Crypto Industry News & Market Trends

Gemini Shares Drop 7% Even as Net Loss Narrows to $107 Million

Gemini Space Station (GEMI) stock slid 7% to $4.00 in after-hours trading Thursday after the crypto exchange reported a second-quarter net loss of $107.7 million.　　The loss came in 19% smaller than a year earlier, and revenue climbed 37% to $45.5 million. Even so, a fraud charge and thinner trading volumes overshadowed the companys progress.　　Sponsored　　Sponsored　　Services Revenue Doubles as Crypto Trading Dries Up　　The stock closed the regular session 3.12% higher at $4.30 before the company released earnings after the bell, which reversed the gains.　　Follow us on Xto get the latest news as it happens　　Gemini Space Station (GEMI) Stock Performance. Source: Google Finance　　According to the press release, net loss per share came in at $0.89, against $27.08 a year earlier. Services revenue and interest income climbed 117% to $26.0 million. Credit card revenue supplied most of that gain, rising 231% to $16.2 million, while staking added $4 million.　　OTC revenue jumped to $4.7 million from $0.6 million on heavier institutional trading. In addition, prediction markets added $0.5 million.　　Exchange revenue moved the other way. It fell 38% to $12.5 million as crypto trading volume shrank to $3.8 billion from $11.3 billion a year earlier.　　Sponsored　　Sponsored　　“While we still have work to do as a company, this quarters

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SharpLink plans $200M ETH stake through Lido

Nasdaq-listed SharpLink plans to stake $200 million of Ether through Lido and hold the resulting wrapped staked ETH with Anchorage Digital, expanding its strategy for generating returns from its corporate Ethereum treasury.　　SummarySharpLink plans to stake $200 million of ETH through Lido and receive wstETH in return.Anchorage Digital will custody wstETH, adding Lido to SharpLinks existing institutional staking and restaking strategy.SharpLink held 888,938 ETH equivalents on August 3, according to its latest quarterly results filing.Lido reports roughly $16.5 billion of ETH staked and wstETH integrations across over 100 protocols.SharpLink shares rose 2.3% Thursday to $6.32, while ETH traded near $1,625 after-hours that day.　　The company announced the allocation on Aug. 13 but did not disclose a transaction hash or timetable showing that the full deployment had already been completed.　　The allocation comes days after SharpLink reported holding 888,938 ETH and ETH equivalents as of Aug. 3. Its latest quarterly filing shows staking has already become its main revenue source, producing $11.2 million of its $11.5 million in second-quarter revenue.　　You might also like:　　SharpLink posts $394M Q2 loss on ETH write-downs　　SharpLink adds Lido without buying another $200M of ETH　　The transaction is a deployment of SharpLinks existing Ethereum treasury, not an announcement that it will purchase

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Bitwise mulls tokenizing its Solana staking ETF via Superstate partnership

Quick TakeBitwise announced that it has partnered with Superstate to explore the tokenization of its funds.The crypto asset manager said it expects the Bitwise Solana Staking ETF to be the first fund tokenized under the potential initiative.　　Bitwise Asset Management announced on Thursday a partnership with fintech firm Superstate to develop the capability to tokenize shares of certain Bitwise funds.　　The firm stated Thursday that it expects the Bitwise Solana Staking ETF (BSOL) to be its first tokenized fund, though there is “no assurance” that it will launch.　　Bitwise said that under the framework currently in development, tokenization would change only how share ownership is recorded, while investors would retain the same rights and purchasing channels.　　“Shareholders could then elect to hold those shares either in traditional book-entry form through The Depository Trust Company or in tokenized form recorded on a blockchain and maintained through Superstates transfer agency infrastructure,” Bitwise explained.　　Shares held in tokenized form would carry the same rights as those in book-entry form, though they would not be freely transferable outside the blockchain-based system.　　Bitwise holds more than $9 billion in client assets and more than 70 investment products. Superstate partners with issuers and asset managers to bring securities onchain through platforms supporting

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BitGo posts $19M Q2 loss despite 80% revenue surge to $4.3B

BitGo, a publicly listed digital asset infrastructure company, posted a $19 million net loss in the second quarter of 2026 despite revenue surging nearly 80% year-on-year to $4.3 billion.　　BitGo (BTGO) on Wednesday reported that its net loss narrowed from $60.7 million in Q1, while revenue rose 14.7% quarter over quarter. The year-on-year swing to a loss largely reflected an $18.8 million unrealized loss on digital assets, compared with a $55.8 million unrealized gain a year earlier.　　BitGo CEO Mike Belshe said during the earnings call that Q2 financial performance fell short of expectations.　　“While we delivered revenue growth, profitability was impacted by lower margins and an unfavorable revenue mix,” Belshe said. He attributed the weaker margins to “lower spreads on certain spot transactions” and a smaller contribution from derivatives.　　The company also authorized a share repurchase program of up to $50 million and expects its cost-cutting measures to generate about $15 million in annualized cash savings. BitGo expects expenses to decline in Q3 after cutting its workforce by about 15% in June.　　BitGo shares fell 1.8% in overnight trading to $4.90 after closing Wednesday up 0.6% at $4.99, according to Yahoo Finance.　　Related: Bitwise cuts 14% of staff while still expecting growth

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Crypto group backs Custodia in Supreme Court battle over Fed access

The Blockchain Association urged the US Supreme Court to hear Custodia Bank‘s challenge to the Federal Reserve’s denial of its application for a master account, which would give the crypto-focused bank direct access to the Feds payment system.　　In an amicus brief filed Wednesday, the industry group argued that federal law requires the central bank to make its payment services available to eligible nonmember banks and that the Fed should not have broad discretion to deny access.　　The association said the appeals court‘s decision effectively gives the Fed veto power over state-chartered banks by allowing it to withhold services needed to operate independently. It also linked Custodia’s case to alleged crypto debanking under “Operation Choke Point 2.0,” arguing that federal regulators discouraged banks from serving the digital asset industry.　　Custodia, a Wyoming-chartered bank focused on digital assets, applied for a Fed master account in 2020, seeking direct access to the central banks payment services without relying on an intermediary bank.　　The Federal Reserve Bank of Kansas City denied Custodia‘s application in 2023, and the Tenth Circuit Court of Appeals later ruled that the regional Fed bank had discretion to reject its request. In March, the appeals court voted 7-3 against rehearing the case, leaving

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Figure reports $4.3B in loan marketplace volume as profit nearly triples

Figure Technology Solutions reported $4.3 billion in consumer loan marketplace volume for the second quarter, up 132% from a year earlier, as its quarterly profit nearly tripled.　　On Thursday, Figure said net income rose 192% year over year to $87 million, from about $30 million. Net revenue more than doubled to $226 million, while its net income margin increased 10.5 percentage points to 38.8%.　　Figures marketplace volume includes home equity lines of credit, debt-service coverage ratio loans and personal loans processed through its loan origination system, along with third-party loans traded on Figure Connect, which accounted for $2.8 billion, or 65%, of the quarterly total.　　Volume on the marketplace, which Figure launched in June 2024, increased 262% from the same period last year. The company also added 102 loan-origination partners during the quarter, bringing its total to 489.　　CEO Michael Tannenbaum said weekly loan applications surpassed $1 billion in July. Figure expects consumer loan marketplace volume of between $4.8 billion and $5.2 billion in the third quarter.　　Bernstein analysts predicted in May that Figure would post record second-quarter volume, citing live blockchain data that they said could increasingly allow investors to track the companys lending activity in real time.　　Related: Tokenized RWA market grows 420% since

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White House plans crypto meeting as CLARITY odds hit 21%

The White House has reportedly planned an Aug. 19 meeting with crypto and prediction market executives as Polymarket traders place the CLARITY Acts 2026 passage odds at 21%.　　White House meeting may address unresolved crypto disputes　　Politico reported on Aug. 13 that the White House is expected to host executives from the crypto and prediction market sectors on Aug. 19, citing people familiar with the planned gathering.　　According to the report, the White House has not disclosed a formal agenda or released a list of participants. Executives from traditional financial companies may also attend, while it remains unclear whether President Donald Trump will take part.　　The scheduled gathering would place administration officials and industry leaders in the same room while the Senate remains away for its August recess. Crypto companies have continued pressing lawmakers to pass the Digital Asset Market CLARITY Act, which would establish federal rules for digital assets and divide oversight between the Commodity Futures Trading Commission and the Securities and Exchange Commission.　　For U.S. investors and crypto companies, the legislation would determine which regulator oversees different types of tokens, exchanges, brokers, and dealers. The bill would place digital commodity spot markets under the CFTC while leaving assets classified as securities within the

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Washington court orders Kalshi to halt most prediction market offerings in state

Quick TakeA Washington court has ordered Kalshi to stop offering prediction markets related to sports, elections, politics, entertainment, culture, technology and science, or “mentions” in the state.Kalshi must geofence Washington users by Sept. 2.　　A Washington court issued a final order requiring Kalshi to cease offering a wide range of event contracts in the state, after finding the company likely violated its gambling regulations.　　The order directs Kalshi to stop accepting or facilitating bets on sports, elections, politics, entertainment, culture, technology and science, or “mentions” in Washington.　　Kalshi must adopt an IP address and residency-based geofence by Aug. 19 and a multi-source geofencing system by Sept. 2 to prevent users in Washington from accessing the restricted markets on Kalshi. The court also barred Kalshi from advertising the restricted wagers to Washington consumers, ruling that the companys marketing of illegal gambling activities constitutes unfair or deceptive practices.　　“Kalshi has gotten rich promoting wagers on sports, elections, natural disasters, events related to the Iran War, and more. Under this order, Kalshi is banned from offering wagers on most of those topics in Washington,” said Attorney General Nick Brown. “As this case moves forward, we will continue to enforce Washington law and hold Kalshi accountable for misleading

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XRP Slides 69% From Peak While Existing Wallet Activity Climbs

XRP closed near $1 on Aug. 13, about 69% below its January 2025 peak. Daily active addresses rose roughly one-third in August, while new-address creation remained virtually unchanged from July.　　Key TakeawaysXRP recorded its lowest daily close since November 2024.Active addresses rose about 35%, while new addresses stayed flat.Higher activity does not confirm growth in individual users.　　XRP Price Weakness Collides With Higher Ledger Activity　　XRP traded near $1 on Aug. 13, its lowest level since November 2024 and roughly 69% below its January 2025 peak near $3.30, as ledger activity increased despite the steep retreat. Santiments analysis showed active addresses rising sharply in August while new-address creation remained virtually unchanged from July.　　Amid favorable regulatory momentum, XRP climbed even higher in July 2025, reaching a new peak of approximately $3.65. The summer rally briefly pushed its market capitalization above $200 billion, cementing it as one of the top-performing assets of that period.　　“Price closed at ~$1.00 on Aug 12, the lowest daily close since Nov 2024 and roughly 69% below the January 2025 peak near $3.30,” Santiment wrote, demonstrating how far the asset has retreated during the prolonged decline. The firm added:　　“Activity picked up anyway. Active addresses averaged ~35,700 a day in August against

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Tether completes first full financial audit, receives clean KPMG opinion

Tether completed the first full independent audit of its annual financial statements, with KPMG US issuing a clean opinion on the stablecoin issuers 2025 accounts.　　The audit covered Tethers balance sheet, income statement and cash flows for the year ended Dec. 31, 2025, including the assets backing its issued tokens and the liabilities they represent. Tether said the audited statements showed reserves exceeding liabilities by $6.814 billion.　　Unlike Tether‘s quarterly reserve attestations, which it has published for years, the full audit subjected the company’s broader financial statements and underlying evidence to independent examination, including transactions, systems, ownership records, valuations and counterparties.Source: Paolo Ardoino　　As part of the audit, KPMG physically inspected and counted Tethers gold holdings, verifying each bar rather than relying solely on custodian records.　　Tether said KPMG issued an unqualified opinion on the statements, finding they fairly presented the companys financial position, results and cash flows in all material respects under US accounting standards.　　Related: Tether signs tokenization deal with Nairobi Securities Exchange　　Tethers growing financial footprint　　Tether launched its USDt (USDT) stablecoin in 2014 and has since grown into one of the crypto industrys largest companies, generating more than $10 billion in net profit in 2025. In the second quarter of this year, the

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