Crypto World
Revolut wins French banking licence, creates second EU banking hub
Revolut has secured a full banking licence in France, creating its second banking entity in the European Union as the fintech prepares to move more than 30 million Western European customers onto a Paris-based operation.
Summary
- Revolut has secured a French banking licence, creating its second full banking entity in the EU.
- The French unit will initially serve France before expanding to Germany, Ireland, Italy, Portugal and Spain.
- The licence allows Revolut to add lending, mortgages and regulated savings products in France.
- Revolut has invested more than €1 billion in France and plans to open its Western Europe headquarters in Paris in 2027.
- The approval follows Revolut’s recent banking and crypto regulatory expansion across the UK, U.S., Australia and UAE.
The European Central Bank’s Governing Council approved the licence following a joint review with France’s Autorité de Contrôle Prudentiel et de Résolution, according to Revolut, allowing Revolut Bank S.A. to operate alongside the company’s existing Lithuanian banking entity.
The French operation will initially serve customers in France before Revolut progressively moves Germany, Ireland, Italy, Portugal and Spain onto the new entity. Lithuania will continue serving customers across the remaining European Economic Area markets.
Revolut founder and CEO Nik Storonsky said the licence gives the company a base from which to serve more than 30 million customers across Western Europe. He described France as an important financial hub for the company’s next stage of banking expansion.
Revolut banking licence opens access to lending in France
Until now, Revolut served its French customers through its Lithuanian banking operation, which allowed the company to provide services across the European Economic Area.
Under the French licence, Revolut can build out locally regulated banking products including loans, mortgages and regulated savings accounts. Products similar to France’s Livret A savings accounts could also become part of its local offering.
The change comes after several years of customer growth in what has become Revolut’s largest Western European market. The company had more than seven million customers in France by early 2026, an increase of about 2.5 million from 2025, and has set a target of reaching 10 million customers by 2027.
Revolut has also committed more than €1 billion to its French operations and hired over 600 employees in the region. A new Western European headquarters is scheduled to open in Paris in 2027 as the company transfers more of its regional operations to the French entity.
Béatrice Cossa-Dumurgier, Revolut’s CEO for Western Europe, said the company will begin with French customers before moving into other Western European markets. Product localisation for retail and business customers will form part of the rollout, she added.
The licence follows a lengthy regulatory process. In October 2025, Cossa-Dumurgier told Euronews that Revolut was not rushing the application because it could already serve customers in France through Lithuania. By April, she said the company expected a decision during 2026.
Frédéric Oudéa, the former Société Générale CEO who now chairs Revolut Western Europe’s board, said the approval followed work on the company’s governance, regulatory and compliance standards and engagement with French and European regulators.
ECB conditions could limit the initial product rollout
While the licence creates room for Revolut to add lending and savings products, regulatory conditions could determine how quickly some services become available.
Bloomberg reported in July that the French banking operation was expected to face restrictions similar to measures previously placed on Revolut’s Lithuanian entity. The report, citing people familiar with the matter, said some of the conditions imposed by the ECB on the Lithuanian business last year were likely to apply to the French unit as well.
Revolut has not disclosed the conditions attached to the French approval.
Any restrictions on new products could affect the timing of services such as mortgages and regulated savings accounts. The company has historically generated a large share of its earnings from payments, fees, wealth products and crypto trading rather than conventional lending.
Its 2025 results showed how that business has developed before the French banking expansion. Revolut reported $6 billion in group revenue, up 46% from $4 billion a year earlier, while profit before tax increased 57% to $2.3 billion.
Net profit reached $1.7 billion, and the company reported a 38% pre-tax profit margin. Revolut ended the year with 68.3 million retail customers after adding 16 million during 2025, while customer balances reached $67.5 billion and transaction volume climbed 65% to $1.7 trillion.
Wealth revenue, which includes investment and crypto-related activity, increased 31% to $876 million during the year.
Banking approvals extend beyond the European Union
The French licence adds to several regulatory approvals Revolut has secured or pursued during 2026.
In March, the company received its full U.K. banking licence after spending about three years working through the regulatory process. The approval expanded Revolut’s ability to provide deposits, credit and lending products in its home market.
Around the same period, Revolut applied to the Office of the Comptroller of the Currency for a U.S. national bank charter after abandoning an earlier plan to acquire an American lender.
Reuters reported in June, citing Revolut U.S. CEO Cetin Duransoy, that the company plans to launch a U.S. bank in 2027 if it receives regulatory approval. The proposed operation would be based in Stamford, Connecticut, with an additional office in New York.
Under the plan described to Reuters, Revolut would offer FDIC-insured checking accounts alongside high-yield investment accounts, multi-currency deposits, stock trading, crypto trading and stablecoin services. Rather than operating physical branches, the company plans to give customers access through existing ATM networks.
Revolut had about one million U.S. customers when Reuters reported on the plans, many of whom had previously used its services while travelling or living outside the country.
The fintech also received a full Australian banking licence in July, extending its regulated banking operations into the Asia-Pacific region.
Crypto licences remain part of Revolut’s regulatory expansion
Alongside its banking licences, Revolut has continued seeking separate regulatory approvals for its digital asset business.
Dubai’s Virtual Assets Regulatory Authority granted the company in-principle approval in July to move toward offering regulated virtual asset services in the United Arab Emirates. Final authorization would allow eligible customers to buy, sell and hold cryptocurrencies through Revolut’s main app and Revolut X, its dedicated crypto trading platform.
The proposed UAE licence covers virtual asset broker-dealer, exchange, management and investment services. Revolut had previously received approval from the Central Bank of the UAE for its payments business.
Within Europe, the company secured a Markets in Crypto-Assets licence in Cyprus in October 2025, providing a regulatory route for crypto services across eligible EU jurisdictions.
Revolut has also changed parts of its digital asset offering as MiCA requirements have taken effect. In July, it said notified customers in eligible European markets would have until Aug. 31 to sell or transfer Tether’s USDT before the stablecoin was removed from their supported accounts.
Tether has not received authorization under MiCA, while CEO Paolo Ardoino has publicly criticized parts of the framework governing stablecoin reserves.
Revolut’s valuation has climbed to $115 billion
The regulatory approvals have come during another increase in Revolut’s private-market valuation.
A secondary share sale reported by The Wall Street Journal in July priced Revolut stock at $2,017 per share, valuing the company at $115 billion. Existing employees and shareholders were able to sell shares through the transaction, meaning the deal did not provide fresh capital to Revolut.
The valuation was about 53% above the $75 billion level established through a 2025 share sale and more than twice its $45 billion valuation in 2024.
Revolut has said it now serves more than 75 million customers worldwide and operates across 40 markets. Storonsky has previously said the company does not plan to pursue an initial public offering before 2028.
The company is also preparing its physical operations for the new European structure. France will become the first market transferred to Revolut Bank S.A., with Germany, Ireland, Italy, Portugal and Spain scheduled to follow, while the Lithuanian entity will continue covering the rest of the EEA under supervision from the ECB and Lithuania’s national authorities.
Keel Infrastructure has shut down all of its U.S. Bitcoin mining operations as the former Bitfarms business redirects its American power portfolio toward artificial intelligence and high performance computing data centers.
Summary
- Keel ended all U.S. Bitcoin mining operations on June 29 to prepare sites for HPC.
- Q2 revenue fell 50% yearly to $30 million as mining activity and Bitcoin prices weakened.
- Keel sold 1,085 BTC for $75 million, leaving 1,861 BTC on its balance August 7.
- $819 million in liquidity includes $698 million cash and $121 million in unencumbered Bitcoin reserves.
- U.S. sites in Washington and Pennsylvania have not yet generated any HPC data center revenue.
The company disclosed the transition on Aug. 10 alongside second quarter results showing revenue fell 50% from a year earlier to $30.4 million. Net loss reached about $65 million.
The move brings an end to Bitcoin mining at Keel’s sites in Washington and Pennsylvania, but it does not represent a complete exit from mining worldwide. The Delaware based company continues to operate legacy Bitcoin mining assets in Canada while pursuing approvals to convert more Canadian capacity toward HPC and AI workloads.
Keel Infrastructure ends U.S. Bitcoin mining
Keel’s SEC filing shows that the U.S. withdrawal happened in stages. Bitcoin mining at its Washington State site ended on April 28 as the company began converting the location into an 18 MW HPC data center. Mining then ceased at Panther Creek, Scrubgrass and Sharon in Pennsylvania on June 29.
The change is particularly relevant to Keel’s U.S. operations because the company is now trying to reuse power infrastructure originally built around cryptocurrency mining. Panther Creek and Scrubgrass continued selling electricity after their miners were switched off. They had about 60 MW and 63 MW of energized capacity, respectively, that had not been contracted under an electric supply agreement as of Aug. 7. Sharon is being prepared for a planned 110 MW HPC data center.
Keel has also changed its corporate center of gravity. The former Bitfarms completed its redomiciliation from Canada to the United States on April 1. Keel became a Delaware corporation, a U.S. domestic issuer and the ultimate parent of the Bitfarms business. Its common stock trades on Nasdaq under the KEEL ticker.
Bitcoin sales give Keel more cash for the AI shift
Keel’s latest release also shows its Bitcoin treasury continuing to shrink. Between April 1 and Aug. 7, the company sold 1,085 BTC for roughly $75 million. Its remaining balance stood at 1,861 BTC, valued by the company at approximately $121 million for liquidity purposes.
Management made clear that further disposals are planned. During its earnings presentation, Keel said its “intent is to liquidate our Bitcoin position in 2026.” That remains a management plan rather than a completed transaction, meaning the timing and proceeds from the remaining BTC are still dependent on future sales.
Total liquidity reached approximately $819 million as of Aug. 7, comprising $698 million of unrestricted cash and $121 million of unencumbered Bitcoin. That compares with about $533 million of liquidity reported in May, as previously reported in earlier earnings coverage.
Keel also raised $458 million through 1.25% convertible senior notes due in 2032 during the second quarter. Management said the capital is intended in part to support additional power capacity at its Pennsylvania properties, including Panther Creek and Scrubgrass.
Q2 losses show the cost of leaving Bitcoin mining
The transition is already visible in Keel’s financial results. Revenue from continuing operations fell to $30.4 million from $60.9 million a year earlier. Bitcoin mining revenue alone declined by $29.6 million as the company dealt with lower average Bitcoin prices, higher network difficulty and reduced U.S. mining activity.
The U.S. portion of the decline was substantial. U.S. operations generated 37% of second quarter revenue, down from 51% a year earlier. Revenue from U.S. operations fell by $19.9 million compared with Q2 2025, with Keel citing the Bitcoin market, higher network difficulty and the April shutdown in Washington.
Keel recorded a $141 million operating loss, compared with operating income of about $11 million one year earlier. Net loss was $65 million, while the loss from continuing operations was $64 million. The quarter also included large noncash depreciation charges tied partly to the retirement of mining infrastructure at Panther Creek and Scrubgrass.
General and administrative expenses increased to $31.3 million from $19.4 million. Keel attributed the rise partly to stock compensation, professional costs connected with its U.S. redomiciliation and hiring staff for its expansion into data center development.
The strategy follows a broader move by listed miners to reuse power intensive Bitcoin infrastructure for AI computing. In related broader industry coverage, several miners have redirected capital and electrical capacity toward AI hosting as mining economics weakened during 2026.
What happens next for Keel’s U.S. data centers
The next test is whether Keel can convert retired mining sites into contracted AI infrastructure. As of Aug. 7, the company had not begun HPC operations or recognized HPC data center revenue at the Washington site or its Pennsylvania properties. That makes the current transition primarily a development story rather than an established new revenue stream.
Keel says commercial talks are advancing. Chief executive Ben Gagnon said there were “multiple prospective tenants negotiating for each one” of the company’s three priority sites. However, Keel has not publicly named those prospective tenants or announced a signed customer lease for the sites in its latest results. The customer negotiations therefore remain a company reported commercial process rather than booked revenue.
Permitting is also unfinished. Panther Creek and Sharon have received zoning and land development approvals, while environmental permits remain in progress. Panther Creek has 350 MW of secured utility capacity, and management said its earliest expected ready for service date remains in 2027.
Keel has not abandoned Bitcoin mining everywhere. Its Canadian mining assets remain operational while it pursues further HPC conversions, including a proposed 96 MW data center campus in Sherbrooke, Quebec. Local approval has been obtained for the power transfer, although the change to HPC and AI use remains subject to provincial review.
For Keel, the U.S. pivot has therefore moved beyond planning: the miners are now off, mining equipment has been designated for sale and capital has been raised. The remaining milestones are more difficult to measure in advance. Permits must be completed, tenants must sign contracts, construction must proceed and the former mining sites must begin producing HPC revenue before the new model can be judged on operating performance.
Eli Lilly (LLY) posted a blowout quarter, and Mad Money says the GLP-1 drugmaker’s stock story is far from over.
Jim Cramer and CNBC analyst Jeff Marks called Eli Lilly and Nvidia top momentum stocks.
Why Eli Lilly’s GLP-1 Stock Still Has Room to Run
The comment came during a viewer question about how price targets get set. Cramer raised Eli Lilly and Nvidia’s runs specifically when asking about the process.
Marks, the CNBC Investing Club’s portfolio analyst, said stocks like these need a longer time horizon than most.
“Stocks like that you also have to look out years out in advance, too. Especially in the case of Eli Lilly, where it’s more of towards the end of the decade is where it’s GLP-1 sales.”
— Jeff Marks, CNBC Investing Club portfolio analyst, on Mad Money
Eli Lilly’s second-quarter results back that framing. Revenue hit $23 billion, up 48% year over year. A 60% jump in sales volume offset a 13% drop in realized prices.
Management raised full-year revenue guidance to a range of $85 billion to $87 billion. Mounjaro sales rose 91% to $9.9 billion worldwide. Zepbound’s U.S. revenue grew 44% to $4.9 billion.
Cramer’s other 2026 stock picks lean on similarly durable, multi-year themes rather than short-term trades.
Global GLP-1 Demand Is Still Early
Eli Lilly’s international business is growing even faster than its U.S. business. Revenue outside the U.S. jumped 80% to $8.6 billion in the quarter, while volume surged 113%.
That growth came even as prices outside the U.S. fell 36%. The decline followed Mounjaro’s addition to China’s National Reimbursement Drug List (NRDL), a program covering drug costs under public insurance.
Lower prices widen access for millions of new patients, even as they compress near-term margins. Morgan Stanley expects the global obesity and diabetes drug market to nearly double by 2035.
The firm projects $190 billion in sales, up from $79 billion in 2025. Oral GLP-1 pills and expanding insurance coverage are the main drivers behind that forecast.
For Marks and Cramer, runway and scale are why Eli Lilly’s momentum looks built for years, not quarters.
The post Cramer’s Analyst Says Eli Lilly’s GLP-1 Stock Rally Has Years Left to Run appeared first on BeInCrypto.
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Crypto World
U.S. SEC sets meeting to propose Reg Crypto to support certain digital assets offerings
“We view this as the first of several rulemakings the SEC will undertake to provide regulatory certainty for crypto assets after the Senate failed before the August recess to advance the Clarity Act on crypto market structure,” TD Cowen analyst Jaret Seiberg wrote in a client note sent after the SEC’s notice.
The proposal is expected to give a path to crypto firms enabling them to raise capital for projects without triggering SEC registration requirements, and the businesses are also expected to be provided an exit path for getting clear of the agency’s jurisdiction when they’re not engaged in hands-on management of the projects anymore.
Before this, Atkins and the agency had rolled through a lengthy series of crypto policy statements meant to clarify its regulatory position on digital assets, but the staff statements have little long-term durability. A formal rulemaking would be more difficult to reverse in the future.
But the rule will likely take further months to develop and finalize. This first stage will come with a comment period — typically two or three months — and be followed by a potentially lengthy rewrite.
Reg Crypto would join some of the other significant steps the agency has taken or is still working on to foster the U.S. crypto industry. One of the major moves was a joint stance with the Commodity Futures Trading Commission on a “taxonomy” to define how they view various crypto assets and which jurisdictions they belong in. The agency is also still working on its tokenized securities approach, which Atkins routinely mentions as one of the SEC’s marquee crypto maneuvers.
Arthur Hayes says a Fed plan to help Japan defend the yen will print new dollar liquidity, and he argues that liquidity will pump Bitcoin (BTC).
Hayes co-founded BitMEX and now runs the Maelstrom family office. He has built a reputation for macro calls that tie Fed and Treasury policy moves directly to crypto prices.
How A Yen Rescue Becomes Dollar Liquidity
The mechanism he describes is real, though its scale is not yet confirmed. It runs through the Foreign and International Monetary Authorities (FIMA) Repo Facility, a Fed program that lets foreign governments post US Treasuries as collateral for short-term dollar loans, instead of selling those Treasuries outright.
Treasury Secretary Scott Bessent has said Japan holds $1.143 trillion in US Treasuries. Under Hayes’ scenario, Tokyo repos part of that stockpile for dollars, sells the dollars for yen, and reinvests the yen into domestic bonds and stocks.
The Fed’s balance sheet grows to fund each loan, which is functionally similar to printing money, though the Fed frames it as a lending facility rather than quantitative easing (QE).
Hayes’ bet is that these dollars do not stay contained. BTC, in his view, is one of the most liquidity-sensitive assets in the market.
Why The Fed Balance Sheet Matters For Bitcoin
During the pandemic, the Fed’s balance sheet grew from roughly $4.2 trillion to nearly $8.9 trillion by early 2022, an increase of more than $4.6 trillion in asset purchases, according to Federal Reserve research.
Over that stretch, the Bitcoin price ran from under $10,000 to an all-time high near $69,000 in November 2021. Hayes treats that stretch as the template.
There is a second layer. The yen is the world’s cheapest major funding currency, meaning traders borrow yen cheaply to buy other assets. A sudden yen spike forces those trades to unwind fast, which dragged down stocks and crypto together in August 2024.
Hayes argues that routing the rescue through FIMA lets the unwind happen gradually. A sharp Bank of Japan (BOJ) rate hike, by contrast, risks a repeat of that 2024 shock, which he says makes FIMA the friendlier path for BTC.
The Administration Side Checks Out, So Far
Bessent asked the Fed to expand FIMA’s $60 billion lending cap. This was days after the US and Japan jointly intervened to support the yen. He called the facility an important backstop and said he wants its cap raised in the months ahead.
Not everyone agrees FIMA is the right tool. Brad Setser, a former Treasury official, has argued the facility was built to backstop lending in moments of market stress, not to fund currency intervention.
Any cap increase also needs sign-off from the Federal Open Market Committee (FOMC). Fed Chairman Kevin Warsh has not committed to a schedule. Hayes treats the expansion as close to certain. The Fed has not.
Hayes’ own newsletter discloses that Maelstrom is already long Bitcoin, Ether (ETH), and Ethena (ENA). These are the same assets he says this liquidity will lift.
The post Arthur Hayes Says Fed’s Japan Yen Plan Will Pump Bitcoin appeared first on BeInCrypto.
Trump Media said it plans to revamp its digital asset treasury strategy after unrealized losses on crypto and securities helped push the company to a $238 million net loss in the second quarter.
The company reported $190.4 millio n in unrealized losses across its digital assets, pledged digital assets and equity securities in its Q2 earnings release on Monday.
Trump Media said the new framework is intended to preserve its long-term digital asset exposure while managing volatility and improving the productivity of its balance sheet.
Trump Media is the publicly traded company behind Truth Social, Truth+ and financial services brand Truth.Fi. The company is tied to US President Donald Trump, who is the sole beneficiary of a trust that held about 41.1% of Trump Media’s voting power as of Feb. 25, according to its latest annual report.
Related: Trump Media sells Wall Street low-latency access to Trump posts
Its Q2 filing shows the company is already using options to manage Bitcoin volatility and generate premium income, while deploying some BTC through lending and other yield-generating arrangements.
The company also said it plans to direct more resources toward Truth Social, Truth+ and other parts of its media business as part of a broader shift in how it allocates capital.
Trump Media boosts Bitcoin holdings after Q2
Trump Media’s Bitcoin holdings were little changed during the second quarter before the company stepped up its direct Bitcoin exposure in July.
As of June 30, Trump Media held 9,477.16 Bitcoin, down from 9,542.16 BTC at the end of the previous quarter.
Separately, the company had pledged 2,077.34 BTC as collateral for its options strategy. Of its reported holdings, 4,260.73 BTC was serving as collateral for convertible notes.
Related: Strategy turns 1,690 BTC into $108.6M STRC buyback
In July, the company sold Bitcoin-related securities worth $159.6 million and used the proceeds to purchase Bitcoin.
By July 31, Trump Media reported holding approximately 14,139 BTC, including pledged Bitcoin, worth about $890.5 million at the time.
Trump Media flags risks from Bitcoin yield strategy
Trump Media also warned that its efforts to earn additional income from its Bitcoin carry counterparty credit risk and the potential loss of its assets.
The company said it has deployed a portion of its Bitcoin holdings to third parties through lending, placement and other yield-generating arrangements, which it described as relatively new strategies.
Some of those counterparties may not be rated by major credit rating agencies and could default during market downturns, liquidity crises or other financial distress.
If an arrangement is unsecured, the company said it may be unable to recover its Bitcoin if a counterparty becomes insolvent. Trump Media is also limited in its ability to sell or pledge Bitcoin while it is deployed, while counterparties may use those assets at their discretion.
Magazine: Bitcoin will never fall below $60K again: Nansen founder
Indonesian stocks are edging back toward bull-market territory, and one of the rally’s clearest beneficiaries is an AU data center operator whose earnings are compounding regardless of what the rupiah does next.
The Jakarta Composite Index (JCI) has climbed 20% from its early-June low. That rebound follows a rough start to 2026, with the index still down 25% year to date, making it the worst-performing major benchmark globally.
The Rally’s Foundations
Bank Indonesia raised rates by a combined 100 basis points in May and June, MSCI postponed a planned review of the country’s market status until November, and S&P Global Ratings affirmed the sovereign credit rating.
President Prabowo Subianto’s decision to scale back a costly free-meals program has also eased fears of fiscal slippage. Indonesia’s economy grew 5.29% year over year in the second quarter, beating the 5.14% median estimate in a Bloomberg survey.
That backdrop is macro relief, not necessarily a structural bull case.
DCI Indonesia is where the two stories meet.
Where DCI Indonesia Fits
DCI Indonesia is the country’s largest listed data center operator has profited from the AI infrastructure boom and its first-half results show why investors keep buying it through the broader market’s turmoil. Net profit rose 18.7% year over year to Rp732.53 billion ($44 million), while revenue climbed 33.2% to Rp1.77 trillion, driven almost entirely by colocation services, which made up 94.5% of the total.
Just 2.1% of that revenue came from affiliated parties, meaning the growth reflects genuine third-party demand rather than internal deals.
The company has also started parking part of its balance sheet in the Patriot Bond, a debt instrument issued by Danantara, Indonesia’s sovereign wealth fund, carrying a 2% coupon. That holding now accounts for 6.3% of total assets, well above DCI’s historical allocation to marketable securities.
Ai Building in Asia
The demand DCI is capturing lines up with a broader regional shift. Southeast Asia’s AI buildout has increasingly become a physical infrastructure story rather than a software one, according to United Overseas Bank executives, and memory chip demand tied to AI has already driven record profit growth at Samsung elsewhere in the region.
Goldman Sachs, meanwhile, has flagged AI investment as a driver reshaping Asian markets, though it has notably not extended that bullishness to the rupiah.
That gap, a regional AI infrastructure boom that Goldman doesn’t yet credit to Indonesia’s currency, is worth watching. DCI’s own share price is still down roughly 18.6% over the past year even after this year’s bounce, meaning its earnings have been growing faster than its stock, the opposite of what tends to happen when a rally is running ahead of fundamentals.
Whether that combination, real profit growth outrunning a cautious share price, is enough to pull more of Jakarta’s market with it is the open question for the rest of 2026.
The post Indonesian Stocks Near Bull Market as DCI Indonesia Profit Jumps 19% appeared first on BeInCrypto.
Trump Media says it will overhaul how it manages its digital-asset treasury after crypto and securities losses contributed to a $238 million net loss in the second quarter. In its Q2 earnings materials, the company attributed $190.4 million in unrealized losses to its mix of digital assets, pledged digital assets, and equity securities, while describing a plan aimed at keeping long-term Bitcoin exposure but reducing balance-sheet volatility.
The publicly traded company—best known as the parent of social platforms Truth Social and Truth+ and the financial services brand Truth.Fi—linked the strategy shift to the need for a more resilient framework. The company noted that the changes are meant to improve the “productivity” of its balance sheet without abandoning its core digital-asset positioning.
Key takeaways
- Trump Media reported $238 million net loss in Q2, with $190.4 million tied to unrealized losses across digital assets, pledged digital assets, and equity securities.
- A new treasury framework is planned to preserve long-term Bitcoin exposure while managing volatility and improving capital efficiency.
- Bitcoin use in hedging and yield activity is already in place, including options-based volatility management and deployments of some BTC to third parties.
- The company increased direct Bitcoin exposure in July, moving from 9,477.16 BTC at quarter-end to about 14,139 BTC by July 31, including pledged BTC.
- Counterparty and liquidity risks are explicitly flagged for Bitcoin-yield strategies, including default risk and limits on selling or pledging deployed BTC.
Why Trump Media is changing its digital-asset plan
Trump Media’s shift comes as investors focus on how publicly traded firms balance crypto exposure with the accounting swings that unrealized losses can create. In its second-quarter reporting, the company said its existing digital-asset and securities positions generated significant unrealized markdowns. Those losses, it said, were part of what drove the quarter’s large net loss figure.
Rather than retreating from Bitcoin, Trump Media emphasized that the revamp is intended to “preserve” long-term exposure while addressing volatility and making the balance sheet work more efficiently. The company also said it plans to direct more resources toward Truth Social, Truth+, and other media operations, framing the treasury shift as part of a broader capital allocation change.
Because the group is tied to former U.S. President Donald Trump, the broader context matters for market watchers. The filing notes that a trust holding roughly 41.1% of Trump Media’s voting power as of Feb. 25 remains the sole beneficiary of Trump Media voting power, according to the company’s latest annual report.
What the Q2 filing says about Bitcoin strategy
Trump Media’s Q2 documentation indicates it is not treating Bitcoin purely as a long-term spot holding. Instead, the company described a framework that already includes options to manage Bitcoin volatility and generate premium income. It also reported using part of its BTC in lending and other yield-style arrangements.
As of June 30, Trump Media held 9,477.16 Bitcoin, down slightly from 9,542.16 BTC at the end of the prior quarter. Separately, it reported pledging 2,077.34 BTC as collateral for its options strategy. The company also said 4,260.73 BTC was serving as collateral for convertible notes.
That structure shows a balancing act: maintaining Bitcoin exposure while ring-fencing assets for derivatives and financing obligations. It also highlights how pledged collateral can constrain a company’s flexibility during drawdowns or liquidity events.
July: Bitcoin-related sales followed by increased BTC exposure
While the second quarter itself left Trump Media’s direct Bitcoin holding relatively stable, the company later stepped up its Bitcoin exposure in July. By July 31, Trump Media said it held approximately 14,139 BTC, including pledged Bitcoin, which it valued at about $890.5 million at the time of reporting.
The path to that increase was tied to an intermediate step: the company said it sold Bitcoin-related securities worth $159.6 million in July and used the proceeds to purchase Bitcoin. This matters because it suggests the company viewed those securities as a temporary component in its capital deployment rather than a permanent replacement for direct BTC exposure.
For readers tracking how non-traditional crypto entrants manage treasury assets, the key takeaway is that Trump Media’s exposure management appears active rather than passive. The company is also maintaining a portfolio where some Bitcoin remains tied up—through pledges and other arrangements—while the headline BTC totals can rise through incremental purchases.
Risks Trump Media says it faces with BTC yield activities
Trump Media’s filings do not just outline how it earns additional income; they also provide a clear warning about the trade-offs. The company stated it deployed a portion of its Bitcoin holdings to third parties via lending, placement, and other yield-generating arrangements, describing these as relatively new strategies.
According to the company, some counterparties may not be rated by major credit rating agencies. That increases the risk that counterparties could default during periods such as market downturns, liquidity crises, or other financial stress.
Trump Media also warned that if an arrangement is unsecured, it may be unable to recover its Bitcoin in the event a counterparty becomes insolvent. It added that its ability to sell or pledge Bitcoin can be limited while assets are deployed, and that counterparties may use the assets at their discretion.
These disclosures are especially relevant when paired with the company’s decision to revamp its treasury strategy. The new framework is positioned as a way to maintain long-term exposure and reduce volatility, but the filings indicate the risk is not only market-driven. It is also operational and credit-driven—tied to whether deployed Bitcoin is recoverable and how counterparties behave under stress.
In other words, the company is trying to enhance balance-sheet performance while accepting that yield-style BTC deployments can introduce new failure modes that typical spot holding does not.
What investors should watch next
Trump Media has flagged both accounting volatility from unrealized losses and credit/liquidity risk from its Bitcoin-yield counterparties. Going forward, investors will likely focus on how the company implements its revamped treasury framework—particularly whether it changes the share of Bitcoin deployed to third parties versus retained as pledged collateral or held directly, and how those choices affect reported results in subsequent quarters.
Bitcoin’s elite holders are quietly loading up again.
The number of wallets holding at least 10,000 BTC has climbed back to 90, a six-month high, according to analytics firm Santiment. Over the past eight weeks alone, the count of these “whale” wallets has risen by six, a 7.1% increase.
The move builds on a broader accumulation trend first flagged four days ago. Since July 29, wallets in the 10–10,000 BTC range (whales and sharks) have accumulated BTC worth $1.5 billion. Santiment noted at the time that the pattern of larger players accumulating while smaller holders sell raised the odds of a move above $70,000 versus a drop below $60,000.
Meanwhile, “micro” wallets have been steadily shrinking throughout August. Santiment links this divergence to two recent catalysts of uncertainty and doubt: The Coldcard hardware-wallet exploit, which drained roughly $120 million worth of bitcoin, and continued delays to the U.S. Clarity Act, the long-awaited crypto market-structure bill that the Senate has now pushed to September.
These trends point to a classic supply rotation, with coins shifting from smaller holders into the wallets of the largest investors, the so-called “strong hands.”
Solana is currently trading above $76, following a recovery of more than 6% over the past week, along with the rest of the top crypto market.
With several bullish signals now aligning, one analyst believes SOL could be headed toward a level not seen since February 2026 if the current setup confirms a breakout.
Constructive Picture
According to Ali Martinez, Solana appears to be trading within a parallel channel, and $78 has emerged as an important level. A break above the mid-range near this level could push SOL toward the channel’s upper boundary around $100.
The analyst also identified a buy signal from the TD Sequential on the crypto asset’s daily chart. The setup typically anticipates a 1-4 candle upswing or the start of a new “bullish countdown.” The resistance trendline at $78.7 is near the mid-range, which makes it a crucial level for confirmation.
At the same time, the MACD has printed a golden cross, adding another sign that SOL may be approaching an upside breakout. If these signals are confirmed, Martinez says that the altcoin could be on its way to $100.
Trader Pepesso previously said that SOL had one of the cleanest setups in crypto. At the time, he pointed to the $45-$60 range as the area to watch, while explaining that the same zone had triggered the asset’s 2023-2024 bull run. A move back into that range would still fit the accumulation view, as long as $45 held on a retest. A decisive break below it would invalidate the setup.
On the upside, Pepesso identified $100 as the first major confirmation point. If SOL reclaimed that level, the $150-$200 range would come into focus, followed by a potential move toward the previous cycle high.
Big Moves
Away from the price chart, the blockchain had a busy week on the network side. For example, BlackRock also brought another investment product to Solana with the launch of BRSRV, a money market fund designed to support stablecoin reserves.
Meanwhile, Western Union’s launch of Stablecard also added another real-world use case for the blockchain. The digital wallet and Visa-secured credit card use USDPT, a US dollar-backed stablecoin issued by Anchorage Digital Bank on Solana.
Take-Two Interactive also brought tokenized TTWO shares to the network through Backpack Securities, with each token backed 1:1 by the underlying stock.
Additionally, Solana processed a record 1.01 billion non-vote transactions in a single week. Tokenized equities also recorded around $1.45 billion in volume in July, giving the network about 82% of the global market share.
The post Solana (SOL) Shows 3 Bullish Signals: $100 Target Is Back in Sight appeared first on CryptoPotato.
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