ARK · 1487

Cathie Wood: Ready for the big market, Bitcoin is still bullish to $1.5 million

Comparing news, ARK Invest founder Cathie Wood said in an interview that Bitcoin is preparing for a new round of surge, and I am bullish that Bitcoin will eventually reach $1.5 million. Cathie Wood has been sticking to Bitcoin's target price of $1.5 million, even though most people initially thought she had lost her mind. The core of how the ARK Invest founder built Bitcoin's bullish logic is mainly based on three pillars: institutional adoption, fixed supply, and Bitcoin's gradual transformation into a true digital store of value. She has also stated many times that there is a specific catalyst that could significantly speed up the process of achieving this goal: the US government's purchase of Bitcoin. This article is sponsored by GENG, Build Your Fortune on GENG (https://geng.one)

7h agoburnking

ARK Invest Research Director: Proposes Hyperliquid to acquire Gemini to create a US compliant HIP-3/4 platform

Comparing news, ARK Invest Research Director Lorenzoark wrote an article recommending that Hyperliquid acquire the US compliant trading platform Gemini and make it a US regulated HIP-3 and HIP-4 deployment platform. Hyperliquid is engaging with the CFTC and SEC to support US regulated companies to provide perpetual contract transactions and settlements on their public chains. Gemini was listed at a valuation of 3.3 billion US dollars in September 2025, and currently has a market capitalization of about 450 million US dollars, down more than 85% from the IPO. Under pressure from its core business, it has shrunk its operations in the UK, the European Union, and Australia, cut its workforce by about 40% to 402 from its peak, reduced platform assets from $18.2 billion to $8.4 billion, and its spot trading volume fell 66%. Approximately $450 million can obtain Gemini's full US regulatory license portfolio, including NYDFS trust licenses, CFTC-regulated DCM (Gemini Titan), DCO (Gemini Olympus), FCM in progress, and almost all US MTL and broker-dealer licenses. Compared to Kraken's parent company buying Bitnomial for up to $550 million, Gemini's overall market capitalization is lower. After the acquisition, it can inherit operating assets such as approximately 580,000 monthly active trading users, 1.72 million lifetime users, US$8.4 billion in platform assets, US$3.8 billion in quarterly spot volume, and approximately US$180 million in annualized revenue.

1d ago

Spot Bitcoin ETF's single-day turnover exceeded 5.3 billion US dollars, and BlackRock contributed more than 4.4 billion

In comparison, according to Watcher.Guru monitoring data, today's spot Bitcoin ETF turnover has exceeded 5.3 billion US dollars. Product turnover was as follows: BlackRock (BlackRock) $4.438 billion, Fidelity $438 million, Grayscale $209 million, Bitwise $107 million, ARK Invest $72.895 million, and VanEck $32.842 million. The remaining product turnover was: Morgan Stanley $14.8016 million, Franklin $11.1747 million, Invesco $5.5934 million, Valkyrie $1.525 million, WisdomTree $6001 million, and Hashdex $269 million, respectively. BlackRock accounts for more than 80% of all spot Bitcoin ETFs in a single day and continues to dominate the market.

1d ago

Ethereum Foundation Launches Better.Codes Challenge to Advance Hashing SNARK to Prove Safe

Comparatively, better.codes, an open automated research challenge created by the Ethereum Foundation's formal verification team in collaboration with Yukon and zkSecurity, is now live. The platform formalized the self-contained problem in the Proximity Prize into Lean and placed KoalAirS12's machine inspection reliability community on a public leaderboard for anyone to drive improvements to advance hash-based SNARK and post-quantum Ethereum-related security benchmarks. Solvers can bring their own AI agents to prove a higher reliability lower bound for this Reed-Solomon proximity problem and move towards a fixed 128-bit goal. Lean Kernel verifies each submission, and the promoted certification enhances the open community, and its new theories, proof techniques, and unlikely results are synchronized upstream for reuse by all participants. Most hashed SNARKs in production environments rely on relevant proximity gaps and related agreed conclusions, and currently the verifiable results are still below the benchmarks the researchers believe in. This challenge aims to close this gap in an open, incremental, and verifiable manner. KoalAirs12 is derived from a related paper and formalized end-to-end in ArkLib. Participants can log in and clone the challenge repository via GitHub and submit it under a fixed theorem statement and verification framework; after confirmation by the comparator and Lean kernel, the results are recorded in the public repository and the solver and model used are indicated. Launched today is a reliability challenge that raises the KoalAirS12 certification lower bound to 128 digits. More topics may be added later. The rules are subject to the project terms.

1d ago
Wall Street Q2 holdings revealed: as institutions fall and buy more, ETH outperforms BTC across the board

Wall Street Q2 holdings revealed: as institutions fall and buy more, ETH outperforms BTC across the board

Source: ChainCatcher Author: Zhou Original title: Q2 Wall Street Institutional Crypto Positions: Most institutions bucked the trend, and ETH exposure completely outperformed BTC in the second quarter. ETF capital flows and institutional behavior were decoupled, and the institutionalization of crypto assets deepened; at the same time, institutional differences over crypto-related stock targets are also getting bigger. August 14 is the legal deadline for the US SEC to require institutional investors to submit Q2 13F forms. After the centralized disclosure of documents, Wall Street's crypto holdings were once again spread out on the table. There was a clear contrast between institutional movements and currency price trends this season. The price of Bitcoin fell by about 14.2%, while crypto holdings declared by institutions increased. According to Bitcoin Strategy's calculation of 13F data, institutional Bitcoin holdings increased 7.5% from about 498,000 to about 536,000, up 7.5% month-on-month, while total ETF holdings fell from about 1.297,000 to about 1,211,000 during the same period. According to SosoValue data, the US spot Bitcoin ETF continued to make net redemptions in the second quarter, with net outflows of about 2.4 billion and 4.5 billion US dollars in a single month in May and June, respectively. Among them, June set the worst monthly record since listing. The Ethereum ETF also had a cumulative net outflow of around $700 million over the same period. At the same time, the chips are concentrated on the head. The number of institutions declaring Bitcoin holdings dropped from about 2,000 to about 1,900. According to Bloomberg data, as of August 13, the number of institutional holders of an IBIT product reached about 1,500, with a net worth of about US$47.35 billion. The growth rate of Ethereum on the bank side completely outperformed Bitcoin. Previously, ChainCatcher wrote in the first quarter position review: Institutional interest in Ethereum's allocation is increasing, and Jane Street, Wells Fargo, and J.P. Morgan Chase all added Ethereum ETFs during the outflow phase. In the second quarter, this sign was confirmed on the bank side. According to DWF Labs estimates, in terms of the number of corresponding crypto assets, Morgan Stanley's exposure to BTC increased 3.7% month-on-month and ETH exposure increased 18.6% in the second quarter. J.P. Morgan's BTC exposure increased 12.2%, and ETH exposure increased 67.3%. Both banks are growing at a significantly higher rate of ETH than BTC. The individual level is more intuitive. Morgan Stanley's ETHA increased by about 202% to 4.6 million shares, J.P. Morgan's ETHA increased by about 338% to nearly 1.17 million shares, and Bank of America ETHA increased from about 67,500 shares to about 1.98 million shares, about 29 times the previous one. But in fact, there was an overall net outflow of Ethereum spot ETFs in the second quarter. According to SosoValue data, there was still a net inflow of about 356 million US dollars in April, net outflows of about 541 million and 529 million US dollars in May and June respectively, and a total net outflow of about 714 million US dollars in the second quarter. Jane Street bought it back. Hedge funds moved their positions into options. Last season, Jane Street cut IBIT holdings by about 71%. The market once speculated that it was bearish on Bitcoin. This quarter, it reversed IBIT and added back about 24.9 million shares, a sharp increase of about 324% over the previous quarter, making it one of the biggest buyers of the quarter. Its current spot Bitcoin ETF exposure is approximately $9.9 billion, of which approximately $828 million is in IBIT. As an authorized participant and market maker, its end-of-quarter inventory is related to redemptions and hedging, and a large amount on spot is not equal to a directional bet. It is worth noting that 13F only reported a long spot volume at the end of the quarter. If options were added, the image of several institutions would also reverse. Global macro hedge fund Brevan Howard cut spot IBIT from 24.3 million shares to 7.21 million shares in the second quarter, reducing its holdings by about 70.4%. But it also holds a call option corresponding to approximately 7.23 million IBIT shares and a put option of 5.27 million shares. Graham Capital reduced its current IBIT from about 926,000 shares to 259,000 shares, reducing its holdings by about 72%, while holding down options corresponding to about 1.74 million IBIT shares, with a declared value of about $57.94 million. Multi-strategy giant Millennium reduced current IBIT from about 19.29 million shares to 9.69 million shares, reducing holdings by about...

3d ago22#Wall Street #Bitcoin
After losing 10 billion US dollars in three months, why did DAT's stock price not fall but rise?

After losing 10 billion US dollars in three months, why did DAT's stock price not fall but rise?

Author: Eric, Foresight News Original title: After losing 10 billion US dollars in 3 months, DAT began to return to rationality. The financial reporting season, which had just ended, the Crypto Treasury Company (DAT) handed over a seemingly terrible answer. Strategy's net loss for the second quarter was US$8.22 billion, of which 8.32 billion was a reduction of the fair value of Bitcoin holdings; Strive had a net loss of US$258 million, with over 90% falling prices of Bitcoin and STRC preferred shares held by it; Sharplink's net loss of US$394 million; Metaplanet's net loss of 182.8 billion yen (about US$1.15 billion) in the first half of the year, of which about US$430 million in the second quarter; Bitmine, due to the fiscal year ending in August, It lost only $83.6 million in the March-May fiscal quarter, but the cumulative net loss over the past nine months has exceeded $9 billion. The five companies combined had a net loss of about 10 billion US dollars in the second quarter, and accumulated more than 30 billion US dollars in the first half of the year. A year ago, such a statement was enough to trigger a panic sell-off. But what actually happened was a different story. Strategy's stock price closed up 4.73% on the day the earnings report was released, while the options market originally fluctuated 8% in both directions. From the low at the end of June, Bitmine rebounded about 36%, Sharplink rebounded about 37%, Strategy and Strive rose more than 10%, and Metaplanet also rebounded about 15% from its late-June low. Losses are real, but everyone knows that DAT's second-quarter earnings report must have been a huge loss, the difference between 10 billion and 9.9 billion dollars. Large DAT companies have their own dashboards, or at least there are people who continuously count relevant data. Every financing, every time Bitcoin or Ethereum is being watched by the world with a magnifying glass. Therefore, everyone in the market can see how much money was lost in the second quarter. The financial report simply confirmed what had already happened. What has caused the stock prices of these DAT companies to “bottom up” is that both the market and the company have returned to rationality. In the second quarter, Strategy raised $8.4 billion in a single quarter, surpassing any quarter of last year; in May, it repurchased $1.5 billion of convertible bonds at a face value of 9.2 billion, reducing total convertible bonds from 8.2 billion to 6.7 billion dollars; and in June, Sharplink completed a targeted increase of $75 million at a price higher than net asset value, while using an average price of $4.70 to buy back its shares. In the performance guidance and earnings call, most of these companies invariably gave the same direction: focus on increasing the “content” of each share of crypto assets. Last year, DAT told a story of growth. Whoever buys coins faster will rise. The tide receded this year, and the surviving companies all exchanged KPIs for the same indicator, the number of crypto assets corresponding to each share. Strategy's Bitcoin content per share increased 5% month-on-month in the second quarter; Metaplanet's fully diluted Bitcoin holdings increased 9.6% in the first half of the year; Sharplink repeatedly emphasized the increase in ETH content per share. Accompanying this goal is discipline. Metaplanet clearly implements a set of capital allocation policies. When MNaV is above 1x, it issues additional shares to buy coins, stops issuing additional shares when it is less than 1x, and instead uses preferred shares and credit instruments, and even repurchases stocks. In the second quarter, just because its MNaV fell below 1 times, the company voluntarily abandoned targeted increases from third parties, preferring to slow down the growth rate of its holdings rather than dilute shareholders at a discount. Sharplink and Strategy have also launched repurchases. Treasury companies are no longer brainlessly expanding, but are returning to a simple question: how to make each share more money behind it. Strategy even went against its promise to “never sell coins” for this goal, and its stock price also had the lowest rebound among mainstream DAT companies. This is a pain that must be experienced from “above” to rationality. A new tool for STRC model apprentices to achieve this goal is STRC, invented by Strategy in July of last year, a perpetual preferred stock with a face value of 100 dollars anchored and dividends adjusted monthly. The logic is simple, use around 12%...

4d agoForesight News#DAT
Is the code no longer worth it? The $11.2 billion financing gave the same answer

Is the code no longer worth it? The $11.2 billion financing gave the same answer

Author: Shenchao TechFlow Original title: Revealing the $11.2 billion funding flow in half a year: The crypto industry's most valuable asset is changing from code to license Dubai crypto lawyer Irina Heaver and her team NeosLegal did a simple but powerful thing: sorting through all publicly disclosed crypto industry financings in the first half of 2026, totaling about $112 billion. The conclusion is only one sentence: every loan with a disclosed amount goes to a business that requires regulatory permission to operate. The top three tracks are: $3.7 billion in payments and stablecoins, $2 billion in forecasting markets, and $1.7 billion in exchanges and trading platforms. All three areas have one characteristic in common, requiring a license to operate lawfully in any major jurisdiction. Institutional capital's valuation logic for the crypto industry has changed from “what code can you do” to “do you have a license or not”. Who checks the cheque who pays the bill first. Kalshi closed a $1 billion financing round in May, with investors including Sequoia, Morgan Stanley, Ark Invest, and a16z. Polymarket received $600 million, and the lead investor was the Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange. It only predicted a single market track and completed 34 rounds of financing within half a year. Among the $3.7 billion in payments and stablecoin circuits, the names BlackRock, Goldman Sachs, and the Persian Gulf Sovereign Fund appear repeatedly. Vineet Budki, Managing Partner at Sigma Capital, put it bluntly: Regulatory licenses have gone from compliance footnotes to core valuation metrics. There is cold arithmetic behind this judgment. An application cycle for a MiCA license or Dubai VARA license usually takes 18 to 24 months and costs millions of dollars. Codes can be forked over the weekend; licenses can't. When venture capital evaluates two projects with similar functions, the one with the license naturally has a moat that cannot be quickly replicated by competitors. The license plate is a new moat to look at this phenomenon on a longer timeline. In 2020-2021, the main themes of crypto financing were protocols and infrastructure. Public chains, DeFi protocols, and NFT platforms have taken most of VC money. The investment logic is technical barriers and network effects. Whoever has the highest TVL, who has the most active developer ecosystem, is worth the most. In 2022 - 2023, the bear market cleaned out a number of pure narrative projects, and financing began to lean towards businesses with real income. Exchanges, wallets, and infrastructure companies have increased their share of financing. Data for the first half of 2026 show that this trend has reached a logical end: capital is no longer paying for technological innovation itself, but for “the ability to operate technological innovation within a compliance framework.” To put it bluntly, a code is a necessary condition; a license is a sufficient condition. This is highly consistent with the evolutionary path of the traditional financial industry. Fintech companies relied on technology disrupted financing in the early 2010s, and by the late 2010s, they relied on licenses and compliance capabilities. Stripe is worth 100 billion dollars, and the core barrier is its ability to operate in compliance in more than 40 countries, far exceeding the technical gap of the payments API itself. The crypto industry is following the same path, only faster. Funding flows and user activity are being split, but there is an important gap in this set of data: it only counts financing, not users. On-chain data shows that DeFi protocols are growing in TVL, DEX trading volume, and number of active addresses in the first half of 2026. Uniswap, Aave, and Jupiter's unlicensed daily activity and trading volume didn't shrink because VC money stopped flowing to them. Retail users are still trading, borrowing, and providing liquidity on the chain. This means that what is happening is a more subtle split rather than the “death of unlicensed agreements”: institutional capital is flowing to compliant, licensed centralized businesses, and retail user activity is still distributed in an unlicensed on-chain market. Money and people are moving in two directions. This split is most evident in the prediction market. Kalshi and Polymarket both predict markets, but Kalshi is a CFTC-registered exchange, and Polymarket has no license in the US. Kalshi got $1 billion in financing and Morgan Stanley...

5d ago深潮TechFlow#Kalshi #Exchanges #stablecoins #financing #Predicting the market