Bitcoin was trading right around $65,000 U.S. on Aug. 7 to end a difficult week for the crypto market.
BTC continues to trade in a narrow range of $60,000 U.S. to $65,000 U.S., a band it has been stuck in since the end of June. Analysts continue to stress that Bitcoin needs to break through resistance at $65,000 U.S. to stage a meaningful recovery.
However, the past week was a notable one for Bitcoin as investors and analysts continue to assess the damage done by the Coldcard hack that saw $130 million U.S. drained from digital wallets that relied on private keys.
At the same time, crypto advocates suffered a blow in recent days on news that the Clarity Act legislation will not be voted on in the U.S. Senate before Congress takes its summer recess beginning on Aug. 7. This makes it unlikely that the Clarity Act, which seeks to regulate cryptocurrencies, will become law this year.
Midterm congressional elections scheduled for November of this year are expected to impact the legislative agendas of both the U.S. Senate and House of Representatives this fall. Some analysts have commented that it is a positive sign Bitcoin’s price has not declined over the past week due to the Coldcard hack and lack of movement on the Clarity Act.
Here’s what else happened in the crypto sector in recent days…
Strategy’s Preferred Stock Recovers: Strategy’s (NASDAQ: $MSTR) high-yielding preferred stock (NASDAQ: $STRC) recovered as the serial cryptocurrency acquirer prioritizes building up its cash reserves. STRC stock bottomed in late June at $71 U.S. per share. But since the end of June, Strategy has sold 5,226 Bitcoin for proceeds of $321 million U.S. The sales have been made in large part to help the company meet its dividend obligations on the preferred stock, which yields 12%.
SpaceX Reports $540 Million Loss On Bitcoin Holdings: SpaceX (NASDAQ: $SPCX) reported a $540 million U.S. paper loss on its Bitcoin holdings. The commercial space company led by Elon Musk maintained its holdings of 18,712 Bitcoin, according to the company’s first earnings report as a public company. However, the value of SpaceX’s BTC holdings declined to $1.10 billion U.S. by June 30 from $1.64 billion U.S. at the end of 2025. The company blamed a 33% decline in Bitcoin’s price over that period for the unrealized loss.
Hut 8 Reports Poor Financial Results: Hut 8’s (NASDAQ: $HUT) stock fell 5% after the Bitcoin miner and artificial intelligence (A.I.) data centre operator reported disappointing financial results. Hut 8 announced a second-quarter net loss of -$1.78 U.S. per share, which was worse than analyst’s consensus expectation for a loss of -$0.52 U.S. Most of the quarterly loss was attributed to a $138.6 million U.S. unrealized loss on Hut 8’s Bitcoin holdings.
Polymarket Seeks $20 Billion Valuation: Polymarket is seeking a $20 billion U.S. valuation in a new funding round. Media reports say that Polymarket is in early talks with prospective investors and looking to raise $1 billion U.S. at a $20 billion U.S. valuation. The new fundraising comes only a few months after the prediction market closed its previous funding round. Polymarket’s main rival, Kalshi, was valued at $22 billion U.S. in May of this year.
First U.S. Bitcoin ETF To Close: A U.S. exchange-traded fund (ETF) that tracked the spot price of Bitcoin is closing as inflows slow to a trickle. Cryptocurrency asset manager Hashdex said that it is closing and liquidating its $14.7 million U.S. spot Bitcoin ETF. It is the first U.S. spot Bitcoin ETF to shutdown since a dozen such funds sprang up in early 2024 after Wall Street regulators approved the tracking of BTC’s price movements. Hashdex cited concerns over its Bitcoin ETF’s liquidity and operating costs when announcing the closure.
Bitdeer Secures $4.7 Billion A.I. Data Centre Lease: Bitdeer Technologies (NASDAQ: $BTDR) has secured a $4.7 billion U.S. artificial intelligence (A.I.) data centre lease. Bitdeer, a Bitcoin miner turned data centre operator, announced that its Tydal Data Centre subsidiary has signed a 16-year lease agreement to provide 121 megawatts of computing capacity at its Norway campus. Media reports say the customer for Bitdeer’s new A.I. lease is privately held startup Anthropic, although management at Bitdeer have not said publicly who the customer is.
Bitmine Accelerates Stock Buybacks: Bitmine Immersion Technologies (NYSE: $BMNR) has accelerated its stock buybacks even as it continues making weekly purchases of Ethereum (CRYPTO: $ETH). The company led by Chairman Tom Lee has increased its $4 billion U.S. share repurchase program, buying back 4.5 million BMNR shares over the past week. Bitmine has now repurchased more than 15 million of its own shares since July 1, which it says is the largest common stock buyback completed by any cryptocurrency treasury company.
Cathie Wood Buys Coinbase And Circle Stocks: Investor Cathie Wood bought $10 million U.S. worth of stock in cryptocurrency firms Coinbase Global (NASDAQ: $COIN) and Circle Internet Group (NYSE: $CRCL) over the past week. Wood’s asset management firm, Ark Invest, bought 54,776 Coinbase shares worth $8 million U.S. Coinbase is now Ark Invest’s sixth-largest holding within its flagship ARKK fund. At the same time, Wood’s firm bought 23,070 Circle shares worth $1.4 million U.S. CRCL stock is now the ninth-largest holding in the ARKK fund.
BlackRock’s Ethereum ETF To Undergo 1-For-3 Reverse Split: BlackRock (NYSE: $BLK) says it plans to implement a one-for-three reverse share split on its iShares Ethereum Trust ETF (NASDAQ: $ETHA) on Oct. 6. The reverse split will be used to increase the per-share net asset value of the ETF without changing the value of investors’ holdings or the fund’s assets. News of the reverse split comes as BlackRock’s Ethereum ETF has seen its price fall 40% this year.
Bitcoin ETFs Attract $754 Million Of Capital: Exchange-traded funds (ETFs) that track the spot price of Bitcoin attracted $754.69 million U.S. of capital over the past week. Data from SoSoValue shows that about a dozen spot Bitcoin ETFs in the U.S. had their best week since April of this year as inflows to the funds increased. Analysts say the inflows show a tentative recovery among institutional investors that are starting to reallocate capital to Bitcoin ETFs.
