Bitcoin Reserve in Limbo

Good Morning,

Here's a quick preview of today's content: CFTC charges North Carolina man over $14M crypto fraud, SEC plans crypto rule changes, Gemini offers 0% stock trading in US, Vanguard looks to hire crypto exec, BIG3 NFT buyers sue Ice Cube's basketball league, and so much more

Happy Wednesday - 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 +9% Gannon's AI Fund is up +54.6%

• Bitcoin overtakes $64,000 as bulls shake off Strategy's sale amid thin summer liquidity

  • BTC and ETH ETFs draw fresh inflows, though US demand stays weak and open interest declines

  • Over half of BTC supply still sits underwater with July gains potentially fleeting

• SpaceX IPO powers record $3.86B in tokenized equities trading in June as euro stablecoins grow +128%

Prediction Markets

• Bettors on Polymarket are predicting World Cup winner?

• Track and trade live odds on any event, only on Polymarket

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

• Bitcoin reserve stalls in fight for control (BM)

• Nigel Farage resigns from Parliament amid crypto scandal (CT)

• Stablecoins turn into aid rails after Venezuela earthquake (BBG)

• SEC plans crypto rule changes (TB)

• Vanguard looks to hire crypto exec (TB)

• Kraken tries to become a bank in Europe (CD)

• BIG3 NFT buyers sue Ice Cube's basketball league (DC)

• Coinbase wins UK license to offer crypto (DC)

• SpaceX Nasdaq-100 brings crypto exposure to investors (BM)

• Traders sue Polymarket over ruling on Strategy sale (DC)

• Kraken wins $22M arbitration against Mazars (TB)

• Gemini offers 0% stock trading in US (TB)

• Bitcoin Suisse extends push into UAE (BM)

• Universities aren't keeping up with AI changes (DC)

• Upbit and Naver swap deal faces second delay (TB)

• Ctrl Wallet closes weeks after exploit (CT)

Venture Capital

• EDX Markets, a crypto tech firm, raises $76M led by SBI Group (PN)

• Crypto exchange Mercado Bitcoin raises $20M from Tether (DC)

• Entertainment-focused KOR Protocol raises $7.5M from 1kx, Blockchain Capital, and others (TB)

• Crypto startup M1X Global raises $5.5M led by Paradigm (TB)

• Pumpcade, a prediction market startup, raises $5M led by Pump.fun (X)

Access the complete VC deal flow on Fundable.

Launches

• Ondo unveils DEX with tokenized stocks (BL)

• Jack Mallers' Strike launches bitcoin loans (TB)

• Polymarket turns on instant bitcoin deposits (BM)

• bitFlyer expands to West Virginia (FM)

• MediaFuse launches newswire for AI (DC)

Regulation

• New Hampshire holds hearing on $100M bitcoin bonds (CT)

• Kenya seeks blockchain tool to track crime (DC)

Cybersecurity

• CFTC charges North Carolina man over $14M crypto fraud (TB)

• Trader loses $2M in extraction exploit (CT)

Extra Reads

• The US now holds more Bitcoin than any other government, but nearly all of it came from criminal seizures, and the whole reserve rests on an executive order a future president could simply undo - Here's what the Bitcoin reserve actually is

• Strategy just sold $216M in Bitcoin to fund its dividends, yet still reported its full $1.25B reserve capacity untouched, thanks to an accounting distinction that lets it sell far more BTC than the number suggests - Here's how Strategy can sell billions more in Bitcoin

Chart of the Day

Ethereum controls 87% of the stablecoin supply

Meme Dump

Pls send us crypto memes to be featured in the newsletter

Follow Us: Visit our X account for daily updates on all things web3, DeFi, & crypto.

Gannon's Crypto Portfolio: Trade alongside Gannon's crypto on Autopilot

Litquidity Ventures: Accredited investors & qualified purchasers within the Litquidity community can gain access to alternative investments such as venture, late-stage growth, and private equity through Litquidity Ventures. Interested? Fill out this form.

☎️ Book a call with Lit: Want to pick Litquidity's brain on business advice, insights, or just chat to say what's up? Buy his time here.

Launch your own newsletter: Have great content ideas and looking to launch your own publication? We highly recommend Beehiiv to get started.

*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.