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Good Morning,

Here's a quick preview of today's content: California passes bill to ban memecoin issuance, Cronos halts after exploit estimated at $75M, Russia's Sber eyes USDT loans, US cities eye AI data center limits, Investors $4.7B underwater across Trump crypto ventures, and so much more

Looking for institutional guidance on your firm's crypto strategy? Speak to the team at Alvarez & Marsal Crypto. They offer comprehensive advisory services on everything from stablecoin adoption, tokenization and custody to M&A, compliance and risk. Book a call!

Happy Monday - Let's dive in.

Market Snapshot

Click here to learn more about the Gannon's portfolios and subscribe to the strategies on Autopilot.* Since inception (7/3/25), Gannon's Crypto Portfolio is up +13.6% Gannon's AI Fund is up +56.2%

• Bitcoin slides below $78,000 as markets digest Fed Chair Warsh's hawkish inflation vow

  • BTC hit its highest level in three months before pulling back, cooling off as Warsh downplayed softer inflation prints

  • BTC ETFs end a 9-day inflow streak, though ETH ETFs take $226M in a day

• Tokenized stock transfer volume jumps +415% to $29.5B as altcoins consolidate

Prediction Markets

• Streets are saying we're out of the bear market…

• Deposit $10 and get a $20 bonus with code LIT on signup, only on the Polymarket US app

Headline Roundup
^{_{The major headlines driving crypto markets}}

• Investors $4.7B underwater across Trump crypto ventures (TB)

• Trump administration illegally retaliates against Anthropic (DC)

• Charles Schwab expands crypto trading (DC)

• Former White House employee ordered to pay $172k (TB)

• Meta tests robots to handle data center work (DC)

• ICE accused of unfairly steering $95M blockchain contract (TB)

• US cities eye AI data center limits (DC)

• Bitcoin wallets untouched for 10 years move $40M (CD)

• Kraken users locked out after sanctioned transactions (CD)

• UK police seize $1.4M bitcoin traced to darknet (DC)

• XRP treasury gets closer to listing on Nasdaq (DC)

• Russia's Sber eyes USDT loans (CT)

• Real Trump Coins denies launching token (CT)

• Circle strikes Chelsea sponsorship deal (TB)

• Dunamu and Visa partner on stablecoin business (TB)

• Bitwise fund is first Solana ETF to hit $1B (TB)

• Solana prints less SOL as disinflation vote passes (DC)

A Message from Alvarez & Marsal Crypto

A&M Crypto: Institutional Digital Asset Advisory, Executed at Scale

Alvarez & Marsal's Crypto practice is the leading global digital asset advisory firm, with 90+ offices worldwide and operators who've executed through every market cycle. A&M combines operational, financial, and industry expertise to take institutions from strategy to deployment: stablecoin adoption, tokenization and RWAs, custody and infrastructure, M&A advisory, IPO readiness, risk and compliance, restructuring and much more.

A&M's clients include half the Fortune 500 and the leading crypto-native and TradFi firms in the industry.

Whether you're looking to adopt stablecoins, standing up digital asset infrastructure, or navigating tokenization/RWAs… A&M has done it before, at scale across finance, operations, engineering, commercialization, risk and compliance.

Talk to A&M Crypto

Venture Capital

• USD.AI, a stablecoin protocol, secures $100M stablecoin debt from Bullish (CD)

• FinTax, a crypto solutions provider, raises funds at $40M valuation led by YZI Labs (SN)

• Bitcoin treasury Capital B raises $24.5M through private share placement (CT)

Access the complete VC deal flow on Fundable.

M&A Announcements

• BitGo acquires the institutional trading business of NYDIG (DC)

• Ajaib, an online brokerage, receives $270M minority-stake investment from SBI Group (CD)

Launches

• Bybit launches options on stock perps (TB)

• Ethena plans equity-perpetual trades (TD)

Regulation

• California passes bill to ban memecoin issuance (CT)

• Ninth Circuit deals blow to Kalshi (TB)

• Evernorth's SEC registration now effective (TB)

Cybersecurity

• Cronos halts after exploit estimated at $75M (TB)

• Cosmos wrongly clears bug behind $5.7M hack (TB)

• Avici users lose $500k in exploit (TD)

• Fogo halts mainnet after attack (TB)

Extra Reads

• If 50 to 100 billion AI agents start booking, buying, and paying each other online, they'll need money they can actually hold, and since no bank will open an account for a bot, executives argue the default becomes crypto - Here's the race to build the money AI agents will use

• Stablecoins and tokenized deposits promise cross-border payments that are instant, cheap, and always-on, but Swift's real moat is the 11,500 banks already plugged into it, and the fight now is whether blockchain replaces that network or just runs through it - Here's the battle over the plumbing behind global money

Chart of the Day

Tokenized real-world assets reach $44.7B market cap

Meme Dump

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*DISCLAIMER: Investment advice provided by Autopilot advisers LLC, an SEC registered investment advisor. Past performance does not guarantee future results. Investing carries risks including the risk of the loss of principal. Performance doesn't include fees. See more here.