Good Morning,

Here's a quick preview of today’s content: JPMorgan doubled Robinhood's price target, German law creates loophole for alleged crypto theft, Crypto industry braces for incoming White House 'regulatory Bible', Linea plans to launch a native ETH yield

Happy Thursday - Let’s dive in.

Market Snapshot

• Bitcoin traded in a narrow range between $116,960 and $119,273, ending the day near $117,500 with a slight decline

  • Ethereum also edged lower to about $3,760, marking another day of minor losses after a strong July

• The total crypto market cap remained just below $4T, with daily trading volume increasing by over 10% as investor caution set in ahead of the U.S. Federal Reserve’s rate decision

• BNB held near its record high above $850, while most major altcoins and meme coins had minor movements

  • Some meme coins outperformed as Solana and ADA saw modest dips

Market Predictions

• Bettors on Kalshi are predicting if Bitcoin will be legalized in China this year

• Trade your predictions on a range of events, only on Kalshi

• Sign up with code LIT and get a $20 bonus when you trade $100

Headline Roundup
^{_{The major headlines driving crypto markets}}

• eToro launching tokenized US equities, ETF and futures (TB)

• Cantor Fitzgerald and Tether-backed Twenty One Capital raised its Bitcoin treasury holdings target to 43.5k, valued at ~$5.2B (BBG)

• SoFi's crypto plans include staking and borrowing options plus stablecoins, says CEO - see full statements here

• JPMorgan doubled Robinhood's price target to $98 in 2026 from $47 for 2025 (CD)

• Tether giving additional 5,800 BTC to its treasury firm Twenty One ahead of public listing (TB)

• Crypto technology and treasury Bitmine authorized a $1B share buyback just one month after its debut, following a resale registration (BBG)

• Bitcoin miner MARA's adjusted EBITDA jumps over 1,000% in record quarter (TB)

• Linea, a Layer-2 network built on Ethereum, pledges 85% of tokens to community amid new native ETH staking program (CS)

• Nasdaq looks to delist crypto miner Argo Blockchain for poor stock performance (TB)

• Samourai Wallet co-founders Keonne Rodriguez and William Lonergan Hill changed their entered to change their pleas after pleading not guilty last year to charges related to their mixer service (TB)

• Hedera Hashgraph co-founder Jordan Fried to lead latest Bitcoin treasury company (TB)

• Bakkt stock plummets 40% after announcing pricing of $75 million public offering to buy bitcoin (TB)

• Ark Invest adds $15.3M in BitMine shares one day after $20M purchase (TB)

• Nym’s token surged 12% after the UK began enforcing the Online Safety Act, triggering a 6,000% spike in VPN demand (DC)

• CoinDCX CEO Sumit Gupta denied reports that Coinbase is in talks to acquire the exchange (DC)

• BlackRock says stablecoins could help fuel the U.S. dollar’s dominance, especially with new regulations (TD)

• CryptoPunks rally past $200K floor for first time in over a year amid NFT rebound (RS)

Venture Capital

• D2X secured $5M raise to expand its MiFID II-compliant crypto derivatives platform from CMT Digital, Circle Ventures, Tioga Capital and Point72 Ventures

• Bit Digital's AI infrastructure subsidiary Whitefiber filed to raise up to $133M in an IPO (BBG)

• Biotech firm 180 Life Sciences is rebranding to ETHZilla and starting an Ethereum treasury by raising $425M via a PIPE offering (DC)

• Tron Inc. plans to raise up to $1B to fund ongoing TRX accumulation (DC)

• Kuvi.ai, an OS enabling users to control digital asset transactions through simple, natural language commands, raised a $700k seed round led by Moon Pursuit Capital (TFN)

M&A Announcements

• Strategy has raised capital through newly listed preferred shares to purchase another 21,021 BTC (DC)

Launches

• Orca has released Wavebreak, a “human-first” Solana token launchpad (BW)

• Bitcoin podcaster Aubrey Strobel launches boutique PR firm with a focus on emerging tech (TB)

• Linea plans to launch a native ETH yield, an ETH burn mechanism, and an 85% ecosystem token allocation (TB)

Regulation

• Crypto industry braces for incoming White House 'regulatory Bible' on rules, bitcoin reserve, and taxes (TB)

• White House steps in to delay CFTC chair vote (CT)

• Bank of Korea creates crypto asset division amid local stablecoin momentum (TB)

Cybersecurity

• AML Bitcoin founder gets 7 years in prison for multimillion-dollar crypto fraud and money laundering (TB)

• German law creates loophole for alleged $2.9M crypto theft (DC)

• Vincent Mazzotta pleaded guilty to money laundering and obstruction in a $13 million crypto Ponzi scheme (DC)

Extra Reads

• Markets want a September rate cut from the Fed - What would a dovish Fed look like?

Chart of the Day

Crypto investment products have raked in record monthly flows in July, putting a spotlight on the institutional demand for ETH

Meme Dump

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