Crypto Boardroom Weekly: IPOs, Q2 Earnings, Blockchain Launches & Fed Moves

Top 5 Moves by Crypto Giants

1. Circle to launch its own Layer-1, Arc.
   This week, Circle unveiled Arc, a purpose-built L1 optimized for stablecoin finance and instant cross-border settlement - set to launch in fall this year. This followed the similar moves by other brands including Stripe, eToro, Dinari.

2. MetaMask preparing to issue a USD-pegged stablecoin (mUSD / mmUSD).
   MetaMask is readying a dollar-pegged token backed by short-term treasuries and partner custody/treasury services to capture wallet-native yield.

3. Polymarket upgrades oracle mechanics to a whitelisted resolution model.
   Polymarket/UMA restricted dispute/resolution proposals to whitelisted addresses to reduce contentious contestations and speed settlements.

4. Gemini’s IPO filing revealed - heavy losses but public push continues. Gemini's S-1 statement made public on Friday revealed $282.5M net loss in H1-2025 even as it seeks capital and market credibility. This came shortly before the exchange unveiled Gemini Wallet, a new self-custodial smart wallet.

5. Ethereum devs set Fusaka mainnet target for early November.
   Consensus layer teams finalized a rollout plan at their 162nd meeting, targeting the Fusaka activation for November.

Top 5 Market Happenings

• Bullish Completes blockbuster IPO: On August 13, Bullish raised $1.11 billion by pricing 30 million shares at $37 each, valuing the company at $5.4 billion.

• VivoPower (VVPR) makes bold XRP and Ripple equity play:
  VivoPower triggered a 32% stock rise after announcing a $100M purchase of Ripple Labs shares and access to 211M XRP tokens at an implied $0.47 each,

• Bitcoin flips Google in market capitalization:
  Bitcoin surged to an all-time high above $124,000, briefly surpassing Alphabet’s $2.45 trillion market cap and becoming the fifth-largest global asset.

• WLFI–ALT5 $1.5B Deal: ALT5 Sigma confirmed a $1.5B financing led by WLFI, to fund its WLFI Treasury Strategy. Leadership changes include Blockstreet CEO Matt Morgan as CIO, Zach Witkoff as Chairman, and Eric Trump joining the board.

• Wall Street firms are aggressively hiring for crypto roles:
  Legacy finance giants like Charles Schwab and Fidelity are expanding crypto talent pipelines. They are focusing on roles in custody, trading, and digital asset strategy—as they scale into crypto offerings. 

Quick Takeaways of Q2 Results Announced This week

• Metaplanet posted strong second-quarter results, with revenue climbing 41% quarter-over-quarter to $8.4 million. It ended the quarter with net income swinging to $75.1 million profit from a 5.0 billion yen loss last year.

• Circle posted Q2 revenue of $658 million, up 53% year-over-year, with adjusted EBITDA of $126 million. However, it recorded a $482 million net loss largely driven by one-time IPO-related charges.

• eToro delivered a solid quarter: Net contribution rose to $210 million (+26% YoY), assets under administration jumped to $17.5 billion (+54% YoY), and funded accounts reached 3.63 million.

• Block showed improving profitability - Q2 adjusted EPS was $0.62, and gross profit grew about 14% year-over-year, supported by product momentum. As per its founder Jack Dorsey, the firm is also set to provide Bitcoin banking services for small Businesses.

Regulatory & Administrative Happenings

New Fed developments: 

• Fed leadership shuffle remains front-and-center as White House is narrowing Powell successor list. The administration says it’s down to a short list of Fed-chair candidates and has nominated Stephen Miran to fill an interim board seat.

• Fed shutters its special crypto oversight program (Novel Activities Supervision Program).
  Announced Aug 15, the Fed said it is ending the specialist program set up to monitor banks’ crypto and novel fintech activities and will revert those banks to the Fed’s standard supervisory framework.

Other Regulatory Happenings -

• Ripple vs SEC lawsuit concluded: The SEC formally ended its high-profile case against Ripple on August 8, with the court upholding a $125 million fine and maintaining the injunction on XRP sales to institutional investors.

• White House crypto advisor Bo Hines steps down: The exit followed the rollout of a crypto policy report and will affect near-term policy coordination.

• Google Play updates crypto exchange and wallet policy: New rules now let onlyregulated exchanges and wallets list apps with clearer disclosures.

Around the World -

• Vietnam pilots digital asset exchange: The government approved a pilot for a regulated crypto exchange at its International Financial Center, signaling Southeast Asia’s growing role in digital finance.

• Hong Kong mandates cold-wallet custody: Regulators introduced new rules requiring licensed exchanges to hold at least 98% of customer crypto in cold storage for added investor protection.

• India–U.S. tariff tensions escalate sharply:
  Trump hiked tariffs on Indian goods to 50%, hitting 55% of exports; July trade deficit ballooned to $27.35B (8-month high).

Top Fundings & M&As:

• Shrapnel (Neon Machine) raises $19.5M: The Gala Games-led round will fuel the global rollout of its blockchain FPS and strengthen multichain partnerships.

• Transak secures funding from Tether: The undisclosed strategic investment is aimed at scaling fiat on/off ramps and simplifying global crypto onboarding.

• Coinbase completes Deribit acquisition: The deal brings one of the world’s largest crypto options exchanges under Coinbase’s umbrella, expanding its derivatives footprint.

• Animoca Brands backs Cool Cats: Animoca and affiliates made a strategic investment in Cool Cats Group to accelerate Web3 IP expansion and community growth.

Founders’ Moves-

• Pudgy Penguins CEO’s Instagram hacked to shill $IGLOO token: The account of CEO Luca Netz was compromised and used to promote a fraudulent Pump Fun–based token, $IGLOO.

• Story Protocol co-founder steps back amid AI pivot: Jason Zhao, after 3.5 years at the helm, is exiting his full-time role at Story Protocol to launch "Poseidon," an AI venture. He will continue as a strategic advisor while SY Lee becomes CEO.

• Vitalik likes Zora amid explosive creator activity: Ethereum co-founder Vitalik Buterin praised the Zora social app on August 12 for its creator-first UX and suggested adding Ethereum-address recovery.

BrandTalk Highlights This Week:

Pulse Featured: Rare Evo 2025: A New Project on Cardano is Putting 5.9 GW of Sunshine on the Blockchain

Op-ed : HTX Ventures Head Writes: Stock Tokenization’s Biggest Hurdle Is Regulatory Compliance – Not Technology 

Stay ahead of the curve in crypto and Web3. Each week we distill top happenings inside web3 companies, earnings, funding, and regulatory moves into clear takeaways for decision-makers. No noise - just the insights that matter for leaders navigating digital assets.

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