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HBAR/USD (TradingView)
GameFi Guides

HBAR Faces Heavy Selling as Traders Test Key Support Levels

by admin August 29, 2025



Hedera’s HBAR token endured a sharp selloff over the past 24 hours, falling 5% from $0.24 to $0.23 as traders unloaded positions in heavy volumes. The steepest decline came early Wednesday, when more than 277 million tokens changed hands between 06:00 and 09:00 UTC, forcing prices through the $0.235 support level and briefly dragging the token to lows near $0.226. Buyers stepped in at those levels, helping HBAR stabilize, though attempts to retake $0.235–$0.241 met firm resistance.

The pressure intensified again later in the session, with a one-hour drop from $0.229 to $0.226 marked by concentrated selling. Trading activity spiked at 13:30 and again just after 14:00 UTC, pushing the token as low as $0.2245 before a modest rebound. That bounce stalled at $0.227–$0.229, leaving HBAR pinned just above newly established support at $0.225.

The turbulence comes amid a significant regulatory development in the U.S. The Commodity Futures Trading Commission (CFTC) this week issued new guidance allowing U.S. traders access to offshore crypto markets via its Foreign Board of Trade advisory. Analysts suggest the move could open fresh liquidity pipelines for digital assets, including mid-cap tokens like HBAR, at a time when institutional flows are increasingly targeting undervalued corners of decentralized finance.

For now, however, the technical picture remains fragile. HBAR is holding above the $0.226 support area but faces stiff resistance on any rally attempts. With prices sitting near $0.23, traders are watching whether the CFTC’s regulatory shift can outweigh near-term bearish pressure and spark renewed demand for the token.

HBAR/USD (TradingView)

Technical Indicators Reveal Key Levels

  • Volume explosions reached 277.89 million during peak selling carnage, confirming impenetrable resistance around $0.235.
  • Support fortresses established at $0.226-$0.228 where buying interest provided desperate stabilization.
  • Resistance fortifications remain bulletproof at $0.235-$0.241 where previous rallies were systematically destroyed.
  • Make-or-break support zone forged at $0.2245-$0.225 following apocalyptic selloff periods.
  • Evaporating volume during recovery attempts signals potential consolidation battleground.

Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.



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August 29, 2025 0 comments
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Strategy
Crypto Trends

Strategy Faces Scrutiny Over Stock Issuance To Fund Bitcoin Buying

by admin August 28, 2025


Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Strategy’s latest stock sale to buy more Bitcoin has put investor nerves on edge, as numbers and timing raise fresh doubts about shareholder dilution and the company’s funding choices.

Strategy: Rapid Shift In Equity Policy

Based on reports, Strategy changed its public guidance on August 18 and then, within days, moved to issue a large amount of new stock.

CryptoQuant analyst JA Maartunn traced the pattern: no fresh issuance on Aug. 3, roughly $18 million on Aug. 10, about $51 million on Aug. 17 — then close to $360 million raised in a single week after the guidance change.

That sharp jump in new capital has drawn scrutiny from market watchers who worry the company is leaning on share issuance to keep buying Bitcoin.

The new rules link stock sales to something called market net asset value, or mNAV, which compares the company’s share price to the value of its Bitcoin.

Strategy running out of steam? 🚂💨

Before Aug 18, almost no new money came into $MSTR:
🔹 Aug 3: $0
🔹 Aug 10: ~$18M
🔹 Aug 17: ~$51M

But after they dropped the “no dilution below 2.5x mNAV” promise, $359M was raised by issuing new shares (see tweet below).

Policy changed.… https://t.co/nenuT1soI3 pic.twitter.com/pORoidxPhf

— Maartunn (@JA_Maartun) August 26, 2025

If the stock trades at more than four times its mNAV, the company will sell lots of shares to buy more Bitcoin. If it trades between 2.5 and four times, it will sell some shares, but more carefully.

And if the stock drops below 2.5 times, share sales would mostly go toward paying debt or covering dividends instead of buying Bitcoin.

Reports add that if Strategy shares trade under 1x mNAV, the company could borrow to repurchase stock. That framework reversed an earlier pledge not to sell shares for Bitcoin purchases when mNAV was below 2.5x — a reversal that critics point to as the key change.

BTCUSD trading at $112,984 on the 24-hour chart: TradingView

How The Purchase Was Financed

According to the company’s SEC filing, nearly $310 million came from at-the-market common stock sales at an average share price of $354, plus roughly $47 million from preferred share classes.

In total, the firm raised a little more than $357 million and used the proceeds to buy 3,081 Bitcoin. The purchase pushed its holdings to 632,457 BTC.

That stack of 632,457 coins equals roughly 3% of circulating supply, based on market counts cited in filings and market reports. The company’s public target remains at 1 million coins — a goal that, by the reported figures, is now about 60% complete.

Dilution Risk And Debt Capacity

Investors focused on dilution have reason to be worried. Each new share increases the number of claims on the same Bitcoin pool, and when issuance happens while the stock trades at low multiples to mNAV, existing holders see their per-share Bitcoin backing decline.

Reports say Strategy’s debt sits at about 20% of Bitcoin NAV with headroom up to 30%, giving it borrowing room — but choosing to issue equity at low mNAVs still weakens per-share economics.

Featured image from Meta, chart from TradingView

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.





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August 28, 2025 0 comments
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Polymarket Gains Ground As Kalshi Faces Backlash In Crypto Debate
Crypto Trends

Polymarket Gains Ground as Kalshi Faces Backlash in Crypto Debate

by admin August 27, 2025



Prediction markets are grabbing attention as Kalshi and Polymarket emerge at the center of heated debates. These platforms let traders speculate on real-world outcomes, from elections and economic releases to cultural events and sports. 

A contract on a potential Russia-Ukraine ceasefire in 2025, for instance, can be bought for $0.37 and pays out $1 on Polymarket if the prediction comes true.

Kalshi’s Push, Polymarket’s Momentum

Kalshi, a CFTC-regulated exchange in the United States, has been making noise with high-profile hires and a visible marketing drive. But on X, sentiment has leaned toward Polymarket. 

One user posted, “Sorry, but Kalshi lost all respect after their coordinated polymarket propaganda tour during the election cycle. They tried destroying something that was built by one of our own. Don’t really care who they hire to help save face, I’m team polymarket because I’m team crypto.”

polymarket: onchain, uses immutable contracts, everything is transparent (including the uma whale stuff llamao)
kalshi: trust me bro, same as a CEX

one seems much more compelling than the other imo https://t.co/F1v0abUTqM

— 0xngmi (@0xngmi) August 25, 2025

Another compared the two platforms directly, “polymarket: onchain, uses immutable contracts, everything is transparent (including the uma whale stuff llamao) kalshi: trust me bro, same as a CEX, one seems much more compelling than the other imo.”

Polymarket’s position has been further strengthened by fresh backing. Donald Trump Jr.’s venture capital firm, 1789 Capital, has invested a double-digit million-dollar sum into the platform, with Trump Jr. also joining its advisory board. 

The move follows a valuation above $1 billion by Founders Fund and Polymarket’s $112 million purchase of derivatives exchange QCEX, which secured a CFTC license and marked its U.S. entry.

Prediction Markets on the Rise

The rivalry between Kalshi and Polymarket highlights a bigger trend. Prediction markets are fast emerging as one of crypto’s most promising primitives, combining speculation, transparency, and regulation in a way that could reshape how global events are forecast and traded.

Also Read: Coinbase UK Ad Ban Sparks Crypto Debate, Says CEO Brian Armstrong





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August 27, 2025 0 comments
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drake and adin ross side-by-side with Jean Pormanove
Esports

Kick faces possible $49M fine after French streamer Jean Pormanove dies on air

by admin August 26, 2025



Kick could be hit with a penalty of up to $49 million after the death of French streamer Jean Pormanove, following what has been described as a brutal “ten days and nights of torture” broadcast.

On August 18, 46-year-old Raphaël Graven, better known as Jean Pormanove, died in his sleep while live on Kick. In the days and even months prior, he had reportedly endured extreme violence, sleep deprivation, and forced ingestion of toxic products at the hands of two fellow streamers known as Naruto and Safine.

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French politicians called the incident a national disgrace, with Clara Chappaz, France’s minister for digital affairs and AI, vowing to “promptly end this digital Wild West.”

Instagram/Jean Pormanove

She previously commented that Pormanove had been “humiliated and mistreated for months live on Kick” and criticized the platform’s lack of intervention.

Australian regulators warn Kick could face $49M penalty

Kick could be subject to a penalty of up to $49 million under Australian online safety laws following the death of French streamer Jean Pormanove.

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Because Kick is based in Australia, French regulators had limited reach. But Australia’s eSafety Commissioner has now confirmed it is investigating, and warned of steep fines.

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“This is a tragic case where someone has lost their life, and underscores how the creation of more extreme content, in this case involving actual violence, can have devastating, real-world consequences,” a spokesperson for the commissioner said.

As reported by The Sydney Morning Herald, the watchdog emphasized that platforms are legally required to safeguard users from harmful or criminal material and to enforce their own terms of service. Violations can carry penalties of up to $49.5 million.

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Kick’s community guidelines prohibit “content that depicts or incites abhorrent violence including significant harm, suffering or death.”

“eSafety will use the full range of our enforcement powers as appropriate where there is non-compliance, which can include seeking penalties of up to AUD $49.5m.”

Instagram/jeanpormanove

“Platforms like Kick need to be doing more to enforce their own terms of use and minimise harmful content and conduct in streams to protect all users of the service,” the spokesperson added in their statement reported by The Guardian.

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Kick could also face future restrictions under Australia’s new child-safety laws coming into effect in December, which may block users under 16 from accessing the platform.

Kick has banned the streamers involved in the broadcasts and cut ties with its French social media agency after backlash over promotional posts that used Pormanove’s image to sell merchandise.

Meanwhile, French police are still investigating. An autopsy concluded there were no signs of external or internal trauma, suggesting Pormanove’s death may have been linked to medical or toxicological causes.

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Viral compilation threads have shown Pormanove being hit, strangled, and fired at with paintball guns while streaming with Naruto and Safine, whose lawyers claim they hold “no responsibility.”

🚨🇫🇷🕊️

“IL ME SÉQUESTRE”

Voici ce qu’a envoyé Jean Pormanove à sa maman quelques jours avant son décès :

« Salut maman. Comment tu vas ? Coincé à la mort avec son jeu. Ça va trop loin. J’ai l’impression d’être séquestré avec leur concept de merde. J’en ai marre je veux me… https://t.co/WtPWZcvw0T pic.twitter.com/QJdkeiBdaC

— Impact (@ImpactMediaFR) August 18, 2025

In one message to his mom, sent a few days before his death, Pormanove said he felt like he was “being held hostage” and was “fed up” with the streams.

The streamer’s sister called what he went through “unacceptable.”

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Another Kick controversy erupts days later

This tragedy isn’t the only violent incident the platform has faced in recent weeks. On August 23, streamer Raja Jackson, son of UFC legend Rampage Jackson, went viral after storming a wrestling ring at an event put on by KnokX Pro Wrestling, a promotion that, at the time, was part of WWE’s ID (Independent Development) program. Raja was streaming the California-based event live on Kick.

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Kick/Raja Jackson

Raja was filmed punching wrestler Syko Stu, real name Stuart Smith, multiple times while he appeared unconscious, triggering an LAPD investigation. Kick banned Raja shortly after the footage spread online.

YouTube icon MrBeast responded to the violence, offering to pay for the veteran-turned-wrestler’s hospital bills.

The WWE subsequently quietly cut ties with KnokX Pro Wrestling the day following the incident by removing all references to the promotion from its official website and unfollowing the company, as well as its owner, WWE legend Rikishi, on its WWE ID X account.

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August 26, 2025 0 comments
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Elon Musk’s Xai Faces Lawsuit From Ethereum Gaming Firm
GameFi Guides

Elon Musk’s xAI Faces Lawsuit From Ethereum Gaming Firm

by admin August 24, 2025



Ethereum-based gaming network Xai has filed a lawsuit against Elon Musk’s artificial intelligence company xAI, accusing it of trademark infringement and unfair competition. The case was submitted in the Northern District of California, with Xai’s parent company, Ex Populus, claiming Musk’s firm has caused serious confusion in the market.

Ex Populus, a Delaware-based company, says it has been using the XAI trademark in the United States since June 2023. The firm runs a blockchain gaming network and its own token, $XAI. 

Ex Populus took legal action today to protect the Xai brand. With increased confusion around Elon Musk’s AI company (@xai), it’s a big responsibility to safeguard the brand that the community trusts. You can read more details at https://t.co/ce8Aw9hNCZ

— XAI 🎮⛓️ (@XAI_GAMES) August 22, 2025

The network helps run online games, process payments, reward players, and manage data across apps. The lawsuit describes the situation as a straightforward case of trademark violation that needs court intervention.

Confusion grew after Musk entered gaming

The dispute began when Musk launched his xAI company in July 2023. The confusion grew in November 2024 after Musk said his company would start a gaming studio called xAI. According to the filing, this led consumers, media outlets, and even Musk’s chatbot Grok to mistakenly connect his company with the Xai gaming network.

Ex Populus argues that the damage goes beyond brand confusion. The company says being linked to Musk has brought negative public sentiment because of the controversies tied to his projects. It claims this unwanted association is undermining the goodwill and reputation it has worked to build.

The filing also accuses Musk’s legal team of trying to pressure Ex Populus earlier this month into giving up its trademark rights by threatening to challenge its registration. It further notes that the US Patent and Trademark Office has already suspended several of Musk’s xAI trademark applications due to their similarity to Xai’s mark.

Ex Populus is asking the court to cancel Musk’s pending applications, block his company from using the name in gaming and blockchain, and award damages. The company says the harm caused is so severe that no simple legal remedy can fix it.

Also Read: OpenAI’s CEO Sam Altman Fires Back at Elon Musk’s Apple Lawsuit Threat





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August 24, 2025 0 comments
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Helene Braun
GameFi Guides

Bitcoin (BTC) Mining Faces ‘Incredibly Difficult’ Market as Power Becomes the Real Currency

by admin August 24, 2025



Jackson Hole, Wy. — Bitcoin miners have long been defined by the boom-and-bust rhythm of the four-year halving cycle. But the game has now changed, according to some of the industry’s most prominent executives at the SALT conference in Jackson Hole earlier this week.

The rise of exchange-traded funds, surging demand for power, and the prospect of artificial intelligence (AI) reshaping infrastructure needs mean that miners must find ways to diversify or risk being left behind.

“We used to come here and talk about hash rate,” said Matt Schultz, CEO of Cleanspark. “Now we’re talking about how to monetize megawatts.”

For years, mining companies—which derived their main source of revenue solely from mining bitcoin—lived and died by the four-year bitcoin halving cycle. Every cycle, rewards were slashed in half, and miners scrambled to cut costs or scale up to survive. But that rhythm, according to these executives, no longer defines the business.

“The four-year cycle is effectively broken with the maturation of bitcoin as a strategic asset, with the ETF and now the strategic treasury and whatnot,” Schultz said. “The adoption is driving demand. If you read anything about the most recent ETF, they’ve consumed infinitely more bitcoin than have been generated so far this year.”

Cleanspark, which now operates 800 megawatts of energy infrastructure and has another 1.2 gigawatts in development, has begun turning its attention beyond proof-of-work. “Our speed to market with the electricity has created opportunities such that now we can look at ways to monetize power beyond just bitcoin mining,” he said. “With 33 locations, we now have a great deal more flexibility than we ever did before.”

A brutal business

Schultz is not alone in calling the industry’s monumental shift in business model.

Patrick Fleury, CFO of Terawulf, echoed the sentiment and didn’t try to sugarcoat the profit squeeze the miners are now feeling.

“Bitcoin mining is an incredibly difficult business,” he said. He broke down the economics of bitcoin mining in straightforward terms: with electricity priced at five cents per kilowatt hour, it currently costs around $60,000 to mine a single bitcoin. At a bitcoin price of $115,000, that means half the revenue is consumed by power alone. Once corporate expenses and other operating costs are factored in, the margins tighten quickly. In his view, profitability in mining hinges almost entirely on securing ultra-low-cost power.

For Fleury, the deeper problem isn’t just power costs — it’s the relentless expansion of the network itself, driven by hardware manufacturers with little incentive to slow down.

He pointed to Bitmain, which continues to produce mining rigs regardless of market demand, thanks to its direct pipeline to chipmakers like TSMC. Even when miners aren’t buying, the company can deploy the machines itself in regions with ultra-cheap electricity — from the U.S. to Pakistan — flooding the network with hash power and driving up mining difficulty. That global footprint, coupled with low production costs, allows Bitmain to remain profitable while squeezing margins for everyone else.

Still, Terawulf is pivoting aggressively. Last week, it signed a $6.7 billion lease-backed deal with Google to convert hundreds of megawatts of mining infrastructure into data center space.

“These things, as everyone can attest to up here, like electrical infrastructure, don’t move quickly,” Fleury said. “Tech is used to moving quickly and breaking things, but these deals take an extremely long time to come together. It took us four to five months of very intense due diligence.”

“What I take the most pride in in that transaction was really working collectively with those partners to come up with a new mousetrap that I hope now becomes something that the industry can duplicate at other companies,” he said. “Google is providing $3.2 billion of backstop lease obligation support to Terawulf, which effectively allows me to go out and secure financing at a really efficient cost of capital.”

Profitability—or Patience

Kent Draper, chief commercial officer at IREN, took a quieter but confident stance. His company mines bitcoin profitably — even today, he said. Still, he pointed to one common denominator: power.

“Being a low-cost producer is fundamentally important, and that’s how we’ve always focused our business — having control of our sites, having operational control, being in areas that are low-cost power jurisdictions,” Draper said.

Iren, according to him, is currently operating at 50 exahash, which translates to a billion-dollar annual revenue run rate under current bitcoin market conditions. He noted that the company’s gross margins — revenue minus electricity costs — stand at 75%, and even after accounting for corporate overhead and SG&A expenses, IREN maintains a 65% EBITDA margin, or roughly $650 million in annualized earnings.

Still, even IREN is pausing its expansion in mining. “That’s really dictated just by the opportunity set that we see on the AI side today and the potential to really diversify the revenue streams within our business, rather than a fundamental view that bitcoin mining is no longer attractive,” Draper said.

On the AI side, IREN is pursuing both co-location and cloud. “Capital intensity is very different,” Draper said. “If you’re owning the GPUs on top of the data center infrastructure, that’s 3x the investment. On the cloud side, the payback periods tend to be a lot faster—typically around two years on the GPU investment alone.”

Holding bitcoin — and the Line

For Marathon Digital (MARA) CFO Salman Khan, survival is about agility. With decades in the oil industry, Khan sees a familiar pattern: boom, bust, consolidation, and the constant race to stay efficient.

“This reminds me of those trends in commodity-exposed cycle industries,” Khan said. “There are some very wealthy families in the oil sector who made billions, and then there are others who have filed bankruptcies. You have to have a strong balance sheet to survive these cycles.”

Marathon holds bitcoin on its balance sheet — something Khan said paid off. “We’re not a treasury company, we’re not Strategy, but we like to have that hedge if bitcoin price escalates.”

More recently, Marathon announced a majority stake in Exaion. “The angle that we have on the AI front is compute on the edge,” Khan said. “We like sovereign compute, which allows people to control their data better at a closer location to them. We like the aspect of recurring revenues that come with that. We also like that there’s a software aspect to it, and also the platform aspect to it.”

Beyond bitcoin, behind the grid

Despite the different points of view and strategies, it all comes down to one common factor: power. Whether it was being used to mine bitcoin, power AI, or balance electrical grids, energy — not hash rate — was the currency of the conversation.

“We curtail our energy consumption for 120 hours a year,” CleanSpark’s Schultz said. “We can avoid about a third of our total energy costs. So being that flexible load matters.”

Cleanspark, he added, has spent the past year quietly locking up megawatts around the country. “You mentioned Georgia,” Schultz said. “We have 100 megawatts surrounding the Atlanta airport. That’s a prime example. We’ve been focused on being the valuable partner for some of these rural utilities to monetize stranded megawatts.”

Still about bitcoin — for now

Despite the growing focus on AI, the panelists made it clear that bitcoin remains central to their businesses — for now. When asked why mining companies still deserve investor attention, the answers pointed to scale, cost efficiency, and the ability to weather volatility.

Fleury emphasized that Terawulf’s contracted power capacity could generate substantial cash flow, comparing the economics to established data center operators. Khan pointed out a disconnect between Marathon’s bitcoin holdings and its market valuation, suggesting that the core mining business is being overlooked. Draper underscored IREN’s operational efficiency and low-cost footprint, citing recent performance metrics that placed the company ahead of other public miners.

And while the future may include cloud infrastructure and edge compute, Schultz argued that bitcoin itself could still evolve into something larger — a foundational layer for energy systems. As he put it, the next phase may not be about speculation, but about bitcoin’s role in helping balance power networks.

Read more: Bitcoin Mining Costs Soar as Hashrate Hits Records: TheMinerMag



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August 24, 2025 0 comments
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Decrypt logo
GameFi Guides

Tornado Cash’s Roman Storm Faces 5 Years for a Crime DOJ Now Says It Won’t Prosecute

by admin August 24, 2025



In brief

  • The DOJ announced it will no longer charge decentralized software developers under the same law used to convict Tornado Cash co-founder Roman Storm earlier this month.
  • DOJ official Matthew Galeotti clarified that prosecutors will avoid such charges when software is truly decentralized and non-custodial, though other charges could still apply if criminal intent is alleged.
  • The policy shift was celebrated by many crypto industry leaders as a major win, but some advocates questioned its timing and impact given Storm’s recent conviction and the DOJ’s ongoing discretion in related cases.

A top Department of Justice official told an audience of crypto industry leaders Thursday that the U.S. government will no longer charge decentralized software developers with a particular crime—the same crime federal prosecutors successfully convicted Tornado Cash co-founder Roman Storm of earlier this month. 

The charge, U.S. code 1960(b)(1)(C), prohibits operators of unlicensed money transmitting businesses from dealing in funds known to have been derived from a crime, or intended to be used to support unlawful activity. Just weeks ago, a Manhattan jury found Storm guilty of violating the law, a crime which carries a penalty of up to five years in federal prison. The jury failed to reach a verdict on all other counts. 

Today in Jackson Hole, Wyoming, Matthew Galeotti—the acting head of the DOJ’s criminal division—told a group of crypto lobbyists and industry leaders gathered for a policy summit that federal prosecutors will no longer pursue 1960(b)(1)(C) charges against developers of decentralized software.



“Where the evidence shows that software is truly decentralized and solely automates peer-to-peer transactions, and where a third party does not have custody and control over user assets, new 1960(b)(1)(C) charges against a third party will not be approved,” he said.

The official added that if criminal intent is present in such instances, though, “other charges may be appropriate.”

Galeotti made a point of noting that the new policy will be implemented by the DOJ “going forward,” in a potential nod to Storm’s conviction on the very same charge earlier this month. 

Storm was arrested and charged with several crimes in 2023, including conspiracy to commit money laundering and sanctions violations, for his role in operating Tornado Cash—a coin mixing service that allows crypto users to make private on-chain transactions. 

When the Trump administration took over Storm’s case earlier this year, it did drop a single charge related to operating an unregistered money transmitting business—but kept the charge accusing the developer of operating Tornado Cash while knowing some of its users were processing funds linked to criminal activity. 

That shift was consistent with a DOJ memo circulated in April that instructed federal prosecutors to back off most crypto-related cases—but not necessarily all. 

Crypto lobbyists and industry leaders gathered today for Galeotti’s announcement hailed it, cheering him enthusiastically as soon as his speech finished. They were gathered in Wyoming for the inaugural summit of the American Innovation Project, a new pro-crypto nonprofit backed by some of the industry’s most powerful policy players.

Amanda Tuminelli, executive director of the DeFi Education Fund, a crypto lobbying group, was one industry attendee present for Galeotti’s speech today. In a statement shared with Decrypt, she celebrated the DOJ policy change and thanked the Trump department for “hearing our concerns about Section 1960.”

“The fact the DOJ acknowledged that software developers should not be held responsible for third party’s misuse of their code affirms what we have been advocating for years,” she said. 

Others, though, were less optimistic. Coin Center Executive Director Peter Van Valkenburg similarly expressed gratitude for Galeotti’s statements in a post on X but lamented the fact that it’s seemingly “a little late” in Roman Storm’s case.

“I’m especially interested if the DOJ keeps fighting when Roman appeals his unlicensed money transmission verdict. If so, what is this speech all about?” Van Valkenburg posted. The Coin Center executive, who oversees the non-profit advocacy group, also expressed concern over Galeotti’s “criminal intent” caveat and noted that the DOJ official’s statements are in no way binding.

In recent months, DeFi and privacy advocates have walked a tightrope, praising the Trump administration for its pro-crypto policy shifts in most instances, but also expressing existential concern about the implications of Storm’s prosecution and conviction by the president’s DOJ. 

After Galeotti’s speech this afternoon, the DOJ official participated in an off-the-record Q&A with crypto industry leaders in the room. A source present at the event told Decrypt Galeotti received no questions about the Roman Storm case.

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August 24, 2025 0 comments
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'BNB Microstrategy' faces imminent Nasdaq delisting as price falls below threshold
NFT Gaming

‘BNB Microstrategy’ faces imminent Nasdaq delisting as price falls below threshold

by admin August 20, 2025



Windtree, a biotech-turned BNB treasury firm, is facing delisting from the Nasdaq on August 21.

Summary

  • Nasdaq is set to delist Windtree on August 21, following non-compliance with its $1 share price rule
  • Windtree’s stock price lost 97.74% in the past six months, to $0.11
  • Delisting would make it much harder for Windtree to gain access to public markets

Struggling biotech Windtree’s pivot to BNB treasuries could soon come to an end. On Tuesday, August 19, regulatory filings showed that Windtree, sometimes called “BNB Microstrategy,” is facing imminent delisting on Nasdaq over non-compliance.

According to the filing with the Securities and Exchange Commission, Nasdaq will delist Windtree on August 21. Namely, Nasdaq companies must trade above $1 per share, while Windtree, under the ticker WINT, is trading at $0.11.

Critically, the move could place Windtree’s pivot to BNB treasuries at risk. Specifically, the Nasdaq listing effectively turns Windtree into a leveraged play on BNB available on the public market. Without access to the Nasdaq, it would be more difficult for average investors to acquire Windtree’s stock.

Struggling Windtree pivoted to BNB treasuries

Windtree, a biotech firm, announced its pivot to a BNB treasury firm after years of slow business. In the past six months, its stock price has fallen 97.74% to its current level of $0.11.

On July 16, the company first announced plans to purchase $60 million worth of BNB tokens from Build and Build Corp., with the potential to acquire $140 million more. This put the company’s total financing up to $200 million for its BNB treasury.

Just a week later, on July 24, the firm announced securing another $520 million in financing. $500 would come from an equity line of credit agreement with an undisclosed financeer, and another $20 million from a direct stock purchase from Build and Build Corp.



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August 20, 2025 0 comments
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Jamie Crawley
NFT Gaming

Internet Computer Faces Fresh Selling as Support Zone Comes Under Pressure

by admin August 19, 2025



Internet Computer Protocol (ICP) drifted downward over the past 24 hours, shedding 2.35% to trade at $5.18.

The token moved within a $0.23 band between $5.14 and $5.40, reflecting a 4% swing that underscored the persistent volatility shaping current market conditions, according to CoinDesk Research’s technical analysis data model.

An advance to the resistance level of $5.40 was quickly met with distribution as ICP settled back toward its established support corridor around $5.17–$5.20. Trading saw substantial accumulation activity, with volumes surpassing 643,000 units at those levels.

ICP subsequently slipped to $5.19 with repeated resistance at $5.24 forming a descending channel pattern. Short bursts of activity, such as the 34,000-unit spike at 13:54 UTC, were unable to reverse the momentum, leaving the token consolidating at its lows.

ICP could remain under pressure if support at $5.17 fails to hold, which market participants will be observing for any rebound signals as institutional and retail traders reassess their positioning.

Technical Analysis

  • Price range spanned $5.14–$5.40, a 4% variance across the 24-hour session.
  • Resistance emerged at $5.40 on August 18 at 22:00 UTC with volume of 294,177 units.
  • Support consolidated at $5.17-$5.20, with early morning volumes exceeding 643,000 units.
  • Repeated resistance at $5.24 during late-session trading confirmed a descending channel.
  • Heavy selling occurred between 13:32–13:46 UTC, with a 34,396-unit spike at 13:54 UTC.
  • Volume showed a declining pattern, suggesting market exhaustion.

Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.



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August 19, 2025 0 comments
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As Bitcoin strengthens, Strategy faces a test of relevance
GameFi Guides

As Bitcoin strengthens, Strategy faces a test of relevance

by admin August 19, 2025



What explains the growing disconnect between Bitcoin’s strength in 2025 and Strategy’s lagging stock, once the market’s favorite equity proxy for the asset?

Summary

  • Bitcoin hit record highs above $124,000 in 2025, yet Strategy Inc’s stock fell nearly 9% and trades one third below its 52-week high.
  • The company holds about 629,000 BTC worth $72.5 billion, but its market capitalization premium has compressed to near parity from 2.5–3 times in 2024.
  • Financing pressures are mounting, with cheap debt windows gone and share dilution losing investor support; outstanding shares have grown over 40% in three years.
  • Spot Bitcoin ETFs and easier retail access have reduced the need for a corporate proxy, eroding the appeal that once drove Strategy’s valuation.
  • Investor focus has shifted to $360 as a key support level, highlighting weaker conviction and raising questions about the long-term role of Bitcoin treasuries.

Bitcoin sets records while Strategy shares stumble

Bitcoin (BTC) has pushed into record territory in 2025, briefly crossing $124,000 before easing to around $115,000 by Aug. 18. 

Normally, such a rally would have lifted Strategy Inc, the company once known as MicroStrategy, whose identity and valuation have been closely tied to Bitcoin for years.

Since 2020, Strategy has positioned itself as the largest corporate holder of the asset. Its balance sheet includes about 629,000 BTC, worth around $72.5 billion at current market prices. 

For much of that time, investors treated the stock as a way to gain amplified exposure to Bitcoin without holding it directly. When Bitcoin rose, MSTR often rose faster.

That relationship looks weaker in 2025. During the week when Bitcoin set new highs, Strategy’s shares fell from about $400 on Aug. 11 to $366 by Aug. 15, a decline of nearly 9%. 

The stock is also trading roughly one third below its 52-week peak of $543, despite the size of its reserves.

Valuation highlights the disconnect. Strategy’s market cap stands near $104 billion, which works out to a net asset value multiple of about 1.4 times its Bitcoin holdings. 

In earlier cycles, that ratio was much higher. Throughout 2024, the premium often stretched between 2.5 and 3 times, showing how much investors once valued the stock as a proxy. Today, the premium has compressed toward parity.

The change is visible in recent returns. Between February and August 2025, a $10,000 investment in Bitcoin grew about 22%, while the same investment in Strategy gained less than 9%. 

BTC vs MSTR comparative analysis | Source: Portfolios Lab

Earlier in the year, the pattern was reversed, with Strategy shares delivering more than 30% while Bitcoin advanced about 15%. Since June, Bitcoin’s climb has continued, while the stock has slipped back, losing the amplification effect that once defined it.

Funding model shows signs of strain

The weakness in Strategy’s stock is not just about charts. It reflects strain in the financing structure that has allowed the company to keep building its Bitcoin reserve. 

Since 2020, the firm has relied heavily on equity sales and convertible debt, raising billions through repeated issuances. The model worked while investors believed that dilution was offset by the promise of leveraged gains from Bitcoin.

That confidence has started to fade. The company’s recent update to its equity issuance guidelines triggered a sell-off, signaling that shareholders are less willing to accept more dilution when the stock is already lagging behind Bitcoin itself.

Earlier fundraising rounds benefited from unusually favorable conditions. In 2021 and again in 2023, Strategy issued convertible notes with coupons as low as 0.75% to 1.5%, locking in billions at terms that looked cheap even before Bitcoin’s appreciation was considered. 

Those opportunities are harder to come by now. With higher interest rates and a thinner stock premium, the company has shifted toward preferred shares as a financing tool. 

Preferred equity avoids immediate dilution but comes with fixed payouts that narrow flexibility in the future.

Share issuance has also become more of a reputational burden. Over the past three years, the number of outstanding shares has risen by more than 40%. 

That pace was tolerated when MSTR consistently outperformed Bitcoin. Today, with the stock trailing the underlying asset, the trade-off looks less compelling.

The result is a financial engine that no longer spins as smoothly as before. Strategy still controls the largest corporate Bitcoin treasury in the world, yet the mechanics that once helped it expand that position are now under pressure.

Why investors no longer pay a premium for Strategy

When Michael Saylor first turned his company toward Bitcoin in 2020, owning MSTR shares offered a straightforward way for equity investors to gain exposure without buying the asset directly. 

Institutional products were scarce, custody solutions were less mature, and buying Bitcoin on retail platforms carried frictions that justified the premium investors attached to the stock.

The environment in 2025 looks very different. Spot Bitcoin exchange-traded funds have gathered hundreds of billions of dollars in assets since approvals began in early 2024. 

BlackRock’s fund alone has crossed $89 billion under management, with other issuers adding substantial inflows. 

These products give investors liquid, regulated, and cost-efficient exposure to Bitcoin, often with annual management fees below 0.25%. For institutions, that combination of safety, simplicity, and low cost has proved compelling.

Retail channels have also widened. Coinbase, Robinhood, and even traditional brokerages now allow users to buy fractions of Bitcoin directly within the same apps used for equities and ETFs. 

The ease of purchasing digital assets in small amounts has reduced the need for a corporate proxy.

That shift explains why the premium once attached to Strategy has compressed. Investors no longer need to rely on a software company’s balance sheet to hold Bitcoin. They can buy it outright or use regulated ETFs that avoid dilution and carry minimal fees.

$360 emerges as the market’s pressure point

Strategy’s stock is increasingly being defined by psychology rather than just balance sheet math. The share price has hovered in one of its narrowest ranges in years, with $360 emerging as the level investors are watching most closely. 

The character of ownership has also changed. Vanguard, once the anchor shareholder, reduced its position last quarter. In its place, hedge funds have taken on a larger role in daily trading. 

Other treasury-style plays show the same stress. In Japan, Metaplanet has dropped more than a third over the same period, pointing to a broader loss of investor appetite for listed corporate holdings of Bitcoin.

What has drained the appeal is a collapse in volatility. Investors who once paid above intrinsic value to chase amplified gains now see less reason to do so. 

Capital is being redirected toward areas that feel newer and less crowded, such as Ethereum-linked reserves and crypto IPOs.

The open question is whether Strategy can remain relevant in this new order. A firm support at $360 might provide a tactical entry point, but the longer-term story rests on whether treasury-style companies can regain their role as amplified proxies for Bitcoin. 

Analysts remain divided on what comes next. Some still see upside, with price targets in the $550 to $570 range suggesting more than 50% potential gains from current levels. 

Much will depend on how Strategy adapts. A strong Bitcoin market can provide support, but investor confidence will rest on whether the company balances reserve growth with shareholder value.

The role Strategy once played as the de facto proxy for Bitcoin is no longer unique. User access to ETFs and direct ownership means that investors have simpler choices today. 

Strategy’s challenge is to redefine its appeal in this new environment. If it succeeds, the company can remain a prominent, listed vehicle tied to the largest corporate Bitcoin treasury in the world. If it falls short, its once-central role as a bridge to Bitcoin may continue to fade.



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