SpaceX’s first quarterly report as a public company showed second-quarter revenue of $7.8 billion, beating expectations, while its net loss narrowed to $541 million. Adjusted EBITDA nearly tripled, reflecting stronger performance across its launch, Starlink and AI businesses. The value of the company’s bitcoin holdings fell by $540 million, even as overall results improved. Shares dropped 6% in after-hours trading, while the Nasdaq 100 rose 3.3%.

Trading in tokenized stocks and ETFs reached $11.3 billion in July, a 288% jump from June, but most of the activity came from Binance’s newly listed QQQB token that tracks the QQQ ETF. QQQB alone generated $9.27 billion, and Binance has offered zero maker fees for the token from June 30 through Aug. 31. Excluding QQQB, the rest of tokenized equities totaled $2.03 billion, down about 30% from June. The surge reflects short-term, incentive-driven flow on crypto platforms rather than any change to the QQQ index’s fundamentals or price formation.

The U.S. Securities and Exchange Commission on July 31 paused its earlier conditional approval for Nasdaq PHLX to list cash-settled bitcoin index options under the ticker QBTC and said it will reconsider the decision. The move follows a legal challenge filed by CME Group in June arguing that bitcoin is a commodity and that options tied directly to its value fall under the Commodity Futures Trading Commission’s exclusive jurisdiction. The dispute centers on how regulatory authority is divided between the SEC and the CFTC.

Wall Street has lowered its earnings expectations for Coinbase’s second quarter as the crypto market remained under pressure. Estimated quarterly trading volume is $152 billion, well below the market expectation of about $178 billion, and adjusted EBITDA is projected to come in roughly 3% under consensus due to weaker blockchain rewards and institutional trading revenue. The stock fell 1.7% to $165 during the session. The development reflects a shift in fundamentals for Coinbase as a single publicly listed stock and is not directly related to traditional, non-crypto assets.

Zcash has completed the Ironwood (NU6.3) upgrade, shutting down the vulnerable Orchard shielded pool and opening a new shielded pool that begins with a zero balance. The change follows findings by Shielded Labs researchers that a flaw in Orchard’s proof circuit could have enabled undetectable counterfeit ZEC issuance. About 3.66 million ZEC (roughly $1.7 billion at market prices) must be migrated by users, with attention focused on how quickly funds move.

A federal judge issued a preliminary injunction halting Minnesota’s new law that would bar prediction market operators from offering their products in the state. The court said the statute is likely expressly preempted by the federal Commodity Exchange Act and that the plaintiffs are likely to succeed after a full trial. The lawsuit was filed by Kalshi, Polymarket and the U.S. Commodity Futures Trading Commission, arguing the state law intrudes on the CFTC’s jurisdiction over “swaps.”

Bitmine (BMNR) added 9,946 ether (ETH) last week, valued at about $19.4 million, taking its holdings to 5,787,414 ETH worth $11.2 billion, or roughly 4.8% of ETH’s circulating supply. The company also repurchased 6.1 million shares, up from 5.5 million a week earlier, within its $4 billion buyback authorization. Bitmine has increased its ETH treasury every week since launching the strategy in June 2025 and is aiming to accumulate 5% of circulating ETH.

MicroStrategy (Strategy) raised $466.7 million in cash last week through its at-the-market equity program, lifting its U.S. dollar reserve to $3 billion, according to a Monday regulatory filing. The company said it maintains the reserve to fund dividend payments on its preferred stock and interest payments on its outstanding debt. Its bitcoin holdings were unchanged at 843,775 BTC, bought for an aggregate purchase price of approximately $63.69 billion at an average price of $75,476 per bitcoin.

Bitcoin and other major cryptocurrencies rebounded after dovish signals from Federal Reserve Chair Kevin Warsh at the Sintra meeting, with BTC pushing above $61,000 and SOL up 16% on the week. Derivatives data show bitcoin open interest rising and funding rates turning positive, pointing to stronger bullish momentum. The move was framed as a macro-driven bounce tied to shifting expectations for monetary policy, according to analysts at Marex.