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DeFi Development Corp. plans to raise up to $20 million through a preferred stock offering. It carries an initial annual dividend rate of 13%.
The Solana (SOL) treasury company intends to use part of the proceeds to buy more SOL. It resumed accumulation last week as market conditions turned more favorable.
What the Preferred Stock Offers
DFDV announced that it plans to conduct an IPO of its Variable Rate Series C Perpetual Preferred Stock, known as CHAD Stock.
Dividends will accrue on a stated amount of $10 per share. Payments will be made each business day of each calendar month, beginning October 1, 2026.
The initial annual dividend rate is 13%, subject to adjustment under the stock’s terms. DFDV also intends to deposit $1.30 per share into a separate account at closing.
The reserve would cover 12 months of dividend payments at the initial 13% rate. The company can fund it with existing cash, financial instruments, and/or digital assets. R.F. Lafferty & Co. is acting as the sole book-running manager.
“The Company intends to use the net proceeds from the offering for general corporate purposes, including for working capital, the acquisition of SOL and other digital asset-related investments, strategic transactions and growth initiatives,” the firm said.
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Buying Restarted Days Before the Offering
The firm is already one of the largest public holders of SOL. Last week, it added 19,000 SOL at an average price of $98.14.
That purchase lifted its treasury to about 2.33 million SOL and SOL equivalents. The company partly funded the acquisition by divesting its ZeroStack position, citing improving market conditions.
Chief Executive Joseph Onorati described DFDV as a leveraged way for investors to gain exposure to SOL.
“When SOL performs well, we believe DFDV has the potential to amplify that performance. Month-to-date, DFDV’s return has been more than twice that of SOL,” he said.
The move comes as the broader crypto market strengthens. SOL gained 41.4% in August, making it the token’s first positive month of 2026 after losses in every month since January.
Solana Price Monthly Returns. Source: CryptoRank
Strategy also resumed Bitcoin (BTC) accumulation after a 10-week pause, while Strive and BitMine continued adding to their digital asset holdings.
For now, the raise shows treasury firms testing investor appetite again after a difficult stretch. Whether that window stays open will shape how much more SOL DFDV can add.
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South Korea’s Kospi closed at 6,835.8 points on Tuesday, up 0.23%, as buyback-driven gains in Samsung Electronics and SK Hynix offset net selling from foreign, institutional, and retail investors alike.
The index marked its second straight gain, having opened 0.52% lower after fresh U.S.-Iran airstrikes and a hawkish Fed speech from Chair Kevin Warsh unsettled global markets. The Kospi has since recovered from a session low near 6,617 on Monday.
Chip Stocks Reverse an Early Slide
Wall Street had fallen overnight, with the Dow Jones Industrial Average down 0.7% and the S&P 500 off 0.33%, after Warsh’s Jackson Hole speech fanned concerns over a possible rate hike at the Fed’s meeting later this month.
The Kospi has climbed the past two days. Image Source: Trading View
However, the Kospi erased those losses in the afternoon as government data showed Korea’s August exports stayed solid on strong chip demand, extending the Kospi’s chip-driven rally. Samsung rose 0.38% and SK Hynix advanced 1.14%, both aided by recently announced buyback programs.
“External uncertainty dampened investor sentiment, but strong buying from big companies backed up the index,” said Lee Kyung-min, an analyst at Daishin Securities.
Sellers Outnumbered Buyers Despite the Gain
Trade volume was light at 263.7 million shares worth 17.5 trillion won ($12.8 billion), with advancers narrowly beating decliners 444 to 421. Foreign investors sold a net 491.9 billion won, institutions sold 634 billion won, and retail investors sold 539.8 billion won.
Oil refiners gained on rising crude prices, with SK Innovation up 7.81% and S-Oil up 1.07%. Meanwhile, Hanwha Aerospace fell 3.99% and Celltrion slipped 0.48%.
The won weakened 1.8 won to trade at 1,370.4 per dollar as of 3:30 p.m., reflecting broader risk-off pressure from the Middle East escalation.

Prediction market Kalshi suspended Republican House candidate Laurie Buckhout for 3 years after finding that she had placed bets on her own race.
Buckhout is challenging Democratic Representative Don Davis in North Carolina’s 1st Congressional District.
The Fine Costs More Than the Wager
Buckhout bought less than $1,000 in contracts related to her own candidacy, according to the disciplinary notice Kalshi published. She agreed to pay a penalty of $2,589.96, more than the bet itself.
Kalshi rule 5.17(z) bars any trader with direct or indirect influence over an event from trading that contract. A candidate on the ballot meets that test.
The prediction market said Buckhout cooperated with its inquiry. She accepted the findings and also agreed to the ban and the penalty.
“I bet on myself. Literally. It was a dumb mistake, and as soon as I learned there was an issue, I worked to make it right. Safe to say my career as a Kalshi trader was short-lived,” Laurie Buckhout said.
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Santos Got a Lifetime Ban, Buckhout Got 3 Years.
Kalshi has moved repeatedly in recent days. It imposed a lifetime ban and a fine of over $70,000 on former congressman George Santos on Monday after he refused to cooperate with investigators.
Days earlier, the Commodity Futures Trading Commission (CFTC) and Kalshi acted against a White House teleprompter operator over bets on Trump’s speech text.
Kalshi has been working to curb insider trading on its platform. The exchange introduced three market integrity measures in June.
Congress may push further. Representative Bryan Steil filed a bill in June that would ban lawmakers from betting on political outcomes, with fines and forfeited gains attached.
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Elon Musk needed one word for Europe’s loudest startup debate of the week. He posted “Wow.” The trigger was Stripe CEO Patrick Collison’s story of a German founder who paid a €30,000 German notary fee to hear a 90-page investment contract read aloud. German law required the session.
Collison asked the founder whether the horror stories about German startup bureaucracy were exaggerated. The answer was that they are understated. The founder’s first company paid the bill and lost the day. His second company was incorporated somewhere else.
Why a German Notary Fee Can Reach €30,000
The rule is real, with Collison’s account pointing to Section 13 of the Beurkundungsgesetz, Germany’s notarization law. The statute orders a notary to read the full deed aloud to everyone in the room.
Met a German founder this week and asked him if all the stories one reads about the challenges of startups in Germany are exaggerated. "No, they're understated." Proceeded to describe spending a full day having a 90-page investment contract read to him (mandatory under German…
— Patrick Collison (@patrickc) August 29, 2026
The parties must then approve it and sign by hand. Startup funding rounds get caught because the standard German company, the GmbH, cannot transfer shares or raise capital without a notarized deed.
The price is set by the state, not the notary. A second law, the GNotKG, ties the fee to the value of the deal. The bigger the round, the bigger the bill. The hours spent reading do not matter.
A court has already blessed that math, seen with venture lawyer Wolfgang Weitnauer reporting a ruling by the Higher Regional Court of Karlsruhe on one German funding round.
Investors put about €7 million into a company valued at €21 million before the deal. Exit clauses in the contract counted toward the deed’s value too.
The notary therefore assessed the transaction at roughly €35 million. The reading alone cost €63,110.85. The full notary bill reached about €100,000. The court upheld every euro.
Crypto founders may know the pattern, seeing as Germany leads the EU in licenses under the Markets in Crypto-Assets (MiCA) framework.
Crypto Adoption Rate Germany, Source: Datawallet
Even so, its crypto startups are leaving for friendlier bases. Smaller firms say compliance costs under MiCA outweigh the single market’s benefits.
Founders Pile On as Brussels Drafts an Alternative
Musk’s one-word reaction was the loudest megaphone. However, the sharpest contrast came from investors. Y Combinator co-founder Paul Graham replied that US investors close on the accelerator’s standardized SAFE, short for simple agreement for future equity, after checking only the names and the numbers.
Whereas in the US we can safely invest on a safe sent via the YC system without even looking at any part except the names and numbers, because we know the text will be the identical standard text.
— Paul Graham (@paulg) August 29, 2026
No public reading. No statutory tariff.
“Our (Lieferando) contract was even longer, and the reading went on through the night, in German, mind you . I think it cost at least €200,000. The notary even stopped reading when I went to the bathroom. It was good fun, though,” added Just Eat Takeaway founder Jitse Groen.
His figure is an estimate, not an audited invoice.
Notwithstanding, the pain is seemingly not limited to Germany. Italian founder Stefano described a seed round that nearly died because Italian and Belgian notaries argued over a translated power of attorney. That standoff ended with a €21,000 invoice and mandatory in-person signatures.
Sharing our own horror story:In December we’ve closed our Seed round with a UK lead investor. Since our company was incorporated in Italy and participated by a Belgium fund we had to translate a PoA in 3 languages and almost lost the deal because the Italian and Belgium notary…
— Stefano (@nerder_) August 29, 2026
Nevertheless, Brussels is already drafting a fix. In March, the European Commission proposed EU Inc., an optional EU-wide company form that promises fully digital formation within 48 hours.
One clause is now the flashpoint. Article 14 of the draft demands that company articles pass preventive administrative, judicial, or notarial control. Critics read that last word as a door for notary lobbies to walk back in.
Collison is not just posting either, seeing as five days earlier, he launched the Rhine Group with former European Central Bank President Mario Draghi.
An announcement: Under the leadership of Mario Draghi and @patrickc we have set up the Rhine Group: policymakers, economists, entrepreneurs and business people pushing European reforms and the Draghi agenda. https://t.co/ZtoW7Rb173
— Luis Garicano 🇪🇺🇺🇦 (@lugaricano) August 24, 2026
The 55-member forum wants to turn Draghi’s 2024 competitiveness report into working reforms, and it meets for the first time in late September.
Whether notarial control survives the EU Inc. talks will show if Europe’s next company form retires the reading ritual or simply rebrands it.
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Bitcoin price rose 24.95% in August, and still trades 9.62% below where it started the year. The month was bought almost entirely by funds.
Everyone else was selling into it.
Why Did the Price Rise 25% in August?
US spot Bitcoin ETFs took in $3.52 billion during August, per SoSoValue data. Only five of 21 sessions saw money leave.
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That single month outweighs everything before it. Across January to July, the same funds lost a net $5.30 billion. August did not just beat the year, it reversed it.
Bitcoin ETF Month Aftermath: BeInCrypto
The problem is what months like this have preceded.
Will the Price Crash in September 2026?
Twelve months since these funds launched have drawn $3 billion or more. Bitcoin fell in the month straight after seven of them. The average return in those following months is 0.13%, against 2.93% for an average month.
Seasonality points the same way. Bitcoin has closed August green only two times since 2020 (before this year), and on both the occasions, September fell 7.30% and 7.96%.
BTC Price History: CryptoRank
One thing argues back. The last three Septembers all finished higher, so September’s reputation as Bitcoin’s worst month is out of date.
Who Was Selling While BTC Surged?
Hodler Net Position Change, which measures whether long-term holders are adding coins or releasing them, stayed negative for the whole rally. It turned red on August 2 and stayed there for four weeks.
Bitcoin Hodler Net Position Change: Glassnode
Then it flipped. August 31 printed the first green bar since July, at 2,044 BTC.
Large wallets did the same thing and have not reversed it. Addresses holding more than BTC fell from 1,963 on July 31 to 1,908, a loss of 55 wallets during a 25% rally.
Bitcoin Whale Address Count: Glassnode
So the rally was funds buying what holders and whales were handing over. That matters, because it means the selling side was working through supply rather than reacting to bad news.
Are Big Traders Still Betting Big?
Their futures book says yes. Bitcoin’s positioning divergence score sits at 21.2, with top traders holding 111 points more long exposure than the average account.
Bitcoin Positioning Divergence: Charlie Quant Lab
The reading is specific to Bitcoin. XRP scores 2.7, meaning no meaningful gap between top-traders and everyone else.
XRP Positioning Divergence: Charlie Quant Lab
That confidence is also the risk. Binance alone carries $3.00 billion in long liquidation leverage below the price against $1.80 billion in short leverage above it.
Bitcoin Liquidation Map: CoinGlass
Therefore, a small BTC price drop could hurt the price prediction more going into September, as it might trigger a long flush.
Bitcoin Price Prediction: The Levels That Decide September
Bitcoin trades near $79,108. Everything rests on $77,057, the floor this range has held since the breakout, because losing it removes support all the way to $62,207.
Bitcoin Price Analysis: TradingView
Upside needs proof. A daily close above $82,656 opens $91,719, and only a move through that level would argue the bull phase is back, with $100,782 beyond it. Volume has to come with it, and buying volume only began recovering between August 29 and 31.
Analyst’s View: The pattern says funds buy late, and August’s money arrived after a 25% move in a year Bitcoin is still down. Against that, holders stopped selling on the final day of the month and the largest traders are positioned long. Which side wins in this Bitcoin price prediction war will be decided by the tussle between the historical bearishness and the current bullishness.

Crypto recorded 50 major hacks in August, the highest monthly count of 2026. Total losses fell to $136.3 million, down 49.5% from July.
Blockchain security firm PeckShield published the tally on Tuesday. The figures show attackers striking far more often while extracting less from each incident.
Cronos Halt Blunted the Month’s Largest Exploit
A single incident dominated the month. Tectonic is the largest lending protocol on Cronos (CRO). It reportedly lost roughly $74 million, the fourth-largest crypto theft of 2026 to date.
The attacker moved only about $6 million to Ethereum (ETH) before validators froze the network.
“The exploiter has since started laundering the stolen funds, bridging them to #BTC (~200K so far),” PeckShield said.
Cronos then restored the chain state to a point before the attack and resumed block production.
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#PeckShieldAlert n August 2026, the crypto industry experienced 50 major hacks (+67% from July's 30 hacks), resulting in total losses of $136.3M – a 49.5% month-over-month decrease from July's $270M. The Tectonic.cro incident, which resulted in ~$74M in losses, was the… pic.twitter.com/QtQUy8czdZ
— PeckShieldAlert (@PeckShieldAlert) September 1, 2026
Attack Volume Rose as Individual Hauls Shrank
August’s 50 incidents topped the 40 recorded in April, May, and June. PeckShield counted 16, 15, and 20 hacks in January, February, and March, respectively.
Monthly Crypto Hack Counts in 2026. Source: PeckShield/BeInCrypto
The average loss per hack fell to about $2.7 million, down from roughly $9 million in July. PeckShield’s top ten incidents accounted for $123.34 million of August’s total, leaving around $12.9 million across the other 40 hacks, per BeInCrypto calculations.
April remains the year’s costliest month at $646.89 million, driven by the Drift and KelpDAO exploits. Those two incidents alone accounted for $577 million.
Moonwell followed Tectonic in August with $8.7 million in losses. Term Labs lost $8.5 million, Coinsbuy $7.9 million, and TAC $7.5 million. Injective, MANTRA, BounceBit, Cosmos Labs, and aquifer rounded out the top ten.
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President Donald Trump told American communities to stop fighting data center projects. Writing on Truth Social on Monday, he warned that towns that reject them will end up backwards and poor.
Republicans now face rising voter anger over data center construction before November’s midterm elections.
Trump Calls Data Centers a Golden Goose
Trump framed the buildout as a national economic prize. Towns accepting the facilities gain jobs and lower taxes, he argued. Rival locations are waiting to absorb rejected projects.
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pic.twitter.com/shMVVzL1ei
— Rapid Response 47 (@RapidResponse47) August 31, 2026
Meanwhile, artificial intelligence (AI) projects now face opposition in both Republican-run and Democratic-run areas. Residents cite higher electricity bills, water use, and strain on local grids.
Officials have answered with permit pauses and outright bans. Pennsylvania Governor Josh Shapiro tightened the review rules for large projects.
Texas Governor Greg Abbott paused new grid connections pending an audit. New York imposed a statewide hyperscale data freeze in July.
A Heatmap Pro review found that more than 500 counties and municipalities were restricting or blocking new facilities by late July. Trump framed that resistance as a gift to Beijing.
“The good news is that there are plenty of other places that want them. If we kill the Golden Goose, you will only have yourselves to blame. China could not be happier with this anti-Data Center movement. Actually, they can’t believe it is happening!” he said.
Sanders Rejects Trump’s Framing as GOP Nerves Grow
Sen. Bernie Sanders responded on X. The Vermont independent said opponents are defending their communities, not choosing poverty.
“No, Mr. President, the 75% of Americans who oppose data centers in their communities do not want to be ‘backwards and poor.’ They want a decent future for themselves, their kids and their communities… They have every right to be concerned,” he said.
The president’s own party has grown nervous. A private memo from the National Republican Senatorial Committee, obtained by Axios, warned that the campaign against data centers would spread far beyond Ohio unless voter perceptions changed quickly.
Sen. Jon Husted faces Democrat Sherrod Brown there. Brown has made opposition to data centers a central campaign theme.
“If he loses and data centers get the blame, politicians across the country will take notice — and they will not go near the next one…This has become a sleeper issue for the entire election cycle,” the memo reads.
Whether Trump’s jobs-and-taxes pitch lands will show if the White House can slow a movement that has already crossed party lines.
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Gold has fallen 5.5% from the 4,697 three-month high it reached on August 25, trading near 4,436 at press time. Goldman Sachs still expects 4,900 by year-end.
The slide has pushed the metal under its 200-day moving average. Barchart said gold has now recorded multiple closes below the line, the first since early June.
Gold Price on September 1. Source: TradingView Gold Rally Stalls at a Level Traders Watch Closely
The 200-day moving average tracks an asset’s average closing price over the previous 200 sessions. Gold now sits under that line, which stood near 4,529. The metal briefly traded below 4,400 on Monday, its weakest level since August 19.
Barchart noted that the SPDR Gold Shares fund entered a technical correction the last time gold logged multiple closes below the average. That precedent covers one prior episode, not a pattern.
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Gold now has multiple closes below its 200-day moving average for the first time since early June 🚨 $GLD went into a technical correction the last time this happened 📉 📉 pic.twitter.com/DbGVgNNqTq
— Barchart (@Barchart) August 31, 2026
Renewed bets on a Federal Reserve rate hike have driven the latest leg down. Higher rates weigh on gold because the metal pays no yield.
Goldman Sachs and Fidelity Still Point Higher
Nonetheless, Goldman Sachs Research reaffirmed its 4,900 target for the end of 2026 in a note published August 28. From the press-time price, that implies roughly 10% upside.
The bank had cut that target by $500 in June as bets on 2026 rate cuts faded. The reduced figure still indicated gains, just smaller ones.
Senior commodities analyst Lina Thomas and Global Commodities Research co-head Daan Struyven anchored the call on official buying.
“We continue to see elevated central bank gold accumulation as a multi-year trend, as central banks diversify their reserves to hedge geopolitical and financial risks, consistent with recent survey evidence,” they wrote.
The bank expects central banks to buy an average of 50 tonnes per month in 2026, up from 17 tonnes before 2022.
Meanwhile, Fidelity’s analysis valued gold around 5,000 against the global M2 money supply, about 13% above the press-time price.
As for gold, it gained ground last week as the global liquidity profile has started to recover. Based on my Gold & Liquidity regression between global M2 and gold, gold is worth around $5k.Below is a longer chart, which illustrates how gold has gone from a pure play on real… pic.twitter.com/oRkpLXZiI9
— Jurrien Timmer (@TimmerFidelity) August 14, 2026
The near-term risk is one Goldman already named. It’s June note put gold at 4,400 by year-end if the Fed hikes, and the metal traded there on Monday. A sustained break would also test the debasement trade, which ties gold and Bitcoin (BTC) demand to currency erosion
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A new House Intelligence Committee report calls artificial intelligence (AI) one of the most significant emerging challenges facing US national security.
The warning appears in the committee’s 25-year review of the 9/11 Commission Report, posted ahead of the anniversary.
Why the 9/11 Framework Has Aged
The 2004 commission built its recommendations around foreign terrorist networks. Those recommendations led to the Office of the Director of National Intelligence and the National Counterterrorism Center.
The new review says the intelligence challenge has since expanded beyond counterterrorism coordination. It says threats often overlap as adversaries combine cyber operations, influence campaigns, and economic pressure.
Benjamin Buchanan teaches at the Johns Hopkins School of Advanced International Studies. In his testimony, he said AI poses a familiar problem.
“T]he 9/11 Commission famously concluded that the attacks revealed a failure of imagination. The government’s inability to take seriously a threat that did not fit existing categories and to connect information scattered across institutional seams led to devastating strategic surprise. Twenty-five years later, AI presents, in its own way, a similar kind of challenge,” he said.
Buchanan added that technological progress is outpacing institutions’ ability to adapt.
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Where the Report Sees AI Risk
The report says cyberattacks will likely accelerate as AI improves. Buchanan testified that AI sharpens both offensive and defensive cyber tools.
Private industry issued a similar warning days earlier. OpenAI and over 100 companies signed an open letter warning that AI-enabled attacks will spread within months. Five Eyes agencies said the same in a June statement.
Biotechnology raises separate concerns. Former national security adviser H.R. McMaster warned that AI paired with biological research carries dual-use risk.
Foreign influence is a third area. Review co-chair Rep. Josh Gottheimer named Iran, China, and Russia. He said they have run covert operations against the United States since 2023.
“AI super charges all of it. A single adversary can now generate fake voices and fake videos and millions of fake messages,” he added.
The report also cites public reporting on AI data centers. China and Russia may be working to inflame existing US debates over new sites, it says, exploiting legitimate concerns about cost.
The committee wants the Intelligence Community, the network of US agencies that collect and analyze intelligence, to adopt advanced AI itself, since adversaries already are.
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US stocks and cryptocurrencies begin September facing their weakest month on record. The S&P 500 closed August with gains of more than 2% and set record highs along the way.
Bitcoin (BTC) and Ethereum (ETH) also finished the month strongly, gaining 24.95% and 32.5%. Historical data now points to a tougher stretch for both markets.
Stocks Carry a Long September Losing Record
The Dow Jones Industrial Average has fallen an average of 0.8% in September since 1950, according to the 2026 Stock Trader’s Almanac. The S&P 500 has shed 0.7% over the same span.
The Nasdaq Composite has dropped 0.9% since 1971, and the small-cap Russell 2000 has lost 0.8% since 1979. Bank of America data dating back to 1928 show an average September S&P 500 loss of 1.17%, with the index falling in 56% of those years.
Almanac authors Jeffrey Hirsch and Christopher Mistal tie the pattern to fund behavior after the summer break.
“Portfolio managers back after Labor Day tend to clean house in September,” they said.
This follows a strong August for stocks. The S&P 500 rose more than 2% and closed at a record 7,798.99 on August 13, its 27th record close of 2026. The Dow added over 1%.
Corporate earnings drove the run. Pre-tax profits reached $4.8 trillion in the second quarter, the highest share since at least 1950.
Several pressures now sit against that backdrop. The United States and Iran exchanged strikes for the first time in over a month. July personal consumption expenditures inflation ran at 3.7%, nearly double the Federal Reserve’s 2% target.
JC O’Hara, chief technical strategist at Roth, wrote that midterm election years have historically produced volatility in September and October.
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Crypto Faces the Same Calendar Problem
Digital assets carry a matching seasonality record. Bitcoin has averaged a 2.87% decline in September since 2013, its weakest month, with a median loss of 2.44%, per Coinglass.
Bitcoin Monthly Price Performance. Source: Coinglass
Ethereum shows a wider gap. The asset has averaged a 9.40% September drop since 2015, with a median decline of 9.14%, according to CryptoRank.
However, the recent record complicates the pattern. BTC closed higher in each of the past three Septembers, gaining 5.16% in 2025 and 7.29% in 2024. ETH rose 3.20% in September 2024.
Both assets also enter the month with momentum. BTC gained 24.95% in August, while ETH advanced 32.5%.
Equity seasonality has softened in a similar way. The S&P 500 rose 2.02% in September 2024 and 3.5% in 2025, back-to-back gains that cut against the long-run average.
This year, the calendar test arrives alongside midterm elections, inflation above target, and surging crude prices.
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John Ternus becomes Apple’s chief executive on Tuesday as AAPL stock fell slightly. Marketing veteran Phil Schiller also stepped back from his last major roles this week.
Ternus, a 25-year Apple veteran, replaces Tim Cook, who becomes executive chairman after 15 years as CEO. The transition puts artificial intelligence at the center of Ternus’s agenda.
A Reshuffled Leadership Team
Schiller, 66, gave up oversight of the App Store and Apple’s product events. Those duties now sit with services chief Eddy Cue and communications head Kristin Huguet Quayle.
Schiller keeps his Apple Fellow title, but colleagues see the move as a step toward retirement. It adds to a broader wave of veteran departures Ternus must manage as he rebuilds Apple’s leadership bench.
Selling iPhones Comes First
Big Technology founder Alex Kantrowitz told CNBC’s Closing Bell that Ternus’s most immediate job has nothing to do with artificial intelligence.
Number one is sell iPhones. He’s got to sell iPhones.
Alex Kantrowitz, CNBC
Kantrowitz pointed to 21% iPhone revenue growth last quarter as the driver behind Apple’s 37% stock gain over the past year. He also flagged rising memory chip costs as a margin risk Ternus cannot ignore.
Longer term, Ternus is betting on a foldable iPhone and a revamped Siri assistant, built on Google’s Gemini model, to prove Apple can still innovate in hardware and catch up in AI.
AAPL Dips on Transition Day
AAPL fell as low as $313 during Monday’s session before paring losses in after-hours trading. Shares changed hands at $316.85, down 0.89% from Friday’s $319.70 close, according to TradingView data.
Investors on X flagged volatility tied directly to the leadership handoff.
$AAPL is down around 1.7% on the session, with Apple's leadership transition in focus.John Ternus will become CEO on September 1. Bloomberg reported Phil Schiller stepped back from the App Store and product events, with Eddy Cue overseeing the App Store.Trade $AAPL volatility… pic.twitter.com/lqE0b3VwdS
— Vest (@VestExchange) August 31, 2026
Despite the dip, Apple shares remain up about 36% over the past year. The stock still sits below the record high it touched in July, when the company’s market capitalization briefly neared $5 trillion.
Whether Ternus can convert Apple’s hardware discipline into an AI turnaround will face its first public test at the September 9 event, where a foldable iPhone is widely expected to debut

Healthcare stocks wrapped up their best quarter yet, and UBS says the rally still has room to run. President Trump added nine more pharmaceutical firms to his drug-pricing deal on Monday.
Michael Yee, UBS’s global head of biotechnology equity research, told CNBC the advance reflects a stack of major clinical wins. He said new pricing deals have also calmed fears of a broader industry crackdown.
Nine New Agreements
Trump announced the nine new agreements at the White House on Monday. He said the combined pricing deals struck over the past year would save Americans more than $600 billion.
The nine additional firms are mostly midsize drugmakers, including Alcon, Astellas Pharma, and Teva Pharmaceuticals. The companies pledged $19.6 billion combined toward U.S. manufacturing, according to a White House fact sheet.
They also agreed to offer their drugs to every state Medicaid program at discounted prices.
The White House said 17 companies had already joined the pricing framework over the past year.
“With today’s announcement, we now have 26 companies representing 90% of the domestic pharmaceutical market, and the other 10% are also coming in. They have no choice.”
President Trump, via CBS News
The SPDR S&P Biotech ETF, XBI, has climbed 80% in the last 12 months. That run has outpaced most other equity sectors.
Biotech and medical stocks are rising. Image Source: Trading View
Yee said the pricing deals have proven less onerous than feared, and that they have removed a major source of uncertainty for the sector.
Merck and Revolution Medicines Lead the Charge
Yee named Merck as one of his top picks. The company’s melanoma vaccine, developed with Moderna, met its main trial goals in a large trial. The study included more than 1,100 patients and reported results on August 19.
He also flagged Merck’s antibody-drug conjugate sacituzumab tirumotecan. The drug posted a positive lung cancer trial readout earlier this year. It is now being tested across 17 late-stage studies.
Revolution Medicines was another name Yee highlighted. The Food and Drug Administration approved its pancreatic cancer drug daraxonrasib on August 26. The therapy nearly doubled median survival in a late-stage trial compared with chemotherapy.
Yee also named Bristol Myers Squibb. UBS carries a Buy rating on the stock and expects several late-stage trial readouts before year-end. Those catalysts could help offset revenue lost to patent expirations.
Yee said pharmaceutical companies are sitting on record cash piles. They are pushing more of it into research and development after a multiyear stretch of cheap valuations. Valuations are still not stretched, and Washington’s pricing overhang is easing. Yee said the current move looks more like the start of a longer re-rating than a short-lived bounce.

Wallets tied to North Korea’s Lazarus Group moved more than $30 million in Bitcoin (BTC) through Hyperliquid over three weeks. The activity raises sanctions questions as the exchange pursues US market access.
Emmett Gallic, an analyst at blockchain intelligence firm Arkham, identified the wallets. He cited a 2024 attribution by investigator ZachXBT. The funds converted to Ether (ETH) and Solana (SOL) before reaching centralized exchanges including Kraken, LBank, and KuCoin.
Trump Name-Drops Hyperliquid for US Entry
President Trump named Hyperliquid directly at an August White House event. He credited Commodity Futures Trading Commission (CFTC) Chairman Michael Selig with leading the effort.
“I understand that Mike is also working to bring Hyperliquid into the United States in a fully compliant and legal fashion, working very hard on that,” Trump said at the event.
HYPE, Hyperliquid’s native token, traded at $84 on the BeInCrypto Markets page. That reflected a 5% gain over 24 hours. The muted move suggests traders have not priced in sanctions risk yet. The token set a record high of $86.71 on August 27, just days before the wallet activity surfaced.
HYPE has shown no ill effects from the North Korean News. Image Source: BeInCrypto
Whether the CFTC treats this as a compliance red flag could shape how quickly Hyperliquid secures a US foothold.
Selig’s CFTC already cleared a Bitcoin perpetual product on a registered exchange this year. That precedent could inform how regulators treat Hyperliquid’s application.
Sanctions Risk Meets a US Regulatory Push
The US Treasury’s Office of Foreign Assets Control (OFAC) sanctioned the Lazarus Group in 2019. It has been tied to billions of dollars in stolen crypto, including the 2022 Ronin Network breach.
The group has also been linked to the $1.5 billion Bybit hack in 2025, the largest crypto theft on record. BeInCrypto has reported that North Korea-linked actors stole roughly $1.6 billion in crypto in the first half of 2025. That represented roughly 70% of global crypto losses during that period.
The disclosure surfaced as Kraken parent Payward negotiates a regulated US pathway for Hyperliquid through its Bitnomial subsidiary. Payward closed its $550 million Bitnomial deal in May, gaining three CFTC-registered licenses at once.

Kalshi has issued former congressman George Santos its first-ever lifetime trading ban. The platform fined him more than $70,000 for manipulating a market tied to his own State of the Union attendance.
The ban lands less than a year after Trump commuted Santos’s seven-year prison sentence. He walked free after serving less than three months.
A Congressman Undone by His Own Story
Santos won New York’s third congressional district in 2022. Reporters then found he had fabricated his education and employment history.
He also lied about parts of his family background. Federal prosecutors later charged him with misusing campaign funds and stealing identities.
The House expelled him in December 2023. He became only the sixth member ever removed from Congress.
He pleaded guilty to wire fraud and aggravated identity theft. A judge sentenced him to 87 months in prison. Trump commuted that sentence in October, wiping out the remaining term along with fines and probation.
“George Santos was somewhat of a ‘rogue,’ but there are many rogues throughout our Country that aren’t forced to serve seven years in prison.”
Trump wrote that in a Truth Social post announcing the commutation. However, Trump had never endorsed Santos’s 2022 campaign for Congress. In that same post, he praised Santos’s party loyalty as reason enough for clemency.
Lifetime Trading Ban Follows Insider Trading Allegations
Kalshi is a federally regulated prediction market. It flagged unusual activity in Santos’s account on a contract betting on his own State of the Union attendance.
Between February 2 and 25, Santos placed large bets on that contract.
He also made public statements that misstated his plans. Those statements moved the contract’s price.
Santos ultimately profited nearly $17,840. He wagered against his own attendance, then skipped the event.
Kalshi gave him a permanent ban, in contrast to the temporary suspensions given four other recent cases. He had refused to cooperate with its investigation.
Meanwhile, Santos had already agreed in July to pay $35,000. That settled a Commodity Futures Trading Commission (CFTC) probe into the same trades, detailed in Santos’s earlier CFTC fine.
Santos thanked Kalshi for the ban on social media. He also mocked the platform’s own longevity.
Hey @Kalshi thanks for the lifetime ban from your gambling platform.Let’s see how much longer you guys are around for. 💋
— George Santos (@Georgesantos) August 31, 2026
The case follows Kalshi’s earlier staffer penalty for similar Trump speech bets. That signals prediction markets are tightening their oversight.

Brazil’s top electoral court, the Tribunal Superior Eleitoral (TSE), suspended presidential candidate Renan Santos’s digital campaign and froze R$3.3 million (roughly $640,000 USD) in public funds on August 31, weeks after he became the only contender to publicly back a national Bitcoin reserve.
Justice Dias Toffoli barred Santos and running mate Aroldo Medina from debates and ruled that 16 campaign social media profiles, declared 12 days after the campaign’s registration filing, cannot carry paid political ads.
The Bitcoin pledge behind the ruling
Santos, 42, made the Bitcoin reserve pledge on August 13 at Blockchain Rio 2026. He also promised to make Rio de Janeiro “crypto friendly” and to scrap the Tax on Financial Operations (IOF). He called Brazil’s crypto rules outdated and overly centralized.
The pitch puts him in company with Bukele’s Bitcoin-reserve model in El Salvador and Milei’s crypto embrace in Argentina. It also echoes Colombia’s recent election of a pro-crypto president, part of a broader rightward, crypto-friendly shift across Latin America.
Santos called the ruling against his campaign censorship and said his lawyers would seek an injunction from TSE president Nunes Marques.
The suspension landed the same morning The Economist profiled his candidacy as a possible Milei-style moment for Brazil.
What the ruling blocks
The order, signed Sunday and released Monday, halts new disbursements from the Special Campaign Financing Fund (FEFC), Brazil’s public election-financing pool, and bars the ticket from radio, television, and podcast debates.
Violations carry a R$50,000 (just under $ 10,000 USD) fine per ad or debate appearance. Toffoli also ordered platforms to pull the 16 profiles from recommendation algorithms or pay R$10,000 ($2,000 USD) per hour, per profile.
Officially declared digital campaign accounts are excluded from recommendation algorithms during the race, but his party’s (Missão’s) undeclared profiles remained eligible. One account with 2.4 million followers kept appearing in suggested-profile feeds alongside other candidates, Toffoli said.
Street campaigning continues, and the single website and X account Santos originally registered remain active. The candidacy itself was not thrown out.
Nós somos um grupo destinado à glória. pic.twitter.com/DPuyL0UM1K
— Renan Santos⬛️🟨⬜️ (@RenanSantosMBL) August 31, 2026
The Mission Party, formed in 2025, is also fielding 57 congressional candidates alongside Santos.
Brazilians vote on October 4.

Dell Technologies reports fiscal second quarter results Tuesday after the close, and the options market is braced for a large reaction. Contracts expiring September 4 imply a swing of roughly 11% in either direction.
The at-the-money straddle, a paired call and put at the same strike, cost about $52 against Dell’s $456.01 close on Monday. Buyers profit only if the stock travels further.
Dell earnings options open interest by strike. Source: Option Charts What Dell Guided For, and What Analysts Expect
Dell guided to revenue of $44 billion to $45 billion for the quarter, adjusted earnings of about $4.80 a share, and roughly $15.5 billion of AI server revenue. It expected its Infrastructure Solutions Group, the server and storage division, to grow about 75%.
Zacks Investment Research puts the consensus at $4.72 a share across five forecasts. Dell earned $2.10 in the year-ago quarter.
The bar is high because the previous quarter reset it. Revenue reached $43.8 billion in Dell’s record first quarter beat, up 88% year over year, and adjusted earnings of $4.86 landed far above Wall Street’s estimate.
Management then raised the full-year revenue outlook to $167 billion at the midpoint and lifted its AI server target to $60 billion. Shares have climbed roughly 260% in 2026 on that artificial intelligence demand.
“We booked $24.4 billion in AI orders and recognized $16.1 billion of AI server revenue. We’re increasing our AI server revenue expectations for FY27 to $60 billion, which only goes to show the AI opportunity shows no signs of slowing,” said Jeff Clarke, Dell vice chairman and chief operating officer, in the quarterly release.
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The Numbers That Will Move Dell Stock
Orders and backlog now matter more than the headline figure. Dell booked $24.4 billion of AI orders last quarter and closed with a record $51.3 billion AI backlog.
Margins are the second test. AI servers earn thinner margins than storage, and Chief Financial Officer David Kennedy has flagged memory chips, processors and hard drives as supply bottlenecks.
Dell has also described an inflationary parts market that forces frequent repricing, so a revenue beat paired with weaker margins would land badly. Data center names have already drawn profit-taking after big rallies.
Wall Street still leans positive. Of 15 analysts covering the stock, 11 rate it a buy and four a hold, with an average target of $523.54 and a low of $434.
Dell Technologies (DELL) Stock Forecast & Price Target. Source: TipRanks
Nvidia’s own quarterly beat drew only a modest reaction last week. Whether Dell raises its full-year guide again, and what it says about second-half supply, will decide which side of the straddle pays.

Fundstrat’s Tom Lee is treating September’s crash fear as a contrarian signal. He says a market this braced for weakness could rally instead, carrying Bitcoin (BTC) toward $150,000.
Lee has not dropped his correction call. He has moved it, pointing to the September 15 Federal Reserve (Fed) meeting as the moment that decides direction.
The September Fear Lee Is Betting Against
The fear has an evidence base, because across 10 US midterm election years since 1986, the average stock market low landed on September 2.
Those lows followed an average slide of 16.77% from the prior high. That history is what makes the current dangerous September pattern worth watching.
This year adds a hawkish twist. Three Fed presidents voted for a rate hike in July, not a cut. Chair Kevin Warsh then used his first Jackson Hole speech to put inflation first. Six-month PCE inflation was running at 4.1%.
Bonds tell the same story, with the 30-year Treasury yield has held above 5%, well clear of an effective fed funds rate near 3.63%.
US Treasuries and Bitcoin Price Performance. Source: TradingView
“I’m actually now thinking because of all this mounting concern, the market might surprise us to the upside,” Lee said, suggesting he sees a crowd leaning too far one way.
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Why September 15 Decides Direction
Lee spent August expecting those worries to converge and cost equities roughly 10%. Weak seasonality, hike talk and the AI data center backlash all pointed the same way.
His base case now is that policymakers neither hike nor cut.
“If the Fed doesn’t cut, doesn’t hike, which is our base case, I think actually the markets could rally very strongly,” he added in a CNBC interview.
Should the pullback slip into October, Lee thinks it could start above 8,000 on the S&P 500. The low might land near 7,300.
Bitcoin Could Reach $150,000, Tom Lee Says
Bitcoin’s current price level sits near $78,875, up only 0.3% over 24 hours. BTC still trades about 37% below its record from October 2025.
Bitcoin Price Performance. Source: BeInCrypto
Lee calls the past year a shallow crypto winter caused by forced selling, not broken fundamentals. Very few investors still hold crypto, he argues.
He counts four catalysts.
Crypto led all macro assets in the third quarter
The four-year crypto cycle ends next month
Korean traders are rotating back from AI stocks
The CLARITY Act, a US market structure bill setting which regulator oversees digital assets, could pass this year
Rising institutional crypto ETF inflows reinforce his view that larger buyers are positioning for a strong fourth quarter.
Lee still treats $150,000 as possible for Bitcoin, alongside an S&P 500 above 8,200. For Bitcoin, that constitutes a 1.9 times gain, or about 2x. Both rest on earnings estimates that keep climbing.
Bitcoin and S&P500 Performance. Source: TradingView
Fresh jobs and inflation prints land before the meeting. Lee says weak readings on both would stop traders pricing a hike at all.

Stablecoins could make borrowing more expensive. That was the warning from Bank for International Settlements chief Pablo Hernández de Cos on August 28, as banks expand into digital money.
These digital assets are becoming an awkward asset class for banks. Because it’s almost killing their business model and forcing them to introduce new products.
The stablecoin market now holds roughly $304 billion, including about $183 billion in Tether and $74 billion in USDC. Federal Reserve researchers describe these tokens as potential competitors to traditional transaction accounts.
Arthur Firstov, Chief Business Officer at Mercuryo, told BeInCrypto why that matters.
“Stablecoins stopped being a crypto product and became a payments product. For years banks could wave it off as ‘crypto infrastructure’ – that’s a much harder line to hold when stablecoins are being used for payments, treasury, cross-border settlement, cards, merchant payouts, and institutional settlement. At that point they’re competing directly with one of the most valuable products a bank has: the transaction account.”
Banks are responding. A Federal Reserve survey in September 2025 found roughly half of respondents were prioritizing growth in at least one stablecoin or digital-asset area over the following three years.
What Happens to the Deposit?
J.P. Morgan’s JPM Coin represents a bank deposit on a blockchain. Société Générale-FORGE’s CoinVertible is a MiCA-regulated stablecoin backed by segregated collateral. Similar technology carries different promises to customers.
Nitin Gaur, Head of Institutions at Nethermind, explains the distinction.
“The interesting question stopped being whether a bank can issue and became what a bank is issuing. A tokenized deposit and a bank-issued stablecoin are two different liabilities with different legal character, different capital treatment, different insurance status and different settlement properties.”
A tokenized deposit remains bank funding. Under the US GENIUS Act, payment stablecoins require at least one-to-one backing with eligible reserves, such as cash or short-dated Treasuries. Treasury proposed implementation rules on August 17.
Gaur describes what that can mean for a bank’s balance sheet.
“A stablecoin issued under a GENIUS pathway is not a deposit. It is a payment instrument backed by segregated reserves the issuer cannot lend against. When a treasurer moves a hundred million from a demand deposit into the bank’s own coin, the bank has converted a funding source into a matched, non-lendable reserve pool,” Gaur said.
The wider effect depends on where reserves end up. Money deposited back at banks can still provide funding, although it may be more concentrated and quicker to leave.
Adrian Wall, Managing Director of the Digital Sovereignty Alliance, identifies the risk.
“If stablecoin adoption ultimately shifts funding away from bank deposits rather than recycling those funds back into the banking system, banks could face higher funding costs and potentially less capacity to extend credit.”
Payments Beyond Banking Hours
Customers already have reasons to use these products. In July, Citi reported a dollar payment from London to Thailand over a US holiday weekend, using its tokenized-deposit service alongside round-the-clock clearing.
Western Union launched USDPT in May, with Anchorage Digital Bank issuing the stablecoin on Solana.
The models are growing at different scales. J.P. Morgan reports around $7 billion in daily activity across Kinexys products. CoinVertible reported €156.6 million of euro tokens and $12.55 million of dollar tokens outstanding on August 31.
Those figures measure transaction volume and circulating supply respectively, so they cannot establish which model is winning.
37 Banks, One Coin
As more banks enter, separate coins could leave money scattered across smaller pools, with users having to exchange one bank’s token for another. Connecting the technology does not guarantee conversion at face value during market stress.
Europe’s Qivalis has assembled 37 banks across 15 countries around a planned euro stablecoin. It targets a launch in the second half of 2026, subject to regulatory authorization.
Ernesto Olmedo Pereira, Head of Strategy & DeFi at Qivalis, says sharing the currency is deliberate.
“If every bank launches its own token, you get dozens of thin, incompatible pools instead of one deep, liquid euro instrument. Qivalis, an independent company backed by 37 banks, exists precisely because the banks behind it decided to build one shared, interoperable euro rail together rather than compete with 37 separate ones.”
European payments have made real progress. But global reach is still missing.Qivalis: 37 banks across 15 countries unifying on a single on-chain euro payments rail. Near-instant. Cross-border. No detours.DNB authorisation in progress. Launching H2 2026.#Qivalis… pic.twitter.com/NMUiZzGWkS
— qivalis (@qivaliseu) July 16, 2026
Banks could then compete through services surrounding that money, such as foreign exchange and corporate lending. The shared coin would carry payments between them.
Qivalis’s launch will test whether that cooperation can attract regular business beyond its founding banks.
Customers need money they can use across banking relationships. Banks will have to show that the services sold around those payments justify any higher cost of funding their loans.

Strive, BitMine and MicroStrategy each disclosed fresh crypto purchases on Monday. The two Bitcoin buyers alone spent more than $500 million in a single week.
Buying high is the business model, not a failure of it. These firms turn share sales into coins, and shares sell best when coins are rising.
What the Three Firms Bought
Strive, run by chief executive Matt Cole, added 1,800 bitcoin (BTC) at an average of $79,431. Its stack reached 23,156 BTC, worth about $1.83 billion on Monday.
Strive acquired an additional 1,800 BTC for $143M at an average cost of $79,431 per bitcoin, bringing total holdings to ₿23,156.$ASST $SATA pic.twitter.com/6ztKhC4PFF
— Matt Cole (@ColeMacro) August 31, 2026
The filing shows the mechanism plainly, after Strive issued 3,579,147 new Class A shares that week, and its cash still climbed $11.6 million to $183.5 million.
BitMine is playing a different game. Its 53,501 ether (ETH) marked a 65th consecutive week of buying, a streak running back to June 2025.
Yield is the distinction, given BitMine has staked 5,067,309 ETH, or 86% of the pile, through MAVAN, its American validator network.
Chairman Tom Lee projects $335 million to $390 million a year from that. The company now holds 4.9% of ether supply, leaving it 133,888 tokens short of the 5% target Lee set.
Congrats on reaching 5.9 million $ETH… ➡️ just 100k away from ‘alchemy of 5%’👏👏👏👏 https://t.co/h25esmoJVm
— Thomas (Tom) Lee (not drummer) FundstratDirect.com (@fundstrat) August 31, 2026
MicroStrategy was the third buyer. Its 4,603 coins ended a 10-week pause, and unlike BitMine it publishes an average cost per coin, currently $75,412.
ETF Money Turned Before the Treasuries Did
So why now? The answer starts with fund flows. US spot bitcoin funds absorbed more than $3.3 billion in August, according to SoSoValue data. In June they bled $4.5 billion.
Bitcoin ETF Flows. Source: SoSoValue
Ether funds traced the same arc, adding roughly $1.75 billion after two months of withdrawals. Prices answered, and Bitcoin climbed 25.7% over the month and ether rose 33.3%.
That sequence is the engine, seeing as fund demand lifts coins, coins lift the treasury stocks, and selling those stocks buys more coins.
What Else Changed in August
Crypto funds drew $3.2 billion in inflows last week, marking their largest weekly intake since October 2025, according to Bank of America. This suggests growing optimism in the market.
BREAKING: Crypto funds attracted +$3.2 billion in inflows last week, their largest weekly intake since October 2025.The largest crypto ETF, $IBIT, attracted +$928 million last week, following +$1.3 billion in the prior week, its biggest 2-week inflow since October 2025.As a… pic.twitter.com/RMRQVwZotK
— The Kobeissi Letter (@KobeissiLetter) August 31, 2026
One popular story says money fled a wobbling AI bubble, but the calendar disagrees. July did that damage, where the Philadelphia Semiconductor Index fell 20.6% and Korea’s KOSPI shed 22%. August was kinder, with the Nasdaq 100 up 4.2%.
SOX, KOSPI, and NASDAQ Price Performance. Source: TradingView
The rotation shows elsewhere, as foreign investors pulled 10.17 trillion won from Korean equities in August. Volumes on Upbit, the country’s largest exchange, jumped roughly eightfold.
America also helped, after President Donald Trump pressed Congress on August 19 to pass the CLARITY Act, and a Senate vote is expected on September 15.
In tandem, the Treasury also widened long-dated bond buybacks that day, from $2 billion to at least $4 billion per operation. That relief proved thin. The 30-year yield dipped to 5.19% before settling back at 5.25%.
Bitcoin traded near $78,818 on Monday. What halts these companies is not a falling coin price. It is a closed financing window.

Years of lost savings taught Argentines to buy dollars. Economist Martín Tetaz says rebuilding trust in the peso could take years after inflation is tamed.
An Argentine saver could spend a decade earning interest at a bank and still lose more than half their purchasing power. That is a difficult experience to forget when the government announces another improvement in inflation.
BeInCrypto Intelligence’s The Exodus Economy found that a peso term deposit retained just 44% of its starting purchasing power between June 2016 and June 2026. Someone keeping the equivalent of $10,000 in peso cash ended with about $114 in dollar value.
Speaking to BeInCrypto, Martín Tetaz, an Argentine economist and former national deputy, described the resulting attachment to dollars.
“Demand for dollars is, in practice, the purchase of insurance. It’s like buying car insurance. And it’s a habit that is learned, and that takes time to unlearn.”
Argentina Inflation Rate Over the Last 3 Years. Source: Trading Economics
The report’s ten-year comparison shows why savers looked elsewhere. Dollar cash preserved 74% of purchasing power in Argentina.
Dollars earning short-term US Treasury yields preserved 94%. A Brazilian CDI-linked deposit, meanwhile, increased local purchasing power by 50%.
Dollar cash also lost purchasing power over the decade. In Argentina, the report’s peso options performed considerably worse.
Purchasing power retained, June 2016–June 2026. Start = 100. Source: BeInCrypto The Peso Has a Better Case
Under President Javier Milei, annual inflation has fallen far below its roughly 289% peak in April 2024. INDEC’s latest figures put it at 33.8% in July 2026. Monthly inflation edged up to 2.1%, from 1.9% in June, a reminder that prices are still rising appreciably.
Tetaz expects the preference to survive well beyond the immediate recovery.
“First it has to eliminate inflation, and then, once inflation is gone, for at least seven or eight years it will keep seeing significant dollar demand until that stability consolidates,” Tetaz said.
That is his estimate of how long confidence takes to recover. Savers have to believe today’s improvement will survive a change of government before committing money for years.
Dollars are Easier to Buy
The report charts another substantial change. The extra cost of buying dollars on the parallel market, compared with the official rate, fell from above 150% in 2023 to around 2% by July 2026.
A narrower gap makes dollar access less expensive. By itself, it reveals little about whether people want to hold fewer dollars.
Official and parallel dollar rates through July 2026. Original report, Figure 16.
There are signs that some crisis-driven demand is easing. Deel payroll data published by a16z crypto on August 30 show the share of Argentine contractors paid in USDC, a dollar-pegged stablecoin, fell as inflation eased, then levelled off. The sample covers contractors using Deel; it cannot establish a nationwide return to peso savings.
The report also shows how accessible digital dollars have become. On Argentine wallet Lemon, tracked withdrawals averaged $544 in the first half of 2026, with monthly medians around $150–$270. These are amounts within reach of ordinary earners.
Tetaz believes a more stable peso could recover some everyday uses.
“If stability returns, short- and medium-term contracts will all be in pesos, and many of the economy’s dollar contracts will unwind.”
He expects longer commitments, such as mortgages, could retain inflation-linked arrangements. Dollar earners may still prefer dollar rents.
Argentina could therefore regain confidence in the peso without persuading everyone to abandon dollars. For a household, trusting pesos for next month’s bills is a much smaller commitment than trusting them with ten years of savings.
Read The Exodus Economy for the full analysis.