Bitcoin’s (CRYPTO: $BTC) price was trading at $62,800 U.S. on Aug. 14 as the market finds itself in the midst of the summer doldrums.
There appear to be few catalysts on the horizon for Bitcoin and other cryptocurrencies now that the Clarity Act crypto legislation has been shelved in Washington, D.C. BTC had traded as high as $64,800 U.S. over the past week, but the digital asset continues to be rangebound and stuck between $60,000 U.S. and $65,000 U.S.
There had been hope that light inflation reports out of the U.S. would spark a rally in Bitcoin and other crypto such as Ethereum (CRYPTO: $ETH). However, that rally didn’t materialize and U.S. equities have also drifted sideways over the past week as the artificial intelligence (A.I.) rally moves in fits-and-starts.
Despite the price of Bitcoin stagnating, there continues to be a recovery in sport Bitcoin exchange-traded funds (ETFs). After experiencing outflows of close to $5 billion U.S. in June, institutional investors are returning to Bitcoin ETFs. Over the past week, inflows to about a dozen U.S.-listed spot Bitcoin ETFs hit a four-month high of $850 million U.S.
Here’s that else happened with cryptocurrencies over the past week…
Strategy Continues To Sell Bitcoin: Strategy (NASDAQ: $MSTR) continued to sell both Bitcoin and its common stock. The company raised $108.6 million U.S. last week through the sale of 1,690 BTC and an additional $653.1 million U.S. from the sale of 6.59 million shares of its common stock. Strategy used the proceeds to buyback 1,152,020 shares of its variable-rate preferred stock (NASDAQ: $STRC) at a cost of $108.6 million U.S. Strategy continues to prioritize building up its cash reserves and ensuring that it has enough money to cover dividend payments on its preferred stock, which yields 12%.
BlackRock Canada ETF Combines Stocks And Bitcoin: BlackRock (NYSE: $BLK), the world’s largest asset manager, has launched a new exchange-traded fund that provides exposure to both stocks and Bitcoin. The iShares Equity + Bitcoin ETF began trading under the ticker symbol “IBQT” on the Toronto Stock Exchange Aug. 10. It includes a 3% Bitcoin allocation and 97% exposure to stocks. The company says the new ETF provides diversified stock and Bitcoin exposure through one listed security and investment vehicle. The IBQT fund charges an annual management fee of 0.22%.
Trump Media Reports $361 Million Crypto Loss: Trump Media and Technology Group (NASDAQ: $DJT) reported a $360.6 million U.S. loss on its cryptocurrency holdings for this year’s first half. The parent company of Truth Social also reported that its Bitcoin holdings shrank during the second quarter of the year. The company backed by U.S. President Donald Trump held 9,477 Bitcoin valued at $557.1 million U.S. as of June 30. That's down from 9,542 BTC owned at the end of March this year. Trump Media cited “market conditions” as the reason for its crypto losses.
Riot Platforms Sells 4,300 Bitcoin: Cryptocurrency miner Riot Platforms (NASDAQ: $RIOT) sold 4,300 Bitcoin during the second quarter to help fund its ongoing operations. Riot Platforms said that the Bitcoin sale was also used to help fund its growing artificial intelligence (A.I.) data centre business. Despite the sale, Riot Platforms continues to own 11,380 BTC worth $717.65 million U.S based on the current market price of the cryptocurrency. Management at the company said they ended the year’s second quarter with more than $1.2 billion U.S. in liquid assets, including $548.9 million U.S. of cash.
Tether Completes First Audit: Tether, issuer of the USDT stablecoin, completed the first independent audit of its financial statements. The audit was completed by accounting giant KPMG, which issued an unqualified opinion on Tether’s finances after reviewing its 2025 accounts and a $6.81 billion U.S. reserve. Tether said KPMG concluded that the statements “present fairly, in all material respects” the company’s financial position and results under U.S. generally accepted accounting principles. Management at Tether called it a “clean audit.”
Kalshi Raises Money At $40 Billion Valuation: Prediction market Kalshi is in talks to raise money at a $40 billion U.S. valuation. Media reports say that privately held Kalshi is in discussions with Sequoia Capital and Wellington Management for a new $750 million U.S. funding round at a $40 billion U.S. valuation. The new funding round comes amid reports that Kalshi is considering holding an initial public offering (IPO) in 2027. Kalshi last raised $1 billion U.S. in May of this year at a $22 billion U.S. valuation.
Earnings For Bitcoin Miners Hit 10-Year Low: The amount of money earned from mining Bitcoin has fallen to a 10-year low. Data from onchain analytics platform Glassnode shows that fees as a proportion of miner revenue are at their lowest level since 2016 after falling to 0.52%. Crypto miners, who produce new tokens by completing complex mathematical problems using high-powered computers, face pressure as BTC’s price declines. In a social media post, Glassnode said that “Bitcoin was below $400 the last time fee share was this low.”
More Than 100 Crypto Projects Shutdown: More than 100 cryptocurrency projects have shutdown, filed for bankruptcy, or gone dark this year as prices for digital assets languish and cyberattacks increase. A report from crypto platform RootData says the number of crypto projects folding is accelerating with high-profile collapses such as BitMEX, BitMart, and Movement Labs. The shutdowns involve the full gamut of the crypto industry, from exchanges and digital wallets to DeFi lending protocols, NFT marketplaces, and blockchain projects.
Gemini Reports $108 Million Net Loss: Crypto exchange Gemini (NASDAQ: $GEMI) reported a $107.7 million U.S. net loss for this year’s second quarter as trading in digital assets slowed on its platform. The company, led by twin brothers Cameron and Tyler Winklevoss, said that the latest net loss narrowed 19% from a loss of $133.2 million U.S. in the same period last year. At the same time, Gemini reported $45.5 million U.S. in total revenue, up 19% from $33.3 million U.S. a year earlier. In the company’s earnings statement, Gemini CEO Tyler Winklevoss said “We still have work to do…”
JPMorgan Ends Banking Relationship With Polymarket: JPMorgan Chase (NYSE: $JPM), the largest U.S. bank, has reportedly ended its banking relationship with prediction market Polymarket. JPMorgan stopped providing its banking services to Polymarket late last year. JPMorgan has a history of risk aversion when it comes to clients. The bank famously closed President Trump’s personal and business accounts in February 2021, shortly after the January 6th attack on the U.S. Capitol.
