Latest Crypto News & Market Updates

Galaxy reports $85M net loss amid Q2 crypto market slump

Galaxy Digital reported an $85 million net loss for the second quarter of 2026 as cryptocurrency valuations declined in the period.　　That resulted in a $0.09 loss per share posted on Wednesday which Galaxy attributed to the depreciation of digital asset prices during the quarter.　　Revenue at $8.7 billion was down 15% from $10.2 billion in the first quarter of 2026. Analysts had forecast a consensus of $12.7 billion, according to estimates compiled by Yahoo Finance.　　Galaxys shares fell 6.2% in premarket activity on Wednesday to $20.70, set to extend a nearly 10% decline over the past month.　　The total crypto market capitalization fell nearly 15% during the quarter, to $2 trillion on June 30 from $2.35 trillion on April 1, according to CoinMarketCap data.　　Despite the slump, the company reported that digital assets generated adjusted gross profit of $66 million and adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of $11 million, marking a 34% quarter-over-quarter increase in adjusted gross profit. EBITDA measures a companys core operating profit by removing financing costs, taxes, asset value changes and one-time expenses.　　Galaxy said this reflects the “resilience of our business model and further demonstrates that our earnings are becoming less dependent on the direction of digital

08-05Industry

Crypto whales accumulate as bear market nears late stage: CryptoQuant

Large cryptocurrency holders are accumulating Bitcoin (BTC) and Ether (ETH) as valuations approach levels associated with the final stage of a bear market, according to CryptoQuant.　　Rising whale balances during price weakness can reduce available supply and concentrate ownership among larger holders, the blockchain analytics company said in its latest Smart Money report seen by Cointelegraph.　　Bitcoin whale holdings, excluding exchanges and mining pools, rose to about 3.06 million BTC from 2.87 million BTC in December 2025, with accumulation accelerating after Bitcoin dropped below $60,000 in June.Source: CryptoQuant　　Ethereum wallets holding 10,000 to 100,000 ETH collectively held a record 19.6 million ETH, while wallets holding more than 100,000 ETH added roughly 1.8 million ETH since mid-2025.　　In XRP markets, average spot order sizes remained in CryptoQuants “big whale” category as the token traded between $1 and $1.20. However, neutral 90-day taker cumulative volume delta suggested passive absorption rather than aggressive buying, the report said.　　Related: Bitcoin may have bottomed before its traditional cycle low: Grayscales Pandl　　Valuations point to late-stage bear market　　CryptoQuant also pointed to realized price, an estimate of the markets average onchain cost basis, as evidence that the market may be approaching a bottom.　　Bitcoin traded at $63,935 at the time of writing, according to

08-05Industry

Galaxy shares sink 12% after Q2 loss as AI data center business begins generating revenue

Quick TakeGalaxys Helios Phase I campus is expected to generate roughly $80 million in quarterly leasing revenue beginning in Q3.Galaxy expanded its AI infrastructure pipeline to more than 5.7 GW of potential power capacity across Texas.　　Galaxy Digital shares fell nearly 13% in early trading Wednesday after the company reported an $85 million second-quarter net loss, as weaker digital asset prices overshadowed what executives described as an inflection point for its AI infrastructure business, which generated revenue for the first time.　　The digital asset finance and data center infrastructure firm reported a net loss of $85 million in the second quarter, mostly due to the depreciation of digital asset prices. Treasury and corporate reported a $42 million adjusted gross loss, driven by unrealized losses on digital assets and investment positions, while adjusted EBITDA improved to a loss of $77 million from $188 million in the first quarter.　　Galaxy Digital (GLXY) stock price chart. Source: The Block/TradingView　　Despite the weaker crypto market backdrop, Galaxys operating businesses improved, generating $86 million in adjusted gross profit and $1 million in adjusted EBITDA, both major improvements over the prior quarter. Meanwhile, its digital assets segment increased adjusted gross profit 34% quarter-over-quarter to $66 million.　　Executives said the results show

08-05Industry

Binance files $473M lawsuit against RedotPay over alleged user diversion

Binance has sued RedotPay and its co-founders for nearly $473 million, alleging the company diverted more than 470,000 Binance Card users in breach of a commercial agreement.　　Bloomberg, citing a Hong Kong court filing it obtained, reported on Wednesday that Binance-affiliated companies have filed legal action against Hong Kong-based crypto payments firm RedotPay and its founders, accusing the company of improperly redirecting users from Binance Card to its own stablecoin payment card service.　　The lawsuit seeks about $472.8 million in damages and comes as RedotPay continues expanding its global payments business while weighing a potential U.S. initial public offering.　　Binance says RedotPay diverted Binance Card users　　According to the Hong Kong court filing cited by Bloomberg, Binance affiliates Nest Trading, DistributedTechnologies and Chaintecs Consulting Singapore have accused RedotPay of violating a commercial agreement that governed how the two companies worked together.　　The plaintiffs allege RedotPay allowed users to fund its stablecoin payment cards through Binance Pay outside the agreed commercial terms, leading more than 470,000 Binance Card users to migrate to RedotPays platform.　　Bloomberg reported that the Binance-linked companies estimated damages using a lifetime customer value of $925 for each allegedly diverted customer, bringing the total claim to nearly $473 million.　　Chaintecs Consulting Singapore has also filed

08-05Industry

Saylor's Strategy joins Coinbase, Morgan Stanley and more in pledging contributions to Trump Accounts

Quick TakeThe largest corporate holder of bitcoin will contribute $250 a year for eligible children of U.S. employees, plus a $1,000 match for qualifying newborns.Besides Morgan Stanley and Goldman Sachs, crypto native firms like Circle and Coinbase have also said they would participate.　　Strategy, the largest corporate holder of bitcoin, has joined Coinbase, Circle, and Wall Street giants such as Morgan Stanley and Goldman Sachs in pledging contributions to Trump Accounts, the presidents initiative to help children begin investing early.　　Besides making a one-time $1,000 contribution matching the U.S. governments seed contribution, Strategy said it would contribute $250 annually to Trump Accounts for every eligible child under 18 of its U.S. employees, regardless of the childs birth year.　　This is not the first time Strategy has shown support for President Donald Trump or his political agenda. Strategy, then known as MicroStrategy, donated $1 million to the Trump-aligned MAGA Inc. super PAC in January 2025. Coinbase and Circle, meanwhile, donated $1 million each to Trumps inaugural fund, according to Public Citizen.　　Strategy said it will officially begin participating after the U.S. Treasury issues final guidance and the infrastructure for employer contributions is live.　　Trump Accounts are a new type of individual retirement account (IRA) for children

08-05Industry

Nomuras Laser Digital backs ZIGChain for onchain private credit push in UAE

Crypto is in a tough spot right now, and the effects of a down market are being felt across the industry. In February of this year, Nomura tightened risk limits at Laser Digital after crypto losses dragged down quarterly profit. This was read by the market as a retreat, but Nomura indicated it would be staying in crypto, just with a more conservative approach.　　To this end, Laser Digitals investment and partnership with ZigChain delivers a comprehensive risk framework and governance across a pipeline of institutional onchain vault products, according to a statement.　　Rafay Gadit said the private credit market in the Middle East faces a two-sided problem.　　“Firstly, those who need money cannot raise it from the normal banks, and those who have money dont know those opportunities exist,” he said. “And even if they know, its only approachable through very large funds that have extremely high fees and barriers to entry. We are democratizing that.”　　Dr. Jez Mohideen, Co-founder and CEO, Laser Digital, said his firm has been watching the private credit category, and while the opportunity in onchain finance is real, execution risk has been consistently underestimated.　　“ZIG Markets brings regional depth and an origination track record, and as an investor and

08-05Industry

Do the Coldcard attacks mean all hardware wallets are now insecure？

Just when you thought crypto market morale couldnt sink any lower, along comes the Coldcard entropy bug to prove you wrong.　　The discovery of a flaw in one of the industrys longest-running hardware wallets last Friday serves as a stark reminder that there is no perfectly safe place to put all your Bitcoin.　　Coldcard disclosed the entropy-generation flaw affecting multiple Coldcard devices on July 31. Since then, researchers at Galaxy Digital say attackers have been able to steal more than 1,596 Bitcoin worth at least $100 million through several coordinated attacks.　　Wallet manufacturers are now being forced to explain a process most users never even think about: how their wallet generates the private key to protect their Bitcoin.　　Michael Tanguma, head of product at Bitcoin custody firm Onramp Bitcoin, tells Magazine:　　“The whole model rests on trust that the vendor got it right […] Almost no individual can audit the hardware, the firmware and the entropy generation underneath their device.”　　Coinkite, the company behind Coldcard, has released firmware fixes and told affected users to migrate their funds, but the incident has shaken Bitcoin HODLers to the core, and it raises an uncomfortable question:　　If Coldcard wallets can be exploited, does that mean all hardware wallets are potentially

08-05Industry

SpaceX extends decline to 11% on lockup expiration and capex spending fears

SummarySpaceX shares fell 11 percent in pre-market trading as investors focused on heavy capital spending and a looming insider share lockup, despite the companys 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 infrastructure.The company kept all 18,712 bitcoin on its balance sheet, taking a roughly $195 million fair-value hit that added earnings volatility.　　SpaceX shares fell 11% in pre-market trading Wednesday as investors looked past a stronger-than-expected first earnings report and toward heavy capital spending and a major insider-share unlock due Thursday.　　Revenue rose 92% from a year earlier to $7.8 billion, beating Wall Street estimates, while adjusted EBITDA nearly tripled to $3.5 billion. The company narrowed its net loss to $541 million, but spent $18.4 billion during the quarter as it expanded Starlink, Starship and its AI infrastructure.　　SpaceX held all 18,712 bitcoin on its balance sheet through the quarter. The position was worth about $1.1 billion at the end of June, bringing into view the accounting risk CoinDesk flagged before the IPO — that bitcoin price swings now flow through the public companys quarterly

08-05Industry

Galaxy Digital shares slip 5% after second-quarter results

SummaryGalaxy 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 reporting quarterly results.　　Galaxys $85 million net loss narrowed from $216 million in the first quarter, while its diluted and adjusted loss narrowed to $0.09 per share from $0.49. Street forecasts had been for a loss of $0.28 per share.　　Its digital assets operation generated $66 million in adjusted gross profit, up 34% quarter-on-quarter, despite a 7% decline in trading volume.　　Galaxys data center business generated revenue for the first time in the quarter as the company completed the initial phase of its Helios campus in West Texas.　　The segment generated $20 million in adjusted gross profit and $11 million in adjusted EBITDA, reversing a $900,000 adjusted EBITDA loss in the first quarter. Galaxy delivered 200 megawatts of gross power, representing 133 megawatts of critical IT capacity, to CoreWeave under a 15-year

08-05Industry

Binance sues RedotPay over alleged $473 million user losses: Report

Binance-affiliated companies have sued Hong Kong-based cryptocurrency payments company RedotPay, alleging it diverted more than 470,000 users from Binance Card in breach of their commercial agreement.　　The plaintiffs seek nearly $473 million in damages, arguing the alleged conduct helped fuel RedotPays growth as the company pursues a potential initial public offering (IPO), Bloomberg reported Wednesday, citing a Hong Kong court filing it obtained.　　RedotPay said it is defending the proceedings and rejected what it described as “unfounded allegations” against the company and its co-founders. “RedotPay is strenuously defending the proceedings,” a RedotPay spokesperson told Cointelegraph, adding that it will respond through the appropriate legal process.　　The legal dispute comes as crypto payments companies compete to expand stablecoin-based spending products, with RedotPay reporting rapid growth and a user base of more than 8 million customers globally.　　Binance alleges RedotPay violated an agreement　　According to the report, Binance alleged that RedotPay diverted more than 470,000 users from Binance Card in breach of a commercial agreement by allowing users to fund RedotPay stablecoin payment cards with Binance Pay outside the agreed terms.　　Binance Holdings-affiliated entities, including Nest Trading, DistributedTechnologies and Chaintecs Consulting Singapore reportedly filed a petition against RedotPay co-founders Gao Zhangpeng, Chan Wa Choi and Yao Chao. Chaintecs

08-05Industry

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