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The current capital reserve requirements and rules make holding cryptocurrencies too costly for banks, limiting the sector's growth.... Read more

Crypto exchange Gemini filed an updated registration statement for its initial public offering effort, sharing a few more details in its push to become a publicly traded firm. Goldman Sachs (GS), Citigroup (C), Morgan Stanley (MS) and Cantor acting as lead bookrunners on the IPO, Gemini said in a press release Friday.Evercore ISI, Mizuho, Truist Securities, Cohen & Company Capital Markets, Keefe, Bruyette & Woods, Needham & Company and Rosenblatt are also acting as bookrunners, the company said. Academy Securities and AmeriVet Securities are acting as co-managers.The S-1 published on Friday follows a confidential filing submitted to the U.S. Securities and Exchange Commission back in June, and confirms "Gemini Space Station," co-founded by Cameron and Tyler Winklevoss, intends to sell an undisclosed number of Class A shares.Gemini's filing indicated that it had generated total revenue of $142.2 million in 2024, up from $98.1 million the prior year. For the six months ending on June 30, 2025, the total revenue was $68.6 million, down from $74.3 million in the first six months of 2024. Its net loss in 2024 stood at $158.6 million, compared to $319.7 million in 2023. That figure stood at $282.5 million for the first six months of 2025. Its earnings before interest, taxes, depreciation and amortization for 2024 stood at a loss of $13.2 million, and a loss of $113.5 million for the first half of 2025. Like other crypto firms, Gemini pointed to standard risks in the risk portion of the filing, including the general nature of blockchain networks and how banks and regulators view the industry. "Key factors influencing the further development of blockchain networks and digital assets include the global adoption of digital assets and blockchain technology; regulatory and quasi-government restrictions on access to and operation of blockchain networks; and the maintenance of open source protocols that support blockchain networks," the filing said. Gemini is only the latest crypto company to try and go public this year, following Circle (CRCL), eToro (ETOR) and CoinDesk parent company Bullish (BLSH). BitGo has filed for paperwork to go public as well. Gemini plans to list its Class A common stock on the Nasdaq Global Select Market under the ticker symbol GEMI.Read more: Billionaire Winklevoss Twins-Backed Exchange Gemini Files With SEC For Planned IPO... Read more

Rick Rieder, BlackRock’s chief investment officer of global fixed income, said earlier this week the current backdrop represents the “best investment environment ever,” citing unusually favorable dynamics in both equity and bond markets.Speaking on CNBC, Rieder described “extraordinary” technical conditions in equities, with trillions of dollars still parked in money market funds and robust corporate buybacks shrinking available supply. While valuations for the market’s largest technology names remain elevated, he noted that earnings growth outside Tesla helped justify the multiples. “MAG-7 year-on-year growth is like 54%,” he said, adding that the pace makes the sector difficult to ignore.On the bond side, Rieder highlighted the appeal of income. Investors can still build portfolios yielding between 6.5% and 7%, a level he described as highly attractive in a world where inflation has drifted below 3% on a core basis. He argued that while the Federal Reserve has room to cut rates — potentially starting as soon as September — current yields already offer investors solid returns.'Crazy low' volatilityRieder also emphasized today’s unusually subdued volatility. He described trading equity volatility, or “vol,” at levels near 9.5 to 10, which he called “crazy low.” Low volatility, he said, makes hedging against downside risk relatively cheap, giving investors what he called an “escape hatch” if conditions sour. “You don’t actually have to take the downside risk,” Rieder said.Still, Rieder cautioned that complacency is his biggest concern. With insurance in markets so inexpensive, he sees signs investors may be underestimating risks, particularly in credit spreads and other corners of fixed income.Fed's interest rateOn monetary policy, Rieder argued the Fed’s rate hikes have done little to suppress inflation, given that large corporations rely less on borrowing to finance investment. The real drag, he said, has been on housing activity and lower-income households that depend more heavily on credit. Keeping rates too high, he warned, risks imposing excessive costs on the government and households without meaningful disinflation gains.He believes the central bank could lower the funds rate by as much as 100 basis points over the coming year, a move he sees as unlikely to rekindle inflation given low structural volatility and rising productivity from advances in data, hyperscale computing and even space-related technologies. “There’s something spectacular happening around productivity,” he said, calling it a once-in-a-generation dynamic.For crypto investors, Rieder’s comments reinforce a broader narrative: an environment with falling rates, ample liquidity, and low volatility could support renewed appetite for risk assets beyond equities. If his call proves correct, the same technical tailwinds driving stocks higher could spill into digital assets that thrive on excess cash and investor risk-taking.... Read more

Bitcoin Standard Treasury Co. (BSTR), a bitcoin (BTC) treasury vehicle led by cryptography pioneer Adam Back, sees itself as a company with a mission to accelerate real-world bitcoin adoption.But it might be setting out on another milestone: becoming one of the biggest corporate bitcoin holders. The company, which is preparing to go public on Nasdaq by merging with Cantor Equity Partners (CEPO), already has 30,021 BTC on its balance sheet, with plans to grow its stack beyond 50,000 coins.This will set it on the path of potentially overtaking MARA Holdings (MARA) as the second-largest corporate holder of BTC behind Strategy. MARA has more than 50,600 BTC, according to bitcointreasuries.net. Strategy has just under 629,000.Currently, MSTR, MARA, and BSTR collectively hold roughly 710,000 bitcoin, which represents about 3.38% of bitcoin’s fixed supply of 21 million.'Liquidity, security, and scale'Unlike some corporate treasuries that sit on bitcoin passively, BSTR intends to use techniques that include selling puts to accumulate BTC at lower prices, using bitcoin-backed revolvers and placing collateral with regulated tri-party custodians.“We’re not interested in chasing DeFi yield or taking on counterparty risk we can’t manage. This is about liquidity, security, and scale," Back said exclusively with CoinDesk. “Bitcoin was created as sound money and BSTR is being created to bring that same integrity to modern capital markets.”The SPAC deal with Cantor combines, for the first time, traditional Wall Street financing with a bitcoin-denominated private placement of equity (PIPE). In addition to 25,000 BTC contributed by the company's founders, another 5,021 BTC will be raised from the bitcoin community. The company is also raising up to $1.5 billion in fiat financing, the largest PIPE ever announced alongside a bitcoin treasury SPAC merger. $400 million in common equity at $10 per share.Up to $750 million in convertible senior notes (30% conversion premium, $13 per share).Up to $350 million in convertible preferred stock with a 7% dividend and a $13 per share equivalent conversion price.CEPO could add up to $200 million from its trust, subject to redemptions.“By securing both fiat and bitcoin funding on day one, we are putting unprecedented firepower behind a single mission: maximizing bitcoin ownership per share while accelerating real-world bitcoin adoption,” Back said.A first for bitcoin treasuriesThe in-kind PIPE allows investors to deliver BTC at closing and potentially capture upside before settlement. Back said the approach was designed to appeal to both crypto-native players and traditional managers seeking exposure without waiting for post-close market buys.The firm's CIO Sean Bill, who previously helped a U.S. pension fund make one of the first institutional allocations to BTC, said the strategy resonated with traditional investors. "We’re building the Berkshire Hathaway (BRK) of Bitcoin, an actively managed Treasury that will pursue yield and alpha strategies, and strategic acquisitions within the Bitcoin ecosystem”.“We’re flipping the script on Wall Street as we seek to fuse Bitcoin into Finance and Capital Markets, unlike other Treasury companies we’re not coming to Wall Street seeking fiat currency to buy Bitcoin, we’re showing up with a 25,000 Bitcoin commitment and more importantly we issued the first ever Bitcoin in kind Equity PIPE in the United States, raising another 5,021 Bitcoins from OG Bitcoiners. We’re brining the Bitcoin to Wall Street. We believe that the future of finance runs on Bitcoin”,” Bill told CoinDesk exclusively.Bridging bitcoin and Wall StreetThe leadership team sees BSTR as a bridge between the bitcoin ecosystem and institutional capital markets.“We’re bringing the traders, we’re bringing the bitcoiners to Wall Street,” Back said, noting the potential for the U.S. market’s liquidity to amplify the success of bitcoin-denominated convertibles that have already gained traction in Europe.The deal is expected to close in the fourth quarter, with the company trading under the reserved ticker BSTO. If the raise is fully subscribed, the launch could set a new scale record for corporate bitcoin treasuries and offer a template for others looking to merge sound money with modern market instruments.... Read more

Without localized risk detection and public–private cooperation, illicit capital will continue to flow unchecked, and trust in the system will collapse.... Read more

Wellgistics Health Inc. is deploying an XRP Ledger-based payment system for thousands of pharmacies across the United States, deepening its bet on blockchain as it looks to overhaul healthcare finance.The Nasdaq-listed distributor (WGRX) has announced that its new platform enables independent pharmacies to pay for drug inventory and move funds instantly, bypassing banking delays and high credit card fees. Integrated with RxERP, a serialized pharmaceutical e-commerce and enterprise resource planning system, the program promises real-time tracking, lower costs, and direct settlement between pharmacies and distributors. Pharmacies can now enroll in the beta version of the program.The system is built on the XRP Ledger (XRPL), an open-source blockchain with core development led by Ripple Labs. With a network of more than 6,500 pharmacies and 200 manufacturers, Wellgistics is one of the first healthcare companies to launch an XRPL payment solution at scale. Chief Executive Brian Norton said pharmacy owners have embraced the initiative, calling them more forward-thinking on blockchain than many in the industry assume.The program enables pharmacies to settle invoices over XRPL, though Wellgistics has not disclosed whether participants must hold XRP directly or use fiat-to-XRP conversions for settlement.The program was designed to meet strict compliance standards, including HIPAA and anti-money laundering requirements. After the pharmacy rollout, Wellgistics plans to extend the platform to manufacturers and test direct-to-patient programs, allowing medications to be shipped from drugmakers directly to patients under physician oversight.The initiative builds on a May 8 announcement that Wellgistics intends to use XRP not just for payments but also as a treasury reserve asset. That plan is backed by a $50 million equity line of credit, which management said would support programmable liquidity and on-demand financial infrastructure across its healthcare network.Founded as Wellgistics LLC in 2016, the company was acquired by Danam Health in September 2024 before being spun off through an initial public offering in February 2025. Today, Wellgistics Health operates as a standalone Nasdaq-listed entity, providing wholesale distribution, prescription routing, and AI-powered hub services to pharmacies nationwide.Shares have dropped more than 80% since the February debut. They closed Tuesday at $0.62, down 7%, before rising to $0.65 in after-hours trading.By linking pharmacy payments to the XRP Ledger while preparing to hold XRP on its balance sheet, Wellgistics is positioning itself as both a user and financial backer of the blockchain. The dual-pronged approach marks a rare instance of a publicly traded healthcare company integrating crypto into both operations and treasury management.... Read more

Gemini, the Winklevoss-founded crypto exchange and custodian, has filed to list on Nasdaq under ticker GEMI, revealing steepening losses ahead of its IPO.... Read more

Crypto traders’ “lack of interest” in dip buying Ether compared to Bitcoin could be the catalyst that sees Ether's price go higher, says Santiment.... Read more

The Ether unstaking queue has a 15-day wait as investors aim to withdraw a record $3.8 billion in ETH.... Read more

Atkins said the Securities and Exchange Commission would work to broaden access to investments typically reserved for accredited investors.... Read more

The Federal Reserve continued its relaxation of crypto oversight on Friday with a move to shut down a two-year-old supervisory program intended to keep a special eye on banks' crypto ties, instead folding that task back to its day-to-day oversight work.The central bank established its short-lived Novel Activities Supervision Program during the tenure of Vice Chairman Michael Barr, the board's supervision chief appointed by then-President Joe Biden, and the agency is now sunsetting the effort and will "return to monitoring banks' novel activities through the normal supervisory process," according to a Fed statement on Friday.Since the start of President Donald Trump's second term, the Fed has tended to move in step with the other banking regulators who've pulled back on aggressive digital assets scrutiny. In April, the Federal Reserve withdrew its earlier crypto guidance that directed bankers to get approvals from the government supervisors before engaging in new crypto activity. The other two U.S. federal banking regulators, the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corp. made matching moves to toss out the previous guidance, leaving banks to make their own crypto decisions under existing risk-management expectations.The idea behind the novel-activity program was that the Fed needed to gather special expertise and put a closer focus on risks to the banking system that might emerge from innovative and untested technologies. The initiative followed closely in the aftermath of the 2023 crisis in which three U.S. lenders closely associated with technology and crypto clients — Silicon Valley Bank, Silvergate Bank and Signature Bank — failed about five months earlier.In the two years since establishing the program, though, the Fed has "strengthened its understanding of those activities, related risks, and bank risk management practices," according to Friday's statement, so the work will be directed back to the regular supervisory process.The crypto industry and U.S. banking regulators have been through a tumultuous few years in which digital assets firms and insiders have complained of an organized campaign from government entities to cut them off from bank services — a campaign the industry and its Republican lawmaker allies call Operation Chokepoint 2.0. But Trump has appointed crypto-friendly officials to redirect the banking agencies, and though the Fed is protective of its independence, it's generally joined the OCC and FDIC in the trend of relaxing crypto constraints.Read More: Fed Joins OCC, FDIC in Withdrawing Crypto Warnings for U.S. Banks... Read more

Hive Digital’s fiscal Q1 2026 revenue jumped 44.9% in its mining segment and nearly 60% in its HPC unit.... Read more

Digital asset treasury (DAT) firms, seen as high-beta plays on crypto prices, sold off sharply on Friday as the August crypto rally showed signs of exhaustion.Strategy (MSTR) fell another 3% on Friday, extending its decline to 20% since July’s high and 33% from the November 2024 all-time high. The MSTR/IBIT ratio dropped to 5.43, its lowest since March, signaling continued underperformance against BlackRock’s iShares Bitcoin Trust (IBIT) and a return to levels last seen at the start of the year.Other bitcoin treasury stocks also declined, with Metaplanet (3350) down 9% and Nakamoto (NAKA) off 12% following the completion of its merger with KindlyMD to form a new bitcoin treasury entity.Breaking from the trend, KULR Technology (KULR) gained over 5% after reporting second quarter revenue growth of 63% year-over-year, the highest in its history, driven by its bitcoin-first balance sheet strategy.Firms with ETH-heavy portfolios suffered steeper losses.Bitmine Immersion Technologies and SharpLink Gaming, the two most prominent Ethereum strategy firms, declined 7% and 14%, respectively, in the early hours of the session.Solana-focused companies weren't spared either. Upexi (UPXI) plunged over 9%, while DeFi Development (DFDV) was 5% lower.BTC, ETH, SOL rally coolsThe move coincided with bitcoin (BTC) sliding below $117,000, extending its reversal from Thursday's short-lived spike to $124,000, a new all-time high. Ether (ETH) tumbled back after challenging its record high above $4,800, now barely holding the $4,400 level.DATs pursue a strategy to raise funds by selling equity and debt to accumulate cryptocurrencies, a playbook pioneered by Michael Saylor's Strategy. They are seen as a high-beta play on crypto prices, rising more when the underlying asset rallies, but suffering bigger drawdowns when the market cools.Most crypto-related stocks also traded lower during the session. Bitcoin miner Riot Platform and digital asset conglomerate Galaxy (GLXY) were lower by roughly 8%. Coinbase (COIN) was modestly down 1.6%, while Circle (CRCL) gained 3.5% following the successful completion of a secondary share offering.Read more: Bitcoin Rally Stalls on U.S. Inflation, Policy Whiplash: Crypto Daybook Americas... Read more

Stellar lumens (XLM) traded in a tight range over the past 24 hours, holding between $0.42 and $0.43 from Aug. 14 at 15:00 UTC through Aug. 15 at 14:00 UTC. The token saw measured gains before late-session profit-taking pushed prices 1% lower to $0.43 in the final hour of trade. CoinDesk Data's technical analysis model suggests XLM is approaching a key resistance level at $0.50, with a breakout potentially targeting $0.60–$0.77, backed by strengthening network fundamentals and growing institutional participation.On-chain metrics continue to paint a bullish picture. Stellar’s active enterprise wallets hit an all-time high of 9.69 million, with 5,000–6,000 new institutional addresses added daily. Total value locked on the network jumped 80% to $150 million, reflecting a surge in corporate adoption. Traders are closely watching the $0.47–$0.50 zone, a potential trigger point for institutional short covering that could fuel the next leg higher.Despite early pressure pushing XLM down to $0.42 in the first six hours of the session, buyers consistently emerged at that level, signaling strong institutional support. Overnight, the token staged a steady recovery, retesting $0.43 before consolidating. In the final 60 minutes, heavy selling briefly drove prices back to $0.42, but a swift rebound and lighter volume suggest selling pressure may be easing, leaving room for renewed upside momentum.Corporate Technical Indicators Signal Consolidation PhaseStellar established robust institutional support at $0.42 zone with consistent corporate buyer emergence during early session decline.Cryptocurrency tested resistance near $0.43 during overnight institutional trading before consolidating in upper price range.Trading volume peaked at 71.43 million during initial six-hour decline, indicating significant institutional participation and interest.Technical formation approaches critical resistance at $0.50 level, representing key institutional breakout threshold.Corporate momentum indicators suggest potential advancement toward $0.60-$0.77 institutional price target zones.Diminishing trading volume in final hour signals exhausted institutional selling pressure and market stabilization potential.Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.... Read more

Czech police have detained convicted drug trafficker Tomáš Jiřikovský, the man behind a multi-billion-dollar bitcoin donation to the country’s Ministry of Justice, escalating a scandal that has already claimed a cabinet minister.The Supreme Public Prosecutor’s Office said Thursday that the National Centre for the Fight Against Organised Crime (NCOZ) intervened in the case, securing individuals and evidence, according to a report by Czech news website Echo24. The probe now targets suspected money laundering and illegal drug handling, separated from a broader investigation that also examined abuse of power.Jiřikovský was convicted and served a prison sentence for running a darknet drug marketplace called Sheep Marketplace. He was arrested in 2016 and subsequently convicted of embezzlement and drug trafficking, serving four years of a nine-year prison sentence.The arrest was the result of a raid by police on a house in Břeclav where Jiřikovský was staying.The bitcoin donation case rocked Prime Minister Petr Fiala's administration only months before the country's election laster this year.The government survived a vote of no confidence filed by opposition party ANO, which leads the polls at present ahead of October's vote.Former Justice Minister Pavel Blažek resigned in June over the affair, having accepted the donation of 468 BTC, which was sold for roughly 1 billion Czech koruna, worth around $45 million.His successor, Eva Decroix, commissioning an independent audit from Grant Thornton. Released in late July, the audit concluded the ministry should not have accepted the bitcoin, warning it likely originated from criminal proceeds and could constitute a criminal offense.... Read more