Author | Wu Blockchain
Top 10 News of the Week
1. US July PPI Year-on-Year Rate at 3.3%, Expected 2.5%, Previous Value Revised from 2.30% to 2.4%link
The US July PPI year-on-year rate is 3.3%, expected 2.5%, with the previous value revised from 2.30% to 2.4%. Significantly exceeding the market expectation of 2.5%, it is at its highest level since February. The US July PPI month-on-month rate was 0.9%, the largest increase since June 2022. The number of initial jobless claims in the US for the week ending August 9 was 224,000, expected 228,000, with the previous value revised from 226,000 to 227,000.
2. US Treasury Secretary Bessent Calls for Fed to Consider 50 Basis Point Rate Cut in Septemberlink
On Wednesday, US Treasury Secretary Scott Bessent stated that the Federal Reserve should consider a 50 basis point rate cut at the September 16-17 meeting, citing revised data showing weaker job growth in May and June than previously reported, and the latest inflation data not being driven by tariff-induced commodity price increases as expected. He hopes that Federal Reserve board nominee Stephen Miran, nominated by President Donald Trump, will be confirmed by the Senate before the meeting and says this appointment will change the composition of the Federal Reserve.
3. Stablecoin Regulation Leads to 33% Reduction in Hong Kong OTC Market Scale One Week After Implementationlink
One week after the stablecoin regulation took effect, on-chain data shows that from August 1 to 8, the daily average USDT outflow of Hong Kong's main OTC service provider (HKVAOTC) was $34.9 million, a 32.94% decrease from the daily average of $52.04 million before the regulation (June 1 to July 31). Store-based service providers were more affected, with a 43.2% decrease in daily USDT outflow, significantly higher than the 30.65% decrease for non-store-based service providers, indicating a trend of some business moving underground.
4. Ethereum Spot ETF Net Inflow Reaches $2.91 Billion as of Thursday, Continuous 14-Week Net Inflowlink
As of Thursday, the Ethereum spot ETF has net inflow of $2.911 billion, with a total net inflow of $12.73 billion, continuing 14 weeks of net inflow. At the time of writing, the total market value of Ethereum spot ETF holdings is $29.22 billion, accounting for 5.34% of Ethereum's total market value. The Ethereum spot ETF with the highest net inflow is Blackrock's ETHA, with a total net inflow of $11.83 billion; the ETF with the highest net outflow is Grayscale's ETHE, with a total net outflow of $4.28 billion.
5. Ethereum Treasury Company BitMine Releases Prospectus Supplement Stating Potential Fundraising of Up to $20 Billionlink
Ethereum treasury company BitMine releases a prospectus supplement stating potential fundraising of up to $20 billion. The total offering price for common stock shares can reach up to $24.5 billion, with the prospectus specifying a maximum offering price of $2 billion, the previous prospectus supplement specifying a maximum offering price of $2.5 billion, and this prospectus supplement specifying a maximum offering price of $20 billion. With the release of this document, ETH price broke through $4,400.
BitMine Immersion Technologies (NYSE: BMNR) announced on Monday a total holding of 1.15 million ETH, valued at $4,311 per ETH, approximately $4.96 billion, making it the world's largest ETH treasury. Its ETH position grew by about $2 billion in the past week, and it plans to hold 5% of global ETH long-term.
6. Coinbase Announces Completion of Acquisition of Crypto Options Trading Platform Deribitlink
Coinbase announces the completion of the acquisition of crypto options trading platform Deribit, providing more comprehensive product coverage in the global crypto derivatives trading field. Deribit's current platform has approximately $59 billion in open contracts, with a trading volume exceeding $1 trillion last year and a record high trading volume of $185 billion in July. This acquisition will enable Coinbase to achieve full coverage in spot, futures, perpetual contracts, and options, and expand global liquidity and institutional participation.
7. Bullish Raises $1.1 Billion through IPO, Oversubscribed by Over 20 Timeslink
Digital asset trading platform Bullish raised $1.1 billion through its initial public offering, with an issue price of $37 per share, higher than the previous range of $32 to $33. The IPO was oversubscribed by over 20 times, with a market value of $5.4 billion. BlackRock and ARK Investment Management intend to collectively subscribe for $200 million in shares. Bullish is led by CEO Tom Farley, former NYSE president, primarily serving institutional clients, with Block.one CEO Brendan Blumer as the largest shareholder (30.1% stake). The company will be listed on the NYSE under the ticker BLSH.
It rose over 13% on Thursday, with its market value breaking $11 billion within two days of listing.
8. Stablecoin Giants Investing in Blockchain Focused on Stablecoinslink
Fintech company Stripe is collaborating with crypto venture capital firm Paradigm to develop a high-performance, payment-focused blockchain called Tempo, currently in a stealth development phase with a team of 5 people, a Layer 1 chain compatible with Ethereum's programming language.
Circle announces the launch of Arc, an open Layer-1 blockchain aimed at providing enterprise-grade infrastructure for stablecoin payments, foreign exchange, and capital market applications. The network is EVM-compatible, uses USDC as the native gas token, and integrates a stablecoin foreign exchange engine, sub-second settlement finality, and optional privacy control features. Arc is expected to launch on the public testnet this fall.
@Stable, a Layer 1 blockchain network driven by USDT and aimed at efficiently processing financial transactions through stablecoins, announces the completion of a $28 million seed round, led by Bitfinex and Hack VC, with participants including Franklin Templeton, Castle Island Ventures, KuCoin Ventures, as well as angel investors such as Tether CEO Paolo Ardoino and Braintree founder Bryan Johnson. Stable is committed to creating a "stablecoin chain" with USDT as Gas, achieving low-fee, fast-settlement stablecoin payments globally.
9. OKX: X Layer Completes PP Upgrade and One-Time Burn of 65.25 Million OKBlink
OKX announces a strategic upgrade of X Layer, positioning it as a public chain focused on DeFi, payment, and RWA scenarios. This upgrade is accompanied by optimization of the OKB Gas Token economic model, with OKB continuing as the sole Gas and native token of X Layer. OKX will burn 65,256,712.097 OKB from historical buybacks and reserves in one go, and after completion, upgrade the OKB smart contract by removing issuance and manual burn functions, fixing the total supply at 21 million. Meanwhile, OKTChain will be phased out, with trading stopping on OKX from August 13, 2025, 14:10 (UTC+8), and OKT will be regularly exchanged for equivalent OKB based on the average closing price from July 13 to August 12, 2025. On-chain OKT exchange will be supported until January 1, 2026. Affected by this news, OKB briefly rose to a historical high of $142.88 and is currently around $96, with a market value of $2.01 billion.
10. Do Kwon Admits to Fraud Charges, Potentially Facing Up to 25 Years in Prisonlink
Terraform Labs co-founder Do Kwon pleaded guilty on Tuesday in the United States, admitting to two federal charges: conspiracy to commit fraud and wire fraud. Kwon, who developed TerraUSD and Luna cryptocurrencies, caused approximately $40 billion in losses when they collapsed. If found guilty, Kwon could face up to 25 years in prison.
Key Financing Events
- Crypto payment infrastructure company Mesh received investments from PayPal Ventures, Coinbase Ventures, Uphold, Bybit, SBI Japan, and others link
- ALT5 Sigma announced the completion of a $1.5 billion private placement, led by WLFI link
- Blockchain identity verification platform 1Kosmos announced the completion of a $57 million Series B funding round link
- Heritage Distilling announced $220 million in funding to launch an IP token reserve program link
- Pantera Capital disclosed an investment of over $300 million in digital asset treasury (DAT) companies link
- Stablecoin lending protocol USD.AI completed a $13 million Series A funding round, led by Framework Ventures link
- Blockchain game Shrapnel raised $19.5 million, led by Gala Games link
- Web3 payment infrastructure company Transak announced the completion of a $16 million strategic funding round link
- Bitlayer completed a $5 million public token sale, with total fundraising close to $30 million link
- Sonic Labs co-founder Andre Cronje announced the launch of funding for Flying Tulip link
- Perle announced the completion of a $9 million seed funding round link
For more industry financing events, please visit crypto-fundraising.info.
