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Edition · 2026-08-12
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Institutional bitcoin‑backed lending has expanded as companies use cryptocurrency holdings as loan collateral. Two Prime reported that Marathon Enterprises (MARA) pledged 18,750 bitcoin, representing roughly 53% of its holdings, to secure a $600 million loan from Coinbase Credit and Two Prime Lending. The loan carries a fixed interest rate of 7.65% and matures in August 2028. Proceeds may be used for general corporate purposes, including the planned acquisition of Long Ridge Energy & Power, a gas‑fired plant that could support bitcoin mining and artificial‑intelligence infrastructure.
The shift reflects a broader change among corporate bitcoin holders, who are increasingly choosing to borrow against their tokens rather than sell them. Blume said borrowing demand has risen in recent months as institutions seek to fund capital expenditure while retaining exposure to the asset. Recent regulatory filings show agreements that include detailed provisions for margin calls, collateral custody and liquidation, and a wider range of loan sizes and maturities.
Lenders such as Ledn and Kraken have broadened the market through asset‑backed securities and warehouse facilities linked to bitcoin collateral. Blume noted that the growing competency could become increasingly relevant as the financial system moves toward tokenized assets, including equities. The development may reshape corporate finance as more firms add bitcoin to their balance sheets, though regulatory clarity remains an open question.
CFTC Issues Emergency Order to Allow Kalshi to Operate Amid New York Lawsuit The U.S. Commodity Futures Trading Commission (CFTC) issued an emergency order on Tuesday to allow Kalshi, a prediction market operator based in New York, to continue offering contracts while a New York lawsuit proceeds. New York filed suit on July 31 alleging Kalshi runs an unlicensed gambling business by offering contracts tied to sports, elections and other events. The state seeks at least $36 billion in damages and penalties equal to three times Kalshi’s alleged gains and $100,000 per unauthorized wagering offer. The CFTC said New York’s enforcement action and request for a temporary restraining order constitute a market emergency and therefore invoke its authority under the Commodity Exchange Act, which requires a uniform national derivatives market. A federal judge previously denied Kalshi’s request for a preliminary injunction, finding that New York’s gambling laws were not preempted by the Act as applied to its sports‑event contracts. The CFTC also filed a separate lawsuit in April to block New York from applying its gambling statutes to federally registered contract markets; that emergency request was denied for lack of likelihood of success on the merits or irreparable harm. The commission has similarly sued eight other states in addition to New York to defend its jurisdiction. The CFTC’s order does not resolve the underlying jurisdictional dispute, and the outcome will determine whether federal law preempts state gambling regulations for event contracts traded on federally regulated exchanges.
Coinbase has obtained a financial services license from Abu Dhabi Global Market’s regulator, granting it authority to arrange investment deals and provide custody for tokenized securities. The license, issued by the Financial Services Regulatory Authority, applies within Abu Dhabi Global Market’s free zone and enables the company to operate a tokenization hub outside the United States, with Dubai designated for derivatives activities. Tokenized securities will represent underlying shares and will grant holders dividend and voting rights as outlined in the relevant prospectus, with dividend payments automatically reinvested. Access to voting and redemption rights may be subject to vesting requirements. The initial securities to be tokenized, the blockchain networks to be used, and the launch date have not been disclosed, and eligibility criteria for investors have not been specified. Investors will use a blockchain wallet rather than a traditional brokerage account; transactions will remain subject to compliance screening and sanctions checks, and Coinbase retains the ability to freeze or seize assets when regulatory requirements dictate. Brett Tejpaul, co‑CEO of Coinbase Institutional, said that Abu Dhabi established one of the first regulatory frameworks for virtual assets in 2018 and continues to develop rules for blockchain‑based financial products, noting that no major financial center has yet created a system that treats tokenized equities simultaneously as securities, blockchain tokens, and DeFi‑composable assets. Arvind Ramamurthy, ADGM chief market development officer, described the hub as an endorsement of Abu Dhabi’s role in blockchain finance and said the center will support products that enhance market access and transparency while maintaining regulatory oversight. The model follows Coinbase’s earlier 1:1‑backed tokenized‑stock initiatives on its Ethereum layer‑2 network Base. Competition includes Dinari, which in August introduced tokenized S&P 500 stocks for U.S. investors using self‑custody wallets, and Coinbase’s UK offering that began on Aug. 6, providing access to nearly 4,000 U.S. equities for professional clients. The Abu Dhabi license does not permit Coinbase to offer the securities to U.S. investors, who remain subject to U.S. securities laws, and discussions with the SEC continue regarding potential exemption frameworks for blockchain‑based securities.
By · 73d ago · Source: washingtonpost
The U.S. Treasury Department on Tuesday finalized the repeal of a rule that required businesses formed in the United States to report ownership information to the Financial Crimes Enforcement Network (FinCEN). The rule also applied to foreign companies and pooled investment vehicles, which must continue reporting, while the Treasury will delete previously collected data on U.S. business owners. The Corporate Transparency Act, enacted in January 2024 under the Biden administration, required U.S. and foreign companies doing business in the United States to disclose beneficial owners — individuals owning at least 25% of a company or exercising substantial control — to FinCEN. The law was supported by law enforcement officials, the American Bankers Association and some human rights advocates, while the National Small Business Association and other industry groups argued that the reporting obligations placed compliance costs on small enterprises. Treasury Secretary Scott Bessent said the rule eliminates a reporting requirement for millions of law‑abiding business owners without compromising national security. Senate Banking Committee Republicans praised the action as supportive of job creators. Senate Banking Committee Chair Elizabeth Warren said the decision could benefit cartels, criminals and foreign adversaries that exploit shell companies. Richard Nephew, a former anti‑corruption official in the Biden administration, said the move opens the United States to financial crime, money laundering and corruption. Small Business Administration Administrator Kelly Loeffler said the rule would save American businesses an estimated $6.7 billion in compliance costs over the next decade. The Treasury noted that FinCEN and other federal law enforcement agencies have alternative sources of information to monitor domestic money‑laundering risks, unlike foreign companies. The repeal follows a temporary suspension of the reporting requirement announced by the Trump administration in March 2025 and makes that suspension permanent. The change takes effect immediately and may influence future efforts to detect illicit finance within the domestic corporate sector.
Bitdeer announced on August 10 that it may raise up to $1 billion through the sale of additional Class A shares, a financing mechanism that could dilute existing shareholders by as much as 30 percent if fully drawn. Under the illustrative price of $10.88 per share, the full issuance would require about 91.9 million new shares, equal to 40.4 percent of the 227.4 million Class A shares outstanding on June 30, and would represent roughly 28.8 percent of the enlarged share pool. The prospectus supplement sets no minimum sale amount and does not obligate the company to use the entire authorization for its Tydal AI data‑center project. Bitdeer previously raised $160.7 million in January 2025 via a similar ATM issuance of 9.05 million shares. The funds are intended for data‑center expansion, high‑performance computing, AI cloud services, ASIC mining‑rig development and manufacturing, working capital and other corporate purposes, giving management discretion over the use of proceeds. The Tydal lease disclosure targets phase 1 commencement on December 31 2026 and phase 2 on March 31 2027. Volta Tydal AS, the tenant, is expected to have its obligations backed by about $1.3 billion of letters of credit arranged by JPMorgan and other top‑tier banks, subject to customary conditions. Bitdeer may terminate the agreement if Volta fails to meet credit‑backstop milestones, and Volta holds a no‑fee termination right after year 10 of the 16‑year base term. The immediate test for shareholders is how much of the ATM is utilized, at what price, and whether the anticipated tenant credit support is provided on schedule.
The SEC will vote Friday, August 14 at 10 a.m. ET, on a proposal to create new crypto fundraising rules that could allow token projects to raise capital without full securities registration. The proposal, outlined by SEC Chair Paul Atkins in March, would be released for public comment after the vote and would not provide an immediate exemption. The plan includes two fundraising exemptions — one permitting up to $5 million over four years and another allowing up to $75 million within a 12‑month period — along with a safe‑harbor provision for assets whose issuers cease essential managerial efforts. The rules would require principles‑based disclosures about the investment contract and the underlying crypto asset, and issuers would need to notify the SEC when entering and exiting the exemption. The third concept addresses asset status after the issuer ends managerial activities, preserving the requirement that the original offering be registered or exempt. Details on eligibility, resale restrictions, and exclusions were not provided in the agenda. Atkins said only Congress can enact comprehensive market‑structure legislation, but the SEC may seek near‑term relief using existing authority. The vote will determine the scope of the rules and which issuers can claim the exemptions. The proposal will be refined after the public comment period, and the SEC’s next steps depend on the outcome of the vote and any subsequent congressional action.
The U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission filed civil lawsuits on Tuesday against Goliath Ventures and its founder, Christopher Delgado, alleging a $400 million cryptocurrency Ponzi scheme. The SEC said Goliath raised at least $425 million from more than 1,300 investors through an unregistered securities offering, promising monthly returns of 3% to 10% and guaranteeing principal while claiming funds would be placed in crypto liquidity pools. The agency alleged that none of the money was invested and that Delgado diverted about $51 million for personal use. The CFTC said about 1,600 customers contributed at least $397 million after the company solicited funds for Bitcoin and Ether trading. Delgado has agreed to settle the SEC action, while the CFTC seeks restitution, penalties and a market ban. He previously pleaded guilty on June 30 to conspiracy to commit wire fraud, wire fraud and money laundering, and the Department of Justice said he caused at least $250 million in investor losses. Delgado also agreed to forfeit properties, vehicles, luxury goods, bank accounts and traceable crypto assets. The SEC complaint alleges the firm used new investor funds to pay earlier participants and fabricated account balances and performance metrics. It said monthly distributions stopped in November 2025 when the company could no longer raise money quickly enough. The court will determine the amount of disgorgement, prejudgment interest and any civil penalty. Delgado’s settlement with the SEC is subject to court approval and would permanently bar him from violating the securities provisions cited in the complaint.
SEC to hold a public meeting Friday to consider new rules creating a tailored regime for crypto asset investment contracts. Congress failed to pass the Digital Asset Market Clarity Act (CLARITY) last week, leaving the SEC without statutory guidance. Chair Paul Atkins said the agency is prepared to issue rules if Congress does not act, but the scope of the SEC’s authority remains uncertain. The SEC spokesperson said the agency will pursue a regulatory framework that aligns with market structure legislation and is future‑proofed, while noting that the CLARITY bill could still become law. The Senate has scheduled a cloture motion for the CLARITY bill when legislators return on September 14, a step that may affect the bill’s prospects in the House and before President Donald Trump, who faces criticism over his family’s crypto holdings.
Investigators estimate that the Coldcard wallet hack resulted in the loss of roughly 1,400 Bitcoin, according to multiple blockchain analytics firms. The theft involves self‑custody wallets, for which there is no comprehensive list of affected accounts, making precise quantification difficult. CryptoQuant reported a confirmed loss of 1,432 Bitcoin based on victim disclosures, while Galaxy Research placed a high‑confidence minimum of 1,730 Bitcoin and said the total could increase as more reports emerge, according to Alex Thorn. TRM Labs estimated the attackers drained about 1,816 Bitcoin from more than 5,200 addresses across four waves, according to Ari Redbord. Analysts note that the figures differ because they distinguish between amounts directly confirmed by victims and those inferred from on‑chain patterns. Chainalysis has not issued an independent tally, and blockchain investigator ZachXBT said he has no plans to monitor the incident. The final amount remains uncertain pending further victim disclosures, highlighting the difficulty of verifying self‑custody thefts.
Anthropic has signed a 20‑year agreement to receive approximately 191 megawatts of power from Bitcoin miner Riot Platforms, a deal valued at about $9 billion, according to a press release and Bloomberg. The arrangement follows Anthropic’s earlier $19 billion 20‑year data center lease with TeraWulf signed on July 6. Several Bitcoin mining firms, including Bitdeer, CleanSpark, MARA Holdings, Core Scientific, Hut 8 and IREN, have expanded into artificial intelligence and high‑performance computing. Riot’s shares fell 5.4 percent on Monday but rose more than 21 percent in overnight trading, and the stock is up more than 53 percent year‑to‑date, according to Yahoo Finance. The company ranks as the world’s fourth‑largest Bitcoin mining firm with a $7.33 billion market capitalization, per CompaniesMarketCap data. A Bernstein report released on July 23 stated that partnerships between AI companies and Bitcoin miners are necessary to address the power crunch constraining AI data centers.
This edition was assembled from neutral, agent-rewritten summaries of the day's aggregated news.
Why it matters: Every article was reviewed for loaded language, partisan framing, and missing attribution before publication.
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