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Cold wallet hacks could lift demand for ETFs (Unsplash) Cantor said the Coldcard wallet exploit could provide a positive read-through for crypto-related equities tied to institutional adoption. FRNT Financial said the exploit could increase demand for bitcoin ETFs as some investors seek alternatives to self-custody. Both firms said the long-term impact is likely to be adaptation rather than abandonment, with cold wallet providers improving security while some investors gravitate toward ETFs. The

You're reading Crypto Long & Short , our weekly newsletter featuring insights, news and analysis for the professional investor. Sign up here to get it in your inbox every Wednesday. Note: The views expressed in this column are those of the author and do not necessarily reflect those of CoinDesk, Inc., CoinDesk Indices or its owners and affiliates. Hi readers, Welcome to our institutional newsletter, Crypto Long & Short. This week: In a follow-up to his essay on sizing crypto risk, Gregory Mall o

STRC (TradingView) STRC is trading near $94 after climbing more than 30% from its late-June low, while Strategy has already repurchased $106 million of the preferred stock. Strategy has strengthened its dividend coverage through bitcoin sales and a $4 billion US dollar reserve, while maintaining STRC’s annualized dividend rate at 12%. Also not hurting, the price of bitcoin has stabilized above $60,000. Strategy’s (MSTR) perpetual preferred stock, Stretch (STRC), has risen more than 30% from its

ZIGChain co-founder Abdul Rafay Gadit (ZIGChain) The strategic partnership aims to streamline the private credit markets across the Gulf States, which will include Sharia-compliant offerings. The partnership delivers a comprehensive risk framework design and governance across a pipeline of institutional onchain vault products Laser Digital, the digital assets arm of the Japanese financial services firm Nomura Group, has made a strategic investment in ZIGChain, a UAE-based Layer1 blockchain that

Ondo Finance CFO Adam Schlisman. (Ondo) Ondo Finance named former Blockchain.com CFO Adam Schlisman as chief financial officer. Schlisman most recently served as CFO of macro hedge fund Monashee Investment Management. The hire comes as Ondo scales its tokenized securities platform, which has surpassed $1 billion in TVL. Ondo Finance has appointed former Blockchain.com executive Adam Schlisman as chief financial officer as the tokenized-assets firm expands its finance operations amid growing adop

Two businessmen chat outside of Wall Street subway station in NYC (Getty Images/Jacobs Stock Photography) The defining story of this crypto cycle is institutionalization. Spot ETFs, derivatives, corporate treasuries, custody by regulated banks, stablecoins and tokenization of RWA, and a maturing rulebook have pulled the new asset class closer to traditional finance than at any point in its history. And yet short-term price action still lurches on headlines: a single tweet, a single treasury deci

Galaxy Digital CEO Mike Novogratz (CoinDesk) Galaxy shares fell 5% premarket after mixed quarterly results. The company posted a loss of just $0.09 per share, versus forecasts of $0.28, while revenue of $8.8 billion was shy of estimates of $9 billion. Helios generated data-center revenue for the first time, with Phase I expected to generate about $80 million per quarter starting in the third quarter. Galaxy Digital (GLXY) shares are lower by a bit more than 5% in pre-market action after reportin

Eliza, the mascot of ElizaOS, a once-darling AI Agent cryptocurrency that was worth $2 billion at peak. (ElizaOS) Shaw Walters, founder of Eliza Labs, declared the ELIZAOS token “completely” dead, said its foundation is closing and urged holders to sell, while vowing to keep building the underlying software without a new token. ELIZAOS, which replaced the once–$2.4 billion AI16Z token, has fallen about 97% from its peak to a roughly $2.3 million market value amid litigation and a settlement that

SpaceX stock drops 11% premarket as lockup, spending fears hit first earnings. (SpaceX/Unsplash) SpaceX shares fell 11 percent in pre-market trading as investors focused on heavy capital spending and a looming insider share lockup, despite the company’s stronger-than-expected first earnings report. Revenue surged 92% to $7.8 billion and adjusted EBITDA nearly tripled to $3.5 billion, but SpaceX posted a $541 million net loss and spent $18.4 billion to expand Starlink, Starship and AI infrastruct

Yellow Card founders Chris Maurice and Justin Poiroux seek to challenge Swift and solve real-world problems, mostly in emerging economies. (Yellow Card/Press) Yellow Card raised $40 million in strategic equity funding, lifting its total equity financing above $120 million at a valuation higher than its 2022 $200 million mark but still below $1 billion. The company is working with commercial banks worldwide to use stablecoins and onchain payments to move dollars across borders and compete with le

Bitcoin's mempool transaction count jumped after the Coldcard hack. (Blockchain.com) This is an excerpt from CoinDesk newsletter 'Daybook.' Sign up here , if you haven't already. There’s an old saying that “every coin has two sides.” It applies perfectly to the multimillion-dollar hack of the hardware wallet Coldcard that began on July 30 and is still in progress . On one hand, the hack raised questions about the safety of taking direct custody of coins in hardware wallets as a long-term holding

Circle shares rally after earnings beat. (HK Fintech Week) Circle shares fell 3% in premarket trading after second-quarter adjusted earnings beat expectations, even as revenue slightly missed Wall Street forecasts. USDC circulation grew 19% year over year to $73.3 billion and onchain transaction volume jumped 151 percent to $14.8 trillion, underscoring rising institutional use despite a slower crypto market. Circle detailed progress on its Arc blockchain network and Circle Payments Network. Circ

Bitcoin price (CoinDesk Data) Bitcoin is trading little changed even as global stock indexes hit record highs on AI optimism and easing energy concerns, underscoring crypto-specific weakness. Derivatives data show subdued activity in bitcoin and ether but aggressive positioning in select altcoins. A sharp $4 billion, 60-day contraction in Tether’s market value signals capital leaving crypto and may indicate late-stage selling. A durable bottom would require USDT supply to start rising again. Bit

Cory Klippsten (Swan Bitcoin) Swan CEO Cory Klippsten said the Coldcard attack prompted bitcoin holders to reexamine their custody decisions. He said he mobilized his team to help affected holders move their coins to safety, including people who were not Swan clients. Rather than abandoning self-custody, affected users are migrating toward vaults that prevent any single compromised device from putting funds at risk. Cory Klippsten was at a wedding in Paris when the messages started coming in. "I

A pattern that has proven true in the past is flashing a buy signal in late November and sell signal in 2029. (Olivier Acuna/CoinDesk) A once-lucrative bitcoin trading strategy known as the 500-day rule, tied to the cryptocurrency’s four-year halving cycle, is signaling a buying window opens in late November and a potential exit around mid-August 2029. Analysts warn that this cycle may differ from past ones because U.S. spot bitcoin ETFs and institutional flows now dwarf new supply from miners,

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The S&P 500-to-bitcoin ratio has topped its 200-week average for the first time. (TradingView) The S&P 500 and Nasdaq, priced in bitcoin, just broke above their 200-week moving averages for the first time since 2012, a level that's capped every prior stock rally against BTC. The shift raises suggests that days of parabolic BTC gains may be behind us. For years, bitcoin BTC $ 64,466.36 trounced stocks and most other assets, and supporters pointed to the outperformance as proof the largest cryptoc

New Ethereum proposal would cut issuance to zero if staked ETH reaches $112 billion. (Ethereum) A new proposal from six prominent Ethereum researchers would gradually burn an increasing share of validator rewards as more ETH is staked, reaching a full burn at about 60.25 million ETH, or roughly half the supply. The change aims to cap staking by making additional stake less profitable, amid concerns that ever-rising yields push ETH into large exchanges and staking providers, undermining decentral

Coldcard hacker's wallet becomes a graffiti of pleas. (Eynoxart/Pixabay) A wallet tied to the Coldcard hacker has received several deposits since July 30, with some carrying written messages attached via Bitcoin's OP_RETURN function. Messages range from genuine-sounding pleas for the money back to opportunistic pitches, including one offering to launder the stolen funds for a 10% cut. "You stole, please return some." That's one of several messages now sitting permanently on the Bitcoin blockchai

Bitcoin flat at $64,000 as stocks print records and Hormuz deal nears. (Getty Images) Major cryptocurrencies, including bitcoin and ether, were little changed despite global stock indexes hitting fresh records on renewed enthusiasm for artificial-intelligence-related shares. Bitcoin is trading just above $64,000, roughly flat over the past week and still about 49% below its October peak, while ether is the only major token down on the week. With cheaper oil, easing rate expectations and a strong

SpaceX and Tesla CEO Elon Musk (Getty Images) SpaceX reported second-quarter revenue of $7.8 billion, beating Wall Street expectations of $6.9 billion. The company narrowed its net loss to $541 million from $1.0 billion a year earlier, while adjusted EBITDA nearly tripled to $3.5 billion on growth in launch, Starlink and AI businesses. SpaceX disclosed $1.10 billion in digital assets at the end of the quarter, down from $1.64 billion at the end of 2025. SpaceX (SPCX), Elon Musk’s space technolog

Jeremy Allaire, cofounder, chairman and CEO of Circle speaks at Hong Kong Fintech Week in 2024. (HK Fintech Week) The launch of Open USD, backed by Coinbase, Visa and Mastercard, initially sparked fears of a direct challenge to Circle’s USDC and wiped billions from Circle’s market value. Executives at Coinbase, Visa and Mastercard now say they are pursuing a multi-stablecoin, multi-chain strategy, positioning Open USD as an additional network rather than a replacement for USDC. Analysts say many

The tech titan is integrating fiat-pegged savings and payment accounts directly into Galaxy hardware across 61 countries. Samsung Press) Samsung plans to add native stablecoin features, including fiat-pegged savings and payments accounts, to 800 million new Galaxy smartphones via Samsung Wallet, potentially making it a dominant distributor of tokens like USDC. The move builds on Samsung’s existing crypto wallet infrastructure and its nearly 19 million Samsung Wallet users in South Korea, positio

Democratic U.S. Senators Richard Blumenthal and Elizabeth Warren have asked the SEC to investigate the $TRUMP memecoin. (Jesse Hamilton/CoinDesk) As the crypto Clarity Act languishes under a high-stakes countdown, Democratic U.S. Senators Elizabeth Warren and Richard Blumenthal urged the Securities and Exchange Commission to investigate President Donald Trump’s memecoin. Though the SEC has washed its hands of memecoin oversight, the lawmakers argued the agency has a duty to look into the billion