Crypto World
Japan crypto bill advances; could widen ETF access and tax reform
Japan’s Lower House has moved a bill that would bring crypto assets under the country’s financial instruments framework, signaling a potential shift toward regulated market access such as exchange-traded funds and a more favorable tax posture for digital assets. Bloomberg reported that the legislation aims to regulate crypto assets more like traditional securities, imposing stricter trading rules as part of a broader market growth push. The bill is expected to advance further after consideration by the Upper House and could take effect next year pending final enactment.
The proposed changes would align crypto assets with the regulatory treatment afforded to stocks and bonds, introducing tighter governance and disclosure requirements. At a macro level, the move reflects an ongoing effort to integrate digital assets into Japan’s financial markets while enhancing oversight and investor protections. If enacted, the reform would also reframe the tax landscape for crypto holdings, with potential implications for both retail and institutional participants.
Official records indicate the bill cleared the Committee on Financial Affairs on June 10, though the plenary vote status on the House of Representatives’ tracking page had not yet been updated at the time of reporting. The procedural steps remain subject to confirmation by the Upper House, which would complete the legislative process before implementation.
Japan’s broader regulatory trajectory has been evolving for months, with signals that crypto would move from a payments-oriented regime to a financial-market framework. In November 2025, Asahi Shimbun reported that the Financial Services Agency (FSA) had decided to apply the Financial Instruments and Exchange Act to crypto assets, including Bitcoin, Ether, and other tokens traded on local exchanges. In April 2026, FSA materials stated the proposal would relocate crypto-asset transaction rules from the Payment Services Act to the Financial Instruments and Exchange Act, marking a substantive shift in the regulatory architecture.
The FSA described a framework in which crypto assets would be treated as financial products distinct from traditional securities, while introducing disclosure duties, tighter exchange oversight, insider-trading restrictions, and steeper penalties for unregistered operators. The proposed regime would require crypto-asset transaction businesses to publish information about the assets they handle, and issuers of certain assets would face disclosure obligations during offerings or secondary distributions. Bloomberg again highlighted that such a regime could create a pathway for crypto-tracking ETFs, offering Japanese investors a regulated channel to gain exposure beyond direct exchange trading or holdings in listed companies with token interests.
Key takeaways
- The Lower House appears to have advanced a bill to subject crypto assets to the Financial Instruments and Exchange Act, moving regulation closer to equities and bonds and potentially enabling new market structures such as crypto-tracking ETFs.
- The bill contemplates shifting crypto-asset rules from the Payment Services Act to the Financial Instruments and Exchange Act, with enhanced disclosure, oversight, and penalties designed to bolster investor protection and market integrity.
- Tax provisions would reclassify crypto capital gains with a flat 20% rate—aligned with stocks and bonds—down from a current maximum of 55%. The change is slated to take effect in 2028, subject to final passage and transitional rules.
- Authorities have disclosed that the bill cleared the Committee on Financial Affairs as of June 10, with plenary-vote status pending final confirmation, reflecting a methodical progression through the legislative process.
- The reform could broaden institutional access to regulated crypto exposure via ETFs and other financial-market instruments, potentially integrating digital assets into mainstream investment and risk-management frameworks in Japan.
Regulatory trajectory and scope
The core objective of the bill is to reposition crypto assets within Japan’s financial-market regime, elevating their regulatory status from a payments-focused perimeter to a framework that governs financial products. The proposed move to bring crypto under the Financial Instruments and Exchange Act would harmonize trading rules with those applied to traditional securities, futures, and related instruments. In doing so, the regime would introduce standardized disclosure for asset managers and issuers, as well as stronger oversight of trading venues and intermediaries.
Key features under consideration include classifying crypto assets as financial products distinct from conventional securities, while imposing requirements applicable to market participants, including tighter supervision of exchanges and enhanced penalties for unregistered operators. The scheme would obligate crypto-asset transaction operators to publish information about the assets they handle, a disclosure duty intended to improve transparency for investors and regulators alike. Issuers of certain assets would face disclosure obligations during offerings or secondary distributions, aligning issuance practices with broader financial-market standards.
These measures echo a broader regulatory trend observed in many jurisdictions seeking to reduce information asymmetry and systemic risk associated with digital assets. Notably, the move would align Japan with global policy directions that emphasize market integrity, investor protection, and clear accountability for participants across the crypto value chain. The European Union’s MiCA framework and ongoing U.S. regulatory developments provide a contemporaneous backdrop for such a shift, reinforcing the trend toward formalization of crypto markets within traditional financial infrastructure.
Tax reforms and market access for investors
A central economic dimension of the bill is the proposed tax treatment of crypto gains. The current regime, which can reach up to 55% in capital gains tax, would be replaced by a flat 20% rate on crypto profits, aligning with the tax treatment of stocks and bonds. The timing of the tax reform—policy intent to be effective in 2028—reflects an orderly transition that would grant businesses and individuals time to adjust to the new framework. For institutions, the change could alter after-tax returns and impact portfolio construction, tax planning, and accounting practices tied to digital asset exposures.
From a compliance perspective, the tax realignment sits within a broader policy objective to increase predictability and coherence across asset classes. For crypto firms and asset managers, this could translate into more standardized tax reporting and a clearer line between taxable crypto activities and other financial instruments. For banks and custodians, the reform could influence product design, treasury management, and client advisory services, especially as the market explores regulated wrappers or ETF structures linked to digital assets.
In parallel with tax considerations, the potential for crypto-tracking ETFs marks a significant market-access development. Such products would provide a regulated, exchange-traded vehicle for investors seeking diversified exposure to crypto assets without direct custody of tokens. While the possibility has been flagged by market observers, the actual availability will depend on the final regulatory framework, licensing requirements, and the operational readiness of market participants to meet disclosure, custody, and liquidity standards demanded by Japan’s evolving regime.
Impact on market structure, compliance posture, and policy context
From an institutional perspective, bringing crypto assets into a financial-instrument framework would sharpen compliance expectations across the ecosystem. Exchanges, brokers, asset managers, and issuers would operate under more explicit rules around transaction reporting, asset information disclosure, and governance. The alignment with the Financial Instruments and Exchange Act would also shape AML/KYC programs, recordkeeping, and supervisory oversight, thereby enhancing regulatory certainty for both domestic and cross-border participants.
Beyond Japan’s borders, the reform integrates into a broader international policy discourse on crypto regulation. The MiCA framework in the European Union and U.S. regulatory developments reflect a global shift toward treating digital assets as regulated financial products with explicit consumer protections, capital-raising guidelines, and systemic-risk controls. For multinational firms active in Japan, the legislative trajectory underscores the need to harmonize compliance programs with domestic rules while monitoring developments in other jurisdictions that could influence cross-border operations, licensing equivalencies, and supervisory cooperation.
Another practical consideration concerns the balance between innovation and control. While tighter rules may raise the bar for market participants, they also create clearer paths for institutional involvement—ranging from regulated trading venues to custodian services and product issuances. The forthcoming Upper House deliberations will determine the pace and scope of the reform, including whether the ETF pathway receives formal approval and how disclosure standards will be operationalized across asset classes and offerings.
Closing perspective
Japan’s legislative move to bring crypto assets under a financial-market framework represents a pivotal moment for regulatory clarity, investor protection, and market accessibility. As the process unfolds, watchers should monitor the Upper House deliberations, the final articulation of the tax timetable, and the concrete rules surrounding disclosures and market surveillance. The unfolding framework could influence not only domestic capital markets but also how international entities align their compliance programs and risk controls with Japan’s evolving policy posture.
Crypto World
Up 439%, Then Margin-Called: Did Leopold Aschenbrenner’s Situational Awareness Actually Blow Up?
Situational Awareness made 439% in six months. Then margin calls took its entire stock book in one trade. Ken Griffin’s Citadel bought it.
A quarter of that fund’s last reported stock holdings were Bitcoin miners. That was not an accident, and it is why crypto investors are reading this story closely.
Who Is Leopold Aschenbrenner?
OpenAI hired him for its Superalignment team in 2023 and let him go in April 2024. He has said he was pushed out for raising safety concerns.
In June 2024 he published an essay series called Situational Awareness. Its central claim was blunt.
“AGI by 2027 is strikingly plausible,” Leopold Aschenbrenner, in his essay series Situational Awareness, June 2024.
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AGI means software that matches humans at most tasks. But the essay did more than predict it. One chapter argued the real bottleneck would be physical. Power contracts, transformers and electricity supply, not chips.
He then built a hedge fund on that idea. Its first stock disclosure, covering December 2024, listed six holdings worth $254.8 million.
Every one was a power or chip company. Not one was crypto. That changed quickly.
What Happened to Situational Awareness This Week
July went badly. The fund owned memory chip makers like SK Hynix, which fell hard in the AI memory stock selloff.
It had also bet against software firms such as Adobe. That trade pays off when a stock drops. Those shares rose instead. The wider market went the same way. The Nasdaq-100 fell 10% from its early June peak.
Borrowed money turned a bad month into a forced one. The fund had used loans to hold more stock than its own cash could cover.
When prices fell, its lenders wanted more money behind those loans. That demand is a margin call.
CNBC named Bank of America, Goldman Sachs and JPMorgan Chase as the brokers involved. It also reported the fund had grown to $45 billion by the start of July.
Then it unwound every public stock position, CNBC said. Griffin’s Citadel hedge fund agreed to buy them. Millennium Management and Jane Street looked and passed, Bloomberg reported.
Where Do Bitcoin Miners Come In?
Crypto readers mostly missed this part. Situational Awareness became one of mining’s larger shareholders, and it happened fast.
Big US funds must list their stock holdings every three months on a form called a 13F. Five exist for this fund. Read in order, they show a bet being built.
The latest filing lists 29 holdings worth $5.52 billion. Miners and their data center arms make up $1.38 billion of it.
Core Scientific was the largest at $418.7 million. IREN came next at $328.6 million, then Applied Digital at $278 million.
Cipher Mining, Riot Platforms, Hut 8, WhiteFiber, Bitdeer, CleanSpark and Bitfarms made up the rest.
The whole disclosed book grew nearly 22 times in a year. The mining share went from nothing to a quarter of it.
So the AGI fund became a mining fund by design. His essay said the bottleneck was power. Miners own power, land and cooling, which is why miners became AI powerhouses.
There is a catch for shareholders. Anyone holding these stocks in July shared the trade with a fund facing margin calls. No mining company knew, so none of them said so.
Did Citadel Engineer This?
One theory spread fast. It says Citadel scared the market about rate hikes, waited for Leopold to break, then bought his stocks cheap.
The first part is true. Frank Flight, who runs macro strategy at Citadel Securities, published a note on July 27. He wrote that he now expected a rate hike at the July meeting.
Bloomberg reported the call added to market nerves. Two days later, a Griffin firm bought the stock book.
Four things break the theory.
- First, there are two Citadels.
Citadel Securities buys and sells stocks for other people. Citadel is the hedge fund. They are separate firms.
- Second, Flight had company.
PGIM and Wrightson ICAP also called for a hike. Bond veteran Harley Bassman wanted one twice as big.
- Third, the fear came first.
Bloomberg tied it to oil prices rising after the US and Iran clashed again, plus a strong job market.
- Fourth, the Fed did not hike.
It held rates steady, and three of its 12 voting members wanted a quarter-point rise.
That last detail matters. It was the first time since September 2016 that three officials dissented in the same direction. The pressure to raise rates was real, and it sat inside the Fed.
What Nobody Can Answer Yet
Did Citadel get a bargain? Nobody outside the deal knows. Neither firm will say what it paid.
Some think the forced selling mattered anyway. On CNBC, Jim Cramer argued it looked like a clearing event that could mark a bottom for the AI trade.
The tape says something simpler. Microsoft reported strong results on Wednesday night and rose about 15%.
Chip stocks jumped the next day. One big chip index rose 6.7% and snapped a five-day losing streak.
One block trade does not move a whole chip index. An earnings report can.
Six days before all of it, Aschenbrenner had told his investors to add money.
“PS. At times we call out opportunities that seem like a particularly good time to add funds, if you have been waiting for one,” Leopold Aschenbrenner, in the July 24 investor letter as reported by the Financial Times.
He got the direction right. He just did not own the stocks anymore.
The fund is not dead. It still holds private stakes, including Anthropic, which filed confidential IPO paperwork on June 1.
Miners spent 10 years being called a curiosity. It took one AI fund’s margin call to make them matter.
The post Up 439%, Then Margin-Called: Did Leopold Aschenbrenner’s Situational Awareness Actually Blow Up? appeared first on BeInCrypto.
Strategy (MSTR), the world’s largest corporate bitcoin holder, reported Thursday an $8.2 billion second-quarter net loss after the cryptocurrency’s price decline erased billions of dollars from the value of its digital asset holdings.
The quarterly loss was driven almost entirely by an $8.32 billion unrealized markdown on its bitcoin holdings under fair-value accounting.
The company held 843,775 bitcoin as of July 26, up 25% from the start of the year. At current prices, the stash is worth roughly $54.8 billion, compared with an acquisition cost of $63.7 billion.
The report came after a period of growing investor scrutiny on the firm over whether it can sustain an increasingly complex capital structure built around multiple classes of preferred stock, common equity and convertible debt.
The company raised $17.06 billion through at-the-market stock offerings this year, repurchased $1.5 billion of convertible notes at an 8% discount and expanded its U.S. dollar reserve to $3.75 billion, enough to cover more than two years of preferred dividend payments and interest expenses.
Amazon shares surged in after-hours trading on Thursday after the company delivered a blowout second-quarter earnings report, beating Wall Street expectations across revenue, AWS sales, operating income, and earnings per share.
The results reinforced investor confidence that Amazon’s massive AI infrastructure spending is translating into accelerating cloud growth and stronger profitability.
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Amazon Beats Wall Street Across Key Metrics
Amazon reported Q2 net sales of $200.6 billion, comfortably above analyst estimates of approximately $197 billion. The company also posted operating income of $27.46 billion, exceeding expectations of around $23.6 billion, while operating margin expanded to 13.7%, above the expected 12%.
Perhaps the biggest surprise came from earnings. Amazon reported earnings per share of $5.75, far ahead of the consensus estimate of $1.82, highlighting significantly stronger profitability than analysts anticipated.
The earnings release immediately fueled investor optimism, sending Amazon shares from a regular-session close of $235.50 to roughly $251 in after-hours trading, representing a gain of more than 6.5% after the closing bell.
AWS Growth Shows Amazon’s AI Spending Is Paying Off
The strongest signal from the report came from Amazon Web Services.
AWS generated $42.23 billion in revenue during the quarter, surpassing expectations of roughly $40.57 billion. Cloud revenue grew approximately 37% year-over-year, marking AWS’s fastest expansion in roughly 18 quarters.
For investors, AWS remains Amazon’s most closely watched business because it serves as the company’s primary AI infrastructure engine.
Chief Executive Andy Jassy has repeatedly defended Amazon’s aggressive capital investment strategy, maintaining plans to spend roughly $200 billion during 2026 to expand AI data centers, networking infrastructure, and custom silicon capabilities.
The latest earnings suggest those investments are beginning to translate into accelerating customer demand rather than simply higher expenses.
Investors Reward Amazon’s AI Strategy
Heading into earnings, investors questioned whether Amazon could match the strong cloud performance recently reported by Microsoft while justifying its enormous AI capital expenditures.
Instead, Amazon exceeded expectations across nearly every major operating metric.
The combination of stronger AWS growth, expanding operating margins, and better-than-expected profitability eased concerns that AI spending would pressure near-term earnings. Investors instead viewed the results as evidence that Amazon’s infrastructure investments are already supporting faster revenue growth.
Although some of the earnings benefit included non-operating gains, the company’s underlying operating performance remained well ahead of Wall Street forecasts.
What’s Next for Amazon?
Attention now shifts toward Amazon’s second-half execution as management continues rolling out AI infrastructure and expanding AWS services.
Investors will closely monitor whether AWS can maintain its accelerated growth trajectory while Amazon continues one of the largest capital investment programs in corporate history. Future earnings will also provide a clearer picture of whether AI-driven demand can continue supporting margin expansion and justify the company’s long-term spending plans.
If AWS momentum remains intact, Amazon could further strengthen its position in the increasingly competitive AI cloud market alongside Microsoft and Google.
The report also arrives at a pivotal moment for the AI investment race, with Microsoft and other tech giants raising the bar on cloud performance. Amazon’s latest numbers suggest its AI strategy is beginning to generate tangible financial returns.
The post Amazon AI Bet Pays Off as Q2 Earnings Crush Expectations: How Will Stock React? appeared first on BeInCrypto.
When Liz Gumbinner first noticed a twinge in her right shoulder, she assumed she’d pulled a muscle. It was during the pandemic, when many exercise studios were closed, and Gumbinner, a writer who teaches advertising at Boston University, had been doing a lot of yoga and dance at home.
But the pain, mild at first, gradually became excruciating, shooting down her arm whenever she extended it. “We’re talking worse than labor contractions,” she says.
Pretty soon, Gumbinner couldn’t zip up a dress, turn off a light switch on the wall, or even hold hands with her boyfriend. The only way she could sleep was flat on her back with her arms at her sides. “That’s when I realized it wasn’t a pulled muscle,” she says.
A few months later, she was diagnosed with adhesive capulitis, colloquially known as “frozen shoulder,” a condition in which the shoulder capsule—a fibrous sheath which surrounds the joint—becomes thick and inflamed. It usually develops in three phases: the freezing stage, which can last several months and cause severe pain; the frozen stage, during which the shoulder becomes stiffer and difficult to use, often for up to a year; and the thawing stage, when mobility finally begins to improve.
Hyperscale Data has sold about 100 Bitcoin and secured a BTC-backed credit facility to finance construction of its artificial intelligence data center in Michigan.
Summary
- Hyperscale Data sold about 100 BTC to fund construction and equipment purchases.
- Its Bitcoin-backed credit facility carries a variable rate of approximately 4.5% to 5%.
- A 10-year AI services agreement could generate more than $1.2 billion if fully exercised.
- Hyperscale Data retains about 1,006 BTC, ranking 44th among public corporate holders.
Hyperscale Data converts Bitcoin into AI funding
Hyperscale Data disclosed the Bitcoin sale and financing agreement on Thursday as it accelerated work on its Michigan AI campus.
Proceeds from the sale will fund construction and purchases of critical infrastructure and equipment with long delivery times. The company did not disclose the dollar value of the transaction or the lender behind its Bitcoin-backed credit line.
Its new facility is expected to provide financing at a variable interest rate of roughly 4.5% to 5%. The arrangement allows Hyperscale Data to raise additional capital against its remaining Bitcoin rather than selling a larger share of its holdings immediately.
Bitcoin Treasuries data shows the company retains approximately 1,006 BTC after the sale. That position makes it the 44th-largest publicly traded corporate Bitcoin holder tracked by the platform.
Formerly called Ault Alliance, Hyperscale Data adopted its current name in 2024 as it shifted more attention toward AI infrastructure. However, the company has continued operating its Bitcoin mining business.
Michigan AI contract could exceed $3 billion
Construction at the Michigan campus supports an earlier master services agreement with an unnamed AI infrastructure provider. The initial phase covers approximately 20 megawatts of computing capacity.
The agreement has a 10-year term and includes two optional five-year extensions. Hyperscale Data estimates the contract could produce more than $1.2 billion in revenue if the customer exercises all options attached to the initial capacity.
The customer can also request another 32 MW within the first two years. If that expansion proceeds and remains active throughout both extension periods, Hyperscale Data expects the contract’s total value to exceed $3 billion.
These projections depend on the customer taking the available capacity and exercising its extension rights. Hyperscale Data has not identified the customer or provided a final timeline for completing the full 52 MW buildout.
Bitcoin miners expand into US AI infrastructure
Hyperscale Data’s financing decision adds to a wider shift among U.S.-listed Bitcoin miners seeking revenue from AI computing and data centers.
Hut 8 recently signed a second 15-year lease valued at $9.8 billion for its Beacon Point AI campus in Nueces County, Texas. IREN separately announced $2.8 billion in new multi-year cloud contracts and increased its year-end 2026 annualized revenue target to more than $4 billion.
Mining companies already control power connections, land and data center infrastructure that can be adapted for high-performance computing. AI contracts may offer steadier revenue than Bitcoin mining, where income depends on network difficulty, energy costs and the market price of BTC.
The transition is not without risk. Poolin filed for Chapter 11 protection in the U.S. on July 22 with roughly $173 million in prepetition obligations. The Singapore-based mining company and two U.S. subsidiaries plan to sell their Texas assets through a court-supervised process rather than restore the business.
Hyperscale Data’s Michigan investment gives the trend a direct U.S. infrastructure angle while also showing how corporate Bitcoin reserves can serve as a source of construction capital.
GPUS shares rise after financing announcement
Hyperscale Data shares, traded on NYSE American under the GPUS ticker, gained more than 5% in late-morning trading Thursday, according to Yahoo Finance data.
The market reaction followed the company’s financing update and its projections for the Michigan contract. Investors will now watch construction progress, the AI customer’s expansion decision and any further changes to Hyperscale Data’s Bitcoin holdings.
Using BTC as both a saleable reserve and loan collateral exposes the company to Bitcoin price movements while it funds a capital-intensive data center project. Future disclosures on the facility’s collateral requirements and the campus delivery schedule may provide a clearer view of that risk.
This is what makes the current moment so difficult to read. Transitions do not move neatly through the categories we use to manage the world; pressure crosses them, changing role as it goes, and by the time the official language catches up, people may already have been living with the change for years.
The next transition is forming through that movement. It is not an artificial intelligence story alone, or a climate story alone, or a demographic story alone. Each of those matters, but none explains the whole moment by itself. What matters most is how these forces begin to interact, and how much load they place on systems built around older assumptions. When enough pressure moves at once, the operating and organizing logic of an age begins to lose its fit.
Every age has such a logic. Most people do not experience it as a theory. They experience it as the background of life: how work is organized, how families are supported, how knowledge is trusted, how institutions make decisions, how risk is absorbed, and how people are expected to build a life. For a long time, that background can feel natural. Then the world changes around it, and what once made life manageable begins to show its limits.
Robinhood (HOOD) stock closed at $89.84 on July 29, down 3.15%, slipping under $90 even after the company posted its best quarter ever.
The drop was not really about the numbers. HOOD has fallen about 14% in five days and roughly 20% this year, so the weakness runs deeper than one earnings report.
HOOD Earnings Beat, but the Market Sold the News
Robinhood reported record revenue of $1.31 billion, up 32% from a year earlier.
Adjusted earnings came in at $0.62 per share, far above the roughly $0.42 that analysts expected.
The mix told the real story. Prediction markets generated $156 million, overtaking both equities at $129 million and crypto at $100 million for the first time.
That shift matters because crypto revenue fell 38% year over year, after an even sharper crypto revenue slide in the prior quarter, yet total revenue still hit a record. However, the year-to-date stock price weakness persisted.
Robinhood now runs 13 businesses above $100 million in annual revenue, far from its meme-broker image. One markets account said Robinhood “proved it’s more than a crypto stock.” And that outlook is now visible in the analysts’ calls.
In the days before the report, the latest analyst calls stayed split but constructive. Barclays and Truist both reiterated buy ratings, with a Barclays Robinhood price target of $122, while JP. Morgan and Morgan Stanley kept hold ratings at $99 and $124.
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Each target still sat near or above the price, so Wall Street was not braced for a collapse. The company also kept buying back stock under a buyback plan it authorized earlier this year.
Part of the profit came from a one-time gain, which invites some caution on earnings quality. Even so, a double beat could not lift the shares.
Options Traders Are Still Hedging for Downside
Robinhood’s options market shows lingering caution. The put-call ratio, which weighs bearish put bets against bullish calls, sits near 0.66 in open interest, a high reading that favors puts.
The volume ratio has climbed toward 0.60 as well. That rise suggests desks kept adding downside hedges around the earnings date rather than betting on a pop.
Hedging shows fear, however, and not always where cash is truly flowing.
Money Flow Improves as Selling Pressure Fades
Deeper data hints the selling may be cooling. Chaikin Money Flow (CMF), a gauge of whether institutional money is buying or selling, reads -0.09 and tried to cross above zero around July 24.
It failed, so institutions are likely still net sellers. Yet, CMF rose between July 27 and July 28 while the price fell, a small bullish divergence. This shows that the big institutional money is bleeding less as compared to the price. However, the CMF needs to move above zero for the HOOD stock to show price-specific positivity.
Volume backs that up. Selling volume has thinned since early July even as the stock dropped, which suggests that even retail sellers are losing steam.
None of this confirms a bottom, though, so the HOOD price chart has to settle the argument.
Robinhood Stock Price Levels That Decide the Next Move
The chart still looks weak. Since June 9, Robinhood has traced a head and shoulders pattern, a topping shape where a high sits between two lower peaks, and it broke down on July 24, days before earnings. The breakdown structure still remains intact, which now explains why the options traders lean bearish.
The breakdown has stalled at $89.87, which also marks the 0.786 Fibonacci retracement. If that floor holds, the roughly 21% target near $76.53 may not fill, especially after a near 10% drop.
A hold above $89.87 and a reclaim of $93.84 would open room back toward the analyst targets. Real strength, however, only returns above $108.45, the right shoulder, which looks distant for now.
For now, $89.87 separates a possible rebound from a deeper slide toward $76.53.
The post Robinhood Sank After a Blowout Quarter: Rebound, or a Slide to $76? appeared first on BeInCrypto.
Telegram founder Pavel Durov said Russian authorities designated him a “terrorist” after he refused government demands for mass surveillance and censorship on the messaging platform, responding publicly a day after Russia announced charges against him.
In a Telegram post on Thursday, Durov also said Russia had barred him from “publishing information on the Internet,” adding that authorities had “got confused about who can ban whom from the Internet.”
Source: Telegram, Pavel Durov
The comments came a day after Russia’s Federal Security Service accused Durov of facilitating terrorist activity, alleging Telegram failed to remove channels used by terrorist groups and Ukrainian intelligence services.
The case builds on a criminal investigation Russia launched in February, when regulators accused Telegram of leaving nearly 155,000 channels, chats and bots online despite claims they violated Russian laws covering extremist content, terrorism, drug trafficking and other illicit activity.
Related: Pavel Durov says Telegram to roll out native Gram crypto wallet
Durov’s legal battles extend beyond Russia
The Russian case adds to Durov’s legal challenges abroad. Durov was arrested in France in August 2024 and remains under judicial investigation over allegations that Telegram facilitated criminal activity by failing to adequately moderate illegal content and respond to law enforcement requests.
Durov has denied wrongdoing, arguing that French authorities failed to follow due process in seeking information from Telegram. His arrest also prompted a TON Community-backed campaign that collected more than 9 million signatures on an open letter urging French authorities to release him.
French authorities initially allowed Durov to temporarily return to Dubai in March 2025 before lifting his travel restrictions entirely later that year.
Telegram is also facing fresh legal pressure in Australia, where regulators this week launched court proceedings alleging the platform failed to remove terrorism-related content.
Durov has cast himself as a defender of free speech and digital privacy. In April, he warned the European Union’s proposed age-verification app could pave the way for broader online surveillance. The same month, he blamed alleged tax data leaks for a wave of crypto-related kidnappings in France and said Telegram would leave the country rather than grant authorities access to users’ private messages.
Magazine: A quantum roadmap would push Bitcoin much higher: Charles Edwards
Tokenized asset specialist Ondo Finance is evaluating a potential acquisition of between $250 million and $500 million, according to a person with knowledge of the matter.
The New York-based company is considering wealthtech targets, among other subsectors, said the person, who spoke on condition of anonymity because the matter is private.
Ondo has not yet appointed any formal advisers, the person said.
Founded in 2021 by former Goldman Sachs executives, Ondo Finance is a tokenization platform that brings traditional financial assets onchain. The company issues tokenized U.S. Treasuries and stocks and has become one of the largest providers of tokenized real-world assets, with more than $3.5 billion across its products.
“As a fast-growing company, Ondo regularly evaluates the market as part of normal business operations. We are not in conversations with any party at this time,” an Ondo representative said in emailed comments to CoinDesk.
Crypto dealmaking has remained strong in 2026 as traditional financial firms and larger digital-asset companies use acquisitions to add licenses, technology and distribution.
FTX begins its fifth creditor distribution on Friday, moving roughly $900 million to holders of allowed claims. The round is the smallest of the five the estate has paid since repayments began.
The shrinking size points to a bankruptcy in its closing phase. The harder problem now is not raising cash but reaching creditors who have never collected.
FTX Fifth Distribution Is the Smallest of Five Rounds
FTX moved more than $5 billion in its second distribution in May 2025, then about $1.6 billion that September. The fourth creditor distribution round came to roughly $2.2 billion in March 2026.
Friday’s payment is under half that. Allowed Class 5A Dotcom customer claims pick up another 9%, reaching 105% cumulatively, while Class 5B U.S. customer claims add 5% to reach the same level. General unsecured and digital asset loan claims each gain 3%, taking both to 103%.
Convenience class holders sit at a 120% cumulative recovery, though FTX cautioned that final percentages may shift slightly on rounding. Those figures count dollars, not coins, and the real value of repayments has trailed what the same assets would fetch today.
A separate $18 million payment goes to preferred equity holders on the same date, lifting that trust’s running total to $95 million.
Some Creditors Still Cannot Be Paid
Claims that are not yet allowed stay marked as disputed. FTX lists three common reasons, including:
- Proofs of claim still under reconciliation
- Jurisdictions still under review, and
- Customers who took partial payments through the Australian proceedings.
The Bahamas track runs on its own terms. Joint official liquidators of FTX Digital Markets set the same June 16 record date and July 31 start, but the distribution rate is still to be confirmed.
Creditors living in jurisdictions the liquidators flag as potentially restricted stay excluded while the legality of paying them is reviewed.
For everyone else, Friday starts a countdown. Holders of allowed claims who have not onboarded with BitGo, Kraken or Payoneer within six months may forfeit the right to be paid at all.
Tax forms carry a separate deadline under the plan with the same consequence. FTX said the class-by-class totals will reach the court docket shortly after July 31.
The post FTX Fifth Distribution Is Its Smallest Yet: Who Still Cannot Get Paid? appeared first on BeInCrypto.
Up 439%, Then Margin-Called: Did Leopold Aschenbrenner’s Situational Awareness Actually Blow Up?
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