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Token buybacks are booming. But are they good for crypto projects?As the industry matures and borrows more pages out of TradiFi’s playbook, crypto projects are starting to adopt some of the behaviors of public companies.
The latest craze rocking cryptoville is token buybacks: using revenue to buy back your own token.
So far in 2026, crypto projects have spent about $640 million on the practice, up around 17% from the same period the year prior, and an order of magnitude more than the $366,000 spent in 2024. Hyperliquid and Pump.fun accounting for almost 90% of the current spend.
So what’s the sudden appeal?
Buybacks can create demand for a token, while burns can reduce the supply making each token more valuable. That dynamic can cause upward pressure on the token price.
It also gives holders a more tangible connection to the economic activity on the underlying protocol. Orest Gavryliak, chief legal officer at decentralized exchange aggregator 1inch, tells Magazine:
“When projects implement revenue-funded buybacks and burns, they typically have one of two objectives in mind: either to decrease the token supply in circulation or to demonstrate the rationale for investing in protocol revenues.”
Gavryliak says that telling users a project has “bought and burned tokens” is “much more straightforward” than explaining how governance rights work, how fees are set, or how the protocol is used.
But there’s a flipside: every dollar a protocol spends buying its token is a dollar it could have spent hiring developers, expanding the business, strengthening its balance sheet or building the product.
So, as buybacks become one of crypto’s hottest tokenomics tools, are they actually good for the projects using them?
Why crypto projects are buying themselves
You might wonder if projects buying their own token is counterproductive. After all, projects typically sell tokens to raise funds to cover costs.
Almost, but with an important caveat. Using revenue generated to buy back tokens (and then to hold them or burn them) creates an implicit connection between the success of the protocol and the value of its token. That’s something crypto projects have long struggled with. As Max Shannon, senior research associate at Bitwise Europe, explains:
“Buybacks and burns remain an effective way to accrue value to tokenholders: they create a continuous bid in the open market for the token, directly tethering token success to the platform’s adoption.”
That marks a sea-change for an industry that has spent the past couple of years chasing narratives or speculating on the greater fool theory — users who bought Fartcoin or Peanut the Squirrel didn’t do so for their sound economic models.
Some protocols are taking the idea much further than others. Hyperliquid, for example, has used 99% of its revenue to buy back and burn HYPE and 50% of Pump.fun’s revenue goes toward buying and burning its token, with $446.65 million worth of PUMP already removed from circulation.
HYPE Burns. Source: Hyperliquid
DeFi infrastructure protocol Spark offers a slightly different model, acquiring over 143 million SPK through open-market buybacks funded by protocol surplus, according to co-founder and chief executive Sam MacPherson.
But those tokens were not burned, and instead remain in the Spark treasury to reward long-term participants in the ecosystem. MacPherson tells Magazine the point is not simply to reduce supply:
“Tokenholders should participate in the long-term economic success of the protocol, rather than simply receive a distribution every time it generates revenue.”
He says buybacks allow Spark to create that alignment while “retaining flexibility over how and when the acquired SPK is ultimately deployed,” allowing the protocol to make its token economically relevant rather than “a simple dividend mechanism.”
Token buybacks are also a highly tax effective way to return revenue to holders, because users don’t cop a hefty tax bill on dividends or rewards.
Is buying the token really the best use of the money?
While that all sounds perfectly rational, the bigger question is whether buying your own token is really the best use of a project’s funds?
Probably not in every case. MacPherson says:
“The question should be: what is the highest-value use of the next dollar of surplus?”
If a protocol can reinvest capital at attractive returns, he says, that can be “far more valuable” than simply distributing revenue as it arrives.
PUMP Burns. Source: Pump.fun
Buybacks can support token economics without actually improving the underlying business.
There is also no ironclad guarantee that buybacks will translate into higher token prices. Pump.fun has been aggressively buying and burning PUMP since July 2025, but the token is still hovering 50% below its September 2025 all-time high. UNI has also given back around half of the gains it made after Uniswap unveiled its UNIfication proposal in November 2025.
Shannon points out that “many factors” contributed to those price movements, so they don’t prove buybacks failed, but:
“They have prompted investors to debate whether these startup-like projects would be better served by reducing the share of revenue committed to buybacks and burns and reinvesting more in the team and the project itself.”
Investors should make a careful distinction between a buyback scheme that pumps prices, and a successful business model.
A sustainable protocol that generates genuine surplus may decide that buying its token is the best use of some of that money, but equally a project that’s limping along might simply attempt to buyback tokens to move the price. MacPherson notes:
“A buyback doesn’t make an unsustainable protocol sustainable.”
When a token starts looking like a stock
While token buybacks may superficially resemble share buyback program, that doesn’t mean tokens are becoming more like stocks.
UNI is down around 50% since it started buybacks and burns. Source: Coingecko
A shareholder owns part of a company and may have voting rights, dividends or a claim on its residual assets. Tokenholders generally do not have those same legal rights, and Orest says that distinction is critical. “This is a market mechanism, not a legally enforceable entitlement,” he says.
MacPherson describes SPK as a form of “pseudo-equity” for an onchain protocol. While there isn’t a legal ownership structure in the traditional corporate sense, economically Spark is “trying to create many of the same characteristics: participation in governance, long-term alignment, and a mechanism through which those most committed to the protocol can benefit from its success.”
When buybacks start looking like dividends
But as crypto starts to emulate TradFi buybacks, storm clouds may be gathering on the horizon, as regulators consider what those mechanisms actually amount to.
While the Digital Asset Market Clarity (CLARITY) Act of 2025 remains a draft and should not be treated as settled law, Gavryliak says its proposed framework highlights the key question of where a token’s value comes from:
“If it stems from the functionality of the network itself, then the asset looks like a commodity. But if the value is based on the efforts of the project’s team in matters of shipping, marketing, or providing returns to token holders, then it is already a security. In the end, don’t put the clothes of a stock on the token and expect it to be a commodity.”
At the end of the day, crypto investors want to know what sits underneath a token — revenue, users, sustainable economics — and some credible way for the token to benefit from those things.
While buybacks may offer a solution, they can also be just another piece of financial engineering that makes a token look more valuable than it actually is without fixing the issues underneath, as Gavryliak points out:
“If the buybacks stopped, would there still be a reason to hold the token? If the answer is no, the problem runs deeper than tokenomics.”
Magazine: Mystery surrounds why an OG burned $1M in Bitcoin
Token buybacks are booming. But are they good for crypto projects?
As the industry matures and borrows more pages out of TradiFi’s playbook, crypto projects are starting to adopt some of the behaviors of public companies.
The latest craze rocking cryptoville is token buybacks: using revenue to buy back your own token.
So far in 2026, crypto projects have spent about $640 million on the practice, up around 17% from the same period the year prior, and an order of magnitude more than the $366,000 spent in 2024. Hyperliquid and Pump.fun accounting for almost 90% of the current spend.
So what’s the sudden appeal?
Buybacks can create demand for a token, while burns can reduce the supply making each token more valuable. That dynamic can cause upward pressure on the token price.
It also gives holders a more tangible connection to the economic activity on the underlying protocol. Orest Gavryliak, chief legal officer at decentralized exchange aggregator 1inch, tells Magazine:
“When projects implement revenue-funded buybacks and burns, they typically have one of two objectives in mind: either to decrease the token supply in circulation or to demonstrate the rationale for investing in protocol revenues.”
Gavryliak says that telling users a project has “bought and burned tokens” is “much more straightforward” than explaining how governance rights work, how fees are set, or how the protocol is used.
But there’s a flipside: every dollar a protocol spends buying its token is a dollar it could have spent hiring developers, expanding the business, strengthening its balance sheet or building the product.
So, as buybacks become one of crypto’s hottest tokenomics tools, are they actually good for the projects using them?
Why crypto projects are buying themselves
You might wonder if projects buying their own token is counterproductive. After all, projects typically sell tokens to raise funds to cover costs.
Almost, but with an important caveat. Using revenue generated to buy back tokens (and then to hold them or burn them) creates an implicit connection between the success of the protocol and the value of its token. That’s something crypto projects have long struggled with. As Max Shannon, senior research associate at Bitwise Europe, explains:
“Buybacks and burns remain an effective way to accrue value to tokenholders: they create a continuous bid in the open market for the token, directly tethering token success to the platform’s adoption.”
That marks a sea-change for an industry that has spent the past couple of years chasing narratives or speculating on the greater fool theory — users who bought Fartcoin or Peanut the Squirrel didn’t do so for their sound economic models.
Some protocols are taking the idea much further than others. Hyperliquid, for example, has used 99% of its revenue to buy back and burn HYPE and 50% of Pump.fun’s revenue goes toward buying and burning its token, with $446.65 million worth of PUMP already removed from circulation.
HYPE Burns. Source: Hyperliquid
DeFi infrastructure protocol Spark offers a slightly different model, acquiring over 143 million SPK through open-market buybacks funded by protocol surplus, according to co-founder and chief executive Sam MacPherson.
But those tokens were not burned, and instead remain in the Spark treasury to reward long-term participants in the ecosystem. MacPherson tells Magazine the point is not simply to reduce supply:
“Tokenholders should participate in the long-term economic success of the protocol, rather than simply receive a distribution every time it generates revenue.”
He says buybacks allow Spark to create that alignment while “retaining flexibility over how and when the acquired SPK is ultimately deployed,” allowing the protocol to make its token economically relevant rather than “a simple dividend mechanism.”
Token buybacks are also a highly tax effective way to return revenue to holders, because users don’t cop a hefty tax bill on dividends or rewards.
Is buying the token really the best use of the money?
While that all sounds perfectly rational, the bigger question is whether buying your own token is really the best use of a project’s funds?
Probably not in every case. MacPherson says:
“The question should be: what is the highest-value use of the next dollar of surplus?”
If a protocol can reinvest capital at attractive returns, he says, that can be “far more valuable” than simply distributing revenue as it arrives.
PUMP Burns. Source: Pump.fun
Buybacks can support token economics without actually improving the underlying business.
There is also no ironclad guarantee that buybacks will translate into higher token prices. Pump.fun has been aggressively buying and burning PUMP since July 2025, but the token is still hovering 50% below its September 2025 all-time high. UNI has also given back around half of the gains it made after Uniswap unveiled its UNIfication proposal in November 2025.
Shannon points out that “many factors” contributed to those price movements, so they don’t prove buybacks failed, but:
“They have prompted investors to debate whether these startup-like projects would be better served by reducing the share of revenue committed to buybacks and burns and reinvesting more in the team and the project itself.”
Investors should make a careful distinction between a buyback scheme that pumps prices, and a successful business model.
A sustainable protocol that generates genuine surplus may decide that buying its token is the best use of some of that money, but equally a project that’s limping along might simply attempt to buyback tokens to move the price. MacPherson notes:
“A buyback doesn’t make an unsustainable protocol sustainable.”
When a token starts looking like a stock
While token buybacks may superficially resemble share buyback program, that doesn’t mean tokens are becoming more like stocks.
UNI is down around 50% since it started buybacks and burns. Source: Coingecko
A shareholder owns part of a company and may have voting rights, dividends or a claim on its residual assets. Tokenholders generally do not have those same legal rights, and Orest says that distinction is critical. “This is a market mechanism, not a legally enforceable entitlement,” he says.
MacPherson describes SPK as a form of “pseudo-equity” for an onchain protocol. While there isn’t a legal ownership structure in the traditional corporate sense, economically Spark is “trying to create many of the same characteristics: participation in governance, long-term alignment, and a mechanism through which those most committed to the protocol can benefit from its success.”
When buybacks start looking like dividends
But as crypto starts to emulate TradFi buybacks, storm clouds may be gathering on the horizon, as regulators consider what those mechanisms actually amount to.
While the Digital Asset Market Clarity (CLARITY) Act of 2025 remains a draft and should not be treated as settled law, Gavryliak says its proposed framework highlights the key question of where a token’s value comes from:
“If it stems from the functionality of the network itself, then the asset looks like a commodity. But if the value is based on the efforts of the project’s team in matters of shipping, marketing, or providing returns to token holders, then it is already a security. In the end, don’t put the clothes of a stock on the token and expect it to be a commodity.”
At the end of the day, crypto investors want to know what sits underneath a token — revenue, users, sustainable economics — and some credible way for the token to benefit from those things.
While buybacks may offer a solution, they can also be just another piece of financial engineering that makes a token look more valuable than it actually is without fixing the issues underneath, as Gavryliak points out:
“If the buybacks stopped, would there still be a reason to hold the token? If the answer is no, the problem runs deeper than tokenomics.”
Magazine: Mystery surrounds why an OG burned $1M in Bitcoin
The latest craze rocking cryptoville is token buybacks: using revenue to buy back your own token.
So far in 2026, crypto projects have spent about $640 million on the practice, up around 17% from the same period the year prior, and an order of magnitude more than the $366,000 spent in 2024. Hyperliquid and Pump.fun accounting for almost 90% of the current spend.
So what’s the sudden appeal?
Buybacks can create demand for a token, while burns can reduce the supply making each token more valuable. That dynamic can cause upward pressure on the token price.
It also gives holders a more tangible connection to the economic activity on the underlying protocol. Orest Gavryliak, chief legal officer at decentralized exchange aggregator 1inch, tells Magazine:
“When projects implement revenue-funded buybacks and burns, they typically have one of two objectives in mind: either to decrease the token supply in circulation or to demonstrate the rationale for investing in protocol revenues.”
Gavryliak says that telling users a project has “bought and burned tokens” is “much more straightforward” than explaining how governance rights work, how fees are set, or how the protocol is used.
But there’s a flipside: every dollar a protocol spends buying its token is a dollar it could have spent hiring developers, expanding the business, strengthening its balance sheet or building the product.
So, as buybacks become one of crypto’s hottest tokenomics tools, are they actually good for the projects using them?
Why crypto projects are buying themselves
You might wonder if projects buying their own token is counterproductive. After all, projects typically sell tokens to raise funds to cover costs.
Almost, but with an important caveat. Using revenue generated to buy back tokens (and then to hold them or burn them) creates an implicit connection between the success of the protocol and the value of its token. That’s something crypto projects have long struggled with. As Max Shannon, senior research associate at Bitwise Europe, explains:
“Buybacks and burns remain an effective way to accrue value to tokenholders: they create a continuous bid in the open market for the token, directly tethering token success to the platform’s adoption.”
That marks a sea-change for an industry that has spent the past couple of years chasing narratives or speculating on the greater fool theory — users who bought Fartcoin or Peanut the Squirrel didn’t do so for their sound economic models.
Some protocols are taking the idea much further than others. Hyperliquid, for example, has used 99% of its revenue to buy back and burn HYPE and 50% of Pump.fun’s revenue goes toward buying and burning its token, with $446.65 million worth of PUMP already removed from circulation.
HYPE Burns. Source: Hyperliquid
DeFi infrastructure protocol Spark offers a slightly different model, acquiring over 143 million SPK through open-market buybacks funded by protocol surplus, according to co-founder and chief executive Sam MacPherson.
But those tokens were not burned, and instead remain in the Spark treasury to reward long-term participants in the ecosystem. MacPherson tells Magazine the point is not simply to reduce supply:
“Tokenholders should participate in the long-term economic success of the protocol, rather than simply receive a distribution every time it generates revenue.”
He says buybacks allow Spark to create that alignment while “retaining flexibility over how and when the acquired SPK is ultimately deployed,” allowing the protocol to make its token economically relevant rather than “a simple dividend mechanism.”
Token buybacks are also a highly tax effective way to return revenue to holders, because users don’t cop a hefty tax bill on dividends or rewards.
Is buying the token really the best use of the money?
While that all sounds perfectly rational, the bigger question is whether buying your own token is really the best use of a project’s funds?
Probably not in every case. MacPherson says:
“The question should be: what is the highest-value use of the next dollar of surplus?”
If a protocol can reinvest capital at attractive returns, he says, that can be “far more valuable” than simply distributing revenue as it arrives.
PUMP Burns. Source: Pump.fun
Buybacks can support token economics without actually improving the underlying business.
There is also no ironclad guarantee that buybacks will translate into higher token prices. Pump.fun has been aggressively buying and burning PUMP since July 2025, but the token is still hovering 50% below its September 2025 all-time high. UNI has also given back around half of the gains it made after Uniswap unveiled its UNIfication proposal in November 2025.
Shannon points out that “many factors” contributed to those price movements, so they don’t prove buybacks failed, but:
“They have prompted investors to debate whether these startup-like projects would be better served by reducing the share of revenue committed to buybacks and burns and reinvesting more in the team and the project itself.”
Investors should make a careful distinction between a buyback scheme that pumps prices, and a successful business model.
A sustainable protocol that generates genuine surplus may decide that buying its token is the best use of some of that money, but equally a project that’s limping along might simply attempt to buyback tokens to move the price. MacPherson notes:
“A buyback doesn’t make an unsustainable protocol sustainable.”
When a token starts looking like a stock
While token buybacks may superficially resemble share buyback program, that doesn’t mean tokens are becoming more like stocks.
UNI is down around 50% since it started buybacks and burns. Source: Coingecko
A shareholder owns part of a company and may have voting rights, dividends or a claim on its residual assets. Tokenholders generally do not have those same legal rights, and Orest says that distinction is critical. “This is a market mechanism, not a legally enforceable entitlement,” he says.
MacPherson describes SPK as a form of “pseudo-equity” for an onchain protocol. While there isn’t a legal ownership structure in the traditional corporate sense, economically Spark is “trying to create many of the same characteristics: participation in governance, long-term alignment, and a mechanism through which those most committed to the protocol can benefit from its success.”
When buybacks start looking like dividends
But as crypto starts to emulate TradFi buybacks, storm clouds may be gathering on the horizon, as regulators consider what those mechanisms actually amount to.
While the Digital Asset Market Clarity (CLARITY) Act of 2025 remains a draft and should not be treated as settled law, Gavryliak says its proposed framework highlights the key question of where a token’s value comes from:
“If it stems from the functionality of the network itself, then the asset looks like a commodity. But if the value is based on the efforts of the project’s team in matters of shipping, marketing, or providing returns to token holders, then it is already a security. In the end, don’t put the clothes of a stock on the token and expect it to be a commodity.”
At the end of the day, crypto investors want to know what sits underneath a token — revenue, users, sustainable economics — and some credible way for the token to benefit from those things.
While buybacks may offer a solution, they can also be just another piece of financial engineering that makes a token look more valuable than it actually is without fixing the issues underneath, as Gavryliak points out:
“If the buybacks stopped, would there still be a reason to hold the token? If the answer is no, the problem runs deeper than tokenomics.”
Magazine: Mystery surrounds why an OG burned $1M in Bitcoin
173
Revolut, OpenReserve get preliminary US bank approval with crypto plansRevolut and Andreessen Horowitz-backed crypto banking startup OpenReserve have received preliminary US regulatory approval to establish national banks, with both companies planning to offer cryptocurrency and stablecoin-related services.
The Office of the Comptroller of the Currency (OCC) granted preliminary conditional approval for Revolut to move forward with a proposed bank in Connecticut and OpenReserve with one in Utah, according to separate decisions published Wednesday.
The OCC said Revolut wants its own US bank to provide services at lower cost and with greater efficiency than its current model, which relies on Federal Deposit Insurance Corporation (FDIC)-insured partner banks.
Revolut plans to offer digital asset custody and allow customers to use crypto assets, including stablecoins, for cross-border transfers. It also plans to offer Revolut-branded stablecoins issued by a third party.
Founded in 2025 by MoneyLion founder and former CEO Dee Choubey, OpenReserve is building a blockchain-based bank designed to offer traditional banking services alongside tokenized deposits and digital asset services.
OpenReserve plans tokenized deposits, digital asset custody and a subsidiary that would issue US dollar-backed stablecoins, though it has not yet filed an application for the subsidiary.
The banks cannot open until they meet the OCC’s preopening requirements and receive final approval.
Revolut, OpenReserve get preliminary US bank approval with crypto plans
Revolut and Andreessen Horowitz-backed crypto banking startup OpenReserve have received preliminary US regulatory approval to establish national banks, with both companies planning to offer cryptocurrency and stablecoin-related services.
The Office of the Comptroller of the Currency (OCC) granted preliminary conditional approval for Revolut to move forward with a proposed bank in Connecticut and OpenReserve with one in Utah, according to separate decisions published Wednesday.
The OCC said Revolut wants its own US bank to provide services at lower cost and with greater efficiency than its current model, which relies on Federal Deposit Insurance Corporation (FDIC)-insured partner banks.
Revolut plans to offer digital asset custody and allow customers to use crypto assets, including stablecoins, for cross-border transfers. It also plans to offer Revolut-branded stablecoins issued by a third party.
Founded in 2025 by MoneyLion founder and former CEO Dee Choubey, OpenReserve is building a blockchain-based bank designed to offer traditional banking services alongside tokenized deposits and digital asset services.
OpenReserve plans tokenized deposits, digital asset custody and a subsidiary that would issue US dollar-backed stablecoins, though it has not yet filed an application for the subsidiary.
The banks cannot open until they meet the OCC’s preopening requirements and receive final approval.
The Office of the Comptroller of the Currency (OCC) granted preliminary conditional approval for Revolut to move forward with a proposed bank in Connecticut and OpenReserve with one in Utah, according to separate decisions published Wednesday.
The OCC said Revolut wants its own US bank to provide services at lower cost and with greater efficiency than its current model, which relies on Federal Deposit Insurance Corporation (FDIC)-insured partner banks.
Revolut plans to offer digital asset custody and allow customers to use crypto assets, including stablecoins, for cross-border transfers. It also plans to offer Revolut-branded stablecoins issued by a third party.
Founded in 2025 by MoneyLion founder and former CEO Dee Choubey, OpenReserve is building a blockchain-based bank designed to offer traditional banking services alongside tokenized deposits and digital asset services.
OpenReserve plans tokenized deposits, digital asset custody and a subsidiary that would issue US dollar-backed stablecoins, though it has not yet filed an application for the subsidiary.
The banks cannot open until they meet the OCC’s preopening requirements and receive final approval.
1
108
Article
Kalshi US visits soar 1,500% as regulatory pressure mountsMajor prediction market platform Kalshi has seen its US web traffic explode over the past year, underscoring the platform’s rapid growth while regulators and courts scrutinize its expanding event-contract business.
Kalshi recorded 15.4 million visits from the United States in July, up about 1,520% from just under 1 million in August 2025, according to Similarweb traffic estimates reviewed by Cointelegraph on Friday.
US traffic accounted for nearly 80% of Kalshi’s traffic in July, up from 72.8% in August 2025, showing that its growth has remained heavily concentrated in the country.
The surge comes as Kalshi faces mounting legal challenges over whether its sports contracts fall under federal oversight or state gambling laws, with New Jersey taking the dispute to the US Supreme Court.
Trading volume outpaces traffic growth
Kalshi’s surge in web traffic has come alongside even faster growth in trading activity, as prediction markets have expanded rapidly over the past year.
Kalshi recorded about $40 billion in monthly notional trading volume in August, up from $874 million a year earlier, an increase of roughly 4,500%, according to a Dune Analytics prediction market data dashboard.
Source: Dune Analytics
Across the prediction-market industry, monthly notional volume rose to $50.7 billion from about $2 billion over the same period, with Kalshi accounting for nearly 79% of the latest total.
Sports contracts accounted for 83% of Kalshi’s trading volume in July, Barron’s reported Thursday.
Kalshi draws growing traffic from restricted jurisdictions
Canada generated about 450,000 visits to Kalshi’s website in July, up from roughly 50,000 in August 2025, while UK traffic increased to 296,000 from 31,000.
Both Canada and the UK are among the jurisdictions where Kalshi’s member agreement currently prohibits users from directly accessing or trading on Kalshi’s platform. Kalshi partnered with Canadian financial services company Wealthsimple in June to provide access to nearly 4,000 eligible Kalshi contracts through a separate app.
Kalshi website traffic by country in July 2026 and August 2025. Source: Similarweb
From August 2025 to July 2026, Canada’s share of Kalshi’s traffic slipped to 2.3% from 3.8%, while the UK’s share fell to 1.5% from 2.4%, even as visits from both countries increased.
Cointelegraph contacted Kalshi for comment on the traffic from restricted jurisdictions but had not received a response by publication.
Magazine: BTC will hit $1M by 2030... but Arthur Hayes is buying ETH instead
Kalshi US visits soar 1,500% as regulatory pressure mounts
Major prediction market platform Kalshi has seen its US web traffic explode over the past year, underscoring the platform’s rapid growth while regulators and courts scrutinize its expanding event-contract business.
Kalshi recorded 15.4 million visits from the United States in July, up about 1,520% from just under 1 million in August 2025, according to Similarweb traffic estimates reviewed by Cointelegraph on Friday.
US traffic accounted for nearly 80% of Kalshi’s traffic in July, up from 72.8% in August 2025, showing that its growth has remained heavily concentrated in the country.
The surge comes as Kalshi faces mounting legal challenges over whether its sports contracts fall under federal oversight or state gambling laws, with New Jersey taking the dispute to the US Supreme Court.
Trading volume outpaces traffic growth
Kalshi’s surge in web traffic has come alongside even faster growth in trading activity, as prediction markets have expanded rapidly over the past year.
Kalshi recorded about $40 billion in monthly notional trading volume in August, up from $874 million a year earlier, an increase of roughly 4,500%, according to a Dune Analytics prediction market data dashboard.
Source: Dune Analytics
Across the prediction-market industry, monthly notional volume rose to $50.7 billion from about $2 billion over the same period, with Kalshi accounting for nearly 79% of the latest total.
Sports contracts accounted for 83% of Kalshi’s trading volume in July, Barron’s reported Thursday.
Kalshi draws growing traffic from restricted jurisdictions
Canada generated about 450,000 visits to Kalshi’s website in July, up from roughly 50,000 in August 2025, while UK traffic increased to 296,000 from 31,000.
Both Canada and the UK are among the jurisdictions where Kalshi’s member agreement currently prohibits users from directly accessing or trading on Kalshi’s platform. Kalshi partnered with Canadian financial services company Wealthsimple in June to provide access to nearly 4,000 eligible Kalshi contracts through a separate app.
Kalshi website traffic by country in July 2026 and August 2025. Source: Similarweb
From August 2025 to July 2026, Canada’s share of Kalshi’s traffic slipped to 2.3% from 3.8%, while the UK’s share fell to 1.5% from 2.4%, even as visits from both countries increased.
Cointelegraph contacted Kalshi for comment on the traffic from restricted jurisdictions but had not received a response by publication.
Magazine: BTC will hit $1M by 2030... but Arthur Hayes is buying ETH instead
Kalshi recorded 15.4 million visits from the United States in July, up about 1,520% from just under 1 million in August 2025, according to Similarweb traffic estimates reviewed by Cointelegraph on Friday.
US traffic accounted for nearly 80% of Kalshi’s traffic in July, up from 72.8% in August 2025, showing that its growth has remained heavily concentrated in the country.
The surge comes as Kalshi faces mounting legal challenges over whether its sports contracts fall under federal oversight or state gambling laws, with New Jersey taking the dispute to the US Supreme Court.
Trading volume outpaces traffic growth
Kalshi’s surge in web traffic has come alongside even faster growth in trading activity, as prediction markets have expanded rapidly over the past year.
Kalshi recorded about $40 billion in monthly notional trading volume in August, up from $874 million a year earlier, an increase of roughly 4,500%, according to a Dune Analytics prediction market data dashboard.
Source: Dune Analytics
Across the prediction-market industry, monthly notional volume rose to $50.7 billion from about $2 billion over the same period, with Kalshi accounting for nearly 79% of the latest total.
Sports contracts accounted for 83% of Kalshi’s trading volume in July, Barron’s reported Thursday.
Kalshi draws growing traffic from restricted jurisdictions
Canada generated about 450,000 visits to Kalshi’s website in July, up from roughly 50,000 in August 2025, while UK traffic increased to 296,000 from 31,000.
Both Canada and the UK are among the jurisdictions where Kalshi’s member agreement currently prohibits users from directly accessing or trading on Kalshi’s platform. Kalshi partnered with Canadian financial services company Wealthsimple in June to provide access to nearly 4,000 eligible Kalshi contracts through a separate app.
Kalshi website traffic by country in July 2026 and August 2025. Source: Similarweb
From August 2025 to July 2026, Canada’s share of Kalshi’s traffic slipped to 2.3% from 3.8%, while the UK’s share fell to 1.5% from 2.4%, even as visits from both countries increased.
Cointelegraph contacted Kalshi for comment on the traffic from restricted jurisdictions but had not received a response by publication.
Magazine: BTC will hit $1M by 2030... but Arthur Hayes is buying ETH instead
168
Trezor says data breach affects another 67K US customersThe impact of hardware wallet provider Trezor’s data breach was larger than initially estimated, expanding to an additional 67,000 US customers.
The breach may endanger more US users who ordered between November 2019 and August 2021, Trezor said in a Friday X post, citing the latest update from its shipping provider, ShipMonk.
These customers had their full details exposed, including name, email, number, shipping address and order specifics. Trezor blamed the shipping provider for not deleting the data from these orders, despite saying it had received written assurances from ShipMonk.
While Trezor systems were not compromised, the data breach may threaten the digital asset holdings of the 67,000 customers, as attackers may use the information for phishing attacks impersonating Trezor, in a bid to steal users’ seed phrases controlling their wallets.
In August, Trezor initially estimated that only 14,000 users had their data exposed through the shipping provider. Trezor reported in January 2024 that about 66,000 users were at risk of phishing attacks if they had contacted the company’s support team since December 2021.
Phishing attacks and social engineering don’t require exploiting code vulnerabilities. Still, these impersonation-based scams drove the majority of the crypto industry’s losses in the first quarter of the year, accounting for $306 million of the total $482 million lost, according to blockchain security company Hacken.
In July, a crypto investor lost nearly $1 million after signing a malicious phishing token approval transaction on Ethereum.
Trezor says data breach affects another 67K US customers
The impact of hardware wallet provider Trezor’s data breach was larger than initially estimated, expanding to an additional 67,000 US customers.
The breach may endanger more US users who ordered between November 2019 and August 2021, Trezor said in a Friday X post, citing the latest update from its shipping provider, ShipMonk.
These customers had their full details exposed, including name, email, number, shipping address and order specifics. Trezor blamed the shipping provider for not deleting the data from these orders, despite saying it had received written assurances from ShipMonk.
While Trezor systems were not compromised, the data breach may threaten the digital asset holdings of the 67,000 customers, as attackers may use the information for phishing attacks impersonating Trezor, in a bid to steal users’ seed phrases controlling their wallets.
In August, Trezor initially estimated that only 14,000 users had their data exposed through the shipping provider. Trezor reported in January 2024 that about 66,000 users were at risk of phishing attacks if they had contacted the company’s support team since December 2021.
Phishing attacks and social engineering don’t require exploiting code vulnerabilities. Still, these impersonation-based scams drove the majority of the crypto industry’s losses in the first quarter of the year, accounting for $306 million of the total $482 million lost, according to blockchain security company Hacken.
In July, a crypto investor lost nearly $1 million after signing a malicious phishing token approval transaction on Ethereum.
The breach may endanger more US users who ordered between November 2019 and August 2021, Trezor said in a Friday X post, citing the latest update from its shipping provider, ShipMonk.
These customers had their full details exposed, including name, email, number, shipping address and order specifics. Trezor blamed the shipping provider for not deleting the data from these orders, despite saying it had received written assurances from ShipMonk.
While Trezor systems were not compromised, the data breach may threaten the digital asset holdings of the 67,000 customers, as attackers may use the information for phishing attacks impersonating Trezor, in a bid to steal users’ seed phrases controlling their wallets.
In August, Trezor initially estimated that only 14,000 users had their data exposed through the shipping provider. Trezor reported in January 2024 that about 66,000 users were at risk of phishing attacks if they had contacted the company’s support team since December 2021.
Phishing attacks and social engineering don’t require exploiting code vulnerabilities. Still, these impersonation-based scams drove the majority of the crypto industry’s losses in the first quarter of the year, accounting for $306 million of the total $482 million lost, according to blockchain security company Hacken.
In July, a crypto investor lost nearly $1 million after signing a malicious phishing token approval transaction on Ethereum.
163
South Korean regulators introduce tokenized securities roadmapSouth Korea’s Financial Services Commission (SFC) introduced a three-phase roadmap to develop infrastructure for tokenized securities issuance, for assets including stocks, bonds and funds.
Starting Feb. 4, 2027, tokenized securities will be legally recognized as digitized forms of securities after an update to the Act on Electronic Registration of Stocks and Bonds is scheduled to take effect, the FSC revealed in a Friday press release.
The first phase will offer tokenized securities legal recognition, including for institutional money market funds, bonds, unlisted stocks and fractional investment securities. Phase two would expand tokenization to all publicly offered securities, while phase three aims for onchain payments linked to stablecoins.
The roadmap is part of a planned implementation of the amended Capital Markets Act and Electronic Securities Act, the country’s first tokenized securities framework, scheduled to take full effect on Feb. 4.
Next, the FSC plans to propose revisions to relevant subordinate regulations by the end of September and decide the timeline for the second and third phase of the roadmap. Before the roadmap’s initiation, the FSC said it will work with the Korea Securities Depository (KSD) to develop the relevant tokenization infrastructure.
South Korean regulators have been moving closer to a regulatory framework for tokenized assets. In May, the FSC said it would release detailed tokenized securities rules to bring them under the country’s capital markets framework in 2027.
In April, South Korea’s Ministry of Economy and Finance announced a pilot project that will use tokenized deposits to execute government operational spending, with a full rollout set for the fourth quarter of 2026.
South Korean regulators introduce tokenized securities roadmap
South Korea’s Financial Services Commission (SFC) introduced a three-phase roadmap to develop infrastructure for tokenized securities issuance, for assets including stocks, bonds and funds.
Starting Feb. 4, 2027, tokenized securities will be legally recognized as digitized forms of securities after an update to the Act on Electronic Registration of Stocks and Bonds is scheduled to take effect, the FSC revealed in a Friday press release.
The first phase will offer tokenized securities legal recognition, including for institutional money market funds, bonds, unlisted stocks and fractional investment securities. Phase two would expand tokenization to all publicly offered securities, while phase three aims for onchain payments linked to stablecoins.
The roadmap is part of a planned implementation of the amended Capital Markets Act and Electronic Securities Act, the country’s first tokenized securities framework, scheduled to take full effect on Feb. 4.
Next, the FSC plans to propose revisions to relevant subordinate regulations by the end of September and decide the timeline for the second and third phase of the roadmap. Before the roadmap’s initiation, the FSC said it will work with the Korea Securities Depository (KSD) to develop the relevant tokenization infrastructure.
South Korean regulators have been moving closer to a regulatory framework for tokenized assets. In May, the FSC said it would release detailed tokenized securities rules to bring them under the country’s capital markets framework in 2027.
In April, South Korea’s Ministry of Economy and Finance announced a pilot project that will use tokenized deposits to execute government operational spending, with a full rollout set for the fourth quarter of 2026.
Starting Feb. 4, 2027, tokenized securities will be legally recognized as digitized forms of securities after an update to the Act on Electronic Registration of Stocks and Bonds is scheduled to take effect, the FSC revealed in a Friday press release.
The first phase will offer tokenized securities legal recognition, including for institutional money market funds, bonds, unlisted stocks and fractional investment securities. Phase two would expand tokenization to all publicly offered securities, while phase three aims for onchain payments linked to stablecoins.
The roadmap is part of a planned implementation of the amended Capital Markets Act and Electronic Securities Act, the country’s first tokenized securities framework, scheduled to take full effect on Feb. 4.
Next, the FSC plans to propose revisions to relevant subordinate regulations by the end of September and decide the timeline for the second and third phase of the roadmap. Before the roadmap’s initiation, the FSC said it will work with the Korea Securities Depository (KSD) to develop the relevant tokenization infrastructure.
South Korean regulators have been moving closer to a regulatory framework for tokenized assets. In May, the FSC said it would release detailed tokenized securities rules to bring them under the country’s capital markets framework in 2027.
In April, South Korea’s Ministry of Economy and Finance announced a pilot project that will use tokenized deposits to execute government operational spending, with a full rollout set for the fourth quarter of 2026.
160
AMC chief criticizes Robinhood’s tokenized stock planAdam Aron, the CEO of AMC Entertainment Holdings, criticized Robinhood’s tokenized stock offerings that provide economic exposure to AMC shares, stating the company has no affiliation and that it will have a securities counsel investigate the matter.
Robinhood’s stock tokens are not registered under US securities laws and are an “outrageous” offering with no affiliation to AMC, Aron wrote in a Friday X post, adding that the company will request an investigation from its outside securities counsel.
Aron added that these stocks may not be offered to US investors and that they are subject to restrictions in several other jurisdictions, including Canada, Switzerland and the UK.
The remarks come as the latest criticism targeting tokenized stocks, which are blockchain-based shares tracking the price of traditional company shares. Tokenized stock recently came under scrutiny when some crypto exchanges canceled their SpaceX IPO allocations earlier in June.
Platforms including Bybit, Binance, Bitget Wallet and MEXC canceled their tokenized SpaceX IPO campaigns as SpaceX went public on the Nasdaq, with several blaming Kraken-owned xStocks’ inability to deliver the underlying assets.
Robinhood launches tokenization initiatives
Robinhood co-founder and CEO, Vlad Tenev, responded to the criticism on X by asking Aron to share his exact concerns tied to the tokenized offering. The platform did not issue a public statement.
Cointelegraph has approached Robinhood for comment on the remarks and the regulatory status of its tokenized stock offerings.
The first generation of Robinhood stock tokens launched in July 2026 as tokenized debt securities issued by Jersey-based Robinhood Assets as ERC-20 tokens, providing economic exposure to underlying assets such as US stocks and exchange-traded funds.
In February, Robinhood launched a public testnet for Robinhood Chain, its Ethereum layer‑2 network built using Arbitrum technology to host tokenized assets.
In October 2025, Robinhood shared plans to tokenize nearly 500 US stocks and ETFs on Arbitrum, as part of its push into tokenized assets.
In July 2026, Bernstein analysts raised their price target on Robinhood Markets, predicting that the platform’s next phase of growth will be driven by tokenized equities and prediction markets, rather than traditional crypto trading.
Magazine: How Hong Kong is turning tokenized bonds into real market infrastructure
AMC chief criticizes Robinhood’s tokenized stock plan
Adam Aron, the CEO of AMC Entertainment Holdings, criticized Robinhood’s tokenized stock offerings that provide economic exposure to AMC shares, stating the company has no affiliation and that it will have a securities counsel investigate the matter.
Robinhood’s stock tokens are not registered under US securities laws and are an “outrageous” offering with no affiliation to AMC, Aron wrote in a Friday X post, adding that the company will request an investigation from its outside securities counsel.
Aron added that these stocks may not be offered to US investors and that they are subject to restrictions in several other jurisdictions, including Canada, Switzerland and the UK.
The remarks come as the latest criticism targeting tokenized stocks, which are blockchain-based shares tracking the price of traditional company shares. Tokenized stock recently came under scrutiny when some crypto exchanges canceled their SpaceX IPO allocations earlier in June.
Platforms including Bybit, Binance, Bitget Wallet and MEXC canceled their tokenized SpaceX IPO campaigns as SpaceX went public on the Nasdaq, with several blaming Kraken-owned xStocks’ inability to deliver the underlying assets.
Robinhood launches tokenization initiatives
Robinhood co-founder and CEO, Vlad Tenev, responded to the criticism on X by asking Aron to share his exact concerns tied to the tokenized offering. The platform did not issue a public statement.
Cointelegraph has approached Robinhood for comment on the remarks and the regulatory status of its tokenized stock offerings.
The first generation of Robinhood stock tokens launched in July 2026 as tokenized debt securities issued by Jersey-based Robinhood Assets as ERC-20 tokens, providing economic exposure to underlying assets such as US stocks and exchange-traded funds.
In February, Robinhood launched a public testnet for Robinhood Chain, its Ethereum layer‑2 network built using Arbitrum technology to host tokenized assets.
In October 2025, Robinhood shared plans to tokenize nearly 500 US stocks and ETFs on Arbitrum, as part of its push into tokenized assets.
In July 2026, Bernstein analysts raised their price target on Robinhood Markets, predicting that the platform’s next phase of growth will be driven by tokenized equities and prediction markets, rather than traditional crypto trading.
Magazine: How Hong Kong is turning tokenized bonds into real market infrastructure
Robinhood’s stock tokens are not registered under US securities laws and are an “outrageous” offering with no affiliation to AMC, Aron wrote in a Friday X post, adding that the company will request an investigation from its outside securities counsel.
Aron added that these stocks may not be offered to US investors and that they are subject to restrictions in several other jurisdictions, including Canada, Switzerland and the UK.
The remarks come as the latest criticism targeting tokenized stocks, which are blockchain-based shares tracking the price of traditional company shares. Tokenized stock recently came under scrutiny when some crypto exchanges canceled their SpaceX IPO allocations earlier in June.
Platforms including Bybit, Binance, Bitget Wallet and MEXC canceled their tokenized SpaceX IPO campaigns as SpaceX went public on the Nasdaq, with several blaming Kraken-owned xStocks’ inability to deliver the underlying assets.
Robinhood launches tokenization initiatives
Robinhood co-founder and CEO, Vlad Tenev, responded to the criticism on X by asking Aron to share his exact concerns tied to the tokenized offering. The platform did not issue a public statement.
Cointelegraph has approached Robinhood for comment on the remarks and the regulatory status of its tokenized stock offerings.
The first generation of Robinhood stock tokens launched in July 2026 as tokenized debt securities issued by Jersey-based Robinhood Assets as ERC-20 tokens, providing economic exposure to underlying assets such as US stocks and exchange-traded funds.
In February, Robinhood launched a public testnet for Robinhood Chain, its Ethereum layer‑2 network built using Arbitrum technology to host tokenized assets.
In October 2025, Robinhood shared plans to tokenize nearly 500 US stocks and ETFs on Arbitrum, as part of its push into tokenized assets.
In July 2026, Bernstein analysts raised their price target on Robinhood Markets, predicting that the platform’s next phase of growth will be driven by tokenized equities and prediction markets, rather than traditional crypto trading.
Magazine: How Hong Kong is turning tokenized bonds into real market infrastructure
155
Article
Bitcoin ETF inflows hit $731M, highest since January as BTC reclaims $80KUS-listed spot Bitcoin exchange-traded funds (ETFs) notched their biggest inflows in nearly eight months as BTC reclaimed $80,000.
Bitcoin ETFs recorded $730.9 million in net inflows on Thursday, the largest daily haul since Jan. 14, when the funds attracted $843.6 million, according to SoSoValue data.
The surge followed $101.2 million inflows on Wednesday and came as Bitcoin reclaimed the $80,000 level after trading in a range between roughly $76,000 and $81,000 this week, according to CoinGecko.
Despite the spike in ETF inflows, CryptoQuant remained cautious about Bitcoin’s rally, citing weaker spot demand and heavy short covering as $83,000 emerges as a key bull market threshold.
BlackRock’s IBIT draws $454 million in a day
BlackRock’s iShares Bitcoin Trust (IBIT), the largest US spot Bitcoin ETF by net assets, led Thursday’s buying with $454 million in inflows, accounting for about 62% of the total, according to Farside Investors data.
While total spot Bitcoin ETF inflows reached their highest level since January, IBIT alone drew a larger $503 million inflow as recently as Aug. 20.
Daily US spot Bitcoin ETF flows since Tuesday. Source: Farside Investors
ARK Invest and 21Shares’ ARK 21Shares Bitcoin ETF (ARKB) followed with $137.7 million, while Fidelity’s Wise Origin Bitcoin Fund (FBTC) drew $74.4 million.
VanEck’s Bitcoin ETF (HODL) and WisdomTree’s Bitcoin Fund (BTCW) were the only funds to record outflows on Thursday, at $19.6 million and $5.2 million, respectively.
Bitcoin rally still needs fresh buyers
Bitcoin’s recent rally was driven largely by traders closing short positions rather than opening new long positions, pointing to limited fresh buying demand, CryptoQuant said in a Thursday report shared with Cointelegraph.
The report mentioned that Bitcoin holders realized 23,000 BTC in net profits on Aug. 21, the highest daily amount this year, and about 110,000 BTC in total since Aug. 19, reflecting substantial profit-taking during the rally.
According to CryptoQuant, Bitcoin’s next major test sits around its 365-day moving average, which CryptoQuant placed at roughly $82,300.
Source: CryptoQuant
The company said the moving average has historically marked the divide between Bitcoin bull and bear markets, with Bitcoin reaching $81,400 on Aug. 28 before retreating below the threshold.
“A decisive close above $83K would confirm the new bull market,” CryptoQuant said, while a rejection could trigger a pullback toward the 200-day moving average near $69,000.
Magazine: Bitget CEO isn’t buying the Bitcoin rally — She’s waiting for $50K
Bitcoin ETF inflows hit $731M, highest since January as BTC reclaims $80K
US-listed spot Bitcoin exchange-traded funds (ETFs) notched their biggest inflows in nearly eight months as BTC reclaimed $80,000.
Bitcoin ETFs recorded $730.9 million in net inflows on Thursday, the largest daily haul since Jan. 14, when the funds attracted $843.6 million, according to SoSoValue data.
The surge followed $101.2 million inflows on Wednesday and came as Bitcoin reclaimed the $80,000 level after trading in a range between roughly $76,000 and $81,000 this week, according to CoinGecko.
Despite the spike in ETF inflows, CryptoQuant remained cautious about Bitcoin’s rally, citing weaker spot demand and heavy short covering as $83,000 emerges as a key bull market threshold.
BlackRock’s IBIT draws $454 million in a day
BlackRock’s iShares Bitcoin Trust (IBIT), the largest US spot Bitcoin ETF by net assets, led Thursday’s buying with $454 million in inflows, accounting for about 62% of the total, according to Farside Investors data.
While total spot Bitcoin ETF inflows reached their highest level since January, IBIT alone drew a larger $503 million inflow as recently as Aug. 20.
Daily US spot Bitcoin ETF flows since Tuesday. Source: Farside Investors
ARK Invest and 21Shares’ ARK 21Shares Bitcoin ETF (ARKB) followed with $137.7 million, while Fidelity’s Wise Origin Bitcoin Fund (FBTC) drew $74.4 million.
VanEck’s Bitcoin ETF (HODL) and WisdomTree’s Bitcoin Fund (BTCW) were the only funds to record outflows on Thursday, at $19.6 million and $5.2 million, respectively.
Bitcoin rally still needs fresh buyers
Bitcoin’s recent rally was driven largely by traders closing short positions rather than opening new long positions, pointing to limited fresh buying demand, CryptoQuant said in a Thursday report shared with Cointelegraph.
The report mentioned that Bitcoin holders realized 23,000 BTC in net profits on Aug. 21, the highest daily amount this year, and about 110,000 BTC in total since Aug. 19, reflecting substantial profit-taking during the rally.
According to CryptoQuant, Bitcoin’s next major test sits around its 365-day moving average, which CryptoQuant placed at roughly $82,300.
Source: CryptoQuant
The company said the moving average has historically marked the divide between Bitcoin bull and bear markets, with Bitcoin reaching $81,400 on Aug. 28 before retreating below the threshold.
“A decisive close above $83K would confirm the new bull market,” CryptoQuant said, while a rejection could trigger a pullback toward the 200-day moving average near $69,000.
Magazine: Bitget CEO isn’t buying the Bitcoin rally — She’s waiting for $50K
Bitcoin ETFs recorded $730.9 million in net inflows on Thursday, the largest daily haul since Jan. 14, when the funds attracted $843.6 million, according to SoSoValue data.
The surge followed $101.2 million inflows on Wednesday and came as Bitcoin reclaimed the $80,000 level after trading in a range between roughly $76,000 and $81,000 this week, according to CoinGecko.
Despite the spike in ETF inflows, CryptoQuant remained cautious about Bitcoin’s rally, citing weaker spot demand and heavy short covering as $83,000 emerges as a key bull market threshold.
BlackRock’s IBIT draws $454 million in a day
BlackRock’s iShares Bitcoin Trust (IBIT), the largest US spot Bitcoin ETF by net assets, led Thursday’s buying with $454 million in inflows, accounting for about 62% of the total, according to Farside Investors data.
While total spot Bitcoin ETF inflows reached their highest level since January, IBIT alone drew a larger $503 million inflow as recently as Aug. 20.
Daily US spot Bitcoin ETF flows since Tuesday. Source: Farside Investors
ARK Invest and 21Shares’ ARK 21Shares Bitcoin ETF (ARKB) followed with $137.7 million, while Fidelity’s Wise Origin Bitcoin Fund (FBTC) drew $74.4 million.
VanEck’s Bitcoin ETF (HODL) and WisdomTree’s Bitcoin Fund (BTCW) were the only funds to record outflows on Thursday, at $19.6 million and $5.2 million, respectively.
Bitcoin rally still needs fresh buyers
Bitcoin’s recent rally was driven largely by traders closing short positions rather than opening new long positions, pointing to limited fresh buying demand, CryptoQuant said in a Thursday report shared with Cointelegraph.
The report mentioned that Bitcoin holders realized 23,000 BTC in net profits on Aug. 21, the highest daily amount this year, and about 110,000 BTC in total since Aug. 19, reflecting substantial profit-taking during the rally.
According to CryptoQuant, Bitcoin’s next major test sits around its 365-day moving average, which CryptoQuant placed at roughly $82,300.
Source: CryptoQuant
The company said the moving average has historically marked the divide between Bitcoin bull and bear markets, with Bitcoin reaching $81,400 on Aug. 28 before retreating below the threshold.
“A decisive close above $83K would confirm the new bull market,” CryptoQuant said, while a rejection could trigger a pullback toward the 200-day moving average near $69,000.
Magazine: Bitget CEO isn’t buying the Bitcoin rally — She’s waiting for $50K
257
El Salvador’s post-review Bitcoin accumulation used no public funds: IMFEl Salvador used no public resources to accumulate Bitcoin after the first review of its International Monetary Fund (IMF) financing program in June 2025, according to the lender.
In a Thursday statement, the IMF said documents supplied by Salvadoran authorities verified that the accumulation came from private donations. According to the lender, the increase in El Salvador’s holdings therefore did not reflect additional Bitcoin purchases financed with government resources.
The IMF also said majority ownership and operational control of the Chivo wallet had been transferred to a private operator, while the government retained a minority stake and custodial responsibilities. It said no further accumulation beyond documented donations is expected.
The explanation addresses how El Salvador’s holdings grew after the first review, after the country said in November 2025 that it had acquired 1,090 BTC worth $100 million, renewing questions about compliance with its $1.4 billion IMF program.
Bitcoin additions repeatedly raised questions
In December 2024, El Salvador agreed to limit public-sector involvement in Bitcoin under the IMF package. The agreement made private-sector Bitcoin acceptance voluntary, required taxes to be paid in US dollars and called for government involvement in Chivo to be unwound.
In March 2025, the IMF issued new documents barring “voluntary accumulation” of Bitcoin by the public sector. President Nayib Bukele responded that the purchases were “not stopping” and said El Salvador would keep adding at least one BTC daily.
Since then, El Salvador’s Bitcoin Office has continuously posted that it has continued to accumulate Bitcoin. In July 2025, the IMF offered an initial explanation, saying no new Bitcoin had been purchased since the December agreement. It attributed increases to consolidation among government wallets.
The November announcement reopened the issue. An IMF representative previously told Cointelegraph that the lender would not provide “running commentary” on announcements and would assess compliance in due course.
According to the National Bitcoin Office’s official reserve tracker, El Salvador currently holds about 7,764 Bitcoin. At BTC’s current price of $80,900, according to CoinGecko, the stockpile is worth about $628 million. The balance remains higher than before the IMF agreement, reflecting additions attributed by the IMF to private donations.
Magazine: El Salvador’s Bitcoin experiment turns 5: ‘It was for us, not them’
El Salvador’s post-review Bitcoin accumulation used no public funds: IMF
El Salvador used no public resources to accumulate Bitcoin after the first review of its International Monetary Fund (IMF) financing program in June 2025, according to the lender.
In a Thursday statement, the IMF said documents supplied by Salvadoran authorities verified that the accumulation came from private donations. According to the lender, the increase in El Salvador’s holdings therefore did not reflect additional Bitcoin purchases financed with government resources.
The IMF also said majority ownership and operational control of the Chivo wallet had been transferred to a private operator, while the government retained a minority stake and custodial responsibilities. It said no further accumulation beyond documented donations is expected.
The explanation addresses how El Salvador’s holdings grew after the first review, after the country said in November 2025 that it had acquired 1,090 BTC worth $100 million, renewing questions about compliance with its $1.4 billion IMF program.
Bitcoin additions repeatedly raised questions
In December 2024, El Salvador agreed to limit public-sector involvement in Bitcoin under the IMF package. The agreement made private-sector Bitcoin acceptance voluntary, required taxes to be paid in US dollars and called for government involvement in Chivo to be unwound.
In March 2025, the IMF issued new documents barring “voluntary accumulation” of Bitcoin by the public sector. President Nayib Bukele responded that the purchases were “not stopping” and said El Salvador would keep adding at least one BTC daily.
Since then, El Salvador’s Bitcoin Office has continuously posted that it has continued to accumulate Bitcoin. In July 2025, the IMF offered an initial explanation, saying no new Bitcoin had been purchased since the December agreement. It attributed increases to consolidation among government wallets.
The November announcement reopened the issue. An IMF representative previously told Cointelegraph that the lender would not provide “running commentary” on announcements and would assess compliance in due course.
According to the National Bitcoin Office’s official reserve tracker, El Salvador currently holds about 7,764 Bitcoin. At BTC’s current price of $80,900, according to CoinGecko, the stockpile is worth about $628 million. The balance remains higher than before the IMF agreement, reflecting additions attributed by the IMF to private donations.
Magazine: El Salvador’s Bitcoin experiment turns 5: ‘It was for us, not them’
In a Thursday statement, the IMF said documents supplied by Salvadoran authorities verified that the accumulation came from private donations. According to the lender, the increase in El Salvador’s holdings therefore did not reflect additional Bitcoin purchases financed with government resources.
The IMF also said majority ownership and operational control of the Chivo wallet had been transferred to a private operator, while the government retained a minority stake and custodial responsibilities. It said no further accumulation beyond documented donations is expected.
The explanation addresses how El Salvador’s holdings grew after the first review, after the country said in November 2025 that it had acquired 1,090 BTC worth $100 million, renewing questions about compliance with its $1.4 billion IMF program.
Bitcoin additions repeatedly raised questions
In December 2024, El Salvador agreed to limit public-sector involvement in Bitcoin under the IMF package. The agreement made private-sector Bitcoin acceptance voluntary, required taxes to be paid in US dollars and called for government involvement in Chivo to be unwound.
In March 2025, the IMF issued new documents barring “voluntary accumulation” of Bitcoin by the public sector. President Nayib Bukele responded that the purchases were “not stopping” and said El Salvador would keep adding at least one BTC daily.
Since then, El Salvador’s Bitcoin Office has continuously posted that it has continued to accumulate Bitcoin. In July 2025, the IMF offered an initial explanation, saying no new Bitcoin had been purchased since the December agreement. It attributed increases to consolidation among government wallets.
The November announcement reopened the issue. An IMF representative previously told Cointelegraph that the lender would not provide “running commentary” on announcements and would assess compliance in due course.
According to the National Bitcoin Office’s official reserve tracker, El Salvador currently holds about 7,764 Bitcoin. At BTC’s current price of $80,900, according to CoinGecko, the stockpile is worth about $628 million. The balance remains higher than before the IMF agreement, reflecting additions attributed by the IMF to private donations.
Magazine: El Salvador’s Bitcoin experiment turns 5: ‘It was for us, not them’
1
220
US, UK launch joint alliance targeting crypto scam centersThe United States and United Kingdom have formed a joint law enforcement alliance targeting scam centers involved in crypto and cyber-enabled investment fraud.
On Thursday, the US Department of Justice announced that the US Attorney’s Office for the District of Columbia, the Crown Prosecution Service of England and Wales and the UK National Crime Agency signed a memorandum of understanding. The DOJ described it as the “first-of-its-kind” international cooperation agreement aimed at disabling such scam centers.
Under the agreement, the agencies will conduct parallel investigations into common targets, share information on organized crime syndicates and discuss which jurisdictions should prosecute specific cases. The DOJ said the authorities have already identified overlapping cases and plan an in-person disruption operation with private-sector partners in London in early October.
The cross-border pact comes as reported US losses from crypto investment fraud continue to climb. Losses reported to the FBI’s Internet Crime Complaint Center rose 89% from $4.57 billion in 2023 to $8.65 billion in 2025, according to the DOJ.
International efforts target crypto scam compounds
The agreement expands the Scam Center Strike Force, which US Attorney Jeanine Ferris Pirro launched in November 2025 to target Chinese organized crime networks operating scam centers primarily in Southeast Asia. Their schemes include crypto investment fraud and are often linked to human trafficking and money laundering, according to the DOJ.
The task force includes the FBI, US Secret Service, Internal Revenue Service Criminal Investigation, Homeland Security Investigations and Justice Department offices. It also works with the US Treasury and State departments and private companies to disrupt scam operations and recover victims’ funds.
International authorities have coordinated raids against similar operations. On April 29, the DOJ reported a Dubai police-led operation involving the FBI and China’s Ministry of Public Security, which resulted in 276 arrests and the closure of at least nine crypto scam centers. Six people were charged over schemes that allegedly used fake crypto investment platforms to solicit deposits from victims.
Governments in Southeast Asia have also pursued tougher domestic measures. On May 15, Myanmar’s military government had released draft legislation proposing sentences ranging from 10 years to life in prison for digital currency fraud, with the death penalty possible when people coerced into working at scam centers were killed.
On July 28, Parliament approved the bill, though presidential assent had not been confirmed.
Magazine: Recovery specialists crack $1B crypto wallet... but find just $10
US, UK launch joint alliance targeting crypto scam centers
The United States and United Kingdom have formed a joint law enforcement alliance targeting scam centers involved in crypto and cyber-enabled investment fraud.
On Thursday, the US Department of Justice announced that the US Attorney’s Office for the District of Columbia, the Crown Prosecution Service of England and Wales and the UK National Crime Agency signed a memorandum of understanding. The DOJ described it as the “first-of-its-kind” international cooperation agreement aimed at disabling such scam centers.
Under the agreement, the agencies will conduct parallel investigations into common targets, share information on organized crime syndicates and discuss which jurisdictions should prosecute specific cases. The DOJ said the authorities have already identified overlapping cases and plan an in-person disruption operation with private-sector partners in London in early October.
The cross-border pact comes as reported US losses from crypto investment fraud continue to climb. Losses reported to the FBI’s Internet Crime Complaint Center rose 89% from $4.57 billion in 2023 to $8.65 billion in 2025, according to the DOJ.
International efforts target crypto scam compounds
The agreement expands the Scam Center Strike Force, which US Attorney Jeanine Ferris Pirro launched in November 2025 to target Chinese organized crime networks operating scam centers primarily in Southeast Asia. Their schemes include crypto investment fraud and are often linked to human trafficking and money laundering, according to the DOJ.
The task force includes the FBI, US Secret Service, Internal Revenue Service Criminal Investigation, Homeland Security Investigations and Justice Department offices. It also works with the US Treasury and State departments and private companies to disrupt scam operations and recover victims’ funds.
International authorities have coordinated raids against similar operations. On April 29, the DOJ reported a Dubai police-led operation involving the FBI and China’s Ministry of Public Security, which resulted in 276 arrests and the closure of at least nine crypto scam centers. Six people were charged over schemes that allegedly used fake crypto investment platforms to solicit deposits from victims.
Governments in Southeast Asia have also pursued tougher domestic measures. On May 15, Myanmar’s military government had released draft legislation proposing sentences ranging from 10 years to life in prison for digital currency fraud, with the death penalty possible when people coerced into working at scam centers were killed.
On July 28, Parliament approved the bill, though presidential assent had not been confirmed.
Magazine: Recovery specialists crack $1B crypto wallet... but find just $10
On Thursday, the US Department of Justice announced that the US Attorney’s Office for the District of Columbia, the Crown Prosecution Service of England and Wales and the UK National Crime Agency signed a memorandum of understanding. The DOJ described it as the “first-of-its-kind” international cooperation agreement aimed at disabling such scam centers.
Under the agreement, the agencies will conduct parallel investigations into common targets, share information on organized crime syndicates and discuss which jurisdictions should prosecute specific cases. The DOJ said the authorities have already identified overlapping cases and plan an in-person disruption operation with private-sector partners in London in early October.
The cross-border pact comes as reported US losses from crypto investment fraud continue to climb. Losses reported to the FBI’s Internet Crime Complaint Center rose 89% from $4.57 billion in 2023 to $8.65 billion in 2025, according to the DOJ.
International efforts target crypto scam compounds
The agreement expands the Scam Center Strike Force, which US Attorney Jeanine Ferris Pirro launched in November 2025 to target Chinese organized crime networks operating scam centers primarily in Southeast Asia. Their schemes include crypto investment fraud and are often linked to human trafficking and money laundering, according to the DOJ.
The task force includes the FBI, US Secret Service, Internal Revenue Service Criminal Investigation, Homeland Security Investigations and Justice Department offices. It also works with the US Treasury and State departments and private companies to disrupt scam operations and recover victims’ funds.
International authorities have coordinated raids against similar operations. On April 29, the DOJ reported a Dubai police-led operation involving the FBI and China’s Ministry of Public Security, which resulted in 276 arrests and the closure of at least nine crypto scam centers. Six people were charged over schemes that allegedly used fake crypto investment platforms to solicit deposits from victims.
Governments in Southeast Asia have also pursued tougher domestic measures. On May 15, Myanmar’s military government had released draft legislation proposing sentences ranging from 10 years to life in prison for digital currency fraud, with the death penalty possible when people coerced into working at scam centers were killed.
On July 28, Parliament approved the bill, though presidential assent had not been confirmed.
Magazine: Recovery specialists crack $1B crypto wallet... but find just $10
1
279
CFTC files to dismiss CME lawsuit over crypto perpetual futuresThe US Commodity Futures Trading Commission (CFTC) has filed a motion to dismiss a civil suit filed by the Chicago Mercantile Exchange (CME) Group, which claimed that the regulator’s treatment of cryptocurrency “futures” as “swaps” went against Congress.
In a Wednesday filing in the US District Court for the District of Columbia, lawyers representing CFTC Chair Michael Selig and the commission requested a hearing to address the motion to dismiss the CME lawsuit, claiming the group lacked standing.
CME filed suit against the CFTC in June after the commission approved perpetual futures contracts tied to the spot price of Bitcoin (BTC) for prediction markets platform Kalshi and issued a no-action position for similar products on cryptocurrency exchange Coinbase. The June complaint argued that Selig had unilaterally acted without a full panel of five commissioners, going against the Commodity Exchange Act by treating “futures” as “swaps” with expiration dates.
The CFTC said that the group could not make a “concrete showing that it is in fact likely to suffer financial injury,“ saying that “any CFTC-registered exchange can list perpetual futures on digital assets.“
“This lawsuit is much ado about nothing,” said the filing. “CME claims to be injured by a CFTC order authorizing ’perpetual futures contracts’ on digital assets like bitcoin [...] as well as a policy statement concerning perpetual futures more generally [...] CME does not argue that it could not list this same type of futures contract.”
The motion added:
“[...] CME has not alleged, and cannot plausibly allege, that it suffered a financial injury from the CFTC’s authorization of perpetual futures contracts. CME therefore lacks standing.”
A CFTC spokesperson told Cointelegraph in response to the initial lawsuit that CME had engaged in “lawfare.” The agency called the June complaint “frivolous.”
Selig and the CFTC requested an oral hearing to address the motion, which had not been scheduled on the public docket as of Thursday.
CFTC files to dismiss CME lawsuit over crypto perpetual futures
The US Commodity Futures Trading Commission (CFTC) has filed a motion to dismiss a civil suit filed by the Chicago Mercantile Exchange (CME) Group, which claimed that the regulator’s treatment of cryptocurrency “futures” as “swaps” went against Congress.
In a Wednesday filing in the US District Court for the District of Columbia, lawyers representing CFTC Chair Michael Selig and the commission requested a hearing to address the motion to dismiss the CME lawsuit, claiming the group lacked standing.
CME filed suit against the CFTC in June after the commission approved perpetual futures contracts tied to the spot price of Bitcoin (BTC) for prediction markets platform Kalshi and issued a no-action position for similar products on cryptocurrency exchange Coinbase. The June complaint argued that Selig had unilaterally acted without a full panel of five commissioners, going against the Commodity Exchange Act by treating “futures” as “swaps” with expiration dates.
The CFTC said that the group could not make a “concrete showing that it is in fact likely to suffer financial injury,“ saying that “any CFTC-registered exchange can list perpetual futures on digital assets.“
“This lawsuit is much ado about nothing,” said the filing. “CME claims to be injured by a CFTC order authorizing ’perpetual futures contracts’ on digital assets like bitcoin [...] as well as a policy statement concerning perpetual futures more generally [...] CME does not argue that it could not list this same type of futures contract.”
The motion added:
“[...] CME has not alleged, and cannot plausibly allege, that it suffered a financial injury from the CFTC’s authorization of perpetual futures contracts. CME therefore lacks standing.”
A CFTC spokesperson told Cointelegraph in response to the initial lawsuit that CME had engaged in “lawfare.” The agency called the June complaint “frivolous.”
Selig and the CFTC requested an oral hearing to address the motion, which had not been scheduled on the public docket as of Thursday.
In a Wednesday filing in the US District Court for the District of Columbia, lawyers representing CFTC Chair Michael Selig and the commission requested a hearing to address the motion to dismiss the CME lawsuit, claiming the group lacked standing.
CME filed suit against the CFTC in June after the commission approved perpetual futures contracts tied to the spot price of Bitcoin (BTC) for prediction markets platform Kalshi and issued a no-action position for similar products on cryptocurrency exchange Coinbase. The June complaint argued that Selig had unilaterally acted without a full panel of five commissioners, going against the Commodity Exchange Act by treating “futures” as “swaps” with expiration dates.
The CFTC said that the group could not make a “concrete showing that it is in fact likely to suffer financial injury,“ saying that “any CFTC-registered exchange can list perpetual futures on digital assets.“
“This lawsuit is much ado about nothing,” said the filing. “CME claims to be injured by a CFTC order authorizing ’perpetual futures contracts’ on digital assets like bitcoin [...] as well as a policy statement concerning perpetual futures more generally [...] CME does not argue that it could not list this same type of futures contract.”
The motion added:
“[...] CME has not alleged, and cannot plausibly allege, that it suffered a financial injury from the CFTC’s authorization of perpetual futures contracts. CME therefore lacks standing.”
A CFTC spokesperson told Cointelegraph in response to the initial lawsuit that CME had engaged in “lawfare.” The agency called the June complaint “frivolous.”
Selig and the CFTC requested an oral hearing to address the motion, which had not been scheduled on the public docket as of Thursday.
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Article
Mantle adds Paxos’ USDG stablecoin, joins Global Dollar NetworkPaxos-issued stablecoin USDG has launched natively on Mantle, with the Ethereum layer-2 network joining the Global Dollar Network as a partner, according to a Thursday announcement.
The integration makes USDG one of the first stablecoins to be natively minted on Mantle and brings the network into USDG’s reward-sharing structure. As a partner, Mantle can receive a share of the rewards generated by USDG activity, joining a network of more than 150 partners, including Kraken and Robinhood.
USDG has a market capitalization of about $3.18 billion, making it the seventh-largest stablecoin tracked by DefiLlama. The stablecoin is issued by Paxos and operates under regulatory frameworks in Singapore and the European Union, with Paxos publishing monthly reports on its reserves.
Top 10 stablecoins by market cap. Source: DefiLlama
USDG joins several other stablecoins available on Mantle, including Agora’s AUSD, Ethena’s USDe and Tether’s USDT0. Mantle said USDG will be used across its ecosystem for DeFi applications and institutional capital allocation.
Mantle has also seen recent growth in tokenized real-world assets (RWA). The network had $234.2 million in distributed RWA value as of Wednesday, up 19% over the past 30 days, according to RWA.xyz data.
Magazine: BTC will hit $1M by 2030... but Arthur Hayes is buying ETH instead
Mantle adds Paxos’ USDG stablecoin, joins Global Dollar Network
Paxos-issued stablecoin USDG has launched natively on Mantle, with the Ethereum layer-2 network joining the Global Dollar Network as a partner, according to a Thursday announcement.
The integration makes USDG one of the first stablecoins to be natively minted on Mantle and brings the network into USDG’s reward-sharing structure. As a partner, Mantle can receive a share of the rewards generated by USDG activity, joining a network of more than 150 partners, including Kraken and Robinhood.
USDG has a market capitalization of about $3.18 billion, making it the seventh-largest stablecoin tracked by DefiLlama. The stablecoin is issued by Paxos and operates under regulatory frameworks in Singapore and the European Union, with Paxos publishing monthly reports on its reserves.
Top 10 stablecoins by market cap. Source: DefiLlama
USDG joins several other stablecoins available on Mantle, including Agora’s AUSD, Ethena’s USDe and Tether’s USDT0. Mantle said USDG will be used across its ecosystem for DeFi applications and institutional capital allocation.
Mantle has also seen recent growth in tokenized real-world assets (RWA). The network had $234.2 million in distributed RWA value as of Wednesday, up 19% over the past 30 days, according to RWA.xyz data.
Magazine: BTC will hit $1M by 2030... but Arthur Hayes is buying ETH instead
The integration makes USDG one of the first stablecoins to be natively minted on Mantle and brings the network into USDG’s reward-sharing structure. As a partner, Mantle can receive a share of the rewards generated by USDG activity, joining a network of more than 150 partners, including Kraken and Robinhood.
USDG has a market capitalization of about $3.18 billion, making it the seventh-largest stablecoin tracked by DefiLlama. The stablecoin is issued by Paxos and operates under regulatory frameworks in Singapore and the European Union, with Paxos publishing monthly reports on its reserves.
Top 10 stablecoins by market cap. Source: DefiLlama
USDG joins several other stablecoins available on Mantle, including Agora’s AUSD, Ethena’s USDe and Tether’s USDT0. Mantle said USDG will be used across its ecosystem for DeFi applications and institutional capital allocation.
Mantle has also seen recent growth in tokenized real-world assets (RWA). The network had $234.2 million in distributed RWA value as of Wednesday, up 19% over the past 30 days, according to RWA.xyz data.
Magazine: BTC will hit $1M by 2030... but Arthur Hayes is buying ETH instead
381
Michigan authorities continue pursuit to block Kalshi as Supreme Court fight loomsMichigan’s attorney general announced that a state court had ordered a preliminary injunction against Kalshi, blocking the prediction markets platform for residents amid what officials called “sports betting [...] masquerading as an investment opportunity.”
In a Wednesday notice, Attorney General Dana Nessel said that the Circuit Court for the 30th Judicial Circuit in Ingham County approved an order blocking Kalshi from offering event contracts to state residents. The company could be fined up to $500,000 per day for violations.
“Kalshi long attempted to pass itself off as a legitimate gaming operation in our state, and I am relieved that this order further protects Michigan residents from its predatory, unlicensed practices,” said Nessel.
The Michigan court’s actions were the latest in a series of legal battles between prediction market companies like Kalshi and Polymarket and US state authorities. Nessel filed the lawsuit against Kalshi in March, alleging that the platform violated state law on sports gambling — a claim made in many similar lawsuits across the country.
Notably, the preliminary injunction followed a Michigan court’s June restraining order barring Kalshi from offering sports betting to residents. The US Commodity Futures Trading Commission (CFTC) ordered Kalshi not to comply with the state order and continue operating, an action that the company described as putting it in an “impossible position.”
Cointelegraph reached out to Kalshi for comment but did not receive an immediate response.
New Jersey petitions US Supreme Court to weigh in on prediction markets
The Michigan state court order came the same day officials in New Jersey announced they had filed a petition for a writ of certiorari to the US Supreme Court over the state’s case against Kalshi. The case, if heard by the justices, could potentially end competing legal theories on whether the CFTC or state authorities have jurisdiction over prediction markets.
“[I]t would be reasonable for the Supreme Court to take it up, but they also may wait for the cases to be decided on the merits and not simply procedural issues like granting a preliminary injunction or not,” Melinda Roth, a visiting professor of practice at New England Law in Boston, told Cointelegraph. “Nevertheless, I still believe the Supreme Court will take this up, if not from New Jersey’s cert petition, then soon, given the amount of ongoing litigation in this area.”
Roth added:
“If and when SCOTUS takes it up, then this will likely decide whether sports event contracts are federally regulated by the CFTC or the states have the right to ban and/or regulate them as they see appropriate. I say ‘likely’ because Congress might actually act too. They could act before a SCOTUS review, or even after too.”
Some US lawmakers have proposed legislation to address Kalshi and Polymarket customers using insider information on event contracts. In March, Senators Adam Schiff and John Curtis introduced a bill to prohibit platforms registered under the CFTC from listing any event contract that “resembles a sports bet or casino-style game,“ referring jurisdiction to individual states’ authorities.
Magazine: Does the Bitcoin rally mean we haven’t wasted our lives in crypto?
Michigan authorities continue pursuit to block Kalshi as Supreme Court fight looms
Michigan’s attorney general announced that a state court had ordered a preliminary injunction against Kalshi, blocking the prediction markets platform for residents amid what officials called “sports betting [...] masquerading as an investment opportunity.”
In a Wednesday notice, Attorney General Dana Nessel said that the Circuit Court for the 30th Judicial Circuit in Ingham County approved an order blocking Kalshi from offering event contracts to state residents. The company could be fined up to $500,000 per day for violations.
“Kalshi long attempted to pass itself off as a legitimate gaming operation in our state, and I am relieved that this order further protects Michigan residents from its predatory, unlicensed practices,” said Nessel.
The Michigan court’s actions were the latest in a series of legal battles between prediction market companies like Kalshi and Polymarket and US state authorities. Nessel filed the lawsuit against Kalshi in March, alleging that the platform violated state law on sports gambling — a claim made in many similar lawsuits across the country.
Notably, the preliminary injunction followed a Michigan court’s June restraining order barring Kalshi from offering sports betting to residents. The US Commodity Futures Trading Commission (CFTC) ordered Kalshi not to comply with the state order and continue operating, an action that the company described as putting it in an “impossible position.”
Cointelegraph reached out to Kalshi for comment but did not receive an immediate response.
New Jersey petitions US Supreme Court to weigh in on prediction markets
The Michigan state court order came the same day officials in New Jersey announced they had filed a petition for a writ of certiorari to the US Supreme Court over the state’s case against Kalshi. The case, if heard by the justices, could potentially end competing legal theories on whether the CFTC or state authorities have jurisdiction over prediction markets.
“[I]t would be reasonable for the Supreme Court to take it up, but they also may wait for the cases to be decided on the merits and not simply procedural issues like granting a preliminary injunction or not,” Melinda Roth, a visiting professor of practice at New England Law in Boston, told Cointelegraph. “Nevertheless, I still believe the Supreme Court will take this up, if not from New Jersey’s cert petition, then soon, given the amount of ongoing litigation in this area.”
Roth added:
“If and when SCOTUS takes it up, then this will likely decide whether sports event contracts are federally regulated by the CFTC or the states have the right to ban and/or regulate them as they see appropriate. I say ‘likely’ because Congress might actually act too. They could act before a SCOTUS review, or even after too.”
Some US lawmakers have proposed legislation to address Kalshi and Polymarket customers using insider information on event contracts. In March, Senators Adam Schiff and John Curtis introduced a bill to prohibit platforms registered under the CFTC from listing any event contract that “resembles a sports bet or casino-style game,“ referring jurisdiction to individual states’ authorities.
Magazine: Does the Bitcoin rally mean we haven’t wasted our lives in crypto?
In a Wednesday notice, Attorney General Dana Nessel said that the Circuit Court for the 30th Judicial Circuit in Ingham County approved an order blocking Kalshi from offering event contracts to state residents. The company could be fined up to $500,000 per day for violations.
“Kalshi long attempted to pass itself off as a legitimate gaming operation in our state, and I am relieved that this order further protects Michigan residents from its predatory, unlicensed practices,” said Nessel.
The Michigan court’s actions were the latest in a series of legal battles between prediction market companies like Kalshi and Polymarket and US state authorities. Nessel filed the lawsuit against Kalshi in March, alleging that the platform violated state law on sports gambling — a claim made in many similar lawsuits across the country.
Notably, the preliminary injunction followed a Michigan court’s June restraining order barring Kalshi from offering sports betting to residents. The US Commodity Futures Trading Commission (CFTC) ordered Kalshi not to comply with the state order and continue operating, an action that the company described as putting it in an “impossible position.”
Cointelegraph reached out to Kalshi for comment but did not receive an immediate response.
New Jersey petitions US Supreme Court to weigh in on prediction markets
The Michigan state court order came the same day officials in New Jersey announced they had filed a petition for a writ of certiorari to the US Supreme Court over the state’s case against Kalshi. The case, if heard by the justices, could potentially end competing legal theories on whether the CFTC or state authorities have jurisdiction over prediction markets.
“[I]t would be reasonable for the Supreme Court to take it up, but they also may wait for the cases to be decided on the merits and not simply procedural issues like granting a preliminary injunction or not,” Melinda Roth, a visiting professor of practice at New England Law in Boston, told Cointelegraph. “Nevertheless, I still believe the Supreme Court will take this up, if not from New Jersey’s cert petition, then soon, given the amount of ongoing litigation in this area.”
Roth added:
“If and when SCOTUS takes it up, then this will likely decide whether sports event contracts are federally regulated by the CFTC or the states have the right to ban and/or regulate them as they see appropriate. I say ‘likely’ because Congress might actually act too. They could act before a SCOTUS review, or even after too.”
Some US lawmakers have proposed legislation to address Kalshi and Polymarket customers using insider information on event contracts. In March, Senators Adam Schiff and John Curtis introduced a bill to prohibit platforms registered under the CFTC from listing any event contract that “resembles a sports bet or casino-style game,“ referring jurisdiction to individual states’ authorities.
Magazine: Does the Bitcoin rally mean we haven’t wasted our lives in crypto?
325
Article
Bitcoin reclaims $80K as DXY falls amid continuing suspected yen interventionBitcoin (BTC) rallied 5% during US trading hours, reaching $81,000.
Key points:
Bitcoin rallies above $81,000 in US trading, having risen more than 5% over the past 24 hours.
USD/JPY drops to 155.4 amid suspected Bank of Japan (BOJ) intervention, dragging the US Dollar Index (DXY) down to 99.
Polymarket odds for a BOJ rate hold collapse further from 12% to 1%, with a 98% probability now priced in for a 25-basis-point hike on Sept. 18.
Weaker dollar drags crypto higher
At the time of writing, BTC stands at $81,000, near the highs seen during last month’s surprise upside.
The move comes as the Japanese yen (JPY) continued to strengthen in a suspected central bank intervention, which Cointelegraph first reported on Wednesday. After dropping to 158.5 on Wednesday, the USD/JPY pair saw further downside to 155.4. This put pressure on the US dollar index (DXY), which fell to 99. Downside in the DXY has historically been positive for Bitcoin.
US Dollar Index 1-day chart. Source: TradingView
Shares of Michael Saylor’s Strategy (MSTR) participated in the rally and rose 8.6% on Wednesday. The stock is up 70% from its lows in late June, but still down roughly 10% year-to-date. Strategy’s perpetual preferred stock STRC, which had been frequently compared to a money market fund, is still trading below its par value of $100 and remains stuck at $97.80 at the time of writing.
Analysts divided on impact of yen intervention
The latest suspected intervention to support the yen, coupled with the prospect of a Bank of Japan rate hike later this month, has also revived fears of another carry-trade unwind. The Macro Paper commented on X:
“In the last 24 hours, USD/JPY has dropped almost 2.5%, which doesn’t happen without any major intervention. On top of that, BOJ is most likely expected to hike rates this month, with more rate hikes possible in Q4,” it wrote. “This is the exact thing that happened in Q3 2024, when BOJ intervened and hiked rates together.”
The Polymarket probabilities for a BOJ rate hold dropped from 12% to 1% Wednesday, cementing the prospect of a rate hike. The current market-implied probability of a 25-basis-point rise in the policy rate by the BOJ in the upcoming meeting on Sept. 18 is now 98%.
Polymarket probabilities for BOJ rate decision on Sept 18. Source: Polymarket
Some have also seen the currency intervention as liquidity-positive. Arthur Hayes, CIO of Maelstrom, has long held that the Foreign and International Monetary Authorities’ (FIMA) repo facility will provide Japan with dollar liquidity against Treasury collateral, easing global liquidity conditions. While no funds appear to have been drawn from this facility so far, Treasury Secretary Scott Bessent raised the prospect in late July.
Bitcoin reclaims $80K as DXY falls amid continuing suspected yen intervention
Bitcoin (BTC) rallied 5% during US trading hours, reaching $81,000.
Key points:
Bitcoin rallies above $81,000 in US trading, having risen more than 5% over the past 24 hours.
USD/JPY drops to 155.4 amid suspected Bank of Japan (BOJ) intervention, dragging the US Dollar Index (DXY) down to 99.
Polymarket odds for a BOJ rate hold collapse further from 12% to 1%, with a 98% probability now priced in for a 25-basis-point hike on Sept. 18.
Weaker dollar drags crypto higher
At the time of writing, BTC stands at $81,000, near the highs seen during last month’s surprise upside.
The move comes as the Japanese yen (JPY) continued to strengthen in a suspected central bank intervention, which Cointelegraph first reported on Wednesday. After dropping to 158.5 on Wednesday, the USD/JPY pair saw further downside to 155.4. This put pressure on the US dollar index (DXY), which fell to 99. Downside in the DXY has historically been positive for Bitcoin.
US Dollar Index 1-day chart. Source: TradingView
Shares of Michael Saylor’s Strategy (MSTR) participated in the rally and rose 8.6% on Wednesday. The stock is up 70% from its lows in late June, but still down roughly 10% year-to-date. Strategy’s perpetual preferred stock STRC, which had been frequently compared to a money market fund, is still trading below its par value of $100 and remains stuck at $97.80 at the time of writing.
Analysts divided on impact of yen intervention
The latest suspected intervention to support the yen, coupled with the prospect of a Bank of Japan rate hike later this month, has also revived fears of another carry-trade unwind. The Macro Paper commented on X:
“In the last 24 hours, USD/JPY has dropped almost 2.5%, which doesn’t happen without any major intervention. On top of that, BOJ is most likely expected to hike rates this month, with more rate hikes possible in Q4,” it wrote. “This is the exact thing that happened in Q3 2024, when BOJ intervened and hiked rates together.”
The Polymarket probabilities for a BOJ rate hold dropped from 12% to 1% Wednesday, cementing the prospect of a rate hike. The current market-implied probability of a 25-basis-point rise in the policy rate by the BOJ in the upcoming meeting on Sept. 18 is now 98%.
Polymarket probabilities for BOJ rate decision on Sept 18. Source: Polymarket
Some have also seen the currency intervention as liquidity-positive. Arthur Hayes, CIO of Maelstrom, has long held that the Foreign and International Monetary Authorities’ (FIMA) repo facility will provide Japan with dollar liquidity against Treasury collateral, easing global liquidity conditions. While no funds appear to have been drawn from this facility so far, Treasury Secretary Scott Bessent raised the prospect in late July.
Key points:
Bitcoin rallies above $81,000 in US trading, having risen more than 5% over the past 24 hours.
USD/JPY drops to 155.4 amid suspected Bank of Japan (BOJ) intervention, dragging the US Dollar Index (DXY) down to 99.
Polymarket odds for a BOJ rate hold collapse further from 12% to 1%, with a 98% probability now priced in for a 25-basis-point hike on Sept. 18.
Weaker dollar drags crypto higher
At the time of writing, BTC stands at $81,000, near the highs seen during last month’s surprise upside.
The move comes as the Japanese yen (JPY) continued to strengthen in a suspected central bank intervention, which Cointelegraph first reported on Wednesday. After dropping to 158.5 on Wednesday, the USD/JPY pair saw further downside to 155.4. This put pressure on the US dollar index (DXY), which fell to 99. Downside in the DXY has historically been positive for Bitcoin.
US Dollar Index 1-day chart. Source: TradingView
Shares of Michael Saylor’s Strategy (MSTR) participated in the rally and rose 8.6% on Wednesday. The stock is up 70% from its lows in late June, but still down roughly 10% year-to-date. Strategy’s perpetual preferred stock STRC, which had been frequently compared to a money market fund, is still trading below its par value of $100 and remains stuck at $97.80 at the time of writing.
Analysts divided on impact of yen intervention
The latest suspected intervention to support the yen, coupled with the prospect of a Bank of Japan rate hike later this month, has also revived fears of another carry-trade unwind. The Macro Paper commented on X:
“In the last 24 hours, USD/JPY has dropped almost 2.5%, which doesn’t happen without any major intervention. On top of that, BOJ is most likely expected to hike rates this month, with more rate hikes possible in Q4,” it wrote. “This is the exact thing that happened in Q3 2024, when BOJ intervened and hiked rates together.”
The Polymarket probabilities for a BOJ rate hold dropped from 12% to 1% Wednesday, cementing the prospect of a rate hike. The current market-implied probability of a 25-basis-point rise in the policy rate by the BOJ in the upcoming meeting on Sept. 18 is now 98%.
Polymarket probabilities for BOJ rate decision on Sept 18. Source: Polymarket
Some have also seen the currency intervention as liquidity-positive. Arthur Hayes, CIO of Maelstrom, has long held that the Foreign and International Monetary Authorities’ (FIMA) repo facility will provide Japan with dollar liquidity against Treasury collateral, easing global liquidity conditions. While no funds appear to have been drawn from this facility so far, Treasury Secretary Scott Bessent raised the prospect in late July.
315
Article
BitMEX co-founder contributed 75% of Reform UK’s donations in Q2 2026Records from the UK’s Electoral Commission showed that BitMEX co-founder Ben Delo’s contributions to the country’s Reform party made up about three-quarters of the $7.3 million it received in the second quarter of 2026.
As of Thursday, the Electoral Commission showed that Delo had made two separate contributions to Reform UK of 1 million and 3 million pounds — about $1.3 million and $4 million, respectively — in April. While the political party also received significant contributions from entities and individuals between April and June 2026, Delo’s donation amounted to 74% of all funds reported in the second quarter.
Source: UK Electoral Commission
Nigel Farage, leader of Reform UK, is currently under investigation after receiving millions of dollars’ worth of donations and gifts from two figures tied to the crypto industry: Christopher Harborne and George Cottrell. The UK lawmaker resigned his position as a member of parliament in July amid the crypto scandal, triggering a controversial by-election that Farage won 63% of the vote, ahead of satirical candidate Count Binface.
The contributions tied to the crypto industry have raised questions from many lawmakers about the influence of digital assets on UK politics. In July, Labour MPs were reportedly considering that a moratorium on crypto donations imposed in March be made permanent in response to what Farage called “gifts” from Harborne and Cottrell.
Delo also contributed $5.3 million to Reform UK in the first quarter of 2026.
BitMEX co-founders pardoned by US president last year
Delo was one of three figures tied to cryptocurrency exchange BitMEX who pleaded guilty to federal charges in the US related to violations of the Bank Secrecy Act. While he agreed to pay a $10 million fine in 2022, the BitMEX co-founder did not serve time in prison. He and his colleagues Arthur Hayes and Samuel Reed received a pardon from US President Donald Trump in March 2025.
Magazine: BTC will hit $1M by 2030... but Arthur Hayes is buying ETH instead
BitMEX co-founder contributed 75% of Reform UK’s donations in Q2 2026
Records from the UK’s Electoral Commission showed that BitMEX co-founder Ben Delo’s contributions to the country’s Reform party made up about three-quarters of the $7.3 million it received in the second quarter of 2026.
As of Thursday, the Electoral Commission showed that Delo had made two separate contributions to Reform UK of 1 million and 3 million pounds — about $1.3 million and $4 million, respectively — in April. While the political party also received significant contributions from entities and individuals between April and June 2026, Delo’s donation amounted to 74% of all funds reported in the second quarter.
Source: UK Electoral Commission
Nigel Farage, leader of Reform UK, is currently under investigation after receiving millions of dollars’ worth of donations and gifts from two figures tied to the crypto industry: Christopher Harborne and George Cottrell. The UK lawmaker resigned his position as a member of parliament in July amid the crypto scandal, triggering a controversial by-election that Farage won 63% of the vote, ahead of satirical candidate Count Binface.
The contributions tied to the crypto industry have raised questions from many lawmakers about the influence of digital assets on UK politics. In July, Labour MPs were reportedly considering that a moratorium on crypto donations imposed in March be made permanent in response to what Farage called “gifts” from Harborne and Cottrell.
Delo also contributed $5.3 million to Reform UK in the first quarter of 2026.
BitMEX co-founders pardoned by US president last year
Delo was one of three figures tied to cryptocurrency exchange BitMEX who pleaded guilty to federal charges in the US related to violations of the Bank Secrecy Act. While he agreed to pay a $10 million fine in 2022, the BitMEX co-founder did not serve time in prison. He and his colleagues Arthur Hayes and Samuel Reed received a pardon from US President Donald Trump in March 2025.
Magazine: BTC will hit $1M by 2030... but Arthur Hayes is buying ETH instead
As of Thursday, the Electoral Commission showed that Delo had made two separate contributions to Reform UK of 1 million and 3 million pounds — about $1.3 million and $4 million, respectively — in April. While the political party also received significant contributions from entities and individuals between April and June 2026, Delo’s donation amounted to 74% of all funds reported in the second quarter.
Source: UK Electoral Commission
Nigel Farage, leader of Reform UK, is currently under investigation after receiving millions of dollars’ worth of donations and gifts from two figures tied to the crypto industry: Christopher Harborne and George Cottrell. The UK lawmaker resigned his position as a member of parliament in July amid the crypto scandal, triggering a controversial by-election that Farage won 63% of the vote, ahead of satirical candidate Count Binface.
The contributions tied to the crypto industry have raised questions from many lawmakers about the influence of digital assets on UK politics. In July, Labour MPs were reportedly considering that a moratorium on crypto donations imposed in March be made permanent in response to what Farage called “gifts” from Harborne and Cottrell.
Delo also contributed $5.3 million to Reform UK in the first quarter of 2026.
BitMEX co-founders pardoned by US president last year
Delo was one of three figures tied to cryptocurrency exchange BitMEX who pleaded guilty to federal charges in the US related to violations of the Bank Secrecy Act. While he agreed to pay a $10 million fine in 2022, the BitMEX co-founder did not serve time in prison. He and his colleagues Arthur Hayes and Samuel Reed received a pardon from US President Donald Trump in March 2025.
Magazine: BTC will hit $1M by 2030... but Arthur Hayes is buying ETH instead
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Article
VARA, Securitize sign MoU for tokenization innovation in DubaiDubai’s Virtual Assets Regulatory Authority (VARA) and BlackRock-backed tokenization platform Securitize signed a Memorandum of Understanding (MoU) to advance tokenization and digital asset infrastructure across the United Arab Emirates and Dubai.
The MoU will establish a collaborative framework to support regulated tokenization initiatives, foster institutional participation and strengthen Dubai’s digital asset ecosystem, the companies said in a Thursday announcement shared with Cointelegraph.
VARA and Securitize seek to support tokenization initiatives in Dubai, including projects initiated by VARA, to attract more talent and explore how tokenized financial products should operate under Dubai’s regulatory framework.
Tokenization initiatives are also gaining traction in other financial technology-focused jurisdictions. Days earlier, the London Stock Exchange reportedly partnered with crypto exchange Kraken to launch tokenized stock trading on the operator’s night-time trading venue to offer 24/5 trading.
Tokenization is evolving into “mainstream” financial infrastructure: Securitize CEO
Dubai emerged as one of the “world’s most forward-looking jurisdictions for digital asset innovation,” said Carlos Domingo, co-founder and CEO of Securitize, emphasizing the importance of collaborating with regulators as tokenization moves from “concept to mainstream financial infrastructure.”
At the beginning of July, VARA granted its 50th virtual asset service provider (VASP) license to tokenization platform Tribe Tokenisation FZE.
When asked about the specific infrastructure goals, a spokesperson for VARA told Cointelegraph that the MoU’s main goal is to create a broad framework for collaboration between the two firms, rather than a specific technological stack or product. She told Cointelegraph:
“The intention is to combine VARA’s regulatory perspective with Securitize’s experience in institutional tokenisation to identify where collaboration can help support the development of trusted, regulated tokenised markets in Dubai.”
There won’t be any specific projects announced “at this stage” of the MoU, but the agreement will provide a collaborative framework to “support relevant tokenisation initiatives in Dubai,” added the spokesperson.
Total RWA asset value, all-time chart. Source: RWA.xyz
The announcement follows increasing investor demand for tokenized assets, which has seen total RWA holders rise 103% in the past 30 days to 3.2 million. The total value of tokenized assets also rose 2% to $38.5 billion in the same period, according to data provider RWA.xyz.
Securitize ranks as the world’s largest tokenization platform with $4.9 billion in tokenized assets under management (AUM). Ondo Finance ranks second with $3.5 billion.
Magazine: How Hong Kong is turning tokenized bonds into real market infrastructure
VARA, Securitize sign MoU for tokenization innovation in Dubai
Dubai’s Virtual Assets Regulatory Authority (VARA) and BlackRock-backed tokenization platform Securitize signed a Memorandum of Understanding (MoU) to advance tokenization and digital asset infrastructure across the United Arab Emirates and Dubai.
The MoU will establish a collaborative framework to support regulated tokenization initiatives, foster institutional participation and strengthen Dubai’s digital asset ecosystem, the companies said in a Thursday announcement shared with Cointelegraph.
VARA and Securitize seek to support tokenization initiatives in Dubai, including projects initiated by VARA, to attract more talent and explore how tokenized financial products should operate under Dubai’s regulatory framework.
Tokenization initiatives are also gaining traction in other financial technology-focused jurisdictions. Days earlier, the London Stock Exchange reportedly partnered with crypto exchange Kraken to launch tokenized stock trading on the operator’s night-time trading venue to offer 24/5 trading.
Tokenization is evolving into “mainstream” financial infrastructure: Securitize CEO
Dubai emerged as one of the “world’s most forward-looking jurisdictions for digital asset innovation,” said Carlos Domingo, co-founder and CEO of Securitize, emphasizing the importance of collaborating with regulators as tokenization moves from “concept to mainstream financial infrastructure.”
At the beginning of July, VARA granted its 50th virtual asset service provider (VASP) license to tokenization platform Tribe Tokenisation FZE.
When asked about the specific infrastructure goals, a spokesperson for VARA told Cointelegraph that the MoU’s main goal is to create a broad framework for collaboration between the two firms, rather than a specific technological stack or product. She told Cointelegraph:
“The intention is to combine VARA’s regulatory perspective with Securitize’s experience in institutional tokenisation to identify where collaboration can help support the development of trusted, regulated tokenised markets in Dubai.”
There won’t be any specific projects announced “at this stage” of the MoU, but the agreement will provide a collaborative framework to “support relevant tokenisation initiatives in Dubai,” added the spokesperson.
Total RWA asset value, all-time chart. Source: RWA.xyz
The announcement follows increasing investor demand for tokenized assets, which has seen total RWA holders rise 103% in the past 30 days to 3.2 million. The total value of tokenized assets also rose 2% to $38.5 billion in the same period, according to data provider RWA.xyz.
Securitize ranks as the world’s largest tokenization platform with $4.9 billion in tokenized assets under management (AUM). Ondo Finance ranks second with $3.5 billion.
Magazine: How Hong Kong is turning tokenized bonds into real market infrastructure
The MoU will establish a collaborative framework to support regulated tokenization initiatives, foster institutional participation and strengthen Dubai’s digital asset ecosystem, the companies said in a Thursday announcement shared with Cointelegraph.
VARA and Securitize seek to support tokenization initiatives in Dubai, including projects initiated by VARA, to attract more talent and explore how tokenized financial products should operate under Dubai’s regulatory framework.
Tokenization initiatives are also gaining traction in other financial technology-focused jurisdictions. Days earlier, the London Stock Exchange reportedly partnered with crypto exchange Kraken to launch tokenized stock trading on the operator’s night-time trading venue to offer 24/5 trading.
Tokenization is evolving into “mainstream” financial infrastructure: Securitize CEO
Dubai emerged as one of the “world’s most forward-looking jurisdictions for digital asset innovation,” said Carlos Domingo, co-founder and CEO of Securitize, emphasizing the importance of collaborating with regulators as tokenization moves from “concept to mainstream financial infrastructure.”
At the beginning of July, VARA granted its 50th virtual asset service provider (VASP) license to tokenization platform Tribe Tokenisation FZE.
When asked about the specific infrastructure goals, a spokesperson for VARA told Cointelegraph that the MoU’s main goal is to create a broad framework for collaboration between the two firms, rather than a specific technological stack or product. She told Cointelegraph:
“The intention is to combine VARA’s regulatory perspective with Securitize’s experience in institutional tokenisation to identify where collaboration can help support the development of trusted, regulated tokenised markets in Dubai.”
There won’t be any specific projects announced “at this stage” of the MoU, but the agreement will provide a collaborative framework to “support relevant tokenisation initiatives in Dubai,” added the spokesperson.
Total RWA asset value, all-time chart. Source: RWA.xyz
The announcement follows increasing investor demand for tokenized assets, which has seen total RWA holders rise 103% in the past 30 days to 3.2 million. The total value of tokenized assets also rose 2% to $38.5 billion in the same period, according to data provider RWA.xyz.
Securitize ranks as the world’s largest tokenization platform with $4.9 billion in tokenized assets under management (AUM). Ondo Finance ranks second with $3.5 billion.
Magazine: How Hong Kong is turning tokenized bonds into real market infrastructure
270
Nvidia buys Hugging Face for $12.9B in push into AI softwareNvidia has agreed to acquire Hugging Face for $12.93 billion, expanding the chipmaker’s reach into the software that developers use to build and deploy artificial intelligence.
Hugging Face operates an open-source AI platform for sharing models, datasets and development tools. More than 18 million developers, researchers and creators use it to share over 3 million models, 500,000 datasets and 1 million applications, Nvidia CEO Jensen Huang said in an announcement on Thursday.
“Hugging Face will remain an open platform for the entire AI ecosystem,” Huang said, adding that developers will remain free to choose their models, frameworks, cloud providers and computing platforms.
Nvidia hardware will not be required to build or deploy through Hugging Face, he added. Nvidia already publishes more than 500 models and 250 open datasets on Hugging Face. The company said Hugging Face will continue supporting models from other developers as well as multiple cloud and accelerator providers.
The acquisition comes about a month after Hugging Face disclosed a security breach involving an autonomous AI agent that gained unauthorized access to internal datasets and service credentials. The company said it found no evidence of tampering with public models, datasets or applications.
Nvidia buys Hugging Face for $12.9B in push into AI software
Nvidia has agreed to acquire Hugging Face for $12.93 billion, expanding the chipmaker’s reach into the software that developers use to build and deploy artificial intelligence.
Hugging Face operates an open-source AI platform for sharing models, datasets and development tools. More than 18 million developers, researchers and creators use it to share over 3 million models, 500,000 datasets and 1 million applications, Nvidia CEO Jensen Huang said in an announcement on Thursday.
“Hugging Face will remain an open platform for the entire AI ecosystem,” Huang said, adding that developers will remain free to choose their models, frameworks, cloud providers and computing platforms.
Nvidia hardware will not be required to build or deploy through Hugging Face, he added. Nvidia already publishes more than 500 models and 250 open datasets on Hugging Face. The company said Hugging Face will continue supporting models from other developers as well as multiple cloud and accelerator providers.
The acquisition comes about a month after Hugging Face disclosed a security breach involving an autonomous AI agent that gained unauthorized access to internal datasets and service credentials. The company said it found no evidence of tampering with public models, datasets or applications.
Hugging Face operates an open-source AI platform for sharing models, datasets and development tools. More than 18 million developers, researchers and creators use it to share over 3 million models, 500,000 datasets and 1 million applications, Nvidia CEO Jensen Huang said in an announcement on Thursday.
“Hugging Face will remain an open platform for the entire AI ecosystem,” Huang said, adding that developers will remain free to choose their models, frameworks, cloud providers and computing platforms.
Nvidia hardware will not be required to build or deploy through Hugging Face, he added. Nvidia already publishes more than 500 models and 250 open datasets on Hugging Face. The company said Hugging Face will continue supporting models from other developers as well as multiple cloud and accelerator providers.
The acquisition comes about a month after Hugging Face disclosed a security breach involving an autonomous AI agent that gained unauthorized access to internal datasets and service credentials. The company said it found no evidence of tampering with public models, datasets or applications.
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343
Pencil Finance completes $1M onchain lending cycle for 6.6K students in Southeast AsiaStudent loan real-world asset (RWA) protocol Pencil Finance completed a $1 million onchain student loan cycle, offering financing to thousands of students in Southeast Asia who were underserved by traditional lenders.
Pencil said it completed its first fully onchain student loan cycle on the blockchain, where the platform deployed $1 million in capital as a lender that was repaid by borrowers to the bundle’s funders with yield, the company revealed in a Thursday announcement shared with Cointelegraph.
The bundle was funded in July 2025 by Animoca Brands, Open Campus and New Campus, structured as a senior tranche with fixed returns and a junior tranche with variable returns and first-loss risk.
The $1 million onchain loan cycle offered financing to about 6,600 students across 118 schools and universities in Southeast Asia. Pencil Finance claims this is the first-ever fully onchain lending cycle financing student loans transparently recorded on the blockchain network.
Of the 6,600 students, about 1,050 received direct funding. Pencil said the loans were designed for students underserved by traditional lenders, with 50% female borrowers and 93% stemming from lower-income households.
Tokenized RWAs are increasingly being used to issue or collateralize loans.
In July, Brazil’s B3 stock exchange issued a 100,000 Brazilian reais ($19,600) loan secured by 10 tokenized cows as collateral, where each cow received a unique digital token linked to an encrypted digital identity, while AI-powered smart collars from agriculture tech company Cowmed monitored each animal’s health.
Pencil Finance completes $1M onchain lending cycle for 6.6K students in Southeast Asia
Student loan real-world asset (RWA) protocol Pencil Finance completed a $1 million onchain student loan cycle, offering financing to thousands of students in Southeast Asia who were underserved by traditional lenders.
Pencil said it completed its first fully onchain student loan cycle on the blockchain, where the platform deployed $1 million in capital as a lender that was repaid by borrowers to the bundle’s funders with yield, the company revealed in a Thursday announcement shared with Cointelegraph.
The bundle was funded in July 2025 by Animoca Brands, Open Campus and New Campus, structured as a senior tranche with fixed returns and a junior tranche with variable returns and first-loss risk.
The $1 million onchain loan cycle offered financing to about 6,600 students across 118 schools and universities in Southeast Asia. Pencil Finance claims this is the first-ever fully onchain lending cycle financing student loans transparently recorded on the blockchain network.
Of the 6,600 students, about 1,050 received direct funding. Pencil said the loans were designed for students underserved by traditional lenders, with 50% female borrowers and 93% stemming from lower-income households.
Tokenized RWAs are increasingly being used to issue or collateralize loans.
In July, Brazil’s B3 stock exchange issued a 100,000 Brazilian reais ($19,600) loan secured by 10 tokenized cows as collateral, where each cow received a unique digital token linked to an encrypted digital identity, while AI-powered smart collars from agriculture tech company Cowmed monitored each animal’s health.
Pencil said it completed its first fully onchain student loan cycle on the blockchain, where the platform deployed $1 million in capital as a lender that was repaid by borrowers to the bundle’s funders with yield, the company revealed in a Thursday announcement shared with Cointelegraph.
The bundle was funded in July 2025 by Animoca Brands, Open Campus and New Campus, structured as a senior tranche with fixed returns and a junior tranche with variable returns and first-loss risk.
The $1 million onchain loan cycle offered financing to about 6,600 students across 118 schools and universities in Southeast Asia. Pencil Finance claims this is the first-ever fully onchain lending cycle financing student loans transparently recorded on the blockchain network.
Of the 6,600 students, about 1,050 received direct funding. Pencil said the loans were designed for students underserved by traditional lenders, with 50% female borrowers and 93% stemming from lower-income households.
Tokenized RWAs are increasingly being used to issue or collateralize loans.
In July, Brazil’s B3 stock exchange issued a 100,000 Brazilian reais ($19,600) loan secured by 10 tokenized cows as collateral, where each cow received a unique digital token linked to an encrypted digital identity, while AI-powered smart collars from agriculture tech company Cowmed monitored each animal’s health.
184
Standard Chartered launches spot Bitcoin and Ether trading in UAELondon-headquartered multinational bank Standard Chartered has launched spot Bitcoin and Ether trading for institutional clients in the United Arab Emirates (UAE), through its entity regulated by the Dubai International Financial Centre (DIFC).
The move makes Standard Chartered the first global bank to offer institutional digital asset trading in the region and the first Global Systemically Important Bank (G-SIB) with a similar offering, the bank said in a Thursday announcement shared with Cointelegraph.
Eligible institutional clients will be able to access spot Bitcoin (BTC) and Ether (ETH) trading through Standard Chartered’s electronic trading channels integrated into the bank’s existing platforms.
The move expands Standard Chartered’s regulated crypto asset offering in the region. The bank previously launched digital asset custody services in the UAE in September 2024.
In June, Standard Chartered entered a banking agreement with CoinMENA, enabling the crypto exchange to use the bank to support fiat on- and off-ramps, client money accounts and virtual account-based transaction management.
Other cryptocurrency companies and trading platforms are also seeking regulatory approval to launch digital asset offerings in the UAE. In August, trading platform Capital.com revealed plans to offer spot crypto services to clients in the UAE and secured a virtual-asset license from the country’s Capital Market Authority (CMA).
Earlier in July, neobank Revolut received in-principle approval from Dubai’s Virtual Assets Regulatory Authority to offer crypto-related services in the region.
Standard Chartered launches spot Bitcoin and Ether trading in UAE
London-headquartered multinational bank Standard Chartered has launched spot Bitcoin and Ether trading for institutional clients in the United Arab Emirates (UAE), through its entity regulated by the Dubai International Financial Centre (DIFC).
The move makes Standard Chartered the first global bank to offer institutional digital asset trading in the region and the first Global Systemically Important Bank (G-SIB) with a similar offering, the bank said in a Thursday announcement shared with Cointelegraph.
Eligible institutional clients will be able to access spot Bitcoin (BTC) and Ether (ETH) trading through Standard Chartered’s electronic trading channels integrated into the bank’s existing platforms.
The move expands Standard Chartered’s regulated crypto asset offering in the region. The bank previously launched digital asset custody services in the UAE in September 2024.
In June, Standard Chartered entered a banking agreement with CoinMENA, enabling the crypto exchange to use the bank to support fiat on- and off-ramps, client money accounts and virtual account-based transaction management.
Other cryptocurrency companies and trading platforms are also seeking regulatory approval to launch digital asset offerings in the UAE. In August, trading platform Capital.com revealed plans to offer spot crypto services to clients in the UAE and secured a virtual-asset license from the country’s Capital Market Authority (CMA).
Earlier in July, neobank Revolut received in-principle approval from Dubai’s Virtual Assets Regulatory Authority to offer crypto-related services in the region.
The move makes Standard Chartered the first global bank to offer institutional digital asset trading in the region and the first Global Systemically Important Bank (G-SIB) with a similar offering, the bank said in a Thursday announcement shared with Cointelegraph.
Eligible institutional clients will be able to access spot Bitcoin (BTC) and Ether (ETH) trading through Standard Chartered’s electronic trading channels integrated into the bank’s existing platforms.
The move expands Standard Chartered’s regulated crypto asset offering in the region. The bank previously launched digital asset custody services in the UAE in September 2024.
In June, Standard Chartered entered a banking agreement with CoinMENA, enabling the crypto exchange to use the bank to support fiat on- and off-ramps, client money accounts and virtual account-based transaction management.
Other cryptocurrency companies and trading platforms are also seeking regulatory approval to launch digital asset offerings in the UAE. In August, trading platform Capital.com revealed plans to offer spot crypto services to clients in the UAE and secured a virtual-asset license from the country’s Capital Market Authority (CMA).
Earlier in July, neobank Revolut received in-principle approval from Dubai’s Virtual Assets Regulatory Authority to offer crypto-related services in the region.
280
Coldcard hacker swaps stolen Bitcoin for ETH via THORChainA hacker linked to the third wave of Coldcard wallet thefts has started swapping stolen Bitcoin for Ether through THORChain.
Galaxy head of research Alex Thorn took to X on Wednesday to report that the third-wave exploiter moved about 10% of the stolen funds, with 90% remaining untouched. Thorn said it marked the first time funds from any of the three waves had moved onchain from the original hacker addresses.
“The hacker appears to be having some issues swapping all the funds through THORChain — they keep getting refunded and he keeps retrying,” he said.
Thorn said onchain analysts traced the funds through THORChain to a new Ethereum address, adding that he shared it with relevant authorities and crypto companies. It remains unclear whether the attacker will attempt to further obscure or move the assets through an exchange, he added.
The transfers follow a Coldcard exploit that Galaxy Research linked to the theft of at least 1,789 Bitcoin from 8,865 addresses, worth about $114.7 million at the time they were stolen. Blockchain security company CertiK reported in August that hackers linked to the exploit had sent 64 Bitcoin and 200 Ether to cryptocurrency mixers such as Tornado Cash.
The latest movement comes days after Thorn said the Coldcard attackers remained active, citing the Aug. 28 sweep of a deliberately weakened researcher wallet designed to test the attackers’ ability to find vulnerable keys.
Coldcard hacker swaps stolen Bitcoin for ETH via THORChain
A hacker linked to the third wave of Coldcard wallet thefts has started swapping stolen Bitcoin for Ether through THORChain.
Galaxy head of research Alex Thorn took to X on Wednesday to report that the third-wave exploiter moved about 10% of the stolen funds, with 90% remaining untouched. Thorn said it marked the first time funds from any of the three waves had moved onchain from the original hacker addresses.
“The hacker appears to be having some issues swapping all the funds through THORChain — they keep getting refunded and he keeps retrying,” he said.
Thorn said onchain analysts traced the funds through THORChain to a new Ethereum address, adding that he shared it with relevant authorities and crypto companies. It remains unclear whether the attacker will attempt to further obscure or move the assets through an exchange, he added.
The transfers follow a Coldcard exploit that Galaxy Research linked to the theft of at least 1,789 Bitcoin from 8,865 addresses, worth about $114.7 million at the time they were stolen. Blockchain security company CertiK reported in August that hackers linked to the exploit had sent 64 Bitcoin and 200 Ether to cryptocurrency mixers such as Tornado Cash.
The latest movement comes days after Thorn said the Coldcard attackers remained active, citing the Aug. 28 sweep of a deliberately weakened researcher wallet designed to test the attackers’ ability to find vulnerable keys.
Galaxy head of research Alex Thorn took to X on Wednesday to report that the third-wave exploiter moved about 10% of the stolen funds, with 90% remaining untouched. Thorn said it marked the first time funds from any of the three waves had moved onchain from the original hacker addresses.
“The hacker appears to be having some issues swapping all the funds through THORChain — they keep getting refunded and he keeps retrying,” he said.
Thorn said onchain analysts traced the funds through THORChain to a new Ethereum address, adding that he shared it with relevant authorities and crypto companies. It remains unclear whether the attacker will attempt to further obscure or move the assets through an exchange, he added.
The transfers follow a Coldcard exploit that Galaxy Research linked to the theft of at least 1,789 Bitcoin from 8,865 addresses, worth about $114.7 million at the time they were stolen. Blockchain security company CertiK reported in August that hackers linked to the exploit had sent 64 Bitcoin and 200 Ether to cryptocurrency mixers such as Tornado Cash.
The latest movement comes days after Thorn said the Coldcard attackers remained active, citing the Aug. 28 sweep of a deliberately weakened researcher wallet designed to test the attackers’ ability to find vulnerable keys.
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Verified
Kalshi seeks CFTC approval for WTI crude perpetual futures: ReportPrediction market operator Kalshi will reportedly seek regulatory approval for a West Texas Intermediate (WTI) crude oil perpetual futures contract that never expires.
The contract could be filed with the Commodity Futures Trading Commission (CFTC) as soon as next week, a person familiar with the matter told Bloomberg. It would trade 24 hours a day, five days a week, according to Reuters.
If approved, it would be the first oil-linked perpetual futures product to trade on a regulated US platform.
Cointelegraph has approached Kalshi for comment.
Perpetual futures, commonly called “perps,” are derivatives without expiration dates, allowing traders to maintain positions indefinitely without rolling them into new contracts.
In June, the CFTC sought public comments on extending standard futures contracts to 24/7 trading and allowing perpetual contracts linked to physically delivered or storable energy commodities, including crude oil.
In July, the regulator halted the self-certified listing of a CME Group contract that would have introduced 24/7 crude oil futures trading while it examined whether the product complied with federal commodities law.
On Aug. 24, Ondo Finance submitted three comment letters to the SEC and CFTC urging US regulators to bring perpetual futures tied to individual stocks onshore. Ondo argued that these products could operate under the country’s existing security futures framework without new rules.
Kalshi’s push into oil derivatives comes as its prediction-market business faces a separate jurisdictional dispute over whether federal commodities law preempts state gambling enforcement against event contracts traded on CFTC-regulated exchanges.
On Tuesday, a Michigan state court issued a preliminary injunction barring Kalshi from offering sports-related event contracts in the state and requiring it to maintain geofencing that blocks Michigan residents.
On Wednesday, New Jersey asked the US Supreme Court to resolve the jurisdictional dispute after federal appeals courts reached conflicting decisions in cases involving New Jersey and Nevada.
Kalshi seeks CFTC approval for WTI crude perpetual futures: Report
Prediction market operator Kalshi will reportedly seek regulatory approval for a West Texas Intermediate (WTI) crude oil perpetual futures contract that never expires.
The contract could be filed with the Commodity Futures Trading Commission (CFTC) as soon as next week, a person familiar with the matter told Bloomberg. It would trade 24 hours a day, five days a week, according to Reuters.
If approved, it would be the first oil-linked perpetual futures product to trade on a regulated US platform.
Cointelegraph has approached Kalshi for comment.
Perpetual futures, commonly called “perps,” are derivatives without expiration dates, allowing traders to maintain positions indefinitely without rolling them into new contracts.
In June, the CFTC sought public comments on extending standard futures contracts to 24/7 trading and allowing perpetual contracts linked to physically delivered or storable energy commodities, including crude oil.
In July, the regulator halted the self-certified listing of a CME Group contract that would have introduced 24/7 crude oil futures trading while it examined whether the product complied with federal commodities law.
On Aug. 24, Ondo Finance submitted three comment letters to the SEC and CFTC urging US regulators to bring perpetual futures tied to individual stocks onshore. Ondo argued that these products could operate under the country’s existing security futures framework without new rules.
Kalshi’s push into oil derivatives comes as its prediction-market business faces a separate jurisdictional dispute over whether federal commodities law preempts state gambling enforcement against event contracts traded on CFTC-regulated exchanges.
On Tuesday, a Michigan state court issued a preliminary injunction barring Kalshi from offering sports-related event contracts in the state and requiring it to maintain geofencing that blocks Michigan residents.
On Wednesday, New Jersey asked the US Supreme Court to resolve the jurisdictional dispute after federal appeals courts reached conflicting decisions in cases involving New Jersey and Nevada.
The contract could be filed with the Commodity Futures Trading Commission (CFTC) as soon as next week, a person familiar with the matter told Bloomberg. It would trade 24 hours a day, five days a week, according to Reuters.
If approved, it would be the first oil-linked perpetual futures product to trade on a regulated US platform.
Cointelegraph has approached Kalshi for comment.
Perpetual futures, commonly called “perps,” are derivatives without expiration dates, allowing traders to maintain positions indefinitely without rolling them into new contracts.
In June, the CFTC sought public comments on extending standard futures contracts to 24/7 trading and allowing perpetual contracts linked to physically delivered or storable energy commodities, including crude oil.
In July, the regulator halted the self-certified listing of a CME Group contract that would have introduced 24/7 crude oil futures trading while it examined whether the product complied with federal commodities law.
On Aug. 24, Ondo Finance submitted three comment letters to the SEC and CFTC urging US regulators to bring perpetual futures tied to individual stocks onshore. Ondo argued that these products could operate under the country’s existing security futures framework without new rules.
Kalshi’s push into oil derivatives comes as its prediction-market business faces a separate jurisdictional dispute over whether federal commodities law preempts state gambling enforcement against event contracts traded on CFTC-regulated exchanges.
On Tuesday, a Michigan state court issued a preliminary injunction barring Kalshi from offering sports-related event contracts in the state and requiring it to maintain geofencing that blocks Michigan residents.
On Wednesday, New Jersey asked the US Supreme Court to resolve the jurisdictional dispute after federal appeals courts reached conflicting decisions in cases involving New Jersey and Nevada.
688
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