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Here's a quick preview of today’s content: Tether sued over unlawful freeze of $42.4M, New Jersey asks Supreme Court to weigh in on prediction markets, Payward delays IPO to second quarter of 2027, G20 establishes pathways for crypto innovation, Former CFO of xAI joins Coinbase, and so much more

Looking for institutional guidance on your firm's crypto strategy? Speak to the team at Alvarez & Marsal Crypto. They offer comprehensive advisory services on everything from stablecoin adoption, tokenization and custody to M&A, compliance and risk. Book a call!

Happy Thursday – Let’s dive in.

Market Snapshot

Click here to learn more about the Gannon’s portfolios and subscribe to the strategies on Autopilot.* Since inception (7/3/25), Gannon’s Crypto Portfolio is up +13.5% Gannon’s AI Fund is up +53.7%

  • Bitcoin holds near $77,000 as a global bond selloff and rising yields test its resilience

    • U.S. strikes on Iran send oil above $93, with SOL, ETH, and XRP leading a broad risk selloff

    • BTC ETFs notch their best month of 2026, with XRP ETFs pulling in $170M over 11 days

  • Bitcoin's demand turns negative as the bearish 'Bart Simpson' pattern returns for BTC

Prediction Markets

  • Who’s been the best person this year?

  • Deposit $10 and get a $20 bonus with code LIT on signup, only on the Polymarket US app

Headline Roundup
The major headlines driving crypto markets

  • Anthropic admits failures behind Claude hack (DC)

  • SEC Chair expects Clarity Act to pass this month (BM)

  • Top Pentagon official sells millions in Perplexity stock (DC)

  • Former CFO of xAI joins Coinbase (TB)

  • Strategy CEO defends bitcoin sale (BM)

  • FBI seizes $560K in crypto bound for Hamas (DC)

  • G20 establishes pathways for crypto innovation (TB)

  • Crypto groups push SEC for rules on ETFs (DC)

  • Mexican billionaire tells people to escape fiat with bitcoin (BM)

  • Payward delays IPO to second quarter of 2027 (CD)

  • Securitize and Socios team up to tokenize equity in pro sports (TB)

  • Japan’s Remixpoint dumps Ethereum and XRP (DC)

  • Hyperliquid Strategies expands equity facility to $2.5B (TB)

  • Polymarket and Kalshi’s combined volume falls 15% (TB)

  • Wyoming expands Chainlink partnership (TB)

  • Arbitrum reports $6.2M in first-half income (TB)

  • Hyperscale Data flips bitcoin mining site into AI (TB)

  • Sui DeFi protocol Full Sail winds down (CT)

A Message from Alvarez & Marsal Crypto

A&M Crypto: Institutional Digital Asset Advisory, Executed at Scale

Alvarez & Marsal's Crypto practice is the leading global digital asset advisory firm, with 90+ offices worldwide and operators who've executed through every market cycle. A&M combines operational, financial, and industry expertise to take institutions from strategy to deployment: stablecoin adoption, tokenization and RWAs, custody and infrastructure, M&A advisory, IPO readiness, risk and compliance, restructuring and much more.

A&M's clients include half the Fortune 500 and the leading crypto-native and TradFi firms in the industry.

Whether you’re looking to adopt stablecoins, standing up digital asset infrastructure, or navigating tokenization/RWAs… A&M has done it before, at scale across finance, operations, engineering, commercialization, risk and compliance.

Talk to A&M Crypto

Venture Capital

  • Adam Back invests another $8.8M in Capital B (TB)

  • MemeBitcoin, a Bitcoin project, raises $8M from GemHead Capital, Archer Capital, M2M Capital and Mayerventure (CP)

Access the complete VC deal flow on Fundable.

Regulation

  • New Jersey asks Supreme Court to weigh in on prediction markets (TB)

  • Kalshi suspends House candidate Laurie Buckhout (DC)

  • ASIC crypto license applications pass 45 (FM)

Cybersecurity

  • Tether sued over unlawful freeze of $42.4M (DC)

  • Russian malware secretly steals crypto for 8 years (DC)

Extra Reads

Chart of the Day

AI stocks move in the opposite direction of the rest of the market

Meme Dump

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*DISCLAIMER: Investment advice provided by Autopilot advisers LLC, an SEC registered investment advisor. Past performance does not guarantee future results. Investing carries risks including the risk of the loss of principal. Performance doesn’t include fees. See more here.