🔮 Everyone Comes Around to BTC, Memecoin Launchpads, What Is in the Strategic Reserve, the L1 Race

Top Stories

DATs Dominate Crypto VC as Traditional Startup Funding Declines

Crypto fundraising in 2025 has shifted heavily toward Digital Asset Treasuries (DATs), with traditional startup rounds down 56% year-over-year to 856 deals. DATs attract capital thanks to instant mark-to-market pricing, faster liquidity, and mNAV-driven growth flywheels, though VCs caution sustainability depends on how premiums hold up across cycles. At the same time, investors are demanding stronger fundamentals, backing projects with real revenue models such as Hyperliquid, while moving away from “vaporware token” bets. Market frictions like limited LP appetite and a “Series A crunch” further constrain early-stage activity, though VCs say overall deal quality has improved. Looking ahead, DATs are expected to consolidate into a few dominant vehicles, while areas like DePINs, DeFi with revenue, ZK tech, and crypto–AI remain underfunded but promising.

Solana Memecoin Launchpads Compete in Dynamic Duopoly

The Solana memecoin launchpad market has evolved into a duopoly between pump.fun and LetsBonk, with market share fluctuating rapidly in 2025. Pump.fun initially dominated graduated tokens with 80% share, but LetsBonk surged to nearly 70% in early July before pump.fun reclaimed roughly 75%. Platform incentives like airdrops drive volume, while differing fee structures and listing approaches distinguish the competitors. Overall, launchpad activity remains strong, supporting around $120 million in daily trading as memecoins continue to launch.

Source: Dune

When Your Price Target is $100K Off

In 2018, Harvard economists predicted Bitcoin was more likely to hit $100 than $100,000, dismissing it as a speculative bubble. Fast-forward to 2025, and Harvard has purchased $116 million worth of BTC, signaling a dramatic reversal. The move reflects Bitcoin’s institutional adoption, use as a corporate treasury asset, and growing appeal amid inflation and geopolitical uncertainty. Harvard’s shift highlights how previously skeptical institutions are now strategically accumulating Bitcoin, underscoring its emergence from fringe speculation to mainstream legitimacy.

Stripe and Circle Join Crowded Stablecoin L1 Race

Stripe and Circle are each launching Layer 1 blockchains—Tempo and Arc—focused on stablecoin payments, giving them end-to-end control over issuance, settlement, and compliance. The L1s aim to make USDC (Circle) or other stablecoins (Stripe) the native gas token, enabling fast, low-latency transactions for merchants and developers. Critics note that Ethereum L2s and existing ecosystems already offer similar functionality, and fragmentation risks isolated liquidity. While adoption could grow, much of the move appears driven by potential financial upside, as L1 tokens historically command higher valuations than L2 equivalents.

Regulation

U.S. Won’t Buy More Bitcoin for Trump’s Strategic Reserve

Treasury Secretary Scott Bessent confirmed the U.S. will not purchase additional bitcoin for President Trump’s Strategic Reserve, though seized assets will continue to be held and could grow the reserve over time. He estimated the reserve’s current value at $15–$20 billion and reiterated that future confiscations may contribute, while emphasizing that no bitcoin will be sold. The decision aligns with earlier guidance that the broader Digital Asset Stockpile would only grow through forfeited assets, with no new taxpayer-funded acquisitions. See more: Bessent Backtracks on Bitcoin: Treasury Committed to 'Budget-Neutral' BTC Buys

More Cowbell I Mean Orange

Bitcoin treasury giant Strategy added 430 BTC for $51.4 million, bringing its total holdings to roughly 629,376 BTC at an average of $119,666 per coin. The purchase was funded through the company’s perpetual preferred programs and aligns with its “42/42” plan targeting $84 billion for Bitcoin acquisitions through 2027. The move followed a weekend teaser from co-founder Michael Saylor, who posted “Insufficient orange” alongside a SaylorTracker image showing Strategy near 629K BTC—a phrase traders interpret as a signal of continued buying. Since 2020, Strategy has spent $46.2 billion acquiring Bitcoin, leaving $26.2 billion in paper gains at current prices.

Source: Bitcoin Treasuries

Do Kwon Pleads Guilty in $40B Terra Collapse Case

Terraform Labs co-founder Do Kwon pleaded guilty to wire fraud and conspiracy to defraud charges linked to the 2022 collapse of the Terra ecosystem, which wiped out over $40 billion in investor funds. Kwon, who was arrested in Montenegro in 2023 and extradited to the U.S., waived his right to trial and could face up to 25 years in prison. The charges stem from the failure of the Terra USD stablecoin and Luna token, while he also faces civil liability from the SEC, which found him and Terraform guilty of fraud.

Other Domestic Regulation Updates

• Strategy nears 3% of bitcoin's total supply on fifth anniversary of first buy
• BitMine's ETH stack pushes toward $5 billion
• Circle plots its own stablecoin-focused Layer 1 blockchain Arc
• Ethereum Suited for 'Meteoric' Stablecoin Growth, JPMorgan Says

Other International Regulation Updates

• Tether-backed Rumble eyes $1.17 billion Northern Data acquisition
• Ethereum ICO whale offloads another $5 million worth of ETH
• Deribit to launch USDC-settled linear BTC and ETH options

Pain & Gain

Pain

• Ethereum Foundation Sells $12.7M Amid ETH Price Surge
• North Korean Hackers Try to Get Hired at Binance Every Day—Here’s How They're Spotted
• Billions in Ethereum Waiting to Be Unstaked Could Add Sell Pressure to ETH: Analyst

Gain

• Ethereum ETFs top $1 billion in daily inflows for first time
• Ethereum Open Interest Nears $60 Billion as ETH Hovers Near All-Time High