The initial deal between ALT5 and World Liberty Financial included Eric Trump being on the company’s board of directors. Eric Trump, a son of US President Donald Trump, may no longer be a board member of investment company ALT5 Sigma as part of a deal with World Liberty Financial. According to an Aug. 25 filing with the US Securities and Exchange Commission (SEC), ALT5 Sigma designated Eric Trump and World Liberty Financial co-founder Zach Folkman as board observers rather than members. The company reported that Trump’s position was “in order to comply with Nasdaq’s listing rules” and was still subject to approval by stockholders. Read more
Japan's Metaplanet aims to raise $1.44 billion to expand Bitcoin holdings and income business amid dilution risk. Metaplanet, the Japanese hospitality and real estate group turned Bitcoin treasury company, said Tuesday it will issue 385 million new shares to expand its Bitcoin holdings and related businesses. The shares will be sold through an international offering outside Japan at 553 yen ($3.75) each, raising an estimated 212.9 billion yen ($1.44 billion), the company said. The issue price represents a 9.9% discount to Metaplanet’s Tuesday closing price of 614 yen. The payment date is set for Sept. 16, when underwriters and investors will transfer funds to the company. The delivery date follows on Sept. 17, when the new shares will be credited to investors. Read more
The Protect Progress PAC spent more than $1 million to support James Walkinshaw in a primary for the congressional seat, in a race that could narrow Republicans’ House majority. Voters in the US state of Virginia’s 11th congressional district will choose a replacement for late Representative Gerry Connolly in a special election that could be influenced by money from the cryptocurrency industry. On Tuesday, Virginia residents who haven’t voted early head to the polls to decide whether to elect Democrat James Walkinshaw or Republican Stewart Whitson to replace Connolly following his death in May while serving in the US Congress. While neither candidate appeared to have taken a strong position on digital assets or blockchain for the campaign, a cryptocurrency-backed political action committee (PAC) could still influence the outcome. Read more
US macroeconomic conditions mirror the 1990s, when Federal Reserve interest rate cuts drove a 30% stock rebound, a backdrop that could now set the stage for Bitcoin price to go higher. Key takeaways: Potential Federal Reserve rate cuts into weak US jobs data could fuel Bitcoin’s next rally. BTC holds key support and eyes $129,000 after rebounding from its wedge pattern. Read more
Ethena joins Paxos, Frax, Agora, Native Markets and Sky in the race to issue Hyperliquid’s USDH, a mandate tied to $5 billion in liquidity. Ethena Labs became the sixth bidder for Hyperliquid’s USDH stablecoin, announcing its proposal in a Tuesday blog post. The competition will decide who controls billions in liquidity and revenue on one of decentralized finance’s (DeFi) fastest-growing derivatives exchanges. The team behind USDe and USDtb is proposing a version of USDH backed entirely by USDtb, a stablecoin tied to BlackRock’s BUIDL fund and soon to be issued through Anchorage Digital Bank. If selected, Ethena has pledged to return 95% of reserve revenue to the Hyperliquid community and implement safeguards through an elected validator “guardian network.” The protocol has also promised to cover the costs of migrating Hyperliquid’s markets from USDC to USDH and committed at least $75 million in ecosystem incentives, a figure it said could rise to $150 million. Read more