Strategy increased its U.S. dollar reserve by $525 million to $3.75 billion while keeping its Bitcoin holdings unchanged at 843,775 BTC. 

The company said the cash balance now provides 2.1 years of coverage for preferred stock dividends. The calculation reflects Strategy’s own reserve policy and does not guarantee payments under all market conditions.

The July 27 disclosure also showed that Strategy made no Bitcoin purchases between July 20 and July 26. Its Bitcoin reserve carries a purchase cost of $63.69 billion, including fees and expenses, at an average price of $75,476 per coin.

Common stock sales fund the larger cash reserve

Strategy sold 5,429,160 shares of MSTR common stock through its at-the-market programme during the week. Those sales produced $544.5 million in net proceeds. The company sold no STRF, STRC, STRK or STRD preferred shares during the reporting period.

The Form 8-K said the $3.75 billion reserve includes expected proceeds from shares that had not settled by July 26. Strategy created the reserve to support preferred dividends and interest on outstanding debt. The company’s headline description of “2.1 years of dividend coverage” therefore represents a management calculation based on current obligations and the stated cash balance.

Strategy still had about $22.98 billion available under its MSTR stock offering programmes after the latest sales. That capacity gives the company another route to raise cash, although future issuance depends on market conditions and would increase the number of common shares outstanding.

Strategy buys back STRC but purchases no Bitcoin

Alongside the stock sales, Strategy repurchased 288,930 STRC preferred shares for $25 million. It retained $975 million of authority under its preferred-stock repurchase programme and another $1 billion under its MSTR common-stock repurchase programme.

The company did not buy back MSTR shares during the week. It also made no repurchases of STRF, STRK or STRD. The STRC transaction shows Strategy using part of its capital plan to support its preferred securities while it builds the dollar reserve used for distributions.

The unchanged Bitcoin balance extends the company’s pause in accumulation. As crypto.news reported on July 13, Strategy raised $466.7 million through MSTR sales during an earlier week while holding the same 843,775 BTC. Its reserve stood at $3 billion at that time. A later update placed the cash balance at $3.225 billion before the latest increase.

Bitcoin holdings remain below their June peak

Strategy’s current Bitcoin total remains 3,588 BTC below the 847,363 coins it held in late June. The company sold those coins for about $216 million between June 29 and July 5 after adopting a framework that allowed selected Bitcoin sales to fund dividends, interest and reserve needs.

As previously reported, the sales marked a change from Strategy’s long-running accumulation model. The company then stopped buying Bitcoin and directed fresh common-stock proceeds toward cash. The latest filing shows no new Bitcoin sale, leaving the reserve unchanged at 843,775 BTC through July 26.

The company still holds the largest disclosed corporate Bitcoin reserve. However, the July update centres on liquidity rather than further accumulation. Strategy’s latest action increased direct cash coverage while reducing the immediate need to sell Bitcoin or raise new funds solely to meet scheduled distributions.

Dividend coverage remains a company estimate

Strategy describes its reserve as money intended to support dividends on preferred stock and interest on debt. At $3.75 billion, the balance equals about 25 months under the company’s current coverage measure. The filing does not lock the cash into a separate legal account or remove the board’s role in approving dividends.

Recent related coverage also examined Strategy’s internal BTC Rating. The company said Bitcoin could fall 11.4% annually for 5.8 years while its model maintained 1.0x coverage of net debt and preferred stock. Strategy created the metric itself and that no independent credit agency assigns it.

JPMorgan previously said building two to three years of cash coverage could ease concerns that Strategy might need to sell Bitcoin to fund preferred dividends. The new 2.1-year figure enters that range, although refinancing costs, dividend-rate changes, share prices and Bitcoin market conditions can alter the calculation.

Strategy has not announced when it will resume Bitcoin purchases. Its July 27 filing instead records a larger cash reserve, a $25 million STRC repurchase and another week without buying or selling BTC. Future weekly disclosures will show whether the company keeps directing stock-sale proceeds toward liquidity or returns to Bitcoin accumulation.

For a year Robinhood was Kalshi’s largest distributor. Then it bought a CFTC-licensed exchange off the shelf, put Susquehanna behind the order book, and began routing its own flow to itself. The World Cup was the proving ground, the migration is under way, and the lesson is the one every platform eventually teaches its suppliers: the license was never the moat.

There is a sequence that plays out in every platform business, and the companies on the wrong end of it almost never see it coming, because the early years feel like partnership. A distributor takes a supplier’s product to its customers. The product succeeds. The distributor learns the economics, the operational requirements, and above all the size of the margin flowing past it to someone else. Then the distributor builds or buys the supplier’s function and keeps the margin. Amazon ran it on the merchants who taught it which products sold. Netflix ran it on the studios whose licensing bills it was paying. And this year Robinhood ran it on Kalshi, the prediction-market exchange it spent a year introducing to a hundred million retail accounts. The vehicle is Rothera, a CFTC-licensed derivatives exchange and clearinghouse that Robinhood and Susquehanna International Group acquired and rebranded, and the migration is already visible in the tape: the World Cup’s core markets routed to Rothera in June, the chief financial officer says most flow follows, and analysts report Robinhood customers now account for a shrinking share of Kalshi’s volume. This piece is the anatomy of that sequence, what it says about where value actually sits in prediction markets, and why the newest development, Robinhood reportedly negotiating to add a third party’s contracts alongside its own, is the most revealing detail of all.

What Rothera is, and what it cost to become one

The first fact worth internalizing is how ordinary the hard part turned out to be.

Rothera was not built. It was purchased: MIAXdx, previously known as LedgerX, a derivatives exchange and clearinghouse that already held Commodity Futures Trading Commission registration, acquired in a majority stake by Robinhood alongside Susquehanna International Group and renamed. That single sentence contains the entire strategic insight of this story. The regulated status that Kalshi spent years and a federal lawsuit securing, the designated contract market license and the clearing infrastructure that constitute the legal right to list event contracts in the United States, was available for purchase from an existing holder. Licenses are assets. Assets have prices. And a company with Robinhood’s balance sheet can buy in one transaction what a startup treats as its defining achievement.

The complementary piece was liquidity, and Susquehanna supplied it. One of the world’s largest quantitative trading and market-making firms serves as Rothera’s day-one liquidity provider, with both Susquehanna and Robinhood holding advisory-board seats. New exchanges usually fail at exactly this point, because thin books produce bad fills, bad fills drive traders away, and the absence of traders keeps the books thin. Starting with a top-tier market maker committed to the venue removes the failure mode that kills most new exchanges before their first quarter closes.

So the assembled package is license plus clearing plus institutional liquidity plus, critically, a customer base that already exists inside an app those customers open every day. Rothera’s contracts are also expected to carry lower fees for Robinhood users than third-party alternatives, which is the natural consequence of removing an intermediary’s margin from the chain. Everything a prediction-market exchange needs, in other words, except the years.

The migration, contract by contract

The rollout has been methodical enough to read as a case study, and the sequencing shows a company managing risk, not making a statement.

The first step was the quiet one: Rothera self-certified a baseball outcome event contract in mid-May with an intended listing date on or after May 20, and Robinhood began routing select Major League Baseball and economic-data contracts through it in a late-May soft launch. Small markets, unglamorous categories, minimal customer visibility, exactly where a platform tests new plumbing.

The second step was the World Cup, and the choice of venue was not incidental. Rothera’s tournament contracts were self-certified on May 27, and when the competition opened on June 11 across the United States, Canada, and Mexico, Robinhood routed the core markets, individual match outcomes, tournament winner, spreads, and totals, through its own exchange. A hundred and four matches over a month, with the largest event-contract volumes of the year attached to them, is the most demanding load test available, and Robinhood ran it on the venue it owns.

The third step is the one still under way, and its shape is the most informative part. Robinhood did not cut Kalshi off. Player-specific contracts, parlay-style combinations, and complex tournament props continued to route to Kalshi, with the company saying routing decisions depend on liquidity and resolution clarity per contract type. That is the textbook profile of a migration, not a rupture: keep the partner supplying the long tail that is expensive to build while taking the high-volume core that generates the revenue. Chief Financial Officer Shiv Verma has said publicly that most prediction-market flow is expected to migrate to Rothera over time, which converts the split from an operational nuance into an announced trajectory.

The numbers that made it inevitable

Understanding why Robinhood did this requires only the scale of what it was routing elsewhere.

Robinhood has processed more than 16 billion event contracts this year, against more than 12 billion across all of 2025, growth that made prediction markets one of the company’s fastest-expanding segments. The revenue line tells the same story from the other end: event contracts produced $147 million in a single quarter, exceeding the company’s cryptocurrency transaction revenue in the same period, an internal flippening this publication covered in its earnings analysis. A business generating that much revenue while paying an external exchange for the venue function is, from the platform’s perspective, a margin leak with a countdown attached, and the countdown ends whenever acquiring a license becomes cheaper than continuing to rent one.

Kalshi’s exposure is the mirror image. The exchange grew explosively on the strength of exactly this distribution, with Robinhood’s hundred-million-account retail machine supplying a large tributary of the volume that took Kalshi to roughly $31.5 billion in a single month and a $22 billion valuation. Analysts now report that Robinhood customers represent a shrinking share of that volume, and Kalshi’s own chief executive named Robinhood as one of its largest competitors in June, roughly a year after naming it a partner. Kalshi’s response has been to build directly toward its own users, launching a professional-tier product and expanding into perpetual-style contracts, which is the correct strategic answer, and also an expensive one for a company that until recently had distribution handled.

The asymmetry underneath is worth stating plainly, because it generalizes past this pair. An exchange’s assets are its license, its clearing infrastructure, its liquidity, and its distribution. Three of those four can be bought. The fourth, a customer base that opens your application every day, is the one that takes a decade and a brand, and it is the one Robinhood already had.

The Crypto.com signal: a shelf, not a store

Then, two days ago, the strategy revealed a further layer, and it changes what the whole exercise means.

Reports place Robinhood in talks with Crypto.com to offer that company’s prediction-market contracts inside the Robinhood application, alongside contracts already sourced from Kalshi, Interactive Brokers’ ForecastEx, and Rothera. A company that had just built its own exchange negotiating to carry a competitor’s products looks contradictory only if the goal was to own an exchange. It is entirely coherent if the goal is to own the shelf. Robinhood’s stated position is that it intends to work with multiple exchanges to give customers a broad and resilient marketplace, and read against the Rothera migration, that sentence describes a specific architecture: the platform routes each contract type to whichever venue offers the best economics or the deepest book, including its own, and captures the customer relationship regardless of where any individual trade clears.

That is a materially stronger position than vertical integration alone, and it maps onto the pattern our cluster coverage has been tracing from the other direction. The exchange operators bought their way toward the probability-data layer on the theory that owning the odds beats operating the casino. Robinhood is executing the third possibility neither of them centered: own the customer, and let the venues compete for the flow. In retail brokerage this is simply order routing, a business Robinhood understands intimately and has been litigated over before, and applying it to event contracts turns exchanges into interchangeable suppliers bidding for access to a distribution point they cannot replicate.

Which reframes the competitive question the whole sector is asking. The prediction-market war has been narrated as Kalshi versus Polymarket, regulated versus crypto-native, with a legislative overhang above both. The Rothera sequence suggests a different axis entirely: the venues are competing for volume that a small number of retail distributors control, and those distributors have every incentive to commoditize them. Kalshi’s $22 billion valuation prices continued category leadership. Robinhood’s build prices the possibility that leadership among venues is worth less than ownership of the front door.

The conflict nobody has priced yet

There is a structural problem inside this architecture that the competitive story tends to skip, and it is the one most likely to attract official attention: Robinhood now decides where its customers’ orders go, and it owns one of the destinations.

The company frames routing as an operational judgment based on liquidity and resolution clarity per contract type, which is a reasonable description of how any multi-venue router should work. It is also, precisely, a description of discretion exercised by a party with a financial interest in one outcome. When Robinhood routes a World Cup match contract to Rothera instead of Kalshi, the economics of that decision accrue to Robinhood twice, once as the distributor and once as part-owner of the venue and its clearing, and the customer has no visibility into the comparison that produced the choice. This is not a novel problem. It is the same structure that made payment for order flow the most litigated question in retail brokerage, produced a nine-figure settlement for this same company over disclosure of its routing economics, and remains a standing item on the regulatory agenda for equities and options. Applying the model to a newer product category does not make the question newer.

The mitigating facts are real and worth stating. Event contracts are not equities, best-execution obligations in derivatives markets work differently, and Rothera is a CFTC-regulated designated contract market with a clearinghouse, subject to that agency’s oversight instead of operating in a gray zone. Lower fees for Robinhood users, if they materialize as expected, are a genuine customer benefit that a vertically integrated venue can deliver and an arm’s-length partner cannot. A regulator examining the arrangement would find a licensed exchange, a licensed broker, disclosed common ownership, and a market maker with a public role, which is a considerably cleaner picture than the offshore venues occupying much of this category.

But the incentive asymmetry does not disappear because the entities are licensed, and the category’s regulatory environment makes scrutiny likelier and not less likely. Event contracts already face a bill that would ban sports markets outright, active litigation from a dozen state gaming regulators, and a congressional oversight probe into platform surveillance practices, all of which this publication’s cluster coverage has mapped. A retail platform routing customer orders to its own exchange, in a product category legislators are already inclined to treat as gambling, is a headline waiting for its hearing. The most valuable thing Robinhood could do about it is the thing platforms almost never do voluntarily: publish routing statistics per venue, per contract type, with the fee differential attached. Its absence will be noticed eventually, and the notice will come from somewhere less friendly than a competitor.

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BitMine Immersion Technologies said its Ethereum holdings reached 5,787,414 ETH as of July 26 after the company bought another 9,946 tokens during the week. 

The position equals about 4.8% of Ethereum’s stated 120.7 million supply and leaves BitMine close to its target of owning 5% of all ETH. 

The company valued its broader portfolio at $11.8 billion using an ETH reference price of $1,948. The total includes 208 BTC, $268 million in cash and marketable securities, a $180 million stake in Beast Industries and a $61 million position in Eightco Holdings. The figures reflect BitMine’s own valuation method. 

BitMine moves closer to its 5% Ethereum target

BitMine calls its plan to acquire 5% of Ethereum’s supply the “Alchemy of 5%.” At the current reported supply, that target equals about 6.04 million ETH. The latest total places the company about 96% of the way there, leaving roughly 247,586 ETH to reach the goal if supply remains unchanged. 

Chairman Tom Lee said BitMine has bought ETH every week since it started the treasury strategy on June 30, 2025. As crypto.news previously reported, the company held nearly 5.78 million ETH in its prior weekly disclosure. The latest purchase raised that balance by another 9,946 ETH.

The strategy gives BitMine direct exposure to Ethereum’s market price. It also creates concentration risk because ETH makes up most of the reported portfolio. BitMine’s latest quarterly filing lists price volatility, liquidity limits, custody risks and possible unrealised losses among the risks tied to its digital assets.

Staked ETH supports a growing revenue stream

BitMine said it has staked 4,917,189 ETH through its Made in America Validator Network, known as MAVAN, and other partners. That amount represents about 85% of its total ETH holdings. The company valued the staked position at $9.6 billion using the same $1,948 reference price.

Lee said current staking operations could generate $254 million in annualised revenue based on a seven-day yield of 2.65%. He also projected annual rewards of $299 million if BitMine stakes its full ETH balance. These are management estimates rather than fixed returns. Ethereum rewards can change with network participation, validator performance and protocol conditions. 

Staking has become BitMine’s main operating revenue source. Its Form 10-Q showed $45.7 million in staking and validation revenue for the three months ended May 31. That represented about 98% of its $46.5 million quarterly revenue, as previously reported.

Share buybacks rise as ETH purchases continue

BitMine repurchased 6.1 million common shares during the latest week under its $4 billion buyback programme. The company said the purchase increased from 5.5 million shares in the prior week. It has repurchased 11.6 million shares since July 1.

Lee said management increased buybacks because it viewed the rising ETH-to-BTC ratio as a sign of stronger crypto conditions. The release stated that the ratio had reached a three-month high at “0.3000.” That statement reflects management’s market view and does not measure BitMine’s operating performance. 

The chairman also said ETH could test “$2,000 and $2,500” if a comparison with the S&P 500 after October 1987 continues to hold. That remains a price forecast. It does not form part of BitMine’s reported holdings and does not guarantee future ETH performance. 

Treasury model combines staking, equities and cash

Beyond Ethereum and Bitcoin, BitMine holds stakes in Beast Industries and Eightco. The company describes these positions as “moonshots.” Their stated values can change with financing terms, market prices and company developments. The update also showed cash and marketable securities falling to $268 million from $385 million in the previous weekly disclosure.

BitMine joined the Russell 1000 index on June 26 and launched Series A preferred stock under the BMNP ticker. The company said its common shares recorded average daily dollar volume of $597 million over five sessions through July 24. It ranked the stock 171st among U.S.-listed companies using Fundstrat and Statista data.

As crypto.news previously reported, BitMine’s growing treasury could reduce the amount of ETH available for trading because most holdings are staked. The same structure leaves the company closely tied to ETH prices and staking economics. Its SEC filing warns that staking yields, regulatory changes and access to capital could affect results.

The company remains below its stated 5% target, but the gap has narrowed to less than 250,000 ETH at the reported supply level. Future weekly disclosures will show whether BitMine keeps buying ETH while continuing its share repurchase programme.

The Hyperliquid Policy Center and Multicoin Capital have filed a joint comment supporting the Commodity Futures Trading Commission’s proposed prediction-market framework.

The groups said written federal standards would help operators design event contracts and reduce policy swings between administrations. 

The filing arrived on July 27, the proposal’s comment deadline. The rule would explain how the CFTC reviews contracts tied to gaming, war, terrorism, assassination and conduct that violates federal or state law. 

Joint filing supports the CFTC proposal

The CFTC proposed amendments to Regulation 40.11 in June after an earlier consultation. Its three-step test would ask whether a product is an event contract, whether it involves a listed activity and whether trading would conflict with the public interest.

The plan does not ban every contract connected to those subjects. The CFTC would review products case by case during a process lasting up to 90 days. Chairman Michael Selig called it a “durable, transparent framework,” although the Commission may change the text before adopting a final rule.

Hyperliquid Policy Center and Multicoin said “clear rules beat guesswork.” They argued that standards written into regulations would offer more certainty than policies based mainly on staff interpretation. Their filing presents an industry position and does not resolve current legal disputes. 

Groups seek one federal regulator

The joint comment argues that the CFTC should remain the single federal regulator for exchange-traded prediction contracts. It distinguished those products from bookmaker wagers. Exchange participants trade with one another at market prices, while the venue matches orders and charges fees.

Several states have challenged prediction-market operators under gambling laws. Platforms and the CFTC argue that the Commodity Exchange Act gives federal authorities exclusive control over contracts listed on registered derivatives exchanges. Courts have not produced one final nationwide answer.

As crypto.news previously reported, North Carolina approved access for CFTC-regulated prediction markets in July, while disputes continued elsewhere. Separate coverage described lawsuits involving Kentucky, Kalshi and Polymarket. Those cases test whether federal derivatives rules override state gaming requirements.

Filing seeks settlement-based tests and public reasons

The comment recommends that the CFTC decide whether a contract “involves” a restricted activity by examining the event that controls settlement. A passing link to war or gaming would not automatically trigger review. The payout condition would determine whether the contract enters a listed category.

The CFTC proposal follows a similar reading. It focuses on the underlying settlement event rather than treating trading itself as gaming. The agency also gives examples separating a contract on an unlawful act from one that settles on a lawful court decision.

The groups asked the Commission to publish more examples for difficult cases. They also want it to explain every completed review, including approvals. The proposal requires reasoning when the CFTC blocks a product, but approval decisions could guide later filings.

That request comes as the regulator demands more product-specific detail. On July 24, the CFTC issued its second 2026 warning against broad, template-style self-certifications. It said venues must provide contract terms, settlement methods, data sources and compliance analysis for each proposed variation.

Hyperliquid’s markets shape its policy interest

Hyperliquid introduced HIP-4 outcome contracts on mainnet in May. The fully collateralised products settle at zero or one and do not use leverage or liquidations. Validators approve and settle canonical markets using defined information sources within Hyperliquid’s network.

As crypto.news reported, Hyperliquid’s first offchain market covered the U.S. consumer price index. The platform later expanded its outcome-market system as part of a move beyond perpetual futures. The Policy Center has also asked regulators to account for non-custodial blockchain markets.

The group said Hyperliquid’s products support its case for technology-neutral rules. However, the onchain venue does not currently operate as a CFTC-registered U.S. exchange. A final event-contract rule would not alone create a legal route for decentralized platforms or U.S. users.

The filing also cited fast market growth. Hyperliquid Policy Center said major venues passed $50 billion in June volume. A crypto.news analysis placed combined June volume for Polymarket and Kalshi at $44.8 billion, showing that totals vary by platform and product coverage.

The CFTC will review the comments before deciding whether to revise or adopt the proposal. The process may clarify how registered venues list event contracts, while questions about decentralized access, state authority and registration remain open. National regulators, courts and lawmakers may still shape which firms can serve U.S. customers and which contracts may legally reach them in practice.

Bitmine Immersion Technologies says it has boosted its Ether holdings by nearly 10,000 ETH over the past week, bringing its treasury to 5.79 million Ether. In a new disclosure, the company described how most of those holdings are deployed to earn staking yield through its validator operations.

According to Bitmine’s filings, the latest purchases take its exposure to Ether to roughly 4.8% of the cryptocurrency’s total supply. The company also indicated that its overall balance sheet—covering crypto holdings, cash, and marketable securities—totaled $11.8 billion as of July 26.

Key takeaways

• Bitmine reported holding 5.79 million ETH after buying nearly 10,000 ETH in the prior week.
• About 4.9 million ETH—approximately 85% of Bitmine’s Ether—are staked via its validator operations.
• Bitmine projected annualized staking rewards of about $299 million once all Ether is deployed across staking infrastructure and partner validators.
• The move coincides with Ether outperforming Bitcoin over the same seven-day period, based on CoinGecko data.

Bitmine’s growing Ether treasury

Bitmine Immersion Technologies said Monday that it currently holds 5.79 million Ether, following purchases of nearly 10,000 ETH over the past week. The company framed the accumulation as a continuation of its strategy to build a large corporate Ether treasury, placing it among the biggest public holders in the sector.

In its disclosure, Bitmine quantified the scale of its holdings: 5.79 million ETH represents about 4.8% of Ether’s total supply. The report also emphasized deployment readiness, noting that a large portion of its Ether is already working to generate staking rewards.

Staking deployment and yield projections

Bitmine said roughly 4.9 million ETH—around 85% of its Ether holdings—are staked through its validator operations. The company added that it expects annualized staking rewards of approximately $299 million once all of its Ether is deployed across its staking infrastructure and through partner validators.

For investors, the practical importance of that figure is that it ties Bitmine’s treasury strategy to a recurring value engine rather than relying solely on spot price appreciation. Staking also introduces its own set of variables, including network conditions and validator performance, but Bitmine’s disclosure makes clear that a majority of its ETH is already earning yield.

Why the ETH/BTC outperformance matters

Bitmine’s purchases arrive during a week when Ether has held up better than Bitcoin. CoinGecko data cited by Bitmine’s announcement shows ETH gaining about 2.4% over the past seven days while Bitcoin declined roughly 0.7%.

Bitmine Chairman Tom Lee pointed to the rising ETH/BTC ratio as a signal of strengthening momentum. He described the ratio as being at a three-month high, suggesting that relative demand for Ether has been improving rather than Ether simply tracking broader market direction.

Relative performance can matter for corporate treasury strategies because it affects the opportunity cost of accumulating one asset versus another. If ETH is strengthening against BTC—as Bitmine suggested—it potentially reinforces the company’s decision to allocate incremental capital toward Ether rather than pausing to concentrate on Bitcoin.

Strategy’s pivot and the shifting corporate crypto playbook

Bitmine also used its announcement to highlight how its accumulation approach is diverging from Strategy, another major public player. While Bitmine has continued adding Ether, the company said Strategy has paused Bitcoin purchases in recent weeks, marking a contrast in how these large treasuries are deploying capital.

Earlier coverage from Cointelegraph noted that Strategy announced it raised $544.5 million through stock sales, repurchased $25 million of its STRC preferred shares, and increased its US dollar reserve to $3.75 billion—while maintaining holdings of 843,775 BTC. That set of actions underscores a broader theme in corporate crypto: balance-sheet management can shift the pace of buys even when long-term conviction remains unchanged.

For market participants watching treasury behavior, the key takeaway is that accumulation is not always linear. Bitmine’s continued Ether buying—paired with the emphasis on staking deployment—shows a model where holding and earning yield can progress in parallel. Strategy’s pause on Bitcoin purchases, meanwhile, suggests corporate allocations can be influenced by funding, liquidity targets, and operational constraints.

Next, readers should watch whether Bitmine’s stated staking plan—covering deployment across infrastructure and partner validators—fully catches up to its forecast, and whether the ETH/BTC strength referenced by Tom Lee persists alongside Ether’s price action. That combination—ongoing net accumulation plus higher relative performance—could further shape how investors evaluate corporate crypto treasuries moving into the next quarter.

Ondo Finance has launched the Ondo Network, replacing its planned blockchain with an execution layer built for fast, private, and non-custodial trading.

Ondo Network replaces the planned Ondo Chain

Ondo Finance publicly introduced the Ondo Network on July 27, describing it as an execution layer that combines centralized exchange-like speed with self-custody, privacy and blockchain-based settlement.

Ian De Bode, CEO of Ondo Finance, described the product as an evolution of Ondo Chain, a previously announced Layer 1 blockchain designed for tokenized real-world assets. Ondo will not operate both systems at the same time.

“I’d frame it more as an evolution, but we will not be running the Ondo Network and the Ondo Chain in parallel.”

Ondo changed its approach while building Ondo Perps and consulting potential users. According to the company, those discussions showed that execution speed, rather than settlement capacity, was the main obstacle preventing onchain trading platforms from competing with centralized exchanges.

Traditional blockchains generally execute, verify, and settle transactions through the same public ledger. That structure provides transparency and a durable transaction history but can expose order flow and slow applications that require rapid trade matching.

The Ondo Network separates these functions, allowing trade execution to occur away from a public ledger while asset transfers still settle onchain.

How Ondo Network verifies private execution

Applications on the network run inside trusted execution environments, also known as secure hardware enclaves. These isolated environments process application code without revealing sensitive information, such as open positions and order flow, to the public.

A decentralized group of attestors determines which code the enclaves may run. The network also uses a multi-party structure under which no single operator can approve unauthorized code, reconstruct a signing key, or independently transfer user assets.

Asset transfers currently settle on Ethereum, while Ondo plans to support other public blockchains. The network’s settled state remains inside the enclaves for now, but the company intends to commit that record to public blockchains as the system develops.

Ondo also plans to introduce more attestors, independent watchers, bonded participation, and additional cryptographic proofs. The ONDO token is expected to support incentives and governance as those responsibilities become more decentralized.

The system is general-purpose rather than limited to trading. Ondo said developers could use it for spot markets, lending, structured products, settlement systems and non-financial applications requiring fast and verifiable private execution.

Ondo Perps becomes the first network application

Ondo Perps is the first application running on the network. The platform provides round-the-clock perpetual futures linked to equities and commodities while allowing traders to use tokenized real-world assets as collateral.

Perpetual futures allow users to take leveraged long or short positions without a fixed expiry date. The product launched earlier in July for users outside the United States and supports up to 20 times leverage on selected markets.

The platform’s initial role demonstrates how Ondo wants to use the network: trading takes place privately at near-centralized-exchange speeds, users retain control of their funds and transfers settle through public blockchain infrastructure.

Ondo said the network launch does not immediately alter the ONDO token’s role. The asset remains the governance and ecosystem token for the company’s real-world asset and market infrastructure.

Ondo (ONDO) traded near $0.40 following the announcement, up 1.1% over the past 24 hours with a market capitalization of approximately $1.96 billion, according to data from CoinGecko.

FINRA permissions support a separate U.S. rollout

Ondo’s network launch follows new U.S. regulatory permissions for Oasis Pro Markets, its SEC-registered broker-dealer subsidiary.

Oasis Pro received FINRA authorizations covering National Market System stocks, ETFs, mutual funds, index funds and securities issued through initial public offerings. The permissions cover activities including retail over-the-counter transactions, private placements and underwritten primary offerings.

The framework also supports settlement through fiat currencies or selected stablecoins, including transfers between blockchain wallets. It could allow eligible U.S. retail and institutional investors to access tokenized securities through existing brokers, advisers and retirement accounts.

However, the permissions do not automatically make Ondo Perps or every existing Ondo product available to U.S. residents. They provide regulated infrastructure through Oasis Pro Markets for securities offered under SEC and FINRA oversight, while individual products remain subject to separate eligibility and compliance requirements.

Bottom line: Clarity isn’t likely to come up for voting before next week — the final days before the chamber’s summer break is set to start on August 8. The hotly debated market structure bill isn’t yet ready for a vote, anyway, as the parties continue to try to seek a compromise on a contentious provision that’s stood in the way of a deal: the ban against senior government officials, including President Donald Trump, backing crypto projects.

Thune’s office had told CoinDesk last week that his next floor-time priority would go to the Russia legislation. While the majority leader also said he hopes to get to Clarity before the break, he said the leadership would have to “see where the votes are.”

At this point in the Senate calendar, every hour of floor time is a precious commodity, and the debate over the Clarity Act still hasn’t settled some of the major outstanding points — especially the section on government ethics, which was the topic of a Monday event hosted by Democrats opposing the Clarity Act and the president’s crypto activities.

Having significant disagreements at this stage could narrow the chances that Clarity can become law in 2026, potentially throwing the industry into some uncertainty over the timeline for U.S. regulations. If this legislation tanks, the next best avenues for regulatory legitimacy is the ongoing implementation of the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act and the policy efforts at the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission.