As bitcoin, ethereum and other cryptocurrencies see major legal, institutional, and technological developments, the financial landscape continues to adapt. Stay up on the crypto news that matters with the “Crypto Currents” weekly from The Fly. Also, join us for your essential daily recap, every day at 2 PM ET on FlyCast radio.<\/p>\n\n\n\n
STRATEGY SELLS 3,588 BITCOIN FOR $216M: <\/strong><\/p>\n\n\n\n In a Monday regulatory filing, Strategy\u00a0(MSTR)<\/a>\u00a0announced an update on its bitcoin holdings. The company reported\u00a0selling 1,363 bitcoin for approximately $80.8M<\/a>\u00a0at an average sale price of $59,256 between June 29 and June 30. The company also reported selling 2,225 bitcoin for approximately $135.2M at an average sale price of $60,773 between July 1 and July 5. As of July 5, Strategy holds 843,775 bitcoin acquired for an aggregate purchase price of approximately $63.69B. Strategy also announced, as of July 5, the balance of the USD Reserve was $2.55B. On June 29, Strategy announced a BTC Monetization Program pursuant to which Strategy may sell bitcoin from time to time, including for the purpose of generating up to $1.25B of additional proceeds to fund the USD Reserve. As of July 5, the full amount of this capacity remains available.<\/p>\n\n\n\n The company also reported for the three months ended June 30, it had a $8.32B loss on digital assets. As of June 30, Strategy had $49.67B of digital asset carrying value and the cost basis of the bitcoin held by Strategy exceeded the fair value of its bitcoin holdings. As a result, Strategy will record a valuation allowance against its deferred tax benefit and deferred tax asset associated with the unrealized loss on its bitcoin during the quarter ended June 30, offsetting these amounts in full.<\/p>\n\n\n\n Following the news, Mizuho lowered the firm’s price target on Strategy and kept rating on the shares after updating bitcoin holdings and the end-2027 Bitcoin price assumption.<\/p>\n\n\n\n Meanwhile, Barclays initiated coverage of Strategy.<\/p>\n\n\n\n Additionally on Monday, Bloomberg’s Reshmi Basu reported that distressed-debt funds that snapped up Strategy’s beaten-down preferred shares are in talks with Moelis (MC)<\/a> about exchanging their holdings for other preferred shares at a discounted price, or potentially for common shares. Such a potential swap is being pitched as “a win-win as the relentless rout in crypto puts the Bitcoin accumulator in an increasingly tough spot,” the report stated.<\/p>\n\n\n\n CIRCLE RECEIVES OCC APPROVAL FOR NATIONAL TRUST BANK:\u00a0<\/strong><\/p>\n\n\n\n Circle Internet Group\u00a0(CRCL)<\/a>\u00a0announced Friday that it has\u00a0received approval from the U.S. Office of the Comptroller of the Currency\u00a0<\/a>to establish First National Digital Currency Bank, a national trust bank. The bank will operate under the name Circle National Trust. Upon opening, Circle National Trust will offer fiduciary digital asset custody services for Circle and its affiliates. As per its business plan, which was approved by the OCC, “depending on demand, FNDCB may eventually offer its digital asset custody service to a limited number of institutional customers directly, focusing on banks and other financial institutions, such as regulated derivatives organizations.” The charter is also designed to enable future capabilities, including management of the USDC Reserve, which would bring those operations under federal regulatory oversight and further enhance the safety, transparency, and trust of USDC.<\/p>\n\n\n\n “OCC approval to establish Circle National Trust marks a defining step in bringing blockchain technology and digital assets into the core of the U.S. financial system,” said Jeremy Allaire, CEO. “Federal oversight of our trust bank sets a new standard for transparency, governance, and scale for Circle’s infrastructure and unlocks a new phase of adoption, where leading financial institutions can build on public blockchains with clarity and confidence.”<\/p>\n\n\n\n Mizuho notesdCircle Internet’s final OCC approval to establish First National Digital Currency Bank is sending its shares up about 13% in pre-market, which the firm calls “likely overly optimistic.” While a positive development, this news does not resolve fundamental issues that have been hurting the stock, which include the fact that the USDC market cap has been on a declining trend since March and the stablecoin commoditization threat from Open USD, argued the analyst, who remains on the sidelines with an unchanged Neutral rating on Circle shares.<\/p>\n\n\n\n US Tiger upgraded Circle. Circle has been pressured by the broader crypto bear market and, more recently, by rising stablecoin competition concerns following the Open USD announcement, said the analyst, who sees the first pressure starting to reverse and the second as “over-discounted as a long-term market-share risk before stablecoin adoption has entered a zero-sum phase.”<\/p>\n\n\n\n COINBASE GRANTED MIFID LICENSE IN UK:<\/strong>\u00a0<\/p>\n\n\n\n On Tuesday, Coinbase\u00a0(COIN)<\/a>\u00a0announced it has been\u00a0granted UK authorization to provide investment services.<\/a>\u00a0The company said, “This is not an abstract regulatory milestone. It changes what UK users can do on Coinbase. Institutional and advanced traders will gain access to derivatives, including crypto, equity and commodity perpetual futures. Retail users will, for the first time, be able to trade equities on Coinbase. And this is just the opening set. The license sits within our UK entity alongside our e-money licence and crypto registration. It consolidates our position as the most comprehensively regulated crypto player in the market.”<\/p>\n\n\n\n Additionally in a Thursday regulatory filing, Coinbase announced that Paul Grewal notified the company of his intention to step down as Chief Legal Officer and Secretary of Coinbase, effective July 31. In connection with Grewal’s resignation, the company expects to appoint Molly Abraham, Vice President, Legal as the company’s General Counsel and Secretary. On July 8, Grewal entered into an advisor agreement, pursuant to which Grewal will assist with the transition of his responsibilities and provide other advisory services to the company from August 1 to October 31.<\/p>\n\n\n\n US Tiger upgraded Coinbase, primarily reflecting a “more constructive view” on bitcoin’s cycle risk\/reward. While the firm does not call the exact bottom, it believes the largest part of cycle de-risking is already behind after a roughly 54% drawdown from the October 2025 cycle high, materially reset on-chain profitability, and roughly three meaningful realized-loss capitulation waves, the analyst said.<\/p>\n\n\n\n Citizens lowered the firm’s price target on Coinbase and kept rating on the shares. The stronger market environment has favored companies already delivering strong results, leaving some high-quality businesses undervalued despite improving fundamentals, creating selective investment opportunities.<\/p>\n\n\n\n Barclays lowered the firm’s price target on Coinbase and kept rating on the shares.<\/p>\n\n\n\n TeraWulf\u00a0(WULF)<\/a>\u00a0announced Monday two transactions that further advance its strategy of developing, owning, and operating large-scale AI infrastructure campuses. The company has\u00a0executed a 20-year lease agreement with Anthropic<\/a>\u00a0at its Justified Data campus in Hawesville, Kentucky. The lease is expected to generate approximately $19B of contracted revenue over the initial lease term. Separately, TeraWulf has entered into a definitive agreement to sell its 50.1% ownership interest in the Abernathy Joint Venture to an investor group led by its joint venture partner, Fluidstack. The transaction monetizes TeraWulf’s approximately $450M investment at a premium to invested capital, unlocking significant capital for redeployment into wholly owned AI infrastructure opportunities.<\/p>\n\n\n\n Paul Prager, CEO, said, “Together, these transactions position TeraWulf for its next phase of growth. Our strategy is centered on owning and operating critical infrastructure assets, maintaining direct relationships with our customers, and controlling the long-term evolution of our campuses. We believe this model provides the greatest opportunity to generate durable cash flows and attractive long-term returns for shareholders.”<\/p>\n\n\n\n Following the report, Clear Street said it remains positive on TeraWulf. The firm views the announcement as further validation of its thesis that TeraWulf can convert its multi-gigawatt pipeline into long-duration contracted revenue with high-quality counterparties. <\/p>\n\n\n\n Rosenblatt raised the firm’s price target on TeraWulf and kept rating on the shares. The new contract with Anthropic is “a significant positive” that validates the company’s brownfield development strategy and increases confidence in its ability to attract top-tier hyperscaler tenants, the analyst said.<\/p>\n\n\n\n Needham raised the firm’s price target on TeraWulf and kept rating on the shares. The company signed one of the more attractive leases in the sector, which demonstrates that demand remains robust, the analyst said. The firm’s updated estimates include removing the Abernathy JV and adding in the latest Justified data center lease, Needham added.<\/p>\n\n\n\n Morgan Stanley raised the firm’s price target on TeraWulf and kept rating on the shares.<\/p>\n\n\n\n The Trump administration is evaluating how to structure a proposed Strategic Bitcoin Reserve, with the Treasury Department and the Department of Commerce both under consideration to oversee it as legal questions remain over which agency has the authority, Bloomberg’s Olga Kharif, Jeff Mason, and Jimmy Jenkins reported Monday. Trump ordered the creation of the reserve last year as part of his vow to turn America into the “crypto capital of the world”. The Office of Legal Counsel is working with both departments to determine the legally permissible framework, the report said.<\/p>\n\n\n\n Publicly traded companies in the space include Bit Digital\u00a0(BTBT)<\/a>, Coinbase, Core Scientific\u00a0(CORZ)<\/a>, Greenidge Generation\u00a0(GREE)<\/a>, Mara Holdings, Strategy, Riot Platforms and TeraWulf.<\/p>\n\n\n\n As of time of writing, bitcoin rose roughly 4% this week to $64,337 in U.S. dollars, according to CoinDesk.<\/p>\n\n\n\n —<\/p>\n\n\n\nTERAWULF ANNOUNCES ANTHROPIC LEASE:\u00a0<\/strong><\/h2>\n\n\n\n
TRUMP WEIGHS STRUCTURE OF STRATEGIC BITCOIN RESERVE:\u00a0<\/strong><\/h2>\n\n\n\n
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CRYPTO STOCK PLAYS:\u00a0<\/strong><\/h2>\n\n\n\n
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