Strategy's 5th Bitcoin Birthday

Saylor does what he does best

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Good Morning,

Here's a quick preview of today’s content: Crypto acquisition hits a fever high pitch (our biggest section yet), Animoca jumps right back into web3 with a new acquisition, Bezos’ Blue Origin shifts to crypto payments, Turkey makes crypto arrests as the country tightens its grip on the industry, Stripe looking to launch a layer-1, and so much more

Happy Tuesday - Let’s dive in.

Market Snapshot

  • Bitcoin's overnight surge above $122,000 met with heavy selling, pushing prices below $119,000 later in the U.S. session

  • Ether held up above $4,200, while major altcoins SOL, DOGE, SUI declined 3%-4%

    • ETH transaction volume is once again on an upward trajectory, closing in its all time high of 1.9M transactions in a single day in January 2024

  • Bitfinex analysts suggest BTC's momentum will depend on upcoming U.S. CPI and PPI inflation data, with potential for increased volatility

Market Predictions

  • Bettors on Kalshi are predicting how high CPI will be in July 2025 (this is being announced alter today)

  • 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

  • Safety Shot, a healthy beverage company, is set to receive $25M worth of BONK, a Solana meme coin, from the founders (CS)

  • Terraform's Do Kwon set to plead guilty in $40B TerraUSD fraud (TD)

  • Senator Elizabeth Warren has warned that pending cryptocurrency legislation "supercharges President Trump's corruption." - see full statements here

  • Jeff Bezos' Blue Origin now accepts Bitcoin, Ethereum and Solana for Spaceflights (DC)

  • Strategy purchased 155 BTC worth $18M at an average Bitcoin price of $116,401 per coin, bringing its total holdings to 628,946 BTC (BM)

  • CME Ethereum futures volume hits record $118B in July (TB)

  • Cryptocurrency infrastructure firm Paxos has filed an application with the U.S. Office of the Comptroller of the Currency for a national trust bank charter (TD)

  • Aave poised to hit $100B in deposits, rivaling Deutsche Bank (CY)

  • Bitcoin’s weekend surge leaves CME Gap leaving traders worried (CD)

  • Thiel-backed crypto firm Bullish 'upsizes' IPO, eyes raising up to $990M (TB)

  • Michael Saylor's latest Bitcoin buy is Strategy's smallest in months (DC)

  • Orca DEX plans buybacks and token staking (BW)

  • Crypto Treasury firm begins deploying $500M war chest to buy BNB (DC)

  • Vitalik Buterin is a billionaire again as Ethereum flips Palantir (DC)

  • Coinbase Ventures Buys Toncoin Directly From Telegram, TON Foundation Says (TD)

  • Snail Inc. is selling its shares to fund its “digital asset initiative,” including a possible stablecoin (TD)

  • Ark Invest buys $19M worth of Block Inc. shares as stock hits three-week low (TB)

  • Supporters of late AI critic Suchir Balaji have turned to crypto to back his family’s legal fight using Solana-based meme coins (DC)

Former Zillow exec targets $1.3T

The top companies target big markets. Like Nvidia growing ~200% in 2024 on AI’s $214B tailwind. That’s why the same VCs behind Uber and Venmo also backed Pacaso. Created by a former Zillow exec, Pacaso’s co-ownership tech transforms a $1.3 trillion market. With $110M+ in gross profit to date, Pacaso just reserved the Nasdaq ticker PCSO.

Paid advertisement for Pacaso’s Regulation A offering. Read the offering circular at invest.pacaso.com. Reserving a ticker symbol is not a guarantee that the company will go public. Listing on the NASDAQ is subject to approvals.

Venture Capital

  • ALT5 Sigma raises $1.5B for WLFI Treasury, adds Eric Trump as board director (TD)

M&A Announcements

  • Bitcoin miner MARA Holdings is making its biggest AI play to date, signing a $168M deal to buy a 64% stake in Exaion (CT)

  • Safety Shot has acquired a 10% revenue stake in BONK.fun, adding $25M in BONK tokens to its treasury (CD)

  • Rumble said Monday that it has proposed a deal to gain control of Northern Data's cloud business, Taiga, and its large-scale data center arm, Ardent, in a $1.17B all-stock transaction (DC)

  • Animoca has invested in Cool Cats Group, gaining a majority stake in the NFT brand (BW)

  • Cango buys 50 MW BTC mining site in Georgia for $19.5M (TB)

  • LayerZero Foundation has put forward a $110M proposal to acquire the Stargate cross-chain bridge and all outstanding STG tokens (TD)

  • SUI treasury Mill City Ventures adds $20M more of the token at slight discount (TB)

Launches

  • Stripe is developing an in-house layer-1 blockchain dubbed “Tempo” in partnership with crypto venture capital firm Paradigm (TD)

  • Nostr Wallet connect is the USB-C connector of Bitcoin wallets (BM)

  • El Salvador launches Bitcoin investment banks under August 7th law with $50M capital (TD)

Regulation

  • Turkey arrests Ethereum developer as crypto regulations tighten (FX)

Cybersecurity

  • Apple co-founder Steve Wozniak says YouTube ignored multiple takedown requests after his likeness was used in a Bitcoin scam that effected people’s life savings (DC)

  • $34M in crypto payments traced to 'Embargo' ransomware group (TB)

  • FTX users bolster lawsuit claiming law firm was ‘key’ to FTX fraud (CT)

Extra Reads

Chart of the Day

Remember when banks were scared of crypto?

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