The Coldcard exploit is not a hack in the way most people understand the word. Nobody broke into anything. Nobody phished anyone. Nobody stole a seed phrase from a sticky note. The devices generated weak private keys for five years, and an attacker figured out how to guess them.

That distinction matters because it strikes at the foundation of the self-custody argument. The pitch for hardware wallets has always been simple: your keys, your coins, no counterparty risk. Coldcard was the gold standard of that philosophy. Air-gapped, open-source, bitcoin-only, endorsed by security researchers and institutional custodians as the most trusted device in the ecosystem.

If the most trusted hardware wallet can ship a five-year entropy bug without detection, the question is no longer whether Coldcard failed. The question is whether any hardware wallet can be trusted as the sole custodial layer for significant bitcoin holdings. And the market is answering that question with its feet.

The exploit in four waves

The first wave hit at 2:14 a.m. UTC on July 30. A single entity swept 594 BTC from approximately 500 wallets in 25 minutes. The second wave followed on August 1, draining 284.4 BTC from 2,889 addresses. The third wave hit later that day with 207.73 BTC across a separate address cluster. The fourth wave arrived on August 3, with Galaxy Research’s Alex Thorn identifying 448.7 BTC moving from 709 suspected victim addresses.

The combined estimate stands at approximately 1,816 BTC across 5,294 addresses. Galaxy measures 13.8 sweeps per block during active waves, roughly 45 times the baseline rate. Thorn described the pattern as “LIKELY Coldcard victims” based on unspent output characteristics and transaction behavior. The wording is precise because the attribution comes from blockchain analysis, not device records or law enforcement confirmation.

Coinkite, the Toronto-based manufacturer, traced the problem to a March 2021 firmware change. A preprocessor guard was supposed to select the hardware random-number generator during seed creation. The guard checked whether a configuration setting was defined, not whether its value was correct. The build system selected a deterministic MicroPython fallback instead. The firmware compiled without warnings. Seeds appeared normal. Addresses accepted deposits. Nothing indicated the entropy was catastrophically weak.

On Mk3 devices, the effective search space dropped to approximately 40 bits. A 128-bit seed has more possible combinations than atoms in the observable universe. A 40-bit seed has roughly one trillion combinations. That is within reach of commodity hardware. The Mk4, Mk5, and Q models include additional secure elements that mix their own entropy, producing seeds with approximately 72 bits. Better than 40, but still far below the 128-bit target.

The critical detail: updating the firmware does not repair an existing seed. Every Coldcard owner who generated a seed on affected firmware must create a new seed on patched hardware and migrate their funds. The key itself must be replaced.

The flow reversal: from exchanges to self-custody and back

After FTX collapsed in November 2022, the bitcoin community experienced its most dramatic shift in custodial philosophy. The phrase “not your keys, not your coins” became operational advice rather than a slogan. On-chain data showed a sustained, multi-month transfer of bitcoin from exchange addresses to self-custody wallets. The trend persisted for nearly two years.

The Coldcard exploit has reversed that flow. Net transfers from self-custody wallets to exchange addresses have been positive every day since July 31. The magnitude is not comparable to the post-FTX exodus, which involved hundreds of thousands of BTC over months. The current flow is smaller and more concentrated among users who specifically held Coldcard devices. But the direction of the flow is what matters for the narrative.

The users moving bitcoin to exchanges are not panicking retail investors. Many are technically sophisticated holders who chose Coldcard specifically because it was the most security-conscious option. They are making a rational calculation: the counterparty risk of an exchange is now quantifiable and insured, while the self-custody risk of a hardware wallet with a five-year entropy bug is neither.

That calculation is the narrative shift. Self-custody was supposed to eliminate counterparty risk entirely. The Coldcard exploit demonstrates that self-custody introduces its own category of risk: supply-chain risk, firmware risk, entropy risk, and the risk that the device you trust with your private keys is not doing what its manufacturer claims.

Who benefits: the treasury company model

The companies that hold bitcoin through institutional custody benefit directly from the narrative shift. Strategy, the largest corporate holder with over 550,000 BTC as of its latest disclosure, uses institutional custodians including Coinbase Custody and Fidelity Digital Assets. These custodians use multi-signature arrangements, hardware security modules, and geographic distribution that do not depend on any single device’s entropy quality.

The treasury company thesis is built on the argument that holding bitcoin through a publicly traded company is safer than holding it yourself, more liquid than holding it in a hardware wallet, and more capital-efficient because the company can borrow against its holdings. The Coldcard exploit strengthens the first claim in a way that no marketing campaign could.

Evernorth, the XRP treasury company preparing to list, faces a similar dynamic. Prospective investors who might have preferred self-custody of XRP now have a concrete example of what can go wrong with hardware wallet security. The listing calculus shifts when self-custody carries visible, quantifiable risk.

The broader pattern extends to every institutional custody provider. Coinbase Custody, BitGo, Fireblocks, and Anchorage reported inquiries surging after the first Coldcard wave. The product these companies sell is the elimination of exactly the risk that Coldcard exposed: the risk that a hardware implementation error, invisible for years, can make your private keys guessable.

The insurance gap and what it reveals

The Coldcard exploit has exposed an insurance gap that the industry has not addressed. Regulated exchanges and custodians carry insurance against theft, operational failure, and in some cases, hot-wallet compromise. The coverage limits vary, but the principle is established: if an exchange loses your bitcoin through its own failure, there is a claims process.

Self-custody has no equivalent. If a hardware wallet generates a weak key and an attacker drains the funds, the user has no insurance claim. Coinkite is a private company in Toronto. No product liability framework for hardware wallet entropy failures exists. The affected users can sue, but collecting meaningful damages from a hardware startup is a different proposition from filing a claim against an insured custodian.

The insurance gap is not a new observation, but the Coldcard exploit makes it concrete. A user who lost 10 BTC from a Coldcard has no recovery mechanism. A user who lost 10 BTC from Coinbase Custody would have a claim against the custodian’s insurance. The risk-adjusted comparison now favors institutional custody for any holding above the threshold where insurance matters.

The AI dimension and what it means for future exploits

Coinkite said the attacker used AI to discover the firmware flaw, and that Coinkite’s own AI audit of the same code weeks earlier found nothing. If that assessment is correct, it introduces a new variable into the self-custody risk model.

Hardware wallet security has historically rested on the assumption that open-source code is safer because more eyes can review it. The Coldcard firmware was public for five years. Thousands of developers could have inspected it. Nobody found the entropy bug. An AI model did.

The implication is that the advantage in firmware analysis has shifted from defenders to attackers. If AI can find subtle build-system errors that human reviewers miss, then every open-source hardware wallet is potentially vulnerable to the same methodology. The attacker does not need to find a new type of bug. They need to find a new instance of the same type of bug in a different codebase.

Block, Trezor, and Ledger have confirmed their products are unaffected by the specific Coldcard vulnerability. But “unaffected by this specific bug” is not the same as “provably secure against AI-assisted firmware analysis.” The assurance gap is structural, and the Coldcard exploit is the first public demonstration of it.

The self-custody argument is not dead, but it is wounded

The self-custody philosophy will survive the Coldcard exploit. Multi-signature arrangements that do not depend on any single device, hardware wallets from manufacturers with different codebases, and cold storage practices that incorporate dice rolls for entropy remain valid approaches. Coinkite itself noted that seeds created with at least 50 fair dice rolls are not considered exposed by this RNG issue.

What the exploit has damaged is the simplest version of the self-custody argument: buy a hardware wallet, generate a seed, store it safely, and never worry about counterparty risk again. That version assumed the hardware wallet worked as advertised. For five years, Coldcard did not.

The result is a more nuanced custody landscape. Self-custody for small amounts remains practical. Self-custody for significant holdings now requires either multi-signature setups, multiple hardware vendors, external entropy sources, or regular security audits that most individual holders cannot perform. For holders who cannot or will not take those steps, institutional custody has become the lower-risk option. And that is exactly the argument the treasury companies have been making all along.

What to watch

• Exchange inflow data. If the net transfer from self-custody to exchanges continues beyond the initial Coldcard panic, it signals a durable shift in custody preferences rather than a temporary reaction.

• Coinkite’s liability exposure. Any class-action filing against Coinkite will establish precedent for hardware wallet manufacturer liability. Watch for suits in US and Canadian courts.

• Institutional custodian onboarding numbers. Coinbase Custody, BitGo, and Fireblocks quarterly reports will show whether the Coldcard exploit translated into sustained new business.

• Strategy and Evernorth share price behavior. If treasury company stocks outperform bitcoin in August, the market is pricing the custody-narrative shift into equities.

• New firmware audit disclosures. If other hardware wallet manufacturers commission independent AI-assisted audits and publish results, it signals the industry is taking the supply-chain risk seriously.

Frequently asked questions

Disclaimer: This article is for informational purposes only and does not constitute financial, investment, or legal advice. Loss estimates are based on third-party blockchain analysis and have not been confirmed by the manufacturer or law enforcement. Published August 3, 2026.

Bitcoin slipped below $63,000 on Monday, Aug. 3, even as falling oil prices and stronger U.S. stock futures created a more favorable backdrop for risk assets.

BTC traded near $62,556, down 1.38% over 24 hours and 4.35% over seven days. It had reached a Sunday high near $63,650 before sellers regained control. Ether fell about 1.8% to $1,841, while XRP and Solana also declined.

The weakness came as investors assessed renewed U.S. talks with Iran, another suspected Coldcard attack wave, fresh spot Bitcoin ETF outflows and the absence of the CLARITY Act from Monday’s Senate schedule.

Bitcoin price fails to follow the broader relief trade

President Donald Trump canceled a planned military strike on Iran and said negotiations would seek to address Iran’s nuclear program and reopen the Strait of Hormuz. Brent crude fell to about $83.28 per barrel, while West Texas Intermediate dropped to $79.47.

Nasdaq futures rose about 0.8%, while S&P 500 futures gained 0.6%. Treasury prices also strengthened as lower oil reduced some of the inflation concerns created by disrupted energy supplies.

Bitcoin did not follow that move. The divergence does not prove that one crypto event caused the decline. However, it shows that lower oil and stronger equity futures were not enough to overcome the pressures already affecting digital assets.

The relative weakness is consistent with a possible rotation of speculative capital toward technology stocks. Price action alone cannot confirm that movement, but renewed activity in equities can reduce demand for crypto when traders have several competing sources of volatility.

Coldcard losses keep security fears in focus

Galaxy Research head Alex Thorn identified what he described as a “LIKELY” fourth organized wave affecting Coldcard generated addresses. His updated estimate covered 709 potential victim addresses and 448.7 BTC. Activity reached 13.8 sweeps per Bitcoin block, about 45 times the rate measured during an earlier control period.

Galaxy had previously mapped three suspected waves involving 1,367.05 BTC across 4,585 addresses. Adding the latest estimate produces a possible total of 1,815.75 BTC across 5,294 addresses, assuming the groups contain no overlap.

That total remains an onchain estimate. Coinkite, law enforcement agencies and individual wallet owners have not independently confirmed every address as a victim. Galaxy has also not established whether one attacker controlled all four waves.

The incident concerns seed generation in affected Coldcard firmware rather than a failure in Bitcoin’s network or transaction cryptography. Coinkite said some devices created seeds with less randomness than intended, allowing attackers to search a smaller range of possible keys.

Coinkite has released corrected firmware for each affected model. However, installing an update does not repair an existing vulnerable seed. Users must generate a new seed with corrected firmware and transfer their funds. The company said its investigation remains ongoing.

As crypto.news previously reported, Thorn also identified similar transactions waiting in the mempool. Some users may be able to replace an unconfirmed attacker transaction with a higher fee transfer, although success is “not guaranteed.”

ETF outflows and the CLARITY delay add pressure

U.S. spot Bitcoin ETFs recorded about $61.5 million in net outflows from July 27 through July 31, based on SoSoValue data. The result ended three consecutive weeks of net inflows.

The final session caused most of the weekly reversal. Funds lost a combined $265.4 million on July 31. BlackRock’s IBIT recorded $122.7 million in withdrawals, while Fidelity’s FBTC lost $54.8 million and Grayscale’s GBTC posted $52.6 million in outflows.

The flows do not show whether investors expect further price declines. They do show that regulated fund demand weakened as Bitcoin moved closer to long term support.

Political uncertainty added another concern. Monday’s official Senate schedule included a vote on a spending measure but no action on the Digital Asset Market Clarity Act. The chamber’s published cloture records also showed no petition for the legislation.

As crypto.news reported, leaders would ordinarily need to file cloture by Wednesday, Aug. 5, to hold a possible Friday vote on proceeding to the bill. Such a vote would not constitute final passage.

The absence of scheduled action cannot be identified as the direct cause of Bitcoin’s decline. Still, it removes a possible near term policy catalyst while traders await a clearer Senate timetable.

Bitcoin price now faces a $60,000 support test

The supplied daily chart shows Bitcoin struggling below the $63,000 to $65,000 range. Momentum has weakened, with the relative strength index at 42.65 and below its moving average of 50.40.

The MACD histogram has also turned negative. A sustained move below $60,000 would weaken the current structure, while a recovery above $65,000 to $66,000 would provide stronger evidence that buyers have regained control.

Strategy founder Michael Saylor said the company had begun tracking Bitcoin’s 200 week moving average and its premium to that level. He said Bitcoin had remained above the average 92% of the time since the indicator became available. The percentage reflects Strategy’s calculation rather than an independent market study.

Nasdaq-listed crypto treasury company ZeroStack has raised serious questions about its financial runway, warning in a recent SEC filing that “substantial doubt” exists about whether it can keep operating for the next year. The assessment marks a sharp reversal from its view just a quarter earlier, highlighting how dependent the company’s plan is on staking income and the liquidity of its Zero Gravity (0G) token.

In a Form 10-Q filed with the U.S. Securities and Exchange Commission on Friday, ZeroStack reported $2.6 million in cash and negative working capital of $600,000 as of June 30, along with an accumulated deficit of $339.1 million. The filing also detailed a major unrealized drag from its token treasury: an $82.5 million fair value loss on digital assets and a net loss of $61.3 million for the first half of 2026.

Key takeaways

• ZeroStack now says there is substantial doubt it can continue operating over the next year, reversing its earlier “sufficient” outlook in a prior filing.
• As of June 30, the company held 75.1 million 0G tokens, valued at $15.2 million versus an aggregate cost of $163.3 million (about 91% below recorded cost).
• The company relies on staking rewards and sales of 0G tokens to fund operations, making its cash position sensitive to token price and trading liquidity.
• ZeroStack reported $3.8 million in staking revenue in the first half of 2026, but it also recorded significant losses and could not conclude that its planned funding steps fully remove going-concern risk.

SEC filing flags going-concern risk

ZeroStack’s latest filing is notable not just for its headline loss figures, but for the governance and risk signal it sends to investors. Management stated that it could not conclude its plans would be enough to eliminate doubts about whether the company can continue as a going concern over the next year.

The company’s balance sheet underscores the pressure behind that conclusion. With $2.6 million in cash and negative working capital of $600,000 at June 30, ZeroStack’s near-term flexibility appears limited. It also reported an accumulated deficit of $339.1 million, reflecting losses that have compounded over time.

Beyond liquidity, the filing shows the company is carrying a large unrealized impairment in its digital asset treasury. ZeroStack disclosed an $82.5 million fair value loss on digital assets during the period, alongside a net loss of $61.3 million for the first half of 2026.

A treasury strategy tied to 0G’s market

ZeroStack’s operating model depends heavily on 0G token performance and the token’s market depth. The company reported that it holds 75.1 million 0G tokens with an aggregate cost of $163.3 million and a fair value of $15.2 million as of June 30. Put differently, the holdings were valued about 91% below their recorded costs.

That gap matters for both accounting and funding. If the company intends to finance operations through token sales—especially during periods of weak liquidity—its ability to raise cash could be constrained even if balances appear large on paper. The company explicitly linked its funding capacity to both the 0G price and trading liquidity, according to the filing.

ZeroStack’s management also described reliance on staking rewards and token sales. In practice, staking income can provide periodic cash flow, but it may not be sufficient in periods when token markets are illiquid or when valuations fall further.

Staking revenue helps—yet the runway question remains

During the first half of 2026, ZeroStack reported $3.8 million in staking revenue. After validator commissions, the company said it earned about 6.6 million 0G tokens from staking activity.

To support expenses, ZeroStack sold nearly 4.9 million 0G tokens for $2.4 million over the same period. The filing indicates that these cash inflows—staking-related and sale-related—are central to its ability to pay forecast operating costs.

ZeroStack also said that, if needed, it could sell some of its treasury holdings. However, management’s conclusion did not fully reassure the markets: it said it could not determine that those actions would be enough to address going-concern doubts.

The tension here is straightforward. When a company’s main treasury assets have experienced steep valuation declines, the theoretical ability to raise cash by selling holdings can become less effective in the real world—particularly if market pricing and liquidity do not support the volume and proceeds management may be counting on.

Backtracking from earlier filings

Perhaps the most consequential element of the news is the reversal in ZeroStack’s assessment. In its first-quarter Form 10-Q filing, the company stated that its cash and staking rewards would be sufficient to meet its working capital requirements and obligations for at least another year.

In the most recent filing, it no longer reaches that conclusion and instead flags substantial doubt about continued operations over the next year. The shift suggests that circumstances changed—or that management’s confidence in the sustainability of its funding plan weakened as results and valuations evolved.

ZeroStack’s corporate background also provides context for how the company arrived at this point. The filing notes that the company was previously Flora Growth, a cannabis and CBD products firm. On Sept. 19, Flora announced $401 million in funding for a 0G treasury strategy, including $35 million in cash and equivalent commitments and more than $366 million in in-kind digital assets. The company later rebranded as ZeroStack and retained its Nasdaq listing.

Those details underline why investors are likely to focus on token treasury outcomes: the strategy is fundamentally designed to monetize staking and manage liquidity through sales. When 0G’s fair value diverges sharply from recorded cost, the difference can translate into both accounting losses and real constraints on financing flexibility.

What readers should watch next is whether ZeroStack provides further clarity on how it plans to balance staking, token sales, and liquidity needs—particularly given its much narrower margin for error after the “substantial doubt” disclosure. Investors will also likely track changes in 0G trading conditions, since the company’s own filings tie its funding outlook directly to token price and market liquidity.

ZeroStack has warned its cash position may not support operations for another year.

According to a Form 10-Q filed with the U.S. Securities and Exchange Commission on Friday, Nasdaq-listed crypto treasury company ZeroStack said substantial doubt exists about its ability to continue as a going concern over the next 12 months, reversing the conclusion it reached in its previous quarterly filings.

As of June 30, the company reported $2.6 million in cash, negative working capital of $600,000, and an accumulated deficit of $339.1 million. During the first half of 2026, it recorded an $82.5 million fair value loss on digital assets and a net loss of $61.3 million, according to the filing.

Management said existing cash, proceeds from staking rewards, and possible sales of treasury assets are expected to support operating costs. Even so, the company concluded it could not determine that those measures would remove the substantial doubt surrounding its ability to continue operating for the next year.

ZeroStack’s 0G treasury has lost most of its recorded value

The filing showed ZeroStack held 75.1 million Zero Gravity (0G) tokens with an aggregate acquisition cost of $163.3 million. Their fair value had fallen to $15.2 million by June 30, leaving the treasury valued about 91% below its recorded cost.

The company said its operating model depends largely on staking rewards and periodic token sales, making its access to cash dependent on both the market price and trading liquidity of the 0G token.

For the first six months of the year, ZeroStack generated $3.8 million in staking revenue after earning about 6.6 million 0G tokens following validator commissions. Over the same period, it sold nearly 4.9 million tokens for $2.4 million to cover operating expenses.

Although management said additional treasury sales remain available if needed, the filing stated that those plans were not sufficient to conclude that the going concern uncertainty had been resolved.

Filing reverses the company’s earlier liquidity outlook

The latest assessment differs from the position ZeroStack presented just three months earlier.

In its first-quarter filing, the company said available cash together with expected staking rewards would be enough to meet working capital needs and other obligations for at least the following 12 months. The latest report withdraws that conclusion after a sharp decline in the value of its digital asset holdings.

ZeroStack adopted its current treasury strategy after operating for years as cannabis and CBD products company Flora Growth.

On Sept. 19, the company announced a $401 million financing package to establish a treasury focused on the Zero Gravity ecosystem. The package included $35 million in cash and cash-equivalent commitments alongside more than $366 million in in-kind digital asset contributions. Flora Growth later rebranded as ZeroStack while retaining its Nasdaq listing.

ZeroStack CEO previously pointed to regulation as another institutional hurdle

The company’s financial disclosure comes months after ZeroStack Chief Executive Officer Daniel Reis-Faria discussed another challenge facing digital asset companies: regulatory uncertainty.

Speaking to crypto.news in May, Reis-Faria said progress on U.S. stablecoin legislation had reduced one source of uncertainty for investors but had not yet convinced larger institutions to increase participation.

His comments followed a bipartisan agreement between Senators Thom Tillis and Angela Alsobrooks on stablecoin provisions in the CLARITY Act that prohibited interest-like payments resembling bank deposits while allowing activity-based rewards tied to payments and platform use.

At the time, Reis-Faria said the remaining concern was not the legislation itself but uncertainty over how regulators would implement it. Under the proposal, the SEC, CFTC and Treasury would jointly develop implementing rules within one year after the legislation became law.

JPMorgan had previously described passage of the CLARITY Act by midyear as a positive catalyst for digital asset markets, while Blockchain Association CEO Summer Mersinger said resolving the stablecoin yield debate moved comprehensive market structure legislation closer to becoming law.

Standard Chartered also estimated that allowing unrestricted stablecoin yields could redirect as much as $500 billion in bank deposits by 2028, providing context for the banking industry’s resistance during negotiations.

Company now faces both market and funding pressure

The SEC filing indicates that ZeroStack’s operating cash generation remains closely tied to the performance of the 0G ecosystem through staking income and token sales.

With the market value of its treasury declining substantially from its acquisition cost, management said future liquidity will continue to depend on available cash, staking rewards, token prices, and market liquidity. 

Despite outlining those funding options, the company concluded that substantial doubt about its ability to continue as a going concern remains in place for the coming year.

Bitcoin BTC$62,560.27 started the week just below $63,000, with Friday’s U.S. jobs report the biggest macro event likely to determine whether the July rebound continues, though developments in Iran may take on greater significance in the coming days.

A muted rise in U.S. hiring could be the best outcome for risk assets like crypto. Such a rise would ease fears of an economic slowdown, but wouldn’t push the Federal Reserve closer to raising interest rates.

IG market analyst Tony Sycamore said a gain of around 88,000 jobs with unemployment unchanged at 4.2% would strike that balance in a “Goldlocks-type print.”

The U.S. government’s borrowing plans are another macro focus. JPMorgan strategist Jay Barry said the Treasury is likely to keep its regular debt sales unchanged, which would avoid adding pressure to interest rates. Larger-than-expected sales could raise borrowing costs for households and companies and weigh on crypto.

Traders will also watch earnings from Circle, Galaxy, Block and six bitcoin miners. BIP-110, a proposal to temporarily limit non-financial data stored on the Bitcoin blockchain, is expected to enter its required miner-signaling period.

Binance opened its August Monthly Leaderboard for Dual Investment users on Aug. 3, offering a top reward of 5,888 USDC. 

The promotion runs from 06:00 UTC on Aug. 3 through 23:59 UTC on Aug. 31.

Eligible users will be ranked by their average subscription amount across Dual Investment and Dual Investment RFQ. Only subscriptions lasting more than three days will count. Binance requires participants to complete identity verification and confirm enrollment through the activity page.

Binance leaderboard favors larger subscriptions

The ranking formula multiplies each eligible subscription amount by its duration and divides the result by 30 days. Both the size and length of a position can therefore affect a participant’s place. A single large subscription made near the deadline may carry less weight than the same amount committed for longer.

The first ranked user will receive 5,888 USDC. Users in second and third place qualify for 2,188 USDC each. Rewards decline across later tiers to 68 USDC for places 71 through 100. Based on the published table, the maximum combined face value is 25,500 USDC if Binance distributes every listed reward. The exchange did not state that total directly.

In addition, the prizes are not scheduled to arrive as freely withdrawable USDC. Binance said each reward will be issued as a Dual Investment subscription lasting 14 days. Distribution is due within 14 days after the campaign closes, with Sept. 14 listed as the final delivery date.

Participants also cannot cancel or redeem a Dual Investment subscription early. Sub accounts do not receive separate rankings. Binance may reject users it believes acted fraudulently or broke the promotion rules. It also reserves the right to change, suspend or cancel the campaign.

Dual Investment can convert assets at settlement

Binance markets Dual Investment as a “high yield” structured product with Buy Low and Sell High choices. Users select a deposit asset, target price and settlement date. The settlement outcome determines whether they receive the original deposit currency or another asset.

For Buy Low, deposited funds can be converted into the selected cryptocurrency when the settlement price reaches the target condition. For Sell High, deposited crypto can be converted into a stablecoin or another currency. Binance’s official FAQ says the product does not protect principal and warns that customers may miss a better market price.

The campaign page lists BTC, ETH, SOL and BNB among Sell High deposit assets, alongside 17 other tokens. Buy Low accepts USDT, USDC, BTC or ETH. Binance advertises APRs of 15% or more, although rates can vary according to the target price, duration and market volatility.

The exchange warns that the stated APR refers to rewards in the deposit currency. It is not a forecast of fiat returns or the value of the alternate currency at settlement. Funds remain locked until settlement, limiting a participant’s ability to respond to sudden price movements.

As crypto.news previously reported, Binance introduced Dual Investment as a way to buy or sell crypto at a chosen future price while receiving rewards during the subscription period. The August leaderboard adds a ranking incentive rather than changing the product’s settlement rules.

Aug. 31 closes the Binance ranking window

Users must join the activity and maintain qualifying subscriptions during the campaign. The announcement does not disclose the number of participants, the total subscription value already committed or whether every regional Binance entity will offer the promotion. Binance states that its products may not be available in every region.

The next confirmed dates are Aug. 31, when the ranking period closes, and Sept. 14, when eligible rewards should be distributed. In related coverage, crypto.news reported that Binance is also running an $800,000 XRP campaign for eligible RLUSD users through Aug. 14. That promotion covers qualifying activity across Binance Earn, Margin and Futures.

The Smarter Web Company has increased its Bitcoin treasury by acquiring another 11.89 BTC, taking its total holdings to 2,712 BTC.

According to BitcoinTreasuries.NET, the London-listed company completed the latest purchase of 11.89 Bitcoin, lifting its corporate treasury to 2,712 BTC and moving it to 28th place in the Bitcoin 100 ranking of public companies holding the asset.

The latest acquisition follows the company’s decision last month to retire its Smarter Convert financing instrument ahead of schedule, a move that left it holding 2,700 BTC after selling part of its treasury to settle the obligation. 

By adding fresh Bitcoin within weeks, the company has resumed the accumulation strategy it has repeatedly described as part of its long-term treasury policy.

Bitcoin purchase pushes holdings above July level

BitcoinTreasuries.NET said the additional purchase has increased The Smarter Web Company’s reserves by 11.89 BTC, taking the balance from 2,700 BTC to 2,712 BTC.

The update also places the company at No. 28 in the global Bitcoin 100 corporate treasury rankings, up from earlier positions it occupied as its holdings expanded through regular purchases over the past year.

In July, The Smarter Web Company announced it had repaid its $11.7 million Smarter Convert instrument nearly two weeks before maturity by selling 177.8909127 BTC at an average price of $65,762 per coin. 

The company said the Bitcoin sold had originally been purchased using proceeds from the financing arrangement, which required virtually all of the subscribed capital to be invested in Bitcoin.

Following that repayment, the company confirmed it held exactly 2,700 BTC while removing the potential issuance of 7,718,551 ordinary shares linked to the convertible structure from its fully diluted capital calculations.

Bitcoin strategy continues after convertible repayment

Company chief executive Andrew Webley previously said the Smarter Convert structure served as an alternative source of funding while the firm was building its Bitcoin treasury, but added that management no longer viewed convertible financing as the most suitable option at its current stage.

According to the company’s July announcement, investment manager TOBAM and its affiliated entities supported the early repayment request, allowing the instrument to be settled before its scheduled maturity.

Although the financing arrangement has now been retired, the company said at the time that its long-term “10 Year Plan” to build a Bitcoin treasury remained unchanged. The latest purchase adds further support to that strategy, lifting the company’s holdings above the level reported after the repayment.

Earlier purchases expanded the company’s Bitcoin treasury

The Smarter Web Company has steadily expanded its Bitcoin reserves through repeated acquisitions since 2025.

In September 2025, the company appointed Coinbase Institutional as an additional Bitcoin custody partner alongside its existing custody arrangements through Coinbase Prime. At that point, it held 2,470 BTC after completing another 30 BTC purchase.

By October 2025, the company had increased its holdings to 2,650 BTC after purchasing an additional 100 BTC for approximately £9.08 million, or about $12.1 million. The company said the acquisition formed part of its long-term treasury strategy and described Bitcoin accumulation as a core element of its corporate treasury policy.

At the time, Bitcoin Treasuries ranked the company 30th among public firms holding Bitcoin. The company also reported a year-to-date Bitcoin yield of 57,718% and a quarter-to-date Bitcoin yield of 0.58% on its holdings, while its shares recorded a modest gain after the purchase announcement.

Corporate treasury position continues to climb

The latest update from BitcoinTreasuries.NET indicates that The Smarter Web Company has continued adding to its Bitcoin reserves despite using nearly 178 BTC to repay the Smarter Convert obligation only weeks earlier.

With total holdings now standing at 2,712 BTC, the company has added 12 BTC since completing the repayment and has climbed to 28th place among public corporate Bitcoin holders.

Previous company statements have described the business as the largest publicly traded corporate Bitcoin holder in the United Kingdom. It has also raised additional capital in support of treasury expansion, including a £17.5 million fundraising announced in 2025 for future Bitcoin purchases and related treasury infrastructure.

The latest purchase does not include any indication of changes to the company’s treasury policy. Instead, the updated holdings continue the accumulation plan management has consistently outlined under its 10 Year Plan while strengthening its position in the global corporate Bitcoin rankings.