- Bitcoin holds near $63,740 as total crypto market cap stays flat at $2.19T.
- The SEC could unveil a tokenized stock trading exemption as soon as Friday.
- Kalshi’s annualized revenue tops $4 billion in July, doubling in two months.
Bitcoin traded near $63,740, roughly flat over the past 24 hours and down 0.55% for the week, while Ethereum held around $1,885, up slightly on the day. XRP fell to $1.01, down 4.46% for the week, while Solana climbed to $76.33, up 3.52% weekly. BNB also outperformed with a 2.09% daily gain to $612.36, while Hyperliquid’s HYPE token slipped to $54.60.
Total crypto market capitalization stood at $2.19 trillion, roughly flat over the past day, while 24-hour liquidations fell to $164.14 million, down 13.25%. The Fear & Greed Index read 37, still in “fear” territory, while the Altcoin Season Index eased to 43.
Trending Searches Show Broad Gains
Holoworld surged 37.9% over 24 hours to lead trending searches, followed by Pons, up 23.1%, and Prom, gaining 12.6%. The uniformly positive moves across trending names suggest renewed speculative appetite returning to smaller tokens.
SEC Set to Unveil Major Tokenization Rules
The SEC plans to hold an open meeting Friday to consider a tailored offering regime for crypto asset investment contracts and could simultaneously unveil an “innovation exemption” for tokenized securities the same day, according to Bloomberg.
The exemption could enable 24/7 blockchain-based trading of tokenized stocks while letting public companies object to third parties tokenizing their shares and introducing tighter anti-money-laundering requirements, potentially including a rule that trading platforms be US entities.
TD Cowen separately said the SEC may propose a token safe harbor allowing projects to sell tokens during early network development without classification as securities, alongside a regulatory test for when tokens transition to commodities.
Kalshi Revenue Explodes
Sources familiar with the matter said Kalshi’s annualized revenue surpassed $4 billion in July, doubling from more than $2 billion just two months earlier, driven by World Cup-related contracts.
The platform is reportedly in advanced talks for a new funding round targeting a $40 billion post-money valuation, nearly double its valuation from a round announced in May. Separately, the CFTC invoked emergency powers to keep Kalshi operating during a New York state lawsuit, with Chairman Michael Selig arguing the state lacks authority to regulate interstate financial markets after New York’s Attorney General sought at least $36 billion in civil penalties against the platform.
Coinbase Expands Tokenization Infrastructure
Coinbase secured a Financial Services Permission from Abu Dhabi Global Market’s regulator, allowing it to build an international securities tokenization hub offering investment matching, custody, and fully-backed security token issuance, complete with shareholder dividend and voting rights. Investors will only need a wallet to participate, with all transfers subject to sanctions screening. The hub adds to Coinbase’s existing derivatives operation in Dubai as its second major UAE business center.
AI Funding and Talent Moves Continue
River AI, founded by xAI co-founder Igor Babuschkin, closed a $1.1 billion round with strategic backing from Nvidia and AMD Ventures. Crypto-friendly bank Erebor, co-founded by Palmer Luckey and Joe Lonsdale, is nearing a $1.5 billion raise that would value the company at roughly $9.5 billion, with a16z among the reported new investors.
Separately, OpenAI’s head of special projects Brad Lightcap is departing, while Tencent, ZhenFund, and Sequoia China bought back Manus shares from Meta for $2 billion, making Tencent the AI agent platform’s largest shareholder.
Semiconductor Outlook Cools
Multiple South Korean brokerages cut price targets on Samsung Electronics and SK Hynix by roughly 30% amid growing concern that the memory chip cycle has peaked, with Kiwoom Securities trimming targets on both stocks while maintaining “buy” ratings.
Institutional and Market Activity
Four wallets opened a combined $340 million in BTC short positions near $64,000 over recent days. BlackRock-linked addresses transferred roughly $77.84 million in BTC and ETH to Coinbase, while Robinhood Chain’s daily transaction volume hit a record 11.6 million last week, with TVL up 32% week-over-week to $473 million.
Related: SEC Eyes New Crypto Rules After CLARITY Setback
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