This Week in Web3: Top 5 Partnerships, Earnings, & Rules

Here are the Executive-grade insights for Web3 CXOs - distilling this week’s top deals, earnings, happenings inside web3 companies, new projects/fundings, and regulatory shifts.

August 01, 2025

Top 5 Quarter Results:

Kraken delivered revenue of $412 million in Q2 2025, up 18% year-over-year, with adjusted EBITDA of $80 million and total exchange volume of $186.8 billion (↑19% YoY).

Coinbase reported EPS of $5.14 (vs. $0.14 a year ago), driven by a $1.27 billion pretax gain from its Circle investment. Its revenue rose 7% YoY to $1.5 billion - falling $90 million short of consensus.

Robinhood’s Q2 2025 net revenue jumped 45% YoY to $989 million, with net income more than doubling to $386 million.

Strategy posted a record Q2 net income of $10.0 billion ($32.60 EPS), with operating income of $14.0 billion. This included a $14 billion unrealized gain on its Bitcoin holdings

Tether reported a Q2 net profit of $4.9 billion, fueled by gains in its Bitcoin and gold reserves, and invested $4 billion in U.S. expansion initiatives.

Top 5 Company Happenings:

Ethereum@10 unveiled 10-year “Lean Ethereum” vision
On July 31, Ethereum researchers led by Justin Drake rolled out a decade-long roadmap—dubbed “Lean Ethereum”. It is aimed at achieving post-quantum security and scaling to 10,000 TPS on mainnet.

BNB rally fueled by corporate treasury buys
BNB climbed over 6.6% after major firms, including Windtree Therapeutics and Nano Labs, injected $610 million into BNB treasuries. 10X Capital’s $1.25 billion U.S. BNB treasury deal closed on July 31.

PayPal “Pay with Crypto” goes live
On July 28, PayPal launched its “Pay with Crypto” service for U.S. merchants.

Pump.fun’s revenue skids but PumpSwap dominates
Pump.fun saw revenue hit a 10-month low amid intensified memecoin competition. Its on-chain DEX, PumpSwap, captured 74% of Solana’s DEX volume in July

Former BlackRock digital-assets veteran Joseph Chalom joined SharpLink as Co-CEO

Top New Features/Product Launches

Coinbase “Everything Exchange” Enters the Tokenized Equity Race
Coinbase unveiled its “Everything Exchange” vision, planning to tokenize U.S. equities on-chain and launch prediction markets for US users.

Binance Launches “Crypto Lemonade” Cans in Kazakhstan
Binance Kazakhstan rolled out limited-edition “Crypto Lemonade” cans in a unique marketing campaign. Each can features an NFC-enabled tag that lets buyers scan for chances to win Bitcoin and other tokens.

eToro Explores Spinning Up Its Own Blockchain
In a Fortune interview, eToro CEO Yoni Assia confirmed the firm is evaluating the creation of a proprietary blockchain to underpin its expanding tokenized-assets strategy.

MetaMask Debuts “Stablecoin Earn” Yield Feature
MetaMask integrated Aave’s lending protocol directly into its wallet with “Stablecoin Earn.” This enabes users to earn yield on USDC, USDT, and DAI without leaving the app.

Twenty One Capital Considers USD Loans Backed by Bitcoin
Bloomberg reports Twenty One Capital is exploring a program to issue U.S. dollar loans collateralized by its growing Bitcoin holdings.

Top 5 Actions by SEC

Launch of “Project Crypto”
SEC Chair Paul Atkins unveiled “Project Crypto,” a commission-wide initiative to modernize securities rules for digital assets.

In-Kind Creations & Redemptions for Crypto ETPs
On July 29, the SEC approved in-kind creation and redemption mechanisms for authorized participants in crypto exchange-traded products.

BlackRock Ethereum ETF Staking Nod
The SEC acknowledged Nasdaq’s proposal to allow BlackRock’s iShares Ethereum Trust ETF to stake ETH.

Guidance on Crypto Custody Services
The SEC’s Division of Trading and Markets published FAQs clarifying custody and safeguarding requirements for crypto-asset activities and DLT.

Generic Listing Standards for Crypto ETPs
Through new exchange filings, the SEC introduced generic listing standards for crypto ETPs. It streamlined approvals by allowing any token with six months of futures trading to list without separate 19b-4 filings.

Around the World

White House Releases Digital Assets Policy Report (July 30, 2025)
The White House published a 163-page report by the President’s Working Group on Digital Asset Markets on July 30.

South Korea Forms Crypto-Lending Task Force (July 31, 2025) This came in as South Korean regulators warn about high-leverage lending products from Upbit and Bithumb.

Hong Kong’s Stablecoin Ordinance Takes Effect (August 1, 2025) The Stablecoins Ordinance brings all fiat-referenced stablecoin issuers under HKMA

Top 3 Partnerships:

Visa and Stellar - Visa expanded its stablecoin settlement support to include PYUSD, USDG, and EURC on the Stellar (and Avalanche) networks.

Coinbase partnered with JP Morgan Chase and Samsung Pay - Coinbase and JPMorgan Chase launched a strategic partnership enabling Chase customers for direct crypto purchases. Coinbase also integrated Samsung Pay into its mobile app.

Bybit and Tether - Bybit partnered with Tether to accelerate crypto adoption in Brazil via institutional alliances, event sponsorships, and educational initiatives

Top 5 Fundings:

WLFI & Falcon Finance - World Liberty Financial (WLFI) invested $10 million in Falcon Finance to bolster liquidity and interoperability between its USD1 stablecoin and Falcon’s USDf.

TACEO - Austrian crypto startup TACEO closed a $5.5 million seed round led by Archetype VC, with backing from a16z CSX, Cyber.Fund among others.

Zodia Markets - Founded by Standard Chartered and OSL group, it secured $18.25 million in a Series A led by Pharsalus Capital (with Circle Ventures and others).

Stable - Layer-1 blockchain startup Stable raised $28 million in a seed round led by Bitfinex and Hack VC.

STON.fi (TON Ecosystem DEX) - STON.fi, the leading DEX on the TON blockchain, closed a $9.5 million Series A round led by Ribbit Capital and CoinFund.

Top New Web3 Project Launches

Consensys’ Layer-2 network Linea partnered with Nile to unveil Etherex. Built on Ethereum’s 2014 DEX vision, it is a fully on-chain, permissionless DEX built on Linea’s zkEVM

Superfortune, the first metaphysics application in Web3 incubated by Manta Network, superfortune, officially launched.

Top 5 Founders’ Happenings this Week

The FBI officially dropped its criminal probe into Kraken co-founder Jesse Powell and returned his seized electronic devices,

Solana co-founder Anatoly Yakovenko stressed that cryptographic signatures remain the only elements beyond AI’s capability

Binance founder Changpeng Zhao saw his net worth spike to approximately $75.8 billion after BNB touched a fresh all-time high above $850.

Tornado Cash co-founder Roman Storm’s trial entered jury deliberations this week in Manhattan. The verdict and likely DOJ sentencing is expected in early August.

CEO Vlad Tenev said Robinhood is exploring every merger and acquisition opportunity to broaden its financial ecosystem. Its Robinhood Banking product is also scheduled to launch in Q3 2025.

Exclusive: Straight from the CXO