Crypto Breaking

eToro has outlined a new step in its push to broaden beyond crypto by announcing plans to acquire US online brokerage TradeZero. The deal is positioned as part of the company’s expansion strategy in the United States, with closing expected in the first half of 2026.
In parallel with the acquisition announcement, eToro’s second-quarter update showed crypto trading and revenues under pressure. The company reported $1.59 billion in total revenue for the quarter, with crypto assets contributing $1.34 billion—down roughly 30% from $1.9 billion in the prior-year comparable quarter. While crypto revenue fell, eToro also reported $1.35 billion in crypto-related cost of revenue and $19.7 million in net income from crypto assets, alongside $53.4 million in total net income.
Key takeaways
eToro plans to acquire TradeZero to accelerate its US expansion, targeting closing in the first half of 2026.
In Q2, crypto remained the largest revenue stream for eToro at $1.34 billion, but it fell about 30% year over year.
Crypto net income was positive at $19.7 million for the quarter, even as overall crypto trades and invested amounts declined sharply in July.
The company reported strong cross-asset engagement: many users who traded commodities later traded equities and then crypto on eToro.
TradeZero reportedly generated about $80 million in revenue over the last 12 months ended June 30, 2026, with 81% gross margins.
Why eToro wants TradeZero in its US strategy
The acquisition of TradeZero is framed by eToro as a practical move to become a broader multi-asset platform in the United States. The focus on US brokerage capabilities comes as the firm works to deepen trading relationships across asset classes, rather than relying solely on digital-asset activity.
eToro also previously signaled similar intent in crypto infrastructure: in April, it announced plans to acquire self-custodial wallet provider Zengo. Taken together, the company’s approach appears to combine more traditional brokerage reach (through TradeZero) with continuing investment in crypto custody and user access (through Zengo).
Crypto performance remains the swing factor
Despite the company’s ongoing multi-asset push, crypto continues to dominate the revenue mix. In its second-quarter report, eToro said total revenue came in at $1.59 billion, down from $2 billion in the comparable 2025 period. Of that amount, $1.34 billion was revenue from crypto assets, which the company said was about 30% lower than $1.9 billion in Q2 2025.
eToro reported $1.35 billion in crypto-related cost of revenue and $19.7 million in net income from crypto assets. Total net income for the quarter was $53.4 million, indicating that losses or reductions in crypto activity did not fully translate into an overall earnings collapse—though the numbers highlight how sensitive the business remains to the direction of crypto volumes and fees.
The broader trading picture also weakened after the quarter. According to eToro’s disclosures, total cryptocurrency trades on the platform fell to 1.4 million in July, representing a 73% year-on-year decline. The invested amount was down 50% over the same period, reinforcing that reduced trading activity has been affecting both the number of transactions and the size of positions.
Cross-asset engagement and the commodities-to-crypto funnel
Alongside crypto-specific declines, eToro highlighted user behavior that could support its multi-asset thesis. In commentary attributed to its financial leadership, the company said that more than 60% of users who traded commodities during Q4 2025 to Q1 2026 later traded equities in Q2 2026. It added that nearly nine in ten of those users have also traded crypto on eToro.
This matters because it suggests eToro is attempting to build a funnel where initial engagement in one asset category can lead to additional trading across other categories. If TradeZero helps expand access to US equities and other traditional brokerage products, eToro may be betting that increased equity trading will feed back into crypto usage—offsetting parts of the volatility in digital-asset demand.
eToro also reported that equities and commodities-related trading generated $141 million in net income for the platform, providing another anchor outside crypto revenue even as crypto volumes cooled.
Deal economics: TradeZero’s margins and expected earnings impact
From the perspective of deal structure, eToro provided figures intended to show that TradeZero could strengthen the business rather than dilute it. The company stated that TradeZero generated about $80 million of revenue with 81% gross margins in the last 12 months ended June 30, 2026.
Looking ahead, eToro said it expects the acquisition to be accretive to adjusted earnings per share in the first year after closing. Closing is expected in the first half of 2026, meaning the earliest period for the claimed benefit would likely follow shortly thereafter.
Market reaction to the announcement appeared cautious. eToro’s Nasdaq-traded shares were down more than 5% in pre-market activity on Tuesday, with the move expected to extend Monday’s decline according to Yahoo Finance data for ETOR.
What to watch next
Investors and users will likely focus on whether the TradeZero acquisition helps stabilize revenues as crypto volumes fluctuate, and on whether eToro can translate its reported cross-asset engagement into sustained trading activity in the US. In the meantime, July’s sharp drop in crypto trades and invested amounts remains a key signal for how quickly digital-asset performance can change the company’s quarterly outlook.
This article was originally published as eToro Plans to Acquire TradeZero as Q2 Crypto Revenue Drops 30% on Crypto Breaking News – your trusted source for crypto news, Bitcoin news, and blockchain updates.

A Dubai-based maritime tokenization platform, Shipfinex, has teamed up with Abu Dhabi blockchain network ADI Chain to test how vessel-linked assets could be represented and financed on-chain. The partners say they are tokenizing a pipeline of roughly 35 vessels valued at about $500 million, aiming to create additional funding options for shipowners.
The concept centers on placing the vessels into separate special-purpose vehicles (SPVs). Tokens would then be issued to reflect economic exposure to each ship—potentially structured as vessel-backed credit, charter-related income, or other rights tied to the underlying assets. ADI Chain is expected to handle the distribution and settlement layer, with primary allocations and distributions planned to use stablecoins denominated in UAE dirham, US dollars, and other currencies.
Key takeaways
Shipfinex and ADI Chain are piloting tokenization of a vessel pipeline worth about $500 million across around 35 ships.
The structure uses separate SPVs per vessel, with tokens representing ship-specific economic interests such as credit or charter income.
ADI Chain will provide the stablecoin-oriented distribution and settlement infrastructure for the pilot.
The project is still in an operational readiness stage, with no Maritime Asset Tokens publicly issued yet and the regulated issuance route still being finalized.
The announcement aligns with broader growth forecasts for tokenized real-world assets (RWAs), including Standard Chartered’s estimate that the sector could reach $4 trillion by end-2028.
How the pilot is structured: SPVs and ship-linked tokens
Tokenizing shipping assets is notoriously complex, largely because the industry is fragmented and ship-level cash flows can vary widely depending on charter terms, routes, and financing arrangements. Shipfinex’s approach, as described in the announcement, attempts to translate that complexity into a modular on-chain wrapper: each vessel is moved into its own SPV, and tokens are intended to map to the economics of that specific vehicle.
That could matter for investors and lenders because it potentially enables more granular exposure than traditional fund structures—at least in theory—letting market participants choose how they want to participate in a given ship’s revenue stream or credit profile. The partners have also framed the tokens as potentially representing vessel-backed credit, charter-linked income, or other interests, suggesting room for multiple payoff designs depending on the underlying deal economics.
Stablecoin settlement: why ADI Chain’s role matters
ADI Chain, based in Abu Dhabi, is described as the partner providing distribution and settlement infrastructure. The planned use of currency-denominated stablecoins—specifically UAE dirham- and US dollar-linked assets, plus additional denominations—signals that the settlement model is being built to reduce friction in cross-currency payments, which is a common challenge in international shipping finance.
For market participants, stablecoin settlement can also influence how quickly transactions clear and how tokenized positions can be serviced operationally. Even so, the project’s success will likely depend on the operational details of issuance, custody, and investor onboarding, especially given the regulatory process the partners say remains unfinished.
Still in a pilot: issuance route not finalized
While the partnership outlines a significant vessel pipeline, it is important that the project is not yet live in terms of publicly issued tokens. The arrangement is described as being in a pilot and operational-readiness phase. The partners state that Maritime Asset Tokens have not been publicly issued and that the regulated issuance pathway is still being finalized.
This staging matters because tokenization efforts in RWAs can fail at different points: legal structuring, regulatory approvals, or the practical ability to support ongoing distributions and compliance. By highlighting that the regulated issuance route is still under development, Shipfinex and ADI Chain appear to be treating the first phase as a test of readiness rather than an immediate launch of investable tokens.
Investors watching similar initiatives may therefore want to track what changes next—particularly whether the pilot culminates in a formally approved issuance structure, and how ongoing payments tied to charter activity or credit terms are operationalized.
RWA tokenization momentum: from shipping to broader forecasts
The shipping pilot comes as tokenized RWAs continue to attract attention across traditional finance and crypto-native infrastructure. RWA.xyz data cited in the report indicates that assets tracked on its platform totaled about $38.1 billion as of Aug. 9. Within that figure, US Treasury debt accounts for roughly $16.2 billion and commodities about $4.9 billion.
Standard Chartered’s outlook also points to continued expansion. In a report released Monday, the bank forecast that tokenized RWAs could reach $4 trillion by the end of 2028, according to Geoff Kendrick, the global head of digital asset research at the bank. The scale of that projection suggests that the market is expected to grow beyond early niches—though it also underlines the difference between long-term forecasts and near-term, pilot-stage delivery.
In shipping specifically, the scale remains small relative to the total addressable market. The announcement cites Clarksons Research data valuing the world fleet and orderbook at about $2.1 trillion at the start of 2026. Compared with that estimate, the $500 million vessel pipeline represents a limited slice—meaning this pilot is likely best viewed as a proof-of-process and market test rather than a near-term transformation of shipping finance.
Still, even incremental moves can be significant in RWAs if they demonstrate repeatable mechanics: asset segregation, token-to-cashflow mapping, stablecoin-based settlement, and the ability to maintain compliance over time. That is precisely where pilots tend to earn or lose momentum.
For readers, the key next indicators to watch are whether Shipfinex and ADI Chain progress from operational readiness to a clearly defined regulated issuance route, and how they handle the practicalities of ongoing distributions tied to ship-level economics—especially once any tokens transition from closed testing to broader market participation.
This article was originally published as ADI Chain and Shipfinex Partner to Tokenize $500M Vessel Pipeline on Crypto Breaking News – your trusted source for crypto news, Bitcoin news, and blockchain updates.

A SharpLink, uma das maiores tesourarias corporativas focadas em Ether, reportou um prejuízo significativamente maior para o segundo trimestre de 2026, já que a queda do preço do ETH pesou em seu balanço. A empresa, com sede em Miami, Flórida, registrou um prejuízo líquido de US$ 394 milhões, em comparação com um prejuízo líquido de US$ 103 milhões no mesmo trimestre do ano anterior.
No comunicado de segunda-feira da empresa, a SharpLink atribuiu a maior parte do prejuízo a US$ 321 milhões em perdas cripto não realizadas e a US$ 76 milhões em imparidades relacionadas a tokens de Ether em staking. Ao mesmo tempo, a empresa gerou US$ 11,5 milhões em receita, incluindo US$ 11,1 milhões provenientes de staking de ETH.

A eToro delineou uma nova etapa em sua investida para expandir no mercado financeiro dos EUA: a empresa disse na terça-feira que planeja adquirir a corretora online TradeZero, com operação nos Estados Unidos. O acordo é apresentado como parte do esforço mais amplo da eToro para construir uma plataforma multiativos que inclui ações, commodities e ativos digitais.
Em paralelo ao anúncio da aquisição, a atualização do segundo trimestre da eToro apontou para a continuidade da volatilidade nos seus negócios de cripto. A empresa reportou US$ 1,59 bilhão em receita no trimestre, abaixo dos US$ 2 bilhões no período comparável de 2025. A receita vinculada a ativos cripto totalizou US$ 1,34 bilhão—queda de cerca de 30% em relação a US$ 1,9 bilhão no 2º trimestre de 2025—enquanto a eToro também informou US$ 1,35 bilhão em custo de receita relacionado a cripto, gerando US$ 19,7 milhões de lucro líquido em ativos cripto. O lucro líquido total do trimestre foi de US$ 53,4 milhões.

Os traders de Bitcoin têm buscado cada vez mais stablecoins como pistas sobre para onde o apetite por risco está caminhando. Uma nova análise de dados da CryptoQuant destaca que o USDT da Tether vem encolhendo em valor de mercado a um ritmo incomumente acelerado—porém, os mesmos padrões observados em bear markets anteriores sugerem que a queda pode estar chegando ao fim.
De acordo com a CryptoQuant, a variação da market cap do USDT nos últimos 60 dias em média ficou em cerca de -US$ 4,88 bilhões em 10 de ago., enquanto a janela mais recente de 11 dias registrou o desaparecimento de quase US$ 870 milhões em oferta de USDT. A combinação aponta para uma retração de liquidez que normalmente pressiona o desempenho mais amplo das criptomoedas, mas também se alinha ao comportamento em fase avançada de quedas anteriores.

Investigadores de criptomoedas estão lidando com um dos mais difíceis problemas de alocação de perdas em segurança de ativos digitais: estimar furtos de carteiras sob custódia do próprio usuário, em que não existe um registro autorizativo dos usuários afetados. A análise em andamento do hack relacionado à Coldcard agora está produzindo números significativamente diferentes dependendo de como as equipes tratam relatos de vítimas “confirmadas” versus atribuições na cadeia (on-chain).
Plataforma de análise de blockchain, a CryptoQuant atualmente coloca as perdas confirmadas em 1.432 Bitcoin, enquanto a Galaxy Research e a TRM Labs afirmam que o impacto mais amplo é maior quando o rastreamento sugere vítimas adicionais em múltiplas ondas. A discrepância destaca por que explorações de carteiras de hardware podem ser difíceis de quantificar — e por que investidores e observadores de segurança devem tratar qualquer número isolado como provisório.

A empresa de pagamentos Decta afirma que está adicionando o USDC da Circle ao back-end de suas operações internacionais de tesouraria, usando a OpenPayd para converter moeda fiduciária em stablecoin para liquidação interna entre mercados. A medida destaca um padrão crescente no setor cripto: stablecoins estão sendo cada vez mais usadas como infraestrutura para liquidez e transferências operacionais, e não como uma opção de pagamento com marca para clientes.
A Decta disse à Cointelegraph que a empresa vai rotear seus próprios fundos pela infraestrutura regulada da OpenPayd, onde eles são convertidos em USDC por meio das capacidades de balcão (over-the-counter) da OpenPayd. A OpenPayd, então, dá suporte a liquidações operacionais internacionais que a Decta, de outra forma, concluiria por meio de processos bancários convencionais.

A Suprema Corte da Coreia do Sul propôs alterações às Regras de Execução Civil que permitem aos credores congelar, identificar e liquidar criptomoedas mantidas por devedores.
O prazo para comentários públicos sobre as alterações propostas é 11 de agosto. Com as novas alterações, as bolsas de criptomoedas terão apenas sete dias para divulgar as participações dos clientes se forem notificadas com uma ordem judicial.
Novas regras sul-coreanas de apreensão de criptomoedas
As alterações propostas às Regras de Execução Civil criam um processo padronizado para que os credores congelem, identifiquem e liquidem participações de criptomoedas do devedor. Se forem finalizadas, as regras entrarão em vigor em 1º de outubro. Uma vez finalizadas, as exchanges de criptomoedas terão uma janela de sete semanas para se preparar para desempenhar um papel na execução de dívidas civis.

A Coreia do Sul está se preparando para expandir sua “Regra de Viagem” de cripto para que se aplique a praticamente todas as transferências on-chain entre prestadores de serviços de ativos virtuais (VASPs) registrados, e não apenas a transações acima de um valor definido. A mudança remove o atual limite de 1 milhão de won (cerca de US$ 700), uma medida destinada a fechar uma brecha óbvia: usuários dividindo transferências em partes menores para ficar abaixo das exigências de reporte e de compartilhamento de informações.
De acordo com uma decisão do gabinete que aprovou emendas ao Decreto de Execução da Lei sul-coreana sobre Relato e Utilização de Informações de Transações Financeiras Específicas, as regras atualizadas também irão acrescentar obrigações mais rígidas de combate à lavagem de dinheiro (AML) em relação a transferências que envolvam câmbio estrangeiro e carteiras pessoais, nas quais as autoridades afirmaram que os controles existentes foram explorados.

A proposta de Reg Crypto da SEC está a caminho de uma reunião aberta em 14 de agosto de 2026, na qual a Comissão de Valores Mobiliários dos EUA (SEC) vai avaliar se emitirá regras propostas para criar um regime de oferta sob medida para certos contratos de investimento que envolvam criptoativos. A reunião está marcada para as 10h (horário do leste dos EUA). Se for aprovada, a publicação do comunicado proposto dará início ao processo formal de comentários do público.
A SEC estabelece regras para criptoativos nas agendas da SEC em 14 de agosto
O aviso da Sunshine Act da SEC de 10 de agosto confirma que a Comissão realizará uma reunião aberta na sexta-feira, 14 de agosto, às 10h (horário do leste dos EUA). A reunião acontecerá na sede da SEC, em Washington, D.C., e também ficará disponível via webcast do órgão.

The SEC Reg Crypto proposal is heading to an Aug. 14, 2026, open meeting, where the U.S. Securities and Exchange Commission will consider whether to issue proposed rules creating a tailored offering regime for certain investment contracts involving crypto assets. The meeting is scheduled for 10 a.m. ET. If approved, the proposed release would begin the formal public-comment process once published.
Sec Schedules Regulation Crypto Assets for Aug 14
The SEC’s Aug. 10 Sunshine Act notice confirms that the Commission will hold an open meeting on Friday, Aug. 14, at 10 a.m. ET. The meeting will take place at the SEC’s headquarters in Washington, D.C., and will also be available through the agency’s webcast.
The official agenda identifies the matter as “Regulation Crypto Assets.” The Commission will consider whether to issue a release proposing new rules to create a tailored offering regime for certain investment contracts involving crypto assets.
The initiative is commonly referred to as “Reg Crypto,” while the SEC’s official agenda uses the title “Regulation Crypto Assets.” The matter falls under the SEC’s Division of Corporation Finance. The agency lists Jim Moloney, Sebastian Gomez Abero, Valian Afshar, Patrick Faller, John Fieldsend and Irene Paik as staff members for the agenda item.
The SEC’s notice does not announce a final rule. It states that the Commission will consider whether to issue a proposal. If approved and issued, the proposal would move into the public-comment and rulemaking process.
The meeting notice was dated Aug. 10, with the open meeting scheduled four days later. The SEC currently has three sitting commissioners, all Republicans. Their votes will determine whether the SEC issues the proposal for public comment.
Reg Crypto Could Create a Pathway for Crypto Fundraising
The proposed framework could address how certain crypto projects raise capital under a tailored offering regime. The framework could give eligible crypto firms a pathway to raise capital for projects without immediately triggering the SEC’s full registration requirements.
That would potentially give qualifying projects a defined route for fundraising in the United States while operating within a framework established by the agency. For crypto founders and fundraising platforms, the potential change could address uncertainty around how certain digital-asset projects structure offerings in the U.S. market.
Regulatory uncertainty has also encouraged some crypto offerings to seek jurisdictions outside the United States. A tailored U.S. framework could provide qualifying projects with another option for raising capital domestically. The precise scope of the fundraising pathway remains unknown because the SEC’s Aug. 10 notice does not specify registration exemptions, eligibility requirements or other detailed conditions.
The framework would not necessarily create a blanket exemption for token issuers or crypto companies. Its impact would depend on the eligibility requirements, disclosures, investor protections and continuing obligations included in the proposed release.
A Potential Exit Mechanism Could Address Continuing SEC Oversight
The framework could also address what happens after a crypto project is no longer actively managed by its development team. A potential mechanism could allow certain projects to seek relief from continuing SEC oversight once their teams are no longer involved in hands-on management.
The precise legal effect and eligibility conditions remain unknown. That would not mean a project automatically leaves the SEC’s jurisdiction simply because its team stops managing it day to day.
Any relief would depend on the legal mechanism and conditions established in the proposed framework, if such a mechanism is included. The SEC’s official notice does not confirm an exit mechanism.
It only states that the Commission will consider proposed rules creating a tailored offering regime for certain investment contracts involving crypto assets. The proposed release will therefore be critical for determining whether an exit pathway is included, which projects could qualify and what conditions would apply.
Aug 14 Would Begin a Longer Rulemaking Process
The Aug. 14 meeting would be the start of a longer process rather than the completion of a new crypto rule. If the Commission approves the proposal and it is published, the public would have an opportunity to submit comments.
The comment period is expected to last roughly two to three months, after which the SEC could review the responses and revise the proposal before considering a final rule. A final rule would generally provide a more formal and durable framework than informal staff statements or speeches, although it could still be challenged, amended or replaced.
The proposed rule would not immediately create binding requirements for crypto businesses. Instead, the proposal would establish the SEC’s intended regulatory approach and give market participants an opportunity to respond before the agency considers whether to adopt a final rule.
The eligibility requirements, disclosure obligations, investor protections, continuing requirements and any potential exit mechanism would therefore need to be assessed from the proposed release itself.
Clarity Act Consideration Moves Into September
The SEC’s planned action comes as Senate consideration of the Digital Asset Market Clarity Act has moved into September after lawmakers did not complete the relevant procedural step before the August recess.
Senate leaders have scheduled a Sept. 15 cloture vote on the motion to proceed to the legislation. That vote would determine whether the Senate can advance to consideration of the bill; it would not constitute final passage.
The CLARITY Act is intended to provide a broader legal foundation for crypto market rules in the United States. The delay leaves the SEC able to pursue rules within its existing authority while Congress considers whether to establish a broader statutory framework.
SEC Chairman Paul Atkins has said the agency can address many crypto market-structure issues through its existing authority. He has also indicated that congressional legislation would provide clearer, longer-term direction than SEC rulemaking alone.
The two regulatory tracks therefore remain important for crypto businesses. A final SEC rule could establish requirements within the agency’s authority, while legislation could provide broader statutory rules governing the U.S. digital-asset market.
SEC’s Crypto Work Extends Beyond the Aug 14 Proposal
The Regulation Crypto Assets proposal is part of the SEC’s wider work on digital-asset regulation. The SEC has issued an interpretation clarifying the application of federal securities laws to certain crypto assets and transactions.
That interpretation includes a taxonomy covering categories such as digital commodities, digital collectibles, digital tools, stablecoins and digital securities. The proposed offering regime would address another part of the regulatory framework by establishing rules for certain investment contracts involving crypto assets.
The distinction between an interpretation and a final rule is significant. The SEC’s interpretation explains how existing federal securities laws apply to specified crypto assets and transactions, while a final rule adopted through rulemaking would establish regulatory requirements within the agency’s authority.
The Aug. 14 meeting therefore represents the beginning of a proposed rulemaking process rather than the completion of the SEC’s crypto regulatory framework.
What Crypto Businesses Should Watch Next
The immediate question is whether the Commission votes to issue the proposed release. If it does, the document will provide the first detailed view of how the SEC intends to structure the tailored offering regime.
Crypto businesses will need to examine which investment contracts qualify, what conditions apply, what disclosures are required and what investor protections are included. The potential fundraising pathway will also require close attention.
Qualifying projects could potentially receive a route to raise capital without immediately triggering full SEC registration requirements, but the actual proposal will determine the scope and conditions of that route. The potential exit mechanism will require similar scrutiny.
For now, the confirmed development is that the SEC will meet on Aug. 14, 2026, to consider whether to issue proposed rules creating a tailored offering regime for certain investment contracts involving crypto assets.
If approved, the proposed release will determine how the fundraising pathway, eligibility requirements, investor protections, continuing obligations and any potential exit mechanism are structured. Until that document is issued, those details should not be treated as final SEC rules.
This article was originally published as Sec Reg Crypto Proposal What the Aug 14 Sec Vote Means for Crypto on Crypto Breaking News – your trusted source for crypto news, Bitcoin news, and blockchain updates.

A provedora de infraestrutura de pagamentos Decta UK afirma que está incorporando USDC ao seu fluxo interno de tesouraria para liquidação transfronteiriça — uma integração que destaca como stablecoins estão sendo cada vez mais usadas nos bastidores, e não necessariamente como uma opção de pagamento voltada ao cliente.
De acordo com um comunicado compartilhado com a Cointelegraph, a Decta vai direcionar seus próprios fundos por meio da OpenPayd, uma provedora de infraestrutura financeira regulamentada, onde a empresa converte moeda fiduciária em USDC para liquidações operacionais internacionais.

A Coreia do Sul está pronta para ampliar sua regra de “Travel Rule” de criptomoedas para abranger essencialmente todas as transferências on-chain entre provedores de serviços de ativos virtuais regulados, eliminando um limite de valor anteriormente utilizado. A mudança faz parte de alterações aprovadas pelo Gabinete ao Decreto de Execução da Lei sobre Relato e Uso de Informações de Transações Financeiras Específicas, aprovadas na terça-feira pelo governo do país.
A atualização foi projetada para fechar lacunas que permitiam que alguns usuários evitassem o cumprimento da Travel Rule ao dividir transações em partes menores. Junto com a expansão da Travel Rule, as alterações tornam mais rígidos os controles de combate à lavagem de dinheiro (AML) para transferências envolvendo exchanges no exterior e carteiras pessoais.

Trump Media said it is overhauling how it manages its digital-asset portfolio after unrealized losses on cryptocurrencies and securities pushed the company to a $238 million net loss in the second quarter. In its Q2 update released Monday, the business behind Truth Social and financial services brand Truth.Fi said it plans a “revamp” of its treasury approach aimed at keeping long-term crypto exposure while better controlling balance-sheet volatility.
The company attributed $190.4 million in unrealized losses across digital assets, pledged digital assets and equity securities. It also framed the changes as a way to improve the “productivity” of its balance sheet—an emphasis that suggests it intends to continue earning yield and structuring risk around Bitcoin, rather than simply holding spot exposure indefinitely.
Key takeaways
Trump Media reported $190.4 million in unrealized losses tied to its digital assets, pledged holdings and equity securities during Q2.
The company plans a new treasury framework to preserve long-term digital-asset exposure while managing volatility and improving balance-sheet efficiency.
Trump Media’s Q2 filing indicates it already used options to manage Bitcoin volatility and to generate premium income, alongside deploying some BTC into yield arrangements.
In July, Trump Media increased its Bitcoin exposure after selling Bitcoin-related securities worth $159.6 million and buying BTC with the proceeds.
Trump Media warned that its Bitcoin yield/carry strategies introduce counterparty credit risk, including potential inability to recover Bitcoin if a counterparty becomes insolvent.
A larger rethink after a heavy Q2 loss
Trump Media said the portfolio losses were a key driver of its Q2 results, which ended in a $238 million net loss. Alongside the headline loss, the company disclosed a specific figure for unrealized drawdowns: $190.4 million spanning digital assets, pledged digital assets and equity securities.
Management’s stated intent for the “revamp” is not to eliminate crypto exposure, but to keep it while refining how the company absorbs and mitigates volatility. That framing matters for investors because it signals an ongoing commitment to crypto-linked strategies—particularly ones that may involve derivatives or lending structures—rather than a full shift toward holding only unencumbered assets.
Trump Media’s broader business context also provides a clue about the internal priorities behind the treasury shift. The company said it plans to direct more resources toward Truth Social, Truth+, and other media segments as part of a capital-allocation change.
Where the Bitcoin stood: little movement in Q2, a jump in July
According to the company’s Q2 reporting, its Bitcoin exposure was relatively stable throughout the second quarter. As of June 30, Trump Media held 9,477.16 BTC, down slightly from 9,542.16 BTC at the end of the prior quarter.
What complicates the picture is that the company also uses Bitcoin in collateral and structured strategies. In addition to its direct holdings, it pledged 2,077.34 BTC as collateral for its options approach. The filing also indicated that 4,260.73 BTC of reported holdings were posted as collateral for convertible notes.
The direction changed in July. Trump Media said it sold Bitcoin-related securities worth $159.6 million and used the proceeds to purchase Bitcoin. By July 31, the company reported holding approximately 14,139 BTC, including pledged Bitcoin, valued at about $890.5 million at the time.
For readers tracking crypto treasury behavior, the sequence is important: Q2 shows modest net spot movement, while July reflects a more decisive increase in aggregate BTC exposure—likely a response to how the company wanted to position itself after the earlier quarter’s unrealized losses.
Options and yield: how Trump Media says it manages volatility
In its Q2 filing, Trump Media described an approach that blends active derivatives management with yield-oriented deployment. The company said it is already using options to help manage Bitcoin volatility and to generate premium income. It also stated that it deploys some BTC through lending and other yield-generating arrangements.
This matters because options and yield structures can change the risk profile of a “Bitcoin holdings” headline. While spot exposure can be a straightforward mark-to-market asset, options premia and collateralized arrangements can introduce additional sensitivities—such as counterparty performance, liquidity, and constraints on how quickly the company can move or liquidate its BTC.
Trump Media also highlighted that the yield/carry strategies are relatively new. That qualifier suggests the company may still be learning how these structures behave under stress conditions, which lines up with its later risk disclosures about counterparties and recoverability.
Risk disclosure: counterparty credit exposure and operational limits
Trump Media warned that its Bitcoin yield strategy creates counterparty credit risk and the possibility of losing assets. The company said it has deployed part of its Bitcoin holdings to third parties via lending, placement and other arrangements designed to earn additional income.
According to the filing, some of these counterparties may not be rated by major credit rating agencies. In that scenario, the company said the counterparties could default during market downturns, liquidity crises or other periods of financial distress.
Trump Media also cautioned that if an arrangement is unsecured, it may be unable to recover its Bitcoin if a counterparty becomes insolvent. Beyond credit risk, it noted operational constraints: when BTC is deployed, the company may have limited ability to sell or pledge it, and counterparties may be able to use the assets at their discretion.
These are the kinds of details that can significantly affect investor expectations. Even if a treasury strategy is designed to reduce volatility or generate income, counterparty failure risk can turn income strategies into loss drivers—especially if recovery terms are weak or assets are not fully secured.
What to watch next
As Trump Media moves to implement its revamped digital-asset treasury framework, investors should focus on how the company structures options, how much BTC remains unencumbered versus pledged, and whether its new approach reduces reliance on unsecured or hard-to-recover yield arrangements during stress periods. The next quarterly filing will likely be the clearest window into whether the framework stabilizes results without increasing counterparty risk.
This article was originally published as Trump Media to Rework Crypto Treasury Strategy After $238M Q2 Loss on Crypto Breaking News – your trusted source for crypto news, Bitcoin news, and blockchain updates.

A Trump Media disse que vai reformular a forma como administra seu tesouro de ativos digitais após perdas com cripto e títulos terem contribuído para um prejuízo líquido de US$ 238 milhões no segundo trimestre. Nos materiais de resultados do 2T, a empresa atribuiu US$ 190,4 milhões em perdas não realizadas à sua combinação de ativos digitais, ativos digitais empenhados e títulos de equity, ao mesmo tempo em que descreveu um plano voltado a manter exposição de longo prazo ao Bitcoin, mas reduzindo a volatilidade do balanço.
A empresa de capital aberto — mais conhecida como controladora das plataformas sociais Truth Social e Truth+ e da marca de serviços financeiros Truth.Fi — vinculou a mudança de estratégia à necessidade de uma estrutura mais resiliente. A empresa observou que as mudanças têm como objetivo melhorar a “produtividade” do seu balanço sem abandonar sua posição central em ativos digitais.

A Tailândia está implementando uma redução tributária direcionada para investidores em cripto: a partir de 1º de janeiro de 2025, o imposto sobre ganhos de capital sobre lucros de negociações de cripto realizadas por meio de plataformas licenciadas pela Comissão de Valores Mobiliários do país será isento por cinco anos, até 31 de dezembro de 2029.
O movimento foi concebido para fortalecer a posição da Tailândia como um hub regional de ativos digitais, ao mesmo tempo que traça uma linha clara entre plataformas regulamentadas em território nacional e a atividade de negociação que ocorre fora da licenças — em que os investidores permaneceriam sujeitos às alíquotas padrão de imposto de renda pessoal de até 38%.

A BlackRock está expandindo sua linha de ETFs listados no Canadá com dois novos produtos iShares que começam a ser negociados na Bolsa de Valores de Toronto (TSX) nesta semana. A adição mais notável combina ações tradicionais com uma pequena alocação fixa para exposição ao Bitcoin.
Ambos os fundos são geridos pela BlackRock Asset Management Canada sob a aliança RBC iShares. Eles foram criados para investidores que buscam exposição diversificada ao mercado—seja de forma ampla fora da América do Norte, ou uma combinação equilibrada que inclui uma parcela em Bitcoin.

O Senado dos EUA deve voltar a tratar o Digital Asset Market Clarity (CLARITY) Act após um recesso de um mês. O líder da maioria John Thune protocolou uma moção de cloture para encaminhar o projeto a uma votação em plenário. A etapa processual, reportada pelo Senate Daily Press, encerra efetivamente as especulações de que legisladores poderiam levar a medida adiante antes de setembro, apesar de ela já ter sido aprovada na Câmara há mais de um ano.
Se o projeto chegar ao plenário, o Senado precisará de um quórum de 60 votos para avançar a CLARITY, o que significa que o apoio bipartidário continua sendo crucial. A tentativa de levar a votação para meados de setembro também está ocorrendo com menos tempo para construir impulso à medida que as eleições de meio de mandato de 2026 se aproximam — um problema de calendário que ampliou a frustração entre líderes da indústria de cripto e legisladores que apoiaram a legislação.

A plataforma de pagamentos cripto Coinsbuy diz que cobriu todas as perdas dos clientes após as carteiras ligadas ao serviço terem sido supostamente drenadas no domingo. O investigador de blockchain SpecterAnalyst informou que mais de US$ 7,9 milhões foram movidos, em meio a Ethereum e TRON, com partes dos recursos direcionadas por meio de exchanges e para Monero.
De acordo com a publicação no Telegram da SpecterAnalyst, o atacante inicialmente começou a converter os fundos roubados em Monero por meio de atividades de câmbio. O mesmo relatório afirmou que a ChangeNOW esteve envolvida no congelamento de uma parcela de seis dígitos dos ativos durante o incidente.

A TRON encerrou o segundo trimestre com um forte rebote na atividade de stablecoins, finalizando o período com US$ 87,9 bilhões em USDT em circulação — um patamar que, segundo um relatório da Messari, colocou a TRON à frente da Ethereum na circulação de USDT. A rede também movimentou US$ 2,1 trilhões em transferências de USDT ao longo do trimestre, destacando como o volume central de stablecoins segue sendo fundamental para a história de crescimento da TRON.
O relatório da Messari “State of TRON Q2 2026” atribui grande parte da expansão à concentração do mercado de stablecoins e ao retorno do ritmo de transferências. Ele constatou que o USDT representou 98,5% do mercado de stablecoins da TRON, enquanto a base total de stablecoins cresceu 4,1% de um trimestre para o outro, atingindo um recorde de US$ 89,2 bilhões. O volume médio diário de transferências de USDT também voltou a crescer, subindo 4,3% para US$ 22,8 bilhões depois de ter caído no primeiro trimestre.