Bitcoin’s recovery hinges on the resumption of the spot ETF inflows and investors’ ability to compartmentalize the whale selling and focus on fundamentals. Key takeaways: Bitcoin futures demand continues rising despite the recent price weakness, indicating sustained trader engagement. The put options maintained a premium over calls, reflecting persistent bearish sentiment among investors. Read more
Sharps Technology announced a $400 million raise to launch a Solana treasury, sending its shares soaring Monday as more health sector firms pivot into digital assets. Shares of Sharps Technology nearly doubled Monday after the medical device maker announced a $400 million move to fund a new treasury strategy built around Solana’s native token. The stock jumped 96% from $7.40 to an intraday high of $14.53 before easing to $12.01 at this writing. Sharps signed a letter of intent with the Solana Foundation to purchase Solana (SOL) tokens via a private investment in public equity (PIPE) transaction — a type of financing deal where accredited investors buy shares of a publicly traded company at a discount to the current market price. The deal, expected to close on or around Aug. 28, would see Sharps acquire $50 million worth of SOL tokens at a 15% discount to their 30-day average price. Read more
ESMA, IOSCO and the World Federation of Exchanges urge the SEC to tighten oversight of tokenized equities, warning of investor risks as Wall Street giants eye the growing market. Exchange industry associations and global regulators are joining forces to curb the growth and adoption of tokenized stocks, arguing that these products do not represent actual equities and expose investors to significant risks. According to Reuters, the European Securities and Markets Authority (ESMA), the International Organization of Securities Commissions (IOSCO), and the World Federation of Exchanges (WFE) have sent a letter to the US Securities and Exchange Commission’s (SEC) Crypto Task Force, urging stricter regulatory oversight of tokenized stocks. The organizations argue that tokenized stocks “mimic” the equities they are designed to represent but lack the investor protections built into traditional markets. Read more
B Strategy plans to follow the playbook of 10X Capital, which recently secured funding for a BNB treasury supported by YZi Labs. B Strategy, a digital asset investment firm founded by former Bitmain executives, plans to launch a $1 billion crypto treasury focused on investing in BNB, the native token of the Binance ecosystem. According to a Monday announcement, the new BNB (BNB) treasury is backed by YZi Labs, the family office of Binance co-founder Changpeng Zhao. The new company will be structured similarly to 10X Capital, which recently launched a BNB treasury with YZi Labs’ support, a spokesperson for B Strategy told Cointelegraph. Read more
Bitcoin opened the week with a sell-off to $110,530, but BTC and altcoin charts suggest a quick recovery to the trading range averages could occur. Key points: Bitcoin selling is mainly attributed to large sales by whales, not a chance in BTC’s market structure. Despite the sharp market correction, Ether and BNB remain strong on the charts. Read more