Short News

GameStop CEO Ryan Cohen suggested the company might integrate cryptocurrency as a payment option for its trading card business. Cohen revealed that GameStop’s recent $500 million Bitcoin acquisition serves as a hedge against inflation and currency devaluation. He stated that while all cryptocurrencies are being considered, the focus is on crypto’s transactional utility. GameStop’s stock, however, showed little immediate response.

Grosse Pointe Farms, a Michigan town currently without crypto ATMs, has proactively passed an ordinance to regulate them, aiming to prevent scams. The unanimous decision, spurred by a local resident being scammed elsewhere, makes it likely the first Michigan municipality to do so. The new rules require ATM registration, business licenses, mandatory fraud warnings, and transaction limits ($1,000 daily, $5,000 aggregate) for new users during their first two weeks.

Shares of BitMine Immersion Technologies, a crypto mining service provider, surged over 12% in after-hours trading following the disclosure of a 9.1% stake by billionaire Peter Thiel. Thiel’s venture capital firm, Founders Fund, acquired 5.09 million shares. This investment comes as BitMine recently pivoted to an Ethereum-centric treasury strategy, announcing holdings of over 163,000 ETH worth more than $500 million. The stock is up nearly 400% since its May 8 US debut.

DeFi platform Arcadia Finance on the Base blockchain suffered an exploit, losing approximately $2.5 million in USDC and USDS. The attacker leveraged a vulnerability in the Rebalancer contract by abusing swapDataparameters, draining user vaults. The stolen funds were then swapped to Wrapped Ethereum (WETH) on the Base network and bridged to the Ethereum mainnet. Arcadia Finance has confirmed the incident, advising users to revoke permissions, as this adds to the over $2.47 billion lost to hacks and exploits in the first half of 2025.

Ethereum (ETH) is experiencing a significant surge, with corporate treasury companies accumulating over 545,000 ETH (worth $1.6 billion) in the past month. Joseph Lubin’s SharpLink Gaming has become the largest corporate ETH treasury, holding over 255,000 ETH through recent substantial purchases. Simultaneously, Ethereum-based institutional investment funds recorded their fourth-highest weekly inflow on record, totaling $990 million, marking 12 consecutive weeks of positive inflows. This strong institutional and corporate interest is driving ETH prices, which recently topped $3,000.

Three US federal financial agencies (FDIC, OCC, Federal Reserve) have jointly outlined key risks for banks offering crypto safekeeping services. The guidance emphasizes potential liability for lost crypto assets, the need to understand this evolving asset class, and compliance with AML/BSA regulations. While not introducing new expectations, the document highlights the significant resources required, the importance of robust audit programs, and a bank’s responsibility for third-party sub-custodians. This comes as the regulatory environment for banks engaging with crypto appears to be easing.

Abacus Market, the largest Bitcoin-powered Western darknet marketplace, has abruptly gone offline in a suspected exit scam, taking users’ funds. TRM Labs reported its website and infrastructure are inaccessible, following a decline in daily deposits from $230,000 to $13,000 after users reported withdrawal issues. This disappearance comes after Abacus saw a surge in market share (reaching 70%) and record sales volume of $6.3 million in June, following the cloCsure of other major darknet markets.

Standard Chartered has launched spot trading for Bitcoin and Ether for institutional clients through its UK branch. The multinational bank plans to expand this offering soon to include crypto non-deliverable forwards (NDFs), a type of derivative contract. This move signifies the bank’s commitment to digital assets, allowing institutional investors to trade crypto through familiar interfaces and choose their preferred custodians, including the bank’s own custody solutions previously rolled out in the UAE.

A US federal judge has dismissed Dolce & Gabbana USA from a class-action lawsuit concerning its Italian parent company’s alleged abandoned NFT project. Judge Naomi Reice Buchwald ruled that D&G USA was not an “alter ego” of Dolce & Gabbana SRL and the complaint failed to adequately distinguish the two entities’ actions. The lawsuit, claiming over $25 million was withheld from the “DGFamily” NFT project, now faces an uncertain future as Dolce & Gabbana USA was the sole US-based defendant.

Bitcoin’s market capitalization has surpassed $2.4 trillion, making it the world’s fifth-largest asset, overtaking Amazon, Silver, and Alphabet. This surge to a new all-time high of $122,600 on Monday is largely attributed to a seven-day buying streak from US spot Bitcoin ETFs, which have collectively amassed over $1 billion in net positive inflows on Friday alone. Growing institutional adoption, with over 265 companies now holding Bitcoin, and optimism surrounding “Crypto Week” legislation in the US Congress, are further bolstering Bitcoin’s momentum.

A Bloomberg report alleges Binance helped create and promote USD1, the stablecoin issued by US President Donald Trump’s family-backed World Liberty Financial (WLF). Binance reportedly wrote the foundational code and played a role in USD1’s largest transaction—a $2 billion investment into Binance by MGX. With 90% of USD1 reportedly remaining in Binance’s wallets, generating potential interest for the Trump family, this raises significant conflict of interest questions, especially as former Binance CEO CZ seeks a presidential pardon from Trump.

Grayscale is challenging the SEC’s unexpected delay in listing its Digital Large Cap ETF, arguing it violates statutory deadlines. After initial staff approval, the SEC’s Office of the Secretary halted the decision for review. Grayscale’s attorneys contend that under Section 19(b)(2)(D), the proposal should be “deemed approved” due to the delay, causing harm to the fund and investors. This standoff highlights ongoing tensions in US crypto ETF approvals.