If it fails that, it moves to an exclusion screen that uses five ratios – operating asset intensity, expense intensity, cash flow, fair value intensity, and capital dependence – to make the final call.

A company becomes ineligible for index inclusion if it fails four out of the five test ratios.

MSCI’s description of the so-called non-operating companies not fit for index inclusion reads like a checklist of bitcoin treasury firms without naming one.

Companies that “create value by accumulating and holding non-operating assets,” generate little cash from actual operations, and depend on outside capital rather than their own business to grow, MSCI explained. Companies not currently in the index face the stricter thresholds based on their latest single filing.

An earlier consultation, opened in October 2025, targeted “digital asset treasury” firms, specifically those holding 50% or more of assets in bitcoin or other cryptocurrencies. That proposal named 39 companies, triggering crypto market volatility and industry backlash. The proposal was ultimately deferred.

Nothing is decided yet

MSCI has invited feedback from market participants through Sept. 30, and the results will be announced roughly two weeks later, on Oct. 16.

It has said that any resulting changes would be folded into the November 2026 index review, if the proposal is adopted at all.

Bitmine Immersion Technologies, the largest corporate Ether holder, surpassed 5 million Ether in staked tokens, which will generate an estimated $257 million in annualized revenue, according to a company announcement on Monday. 

Ether (ETH) staking is emerging as an important revenue stream that generated about 98% of Bitmine’s revenue for the fiscal quarter ending May 31, or $45.7 million of the company’s $46.5 million, analysts from Bitfinex exchange told Cointelegraph, adding:

“It funds operations and its share buyback program: 19.1 million shares repurchased since July against a $4 billion authorisation, without Bitmine having to sell any Ether.”

Ether treasury companies are facing growing unrealized losses as their margins are pressured by the decline in Ether’s spot price, which fell roughly 23% during the second quarter of 2026. 

SharpLink, the second-largest Ether treasury company, reported a net loss of $394 million for the second quarter of 2026, largely driven by $391 million in unrealized crypto losses.

Bitmine ranks as the largest corporate Ether holder with 5.54 million ETH, currently worth $9.4 billion. SharpLink ranks second, with 863,000 Ether, currently valued at $1.46 billion, according to data from the StrategicEthReserve.

Ether emerges as new treasury asset despite staking revenue risk

Bitmine’s staking milestone demonstrates how Ether can generate native yield as a treasury asset while Bitcoin (BTC) is mainly viewed as a balance sheet appreciation asset, according to Alvin Kan, chief operating officer at Bitget Wallet.

While Bitmine’s staking revenue may encourage more crypto-native companies to adopt Ether as a treasury asset, this is not risk-free income, Kan told Cointelegraph, adding:

“The revenue is annualized, depends on ETH price and staking yield, and comes with operational, liquidity, validator and regulatory considerations.” 

This makes Ether staking more akin to a yield-bearing enhancement to treasury strategy, rather than a “replacement” for disciplined capital management, explained Kan. 

Related: EToro to buy TradeZero as Q2 crypto revenue falls 30%

Still, the recurring staking income acts as a “buffer” to Ether’s price fluctuations and ensures “topline predictability that can be valued without regard to spot ETH price,” wrote Yiannis Zourmpanos, a contributor to Seeking Alpha, in a July 28 report.

Staked Ether supply, all-time chart. Source: Validatorqueue.com 

Ether staking currently pays a 2.61% annual percentage rate (APR). Over 34% of the total Ether supply is currently staked across 897,064 validators, according to data on the Validatorqueue dashboard.

Magazine: Ethereum’s EEZ could pull other blockchains into its orbit

Norway’s Government Pension Fund Global disclosed a $81.87 million position in BitMine Immersion Technologies, giving the world’s largest sovereign wealth fund indirect exposure to Ethereum through a U.S.-listed corporate treasury company rather than through a direct ETH purchase.

An Aug. 12 SEC filing from Norges Bank showed that the fund held 6,151,062 BitMine shares as of June 30. The position was valued at $81,870,635 at quarter end. Norges Bank reported sole investment discretion over the shares.

Japanese bitcoin treasury company Metaplanet (3350) unveiled a continuous bond issuance program, dubbed “BitBonds,” completing its first sale with four privately placed series worth about 200 million yen ($1.3 million).

The Tokyo-listed company said the unsecured senior bonds mature in roughly three years and carry annual interest rates of 4% to 4.3%. Solicitation began in late July and has now closed, according to an Aug. 13 disclosure.

Metaplanet said BitBonds will sit alongside common stock, equity-linked securities and preferred shares as a core funding channel. Future issuance will depend on funding needs, market conditions and investor demand, with the company eventually considering registered public offerings.

Unlike Metaplanet shares, which tend to reflect changes in the value of its bitcoin holdings, the bonds offer fixed interest and principal repayment based on the company’s creditworthiness. However, they are unsecured, unrated and not principal-protected, while the issuer’s financial position remains heavily exposed to bitcoin price swings.

The bonds also carry transfer restrictions, and liquidity before maturity is not guaranteed.

The inaugural securities were distributed through wholly owned Metaplanet Securities to individuals and companies under Japan’s small-number private placement rules, marking the firm’s broader push into Japan’s yen-denominated credit market.

JPMorgan Chase stopped providing its banking services to the decentralized prediction market platform Polymarket late last year, according to the Financial Times.

In October 2025 the bank told Polymarket it would have to secure a different banking partner amid regulatory worries. Polymarket has already moved to another lender, though that firm’s name remains undisclosed, the FT report said.

Polymarket was barred from serving U.S. users in 2022 after the CFTC hit the platform with a $1.4 million settlement for running an unregistered derivatives trading venue. The company nonetheless returned to the U.S. market in late 2025 once the Trump administration loosened federal rules.

Even after cutting the formal banking link, JPMorgan has reportedly kept some connection. For instance, it invited Polymarket CEO Shayne Coplan to address a private client conference in February 2026 and is still angling for a role underwriting any future IPO.

CoinDesk reached out to Polymarket for a comment on the matter.

MSCI is considering a new methodology that could remove Strategy and Metaplanet from its Global Investable Market Indexes as early as the November 2026 Index Review. 

A simulation using May data identified the two Bitcoin treasury companies and U.K. uranium investor Yellow Cake as the three existing constituents that would be deleted under the proposed rules.

The proposal remains a consultation, not a final index decision. MSCI’s announcement says feedback remains open through Sept. 30, with results expected by Oct. 16. Any methodology change would then be targeted for the November review. MSCI explicitly warns that the consultation “may or may not” result in the proposed changes.

Figure Technology Solutions is pointing to a strong second quarter in its consumer lending marketplace business, reporting $4.3 billion in consumer loan marketplace volume—up 132% year over year. The company also said profitability improved sharply, with quarterly net income nearly tripling as results continued to scale alongside its marketplace platform.

In a statement released Thursday, Figure said net income rose 192% year over year to $87 million, up from roughly $30 million. Net revenue more than doubled to $226 million, and net income margin increased by 10.5 percentage points to 38.8%.

Key takeaways

• Figure posted $4.3 billion in consumer loan marketplace volume for Q2 2026, up 132% from the prior year.
• Net income grew 192% year over year to $87 million, while net revenue increased to $226 million.
• The company’s marketplace volume includes loans originated via its system plus third-party loans traded on Figure Connect; Figure Connect represented $2.8 billion (65%) of the quarter’s total.
• Marketplace volume rose 262% year over year after the platform launched in June 2024, and Figure added 102 loan-origination partners in the quarter.
• Figure expects third-quarter marketplace volume of between $4.8 billion and $5.2 billion.

Marketplace growth and profitability accelerate

Figure’s quarterly update highlights both top-line expansion and a wider path to profit. The $4.3 billion in consumer loan marketplace volume reflects activity across the company’s lending marketplace, which aggregates loan products and routes them through its origination and trading infrastructure.

According to the company’s figures, the scale of the quarter also translated into improved margins. Net income margin rose to 38.8%, helped by revenue growth that outpaced costs as the marketplace expanded.

The company’s disclosed performance matters for investors because it signals that growth in marketplace volume is not merely adding transactions—it is improving efficiency, at least within the time window covered by the quarter’s financial results.

What’s included in “marketplace volume”

Figure’s reported marketplace volume is not a single product line; it combines multiple loan categories processed through its loan origination system and loans traded through its marketplace infrastructure.

The company said marketplace volume includes:

• Home equity lines of credit
• Debt-service coverage ratio loans
• Personal loans processed through Figure’s loan origination system
• Third-party loans traded on Figure Connect

For the quarter, Figure Connect activity totaled $2.8 billion, making up 65% of the overall marketplace volume. That mix is notable because it indicates that the marketplace is increasingly dependent on—and benefited by—third-party lending flows rather than only Figure’s own origination pipeline.

Figure Connect launched as part of the broader marketplace approach, and the company’s disclosures suggest third-party participation is becoming a consistent driver of volume.

Momentum since June 2024 and partner expansion

Figure launched its consumer loan marketplace in June 2024. Since then, the company’s year-over-year comparison has shown steep growth. For Q2, Figure reported marketplace volume up 262% from the same period last year.

Operationally, Figure also emphasized partner growth. It added 102 loan-origination partners during the quarter, taking its total to 489. Partner expansion is a key lever for marketplace businesses because it can broaden supply and increase match rates between lenders and borrowers, which in turn can support continued volume growth.

In addition, Figure’s management said weekly loan applications surpassed $1 billion in July. While that metric is not directly equivalent to marketplace volume, it offers a signal about pipeline strength leading into the period.

Guidance and what investors should watch next

Looking ahead, Figure expects consumer loan marketplace volume of between $4.8 billion and $5.2 billion in the third quarter. That guidance implies further growth from the $4.3 billion level reported for Q2.

For market participants, the main question is whether the company can sustain the relationship between volume growth and margin expansion. With Q2 results showing a substantial jump in net income and a widening net income margin, investors will likely watch for whether future quarters maintain similar efficiency as volumes scale—particularly given the marketplace mix that relies heavily on third-party loans via Figure Connect.

Analyst commentary highlighted by the company’s announcement also points to the marketplace’s data visibility. Bernstein analysts, in coverage dated May, predicted record second-quarter volume for Figure and tied that expectation to what they described as live blockchain data that could allow investors to monitor lending activity more closely in real time.

Figure’s next reporting cycle will therefore be closely watched for confirmation that application strength continues to convert into marketplace volume, and for evidence that partner growth and Figure Connect participation remain steady enough to support the mid-point of its Q3 range.

As Figure moves through the third quarter, traders and long-term investors alike should watch for whether reported volume continues to rise in line with guidance—especially the contribution from Figure Connect—and whether improved profitability persists as the company scales its marketplace network.

Bitcoin (BTC) edged away from weekly lows on Thursday after the US Producer Price Index (PPI) narrowly cooled in July.

Key points:

• Bitcoin avoids further downside as US PPI data provides a boost to US equities.
• Cleveland Fed president stays hawkish on the outlook for interest-rate policy. 
• Bitcoin long liquidations make $61,000 a key level to watch.

July PPI extends cooler US inflation trend

BTC/USD was up around 0.5% on the day near $63,900 with volatility broadly absent, data from TradingView showed.

BTC/USD one-hour chart. Source: Cointelegraph/TradingView

The July US Producer Price Index (PPI) print was unchanged month-on-month at 0.2%, while year-on-year increased 4.7% versus an anticipated 4.9%, per data from the Bureau of Labor Statistics (BLS).

“In July, a 0.2-percent increase in the index for final demand services and a 2.2-percent advance in prices for final demand construction offset a 0.7-percent decrease in the index for final demand goods,” the BLS release said.

“Falling gasoline and energy prices provided the biggest relief,” Econoday analysts highlighted.

US PPI one-month % change. Source: BLS

US stocks gained at the Wall Street open as PPI further cooled market bets on interest-rate hikes from Federal Reserve policymakers. The S&P 500 index and tech-heavy Nasdaq Composite index were up 0.87% and 0.94%, respectively, at the time of writing.

CME Group’s FedWatch Tool showed 65.6% odds of those policymaker holding rates at the current 3.50-3.75% level at the Federal Open Market Committee (FOMC) September meeting. Wednesday’s July Consumer Price Index (CPI) numbers matched expectations, already resulting in a boost to the rate-pause outlook.

Fed target-rate probability comparison for September FOMC meeting (screenshot). Source: CME Group

After their biggest split over the interest-rate path since 1970 in July, Fed officials continued to strike a cautious tone over policy. Speaking at an event with the Dayton Area Chamber of Commerce in Kettering, Ohio, Cleveland Federal Reserve Bank president Beth Hammack questioned whether even recent cooler data prints would be enough to bring inflation down to the Fed’s 2% target.

“Maybe we’d get there, but if it takes another three to four years to get there, is that OK? Is that enough?” she said, quoted by Bloomberg.

Hammock was one of three officials to vote in favor of a 0.25% rate hike in July.

Related: Bitcoin speculators keep BTC price ‘pinned’ below $68.7K: Glassnode

Bitcoin faces long position liquidations at $61,000

With BTC price action still acting within a tight range, market participants’ attention focused on the extremes.

Rafael Schultze-Kraft, cofounder of onchain analytics platform Glassnode, suggested that $61,000 could become a flashpoint thanks to the large potential long position liquidations that would occur if price were to reach it.

“Long liquidation risk has built up around $61K in the past weeks. If we get there, I’d expect forced selling to add momentum to the downside,” he wrote in a Tuesday X post.

Previously, Cointelegraph reported on $63,000 now forming another key BTC price level as repeated retests increased the odds of support failure.

Bitcoin futures liquidation heatmap. Source: Rafael Schultze-Kraft on X.com