ARK Invest bought $30 million in Coinbase and $17 million in BitMine shares on Friday amid price dips. ARK Invest has seized the recent stock market dip to boost its stakes in major US crypto exchange Coinbase and Bitcoin miner BitMine Immersion Technologies. The Cathie Wood-led firm added a total of 94,678 shares of Coinbase (COIN) across three of its funds, including the ARK Innovation ETF (ARKK), ARK Next Generation Internet ETF (ARKW) and ARK Fintech Innovation ETF (ARKF), according to trade notifications seen by Cointelegraph. The purchase, worth around $30 million, came as Coinbase stock plunged 16.7% on Friday, closing at $314.69, its worst single-day performance in recent months. COIN hit an intraday low of $310.55, significantly below its 52-week high of $444.64, according to data from Google Finance. Read more
Bitcoin ETFs saw $812 million in outflows, led by Fidelity and ARK, while Ether ETFs ended their longest inflow streak with $152 million in losses. Spot Bitcoin exchange-traded funds (ETFs) saw $812.25 million in net outflows on Friday, marking the second-largest single-day loss in the history of these products. The drawdown erased a week of steady gains and pushed cumulative net inflows down to $54.18 billion. Total assets under management slid to $146.48 billion, representing 6.46% of Bitcoin’s (BTC) market capitalization, according to SoSoValue. Fidelity’s FBTC led the exodus with $331.42 million in redemptions, followed by ARK Invest’s ARKB, which saw a substantial pullback of $327.93 million. Grayscale’s GBTC also lost $66.79 million. BlackRock’s IBIT posted a relatively minor loss of $2.58 million. Read more
Mill City Ventures III announced a $500 million equity agreement to boost its SUI treasury, which currently sits at 76.2 million units after making its first $276 million purchase this week. Nasdaq-listed Mill City Ventures III may raise another $500 million under an equity agreement to fund its recently announced Sui treasury strategy — however, the news triggered a double-digit fall in Mill City’s share price. The finance firm’s announcement on Friday came shortly after raising $450 million earlier in the week, which was used to buy its first batch of 76.2 million Sui (SUI) tokens worth $276 million. “This equity line is intended to give us the firepower to scale our position as the only Sui treasury on the market with an official Sui Foundation relationship,” the firm’s chief investment officer, Stephen Mackintosh, said: Read more
DeFi Education Fund called on the Senate Banking Committee to frame a key crypto market bill in a more tech-neutral way and strengthen crypto developer protections in a recent letter. Crypto lobby group DeFi Education Fund has called on the US Senate Banking Committee to rethink how it plans to regulate the decentralized finance industry after reviewing its recently published discussion draft on a key crypto market-structure bill. The response, signed on behalf of DeFi Education Fund (DEF) members including a16z Crypto, Uniswap Labs, and Paradigm, said the Responsible Financial Innovation Act of 2025 (RFA) bill should be crafted in a more tech-neutral manner, that crypto developers should be protected from “inappropriate regulation meant for intermediaries,” and that self-custody rights for all Americans are “essential.” Legislation should “address illicit finance but not unfairly burden DeFi innovation,” it added in the Friday letter addressed to Senate Banking Committee Chairman Tim Scott and Senators Cynt...
The company continues to accumulate BTC through corporate equity and debt offerings, but class action lawsuits against Strategy are mounting. Bitcoin (BTC) treasury company Strategy has expanded the scope its STRC offering twice since issuing the corporate security on July 22. The company announced an at-the-market offering of up to $4.2 billion of its Variable Rate Series A Perpetual Stretch Preferred Stock (STRC), a hybrid corporate security, to purchase more BTC on Thursday. STRC is a dividend-paying security with variable yields that has no set maturity date and can be called or redeemed by the company under specific conditions, making the terms of repayment flexible, according to Thursday’s announcement. Read more
With officials urging companies to “reshore crypto,” global companies are expanding US operations as the Trump administration rolls out pro-crypto reforms. Crypto companies are beginning to return to the United States as top officials signal a shift toward friendlier regulation and domestic growth. In a Thursday speech at the America First Policy Institute, SEC Chair Paul Atkins called on the country to “reshore the crypto businesses that fled,” reinforcing a broader effort by the administration of President Donald Trump to position the US as a global hub for digital assets. Treasury Secretary Scott Bessent said on Friday that the US has entered the “golden age of crypto” and issued a direct call to builders: “Start your companies here. Launch your protocols here. And hire your workers here.” Read more
The roundtables, scheduled to be held in 10 cities, will focus on crypto startups less than two years old and with 10 or fewer employees. US SEC Commissioner Hester Peirce will hit the road this fall, leading a 10-city tour as part of the Securities and Exchange Commission’s new crypto outreach initiative. The regulator announced a roundtable series on Friday aimed at gathering feedback from industry stakeholders, developers and investors as the agency weighs future digital asset rules. “The Crypto Task Force is acutely aware that any regulatory framework will have far-reaching effects, and we want to ensure that our outreach is as comprehensive as possible,” Peirce said in a statement. The agency's crypto task force is “particularly interested” in meeting with crypto startups less than two years old and with 10 or fewer employees. The roundtable discussions will take place between August and December. Read more
Stablecoin-linked stocks in Hong Kong plunged by double digits amid the city’s new regulatory transition, but experts say it's a healthy correction. Stablecoin companies operating in Hong Kong posted double-digit losses on Friday amid local regulatory shifts and a broader market correction. Bright Smart Securities & Commodities Group fell nearly 20% on Friday, according to Google Finance data. Yunfeng Financial Group dropped more than 16% during the trading session, while Guotai Junan International Holdings slid 11% and OSL Group declined 10.5%. These companies are referred to as “Hong Kong stablecoin-concept companies,” with share prices driven by exposure to stablecoin issuance, custody, trading, or related infrastructure. Still, some local experts view the correction as a positive market adjustment. Read more