Bit Digital announces second quarter financial report, net profit reaches US$14.9 million
Bit Digital, Inc. (NASDAQ: BTBT) announced its financial results for the second quarter of 2025. Total revenue for the second quarter was $25.7 million, down 11.7% from $29 million in the second quarter of 2024. Digital asset mining revenue was $6.6 million, down 58.8% from $16.1 million in the same period last year. Cloud service revenue was $16.6 million, up 32.8% from $12.5 million in the same period last year. ETH staking revenue was $0.4 million, down 2.3% from $0.4 million in the second quarter of 2024. Net income was $14.9 million, or $0.07 per diluted share, compared to a net loss of $12 million, or $0.09 per diluted share, in the same period last year. Adjusted EBITDA was $27.8 million in the second quarter of 2025, compared to $3.8 million in the second quarter of 2024. Total cash and cash equivalents were $181.2 million, and total digital assets were $91.2 million. In the second quarter, Bit Digital initiated a strategic transformation to become a company focused on Ethereum fund management and staking. As of August 11th, Bit Digital held 121,076 ETH, with 105,015 actively staked.
According to Globenewswire, KULR Technology Group, Inc. (NYSE: KULR), a company focused on Bitcoin and financial services, announced its second-quarter results. Revenue for the quarter reached $3.97 million, a 63% year-over-year increase, marking its highest quarterly revenue to date. Net income was $8.14 million, primarily driven by an increase in Bitcoin holdings to 1,021 BTC, and a reported Bitcoin return of 291.2%.
A new wallet withdrew 53,434 ETH worth $244 million from Kraken in the past two days
According to Onchain Lens monitoring, a newly created wallet withdrew 53,434 ETH worth $244 million from Kraken in the past two days.
According to Coindesk, the American Bankers Association and other bank lobbying groups, along with 52 other banker organizations, including Americans for Financial Reform (typically a staunch opponent of Wall Street policy goals) and the National Consumer Law Center, jointly sent a letter to the leadership of the Senate Banking Committee, demanding amendments to the stablecoin bill known as the "GENIUS Act." In one letter, the bank lobbying and consumer groups requested the removal of a provision that would allow state-chartered uninsured depository institutions to gain a competitive advantage; in another, the bankers requested a ban on stablecoin affiliates offering returns. The lobbyists called for future cryptocurrency market structure legislation to overhaul the new stablecoin bill.
SEC Delays Decision on Bitwise and 21Shares’ Solana ETF Proposal to October 16
According to The Block, the U.S. Securities and Exchange Commission (SEC) has delayed its decision on whether to approve the Solana exchange-traded fund (ETF) proposal. The SEC stated in its filing that the next deadline for the Bitwise Solana ETF and the 21Shares Core Solana ETF is October 16th. Both filings stated: "The Commission believes that a longer period for issuing orders approving or disapproving the proposed rule change is appropriate to allow the Commission ample time to consider the proposed rule change and the issues raised therein." The Solana ETF proposal is making progress as companies amended their filings last month to obtain SEC approval. Companies including Proshares, Grayscale, Canary, and 21Shares are awaiting SEC approval.
Citigroup Considers Providing Custody and Payment Services for Stablecoin and Cryptocurrency ETFs
According to Reuters, Biswarup Chatterjee, global head of partnerships and innovation at Citigroup's services division, said in an interview that the bank is exploring stablecoin custody and other services. Citi is also exploring providing custody services for digital assets that underpin cryptocurrency-related investment products. For example, since the US SEC approved such products last year, many asset management firms have launched ETFs tracking the spot price of Bitcoin. Furthermore, Citigroup is developing services that allow clients to transfer stablecoins between accounts or convert them into US dollars for instant payments, and is discussing related use cases with clients.
U.S. stocks closed mixed, with Circle (CRCL) down 9.1% and Bullish (BLSH) up 9.75%.
According to Cailian Press, U.S. stocks closed mixed, with the S&P 500 up 0.03%, the Nasdaq down 0.01%, and the Dow Jones Industrial Average down 0.02%. The S&P 500 reached a new all-time closing high for three consecutive trading days. Coinbase (COIN) fell 0.65%, Circle (CRCL) dropped 9.10%, and Bullish (BLSH) rose 9.75%.
Coinbase will perform system maintenance on August 18
According to Coinbase Status, Coinbase will perform system maintenance on August 18. During this period, transfers of Bitcoin, Litecoin, Bitcoin Cash, Zcash, Dash and Lightning networks will be delayed. All ERC20 and ETH transfers on Ethereum and Ethereum Classic networks will also be affected. Buying, selling and trading functions will not be affected.
Sequans plans to acquire 100,000 Bitcoins by 2030
According to an announcement on Sequans' official website, the company announced a strategic plan to acquire a cumulative total of 100,000 Bitcoins by the end of 2030. The company launched its Bitcoin reserve strategy in July 2025 and currently holds 3,171 Bitcoins, ranking 22nd among publicly listed companies globally. Sequans will continuously optimize its asset structure and achieve long-term financial stability through phased capital operations, including equity issuance, Bitcoin-backed credit, and intellectual property monetization.
Bitpanda Officially Enters UK Market, Launches Crypto Trading and B2B Infrastructure
According to The Fintech Times, European crypto platform Bitpanda has launched in the UK, opening up trading of over 600 crypto assets to local users. It also launched Bitpanda Technology Solutions, a B2B infrastructure service that supports financial institutions integrating crypto products through white-label integration. Additionally, Bitpanda appointed Pantelis Kotopoulos as Head of UK operations and entered into a global partnership with Arsenal Football Club.
Stablecoin protocol USD.AI completes $13 million Series A funding round, led by Framework Ventures
According to CoinDesk, the stablecoin protocol USD.AI announced the completion of a $13 million Series A funding round led by Framework Ventures, with participation from Bullish, Dragonfly, and Arbitrum. Developed by Permian Labs, USD.AI specifically provides GPU-backed loans to AI companies, increasing approval efficiency by over 90%. The project has secured $50 million in deposits and plans a public ICO using a gamified distribution model.
MicroStrategy's legal name changed to Strategy
According to Strategy's official website, MicroStrategy has changed its legal name to Strategy Inc., effective August 11th. The company's securities will remain traded on the Nasdaq under the same symbols: MSTR, STRK, STRF, STRD, and STRC, and its CUSIP number will remain unchanged. The name change does not affect the company's structure. Strategy Inc. is the world's largest publicly traded Bitcoin holder and provides AI-powered enterprise analytics software.
Gemini Launches Web3 Smart Wallet Without Mnemonic Phrase
According to CoinDesk, Gemini has announced the launch of its self-hosted smart wallet, which allows users to use it without a seed phrase or app download, and supports gas-free transactions and free ENS subdomains. The wallet features biometric login and social recovery tools, and integrates asset management and DeFi functionality. Gemini plans to enable direct account connectivity and on-chain transactions in the future, and is collaborating with BlockAid, WalletConnect, and other partners to support the product launch.
Dinari to launch Avalanche-based blockchain, positioning itself as a “DTCC equity token”
According to CoinDesk, Dinari announced the launch of a primary blockchain, called Dinari Financial Network, powered by Avalanche technology. Designed to serve as a coordination layer for the clearing and settlement of equity tokens, Dinari will partner with institutions including VanEck, BitGo, and Gemini to serve as validators and provide custodial services. Dinari plans to unify multi-chain liquidity and compliance through its own blockchain, and will gradually implement on-chain governance and decentralization.
Blockchain security firm Cyvers detected an unusual transfer of approximately $48 million in funds from the Turkish cryptocurrency exchange BtcTurk, involving multiple chains including ETH, AVAX, ARB, BASE, OP, Mantle, and MATIC. The majority of the funds were concentrated in two addresses, suggesting a coordinated attack.
According to The Block, Coinbase has completed its $2.9 billion cash and stock acquisition of crypto derivatives exchange Deribit. Following the merger, Coinbase leads the global crypto derivatives market in terms of open interest and options trading volume. Deribit's annual trading volume is projected to reach $1.185 trillion in 2024, a 95% year-over-year increase. Founders John Jansen and Marius Jansen have exited the company.
Jeffs' Brands announces $75 million investment in AI-powered cryptocurrency vault
According to GlobeNewswire, Jeffs' Brands will partner with Quantum Crypto to launch an AI-powered cryptocurrency vault management program, investing up to $75 million to optimize returns on Bitcoin and major stablecoins. Quantum Crypto will manage the vault and ensure compliance, while Jeffs' Brands will retain ownership of the assets. The service provider will receive a set-up fee, management fees, and a percentage of performance, as well as company stock options.
U.S. PPI growth hits highest level in three years in July
Driven by a surge in service costs, the U.S. producer price index (PPI) rose at its fastest pace in three years in July. Thursday's report from the Bureau of Labor Statistics showed the PPI rose 0.9% from the previous month after being unchanged in June. The index rose 3.3% from a year earlier. Excluding food, energy, and trade services, the index rose 0.6% from June and 2.8% from a year earlier.
According to Jinshi Data, the US PPI annual rate was 3.3% in July, significantly exceeding market expectations of 2.5% and reaching its highest level since February. The monthly PPI rate in July was 0.9%, the largest increase since June 2022. Initial jobless claims in the US for the week ending August 9th were 224,000, exceeding expectations of 228,000. The previous reading was revised from 226,000 to 227,000.
US Treasury Secretary Benson: We are unlikely to reassess US gold reserves
According to Jinshi, U.S. Treasury Secretary Benson stated that it is unlikely that the U.S. will reassess its gold reserve holdings. The Treasury Secretary stated that the U.S. will cease selling its Bitcoin holdings, which are valued at approximately $15 billion to $20 billion. The Treasury Secretary stated that the U.S. will retain gold as a store of value. He also stated that he is not calling on the Federal Reserve to lower interest rates to 1.5%. He stated that the Treasury will likely start with a 25 basis point rate cut and accelerate the process, believing that there is room for a series of rate cuts. Furthermore, the Treasury is exploring all options for selling its stakes in Freddie Mac and Fannie Mae.
According to The Block, Mesh announced a new round of investment from PayPal Ventures, Coinbase Ventures, Uphold, ByBit, and SBI Japan, bringing its total funding to over $130 million. The new funds will be partially settled in the PayPal USD (PYUSD) stablecoin, with Mesh technology enabling instant transfers. Mesh provides businesses with crypto payment infrastructure, supporting users with over 100 cryptocurrencies and merchants with instant settlement in stablecoins or fiat. The company plans to use the new funds to expand its product and API offerings to more payment platforms. According to Cryptorank, the total funding raised in this round is $9.5 million.
Foreign media: He Yi holds at least 10% of Binance shares and co-manages YZi Labs
According to Fortune, Binance co-founder Yi He (He Yi), as a senior management member of the company, holds at least 10% of Binance, the world's largest cryptocurrency exchange, and jointly manages YZi Labs, Binance's venture capital and family office, with CZ.
According to PRNewswire, Canaan Inc. announced its unaudited financial results for the second quarter of 2025, showing total revenue of $100.2 million, a year-on-year increase of 39.5%. Bitcoin mining revenue reached $28.1 million, a year-on-year increase of 201.6%. Bitcoin reserves rose to 1,483.5 at the end of the quarter and further increased to 1,511 at the end of July. The company announced a strategic restructuring to focus on Bitcoin mining machine sales and its own mining operations, and has terminated its AI chip business. Management recently increased its holdings of the company's ADSs, and the board of directors approved a repurchase plan of up to $30 million.
Binance Wallet: 224 points required to participate in the Reveel (REVA) TGE event
Binance Wallet tweeted that users with 224 or more Binance Alpha Points can participate in the Reveel (REVA) TGE event through the Alpha event page, and participation will deduct 10 points.
LIP-021 proposal approved, Lista DAO will destroy 20% of tokens
Lista DAO announced that the LIP-021 proposal has been passed and 20% of $LISTA will be destroyed and removed, totaling 200 million LISTA tokens.
Robinhood applies for Dubai license, plans to expand into MENA market
According to FinanceFeeds, Robinhood has submitted a license application to the Dubai Financial Services Authority (DFSA) to provide foreign exchange and other trading services in the UAE, appointing Mario Camara to lead local operations. Currently, Robinhood is not available in the MENA region, and users are unable to open accounts. Platforms such as eToro are currently available as alternatives.
According to Ember monitoring, bitFlyer has staked 240,000 ETH (approximately $1.134 billion) and transferred all of it to an execution address after announcing the launch of the Ethereum staking feature. Binance staked 80,000 ETH (approximately $378 million) half an hour ago, all of which was deposited into the staking execution address.
