Top Stories
Ether Machine to Launch with $1.5B in ETH, Challenging SharpLink as Top Institutional Holder
A new Nasdaq-listed vehicle called the Ether Machine is preparing to debut with 400,000 ETH worth over $1.5 billion, making it the largest institutional Ethereum treasury yet. Formed through a SPAC merger with Dynamix, ETHM plans to actively deploy ETH via staking, restaking, and DeFi. It joins SharpLink, led by Ethereum co-founder Joe Lubin, which recently grew its own ETH holdings to 281,000. Backed by major investors like Pantera, 1Roundtable, and Electric Capital, Ether Machineās arrival signals rising institutional demand for productive ETH exposure through public markets.
LetsBonk Overtakes Pump.fun as Solanaās Top Token Launchpad
Solana-based launchpad LetsBonk, backed by BONK, has overtaken pump.fun across every major metric. Last week it saw 150,000 token launches, a 14 percent jump from the week prior, including a single-day record of 26,600 on July 18. Its market share in token launches surged to 64 percent while pump.fun fell to 24 percent after holding over 90 percent a month ago. LetsBonk also led in token graduations with a record 282 in one day and a 79 percent market share. It flipped pump.fun in trading volume, hitting 179 million dollars on July 18 compared to pump.funās 52 million. Fee generation followed suit with LetsBonk pulling in 8 million dollars last week, roughly double pump.funās total. The PUMP token launched July 14 at a 4 billion dollar valuation, peaked at 6.8 billion, and now sits at 4.4 billion. BONKās valuation rose from 2.25 to 3 billion over the same period, gaining nearly 200 percent in 30 days.
Source: Dune
Galaxy Digital Sells Billions in Bitcoin From Dormant Whale Wallet
Galaxy Digital has reportedly offloaded around $3.5 billion in bitcoin from a dormant whale wallet originally holding 80,201 BTC, according to blockchain analytics firm Arkham. On Friday, the firm transferred nearly 30,000 BTC to centralized exchanges like Binance and OKX, sparking a market sell-off. After the sales, Galaxy withdrew approximately $1.15 billion in USDT and now holds 18,504 BTC worth about $2.14 billion. The original deposits, split between July 15 and 18, were made shortly after Bitcoin reached a new all-time high of $122,838. Galaxy CEO Mike Novogratz recently suggested BTC could hit $150,000 this year, although he believes Ethereum might outperform it in the near term due to growing institutional demand.
NFTs Stir as GameSquare Buys $5M Punk and ETH Rallies
GameSquare made waves this week by acquiring the iconic Cowboy Ape CryptoPunk #5577 for $5.15 million in preferred stock from Compound founder Robert Leshner, who now joins as a strategic investor. The firm also added $10 million in ETH to its treasury, bringing its Ethereum holdings to over $52 million, and revealed plans to monetize NFTs via yield and licensing. The move coincides with a resurgence in NFT markets ā with CryptoPunk and Pudgy Penguin volumes surging and total NFT trade volume reaching a 2025 high ā raising hopes for a broader revival, even if we're still far from 2021 mania.
Regulation
Trump Signs GENIUS Act, Establishing First U.S. Stablecoin Framework
President Trump signed the GENIUS Act into law on July 18, marking the first comprehensive federal framework for stablecoins in the U.S. The law arrives as total stablecoin supply surpasses $250 billion, with USDT and USDC making up the bulk. The Act requires 1:1 reserve backing in safe assets, bans interest payments and algorithmic stablecoins, mandates regular audits, and restricts issuers to approved entities. While it favors established players like Circle and Tether, it raises barriers for newcomers. With AML compliance baked in and penalties for violations, the law may fast-track institutional adoption and shape global regulatory standards.
Source: DefiLlama
JPMorgan Eyes Crypto-Backed Loans Amid Regulatory Shift
JPMorgan Chase is reportedly planning to offer loans backed by clientsā crypto holdings like bitcoin and ether as early as next year, signaling growing institutional comfort with digital assets. While CEO Jamie Dimon remains skeptical of bitcoin, the bank has already taken steps into crypto by planning loans against crypto ETFs. The move follows President Trumpās signing of the GENIUS Act, which sets new federal rules for stablecoins, hinting at a broader regulatory environment increasingly favorable to traditional firms entering the crypto space.
Senate Republicans Unveil Crypto Market Structure Draft Building on House Bill
Senator Tim Scott and fellow Republicans released a crypto market structure discussion draft aimed at refining digital asset regulation and building on the recently passed bipartisan Clarity bill in the House. The draft urges the SEC to adapt existing rules for crypto activity and introduces clearer definitions, like that of āancillary assets,ā to help distinguish non-securities. The lawmakers aim to pass comprehensive legislation by September 30, addressing market structure complexities beyond the already-enacted stablecoin law.
BitGo Big or Go Home
Crypto custody firm BitGo has confidentially filed for a U.S. IPO, tapping into the booming $4-trillion crypto market. With Bitcoin hitting record highs and clearer regulations emerging, a surge of crypto companies are racing to go public. Firms like Grayscale, Gemini, and Bullish are also lining up to capitalize on ideal market conditions before the IPO window closes. BitGo, founded in 2013 and recently valued at $1.75 billion, aims to secure its place in a rapidly maturing digital asset ecosystem.
BNY Mellon and Goldman Sachs Tokenize Money Market Funds on Blockchain
BNY Mellon and Goldman Sachs have teamed up to tokenize ownership records of select money market funds using Goldmanās GS DAP blockchain. The initiative allows institutional investors to subscribe via BNY's platforms while creating mirrored on-chain records aimed at enhancing fund mobility and collateral use. Major firms including BlackRock and Fidelity are participating, signaling growing institutional momentum behind tokenizing traditional financial assets.
Other Domestic Regulation Updates
- Galaxy Digital moves $3.5B in BTC tied to dormant whale stash
- Strategy spends $740 million on more bitcoin
- The Ether Machine to list with $1.5 billion in ETH
- Solana, Pump.fun Named in Amended RICO Suit Alleging $5.5B Meme Coin Gambling Scheme
Other International Regulation Updates
- Hong Kongās OSL raises $300M for global crypto expansion
- Ripple co-founder moves $140 million in XRP to exchanges
Pain & Gain
Pain
- Why XRP Army Members Are 'F-cking Furious' About the All-Time High
- Are Things Getting Too Frothy for Ethereum, XRP and Other Top Altcoins?
- DOGE, PEPE, PUMP Bleed As Pump.fun Confirms No Airdrop 'In Immediate Future'
- Billions in Bitcoin Sold on Exchanges as Liquidations Top $500 Million
- Crypto Market Retreats Amid Record Liquidity and Signs of Froth
Gain
Important Legal Notices
This reflects the views MJL Capital LLC (āMJLā), but it should in no way be construed to represent financial or investment advice. Nothing in this correspondence is intended to constitute or form part of, and should not be construed as, an issue for sale or subscription of, or solicitation of any offer or invitation to subscribe for, underwrite, or otherwise acquire or dispose of any security, including any interest in any private investment fund managed by MJL. Any such offer may only be made pursuant to a formal confidential private placement memorandum of any such fund, which may be furnished to potential investors upon request and which will contain important information to be considered in connection with any such investment, including risk factors associated with making any investment in any such fund. Further, nothing in this correspondence is, or is intended to be treated as, investment or tax advice. Each recipient should consult their own legal, tax and other professional advisors in connection with investment decisions.
Domenic Salvo is a Managing Partner at MJL Capital, helping lead Portfolio Research and Investor Relations.
