SEC on Track for Crypto Regulation
The U.S. Securities and Exchange Commission (SEC) is launching a crypto policy roadshow to gather more input on crypto regulations. The first event, held on August 4th in Berkeley, California, will primarily focus on direct discussions with crypto projects that have 10 or fewer employees and have been operating for less than two years. The SEC is looking to gather feedback from stakeholders who were unable to attend previous events.
The SEC’s roadshow is part of a series of steps aimed at addressing regulatory uncertainties surrounding digital assets. Crypto Task Force leader Hester Peirce noted that the regulations will have widespread impacts and that they are eager to gather as much feedback as possible. At the end of this journey, the SEC aims to bring crypto-related discussions held in various cities to a wide audience.
Strategy May Buy 7% of the Bitcoin Supply
Strategy co-founder Michael Saylor announced that his company could own 7% of the Bitcoin supply in the future. The firm, which currently holds a more than 3% share, holds a total of 628,791 BTC, which is currently worth $72 billion. Saylor stated that they are not aiming to buy all of Bitcoin because they want everyone to have a piece.
Strategy has attracted attention with this investment strategy since it began buying Bitcoin in 2020. If the company acquires a 7% share of the Bitcoin supply, it would own 1.47 million BTC, equivalent to approximately $169 billion. However, Saylor emphasized that the company can withstand potential losses in Bitcoin and therefore does not plan to sell BTC.
Cardano Community Approves $71 Million Treasury Spending for Network Updates
Cardano’s core development team has received community approval to allocate 96 million ADA (approximately $71 million) from the Cardano treasury fund to implement a series of updates that will improve the network’s scalability, developer experience, and compatibility. While the proposal passed with 74 percent support, some users expressed concerns about costs and transparency.
The updates aim to speed transactions, better onboarding processes, and reduce costs for staking pool operators. The Cardano community has also demanded transparent governance for how funds are spent and the timely delivery of these projects. IOG promised to release monthly updates, engineering timelines, and quarterly budget reports.
Metaplanet Plans to Raise $3.7 Billion to Expand Bitcoin Treasury
Tokyo-based investment firm Metaplanet has filed for a stock sale to raise 555 billion yen (about $3.7 billion) to expand its Bitcoin treasury investment. The company aims to acquire 210,000 Bitcoin by 2027. However, the stock sale’s availability remains unclear and would require shareholder approval before proceeding.
Metaplanet currently holds 17,132 BTC and most recently purchased 780 BTC. The company’s total Bitcoin holdings are worth approximately $1.95 billion at the current market price. If the stock sale is successful, Metaplanet will take a significant step toward becoming one of the largest institutional investors in Bitcoin. However, market conditions must be favorable and shareholder approval must be received for the sale to take place.
SharpLink Gaming Acquires $54 Million Worth of ETH
SharpLink Gaming continues to increase its Ethereum (ETH) holdings without slowing down. The company spent 108.57 million USDC to acquire 30,755 ETH in the last 48 hours, bringing its total ETH holdings to 480,031 ETH. These ETH are worth approximately $1.65 billion at current prices. The largest purchase among the transactions was a transfer of 6,914 ETH, valued at $23.56 million. This purchase followed a previous transaction in which the company acquired 11,259 ETH for 43.09 million USDC. SharpLink continues to strategically hold Ethereum as a major treasury investment, making it one of the largest institutional holders of Ether.
Meanwhile, other institutional players like The Ether Machine are also increasing their ETH purchases. Last week, with a $57 million purchase of 15,000 ETH, Ether Machine now holds a total of 334,757 ETH, surpassing the Ethereum Foundation’s 234,000 ETH holdings to become the third-largest ETH holder. Institutions are starting to favor Ethereum as a reserve currency in digital finance and tokenized assets, thanks to Ethereum’s staking yield, programmability, and regulatory compliance.
DevvStream Corp. Acquires $10 Million Worth of Bitcoin and Solana
Nasdaq-listed DevvStream Corp. (DEVS) has launched its carbon credit tokenization initiative, bolstering its balance sheet with crypto assets by acquiring $10 million worth of Bitcoin and Solana. The firm previously raised $300 million in senior secured convertible notes. As a carbon management company, DevvStream offers carbon credits that support projects such as renewable energy, energy efficiency, and forest conservation. With its tokenization strategy, it plans to digitize environmentally sensitive assets at scale.
“We are combining Bitcoin’s liquid and correlation-free store of value with Solana’s high transaction volume support to achieve our growth objectives in the carbon credit market,” said CEO Sunny Trin. The firm also aims to expand its existing credit line and invest in digital and environmental infrastructure. The Solana blockchain is widely used for carbon credit tokenization, and the Solana Foundation is purchasing carbon credits to ensure the blockchain is carbon neutral.
Mill City Seeks $500 Million for Sui Strategy
Nasdaq-listed Mill City Ventures III plans to raise $500 million to expand its Sui token strategy. The company recently raised $450 million by selling 83 million shares, which it used to purchase 76.2 million SUI tokens. With this move, Mill City aims to create the largest pool of funds for institutional investors for Sui tokens. However, the company’s shares fell 11.4% after the announcement.
Mill City plans to pursue institutional-level investment to further invest in the Sui ecosystem. It also aims to leverage the advantages of SUI tokens’ low-latency infrastructure for AI and gaming applications. However, some analysts have expressed concerns about the long-term sustainability of such investments, noting that companies prefer insider contributions when acquiring crypto assets.
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BITCOIN (BTC)
Bitcoin is trading at $114,308 as of morning hours, gaining 0.08%. The price continues to move within a narrow channel. If it can stay above the $113,827 level for the moment, a rise towards $115,817 is possible. Once this level is broken, resistance levels at $118.175 and $120.217 will be monitored.
On the downside, a close below the $113.827 level could cause the price to drop back to $111.924. These levels are among the critical points that will determine the direction Bitcoin may take in the short term.
ETHEREUM(ETH)
ETH is priced at $ 3,535 with a 1.10% gain as of the morning hours. ETH is traded at $ 3,535 with a 1.10% gain as of the morning hours. The price seems to have started an upward movement again after the short-term decline. The $ 3,544 level currently constitutes the critical resistance point. If it can stay above this level, the $3,756 and $3,867 levels can be monitored.
On the downside, the $3,452 level will continue to be watched as support. A close below this level could trigger a pullback to $3,323.
RIPPLE(XRP)
XRP is priced at $2.98 as of the morning hours with a 1.11% gain in value. After a short-term pullback, the price tested the $2.95 level and started an upward movement with a strong reaction here. The $3.05 level is currently watched as the first important resistance point. If this level is broken, the $3.15 and $3.28 levels can be targeted.
In the downward movements, the $2.95 level will be watched as a critical support. A permanent close below this level could cause the price to decline towards $2.83 and then $2.74.
AVALANCHE(AVAX)
AVAX is trading at $21.81 as of the morning hours with a 2.06% gain. After testing the $20.71 level as a strong support, the price started to recover and is targeting $21.98. If it breaks this level, the $22.98 and $23.90 levels can be watched as the next resistance levels.
On the downside, the $21.43 level still acts as an important support. If it falls below this level, a decline towards $ 20.71 may occur again.
SOLANA(SOL)
SOL is trading at $162.23 with a 0.14% gain as of the morning hours. In recent days, the price tested the support at $162.01. If this level holds, the price is likely to move again towards $167.40.
Other important levels are watched as resistance levels at $169.55 and $173.71. If these levels are broken, a stronger rise can be expected. However, if the $162.01 support breaks, the possibility of a drop to the $156.08 level increases.
