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BNY and BlackRock funnel billions through one infrastructure provider, exposing the fragile illusion of crypto diversification

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BNY’s Digital Asset Custody platform plans to provide institutional crypto staking support through Galaxy’s infrastructure, the two firms said Aug. 4. BNY touches roughly 20% of the world’s investable assets, with $62.6 trillion in assets under custody and administration as of June 30. Galaxy is one of three validator firms approved to stake Ethereum for … Read more

Senate abandons August CLARITY Act vote – leaving 14 ‘work days’ until midterm election season kills it

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The US Senate has abandoned plans to vote on the landmark CLARITY Act legislation before its August break. On Aug. 6, Senate Majority Leader John Thune confirmed that the legislation will have to wait until lawmakers return Sept. 14, reversing his earlier expectation that the Senate would act before leaving Washington. A spokesperson for the … Read more

CoinDesk owner Bullish volume fell 43%, but a 72% spread jump nearly offset the annual decline

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CoinDesk’s subsidiary and affiliate Bullish reported a 42.9% year-over-year drop in July trading volume even as its company-defined average trading spread widened 72.4%. The two figures produced a derived volume-times-spread proxy that remained slightly below its level a year earlier, so the wider spread did not fully counter the loss of activity on that calculation. … Read more

AVAX One holds $88 million in Avalanche tokens, but its lender only wants cash or Bitcoin

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An unnamed institutional investor has drastically tightened its leash on AVAX One, raising the Nasdaq-listed crypto firm’s minimum liquidity requirement 35-fold and strictly excluding its namesake Avalanche token from counting toward the new threshold. The stringent restructuring, detailed in an Aug. 5 Securities and Exchange Commission (SEC) filing, follows the July departure of CEO Jolie … Read more

Block’s total profits jumped 25%, masking a 31% profit drop inside its $1.8 billion Bitcoin arm

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Block’s Bitcoin Ecosystem gross profit fell 31% year over year to $72 million in the second quarter, making it the only category in the company’s three-part gross-profit breakdown to contract while Block’s total gross profit rose 25% to $3.166 billion. Commerce Enablement gross profit rose 18%, while Financial Solutions gross profit increased 43%. Related Reading … Read more

How institutional dark pools quietly ate 15% of crypto volume and killed the retail whale-watching edge

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sFOX says execution through crypto dark pools rose from negligible volume in April to 15% of monthly volume by June. Separately, the firm’s July 30 report puts OTC-desk routing at 77.7% of institutional volume moving through the platform, versus 18.4% landing on public exchanges. May’s dark-pool volume alone came to $147 million. Diana Pires of … Read more

IREN’s $625 million AI bet creates a $476 million stock overhang

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Bitcoin miner IREN registered nearly 12 million shares issued in its acquisition of Mirantis for potential resale, creating a block worth about $476 million that could add selling pressure to its stock. The company agreed in May to acquire Mirantis in a transaction valued at approximately $625 million at signing, largely through a fixed number … Read more

SpaceX’s $85 billion IPO windfall went everywhere except Bitcoin

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SpaceX beat Wall Street’s revenue and earnings expectations in its first quarterly report since its record IPO, giving the company a stronger financial base for its accelerating artificial intelligence expansion. In an Aug. 4 X post, the firm revealed that its second-quarter revenue rose 92% year over year to $7.814 billion, exceeding the roughly $6.8 … Read more

Bitcoin miner sells 1,619 Bitcoin at a $47 million loss before its AI data center paid rent

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Bitcoin miner Cipher Digital sold 1,619 Bitcoin for $123.4 million and booked $47.7 million in realized losses. Its filing shows $66.7 million in interest expense against $24.8 million in mining revenue, roughly 2.7-to-1. Cipher ended June with 646 Bitcoin worth $37.8 million, and quarterly mining revenue fell from $43.6 million a year earlier, with the … Read more