Things continued to move quickly as regulators opened opportunities for the industry to evolve rapidly. Institutional interest is also on another level, as governments want to aid digital asset adoption.
The headlines:
- President Trump enabled crypto access to 401 (k) s and ended debanking efforts;
- PNC teamed up with Coinbase to enable increased crypto usage;
- Coinbase launched a decentralized exchange (Dex) on its app;
- Jack Dorsey’s Block wants to introduce Bitcoin mining chips;
- Chainlink introduced on-chain token reserves;
- Plus, Paxos settled with the NYDFS for $48.5 million (More on that later);
- And much more!
As always, these are your decentralized diaries!
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Bitcoin is at $121k (as of 8/11/25)
The bulls continued to hold sway as Bitcoin moved from $11,2 701.11 to a $122,114.42 high before settling at $121,888.69.
The altcoins are looking green.
Ethereum (ETH) is at $4,307.35, Solana (SOL) is at $185.01, Chainlink (LINK) is at $22.28, Avalanche (AVAX) is at $24.37, Uniswap (UNI) is at $11.18, and Polkadot (DOT) is at $4.12.
Bullish Wants to Raise $629 Million in IPO Funds
Premier crypto ecosystem Bullish aims to raise $629 million from its IPO. An August 4 SEC F-1 form revealed an offer of 20,300,000 ordinary shares.
Furthermore, the firm intends to trade under the BLSH symbol.
40(1) KS Are Now Open to Crypto
On August 7, the Trump administration opened the doors for retirement accounts to digital assets. The executive order provides investment corridors for alternative assets, including the crypto segment.
Additionally, in the document, President Trump called on regulators to explore ways and means to enhance the process.
There’s an Executive Order that Aims to Stop Crypto Debanking
In related news, on August 7, President Trump also signed an executive order to prevent banks from targeting crypto users. The order prevents federal regulators from executing reputational risk policies that specifically affect digital asset activities.
Moreover, several government-focused activities, including Operation Chokepoint 2.0, have been at the forefront of preventing digital asset users from accessing banking services.
The Ripple–SEC Legal Tussle is Over
On August 7, the SEC announced the cessation of its legal issues with Ripple Labs. The duo agreed to withdraw their appeal filings.
Consequently, the XRP token issuer can now focus on its regular business operations.
Ripple Acquired Rail for $200 Million
Similarly, an August 7 press release revealed Ripple Labs’ intentions to purchase Canadian-based stablecoin ecosystem Rails. The deal, worth $200 million, includes enhanced capabilities to Ripple’s ecosystem, including virtual accounts.
Moreover, the setup has a single API access.
Salomon Brothers Completes Abandoned Bitcoin Wallet Notification Process
Investment bank Salomon Brothers completed the process of inserting OP_Return notices into dormant Bitcoin wallets it considers (legally) abandoned. The notices, embedded directly into the blockchain, serve as public alerts to wallet owners.
Furthermore, the process gives owners 90 days to claim ownership by initiating a transaction or submitting a form via the bank’s website. The initiative targets high-profile wallets, including the “1Feex” address, which holds roughly 80,000 BTC.
There’s a New Bitcoin-Backed Commercial Loan Acquisition Strategy
Acacia Research Corporation collaborated with strategic partners to develop a commercial Bitcoin-focused loan strategy. The initiative aims to leverage Bitcoin as collateral for traditional lending.
Additionally, the strategy enables businesses to hold Bitcoin with liquidity without holding sales. Other partners include Build Asset Management and Unchained Capital.
Coinbase Introduced Dex Trading on its App
Premier exchange Coinbase launched decentralized exchange (Dex) trading within its mobile app. The setup starts with tokens minted on its Base network.
Solana blockchain support is coming soon. The feature is currently available to U.S. users, excluding those in New York State.
Michigan State Pension Authority Tripled Its Bitcoin ETF Holdings
The State of Michigan Retirement System increased its Q2 Bitcoin holdings. According to an August 7 SEC 13F filing, the move triples its stake in the ARK 21Shares Bitcoin ETF to 300,000 shares.
The pension fund also maintains a $13.6 million (unchanged) position in the Grayscale Ethereum Trust.
Paxos Settled with the NYDFS for $48.5 Million
Blockchain firm Paxos Trust Company agreed to a $48.5 million settlement with the New York State Department of Financial Services (NYDFS). The move follows an investigation into anti-money laundering shortcomings tied to its partnership with Binance.
Moreover, the settlement includes a $26.5 million penalty and a $22 million investment in compliance infrastructure.
Axal and MoonPay Launch On-chain Yield Accounts
Crypto savings platform Axal partnered with MoonPay to launch Axal Yield. The deployment enables virtual bank accounts and on-chain yields via decentralized finance strategies.
Users can earn between 6% and 10% APY by allocating stablecoins, including USDC or USDT, into Axal’s automated yield engine. Axial’s yield engine also diversifies funds across lending protocols and liquidity pools.
AlphaPoint Introduced Perpetual Futures Trading Tech
Boutique white-label exchange operator AlphaPoint launched a Perpetual Futures trading solution. The move helps exchanges offer leveraged derivatives with deep liquidity, advanced order types, and robust risk controls.
Exchanges using the platform gain access to a customizable user interface, administrative dashboard, and APIs, along with real-time risk oversight.
Block Announced Bitcoin Mining Chip Launch Plans
The Jack Dorsey-led Block revealed plans to launch Bitcoin mining chips via its Proto Mining business unit. According to an August 8 CNBC Squawk Box interview, Block’s Chief Financial Officer (CFO), Amrita Ahuja, indicated that the initial chips could be available this week.
Furthermore, Ahuja iterated that the firm believes the chips will aid the democratization of Bitcoin mining activities.
Chainlink Launched On-chain LINK Token Reserves
Oracle-focused blockchain Chainlink introduced the Chainlink Reserve, an on-chain repository. The blockchain developed the offering to accumulate LINK tokens using revenue generated from both off-chain enterprise payments and on-chain service fees.
Chainlink’s Payment Abstraction infrastructure powers the reserve. Users can pay for services in various assets such as stablecoins or gas tokens.
Corpay Collaborated with Circle to Improve Stablecoin Adoption
Niche Fintech Corpay partnered with Circle to bring USDC stablecoin payments into its global foreign exchange and commercial card systems. The deployment integrates Circle Mint and its APIs, enabling Corpay’s clients to manage USDC within its platform.
Businesses can fund Corpay-branded digital wallets with USDC tokens, settle transactions on-chain instantly, and convert currencies seamlessly.
Crypto ETFs Continued to Progress
The key moves of key players pushed digital asset ETFs forward. On August 7, ProShares introduced the ProShares Ultra CRCL ETF. The single-stock offering targets 2x (daily) returns of stablecoin issuer Circle.
Similarly, on August 8, REX Shares (REX) collaborated with Tuttle Capital Management (TCM) to launch a 2x ETF that tracks Galaxy Digital’s shares. The T-REX 2X Long Galaxy Digital Daily Target ETF will trade using the GLXU ticker symbol.
