CoinPhoton

Trump Media Posts $238M Q2 Loss as Crypto Holdings Take Heavy Hit
Trump Media & Technology Group, the parent company of Truth Social, reported a $238 million net loss in Q2 2026, sharply wider than the $20 million loss recorded a year earlier, largely due to falling digital asset values.
More than $190 million of the quarterly loss came from non-cash charges tied to digital assets, pledged crypto assets, and equity securities.
For the first half of 2026, Trump Media recorded about $361 million in digital asset-related losses, including more than $245 million in unrealized crypto losses.
By June 30, the company’s crypto holdings had fallen more than 33% to about $598 million, consisting of roughly $558 million in Bitcoin and $41 million in Cronos (CRO).
Despite the losses, quarterly revenue rose 89% to nearly $2 million, while total assets stood at about $2 billion.
Trump Media said it is adopting a more disciplined digital asset treasury strategy as it scales back parts of its crypto expansion, including recently abandoning plans for a Crypto.com-backed CRO treasury company. $BTC

eToro Posts Q2 Crypto Trading Loss as Revenue Falls, Agrees to Buy TradeZero for Up to $231 Million
eToro reported a $7.2 million loss from crypto trading in the second quarter of 2026, reversing a $37.7 million profit a year earlier as crypto activity weakened sharply.
The trading platform generated $1.35 billion in cryptoasset revenue, down about 29% from $1.91 billion in the same quarter last year. Crypto trading activity also slowed significantly, with July crypto trades falling 73% year-over-year to 1.4 million, while the average trade size dropped 50% to $182.
Despite the weakness in crypto, eToro’s overall business performed better. Net contribution rose 9% to $229 million, funded accounts increased 18% to 4.28 million, and adjusted diluted earnings of $0.68 per share beat analysts’ estimate of $0.61.
eToro shares nevertheless fell more than 12% following the earnings release, trading around $29.80.
The company is also continuing to expand its crypto products, including development of onchain perpetual futures and a forthcoming “crypto buying power” feature.
Separately, eToro agreed to acquire U.S. brokerage TradeZero for up to $231 million in cash and stock, with completion expected in the first half of 2027 subject to regulatory approval.
TradeZero generated about $80 million in revenue during the 12 months through June and specializes in commission-free U.S. stock and options trading, including tools for short sellers. The deal is primarily aimed at accelerating eToro’s expansion in the U.S. brokerage market. $BTC

Erebor Bank Seeks $1.5 Billion Funding at $9.5 Billion Valuation
Tech-focused lender Erebor Bank is reportedly in advanced talks to raise about $1.5 billion in a funding round that would value the one-year-old company at roughly $9.5 billion.
The round is expected to include major commitments from Lux Capital, Human Capital, Valor Equity Partners, Andreessen Horowitz and SV Angel, alongside existing investors such as 8VC and Haun Ventures.
Erebor has rapidly expanded its deposit base, with total deposits rising from $1.1 billion at the end of March to $4.6 billion by the end of July, driven largely by clients in crypto, artificial intelligence, defense and manufacturing.
The bank also serves payment companies, investment funds and trading firms, with planned services spanning deposits, lending, stablecoin products, treasury management and payments.
Erebor received final U.S. regulatory approval to operate in February. Regulators require the bank to maintain a minimum 12% leverage ratio during its first three years, making fresh capital important as its balance sheet expands.
The bank has already begun deploying credit, including a $200 million facility for nuclear startup Valar Atomics.
Erebor was valued at about $4.35 billion earlier this year, meaning the proposed financing would more than double its private-market valuation within a matter of months. $BTC

Ravencoin May Roll Back Four Days of Transactions After Critical Blockchain Exploit
Ravencoin could erase several days of transaction history after attackers exploited a critical software flaw that allowed invalid blocks to be added to the network.
The first invalid block appeared on Aug. 7 at block height 4,487,776. Ravencoin has since released a software fix, but the patch cannot automatically reverse blocks that were already added.
Two mining pools, 2Miners and RavenMiner, which together control most of Ravencoin’s hashpower, are now rebuilding the blockchain from block 4,487,775, the final block before the exploit. If their version becomes the dominant chain, transactions made after that point could be removed from Ravencoin’s official history.
That means deposits, withdrawals and payments that appeared final during the affected period could potentially be reversed. Exchanges that credited users based on those transactions could also suffer losses.
Bitvavo has suspended RVN deposits and withdrawals, while South Korean exchange Upbit issued an investment warning and halted deposits.
RavenMiner said blocks produced during the attack period are being discarded and has temporarily paused mining payouts while the network stabilizes. The pool said it would cover any resulting shortfall itself.
This is not Ravencoin’s first major security incident. In 2020, attackers exploited another flaw that allowed roughly 31 million unauthorized RVN to be created.
RVN fell about 17% in 24 hours to $0.0029, reducing its market capitalization to roughly $48 million. The token is down around 77% over the past year. $RVN

Nvidia Teams With Wall Street to Turn AI Compute Into a $500 Billion Infrastructure Asset Class
Nvidia has signed memorandums of understanding with Apollo, Blackstone, BlackRock, Brookfield, Goldman Sachs and KKR to create financing platforms that could eventually channel more than $500 billion of third-party capital into AI computing infrastructure.
The goal is to transform AI compute from a conventional technology expense into a bankable infrastructure asset, similar to commercial real estate, power plants or toll roads.
Nvidia CEO Jensen Huang argued that high-end GPUs and AI data centers, which the company calls “AI factories,” can generate revenue over many years by serving multiple customers and workloads. Under this model, companies would rent computing capacity instead of funding the full cost of expensive GPU clusters themselves.
Institutional investors would finance the infrastructure and earn returns from long-term rental income generated by the AI hardware. Each project would still be independently assessed for demand, utilization and expected cash flow, while Nvidia could assume up to 25% of the downside risk in some transactions if chip values decline.
The initiative could unlock a much larger pool of long-term capital for AI data centers at a time when investors are increasingly questioning whether Big Tech’s massive AI spending will generate sufficient returns.
The move also highlights the widening gap between centralized AI infrastructure and decentralized compute networks such as Render and Akash. Decentralized platforms continue to face limitations including bandwidth constraints, verification costs, weaker enterprise service guarantees and difficulty moving large datasets between distributed machines.

Bitcoin Developer Luke Dashjr Removed as BIP Editor After Failed BIP-110 Fork
Bitcoin developer Luke Dashjr has been removed from his role as an editor of Bitcoin Improvement Proposals following controversy surrounding his handling of BIP-110, a proposed soft fork aimed at restricting non-financial data on the Bitcoin network.
Developers accused Dashjr of abusing his editorial authority by attempting to assign BIP-110 a proposal number before sufficient discussion and quickly merging updates without following the usual process. Bitcoin developer Mark Erhardt also noted that Dashjr had contributed fewer than 1% of BIP editor comments since additional editors joined in April 2024.
Dashjr rejected the accusations and described his removal as an “abuse of power.” He also announced that he is taking a sabbatical from his roles as chairman and CTO of Bitcoin mining pool Ocean to focus on Bitcoin and other open-source projects.
BIP-110 sought to create a breakaway Bitcoin chain that would temporarily restrict the storage of non-financial data such as images and text, which became more common following the rise of Ordinals.
The proposal failed to gain significant support, attracting only about 2.6% of miners, far below the 55% threshold required. The resulting fork mined just two blocks before effectively stalling, while the main Bitcoin network continued operating normally. $BTC

Bitcoin Stuck Near $63,500 as CPI Looms as Next Major Catalyst
Bitcoin remained trapped in a narrow trading range on Tuesday, slipping about 0.6% to around $63,500 as five weeks of sideways trading continued.
$BTC
has largely traded between $62,000 and $66,000 this summer, with steady demand from spot Bitcoin ETFs being offset by selling from miners and corporate holders such as Strategy.
Analysts said crypto trading volumes have fallen to their lowest levels in three years, while implied volatility has also collapsed, leaving the market with little momentum in either direction.
Wednesday’s U.S. CPI inflation report is now seen as the next major catalyst that could break Bitcoin out of its range. With positioning relatively balanced and conviction weak on both sides, analysts said a decisive move above or below the current range could trigger a larger price swing.
Regulatory developments around the CLARITY Act could provide another catalyst later, although some analysts expect consolidation to continue into mid-September if no major fundamental driver emerges.
Seasonality could also become a headwind. Historically, September has been Bitcoin’s weakest month, with an average decline of roughly 4% since 2013.

USDT Market Cap Shrinks by $4 Billion as Bitcoin Selling Pressure May Near Exhaustion
Tether’s USDT market capitalization has fallen by roughly $4 billion over the past two months, marking one of the stablecoin’s sharpest contractions on record, according to CryptoQuant.
The 30-day moving average of USDT’s 60-day market-cap change stood at about -$4.88 billion on Monday, while the deepest contraction reached -$5.72 billion on July 13. Nearly $870 million in USDT supply also disappeared during the latest 11-day period.
The decline signals weaker crypto-market liquidity, as stablecoins represent a major source of deployable capital. Historically, sustained USDT expansion has coincided with stronger Bitcoin markets, while contractions have accompanied weaker demand and deeper corrections.
However, CryptoQuant noted that the most extreme USDT contractions have often occurred near the final stages of major market downturns, suggesting Bitcoin selling pressure may be closer to exhaustion than another major acceleration.
The analysis does not establish that falling USDT supply directly causes Bitcoin declines, as both could instead reflect broader risk-off conditions.
Other indicators are also showing similarities with previous Bitcoin bottoms. Analyst William Clemente highlighted a bullish divergence between Bitcoin’s weekly price and relative strength index, resembling a pattern that appeared near the end of the 2022 bear market.
Clemente described Bitcoin as fundamentally healthy and relatively cheap, although he cautioned that another leg lower remains possible before a broader recovery. $BTC

CLARITY Act Faces Tight 36-Day Senate Window Before Year-End
The U.S. Senate will have just 36 scheduled session days after its August recess to advance the CLARITY Act before the end of 2026, leaving lawmakers with a narrow window to resolve several major disputes.
Senate Majority Leader John Thune filed for a cloture vote on the crypto market-structure bill before lawmakers left Washington. The Senate is scheduled to return on Sept. 14, with only 14 session days before another recess ahead of the November elections and 22 more afterward.
The bill still faces unresolved issues, including ethics provisions related to President Donald Trump’s crypto interests and proposed restrictions on stablecoin rewards offered by crypto companies.
Although the House passed an earlier version of the CLARITY Act last year, the Senate has spent more than a year debating the legislation amid government shutdowns, industry opposition to certain provisions and criticism from Democrats over potential conflicts involving Trump’s crypto businesses.
Even if the Senate clears the procedural vote in September, lawmakers would have only a limited period to finalize amendments and hold a full floor vote before the election recess. The November midterms could further complicate negotiations, particularly if control or membership of Congress changes in 2027.
With legislation still uncertain, attention is shifting toward the SEC and CFTC. SEC Chair Paul Atkins has said the agency is prepared to issue crypto rules if Congress fails to act, while CFTC Chair Michael Selig has also signaled that the commission is ready to take a larger role in digital asset oversight.

FlightAware Sues Kalshi Over Flight-Cancellation Prediction Markets
FlightAware has sued prediction market platform Kalshi in New York federal court, accusing the company of unauthorized use of its trademark and flight data to operate markets on commercial flight cancellations.
FlightAware said Kalshi continued offering event contracts described as being “verified by FlightAware’s data” despite repeated demands to stop. The lawsuit alleges trademark infringement, breach of contract, unfair competition and reputational harm.
The company argued that Kalshi’s flight-cancellation markets could wrongly associate FlightAware with gambling-related activity and potentially create incentives for manipulation. It warned that traders could theoretically profit by interfering with flights or that aviation workers might be incentivized to take unsafe shortcuts to keep flights on schedule.
FlightAware is seeking to halt Kalshi’s use of its name and data, saying the markets could damage its reputation and potentially create public-safety risks.
The dispute adds to mounting legal pressure on prediction-market operators such as Kalshi and Polymarket, which are already battling state regulators over whether their event contracts constitute illegal gambling.
The lawsuit also highlights broader concerns about insider information and manipulation in prediction markets, where participants with advance knowledge of an event may be able to profit before information becomes public.
Kalshi and Polymarket together accounted for more than 90% of prediction-market trading volume in Q2 2026, with combined notional volume exceeding $90 billion, according to Predicted.

SEC to Consider New Crypto Offering Rules as CLARITY Act Stalls
The U.S. Securities and Exchange Commission will hold an open meeting on Friday to consider new rules creating a tailored offering regime for certain crypto-related investment contracts, potentially advancing digital asset regulation without waiting for Congress.
The move comes after the Senate failed to advance the CLARITY Act before its August recess. The legislation is intended to establish a comprehensive federal framework for cryptocurrency market oversight.
SEC Chair Paul Atkins previously said the agency was prepared to move forward with crypto rules if Congress failed to pass the bill. The SEC said it will continue supporting bipartisan efforts to enact CLARITY while developing a regulatory framework within its existing statutory authority.
The CLARITY Act is not dead. Senate Majority Leader John Thune has filed for a procedural vote after lawmakers return in September, but the bill still faces significant hurdles in the Senate and would likely need further action in the House before reaching President Donald Trump.
Negotiations have also been complicated by ethics concerns surrounding the Trump family’s crypto businesses, with lawmakers pushing for restrictions covering digital asset activities by public officials.
The SEC’s upcoming meeting could therefore mark an important step toward providing near-term regulatory clarity for the crypto industry even if comprehensive legislation remains stalled in Congress.

SharpLink Posts $394 Million Q2 Loss as Ether Falls 23%
SharpLink, the world’s second-largest corporate Ether holder, reported a $394 million net loss for the second quarter of 2026, widening sharply from a $103 million loss a year earlier.
The result was largely driven by Ethereum’s price decline during the quarter, including $321 million in unrealized crypto losses and $76 million in impairment charges related to staked ETH.
SharpLink generated $11.5 million in revenue, with $11.1 million coming from ETH staking. Cash and cash equivalents rose to $56 million from $28 million at the end of 2025.
The company currently holds about 863,000 ETH worth roughly $1.46 billion, including direct $ETH
holdings and exposure through liquid staking tokens. Ether fell around 23% during Q2 2026, heavily impacting the value of SharpLink’s treasury.
After an eight-month pause, SharpLink resumed ETH accumulation in late June with a $7.8 million purchase, followed days later by another 10,000 ETH acquisition worth about $16 million.
SharpLink shares fell 3.9% on Monday and are down about 30% year-to-date. The company remains the second-largest corporate Ether treasury behind Bitmine, which holds about 5.54 million ETH worth $9.4 billion.

Strategy Plans to Resume Bitcoin Buying After Recent Sales
Strategy CEO Phong Le said the company plans to resume accumulating Bitcoin later this year, despite recent sales that marked a break from its long-standing “never sell” approach.
Le said Strategy has purchased about 175,000 BTC so far this year while selling roughly 7,000 BTC, meaning it has bought around 25 times more Bitcoin than it has sold.
Strategy now holds more than 840,000 BTC and, according to Le, has become the world’s largest institutional Bitcoin holder.
Since May, however, the company has sold Bitcoin on four occasions, including a recent sale of 1,690 BTC. Proceeds have been used to support preferred-stock dividends, share buybacks and Strategy’s U.S. dollar reserve.
The sales have drawn scrutiny because they depart from Strategy’s previous accumulation-only strategy. They also highlight the growing tension between maintaining Bitcoin exposure and meeting obligations to common and preferred shareholders.
More broadly, the corporate Bitcoin treasury model is facing pressure during the bear market. Public companies collectively hold more than 1.26 million BTC, compared with over 1.6 million BTC held by ETFs and other funds.
The treasury strategy works best when companies trade at a premium to the value of their Bitcoin holdings, allowing them to raise capital and buy more BTC. When their shares trade below Bitcoin net asset value, however, raising new equity becomes more dilutive and the accumulation model becomes harder to sustain. $BTC

Itaú Joins Brazil Pilot to Test Tokenized Bonds and Investment Funds
Itaú, Latin America’s largest private-sector bank, has partnered with digital asset infrastructure provider OpenAssets to participate in a Brazilian industry pilot exploring the tokenization of fixed-income securities and investment funds.
The initiative is led by the Brazilian Financial and Capital Markets Association, ANBIMA, and is testing how capital-market instruments can be issued, traded and settled using distributed ledger technology.
Itaú and OpenAssets will develop technical proofs of concept and assess the operational, regulatory and technology requirements for tokenized assets, including debentures and investment funds.
OpenAssets will provide the tokenization infrastructure, while Itaú will contribute its capital-markets expertise. The pilot is being conducted on a private, permissioned DLT network in a simulated environment without real financial transactions.
ANBIMA selected 20 use cases for the pilot in April from 39 proposals submitted by more than 50 banks, asset managers and technology companies.
The initiative comes as the value of tokenized real-world assets on public blockchains has more than doubled over the past year, rising from about $18.9 billion in August 2025 to $38.3 billion, with tokenized U.S. Treasury debt accounting for more than $16 billion.

MoneyGram Expands Cash-to-Crypto Ramps Service to Solana
Global remittance company MoneyGram has expanded its Ramps service to Solana, allowing wallets, exchanges and developers on the network to offer cash-to-crypto and crypto-to-cash conversions through MoneyGram’s global payment infrastructure.
Solana becomes the second blockchain supported by Ramps after Stellar. Rift is the first Solana wallet to integrate the service, enabling users to convert between crypto and local currencies through MoneyGram.
MoneyGram says Ramps supports cash deposits in more than 25 countries and withdrawals across more than 170 countries and territories. Solana said MoneyGram’s broader network serves more than 60 million customers through nearly 500,000 retail locations in over 170 countries.
The service is also integrated into the Solana Developer Platform’s payments module, allowing developers to add fiat on- and off-ramp capabilities through a single API without building their own banking infrastructure.
The expansion deepens MoneyGram’s involvement with Solana. In June, the company became a Solana validator, staking $SOL
and processing transactions on the network, while also joining the Solana Developer Platform.

Bitcoin Slips Toward $64,000 Ahead of U.S. Inflation Data
Bitcoin fell more than 1% toward $64,000 on Tuesday after four failed attempts to hold above $65,000, as traders positioned ahead of Wednesday’s key U.S. inflation report.
BTC briefly traded above $64,400 before weakening during the Asian session, while Ether dropped nearly 2% to around $1,880.
Market expectations have shifted sharply after last week’s surprise contraction in U.S. payrolls, which reduced the probability of a September Federal Reserve rate hike to roughly 44% from about 80% in late July.
Analysts said Bitcoin’s repeated rejection near $65,000 does not necessarily signal heavy profit-taking. Instead, short positions may be building above that level, potentially creating conditions for a faster move toward $70,000 if BTC can break through convincingly.
However, selling from corporate treasuries remains a headwind. Analysts highlighted Strategy’s recent Bitcoin sales and its potential $5 billion liquidation authorization as factors weighing on market sentiment.
Economists expect Wednesday’s U.S. inflation report to show headline inflation easing to 3.4% year-over-year and core inflation slowing to 2.5%. A softer reading could support Bitcoin and other risk assets, while hotter-than-expected inflation could revive expectations for tighter monetary policy.
U.S. spot Bitcoin ETFs attracted more than $850 million last week, their strongest weekly inflows since mid-April, but this week began with a $144 million outflow.
Bitcoin has remained largely range-bound between $64,000 and $67,000, with traders increasingly focused on inflation, Federal Reserve policy and macroeconomic risks. $BTC

CFTC Orders Kalshi to Keep Operating Despite New York Lawsuit
The U.S. Commodity Futures Trading Commission has ordered prediction market Kalshi to continue operating under federal oversight, escalating its jurisdictional fight with New York regulators.
The move follows a July lawsuit from New York Attorney General Letitia James, who accused Kalshi of running an illegal gambling business and sought a temporary restraining order to block the platform from operating in the state. The lawsuit also seeks restitution, disgorgement and civil penalties that could total at least $36 billion.
CFTC Chair Michael Selig argued that federally regulated prediction markets fall under the agency’s authority and said individual states should not regulate interstate financial markets. Kalshi had warned the CFTC that blocking access in New York could trigger an “imminent market emergency” by damaging liquidity.
The dispute is part of a broader battle over whether prediction markets, particularly contracts tied to sports outcomes, should be regulated federally as financial derivatives or by states under gambling laws.
Over the past year, the CFTC has challenged regulatory actions by New York, Illinois, Arizona, Connecticut and other states as it seeks to establish exclusive federal jurisdiction over registered prediction markets.
The issue could also spill into the CLARITY Act, as senators and tribal gaming regulators push for provisions preserving state authority over sports betting and limiting the reach of prediction-market platforms such as Kalshi and Polymarket.

ENS Tokenholders Approve Major Foundation Overhaul
Ethereum Name Service tokenholders have approved and executed the controversial “Next Era of ENS DAO” proposal, transforming the ENS Foundation into a fully operational organization with dedicated staff, a full-time executive director and a five-member board.
The proposal passed with roughly 70% support and was executed onchain on Aug. 11. Under the new structure, the Foundation will handle off-chain policy, trademark protection, institutional engagement and other operational responsibilities, while ENS Labs continues developing the core protocol and the upcoming ENSv2 upgrade.
The Foundation will also gain administrative control over the approximately $65 million ENS Endowment and stewardship of protocol revenue, subject to safeguards including published budgets, audited financials and a nine-day timelock on endowment transactions that can be canceled by the Security Council.
The ENS DAO will retain protocol-level authority and control of roughly 54.6% of the total ENS token supply, but will make a one-time transfer of 1 million ENS tokens to the Foundation to fund employee compensation.
Tokenholders will retain the ability to appoint or remove Foundation directors. The inaugural board includes Executive Director Alexander Urbelis, ENS founder Nick Johnson and independent directors Kartik Talwar, Brett Sun and Anthony Leutenegger.
The overhaul follows a contentious governance dispute in June, when Johnson self-delegated about 3.26 million $ENS
tokens, representing roughly half of active voting power, and used them to block renewal of the previous Security Council. Critics described the move as a governance attack, intensifying debate over control of ENS operations and treasury management.

Robinhood Chain Activity Hits Record as User Growth Stalls
Robinhood Chain averaged a record 11.6 million daily transactions last week, up about 30% week-over-week, while total value locked rose 32% to $473 million.
However, user growth remained weak. Average daily active accounts increased just 3.3% from the previous week and remained 11% below the July 16 peak, despite a temporary boost following Robinhood’s spot listing of the Cashcat memecoin.
The divergence suggests that Robinhood Chain’s growth is being driven primarily by existing users trading more frequently, rather than a significant influx of new participants.
The chain’s stablecoin composition is also shifting rapidly. $USDE
has grown to $253 million, representing roughly 43% of Robinhood Chain’s stablecoin supply, up from just $17 million a month ago.
The growing dominance of yield-bearing USDe, combined with rising TVL and stagnant active accounts, suggests that more capital is being parked on the network while user expansion remains limited.

TD Cowen Puts CLARITY Act’s Near-Term Passage Odds at Just 25%
TD Cowen’s Washington Research Group estimates there is only a 25% chance that the CLARITY Act becomes law in the next few months, as the landmark U.S. crypto market-structure bill faces mounting political and scheduling obstacles.
Senate Majority Leader John Thune has postponed the first procedural vote until Sept. 15, after lawmakers return from the August recess. The delay leaves Congress with a narrow window to advance the bill before lawmakers leave Washington for October and shift their attention toward the November elections.
The CLARITY Act would establish a comprehensive federal framework for the crypto industry and significantly expand the Commodity Futures Trading Commission’s authority over digital assets.
Key unresolved issues include stablecoin rewards, ethics rules covering public officials’ crypto interests, illicit-finance safeguards and differences between the House and Senate versions of the bill. Banks are also pushing lawmakers to tighten restrictions on stablecoin rewards.
TD Cowen analyst Jaret Seiberg said the bill’s best opportunity for passage was before the summer recess, adding that while the legislation is “not dead,” its path has become considerably more difficult.
The White House and major crypto industry groups remain supportive, however, and still see September as a possible window for passage. Meanwhile, the SEC and CFTC are moving ahead with their own crypto rulemaking efforts, although industry representatives argue that agency rules cannot provide the same long-term legal certainty as legislation passed by Congress. $BTC
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