Research
Digital Asset Treasuries
A Bitcoin treasury with $67 million in BTC has just $5,397 in cash and needs money immediately
A $7.38 million working-capital deficit leaves the treasury holder dependent on new funding despite its 1,145.4 BTC reserve.
Earnings
Latest Gemini earnings expose crypto’s new exchange reality – more total revenue, less crypto trading
Card growth lifted total revenue, but trading volume fell about 66% and year-over-year operating costs remained elevated.
Regulation
SEC cancels crypto fundraising meeting, leaving token issuers with no new path to fund development
March guidance separates tokens from investment contracts, but crypto fundraising still depends on existing securities exemptions.
Trading
Bitcoin ETF calls surge 24-fold as puts fall 52.75%, reaching 1.95M IBIT underlying shares
Its Aug. 13 filing covered 1.95 million call underlying-share equivalents at June 30, while account purpose remained unresolved.
Earnings
Tokenized transactions surge to $5.3 billion but generate just $14M as costs soar by 56%
Transaction volume reached $5.3 billion, yet adjusted EBITDA swung to a $5.5 million loss as fewer integrations were completed.
Crypto
Soluna has 6.3 GW of data center projects on paper, only 192 MW are operating
Revenue still grew 73% excluding the presentation change, but only about 3% of the 6.3 GW pipeline was operating.
ETF
Morgan Stanley’s Bitcoin ETF drew $371 million of share contributions while Bitcoin erased $66.8 million
Nearly all of Morgan Stanley's Bitcoin ETF operating-period decline was unrealized as gross share contributions reached $371.1 million.
Digital Asset Treasuries
Bit Digital pledged 74% of its staked Ethereum position to a loan that can trigger a 24-hour collateral call
Bit Digital pledged $105.6 million of staked Ethereum to Galaxy, putting part of its AI funding strategy on a 24-hour collateral clock.
Investments
DATA Foundation locks insider tokens past deadline with no new unlock date
A June extension superseded the earlier schedule without identifying its start point, affected wallets or token amount.
Earnings
Gaming firm GameSquare boasts a $26M Ethereum fortune, but quiet debt fine print leaves just $2.1M in real cash
In its Aug. 12 earnings exhibit, GameSquare did not disclose how much ETH was pledged or update the March 31 rollover terms.
DeFi
Solana treasury company shutters its SOL accelerator as a $27 million quarterly reversal forces deep cuts
The company retired $3.5 million of principal for $2.3 million while issuing about 478,000 shares to fund operating costs.
Earnings
BitGo made $4.3 billion in revenue last quarter, but direct costs swallowed 99.8% of it
Direct costs absorbed 99.83% of segment revenue while adjusted EBITDA stayed negative and management targeted $15 million in savings.
