Similar systems, however, have been around the blockchain space for years in one form or another. Early adopters may recall the reams of banks that joined R3’s consortium effort back in 2016, for example, or the many enterprise players that flocked to the Linux-affiliated Hyperledger ecosystem. R3 didn’t make it to the end of the year before the big banks like Goldman Sachs, Morgan Stanley and Santander withdrew from the system.

“It’s like we’re having consortium chain 2.0,” said Raman in an interview. “This is going to end up being a race to the bottom for consortium chains. You’re going to have consortium chains versus consortium chains.”

Raman likened Ethereum’s mainnet to Hypertext Transfer Protocol, or HTTP, the base layer of the internet itself. A more secure, permissioned, privacy-enabled layer, HTTPS, sits on top. An open base layer is necessary, Raman said, because that’s the only way you can have maximum interoperability and maximum liquidity in one place, he said.

“We strongly believe, and always have done, that you need a global, open, permissionless infrastructure as the base layer,” Raman said. “Then you can build all the permissioning on top of it. Whether that’s at the app layer, whether that’s the L2 layer, that’s where you should have the customizability.”

Dartmouth College’s crypto ETF holdings have fallen 15% to about $12.4 million in the second quarter, even though its $9 billion endowment kept the same number of fund shares.

Dartmouth crypto ETF holdings have fallen to $12.4 million

The U.S. Securities and Exchange Commission filing submitted Thursday showed that Dartmouth’s trustees held about $12.4 million across three U.S.-listed crypto funds as of June 30.

Dartmouth reported positions in BlackRock’s iShares Bitcoin Trust, the Grayscale Ethereum Staking ETF, and the Bitwise Solana Staking ETF. Through the three products, the Ivy League university gained price exposure to Bitcoin, Ether, and Solana without reporting direct ownership of the tokens.

Compared with the endowment’s March 31 disclosure, the combined position declined by about $2.2 million from $14.6 million. The 15% reduction came entirely from changes in the funds’ reported market values because Dartmouth disclosed the same share count for each product at both quarter-end dates.

As previously reported by crypto.news, Dartmouth’s first-quarter filing valued its Bitwise Solana fund holding at about $3.3 million and its Grayscale Ethereum position at roughly $3.5 million. BlackRock’s Bitcoin ETF accounted for the largest part of the portfolio at approximately $7.7 million.

At $12.4 million, the three positions represented about 0.14% of Dartmouth’s estimated $9 billion endowment. The SEC report covers qualifying U.S.-listed securities and does not provide a complete account of the university’s assets, which may also include private investments, bonds, property, and holdings that do not appear on Form 13F.

Crypto prices have remained below March 31 levels

During the months following Dartmouth’s first-quarter disclosure, all three underlying cryptocurrencies lost value. Bitcoin closed March 31 at $68,233.31, while Ether finished at $2,104.71 and Solana at $83.11, according to historical data from Yahoo Finance.

By Aug. 15, Bitcoin was trading near $62,976, leaving it about 7.7% below its March 31 close. Ether had declined approximately 10.7% to around $1,880, while Solana’s price near $75.20 represented a drop of roughly 9.5%.

Fund values do not always change by exactly the same percentage as their underlying assets. Fees, staking rewards, each fund’s share structure, and differences between market-closing times can affect the reported value. Dartmouth’s 15% quarterly decline refers to the combined value of its ETF shares on June 30, rather than a calculated loss from directly holding BTC, ETH, or SOL through Aug. 15.

The filing also does not show Dartmouth’s purchase prices or indicate whether the positions produced a realized gain or loss. Since no shares were sold between the two reported quarter-end dates, the $2.2 million decline represents a reduction in disclosed market value rather than confirmed proceeds from a sale.

Dartmouth began reporting crypto-linked investments in 2025, placing it among the first U.S. universities to disclose digital asset exposure through exchange-traded products. Its choice of listed funds allows the endowment to hold crypto-linked securities within conventional investment and reporting systems instead of managing wallets and private keys.

SEC filings provide a delayed view of university holdings

Form 13F requires institutional investment managers with at least $100 million in qualifying securities under management to disclose certain long positions every quarter. The reports generally cover U.S.-listed shares, ETFs, some convertible debt, and listed options.

As explained in a June guide to 13F reports, the documents present positions held on the final day of a quarter and may be filed as many as 45 days later. Dartmouth’s latest report therefore shows what the endowment held on June 30, not necessarily its portfolio on the Thursday when the filing became public.

The form does not disclose short positions, hedges, or most private investments. It also excludes cryptocurrencies held directly because tokens such as Bitcoin and Ether are not Section 13(f) securities. Dartmouth could have other digital asset exposure outside the three disclosed funds, although the filing neither confirms nor rules out such holdings.

For U.S. investors, the report confirms that the university used securities traded through regulated markets rather than direct token custody. BlackRock’s IBIT provides spot Bitcoin exposure, while the Grayscale and Bitwise products combine exposure to their respective assets with staking provisions under each fund’s structure.

Dartmouth’s unchanged share counts also illustrate the distinction between a portfolio decision and a valuation change. A lower dollar figure in a quarterly filing does not by itself establish that an institution reduced its position because the value can fall while the number of shares remains constant.

A similar effect appeared in Morgan Stanley’s second-quarter filing. The bank increased its IBIT share count by 23% to approximately 16.5 million shares, but the position’s reported value fell nearly 18% from about $667 million to $549 million as Bitcoin and the fund declined during the quarter, according to an Aug. 14 report on its holdings.

Harvard has taken a different approach to crypto ETFs

Other university endowments have changed their crypto ETF positions rather than simply recording lower valuations. Harvard Management Company eliminated its BlackRock iShares Ethereum Trust holding during the first quarter after reporting 3,870,900 shares worth $86.82 million at the end of 2025.

Harvard also reduced its BlackRock Bitcoin ETF position from 5,353,612 shares at the end of 2025 to 3,044,612 shares on March 31. The remaining IBIT position was valued at approximately $116.97 million, according to its first-quarter SEC disclosure.

The filing did not state why Harvard exited its Ether position or cut its Bitcoin ETF stake. Unlike Dartmouth’s quarter-to-quarter report, Harvard’s filing showed that the endowment had changed the number of shares it owned.

Harvard, whose endowment is valued at about $57 billion, had not disclosed its second-quarter 2026 holdings as of Friday. Its next Form 13F will show only the qualifying U.S.-listed securities held on June 30 and will not reveal any trades completed after the quarter ended.

Bitget has expanded its Stock Dual Investment lineup from six to more than 20 U.S. stock and ETF-linked tokens, with settlement now set for 11:30 p.m. UTC+8.

Bitget announced on Aug. 14 that its expanded lineup includes tokens tied to major technology stocks, crypto-linked companies, semiconductor businesses, and exchange-traded funds.

The supported list covers rMU, rSNDK, rNVDA, rCRCL, rSPCX, rTSLA, rMRVL, rAMZN, rGOOGL, rMSTR, rINTC, rMETA, rAMD, rSOXL, rTSM, rAAPL, rCOIN, rAAOI, rSOXS, rNBIS, and rWDC. Bitget said it plans to add more underlying assets but did not provide a schedule.

Among the new targets are tokens tracking Nvidia, Tesla, Apple, Meta, Advanced Micro Devices, Intel, and Taiwan Semiconductor Manufacturing Company. Crypto-related choices include tokens linked to Coinbase, Circle, and Strategy, while rSOXL and rSOXS track leveraged semiconductor ETFs.

Bitget Stock Dual Investment adds more targets

Stock Dual Investment first went live on July 25 with six supported products: rSPCXUSDT, rNVDAUSDT, rGOOGLUSDT, rAAPLUSDT, rCOINUSDT, and rAMZNUSDT. The Aug. 14 update has raised the selection to at least 21 underlying assets in less than a month.

Under the product’s Buy Low option, a user subscribes with USDT and chooses a target price and settlement date. If the linked token’s settlement price is at or below the target at expiry, Bitget buys the token for the user at the agreed price and pays the applicable interest.

When the settlement price remains above the target, the user receives the USDT principal and interest without a token conversion, according to Bitget’s product terms. The displayed annual percentage rate and available subscription amount can change and are shown on the product page when an order is placed.

For Sell High products, users commit the relevant stock token instead of USDT. If its settlement price reaches or exceeds the target at expiry, Bitget converts the position at that target price and adds the applicable interest. When the target is not reached, the user keeps the token and receives interest in the settlement asset specified by the product.

Bitget classifies Dual Investment as a non-principal-guaranteed product. A user may therefore receive a different asset at maturity, and the agreed conversion price can become less favorable than the open-market price before settlement. Subscription funds are also locked until the selected maturity date.

The new settlement time follows the U.S. market open

As part of the update, Bitget moved the settlement time for stock-linked products to 11:30 p.m. UTC+8, or 11 a.m. Eastern Daylight Time. The new schedule places settlement about 90 minutes after the regular Nasdaq and New York Stock Exchange sessions open at 9:30 a.m. ET.

Bitget said the adjustment lets the settlement process account for price changes during the opening portion of the U.S. session. Opening hours often bring company announcements, analyst actions, and the first reaction to overnight news into the cash market, although the exchange did not release data comparing outcomes under its previous and revised schedules.

Stock Dual Investment does not provide the same experience as buying a U.S.-listed share through a conventional brokerage account. The products use rTokens linked to the value of U.S. securities, and the final result depends on the chosen target price, maturity date, and conversion rules.

Bitget introduced its Reality platform in May with rTokens that it said were backed 1:1 by shares held through regulated brokerage and custody arrangements. As previously covered by crypto.news, the exchange said Reality would support stablecoin-based minting and redemption, dividend distributions, and tokens tied to U.S. stocks and ETFs.

In July, Bitget placed more than 100 rTokens and over 370 other eligible assets inside a unified margin system. Eligible tokens can support borrowing and margin obligations, although Bitget warned that falling collateral values may lead to margin calls or liquidation.

U.S. access still depends on regulatory approvals

Despite the product’s focus on American securities, Bitget has not announced that Stock Dual Investment is available to U.S. residents. Product access depends on account eligibility and regional rules, making the distinction important for American readers.

Bitget CEO Gracy Chen said in July that the company intends to establish an independent U.S. entity and obtain money-transmitter, derivatives, and broker-dealer approvals before serving customers in the country. The exchange has not disclosed a launch date, and Chen said its entry would proceed regardless of whether Congress passes the CLARITY Act.

During the same discussion, Chen said tokenized traditional assets represented between 20% and 30% of Bitget’s spot volume in the previous quarter. She also reported that 52% of users held both stocks and crypto, while the platform’s tokenized-stock products had accumulated more than $100 million.

Bitget’s planned U.S. expansion could require a product structure different from the offshore offering. According to Chen, the company wants the necessary approvals in place before launching locally, where securities, derivatives, and broker-dealer rules may determine which stock-linked services it can provide.

The exchange also operates Stock+, a separate product through which eligible users can buy and hold real U.S. stocks and ETFs. Bitget’s documentation distinguishes this broker-style service from rTokens, which provide tokenized economic exposure rather than the same ownership structure as registered shares.

Two Bitget promotions carry separate eligibility rules

Alongside the product expansion, Bitget is running an invitation-only Dual Investment bonus campaign through Aug. 21. Eligible users must register before completing the required deposit tasks and must not have traded a Dual Investment product since Jan. 1, 2026.

A net deposit of at least 1,000 USDT qualifies for a 1,000 USDT trading bonus voucher, while reaching 30,000 USDT adds another 2,000 USDT. The total available to one user is 3,000 USDT, drawn from a campaign pool of 1 million USDT and distributed on a first-come, first-served basis.

Bitget calculates net deposits by subtracting total withdrawals during the campaign from USDT deposits made after registration. The exchange said withdrawals of other cryptocurrencies may also affect its final calculation.

Bonus vouchers can only be used with designated Buy Low products, and one voucher is permitted per order. Users must contribute at least the minimum subscription amount from their own funds, while the voucher carries a three-day trial period.

The bonus principal cannot be withdrawn, transferred, or exchanged for cash. Bitget said users retain the earnings generated during the trial, while only the portion funded with their own money is subject to conversion based on the settlement price.

A second promotion runs from Aug. 14 through Aug. 28 and is open to new and existing Dual Investment users without registration. Cumulative subscriptions of 50,000, 100,000, 500,000, 1 million, and 3 million USDT qualify users for limited merchandise tiers ranging from a gym bag to a camping set.

Bitget said only 80 gym bags, 40 keyboards, 30 suitcases, 20 commemorative gold coins, and five camping sets are available. Rewards will go to qualifying users in the order they reach each threshold, and recipients must answer Bitget’s request for shipping details within five working days.

Solana Company has reported a $30.3 million second-quarter loss despite earning $2.5 million in revenue, almost entirely from staking its SOL holdings.

Solana Company said in its Aug. 14 financial release that staking contributed $2.512 million of its $2.526 million quarterly revenue, while other operations generated only $14,000.

Compared with the same quarter of 2025, when revenue reached $43,000, the Nasdaq-listed company recorded a sharp increase after building a large Solana treasury. Revenue still declined about 30% from the $3.6 million reported in the first quarter, based on its first-half figures.

During Q2, the company earned 31,200 Solana (SOL) in staking rewards and automatically restaked the tokens. Restaking allowed the holdings to continue earning rewards rather than being sold or moved into cash.

Cost of revenue came to $77,000, leaving a gross profit of $2.4 million and a gross margin of about 97%. High margins from staking were not enough to cover operating expenses and losses tied to the company’s digital assets.

SOL sales drove most of the quarterly loss

Operating expenses reached $35.1 million during the quarter, up from $3.3 million a year earlier. Solana Company consequently recorded a $32.7 million operating loss, compared with a $3.3 million loss in Q2 2025.

A realized loss of $25.4 million from digital-asset sales accounted for the largest part of the increase. On the company’s earnings call, management said the loss came from “strategic sales executed as part of our capital allocation program.”

At the same time, the accounts included a $2.4 million unrealized gain on digital assets and receivables. Solana Company also booked a $298,000 unrealized loss on a digital-asset fund investment and a $682,000 loss on digital-asset derivatives.

Administrative expenses increased to $11.1 million from $3.3 million in the year-earlier quarter. Approximately $6.8 million came from severance costs connected to the divestiture of the PoNS medical-device business, leaving roughly $4.3 million in other administrative spending.

The company completed the sale of PoNS during Q2 as it moved away from its former medical-device operations. Solana Company recorded a $3.1 million gain from the transaction, which partly reduced the effect of its operating loss.

Nonoperating income totaled $2.4 million after including the gain from the sale, a $322,000 change in the value of a derivative liability, and $259,000 in other expenses. Most of the latter amount came from fluctuations between the Canadian and U.S. dollars.

After accounting for those items, the company posted a net loss of $30.3 million, or $0.38 per basic and diluted share. A year earlier, its loss stood at $9.8 million, or $79.73 per share, although changes in the number of outstanding shares make the per-share figures difficult to compare directly.

Solana Company’s first-half loss reached $130.1 million

For the first six months of 2026, revenue increased to $6.1 million from $92,000 in the comparable period of 2025. Staking supplied $5.9 million of the total, while other revenue contributed $218,000.

First-half operating expenses rose to $138.2 million, including an $86.8 million unrealized loss on digital assets and receivables. Realized digital-asset losses reached another $32.4 million, while the digital-asset fund investment produced a $2 million unrealized loss.

As a result, Solana Company reported a six-month net loss of $130.1 million, equal to $1.66 per share. Management said on the earnings call that fair-value movements recorded under U.S. accounting rules did not reduce its cash balance or the number of SOL tokens produced through staking.

The company adopted its SOL-focused model in September 2025, when it was still called Helius Medical Technologies. As crypto.news reported, the firm launched the treasury strategy through a $500 million private placement led by Pantera Capital and Summer Capital.

Participants purchased shares at $6.88 each and received warrants exercisable at $10.13. The deal included as much as $750 million in potential proceeds from warrant exercises, although the additional capital depended on investors choosing to exercise them.

By October 2025, the renamed company had grown past 2.2 million SOL, then valued at more than $525 million. The company also reported over $15 million in cash at the time.

Its June 2026 balance sheet showed a much smaller asset base. Total assets fell to $176.1 million from $303.9 million at the end of 2025, while stockholders’ equity declined to $165.6 million from $300.9 million.

Cash and cash equivalents dropped to $3.6 million from $7.3 million. Current digital assets stood at $21 million, with another $2.3 million classified as a digital-asset collateral receivable.

Long-term digital assets and related exposure totaled $147.3 million. According to the company, the figure covered staked positions, restricted assets, receivables, and investments in digital-asset funds.

Nasdaq investors remain exposed to SOL price movements

Because HSDT trades on the Nasdaq Capital Market, U.S. investors can obtain indirect SOL exposure through its shares without holding the token directly. The company’s filings also show that its financial position depends heavily on SOL prices, staking returns, and its ability to raise money through stock sales.

During Q2, Solana Company raised $7.9 million in net proceeds from a registered direct stock offering led by Mirae Asset, with HashKey Capital also participating. The company sold approximately 3.08 million shares at $2.60 each and said the proceeds could support SOL purchases, working capital, and corporate expenses.

At the same time, it spent about $2.3 million repurchasing 1.3 million shares. First-half buybacks reached approximately $5.9 million, covering 2.9 million shares held as treasury stock at the end of June.

The company had 60.4 million issued shares on June 30, of which 57.4 million were outstanding after excluding treasury stock. Its accumulated deficit rose to $342.6 million from $212.6 million at the end of 2025.

HSDT closed Aug. 14 at $1.70, down 5.56% during regular trading, according to market data cited by Investing.com. Shares recovered slightly to $1.71 after the closing bell, while the reported revenue total fell about $400,000 short of the $2.9 million analyst estimate cited by the publication.

Validator revenue could begin in the third quarter

Apart from staking its own treasury, Solana Company is building infrastructure intended to earn revenue from third-party assets. Its first institutional validator cluster became operational in Tokyo under an initiative called Pacific Backbone.

Chief Executive Joseph Chee said the company’s recurring businesses were starting to develop as the Tokyo operation came online and PoNS left its cost base.

“With our first validator cluster operational in Tokyo, and the legacy business fully divested, the recurring revenue streams that leverage our institutional-grade infrastructure are beginning to take root,” Chee said.

Management expects the Tokyo cluster to begin contributing validator-related revenue in the third quarter. In July, the operation secured its first third-party staking commitment of approximately 500,000 SOL, according to comments made during the earnings call.

Solana Company previously added Helius and Twinstake to its staking setup, allowing it to stake SOL directly from custody at Anchorage Digital Bank. At the time of the October 2025 announcement, Helius and Twinstake ranked among the Solana network’s 25 largest validators by delegated SOL.

Under Pacific Backbone, the company also entered a May partnership with the Jito Foundation to develop institutional Solana infrastructure across the Asia-Pacific region. Management said it expects administrative expenses to return closer to first-quarter levels as the severance costs from the PoNS sale fall out of its accounts.

After the quarter ended, Solana Company completed a $2 million acquisition of a Hong Kong trust company on July 15. The transaction will be included in its third-quarter financial statements.