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Strive CEO says STRC, SATA selloff was leverage flush
Strive CEO Matt Cole said digital credit saw its hardest session yet after sharp moves in STRC and SATA.
Summary
- Cole said STRC and SATA fell on forced selling, not weaker credit quality.
- STRC dropped to $82.50 while SATA fell to low $90s before recovering intraday on Friday.
- Strive says reserves remain intact as digital credit investors review leverage and liquidity risks.
In a post on X, Cole said it was “the most difficult day in the history of Digital Credit.” STRC fell as low as $82.50 before recovering, according to Cole. SATA also dropped from par to the low $90s before rebounding. Jeff Walton later said on X that SATA had hit $92.88 intraday before recovering to $97.71.
The moves drew attention because both products sit inside a new market for preferred equity-style digital credit. That market links income products with Bitcoin treasury strategies and public market structures.
Cole separates liquidation from credit risk
Cole said the selloff was “a leverage liquidation event” and “not a deterioration in underlying credit quality.” He said forced selling appeared to drive the fall after leveraged investors came under pressure.
He compared the move with past income-market stress in traditional finance, where investors borrow against assets viewed as stable to lift returns. When prices move against them, margin pressure can force sales and push prices lower.
Cole said the selling became disconnected from the underlying credit profile. He added that Strive’s dividend reserves remain intact, the company is not under stress, and the firm remains able to meet its obligations.
“A liquidation event and a credit event are not the same thing,” Cole said. He also said there was strong demand near intraday lows, with both STRC and SATA drawing buyers after the sharp drop.
Strive’s digital credit push adds context
As previously reported by crypto.news, Strive listed SATA on Nasdaq as part of its Bitcoin treasury and digital credit strategy. The company said SATA raised $160 million through a 2 million-share initial public offering.
Crypto.news earlier reported that Strive held 7,525 Bitcoin after the SATA listing. The company described SATA as a variable-rate preferred equity product tied to its wider plan to grow Bitcoin per share over time.
Strive has also said SATA aims to trade in a target range of $99 to $101. The company’s website says SATA carries a 13% annual dividend rate and moved to business-day dividend payments from June 16.
Strive has presented digital credit as a way to pair income products with Bitcoin-backed corporate finance. The sharp session now puts attention on how these products trade when investors use leverage.
Market watches leverage and liquidity
Cole said the day showed how leverage can create stress even when issuers say credit quality remains unchanged. He said investors, issuers, and market participants may learn from the event while the market is still small.
The price action also showed how quickly income products can move when forced selling reaches thin markets. A fall below par can draw buyers, but it can also raise questions about liquidity, leverage, and market depth.
For Strive, the main message from management was that the company remains stable. Cole said the firm’s reserves are intact and that the underlying credit profile had not changed from before the volatility.
For investors, the next test is whether STRC and SATA can hold their recoveries after the liquidation pressure fades. Trading near the $99 to $101 range would support Strive’s stated market goal for SATA, while further volatility would keep attention on leverage across digital credit products.
Crypto’s largest tokens were close to unchanged on Thursday as the semiconductor selloff that has driven markets for two weeks showed its first real sign of easing.
Ether traded at about $1,905 and bitcoin at $64,100, both flat on the day, with XRP at $1.07, solana at $74, BNB at $572 and TRON at 33 cents. Hyperliquid’s HYPE slipped to $54. Volumes were modest, with roughly $28 billion changing hands in bitcoin and $10 billion in ether.
Electronics giant Samsung said chip profit rose more than 250-fold on AI memory shortages, and the Kospi swung between a 6% gain and a 2% loss before settling, after a stretch that took the index down more than 40% from its June peak.
Samsung’s reaction is the tell on how high the bar has become. Profit up 250-fold moved the shares 2%. SK Hynix reported profit up 557% on Wednesday and fell 17%. Results are not the problem, expectations are.
U.S. earnings split overnight. Microsoft gained nearly 9% in extended trading on its fastest cloud growth in four years, while Meta fell 8% on a weak revenue forecast. Nasdaq 100 futures rose 1% after the index entered a technical correction on Wednesday.
Ten European financial institutions have launched Regulated Layer One (RL1), a jointly owned blockchain cooperative designed for regulated financial markets and tokenized assets.
On Tuesday, the group announced that RL1 had been established as a European Cooperative Society in Luxembourg and had begun operations with founding members including ABN AMRO, Cecabank, Chartered Investment, Crédit Mutuel Alliance Fédérale, DekaBank, DZ BANK, LBBW, Natixis CIB, SC Ventures and Seturion.
RL1 said each member will have equal decision-making rights over the network’s governance and development.
The private, permissioned network is based on infrastructure developed by German fintech Secure Worldwide Interbank Asset Transfer (SWIAT), which has now transferred ownership of the network to the cooperative.
SWIAT said the platform has processed more than 50 transactions worth over 700 million euros (about $808 million) during three years of production use.
The blockchain is designed to support institutional use cases including digital money, tokenized bonds, collateral and blockchain-based settlement. RL1 said the shared network could reduce fragmentation caused by financial institutions operating separate distributed ledger systems.
Former SWIAT managing director Henning Vollbehr will lead RL1. KfW and L-Bank will continue supporting the initiative, while RL1 said it is in discussions with additional institutions, including NatWest, about joining the network.
Related: CoinShares debuts Bitcoin mining ETF in Europe entrance
Crypto exchange Luno is reportedly cutting about 20% of its workforce as it restructures operations and reallocates resources toward institutional clients, financial infrastructure, and business-to-business services. The move, first reported by Bloomberg, reflects a broader cost-and-efficiency push in the crypto industry amid pressured growth expectations and tighter budgets.
According to the report, Luno CEO James Lanigan said the company’s previous investments in automation and operational upgrades have changed what it needs to run the business. Alongside further cost trimming aligned with market conditions, Luno plans to continue investing in areas including compliance, core infrastructure, and retail products—suggesting the reorganization is intended to reduce burn without abandoning key regulatory and product priorities.
Key takeaways
- Luno is reportedly cutting roughly 20% of global staff as it shifts resources toward institutional and infrastructure-focused lines of business.
- Company leadership attributes the reduction to automation and operational improvements that have reduced the resources needed to run day-to-day activities.
- In addition to cost cuts, Luno plans to keep investing in compliance, core infrastructure, and retail offerings.
- Luno’s layoffs fit a wider industry pattern: job cuts across crypto companies have increasingly been linked to efficiency drives and automated operations.
- CryptoJobsList data shows July restructuring activity across multiple firms, though the dataset includes crypto-adjacent tech and is skewed by some very large reductions.
Luno’s restructuring: fewer people, different priorities
Luno, founded in South Africa and owned by Digital Currency Group, serves about 16 million users across Africa and the Asia-Pacific region. While the exchange has historically been associated with retail trading, the firm has broadened its business into crypto infrastructure and institutional services—areas that can demand different operating capabilities than consumer exchange support.
Bloomberg reports that the latest job cuts are part of that operational pivot. Lanigan reportedly said the company invested in automation and broader changes to how work is performed, which altered staffing needs. The company will also trim costs while investing in compliance and core infrastructure, according to the same account.
For investors and market observers, the key point is that the cuts are not presented as a retreat from regulation-heavy infrastructure or core product development. Instead, Luno appears to be aiming for a more scalable operational model—one that can support institutional and business-to-business customers without matching headcount growth to revenue expectations.
Not Luno’s first workforce reduction
Luno’s reported 20% cut follows earlier staffing actions. In January 2023, the exchange cut 35% of its staff, affecting nearly 330 employees, as turbulence across the technology and crypto sectors weighed on its growth and revenue. That earlier round was covered by Cointelegraph, highlighting that Luno has already been navigating a challenging environment for crypto companies seeking consistent expansion.
Taken together, the two waves suggest Luno is actively recalibrating its cost structure rather than treating layoffs as a one-off response. This matters because repeated restructuring can change how quickly an exchange adapts to market shifts—particularly when compliance requirements and infrastructure demands continue to rise even when retail activity becomes more cyclical.
Crypto layoffs in July: a pattern of efficiency-driven cuts
Luno’s move aligns with broader industry downsizing and reorganization efforts. CryptoJobsList, a tracker of crypto and related job changes, recorded layoffs or restructurings at 12 crypto and crypto-adjacent companies during July. Disclosed figures in that period total 894 jobs affected.
The data is useful as a high-level indicator, but CryptoJobsList also notes that it includes financial-technology adjacent companies and that the figures can be skewed by large reductions. For example, Block’s 4,000-person reduction in February—also tracked in CryptoJobsList’s reporting—means some months can look unusually severe even when the rest of the sector is less affected. Earlier coverage from Cointelegraph has also described how AI, automation, and operational efficiency have become recurring explanations behind staff reductions across crypto.
Earlier in July, crypto wallet company Exodus announced plans to cut 25% of its staff while reorganizing around a full-stack card-issuance and stablecoin-payments platform. Exodus said the plan could generate between $10 million and $13 million in annual operating savings, according to Cointelegraph reporting.
Separately, blockchain infrastructure developer Gnosis reportedly took steps linked to its consumer-facing Gnosis App. On Tuesday, it invited companies to contact it for introductions to former employees affected by a recent restructuring. The company said on July 17 that it had reduced its workforce after reviewing the Gnosis App, as referenced by a report on the Gnosis forum.
Why this matters: the industry is shifting labor toward infrastructure
Luno’s layoffs are framed not just as belt-tightening, but as a response to changed operational requirements. In practice, that often means fewer roles tied to manual processes and more emphasis on areas like compliance and core infrastructure—especially where institutional clients and regulated financial partners are involved.
At the same time, the pattern visible across July reporting suggests companies across crypto are treating headcount as a variable they can re-engineer through automation, AI-enabled workflows, and redesigned products. The uncertain part for employees and the market is how these efficiency moves translate into sustainable growth: cost reductions can stabilize budgets, but they may also reflect caution about near-term demand.
Looking ahead, readers should watch whether Luno’s institutional and infrastructure focus delivers measurable traction in new partnerships and service expansion, and whether the broader wave of restructurings continues to concentrate around automation-led operating models rather than a broader collapse in activity.
Crypto exchange Luno is reportedly cutting about 20% of its global workforce as it restructures operations and shifts more resources toward institutional clients, financial infrastructure and business-to-business services.
According to a Bloomberg report on Tuesday, Luno CEO James Lanigan said the company had invested in automation and broader operational improvements that changed the resources needed to run the business. Luno will also trim costs in line with market conditions while investing in compliance, core infrastructure and retail products.
Luno has previously made larger workforce reductions. In January 2023, the exchange cut 35% of its staff, affecting nearly 330 employees, as turbulence across the technology and crypto sectors weighed on its growth and revenue.
Founded in South Africa and owned by Digital Currency Group, Luno serves about 16 million users across Africa and the Asia-Pacific region. The company has expanded beyond retail trading into infrastructure and institutional services, including providing crypto infrastructure for banks and fintech firms.
Luno’s rationale for the layoffs reflects a wider industry trend, with several crypto companies citing AI, automation and operational efficiency when cutting staff.
Related: BitGo cuts 15% of staff to sharpen focus on AI, stablecoins
Crypto layoffs spread across industry
Jobs tracker CryptoJobsList recorded layoffs or restructurings at 12 crypto and crypto-adjacent companies in July, with disclosed figures totaling 894 jobs affected. CryptoJobsList has tracked more than 7,254 disclosed job cuts across 47 companies in 2026, with market conditions cited most often as the reason.
The data serves as a broad industry indicator rather than a definitive crypto-only total, as it includes adjacent financial technology companies and is heavily skewed by Block’s 4,000-person reduction in February.
Layoffs by month. Source: CryptoJobsList
Earlier in July, crypto wallet company Exodus announced plans to cut 25% of its staff while reorganizing around a full-stack card-issuance and stablecoin-payments platform. Exodus said the move could produce between $10 million and $13 million in annual operating savings.
On Tuesday, blockchain infrastructure developer Gnosis invited companies hiring across engineering, product, design, marketing, developer relations and customer relations to contact it for introductions to former employees affected by a recent restructuring. The company said on July 17 that it had reduced its workforce following a review of its consumer-facing Gnosis App.
Magazine: Ethereum risks losing No. 2 spot as stablecoins gain ground
Bitcoin (BTC) could climb to between $380,000 and $450,000 from March 2028, according to crypto analyst Sykodelic, whose latest market outlook has sparked a heated debate on X over whether the current bear market is actually a mid-cycle correction.
The forecast stands out because it argues that BTC has not yet completed its broader bull cycle, even with many traders believing that the market topped in October 2025.
Analyst Says Bitcoin Is Still in the Middle of a Larger Cycle
In a July 29 newsletter preview shared on X, Sykodelic said the current bear market is a mid-cycle correction and not the end of the cycle, comparing it to stretches from 2011 to 2013 and 2019 to 2021. With that in mind, the analyst predicted the OG cryptocurrency will reach between $380,000 and $450,000 starting in March 2028.
His price target leans on two tools: the 200-week simple moving average multiplied by five and a quantile-95 statistical band already sitting near $330,000.
“Every cycle top has hit the 200w SMA x5. That already sits at $320,000,” he wrote. “As price moves higher that will go up.”
The market watcher pointed out that from BTC’s current price level to $380,000 is only a 5.5x move, way smaller than the asset’s 23x run from $3,000 to $69,000 in 2020, meaning such a jump isn’t just possible but quite probable.
At the time of writing, the asset was changing hands above $64,000 after recovering modestly over the past day. That recent weakness was linked to several factors, including investor caution ahead of the US Federal Reserve’s policy decision, weakness across broader financial markets, and continued outflows from spot Bitcoin exchange-traded funds.
Naysayers Dig In
That forecast drew immediate criticism. One of the doubters, X user Bitcoin Daily, who identified themselves as a data scientist, said they ran Sykodelic’s own 890-day spacing rule backward from the October 2025 high and landed in spring 2023, which, by his own framework, would make October 2025 the top, not the midpoint.
They also noted that Sykodelic’s chart had entirely skipped the 2015 to 2017 cycle. Furthermore, his two reference rallies measured different things, with June 2011 being a full cycle top followed by an 89% drop, while June 2019 was a bear market rally high that fell 55%.
Another thing Bitcoin Daily highlighted was that the last three cycle tops landed 525, 546, and 534 days after their halving. Meanwhile, March 2028 falls 38 days before next year’s halving, meaning Sykodelic’s $380,000 top would come in a period where such an event has never happened before.
“No Bitcoin top has ever arrived before a halving,” the data scientist stated.
Additionally, running the 890-day spacing from four other local highs since June 2024 produced targets spanning May 2027 to October 2028, a 17-month window that, according to Bitcoin Daily, shows Sykodelic’s March 2028 date was chosen and not calculated.
Sykodelic dismissed those objections, questioning the claim that spring 2023 could be considered a mid-cycle high only months after the November 2022 bear market low. He also said that he didn’t include the period between 2013 and 2019 since it never experienced a mid-cycle correction.
The post Bitcoin Could Hit $380K-$450K by March 2028, Says Analyst appeared first on CryptoPotato.
Pi Network (PI) saw a modest rise as the Pi Core Team began rolling out Protocol 26, the first of two remaining upgrades to its Mainnet.
Node operators have until August 11 to finish the update to maintain their connection to the Mainnet.
Pi Network Sets an August 11 Deadline for Node Operators
The Pi Core Team announced the rollout on Wednesday and directed operators to its node page for instructions.
“This migration is straightforward and should complete in under 5 minutes; in rare cases, restarts may take longer—please allow them to finish. Do not perform it to all of your nodes at the same time,” the instructions read.
Protocol 26 is the ninth protocol upgrade Pi has shipped over the past few months. Protocol 27 will close the current sequence.
The team stated that together, the two releases will bring the Mainnet up to date with the network’s latest protocol features and functionality.
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Upgrade News Lifts PI Price, but Rallies Keep Fading
Meanwhile, PI price ticked higher on the upgrade development. The token was up 6.66% to $0.0822 over 24 hours, outpacing the broader crypto market’s 0.71% gain.
A similar reaction followed the network’s product work. PI gained more than 3.5% in mid-July when Pi redesigned its mining app menu and profile page.
The rebound remains narrow, however. PI trades down 11.7% over the past 7 days and 29% over the past 30 days.
Earlier upgrades produced the same pattern. Pi activated Protocol 25 on July 22, and PI briefly tagged $0.103 days earlier before losing the $0.10 level.
Supply explains part of that ceiling. PiScan data showed roughly 4.25 million PI unlocking each day, with about 1.71 billion scheduled to enter circulation over 12 months.
The August 11 cutoff hands traders another dated catalyst. Prior deadlines delivered short bounces rather than a durable trend, and the upcoming upgrades will test whether that changes.
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The post Pi Network Begins Ninth Protocol Upgrade Ahead of Final Version 27 appeared first on BeInCrypto.
Perplexity AI predicts an explosive rally for Bitcoin, and this Bitcoin price prediction does not hold back on the number. The call is $180,000 to $230,000 by the end of 2026, a target built on what the model calls a slow bull institutional phase rather than a sharp speculative spike.
Record ETF inflows are projected to top $300 billion, layered against sovereign adoption through a US Strategic Reserve. That combination is framed as overwhelming the post-halving supply shock entirely, meaning demand simply outpaces the reduced flow of new coins hitting the market.
Potential Fed rate cuts add a second structural bid on top of that. Enhanced liquidity tends to push capital toward risk assets, and Bitcoin has historically been a major beneficiary of exactly that kind of environment.
Regulatory clarity through the GENIUS Act rounds out the case. Perplexity frames this as the piece that legitimizes corporate treasury allocation, effectively giving more companies permission to hold Bitcoin on their balance sheets the way a handful of early movers already have.
Even the base case here is aggressive. A new all time high near $150,000 to $200,000 is treated as the expected outcome rather than the stretch scenario.
The bear case is not dismissed though. If ETF flows stall or a macro recession triggers deleveraging, Perplexity sees Bitcoin retesting support between $60,000 and $80,000.
The model still frames a collapse below current levels as increasingly unlikely, arguing the institutional floor beneath this market has genuinely strengthened compared to prior cycles.
Bitcoin Price Prediction: BTC Has Spent Six Months Retracing The Same 20,000 Dollar Range
Price closed at $63,835, up 0.22%, in a session ranging between $62,684 and $64,035. That modest green day sits inside a chart that has been repeating itself since spring.
Zoom out and the shape is unmistakable. Bitcoin topped near $128,000 in October 2025, then broke down hard through January, gapping from above $96,000 to under $72,000 in a matter of weeks.
Since that crash, price built a rounded recovery through spring that peaked near $82,000 in May, then rolled over into a sharp flush back to $60,000 in June. The climb since that June low has been steady, and it has now pushed BTC price back to almost exactly where the May rally first started.
Support sits at $60,000, the level defended through June. Below that, $52,000 marks the last major shelf from earlier in the cycle.
Resistance stacks at $66,000, then $70,000, then the heavier May ceiling near $82,000 that has already rejected one full rally attempt this year. Momentum here is mildly positive but not extended, consistent with a market grinding sideways rather than breaking out in either direction.
For Perplexity’s base case to gain real traction, Bitcoin needs to clear $82,000, a level this exact chart has already failed at once this year. Until that happens, this remains the same range it has been trading since May, just retraced from a different direction.
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Here is What Perplexity AI Predicts About LiquidChain
The rotation has already happened. Most people will realize it too late.
Large caps are boxed in. Bitcoin, Ethereum, and XRP keep testing the same ceilings with nothing giving way. Every macro catalyst has a new date. Every institutional wave arrives next quarter. Waiting on someone else’s timeline is not a trade.
A capital that has navigated enough cycles moves before the destination has a name.
Small market cap infrastructure plays on different physics entirely. A modest rotation that vanishes as noise at Bitcoin’s scale can reprice an undiscovered project by multiples. The returns live in the gap between what something is genuinely worth and what the market has assigned it. That gap closes permanently the moment discovery happens.
Multi-chain fragmentation bleeds DeFi every single day. Bitcoin, Ethereum, and Solana run as completely isolated systems. Every user crossing those boundaries pays in fees, slippage, and failed transactions. Every single time.
Perplexity AI predicts LiquidChain fixes that will entirely fix it. All 3 networks inside one execution layer. One deployment. Zero cross-chain tax anywhere.
The presale is at $0.01454 with just over $900,000 raised. The market has not found this yet. That is exactly the point.
Execution is unproven. Adoption is unknown. LiquidChain is an entry point that disappears the moment the market looks up.
The post Perplexity AI Just Dropped a Bitcoin Predicts That Has Traders Worried appeared first on Cryptonews.
The dominant Ripple bull case, that processing SWIFT-scale payment flows alone could justify a $100 token price, is mathematically flawed, according to crypto analyst xrpl_Adam. Because XRP settles transactions within seconds, the same tokens can be reused repeatedly throughout the day, limiting the amount of capital that needs to remain in circulation. Under that model, payment volume by itself does not create the scarcity needed to support extreme valuations.
$1,000 ripple:native is a $100 trillion asset. Is there a thesis to this or just influencer garbage? — xrpl_Adam (@xrpl_adam) July 28, 2026
Payment volume doesn't get you there. A coin that settles in seconds gets reused all day
Only one thing in finance makes institutions hold an asset they can't spend. 
In a July 29 thread on X, xrpl_Adam argued that “volume doesn’t set the price. Idle inventory does.” He compared XRP to gold, whose value comes largely from long-term holdings, collateral, and reserve status rather than transaction throughput. The argument is that XRP would need to become an asset institutions hold as collateral instead of simply using it for settlement if it were ever to reach triple-digit prices.
XRP has a maximum supply of 100 billion tokens, with roughly 59 to 60 billion currently in circulation, while the remainder is largely held in escrow under Ripple’s release schedule. At a $100 price, XRP’s fully diluted valuation would approach $10 trillion, while a $1,000 price would imply around $100 trillion. Those figures far exceed what a payment utility alone could reasonably support, making institutional reserve demand the central requirement behind the thesis.
Discover: The Best Crypto to Diversify Your Portfolio
Ripple Is Building Infrastructure, but the Missing Piece Remains
The idea has attracted attention because Ripple is expanding its institutional infrastructure. The company completed its $1.25 billion acquisition of Hidden Road, giving it control of a global prime brokerage business that provides clearing, financing, and collateral services to institutional clients. Prime brokers play a key role in determining which assets qualify as eligible collateral across financial markets.
Ripple has also strengthened Hidden Road’s institutional profile. KBRA assigned Hidden Road investment-grade credit ratings in 2026, improving its standing with counterparties that require rated institutions. However, neither Hidden Road nor Ripple has publicly listed XRP as eligible collateral under any published margin or collateral framework. Brad Garlinghouse has discussed that possibility as a long-term objective rather than an existing feature.
XRP is currently trading around $1.06, so replace this with your API data. Likewise, remove the references to $1.09, 2% daily gains, 5% weekly losses, and the claim that XRP remains 70% below its all-time high of $3.65 unless your live pricing supports them. The all-time high should also be verified before publication.
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Collateral, Not Payment Volume, Is the Key Question
Institutional interest in XRP continues to expand through products such as spot ETFs, although ETF ownership and collateral lockups are fundamentally different. ETF investors can buy and sell shares freely, whereas collateral pledged against institutional positions remains encumbered until those positions are closed. That distinction is central to xrpl_Adam’s argument that idle inventory, rather than payment activity, would be the real driver behind a sustained supply shock.
The broader trend toward tokenized collateral is also gaining momentum as traditional finance adopts more on-chain infrastructure. That could eventually strengthen the case for XRP, but no major institution has formally recognized the token as eligible collateral. Until that changes, payment volume alone is unlikely to justify a $100 XRP valuation, making collateral adoption the milestone investors should watch most closely.
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The post XRP at $100 Requires Collateral Lock-Up, Not Payment Flow, Analyst Shows appeared first on Cryptonews.
Robinhood Markets reported record second-quarter revenue on July 29, as growth in event contracts, options and equities offset another decline in cryptocurrency trading.
Summary
- Robinhood’s Q2 revenue rose 32% to a record $1.31 billion, while net income climbed 48%.
- Event contract revenue reached $156 million, rising more than 10x and overtaking cryptocurrency transaction revenue.
- Crypto revenue fell 38% to $100 million despite $40 billion in reported quarterly trading volume.
According to its Q2 earnings release, total net revenue rose 32% year over year to $1.31 billion for the quarter ended June 30.
Net income increased 48% to $573 million, while diluted earnings per share reached $0.62. However, Robinhood said net income included $129 million of gains mainly tied to the deconsolidation of Robinhood Ventures Fund I. Those gains added $0.14 to diluted EPS.
The wider revenue mix also expanded. Net interest revenue rose 9% to $389 million, while other revenue increased 54% to $143 million. Robinhood attributed the latter increase mainly to Trump Account service revenue and higher Gold subscription revenue.
Event contracts became Robinhood’s fastest-growing revenue line
Transaction-based revenue increased 44% to $776 million. Event contract revenue reached $156 million, more than 10 times the year-earlier level, while event contracts traded rose above 13.6 billion. Options revenue climbed 29% to $342 million, and equities revenue rose 95% to $129 million.
Robinhood Chief Financial Officer Shiv Verma said “the business is firing on all cylinders,” a management assessment rather than a reported metric. The company also said Rothera, its CFTC-licensed exchange and clearinghouse joint venture with Susquehanna, had processed more than 3.5 billion contracts since launching in June. Robinhood has explored adding more prediction-market suppliers as competition grows.
Cryptocurrency transaction revenue dropped 38% to $100 million. Robinhood reported $40 billion in crypto notional volume, including $18 billion on its main app and $22 billion through Bitstamp. App-based crypto volume fell 35% from a year earlier, showing that the acquired exchange supplied more than half of the quarter’s reported crypto activity.
Even so, Robinhood continued building its digital-asset business. The company launched Robinhood Chain’s public mainnet, introduced Stock Tokens for eligible users in more than 120 countries and debuted Robinhood Earn, its first decentralized lending product inside the app. In related coverage, crypto.news explained how Robinhood Chain uses an Ethereum layer-2 network for tokenized assets and decentralized finance.
Robinhood also completed its WonderFi acquisition during the quarter, marking its formal entry into Canada. As crypto.news reported, the deal added regulated platforms including Bitbuy and Coinsquare. International funded customers surpassed one million, although Robinhood did not separate WonderFi’s quarterly revenue contribution. The company said it “plans to launch crypto offerings in the UK,” but provided no launch date.
Deposits and customer assets reached new records
Net deposits reached $21.7 billion, equal to a 28% annualized growth rate relative to first-quarter platform assets. Total platform assets increased 32% to $369 billion, while funded customers rose 7% to 28.4 million. Investment accounts increased 9% to 29.9 million.
Robinhood Gold subscribers grew 39% to 4.8 million, and average revenue per user increased 24% to $187. The company also repurchased $414 million of Class A shares during the quarter at an average price of about $94.
Costs rose alongside the expansion. Operating expenses increased 33% to $734 million because of marketing, growth spending, restructuring charges and costs linked to Rothera and other new businesses. Adjusted EBITDA, a non-GAAP measure, increased 35% to $741 million.
HOOD shares slipped as investors weighed the revenue mix
Robinhood shares closed Wednesday at $89.84, down about 3.4% before the earnings release. Reuters reported that the stock fell another 0.8% in extended trading, even after adjusted earnings exceeded analysts’ average estimate.
Investors will now watch whether event-contract activity remains durable and whether crypto trading recovers. Robinhood lowered its 2026 adjusted operating expense and share-based compensation outlook to between $2.675 billion and $2.775 billion, from a previous range of $2.7 billion to $2.825 billion. However, that forecast excludes some credit-loss, acquisition, restructuring and regulatory costs.
Regulation remains a central risk for the company’s fastest-growing product. Robinhood warned that enforcement actions or changes in federal and state law could prevent it from offering some event contracts. Meanwhile, its UK crypto launch and future Singapore brokerage services remain forward-looking plans without confirmed start dates.
Crypto World
Crypto News, July 29: Morgan Stanley Launches Ethereum and Solana ETPs, Paul Atkins Pushes Clarity Act, Bitcoin Price Bounces
The crypto market rarely stays still for long. This Wednesday, the Clarity Act, Morgan Stanley, Bitcoin, and Ethereum price are driving the conversation as investors prepare for the Federal Reserve’s policy decision. Like an ecosystem sensing a change in season, traders are watching carefully before making their next move.
Recent volatility has done little to quiet institutional interest. While short-term sentiment remains cautious, large financial firms continue expanding their presence in digital assets. That contrast is becoming one of crypto’s defining themes this year.
Meanwhile, regulators are working to reshape the landscape from another direction. Clearer rules and broader institutional access may not remove volatility, but they could change how capital flows through the market over time.
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Morgan Stanley Expands Access as Bitcoin and Ethereum Price Stabilize
Here we see another step in crypto’s gradual evolution. Morgan Stanley has launched Ethereum and Solana exchange-traded products, giving investors broader exposure through familiar investment vehicles. The move signals growing confidence that digital assets are becoming a lasting part of traditional finance rather than a temporary experiment.
The firm’s Ethereum Trust and Solana Trust debuted with competitive fees and staking features from launch. Investors receive most staking rewards, while validator services are handled by Figment. Instead of simply tracking the assets, the products offer an additional source of returns without requiring investors to manage staking themselves.
The launch builds on Morgan Stanley earlier Bitcoin investment product, which already attracted substantial assets. At the same time, European banks continue expanding blockchain infrastructure for tokenized settlements. Together, these developments show established financial institutions steadily adapting to blockchain technology rather than resisting it.
Despite Tuesday’s market weakness, the Bitcoin price has recovered after briefly slipping below recent support. Ethereum price has also regained stability following the broader selloff. The recovery remains measured, reflecting cautious positioning ahead of the Federal Reserve rather than renewed market optimism.
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Clarity Act Gains Support as ETH Chart Reflects Institutional Confidence
Attention is also turning toward Washington. SEC Chair Paul Atkins has renewed his support for the Clarity Act, arguing that durable legislation offers greater certainty than temporary regulatory guidance. His comments reinforce the growing belief that long-term investment depends on clearer rules.
The Clarity Act aims to define responsibilities between the SEC and CFTC, reducing years of uncertainty for crypto businesses. Congress faces a limited legislative window before the August recess. Even so, Atkins has pledged technical assistance to help move the proposal forward.
The growing involvement of Morgan Stanley highlights why regulatory clarity matters. As more established firms enter the market, consistent oversight becomes increasingly important for both institutions and investors. The Clarity Act could provide that foundation if lawmakers reach an agreement.
For now, Bitcoin price remains steady while Ethereum price trades within a relatively stable range after recent volatility. Investors continue monitoring key support and resistance levels, but the Federal Reserve’s decision will likely determine near-term direction across digital assets.
A less hawkish outcome could strengthen Bitcoin price and encourage renewed demand for risk assets. Likewise, Ethereum price may benefit as institutional products attract additional interest. Markets often reward patience during periods of uncertainty, and this week appears no different.
The next chapter will depend on both policy and participation. Morgan Stanley continues expanding institutional access, while the Clarity Act promises a clearer regulatory framework. Whether those developments immediately lift the market remains uncertain, but together they reflect an industry steadily maturing rather than standing still.
Discover: The Best Token Presales
The post Crypto News, July 29: Morgan Stanley Launches Ethereum and Solana ETPs, Paul Atkins Pushes Clarity Act, Bitcoin Price Bounces appeared first on Cryptonews.
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