bank, Bangko Sentral ng Pilipinas, purchase 2,000 BTC annually over five years and store it in cold wallets for a minimum of 20 years. The bill stipulates that the bitcoin holdings may not be sold or swapped during the 20-year lockup except for government debt repayment. After the lockup, the central bank governor would be allowed to liquidate no more than 10% of the reserve every two years.

4. "Dysfunctional" – Christine Lagarde Warns Donald Trump About Destabilizing the Central Bank
   Federal Reserve Chair Jerome Powell has found support in his ongoing conflict with Donald Trump.

5. $700 Million in Bitcoin – Arkham Reveals the UAE’s BTC Holdings
   Governments have been increasingly interested in holding cryptocurrencies like Bitcoin. According to recent findings from Arkham Intelligence, this includes the United Arab Emirates (UAE).

6. Donald Trump Threatens Europe with New Tech Tariffs
   New season, new tariffs? Although Europe had signed an agreement with the U.S. over the summer, it might soon face new tech sector tariffs. Major American tech firms face strict regulations in Europe, including local revenue taxes. Trump sees these as discriminatory against U.S. tech companies, accusing countries of targeting Google, Apple, Meta, Amazon, and other American champions. He also criticized the Digital Services Act (DSA), which obliges major platforms to combat illegal content and disinformation.

7. 27% of Britons Considering Cryptocurrencies for Retirement
   According to a recent Aviva study, more than a quarter of Britons are considering including cryptocurrencies in their retirement strategy — a sign of growing interest despite volatility. Highlights include: 21% of UK adults (around 12 million people) have already invested in crypto; 27% are considering integrating it into their retirement plans; 8% (or 4.3 million people) have already withdrawn pension money to invest in crypto — rising to 18% among 25–34 year-olds.

8. U.S. Department of Commerce to Put Economic Data on the Blockchain
   The U.S. government continues to promote cryptocurrencies and blockchain. This week, the Secretary of Commerce announced that national economic data — particularly GDP figures — will be distributed via blockchain. According to Howard Lutnick, this will help distribute data more efficiently with access across the entire government.

9. Philippine Senator Proposes Putting National Budget on the Blockchain
   Senator Bam Aquino wants the Philippines to become the first country to use blockchain for national budgeting. A government blockchain already exists to record certain financial documents, but no formal request has been filed yet. The senator argues the measure could help combat corruption — since every expenditure and transaction could be publicly traceable. However, in a country like the Philippines where corruption is structural, this won’t be a silver bullet.

10. Thailand has launched a crypto payment sandbox called "TouristDigiPay" that will allow foreign tourists to convert cryptocurrencies into Thai baht via licensed platforms for everyday spending. The initiative, supervised by the Bank of Thailand and SEC, uses QR code payments at local merchants, with monthly transaction limits up to $15,000 for approved businesses. Stringent AML safeguards will be enforced, and if successful, the project could boost annual tourism revenue by $5.4 billion. The pilot is scheduled to begin in late 2025 and run for 18 months.

11. Eric Trump praised Hong Kong and China's influence on cryptocurrency during Bitcoin Asia, calling China a "hell of a power" in the space despite its institutional bans. He acknowledged Hong Kong’s regulated crypto push and China’s exploration of stablecoins and tokenization. While crediting global adoption, he asserted the U.S. is "winning the digital revolution." Trump promoted his mining venture and predicted bitcoin would reach $1 million, urging long-term holding. His comments highlighted the contrast between China’s restrictive policies and its ongoing, practical engagement with crypto.

12. China is reportedly considering a major policy shift by potentially approving RMB-backed stablecoins to boost the yuan’s global use, despite its current ban on cryptocurrencies. According to Reuters, the State Council may review a roadmap later this month, with senior leaders discussing stablecoins’ role in yuan internationalization. This aligns with hints from a central bank advisor about a possible offshore yuan stablecoin in Hong Kong. The move aims to counter the dominance of dollar-linked stablecoins and revitalize the RMB, which hit a two-year low of 2.88% in global payments. Regulators would lead implementation.

13. Wyoming has launched FRNT, the first U.S. state-issued stablecoin, pegged 1:1 to dollars and short-term Treasuries with over-collateralization. Operating across seven blockchains including Ethereum and Solana, it falls under Wyoming’s 2023 Stable Token Act rather than federal GENIUS Act regulations, creating a potential state-federal oversight gap. The token has already streamlined vendor payments from 45 days to seconds, with potential applications in payroll, taxes, and energy markets. Wyoming’s move tests whether stablecoins will be regulated uniformly at the federal level or through divergent state-led models, echoing its history as a crypto policy innovator.

14. Japan Post Bank just announced plans to tokenize $1.29 trillion in customer deposits. The bank wants 120 million account holders converting savings into DCJPY tokens by 2026. These tokenized deposits can buy securities with 3-5% returns and settle instantly instead of taking days. The bank hopes younger customers will love the speed.

Compliance / Regulation / Justice / Cyber

1. Binance Facing Possible Legal Action in Australia? Regulator Reports "Serious Concerns"
   In Australia, the anti-money laundering and counter-terrorist financing authority AUSTRAC has ordered an external audit of Binance. The Australian division of the exchange must appoint an external auditor due to "serious concerns about its AML/CTF controls."

2. Kraken Meets with SEC's Crypto Task Force
   On Monday, a Kraken delegation met with the SEC's crypto task force to discuss regulation. The meeting covered: The architecture of a tokenized trading system; The lifecycle of certain transactions; Potentially relevant provisions under federal securities laws; How the SEC can provide regulatory clarity and foster innovation; How tokenization is a technological innovation that can enhance capital formation and democratize market access.

3. Over 90 Crypto ETFs Awaiting SEC Approval?
   Paul Atkins’ appointment as SEC Chair has coincided with a softer regulatory tone toward crypto — but not a faster ETF approval process.

4. Banks Processed $312 Billion in Dirty Money Over 4 Years
   U.S. financial crime watchdog FinCEN released a report suggesting that local banks processed $312 billion linked to Chinese money launderers between 2020 and 2024 — averaging $62 billion per year. This concerns only U.S. banks and actors linked to China. Some of these funds are connected to Mexican drug cartels.

5. Crypto industry groups are pushing back against banking lobby efforts to amend the newly passed GENIUS Act, arguing Wall Street attempts to remove Section 16(d) would create an uneven playing field. This provision allows state-chartered institutions' subsidiaries to conduct nationwide money transmission for stablecoin activities without requiring separate state licenses. Banking associations claim this constitutes regulatory arbitrage that bypasses state licensing systems. The Crypto Council for Innovation and Blockchain Association have urged senators to preserve this section, warning that proposed changes would disadvantage crypto firms while favoring traditional banks in the emerging stablecoin market.

6. In a notable shift in regulatory tone, Federal Reserve Vice Chair Michelle Bowman advocated for banks to embrace crypto assets and called for clear, tailored regulations that facilitate innovation rather than hinder it. Speaking at the Wyoming Blockchain Symposium, she warned that banks resisting this technological shift risk diminishing their role in the financial system. Bowman criticized past regulatory approaches as inconsistent and unclear, emphasizing that existing frameworks often inadequately address emerging technologies. Her remarks signal alignment with industry calls for pragmatic rules that support adoption while acknowledging crypto's growing influence in finance.

7. Hong Kong's Securities and Futures Commission (SFC) has introduced updated custody standards for licensed crypto platforms, moving away from its rigid 98% cold storage requirement toward a more balanced security approach. The new framework emphasizes holistic safeguards including robust key management, infrastructure security, and operational controls rather than mandating specific storage ratios. This shift acknowledges that overly strict cold storage rules can create operational challenges while still addressing vulnerabilities exposed by recent hacks. The standards will also apply to custodians under Hong Kong’s upcoming licensing regime, reflecting the regulator’s focus on resilient asset protection without stifling technological advancement.

8. South Korea's Financial Services Commission is preparing to introduce a stablecoin bill in October, outlining rules for issuing KRW-denominated stablecoins. This follows bipartisan legislative proposals last month and fulfills a key campaign promise of President Lee Jae-myung. The bill represents the second phase of Korea’s crypto regulation, emphasizing urgency amid growing domestic demand for compliant won-pegged digital assets. The FSC’s proposal will address issuance, reserve backing, and oversight, aligning with global standards while supporting Korea’s ambitions as a regulated digital finance hub.

9. The SEC opened a comment period for a staked Injective Protocol ETF, signaling they're warming up to crypto products that generate staking rewards. This follows other firms racing to launch staking ETFs, including VanEck's JitoSOL proposal. The regulatory environment has shifted dramatically under the new administration.

10. Gemini has obtained a MiCA license from Malta, enabling the exchange to offer services like tokenized stocks and derivatives across 30+ European countries under the EU’s passporting regime. This brings the total MiCA approvals to 43 licenses for crypto firms and stablecoin issuers, though adoption remains gradual due to varying national implementation speeds. The framework represents a landmark test of pan-European crypto regulation, balancing innovation with standardized rules. Gemini’s move reflects how major players are leveraging MiCA to expand strategically, while the limited licenses so far highlight ongoing adaptation challenges and regulatory fragmentation across member states.

Traditional Finance

1. DBS Bank Accelerates Tokenization with New Crypto Product
   Singapore's DBS Bank announced Wednesday it’s pushing forward on tokenization via a new crypto product: structured tokenized notes. These are complex financial products including bonds, stocks, and options — designed to provide returns with minimal volatility through various hedging mechanisms.

2. “Cheap at This Stage” – Bank Predicts ETH Explosion in Coming Months
   Ethereum’s ETH recently hit a new all-time high, but it may still have room to grow, according to Standard Chartered Bank. Their analysis notes that Ethereum-based treasury firms could eventually absorb up to 10% of ETH supply — already holding 4.9% in less than three months. Their forecast: ETH could hit $7,500 by the end of 2025. The recent price dip is considered “a very good entry point.”

3. Bitwise Files First ETF Application for Chainlink’s LINK
   Following the approval of spot Bitcoin and Ethereum ETFs in the U.S., Bitwise has filed the first ETF application based on Chainlink’s LINK token.

4. Bitcoin at $200,000 This Year? “Very Unlikely,” Say Analysts
   After reaching new price discovery two weeks ago, Bitcoin is back at around $110,000 — forcing analysts to revise year-end forecasts. 10x Research analysts note that various factors have made this Q3 the worst in terms of BTC performance. Thus, the oft-cited $200,000 target from Bernstein, Bitwise, Standard Chartered, or Arthur Hayes now seems unlikely for 2025.

5. American Bitcoin, Trump’s Crypto Firm, Going Public in September
   Mining firm American Bitcoin — associated with the Trump family — plans a merger with Gryphon Digital Mining to go public quickly, Reuters reports. The resulting entity will retain the name American Bitcoin and trade under the ticker ABTC.

6. VanEck has filed to launch a JitoSOL ETF — a spot Solana fund fully backed by the liquid staking token JitoSOL — in a move that could signal a new era for staking-based ETFs. The Jito Foundation said this would be the first spot Solana ETF 100% backed by a liquid staking token. VanEck’s proposal follows months of engagement with the SEC’s Crypto Task Force. The SEC has recently clarified that certain liquid staking activities do not constitute securities transactions, paving the way for staking-based ETF structures. The proposal also builds on last month’s REX-Osprey Solana ETF, which integrated staking rewards via JitoSOL.

7. Ethereum's recent outperformance against Bitcoin is driven by four key factors, according to JPMorgan analysts: anticipation of SEC approval for staking in spot Ethereum ETFs, which would enable yield without requiring large ETH holdings; growing corporate treasury adoption with around 10 public companies now holding ETH; SEC guidance suggesting liquid staking tokens may not be classified as securities; and the approval of in-kind redemptions for crypto ETFs that improve liquidity and reduce costs. The bank believes Ethereum still has room for growth as its institutional adoption and ETF developments lag behind Bitcoin's, potentially allowing for further gains if these trends continue.

8. SkyBridge Capital, Anthony Scaramucci's investment management firm, plans to tokenize $300 million worth of its hedge funds on the Avalanche network. The firm is bringing its Digital Macro Master Fund and Legion Strategies on-chain in partnership with tokenization provider Tokeny and its parent, Apex Group, which manages more than $3.5 trillion in assets, according to the press release shared with CoinDesk. Apex acquired Tokeny earlier this year. The initiative uses the ERC-3643 token standard with operational support from Apex’s Digital 3.0 platform, which handles issuance, administration, and distribution.

9. Anchorage Digital has rolled out a new venture capital unit to support early-stage protocol teams, joining the ranks of crypto infrastructure giants investing directly in the onchain ecosystem. Called Anchorage Digital Ventures, the program will offer funding, engineering support, and go-to-market help for teams building core crypto infrastructure. Anchorage said it’s aiming to back projects that are “institutional-ready from day one,” especially in areas like Bitcoin DeFi, real-world assets, and decentralized identity.

10. Glassnode analysis reveals Bitcoin's current cycle timing matches exactly with previous bull runs from 2017 and 2021. Those peaks happened about 2-3 months ahead of where we are now in 2025. The expected peak is around October 2025, following the typical pattern after halvings. But the size of corrections may be a sign of relief.

11. Crypto VC firm Pantera Capital plans to raise $1.25 billion to convert a public company into "Solana Co.", a dedicated Solana treasury vehicle. The initiative includes a $500 million equity raise and $750 million in warrants, potentially creating the largest corporate SOL holdings globally. This follows similar efforts by Galaxy Digital, Jump Crypto, and Multicoin Capital to raise $1 billion for a Solana-focused firm. Pantera has previously backed over $300 million in crypto treasury projects across BTC, ETH, and other major tokens, signaling intensified institutional accumulation of SOL.

12. Wall Street's biggest bank just dropped a bombshell about Bitcoin's current price. JPMorgan analysts are calling BTC "too low" compared to gold, especially now that Bitcoin's volatility has crashed to historic lows. Bitcoin's six-month volatility dropped from nearly 60% at the start of the year to just 30% today. That's the lowest it's ever been.

Tech News

1. Monero (XMR) Community Proposes Consensus Mechanism Overhaul
   Monero’s blockchain robustness was recently tested via an experimental 51% attack. In response, the community is proposing a revamp of its Proof of Work consensus mechanism. Proposed changes include selecting or geographically distributing mining hardware or switching to a merged mining system with other PoW cryptos like Bitcoin. Developers are also considering ChainLocks from DASH — which uses masternodes and PoW to prevent block reorganizations.

2. ERC-8004: Ethereum Standard Could Revolutionize AI Agents
   EIP-8004 introduces a new standard that could make Ethereum the go-to ecosystem for AI agents. It establishes three on-chain registers for agents: Identity ; Reputation & Validation.
   These registers allow agents to interact based on trust models tailored to the task's importance — from ordering pizza to medical diagnoses. Developers can choose from reputation-based systems, staking-secured inference validation, or cryptographic attestations via Trusted Execution Environments (TEE). The standard would enable a trust infrastructure for AI agents on Ethereum and compatible networks.

3. Google Is Building Its Own Blockchain
   Google’s Web3 Strategy Lead Rich Widmann revealed on LinkedIn that Google is building a proprietary Layer 1 blockchain. This isn’t EVM-based and is designed specifically for finance, with smart contracts written in Python. The network is currently in private testnet, with technical details to follow in coming months.

4. Aave Launches Horizon to Attract Institutional RWA Investments
   Aave unveiled Horizon, a new platform aimed at institutions, allowing them to borrow stablecoins like USDC or GHO against real-world assets (RWA). Horizon is a permissioned version of Aave V3 with compliant collateral pools, relying on Chainlink’s NAVLink oracle to provide real-time net asset value data for tokenized funds.

5. MetaMask announced its native stablecoin, MetaMask USD (mUSD), is set to launch later this year on Ethereum and the Linea network. mUSD will be issued by Bridge, a Stripe-owned platform, and minted using decentralized infrastructure built by M0, with 1:1 backing from U.S. cash and short-duration Treasurys. The stablecoin is designed to be deeply integrated into MetaMask’s wallet ecosystem, enabling users to on-ramp, hold, swap, transfer, and bridge mUSD — and eventually spend it via MetaMask Card at Mastercard-accepting merchants. MetaMask says mUSD will improve the user experience across DeFi. The move comes amid near-$1 trillion in monthly stablecoin volume and follows the U.S. GENIUS Act.

6. SoFi Technologies will soon allow remittance payments on top of the Bitcoin layer-2 Lightning Network through a partnership with Lightspark, aiming to bring real-time international money transfers to its members. SoFi's remittance product, which is expected to roll out later this year, will allow users to send U.S. dollars through the SoFi app, with recipients receiving local currency deposits abroad, using Lightspark's Universal Money Address (UMA). Lightspark’s UMA provides access to a global payment rail designed for speed and scale. Transfers will display upfront exchange rates and fees, addressing longstanding pain points in traditional remittance services. The launch follows SoFi’s reentry into crypto, after halting services in 2023 during its transition to a national bank. Earlier this year, it revealed plans to offer international remittances through blockchain and stablecoins and allow users to invest in crypto.

7. Bitcoin DeFi project Bitlayer has partnered with Kamino Finance and Orca to bring its bitcoin-backed token, YBTC, to the Solana ecosystem. This integration is intended to combine Bitlayer's security with Solana's speed and scalability, aligning with Bitlayer's goal of expanding the Bitcoin DeFi sector. It will provide bitcoin holders with native BTC exposure and yield opportunities, said Charlie Hu, co-founder of Bitlayer. YBTC, pegged 1:1 with BTC, is central to Bitlayer's BitVM bridge, which is designed for trust-minimized bitcoin transfers by eliminating centralized intermediaries. The token serves as a direct representation of users' locked BTC within the Bitlayer ecosystem, enabling seamless interoperability between Bitcoin and decentralized finance applications. By holding YBTC, Solana users can maximize yields through Kamino’s institutional-grade earn vaults, which provide auto-compounding and optimized BTC-denominated returns, helping assets grow effortlessly.

8. Bitcoin miners are moving beyond the traditional four-year halving cycle due to transformative industry shifts, including the rise of ETFs, soaring power demand, and AI-driven infrastructure needs. Executives at the SALT conference emphasized that survival now depends on diversifying revenue streams beyond mining, such as monetizing energy assets. Cleanspark’s CEO noted the halving cycle is "effectively broken" as ETFs consume far more bitcoin than miners produce. With electricity costs consuming roughly half of mining revenue at current prices, profitability hinges on securing ultra-low-cost power and repurposing infrastructure for broader energy applications. Miners are pivoting from pure hash rate expansion to strategic energy management and operational flexibility.

9. Ethereum's onchain volume has topped $320 billion in August, hitting its highest monthly level since May 2021 and third-largest overall amid a surge in ecosystem activity as ETH rose to new all-time highs. The metric measures economic throughput on the Ethereum blockchain, including transfers, DeFi interactions, and other transactions. 30-day transactions also set fresh highs, while monthly active ETH addresses reached their second-highest point ever, and total value locked remains close to peak levels. Corporate treasuries tripled their ETH holdings in August, driving demand alongside rising spot ETF volumes and net inflows. Transaction fees hit multi-year lows following network upgrades, also boosting usage across Ethereum and its Layer 2s.

10. Solana's proposed Alpenglow upgrade has entered the voting phase, aiming to replace its current consensus mechanism with a faster, more resilient architecture. One key feature of the proposal is Votor, a direct-vote protocol that slashes block finality from 12.8 seconds to just 150 milliseconds. Meanwhile, Rotor, a bandwidth-optimized data dissemination protocol for high-performance use cases, like DeFi and gaming, will roll out in a later phase of the upgrade. Alpenglow also introduces a "20+20" model to boost network resilience, allowing continued operation even if 20% of validators are adversarial and an additional 20% are unresponsive.

Adoption (Sentiment, Retail, and Corporate Reserves)

1. Ethereum Breaks All-Time High by Surpassing $4,900
   Over the weekend, Ethereum’s ETH reached a new all-time high (ATH), nearly four years after its previous record.

2. Galaxy, Jump, and Multicoin to Create Largest Solana Treasury Ever
   Galaxy, Jump, and Multicoin are planning to raise $1 billion to form a treasury based on Solana (SOL). The deal is reportedly backed by Cantor Fitzgerald. This treasury firm would focus solely on SOL and join the wave of recent corporate crypto treasuries.

3. $6.42 Billion: One of the Largest Crypto Treasuries Ever, by Trump and Crypto.com
   The Trump clan and Crypto.com are joining forces on a colossal new project: Trump Media Group CRO Strategy. This will become one of the world’s largest crypto treasuries, centered entirely around Crypto.com’s CRO token.

4. $320 Million – Heritage Distilling Launches IP Token-Based Corporate Treasury
   Heritage Distilling launched a corporate crypto treasury worth $320 million, based on the IP token. The aim is to generate yield via staking while betting on the long-term rise of the IP token, part of the Story blockchain’s innovative offerings.

5. Hong Kong’s construction company Ming Shing Group Holdings agreed to buy hundreds of millions worth of Bitcoin through share issuance instead of cash. The deal could dilute existing shareholders down to just a tiny fraction of ownership through convertible notes and warrants.

6. Ethereum treasury holdings have climbed past 4.1 million ETH, worth around $17.6 billion, as more institutions add ETH to their balance sheets. According to StrategicETHReserve data, 69 entities each holding over 100 ETH now collectively hold about 3.39% of Ethereum’s total supply. The data, however, covers not only public companies but also crypto-native organizations and foundations. BitMine Immersion Technologies leads with 1.5 million ETH in its treasury, valued at approximately $6.6 billion. The company has pivoted away from bitcoin mining toward ether accumulation as a strategic focus. SharpLink Gaming holds roughly 740,800 ETH, worth $3.2 billion, making it the second-largest ETH treasury. Other major holders include The Ether Machine, with 345,400 ETH, and the Ethereum Foundation, which holds 231,600 ETH.

7. MicroStrategy purchased 3,081 BTC at $115,829 per bitcoin, raising its total holdings to 632,457 BTC ($70B value). The acquisition—funded via common and preferred stock offerings—brings its total spending to $46.5B with $23.5B in unrealized gains. Executive Chair Michael Saylor tweeted "Bitcoin is on sale" ahead of the buy, leveraging MSTR’s stock premium to accumulate cheaper BTC. Despite recent share price declines, supporters argue the strategy enables compounding crypto exposure. The firm retains $47B in further issuance capacity.

Funding & Partnerships

1. Sorare Signs Partnership with LFP Media to Integrate Ligue 1 and Ligue 2
   Sorare and LFP Media have signed their first official partnership. This "historic" agreement links the fantasy football platform to Ligue 1 McDonald's and Ligue 2 BKT, offering fans immersive new experiences. Already partnered with over 300 global clubs and leagues — including the Premier League, LaLiga, and Bundesliga — Sorare aims to spotlight French football to its global community of 6+ million managers in 180 countries.

2. LayerZero to Acquire Stargate Bridge with 95% Approval
   Despite a few twists, LayerZero will officially acquire the Stargate bridge following overwhelming community support (95% positive votes).

3. Mastercard and Circle Expand Partnership — More USDC and EURC Payments Coming
   Mastercard and Circle are deepening their collaboration to expand use cases for USDC and EURC stablecoins. Mastercard will now allow payment acquirers (like banks and fintechs such as SumUp) to process settlements in these stablecoins. The first companies to benefit are Arab Financial Services and Eazy Financial Services. “This is a key step for Mastercard. Our strategic goal is to integrate stablecoins into the traditional financial system by investing in infrastructure, governance, and partnerships needed to support this evolution from fiat to tokenized and programmable money,” the company stated.

4. 1Kosmos, a developer of identity verification tools built on a private, permissioned blockchain, raised $57 million in a Series B including a $10 million line of credit from Bridge Bank. The round was led by Forgepoint Capital and Origami’s Oquirrh Ventures, with participation from Craig Abod (Carahsoft), NextEra Energy Ventures, Gula Tech Adventures, and the 1Kosmos management team. Neon Machine, the gaming studio behind the Call of Duty–style crypto video game Shrapnel, raised $19.5 million across two rounds, the latest led by Gala Games with backing from Griffin Gaming Partners and Polychain Capital. The funds will support game development and Shrapnel’s upcoming global and China launches. Transak, a fiat-to-crypto infrastructure provider, raised $16 million in strategic funding to expand its stablecoin payments stack and scale into new markets. The round was led by Tether and IDG Capital, with participation from Primal Capital, 1kx, Protein Capital, Umami Capital, and others.

5. Valantis, a decentralized exchange (DEX) protocol, has acquired Staked Hype (stHYPE), the second-largest liquid staking token (LST) on Hyperliquid. Financial terms of the deal were not disclosed. stHYPE, which launched as the first LST on HyperEVM, currently holds about $180 million in total value locked (TVL), according to the stHYPE website. Following the deal, stHYPE’s operations, development, and scaling will be managed by Valantis Labs. Addison Spiegel, founder of Thunderhead, the team behind stHYPE, will serve as an advisor to Valantis. Liquid staking has become a central pillar within Hyperliquid’s ecosystem. According to DeFiLlama, liquid staking accounts for more than half of Hyperliquid L1’s $2.26 billion in DeFi TVL. The acquisition builds on Valantis’ earlier launch of LST-specific DEX pools for both stHYPE and hHYPE, which together have attracted nearly $70 million in TVL and processed more than $500 million in trading volume.

6. Hyperbeat, a protocol powering yield infrastructure on the Hyperliquid decentralized exchange, has closed a $5.2 million oversubscribed seed round co-led by ether.fi Ventures and Electric Capital. The raise will be used to build out their yield infrastructure for traders, protocols, and institutions that are tapped into the Hyperliquid ecosystem. The round also drew investments from Coinbase Ventures, Chapter One, Selini, Maelstrom, Anchorage Digital, and community backers via the HyperCollective. Hyperbeat serves as the native yield layer for Hyperliquid, building permissionless financial infrastructure that allows anyone to earn, stake, and spend directly from their on-chain portfolio. It unlocks yield generated by Hyperliquid’s funding rates—previously accessible only to sophisticated market participants—and packages it into simple, tokenized vaults. The news of the seed raise comes as Hyperliquid’s total value locked surpasses $2.1 billion, and as institutions are starting to develop greater interest in its ecosystem.

7. Thumzup Media, which counts Donald Trump Jr. as a large shareholder, said it will acquire Dogehash Technologies, Inc. in an all-stock deal, pivoting from digital marketing into industrial-scale crypto mining. Under the agreement, Dogehash shareholders will receive 30.7 million Thumzup shares, according to a Tuesday release, valuing the transaction at $153.8 million, based on the shares' closing price. The combined company will rebrand as Dogehash Technologies Holdings, Inc. and list on Nasdaq under the ticker XDOG, pending shareholder approval later this year. The company says it will also use Dogecoin’s DogeOS layer 2 to stake in DeFi products, aiming to boost miner returns beyond standard rewards.

8. Optimism has partnered with Flashbots to overhaul transaction sequencing across its OP Stack ecosystem, bringing faster confirmations and enhanced customization to Ethereum’s layer-2 networks. The collaboration will leverage Flashbots’ infrastructure—already used in over 90% of Ethereum blocks—to deliver near-instant settlements, improved transaction ordering, and frontrunning protection to chains like Base and World Chain. This move aims to democratize advanced sequencing features previously available only to large chains, making them accessible to all projects building on the OP Stack, which supports 60% of Ethereum’s L2 activity.

9. Hemi Labs, the Bitcoin programmability network founded by Jeff Garzik, raised $15 million in funding to accelerate development and expand its ecosystem. The round included YZi Labs (formerly Binance Labs), Republic Digital, HyperChain Capital, Breyer Capital, Big Brain Holdings, Crypto.com and others, according to an emailed announcement.The company said the funds will support applications for borrowing, lending and trading on Bitcoin while further developing its Hemi Virtual Machine (hVM), a layer that embeds a Bitcoin node inside an Ethereum VM — the term for a decentralized system that can execute smart contracts and process transactions on Ethereum.

10. KindlyMD filed a shelf registration statement with the SEC for an at-the-market equity offering program of up to $5 billion to fund its bitcoin treasury and corporate operations. The move follows its recent merger with David Bailey's Nakamoto Holdings and an initial 5,744 BTC purchase as part of a newly launched bitcoin strategy. The company plans to issue and sell shares gradually at prevailing market prices via sales agents, including TD Securities and Cantor Fitzgerald, giving it flexible capital-raising capacity over time. KindlyMD joins a wave of public firms adopting corporate crypto treasuries, echoing Strategy's bitcoin model amid growing altcoin diversification elsewhere.

Disclaimer: The information disclosed here does not constitute an investment advice ; it is for informational purposes only and does not constitute investment advice. You should do your own research while investing in crypto and only invest money you are ready to lose.