Bullish Files IPO Application with SEC, Seeking to Raise $629 Million Digital asset exchange Bullish and its subsidiary CoinDesk have filed for an initial public offering (IPO) with the U.S. Securities and Exchange Commission (SEC). According to the filing, Bullish plans to issue 20.3 million shares at a price range of $28-31 per share, raising a maximum of $629 million and valuing the company at approximately $4.2 billion. Bullish's business scope includes digital asset spot trading, leveraged trading, and derivatives, and it also provides liquidity services to stablecoin issuers. Financial data shows that the company achieved $80.2 million in digital asset sales and a net loss of $349 million in the first quarter of 2025. Bullish previously acquired the cryptocurrency media platform CoinDesk for $72.6 million in 2023.
▌The U.S. CFTC cooperates with the White House plan and joins hands with the SEC to launch the "Crypto Sprint" action
The U.S. Commodity Futures Trading Commission (CFTC) has launched a "Crypto Sprint" plan to begin implementing the cryptocurrency-related policy recommendations released by the Trump administration on Wednesday. CFTC Acting Chair Caroline Pham said on Friday that the agency will work closely with Securities and Exchange Commission (SEC) Chairman Paul Atkins and Commissioner Hester Peirce to advance the "Crypto Project" announced on Thursday. "The CFTC is moving quickly to fully realize President Trump's vision of making the United States the world's crypto capital," Pham said.
Market
As of press time, according to Coingecko data:
BTC price is $115,232, up or down 0.9% in 24 hours;
ETH price is $3,717.57, up or down 6.1% in 24 hours;
BNB price is $768.52, up or down 2.1% in 24 hours;
▌Hyperliquid Trading Volume Hit a Record High of Nearly $320 Billion in July
In July, Hyperliquid's global trading volume hit a record high of nearly $320 billion, an increase of approximately 47% month-over-month from $216 billion in June and an increase of approximately 28% from the all-time monthly high of $248 billion set in May. Throughout July, Hyperliquid maintained over 75% market share in the perpetual swap (perps) DEX sector. Furthermore, the Hyperliquid/Binance ratio (which measures the proportion of perps trading volume on Hyperliquid relative to Binance's) also hit a new high of 11.89% in July. For reference, Binance's perps trading volume in July was approximately $2.59 trillion, a month-over-month increase of approximately 35%. Meanwhile, trading volume on Drift, a decentralized exchange for perpetual swaps on the Solana blockchain, increased by 336% month-over-month, exceeding $14.8 billion in July. CoinShares: $223 Million in Outflows from Digital Asset Investment Products Last Week CoinShares' latest report shows that digital asset investment saw its first outflow in 15 weeks last week, reaching a total of $223 million by the end of the week. The week started strongly with inflows of $883 million, but this trend reversed in the second half of the week, likely triggered by a hawkish FOMC meeting and a series of better-than-expected US economic data. Bitcoin saw outflows of $404 million this week. Despite this, year-to-date inflows remain strong, reaching $20 billion. Despite a late-week hit, Ethereum saw net inflows for its 15th consecutive week, totaling $133 million, demonstrating strong market sentiment towards the asset. XRP, Solana, and SEI also found good support, receiving inflows of $31.2 million, $8.8 million, and $5.8 million, respectively. Aave and Sui saw inflows of $1.2 million and $0.8 million, respectively.
▌Coinbase CEO: The U.S. government will hold more than $600 billion in Bitcoin reserves
Coinbase CEO Brian Armstrong said at an industry conference that the U.S. government will eventually hold more than $600 billion in Bitcoin reserves. This statement was made in his prediction of the future trend of cryptocurrencies.
▌Strategy spent approximately $2.46 billion to buy 21,021 bitcoins last week
Strategy: Purchased 21,021 bitcoins between July 28 and August 3, 2025, with a total purchase price of $2.46 billion and an average price of $117,256 per bitcoin. According to official news, Metaplanet, a Japanese listed company, has increased its holdings by another 463 Bitcoins, bringing its total holdings to 17,595 BTC. BitMine's Ethereum holdings exceed 833,000, valued at nearly $3 billion. BitMine Immersion Technologies announced today that its ETH holdings have exceeded $2.9 billion. As of 6:30 PM ET on August 3rd, the company held a total of 833,137 ETH at a price of $3,491.86 per ETH, making BitMine the world's largest ETH holder. SharpLink Gaming Increases ETH Holdings by 18,680, Bringing Total Holdings to 498,884 According to on-chain analyst Onchain Lens, SharpLink Gaming (ticker: SBET) has increased its holdings by another 18,680 ETH, valued at approximately $66.63 million. This increase brings the company's total ETH reserves to 498,884, valued at approximately $1.8 billion. The Ether Machine Increases ETH Holdings by 10,605, Bringing Total Holdings to Over 345,000 ETH The Ether Machine announced that its subsidiary, The Ether Reserve LLC, increased its holdings by 10,605 ETH at an average price of $3,781. This increase is part of the company's long-term accumulation strategy, funded by proceeds from a previous $97 million private placement. Since the beginning of this month, The Ether Machine has purchased and pledged a total of 345,362 ETH. The company plans to operate these assets through staking and re-staking, and provide Ethereum infrastructure services to institutions. MARA's total Bitcoin holdings exceed 50,000. MARA released its operational data for July 2025. The report shows that the company mined 703 Bitcoins in July, a 1% decrease from the previous month, and obtained 207 blocks, a 2% decrease from the previous month. As of July 31, the company's Bitcoin holdings reached 50,639.
▌DeFi Development increased its holdings by 110,466 SOL, bringing its total holdings to over 1.29 million
According to official news, DeFi Development announced that it has increased its holdings by 110,466 SOL, with an average purchase price of US$166, totaling US$18.4 million. The current total holdings have reached approximately 1,293,562, equivalent to approximately US$209 million.
▌Coinbase adds MAMO to its listing roadmap
Coinbase announced that it will add Mamo (MAMO) to its asset listing roadmap.
▌USDC Treasury minted an additional 316 million USDC
In the past 3 hours, USDC Treasury minted an additional 316,765,680 USDC.
▌Verb Technology plans to raise $558 million in private placement financing to launch TON reserve strategy
According to market news, Verb Technology Co. (NASDAQ: VERB) announced a private placement of approximately $558 million with Kingsway Capital to establish the first publicly traded TON financial strategy company.
Important Economic Dynamics
▌Federal Reserve Bank's Mary Daly: The time for a rate cut is approaching, and the number of rate cuts this year is more likely to be more than two
San Francisco Fed President Mary Daly said that given the growing evidence that the job market is weakening and there is no sign of persistent tariff inflation, the time for a rate cut is approaching. Speaking about the Fed's decision last week, Daly said, "I'm willing to wait another cycle, but I can't wait forever." While this does not mean that a September rate cut is a foregone conclusion, she said: "I would tend to think that every future meeting is an immediate meeting to think about policy adjustments." Daly said that two 25 basis point rate cuts this year still look like an appropriate readjustment. What matters is whether interest rates are cut in both September and December, not whether a rate cut will occur. Daly said, "If inflation picks up and spreads, or the labor market picks up, fewer than two rate cuts are certainly possible, but it is more likely that more than two rate cuts will have to be made. If the labor market appears to be entering a period of weakness and we do not see the impact of inflation spillover, we should be prepared for more rate cuts."
▌Goldman Sachs expects the Fed to cut interest rates three times in a row by 25 basis points starting in September
Goldman Sachs expects the Fed to cut interest rates three times in a row by 25 basis points starting in September
If the unemployment rate rises further in the next report, it may cut interest rates by 50 basis points.
▌The probability of the Fed cutting interest rates in September is 94.4%
According to CME's "Fed Watch": The probability of the Fed keeping interest rates unchanged in September is 5.6%, and the probability of a 25 basis point rate cut is 94.4%. The probability of the Federal Reserve keeping interest rates unchanged in October is 1.6%, the probability of a cumulative 25 basis point rate cut is 30.8%, and the probability of a cumulative 50 basis point rate cut is 67.6%. The EU will suspend trade countermeasures against the US for six months. Market News: The EU will suspend trade countermeasures against the US for six months. Golden Encyclopedia: What is a cryptocurrency ETP? What is its future? Cryptocurrency ETPs provide investment in digital assets through traditional financial instruments. Cryptocurrency exchange-traded products (ETPs) use crypto assets as their underlying commodities. They aim to provide exchange-traded investments for investors who want exposure to cryptocurrencies without purchasing them directly. Many investors, especially institutional investors, prefer this approach because it opens up cryptocurrency investment within traditional financial instruments. There's no need to venture into unregulated markets or be responsible for the security of crypto assets. Several types of cryptocurrency ETPs are available, including exchange-traded funds (ETFs), exchange-traded commodities (ETCs), and exchange-traded notes (ETNs). These cryptocurrency ETPs are widely traded and often account for the majority of trading volume—both inflows and outflows. What are crypto ETP outflows? They occur when funds flow out of these investment products, signaling a rush to sell positions. This can occur for a variety of reasons, including profit-taking, negative market sentiment, or risk adjustments. ETP outflows are driven by a variety of factors, including economic conditions, industry concerns, regulation, and market cycles, which can be used to predict upcoming market movements. Crypto ETP outflows signal a significant shift in sentiment, which in turn can continue to exert downward price pressure on the cryptocurrency market. The continued growth of new ETPs entering the market indicates continued investor interest in the sector. The future prospects for cryptocurrency ETPs as powerful investment tools and market drivers are promising, especially given the long-term growth trend in cryptocurrency AUM. As the cryptocurrency market continues to develop, the launch of new ETPs is likely to drive further innovation and attract a wider range of investors. With increasing regulatory clarity and growing institutional interest, future products may expand to include other promising cryptocurrencies.
Kikyo
Brian
Joy
Hui Xin
Alex