Crypto Industry News & Market Trends

Gemini shares slide after $108 million loss as Winklevoss says 'we still have work to do'

Quick TakeGeminis credit card revenue surged 231% to $16.2 million, offsetting weakness in crypto trading.Its prediction market volume jumped 93% quarter over quarter, with cumulative contracts surpassing 225 million.　　Gemini shares slid more than 7% in after-hours trading on Thursday after the crypto exchange reported a $107.7 million net loss for the second quarter, despite revenue growing 37%　　The company recorded $45.5 million in total revenue, up from $33.3 million a year earlier. Its net loss narrowed 19% from $133.2 million over the same period.　　“While we still have work to do as a company, this quarters results reflect our ongoing efforts to reduce operating expenses while diversifying revenue,” Gemini CEO Tyler Winklevoss said in a statement.　　Geminis credit card revenue jumped 231% to $16.2 million, while staking revenue grew 50% to $4 million.　　However, exchange revenue fell 38% to $12.5 million amid a total trading volume drop to $3.8 billion from $11.3 billion a year earlier.　　Prediction market volume　　Geminis prediction market generated $500,000 in revenue during the quarter, up slightly from the $400,000 it disclosed following its December launch. Despite a meager jump in revenue, the number of event contracts traded on the platform rose 93% from the first quarter.　　The company activated its derivatives clearinghouse

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Neutrl halts NUSD redemptions over reserve concerns

Neutrl has suspended minting, redemptions, and other protocol functions while it assesses an unspecified reserve issue affecting roughly $53.7 million of NUSD in circulation.　　SummaryNeutrl stopped core protocol functions after circumstances affected its reserves.Legal counsel advised the suspension while the team determines the scale of the impact.NUSD continues to trade near $0.998 despite limited secondary-market volume.Neutrls reserve dashboard says its financial figures are being recalibrated.　　Neutrl pauses redemptions during reserve assessment　　Neutrl said in an Aug. 13 X post that it had temporarily paused minting, redemptions, and other protocol functions following circumstances that affected the protocols reserves.　　Neutrl has temporarily paused minting, redemptions, and other protocol functions following circumstances affecting protocol reserves. These measures have been taken in the interest of our users, after advice from legal counsel, to preserve an orderly process while the impact is…　　Acting on advice from legal counsel, the team said it imposed the restrictions to protect users interests and maintain an orderly process while assessing the impact. Neutrl did not provide an expected date for restoring the affected functions.　　Users will receive a “clear and orderly process” at the appropriate time, according to the announcement. Details covering the timeline and next steps will be published once they become available.　　No reserve

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UBS raises BlackRock Bitcoin ETF stake to $90 million

UBS has increased its BlackRock Bitcoin ETF holding to about 2.5 million shares worth nearly $90 million as of June 30, lifting the positions value by roughly 230% during the first half of 2026.　　SummaryUBS held about 2.5 million IBIT shares valued at nearly $90 million on June 30.The share count increased roughly 355% from about 549,000 at the end of 2025.A Form 13F does not identify whether UBS or its clients ultimately own the shares.BlackRocks fund gives U.S. investors regulated Bitcoin exposure without direct crypto custody.　　The U.S. Securities and Exchange Commission filing, submitted by UBS on Aug. 13, disclosed the Swiss bank‘s quarter-end position in BlackRock’s iShares Bitcoin Trust (IBIT). UBS reported about 2.5 million shares as of June 30, up from approximately 549,000 shares six months earlier.　　Measured by share count, the position expanded by about 355%, with UBS adding nearly 2 million shares during the period. Its reported value increased from roughly $27 million at the end of 2025 to close to $90 million, a gain of about 230%.　　The difference between the two rates partly comes from IBIT‘s market performance. BlackRock’s fund data show its market-price return fell 32.95% during the six months through June 30, meaning the increase

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Google and OpenAI Debut Super Fast AI Models—Gemini 3.7 Flash Is Out, But GPT-5.6 Sol Ultrafast Is Invite-Only

In briefGoogle launched Gemini 3.7 Flash on Thursday, a low-cost coding-and-agents model now generally available.OpenAI previewed GPT-5.6 Sol Ultrafast, a Cerebras-powered tier running its most capable model up to 14× faster.The speed race has shifted from raw intelligence to real-time agents, but only Googles model reaches every developer today.　　Google and OpenAI both pushed the same message today: AI is now fast enough to feel impressive for those who use AI agents, each company announcing ultra fast models.　　The two launches are built differently, and only one is actually in your hands today.　　Myriad: When will OpenAI release GPT-6？ Click to make your prediction.　　Google shipped Gemini 3.7 Flash, its latest model tuned for software coding and autonomous business workflows. OpenAI opened a limited preview of GPT-5.6 Sol Ultrafast, a new service tier that runs its most capable model at up to 750 output tokens per second.　　Today were introducing Gemini 3.7 Flash, our most intelligent workhorse model yet for coding and agents.　　This model brings substantial gains across software engineering, web development, and complex knowledge work.　　Now through the end of the year, Gemini 3.7 Flash is available…　　Gemini 3.7 Flash is a general-availability model. It takes up to a million input tokens (roughly 750,000 words) and

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Live updates: Bitcoin slips back even as Fed rate hike expectations dwindle

Bitcoin finally moved, but it was down　　Bitcoin (BTC), by any measure, still remains stuck in a tight trading range, but there has been some movement of note on Thursday.　　Sadly for bulls, the coiled spring theory isn‘t yet working. Instead, BTC is headed lower, sliding below $63,000 at one point earlier this afternoon. It’s currently trading at $63,100 down about 0.5% over the past 24 hours. Other crypto majors are seeing similar declines.　　The small losses are happening even as the interest rate picture in the U.S. is improving. Decent inflation reports yesterday and today appear to have taken the idea of a September Federal Reserve rate hike off the table.　　The two-year Treasury yield, which was above 4.30% just days ago, has slid back to 4.14%, reflecting the sharply lower odds of tighter monetary policy.　　Other risk assets — particularly U.S. stocks — continue to be where the action is. Higher by another 0.55% on Thursday, the S&P 500 notched another record high.

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Baltimore sues Kalshi and Polymarket, roping Coinbase, Robinhood and Webull into the fight

Quick TakeBaltimores Kalshi lawsuit also names distribution partners Coinbase, Robinhood and Webull as defendants.The city is seeking penalties, restitution and an order blocking unauthorized sports betting.　　Baltimore, the most populous city in Maryland, has sued prediction market operators Kalshi and Polymarket over allegations that their sports-event contracts amount to illegal gambling, with the citys case against Kalshi also pulling its distribution partners Coinbase, Robinhood and Webull into the mix.　　Mayor Brandon Scott and the Baltimore City Council filed the lawsuits Thursday in Baltimore City Circuit Court. The complaints allege the companies violated the citys Consumer Protection Ordinance by offering sports betting without proper state licenses.　　The city contends that Kalshi and Polymarket offer the same kinds of wagers as licensed sportsbooks, including game winners, point spreads and player performance contracts. The suits also claim that these platforms skirt state oversight, taxation and other consumer protections that licensed operators are required to abide by.　　“These companies are running sportsbooks without licenses and betting that a new label will put them above the law,” Scott said. “It wont.”　　Baltimore vs Kalshi　　While the city filed separate complaints against Kalshi and Polymarket, the Kalshi case is a bit broader. Alongside Kalshi Inc. and KalshiEX LLC, the complaint names Robinhood

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Ethereum L1 drops Poseidon in post-quantum move

Ethereum Foundation researcher Justin Drake has said the networks layer 1 will leave Poseidon after an eight-year, eight-figure research effort and pursue established hash functions such as SHA-2 or BLAKE2s.　　Ethereum L1 turns away from Poseidon　　Justin Drake said in an Aug. 13 X post that the Ethereum Foundation is abandoning Poseidon for its L1 roadmap and moving toward traditional options such as SHA or BLAKE.　　“Goodbye, Poseidon!” Drake wrote, describing the decision as the result of an “8-year, 8-figure rabbit hole” in post-quantum cryptography.　　Goodbye, Poseidon!　　An epic 8-year, 8-figure rabbit hole in post-quantum cryptography reaches its dream conclusion. The Ethereum Foundation is abandoning Poseidon for L1, pivoting to SHA or BLAKE. This milestone unlocks ultimate security for lean Ethereum and foreshadows a golden…　　Poseidon emerged in 2019 as a hash function designed for zero-knowledge proof systems. Its structure made it less costly to process inside Succinct Non-Interactive Arguments of Knowledge, commonly known as SNARKs, than traditional hash functions built around binary operations.　　Since 2018, the Ethereum Foundation has invested in specialized hashes as part of its work on zero-knowledge technology. Poseidon later became a common choice across zk-rollups and zkVMs, including systems that secure billions of dollars in crypto assets.　　Drake‘s announcement concerns Ethereum’s future L1

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Tether Claims 'Largest Inaugural Financial Audit' as KPMG Signs Off on 2025 Statements

In briefTether said KPMG issued an unqualified opinion, the best outcome, on Tether Internationals 2025 financial statements.The company called it the “largest inaugural financial audit in history.”The audit follows years of scrutiny over USDTs backing and Tethers push to expand in the U.S.　　Tether said Thursday that Big Four accounting firm KPMG issued an unqualified audit opinion—industry jargon for the best possible result—-on the 2025 financial statements of Tether International, the company behind the worlds largest stablecoin USDT.　　In a post announcing the audit, Tether called the review the “largest inaugural financial audit in history,” saying KPMG examined Tethers assets, liabilities, income, cash flows, internal systems, records, counterparties, and supporting documentation.　　Myriad: Bitcoins next move？ Click to make your prediction.　　“Despite our company being subject to several years of detractors false claims, competitors lies, political attacks and misinformed coverage by several mainstream newspapers trying desperately to discredit us for the benefit of their friends in the tall ivory towers, Tether delivered what it promised,” Tether CEO Paolo Ardoino wrote on X.　　An unqualified opinion means auditors found no major problems with the way the financial statements were presented. It does not, however, mean auditors are endorsing Tethers business or guaranteeing it can meet its obligations.　　Tethers

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White House Lets Private Firms Hack Cybercriminals—At Their Own Legal Risk

In briefTrump signed a National Security Presidential Memorandum on Aug. 12 creating a program for private firms to disrupt foreign cybercriminal networks.Participating companies operate under DOJ and DHS direction, post a bond of at least $1 million, and face annual review.Americans reported more than $20.8 billion in losses to cyber-enabled crime in 2025, the White House said.　　President Donald Trump signed a memorandum on Tuesday directing the federal government to enlist vetted U.S. companies in offensive cyber operations against foreign criminal networks. The National Security Presidential Memorandum, dated Aug. 12, stands up a program inside the National Coordination Center of the Homeland Security Task Force.　　“This memorandum expands the fight against TCO-perpetrated cybercrime by incorporating the ingenuity of the private sector,” the White House wrote in the orders purpose section, referring to transnational criminal organizations.　　Myriad: When will OpenAI release GPT-6？ Click to make your prediction.　　“By partnering with vetted United States companies subject to the direction and oversight of the Federal Government, we will enhance our ability to counter TCO threats and combat transnational cybercrime, fraud, and other predatory schemes against American citizens.”　　Two executive directors, one each from the Department of Justice and the Department of Homeland Security, would run the program. Private

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BTC Dips Below $63,000 as $122M in Long Bets Get Liquidated

Bitcoin closed lower after a volatile session, dropping to $62,912 before recovering slightly back above $63,000, pushing its market cap to $1.26 trillion.　　Key TakeawaysBitcoin dipped to $62,912 on Thursday as volatile trading erased late-night gains.Total crypto liquidations hit $227 million, led by $122 million in wiped-out long positions.AMINA Research warns that Strait of Hormuz risks may delay Fed rate cuts through late 2026.　　Crypto Liquidations Top $227 Million　　Following a virtually flat Wednesday close, bitcoin moved lower alongside an uptick in volatility. After spending much of Wednesday afternoon bound between $63,300 and $63,500, a brief late-night surge lifted the asset to $63,900 around 1:25 a.m. EST.　　However, about two hours later, bitcoin began a descent that dragged it back below the $63,400 mark. The leading cryptocurrency repeated the pattern shortly after, rising to $63,900 before paring gains in another sell-off. Unlike the first round, however, bitcoin dipped to $62,912 at 12:44 p.m., pushing its market capitalization down to $1.26 trillion. Although it quickly reclaimed $63,000, the digital asset remained down 0.5%.　　Bitcoins elevated volatility on Thursday spurred an uptick in liquidations. Long positions accounted for nearly $34 million of the total, up more than $13 million from the previous day. Across the broader crypto

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