PA Daily | Listed companies launch SUI and HYPE treasury plans; CryptoPunks NFT volume hits a new high since March 2024.

Today’s news highlights:

Public company Upexi has reached a $500 million equity financing agreement to support its Solana reserve strategy.

Mill City Ventures III, Ltd. announced a $450 million private placement to initiate its Sui financial strategy.

The listed company Liminatus Pharma plans to raise $500 million to invest in BNB.

Public company Hyperion DeFi increased its holdings of 108,594 HYPE tokens.

CryptoPunks NFT trading volume hits a new high since March 2024.

CoinShares launches zero management fee SEI ETP and offers 2% staking yield

Omni Network (OMNI) launched on Upbit KRW market

Bitcoin spot ETFs had a total net inflow of $157 million yesterday, marking a three-day streak of net inflows.

Macroeconomic/Policy

RAK Bank of the UAE partners with Bitpanda to launch retail cryptocurrency services.

RAK Bank, a traditional bank in the UAE, has partnered with the cryptocurrency platform Bitpanda, headquartered in Vienna, to become the first traditional bank in the UAE to offer retail cryptocurrency services. Users can now buy, sell, and exchange cryptocurrencies through RAK Bank’s mobile banking app, with transactions settled directly in UAE Dirhams (AED), avoiding exchange rate fees associated with dollar or euro transactions. This service executes trades through Bitpanda’s Dubai-regulated subsidiary, Bitpanda Broker MENA DMCC, with user funds directly deducted from savings or current accounts, eliminating the need to transfer to a third-party cryptocurrency exchange. RAK Bank CEO Raheel Ahmed stated that this solution provides UAE users with an efficient, seamless, and fully regulated cryptocurrency trading experience. The service is currently being rolled out by invitation and will be opened to a broader user base in the future.

The Hong Kong Monetary Authority will hold a technical briefing on the regulatory framework for stablecoin issuers today at 4:30 PM.

According to reports from Cai Lian She, the Hong Kong Monetary Authority will hold a technical briefing on the regulatory framework for stablecoin issuers today at 4:30 PM. The technical briefing will be hosted by senior officials from the Monetary Authority, including Vice President Chen Weimin, Assistant Vice President Chen Jinghong, Assistant Vice President He Hanjie, and Head of Digital Finance He Hongzhe, among others. The Hong Kong Monetary Authority previously stated that it would release guidelines for the implementation of stablecoins this month, clarifying key regulatory details such as anti-money laundering and customer identity verification. The regulator also reminded the market to view the situation rationally and not to engage in excessive speculation, with the number of initial stablecoin issuer licenses strictly controlled to a single digit, planned to be issued within the year.

Bitmain plans to open its first factory in the United States by the end of the third quarter, initially hiring 250 local employees.

According to Bloomberg, the world’s largest cryptocurrency mining equipment manufacturer, Bitmain, plans to establish its first factory in the U.S. within the next few months, with locations in Texas or Florida. The new headquarters and assembly line are expected to officially open before the end of the third quarter of this year. Irene Gao, the head of Bitmain’s global business, stated that the first batch of production capacity will be released in early 2026, with full capacity achieved by the end of the year. The company plans to hire 250 local employees in the first phase, providing training for production and maintenance.

Brevan Howard appoints former Thiel family office member David Kalk to head its cryptocurrency fund.

According to Bloomberg, Brevan Howard Asset Management will appoint David Kalk, a former member of the Thiel family office, as the portfolio manager for its multi-strategy digital asset fund. Kalk previously served as the chief investment officer at Reflexive Capital and has extensive experience in macro and digital asset investments. He will join Brevan Howard with two original team members and continue to manage digital asset investments at the company. Brevan Howard has been actively expanding in the cryptocurrency space in recent years, with its BH Digital fund achieving a return of 51.3% last year.

Cboe BZX Exchange has submitted an application to the U.S. SEC to launch the Canary Staked INJ Fund.

According to The Block, Cboe BZX exchange has submitted an application to the U.S. Securities and Exchange Commission (SEC) to launch a Canary Staked INJ exchange-traded fund (ETF) that tracks the native assets of the Injective blockchain. The fund is initiated by Canary Capital Group LLC. Earlier this month, Canary first proposed the plan for the ETF. This application is part of a two-step proposal process for cryptocurrency ETFs. Cboe BZX also submitted an application form for the Invesco Galaxy Solana ETF on Monday.

The ceasefire agreement between Thailand and Cambodia has officially come into effect.

According to CCTV news reports, the ceasefire agreement between Thailand and Cambodia officially came into effect at 24:00 local time on July 28. In the afternoon of the 28th, Cambodian Prime Minister Hun Manet and Thai Acting Prime Minister Prawit Wongsuwon led senior delegations to attend a special meeting on the Cambodia-Thailand border situation held in Putrajaya, Malaysia. The Prime Minister of Malaysia stated that both Thailand and Cambodia agreed to ceasefire, and the ceasefire agreement came into effect at midnight (local time on the 28th). On that day, both Thailand and Cambodia confirmed that they had reached an agreement on the ceasefire, which would begin at midnight.

opinion

Bridgewater founder: Suggest allocating at least 15% of the investment portfolio to gold and Bitcoin.

According to Decrypt, as risks in the bond and stock markets intensify, Ray Dalio, founder of Bridgewater Associates, suggests that investors allocate at least 15% of their portfolios to gold and Bitcoin. In the “Masters in Business” podcast, he stated that the macro risks from rising government debts in countries like the U.S. have not been absorbed by the market, which could lead to a significant market decline. The U.S. government’s expenditures far exceed its revenues, with debt six times the income and annual interest payments reaching $1 trillion. Additionally, the government can only repay its debts by issuing more bonds and having the Federal Reserve print money, which could spark market panic. A new round of large-scale quantitative easing or government control over the Federal Reserve could become a trigger for a major collapse, and related signals have already started to “flash”. Because these risks are not priced in, Dalio believes that gold and Bitcoin can hedge against fiat currencies, and he “strongly favors” gold, also mentioning that people are skeptical about Bitcoin, and that gold is more important than Bitcoin in his own investment portfolio.

Solana co-founder: Meme coins and NFTs are “digital trash”

According to Decrypt, last weekend, Solana co-founder Anatoly Yakovenko sparked heated discussions in the crypto Twitter community. Despite the fact that the Solana chain has profited significantly from Meme coin activities, he still criticized Meme coins and NFTs as “digital garbage.” While interacting with Base founder Jesse Pollak, he tweeted that both have no intrinsic value and compared such digital assets to the “loot box” mechanics in free-to-play games. Pollak’s comments were a response to critics who equated creator tokens on Zora with anonymous Meme coins on Pump.fun. He stated that content and creators have value, arguing that it is a logical fallacy to equate the two types of assets. Yakovenko believes these tokens are products of viral spread, with buyers looking to flip them quickly. Pollak countered that tokens are a powerful technology enabling the flow of creator value, and those who disagree can maintain the view that “content has no value.”

CoinShares launches zero management fee SEI ETP and offers 2% staking yield

CoinShares has launched a new Exchange Traded Product (ETP) that offers direct investment opportunities in SEI with no management fees and provides a 2% annual staking yield. This product is backed by SEI tokens and is listed on the Swiss Stock Exchange under the code CSEI, making it the first regulated SEI investment tool. CoinShares stated that this move aims to simplify the process for institutional investors to access SEI and has been circulating across the European market. Despite the wide variety of crypto ETPs in Europe, their adoption rate remains lower than that of the US spot Bitcoin ETF.

Project Updates

Omni Network (OMNI) is live on the Upbit KRW market.

Upbit announces that the Omni Network (OMNI) will launch on the Korean Won (KRW) market, supporting Ethereum network transactions.

Binance Alpha Phase 1 allows you to receive 100 TREE tokens airdrop with at least 233 points.

Binance announces it will be the first platform to launch Treehouse (TREE), with TREE trading starting at 20:00 Beijing time on July 29. Eligible users can claim 100 TREE tokens airdrop using Binance Alpha points within 24 hours after trading begins through the Alpha event page. The airdrop activity is divided into two phases: Phase One (the first 18 hours), users must hold at least 233 Alpha points to claim; Phase Two (the last 6 hours), requires at least 200 Alpha points, and the airdrop will be distributed on a first-come, first-served basis. If rewards are not fully distributed, the point threshold will automatically decrease by 15 points every hour.

Binance will launch ZRC/USDT and ESPORTS/USDT perpetual contracts.

Binance Futures announced that the ZRCUSDT perpetual contract will go live on July 29 at 17:45 Beijing time, and the ESPORTSUSDT perpetual contract will go live at 18:00, both supporting up to 50x leverage.

Binance will upgrade its wallet network infrastructure on July 31, and it is expected that deposits and withdrawals will be suspended for about 15 minutes.

According to Binance’s announcement, Binance will conduct a live upgrade of its wallet network infrastructure on July 31, 2025, at 16:00 (UTC+8). To support this upgrade, all network deposits and withdrawals will be suspended at the same time, with the upgrade expected to last approximately 15 minutes. Binance stated that token trading will not be affected by this maintenance, and deposits and withdrawals will resume once the network stabilizes, with no further announcements to be made at that time.

CoinDCX co-founder responds to acquisition rumors: focusing on the Indian cryptocurrency market, not considering a sale.

Sumit Gupta, co-founder of CoinDCX, posted on the X platform regarding rumors about Coinbase planning to acquire CoinDCX. Sumit Gupta stated that CoinDCX is “super focused on” working towards the development of the cryptocurrency industry in India and has not considered selling the company. He also mentioned that further clarification will be provided later, but for now, he wants to clarify the relevant rumors.

Succinct airdrop registration is now live, and the PROVE token economics have been announced, with the first round airdrop being 5%.

According to the foundation’s announcement, the registration for the Succinct airdrop is now live, with a deadline of 3 AM on August 4th (Beijing Time). This airdrop not only rewards community members who actively participated in the testnet over the past six months but also recognizes open-source developers who have contributed to the fields of ZK, cryptography, and blockchain, as well as affiliated institutions of the cooperative agreement X, collaborators from Succinct Labs, public goods organizations, and influential figures on crypto Twitter. Users with badges are eligible to participate in this airdrop. The official Succinct documentation indicates that the total supply of the PROVE token is 1 billion, used for payments, staking, and governance. The distribution ratio is as follows: 25% for the public and future incentives (including 5% for the first round airdrop), 25% for the ecosystem and research and development, 29.5% for core contributors, 10.5% for investors, and 10% for foundation operations. Tokens for investors and contributors are subject to a one-year lock-up, with a four-year linear unlocking schedule.

FIS collaborates with Circle to provide stablecoin payment services for banks.

According to Bloomberg, FIS (Fidelity National Information Services Inc.), a technology service provider for American banks, announced a partnership with Circle Internet Group Inc. to provide trading services based on the Circle stablecoin USDC for financial institutions. The two parties aim to help American banks offer options for customers to make domestic and cross-border payments using USDC. FIS plans to integrate USDC into its liquidity platform, with the service expected to go live by the end of the year.

Coinbase has included Bio Protocol (BIO) and Euler (EUL) in its asset roadmap.

According to Coinbase Assets, Coinbase announced today that it will include Bio Protocol (BIO) and Euler (EUL) in its roadmap. The official statement indicates that the launch of trading for these two assets depends on market-making support and adequate technical infrastructure, with the specific launch date to be announced separately.

Important data

Bitcoin spot ETFs saw a total net inflow of $157 million yesterday, continuing a net inflow for 3 consecutive days.

According to SoSoValue data, yesterday (Eastern Time, July 28) saw a total net inflow of $157 million into Bitcoin spot ETFs. The Bitcoin spot ETF with the highest net inflow yesterday was Blackrock ( ETF IBIT, with a net inflow of $147 million, bringing the historical total net inflow of IBIT to $57.39 billion. The second highest was Fidelity ( ETF FBTC, with a net inflow of $30.88 million, and the historical total net inflow of FBTC now stands at $12.47 billion. The Bitcoin spot ETF with the highest net outflow yesterday was the ETF ARKB from Ark Invest and 21Shares, with a net outflow of $17.45 million, while the historical total net inflow of ARKB reached $2.81 billion. As of the time of writing, the total net asset value of Bitcoin spot ETFs is $153.19 billion, with the ETF net asset ratio (the market capitalization ratio compared to the total Bitcoin market capitalization) reaching 6.52%, and the historical cumulative net inflow has reached $54.98 billion.

WLFi spent 1 million USDC to purchase 256.75 ETH 20 hours ago.

According to Onchain Lens, World Liberty Fi (@worldlibertyfi) purchased 256.75 ETH at a unit price of $3895 using $1,000,000 USDC 20 hours ago.

Abraxas Capital’s short position on Hyperliquid is facing a loss of over $100 million.

According to Arkham, Abraxas Capital’s short positions in BTC and ETH on the Hyperliquid platform have incurred losses exceeding $100 million. Currently, this account is shorting BTC, ETH, SOL, and HYPE, with total short positions nearing $800 million, and unrealized P&L standing at -$106.3 million.

The suspected Amber Group address has withdrawn 15,814 ETH from CEX within the last hour, with a total holding value of over 70 million USD.

According to Ai Yi’s report, a wallet address suspected to belong to Amber Group has withdrawn a total of 15,814 ETH from Binance, OKX, and Gate in the past hour, worth approximately 59.75 million USD. Currently, the address holds a total of 18,463 ETH, with a total value of about 70.05 million USD.

CryptoPunks NFT trading volume hits a new high since March 2024

According to The Block, the trading volume of the CryptoPunks NFT series exceeded $24.6 million last week, setting a record high since March 2024, with a 416% increase from the previous week. This trading frenzy is believed to be related to GameSquare’s issuance of preferred shares to acquire Punk #5577 for $5.15 million, which also contributed to a significant increase in the floor price and average selling price of CryptoPunks.

A dormant Bitcoin whale account that had been inactive for 12 years has been activated, containing 343 Bitcoins.

According to Whale Alert, a dormant address containing 343 Bitcoins (approximately $40.3676 million) was reactivated after being inactive for 12.3 years.

Financing/Merger

Sources: Fireworks AI is negotiating a $4 billion financing, with its valuation skyrocketing sevenfold in a year.

According to The Information, citing informed sources, AI cloud service startup Fireworks AI is in talks with Lightspeed Venture Partners and Index Ventures for a new round of financing, with a valuation potentially reaching $4 billion. This valuation represents an increase of more than seven times compared to last year. Fireworks AI focuses on renting Nvidia chip servers for developers to use for artificial intelligence models.

Coinbase is in advanced talks to acquire the Indian exchange CoinDCX.

According to Bloomberg, Coinbase is currently in the late stages of negotiations for the acquisition of the Indian exchange CoinDCX, which recently suffered a hacking attack.

Zodia Markets, a crypto trading platform under Standard Chartered Bank, has completed a $18.25 million financing.

According to Bloomberg, Zodia Markets, a cryptocurrency trading platform under Standard Chartered Bank, has completed a $18.25 million financing round, led by New York venture capital firm Pharsalus Capital, with participation from Circle Ventures, Token Bay Capital, XVC Tech, and others. After this round of financing, Standard Chartered’s stake has decreased from 84% to 60%. Zodia Markets was established in 2021 and offers cryptocurrency over-the-counter brokerage services. The new funds will be used to expand into East Asia, Latin America, and the U.S. market, as well as to grow its stablecoin business. The company currently has a team of about 50 people and emphasizes a profit-first strategy, avoiding cost-inefficient expansion.

ETH Strategy announced that it raised 12,342 ETH in pre-launch financing, approximately 46.5 million dollars.

The Ethereum treasury protocol ETH Strategy announced that it has raised 12,342 ETH (approximately $46.5 million) in its pre-launch financing. The protocol aims to provide leveraged exposure to Ethereum, and the STRAT token is expected to launch at 9 PM Beijing time on July 29, with a one-sided liquidity pool on Uniswap v4. The financing is conducted through three channels: a private sale of 6,900 ETH, a public offering raising 1,242 ETH, and another 4,200 ETH obtained through redeemable warrants. All investors’ tokens will be locked for four months and will be released linearly over two months after the token generation event.

The ETH Strategy plans to allocate 11,817 ETH for core operations, including ETH staking and protocol liquidity provision, while the remaining 525 ETH will be used for development, team salaries, and community activities. The protocol supports funding through the issuance of convertible bonds and market issuance mechanisms similar to SharpLink and BitMine.

A16z leads $60 million Series A financing for the US loan platform Salient

The US loan platform Salient in San Francisco recently completed a $60 million Series A financing round, led by Andreessen Horowitz (A16z), with participation from Matrix Partners, Michael Ovitz, and Y Combinator. After this round of financing, Salient is valued at $350 million. Founded just 18 months ago, Salient’s annual revenue exceeded $14 million by June 2025. The platform utilizes generative AI to automate post-loan collection, customer service, and compliance monitoring processes, and employs voice recognition technology to monitor customer service compliance, aiming to enhance the transparency of loan services, simplify operational processes, and strengthen compliance management.

The cryptocurrency trading platform Pear Protocol has completed a $4.1 million strategic financing.

The cryptocurrency pairing trading platform Pear Protocol has announced the completion of a $4.1 million strategic financing round, led by Castle Island Ventures, with participation from Compound VC, Florin Digital, and Sigil Fund. This financing will be used to expand its institutional-grade product suite, including the development of vaults and API interfaces on HyperEVM, as well as the relaunch of a more liquid spot token on the Hyperliquid spot order book. The platform has completed native integration with the Hyperliquid perpetual contract order book, allowing users to execute pairing trades with one click, and supports advanced features such as ratio-based take-profit and stop-loss strategies, TWAP execution, and more.

Institutional Holdings

Public company Volcon increased its holdings by 316.8 bitcoins, surpassing a total of 3,500 bitcoins.

According to Investing, the American electric vehicle company Volcon (stock code: VLCN) announced that since the last update on July 25, the company has purchased an additional 316.8 bitcoins for $37.3 million. Currently, the company holds 3,500.18 bitcoins, with a total purchase price of approximately $412 million, and an average purchase price of $117,683 per bitcoin. Volcon has also sold more short-term put options, which grant it the right to purchase more bitcoins at strike prices between $115,000 and $118,000.

Public company Upexi has reached a $500 million equity financing agreement to support its Solana reserve strategy.

According to Investing, Nasdaq-listed company Upexi (Nasdaq code: UPXI) has signed an equity financing facility agreement with A.G.P./Alliance Global Partners. Under this agreement, Upexi may choose to sell up to $500 million of common stock, subject to certain limitations and closing conditions. The company stated that it would use the proceeds from the equity financing facility for general corporate purposes and to advance its Solana asset reserve strategy. The equity financing facility structure allows Upexi to independently choose the timing of entering the capital markets without the need for immediate financing. Such agreements typically allow companies to sell stock over a period based on market conditions and funding needs.

Mill City Ventures III, Ltd. announced a $450 million private placement to initiate its Sui financial strategy.

According to Businesswire, non-bank lending institution and financial company Mill City Ventures III, Ltd. (NASDAQ:MCVT) announced that it has signed a securities purchase agreement to invest in public equity through a private investment, purchasing and selling 83,025,830 shares of common stock at a price of $5.42 per share, with total proceeds expected to be around $450 million (net of placement agent fees and other issuance costs). Hedge fund Karatage is acting as the lead investor, and the Sui Foundation is also providing an equal amount of investment. The issuance is expected to be completed around July 31, 2025. The company plans to use approximately 98% of the net proceeds from the private placement to acquire the native token SUI of the Sui blockchain and about 2% of the net proceeds to support the company’s short-term lending business. SUI will serve as the company’s primary financial reserve asset.

CEA Industries and 10X Capital have raised $500 million in a private placement supported by YZi Labs to establish a BNB treasury.

According to Streetinsider, CEA Industries and 10X Capital announced a $500 million private placement financing supported by YZi Labs to establish a BNB treasury. The two institutions will expand the PIPE issuance scale, with over 140 subscribers participating in this issuance, including institutions such as Pantera Capital, Arche Capital, GSR, Borderless, Arrington Capital, Blockchain.com, Hypersphere Capital, and Kenetic, in addition to YZi Labs.

MARA Holdings raised $950 million by issuing convertible bonds to acquire more Bitcoin.

According to official news, MARA Holdings has successfully raised $950 million by issuing 0% interest convertible bonds, to increase its holdings of Bitcoin, repay $50 million of old bonds, and for general corporate purposes.

Liminatus Pharma, a publicly traded company, plans to raise $500 million to invest in BNB.

According to Business Insider, preclinical biopharmaceutical company Liminatus Pharma, Inc. (NASDAQ: LIMN) announced today its strategic plan to expand into the cryptocurrency and blockchain space. The company intends to establish a subsidiary named “American BNB Strategy” to lead its digital asset investment and management plan. Through this platform, Liminatus plans to raise and deploy up to $500 million in a phased approach, aiming for a strategic long-term investment in BNB.

BTCS Inc. increased its holdings by 14,240 ETH, bringing the total holdings to 70,028 ETH.

Blockchain company BTCS Inc., listed on NASDAQ, disclosed on platform X that it has increased its holdings by 14,240 ETH, bringing its total holdings to 70,028 ETH. Based on an ETH price of $3,850, its fair value is approximately $270 million. BTCS has completed the issuance of $10 million in convertible bonds. The conversion price for this financing is set at $13 per share, a premium of 198% over BTCS’s closing price on July 18, 2025.

Sequans Communications increased its holdings by 755 bitcoins, bringing its total holdings to 3,072 bitcoins.

According to an official announcement, the French IoT semiconductor company Sequans Communications(NYSE: SQNS) has announced the additional purchase of 755 bitcoins at a price of approximately $88.5 million, with an average purchase price (including fees) of $117,296 per bitcoin. As of July 25, 2025, the company holds a total of 3,072 bitcoins, all of which were acquired using the entire net proceeds from a successful issuance completed on July 7, 2025. The company’s total net investment in bitcoin is approximately $358.5 million, with an average purchase price (including fees) of $116,690 per bitcoin.

Public company Hyperion DeFi increases holdings of 108,594 HYPE tokens.

HyperionDeFi (NASDAQ: HYPD) announced the purchase of an additional 108,594 HYPE tokens, bringing its total HYPE holdings to 1,535,772 tokens, with an average purchase cost of $36.14 per token. This increase in holdings is aimed at preparing for participation in the iHYPE (institutional-level HYPE) liquidity staking pool on the Kinetiq platform.