UpGate

Category: Uncategorized

  • NY AG Demands $36B From Kalshi for Alleged Illegal Gambling

    NY AG Demands $36B From Kalshi for Alleged Illegal Gambling

    New York State Seeks Billions from Prediction Market Kalshi, Demands Shutdown

    New York is demanding at least $36 billion from Kalshi, urging a state court to shutter the prediction market and seize triple its earnings. Attorney General Letitia James filed the lawsuit Friday, alongside a motion for a temporary restraining order, characterizing the platform as an unlicensed gambling operation across eight charges. The filings state the damages figure is a minimum, pending a full accounting.

    The charges range from violations of New York’s constitutional ban on gambling to bookmaking, possession of gambling records, unlicensed mobile sports wagering, and the federal Wire Act. The state is also seeking $100,000 for each offer of sports wagering, as well as restitution and disgorgement of profits.

    “Kalshi has chosen to ignore New York’s gaming laws, which exist to protect consumers, prevent problematic gambling, deliver funding for critical public services, and ensure that every company plays by the same rules,” stated New York Governor Kathy Hochul. She added that the state was taking action to halt its “illegal behavior” and compel the firm to comply.

    Investigators conducted test bets, including four contracts on Connecticut to defeat Michigan in April, costing $1.14 including fees. The petition alleges that Kalshi permits 18-year-olds to open accounts, while New York’s legal age for gambling is 21. Furthermore, the platform offers markets on games involving New York college teams, a practice prohibited even for licensed operators.

    Federal Agency’s Prior Action

    The Commodity Futures Trading Commission (CFTC) had initiated action earlier. In April, it sued New York to assert federal law grants it exclusive authority over event contracts. On Thursday, the CFTC requested a restraining order in that case, barring the state from pursuing criminal or civil enforcement against Kalshi or any other CFTC-registered platform. New York filed its lawsuit the following day.

    Kalshi’s Legal Struggles

    Kalshi has largely faced setbacks in its legal battles. The company sued the New York State Gaming Commission in the Southern District last October. It was denied a preliminary injunction on July 7 and refused protection pending appeal on July 27. A Michigan judge issued a restraining order against Kalshi in June, and King County Superior Court in Washington granted a preliminary injunction on July 20. The company’s two notable victories include the Third Circuit, which upheld an injunction against New Jersey in April, and Minnesota, where a federal judge blocked the state’s ban on July 27.

    The Minnesota ruling hinged on whether event contracts qualify as swaps under the Commodity Exchange Act. Judge Katherine Menendez determined that many do, singling out sports and pop-culture markets as contentious cases. New York’s lawsuit primarily targets sports-related markets.

    Broader Regulatory Campaign

    New York represents the latest front in a campaign that the Trump administration has pursued for months. The CFTC has sued Illinois, Arizona, and Connecticut over their attempts to regulate event contracts, added Wisconsin, and moved against Minnesota within hours of its ban becoming law. The President has publicly supported the agency, labeling state officials who oppose prediction markets as “SCUM.”

    Kalshi’s own figures, cited in the petition, place its valuation at $22 billion and its annualized trading volume at $178 billion. In April, Attorney General James filed similar lawsuits against Coinbase and Gemini based on analogous legal theories.

  • REGNUSDT Perpetual Contract Launches with 20x Leverage

    REGNUSDT Perpetual Contract Launches with 20x Leverage

    Bybit Launches REGNUSDT Perpetual Contract with Up to 20x Leverage

    Cryptocurrency exchange Bybit has announced the listing of the REGNUSDT Perpetual Contract, enabling traders to speculate on the price movements of Regeneron Pharmaceuticals, Inc. (REGN) using Tether (USDT) as the settlement asset. Trading for the new contract is now live, offering leverage of up to 20x.

    The REGNUSDT Perpetual Contract is also accessible through Bybit’s suite of Futures bots, including Futures Grid, Futures Martingale, and Futures Combo.

    Key details of the REGNUSDT Perpetual Contract include:

    • Underlying Asset: Regeneron Pharmaceuticals, Inc. (REGN)
    • Settlement Asset: USDT
    • Tick Size: 0.01
    • Maximum Leverage: 20x
    • Capped Funding Rate: 2.5%
    • Funding Fee Settlement Interval: Every 8 hours
    • Trading Hours: 24/7

    Regeneron Pharmaceuticals, Inc. is a biopharmaceutical company headquartered in Tarrytown, New York. Its official website is https://www.regeneron.com/.

  • GEUSDT Perpetual Contract Launches with 25x Leverage

    GEUSDT Perpetual Contract Launches with 25x Leverage

    Bybit Lists General Electric Perpetual Contract

    Cryptocurrency exchange Bybit has announced the listing of a new perpetual contract for General Electric (GE) against Tether (USDT), now available for trading with up to 25x leverage.

    The GEUSDT Perpetual Contract allows traders to speculate on the price movements of General Electric’s stock without holding the underlying asset. The contract is also accessible through Bybit’s suite of Futures bots, including Futures Grid, Futures Martingale, and Futures Combo.

    Key details of the GEUSDT Perpetual Contract include:

    • Underlying Asset: General Electric (GE)
    • Settlement Asset: USDT
    • Tick Size: 0.01
    • Maximum Leverage: 25x
    • Capped Funding Rate: 2%
    • Funding Fee Settlement Interval: Every 8 hours
    • Trading Hours: 24/7

    The official website for General Electric is ge.com.

  • Evernorth Amends SEC Filing, Outlines $1 Billion XRP Treasury and Nasdaq Listing Plans

    Evernorth Amends SEC Filing, Outlines $1 Billion XRP Treasury and Nasdaq Listing Plans

    Evernorth, a Ripple-backed company, has filed an amended SEC registration statement that formalizes employment agreements for key senior executives and details its strategy to establish a $1 billion XRP treasury. The company also reiterated its intention to list on the Nasdaq under the ticker XRPN.

    Filing Details and Executive Formalization
    The amended Form S-4 filing outlines the employment terms for Jessica Jonas, Sagar Shah, and Meg Nakamura. According to the filing, Jessica Jonas is set to receive an equity award valued at approximately $4.5 million. Sagar Shah and Meg Nakamura are each slated to receive equity awards worth around $2.8 million, pending shareholder approval. These incentive packages are part of Evernorth’s 2026 Omnibus Incentive Plan. The filing also suggests that Asheesh Birla’s equity award remains valued at approximately $44 million.

    Evernorth’s XRP Treasury Strategy
    Central to the filing is Evernorth’s plan to build a $1 billion XRP treasury, targeting roughly 473 million XRP. This allocation represents approximately 0.8% of XRP’s current circulating supply. The company’s implied cost basis for this XRP acquisition is noted at about $2.44, significantly higher than XRP’s current trading price of around $1.06.

    The strategy, if completed, could lead to a reduction in the open market supply of XRP, potentially strengthening the long-term supply reduction narrative. The filing suggests that the transaction is progressing, as evidenced by the formalization of executive compensation.

    Nasdaq Listing and Regulatory Pathway
    Furthermore, Evernorth’s intention to list on the Nasdaq under the ticker XRPN indicates a move towards operating within a regulated U.S. securities framework. This pathway could potentially facilitate easier access for compliant institutional capital.

    However, significant uncertainties remain. The exact timeline for SEC clearance of the S-4 filing is not specified. The market’s current pricing of these plans is also a key question, with XRP trading well below Evernorth’s implied cost basis.

    Market Implications and XRP Price Context
    Potential risks include SEC delays, broader macroeconomic weakness, or a decisive break below key support levels for XRP, which currently sits near $1.00. A break below this level could expose XRP to the $0.85 to $0.90 area. Conversely, reclaiming $1.10 could improve momentum, with the next resistance zone identified between $1.14 and $1.15.

    Analysts suggest that while XRP’s institutional thesis is compelling, the current price levels require patience for upside to conservative targets around $2.80, with an invalidation risk near $0.98, approximately 9% below the current spot price. The success of Evernorth’s strategy hinges on SEC approval of the filing, the completion of its XRP treasury, and the Nasdaq listing.

    Related Developments
    In related developments, LiquidChain ($LIQUID), a Layer 3 infrastructure project aiming to fuse Bitcoin, Ethereum, and Solana ecosystems, is currently in its presale phase, priced at $0.01485, having raised approximately $926,000 to date. LiquidChain’s architecture features Single-Step Execution and a Deploy-Once model designed to address cross-chain fragmentation.

    Why This Matters

    The materials describe a narrow update: Evernorth filed an amended Form S-4 with the SEC, formalizing employment agreements for senior executives and outlining plans for a $1 billion XRP treasury. Whether the market has already priced in Evernorth’s XRP treasury and Nasdaq listing plans.

    Broader Context

    Source materials place the factual news in this context: Evernorth amended its SEC registration statement again.

  • Crypto Weekly: Bitcoin Shrugs Off Politics as Markets Diverge

    Crypto Weekly: Bitcoin Shrugs Off Politics as Markets Diverge

    The Kospi concluded July with a robust rebound, while the price of Bitcoin remained notably stable despite a flurry of significant news. The Kospi staged a sharp recovery as Bitcoin hovered near $64,300, showing little reaction to political developments, stock market fluctuations, or a major cryptocurrency security breach.

    July ended with markets diverging. South Korean equities experienced an impressive comeback, while crypto traders focused on memecoins and tokenized assets rather than driving Bitcoin prices higher. Nevertheless, Bitcoin continued to trade within a familiar range, signaling a period of patience.

    Security Breach Hits Hardware Wallets

    One of the most significant cryptocurrency stories on Friday involved a major security incident. An attacker exploited a vulnerability in older Coldcard Mk3 hardware wallets, siphoning 594 BTC from approximately 500 single-signature wallets in under 30 minutes.

    The flaw was reportedly linked to firmware version 4.0.1, where a weakness in random number generation made certain wallet seeds predictable. Many of the compromised wallets had been inactive for years before the coordinated theft occurred across three blockchain blocks.

    Wallet manufacturer Coinkite confirmed the issue, stating that its initial investigation suggests newer Mk4, Q, and Mk5 devices are unaffected. Users who secured their wallets with a BIP 39 passphrase also appear to be at significantly lower risk. Despite the magnitude of the exploit, the Bitcoin price reacted minimally, remaining close to $64,300 after briefly touching $65,300 during Asian trading before pulling back.

    Meanwhile, Ethereum traded around $1,900, and BNB held near $590, outperforming many large-cap cryptocurrencies. Activity remained concentrated in smaller speculative assets, rather than flowing into Bitcoin.

    Equities Rally, Crypto Diverges

    The Kospi delivered one of Asia’s strongest performances, recovering sharply from its recent correction. Samsung Electronics and SK Hynix were key drivers of the rally, as semiconductor stocks attracted renewed buying interest following weeks of intense selling pressure.

    Taiwan Semiconductor also posted significant gains, bolstering optimism across regional technology stocks. However, the Bitcoin price has not mirrored this equity rebound as closely as it did earlier in the month, highlighting a growing divergence between traditional markets and digital assets.

    Instead, speculative capital flowed into specific cryptocurrency sectors. Uniswap extended its rally after expanding its fee switch to additional blockchain networks, while several low-float tokens recorded triple-digit percentage gains following new exchange listings.

    South Korean regulators remained active despite legislative delays. Officials continued discussions on interim stablecoin regulations, underscoring the country’s ongoing efforts to enhance oversight as digital asset adoption expands.

    The contrast between equities and cryptocurrency defined the final trading session of July. While the Kospi recovered with remarkable speed, Bitcoin remained disciplined, largely disregarding both political headlines and market excitement.

    This resilience may prove more significant than short-term volatility. Security breaches, regulatory developments, and speculative rallies continue to dominate daily headlines, yet Bitcoin has repeatedly demonstrated an ability to absorb negative news without falling below key support levels.

    As August begins, investors will be watching to see if the Kospi can sustain its recovery and whether the Bitcoin price will finally break out of its prolonged trading range. For now, patience remains the prevailing sentiment across both markets.

  • Max Open Interest Shifts for SOXLUSDT, DRAMUSDT Perpetual Contracts (Aug 1, 2026)

    Max Open Interest Shifts for SOXLUSDT, DRAMUSDT Perpetual Contracts (Aug 1, 2026)

    Bybit Adjusts Open Interest Limits for Perpetual Contracts

    Cryptocurrency exchange Bybit announced it will increase the maximum open interest for several selected Perpetual Contracts, effective August 1, 2026, at 7:30 AM UTC. The move aims to enhance the trading experience for its users.

    The adjustments will affect the following contracts:

    • SOXLUSDT: Max open interest will increase from 10% to 15%.
    • DRAMUSDT: Max open interest will increase from 10% to 15%.
    • QQQUSDT: Max open interest will increase from 10% to 15%.
    • SPYUSDT: Max open interest will increase from 10% to 15%.
    • SNDKUSDT: Max open interest will increase from 10% to 15%.
    • SKHYUSDT: Max open interest will increase from 10% to 15%.
    • SKHYNIXUSDT: Max open interest will increase from 10% to 15%.

    Further details regarding position size limits can be found in the exchange’s Help Center.

  • Six Stocks Added as Collateral for Margin, Crypto, and Institutional Loans

    Six Stocks Added as Collateral for Margin, Crypto, and Institutional Loans

    New Collateral Assets to Expand Trading Options

    Starting July 31, 2026, at 8 AM UTC, six new xStocks assets will be available for use as collateral across Margin Trading, Crypto Loans, and Institutional Loans.

    The newly added xStocks collateral assets are:

    • NVDAX
    • HOODX
    • CRCLX
    • TSLAX
    • GOOGLX
    • AAPLX

    These assets are designated for collateral purposes exclusively; borrowing them is not supported.

    With the introduction of these new collateral assets, users will be able to:

    • Utilize them as collateral to borrow funds for trading or withdrawals through Crypto Loans.
    • Employ them as collateral for Institutional Loans.

    Collateral ratios and other relevant parameters for UTA accounts, Crypto Loans, and Institutional Loans will be updated on the respective pages once the assets are listed. These pages include:

    • Margin Trading
    • Crypto Loans
    • Institutional Loans

    Further updates will be provided as asset support continues to expand, aiming to enhance the trading experience.

  • Internet Computer (ICP) Price Decline: Analyst Predictions Highlight Market Uncertainty

    Internet Computer (ICP) Price Decline: Analyst Predictions Highlight Market Uncertainty

    Internet Computer (ICP) has experienced a significant price decline of 99.7% from its all-time high, with analysts offering divergent predictions about its future trajectory. The cryptocurrency, which began trading in May 2021 and briefly surged above $700 in its early days, is now trading around $2.06. Its market capitalization stands at approximately $1.14 billion, positioning it as the 60th-largest cryptocurrency, according to CoinGecko.

    The magnitude of ICP’s price drop is notably larger than that of other leading cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP). Despite this substantial fall, market observers hold conflicting views on ICP’s future, with some suggesting potential for recovery and others anticipating further depreciation.

    Certain analysts point to repeating patterns and accumulation signals as potential indicators for future price movements. User CW claimed that ICP has seen strong accumulation over the past month, achieving an accumulation score of 100. CW noted that historically, such periods have been followed by significant price increases, suggesting a possibility for history to repeat itself. Additionally, KYRA BLOOM identified a potential buy setup, believing that if ICP’s price holds above $1.94, a bullish path remains a possibility, projecting a potential rise to nearly $9.

    Conversely, other analysts express a more bearish sentiment. Cryptorphic opined that ICP is at a critical level after breaking below the $2.10 support zone. Cryptorphic stated that if the $2.10–$2.12 range becomes resistance upon a retest, the notable move could continue, with $1.67 identified as a key downside area. This bearish bias, according to Cryptorphic, is expected to persist as long as ICP remains below its descending trendline and fails to reclaim the broken support level.

    Further caution was advised by Crypto Patel, who anticipated a continued decline if the $2 price level fails to hold. Crypto Patel warned that the higher timeframe (HTF) chart suggests a potential move towards $1, with $0.50 identified as the next major downside target.

    The wide range of predictions highlights the inherent uncertainty in forecasting the future of highly volatile digital assets like ICP. Whether ICP is due for a comeback or total collapse remains uncertain, as does whether history will repeat itself regarding past accumulation periods leading to major pumps. The bullish path for ICP remains a possibility only if the price holds above $1.94, and whether ICP will rise to nearly $9 is speculative. Similarly, whether ICP will decline further, whether $2.10–$2.12 will turn into resistance, or whether $1.67 will be a major downside area are all subject to market dynamics.

    ICP’s journey from an early peak above $700 to its current trading price represents an extreme example of market volatility. The ongoing debate among analysts underscores the challenges in predicting whether this dramatic decline signals a potential rebound or a continued downward spiral. As it stands, the future price movement of ICP remains uncertain, with key support and resistance levels being closely watched by market participants.

    Why This Matters

    The materials describe a narrow update: Internet Computer (ICP) has fallen 99.7% from its all-time high, with analysts offering divergent predictions about its future trajectory. Whether ICP is due for a comeback or total collapse remains uncertain.

    Broader Context

    Source materials place the market analysis in this context: Many leading cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP), are currently trading far below their historic peaks, yet none of these declines compares to the massive crash that Internet Computer (ICP) has suffered.

  • Grok AI Forecasts Ethereum Price Surge by 2026

    Grok AI Forecasts Ethereum Price Surge by 2026

    Grok AI Forecasts Major Ethereum Surge, Setting Ambitious Price Targets

    Grok AI, the artificial intelligence chatbot developed by xAI, has predicted a significant breakout for Ethereum, setting unusually high price targets. The bullish outlook suggests Ethereum could reach between $6,000 and $8,000 by the end of 2026, with an optimistic stretch scenario projecting a climb to $10,000 to $12,000. This forecast stands in stark contrast to its current trading price of approximately $1,890.

    Key Drivers for Ethereum’s Potential Growth

    The bullish case for Ethereum is anchored by several key factors. Accelerating inflows into spot Ether Exchange-Traded Funds (ETFs) are cited as a primary driver. These inflows have reportedly turned positive, with BlackRock’s Ether ETF (ETHA) leading the charge, accumulating cumulative net inflows exceeding $11 billion.

    A second significant catalyst is the expansion of staked Ether ETF products. These offerings are designed to unlock yield for institutional investors, transforming simple price exposure into an asset that generates income. This represents a structural shift not seen in previous Ethereum market cycles.

    Technical Upgrades and Usage Backbone

    Further bolstering the optimistic outlook are the anticipated scaling upgrades, Pectra and Fusaka. The PeerDAS upgrade is expected to dramatically increase blob capacity, leading to significantly cheaper operations for Layer 2 networks. Additionally, the Glamsterdam upgrade, slated for the latter half of 2026, aims to boost Layer 1 throughput through enhancements like enshrined Proof-of-Stake (ePBS) and parallel execution.

    Underpinning these technical advancements is Ethereum’s dominant position in stablecoins and tokenized real-world assets, a market estimated in the tens of billions and still expanding. Rising staking lockups are also contributing to a tightening liquid supply. Analysts suggest a potential recovery in the ETH-to-Bitcoin ratio could provide further tailwinds, while broader institutional and real-world asset adoption is seen as solidifying Ethereum’s role as the premier settlement layer.

    The Bearish Scenario

    Despite the bullish predictions, the report acknowledges a bearish case as a genuine possibility. Stalled ETF flows, intense competition from Layer 2 solutions that could compress fees and limit value accrual to the base layer, delays in crucial upgrades, regulatory hurdles, or a tightening macroeconomic environment could all constrain Ethereum’s price. Under such scenarios, Ethereum might trade within a range of $2,200 to $4,000.

    Recent Price Action and Technical Levels

    Ethereum’s price closed at $1,877.71, marking a 2.20% decline in a session that saw trading between $1,871.84 and $1,932.72. This downturn broke a recent streak of gains that had briefly pushed the cryptocurrency back above the $1,900 mark.

    Looking at the broader trend since September 2025, Ethereum has experienced a prolonged and uneven decline. The cryptocurrency reached a peak near $4,950 that month, followed by a sharp downturn in January, plummeting from above $3,000 to under $2,200 within weeks.

    Since that significant drop, Ethereum has attempted two recoveries. An April rally stalled near $2,450, and a subsequent attempt in June also topped out around the same level before a sharp decline to $1,540. The climb from that June low propelled the price above $1,900 for the first time since the sharp fall, but the recent drop has pulled it back below this threshold.

    Key support levels are identified at $1,850, with a further potential drop to the June low near $1,540 if the pullback deepens. Resistance is stacked at $1,930, followed by $2,200, and a more significant ceiling near $2,450, which has previously rejected two separate rally attempts this year.

    Momentum has cooled considerably after weeks of steady gains, with the recent decline erasing some of that progress. For Grok’s bullish forecast to gain traction, Ethereum must first reclaim the $1,930 level and then break through $2,450, a resistance point that has proven formidable, rather than continuing its current downward trajectory.

    The Current Market Juncture

    The report suggests that the current moment is critical, where inaction carries a greater risk than decisive movement. Bitcoin, Ethereum, and XRP are all facing similar resistance levels that have been tested for weeks. The market awaits a macro catalyst, with institutional adoption often promised for the “next quarter.” Traders anticipating a breakout are in a holding pattern, dependent on decisions beyond their control.

    Grok AI’s analysis aligns with the understanding of experienced cycle traders: capital that appears as statistical noise at Bitcoin’s scale can profoundly impact the price of smaller, less-discovered projects. The asymmetry lies in the discrepancy between an asset’s intrinsic value and its current market perception, a gap that can rapidly close once recognized. Currently, this gap remains wide open.

    LiquidChain’s Novel Approach to Cross-Chain Interoperability

    The article then shifts focus to the issue of cross-chain fragmentation, which has consistently extracted value from DeFi participants since the advent of the first bridges. Bitcoin, Ethereum, and Solana were developed independently, lacking shared infrastructure and native communication capabilities. Transactions across these networks incur significant costs in fees, failed executions, and slippage before settlement. Bridges, rather than solving the core problem, have become a business built upon it.

    LiquidChain proposes a solution that eliminates this intermediary model by merging these three networks into a single execution layer. This approach allows for a single deployment to reach all networks simultaneously, eliminating cross-chain transaction taxes and friction.

    Grok AI has identified LiquidChain as a project worth monitoring. Its presale is currently priced at $0.01454, having raised just over $860,000.

    However, the report cautions that LiquidChain’s execution remains unproven, and its adoption is an open question. Established assets offer a more predictable path to market ceilings that are already visible. LiquidChain, conversely, represents an entry point that could disappear once the market fully recognizes its potential.

  • Coinbase Q2 Earnings Lag Amid Crypto Trading Slump

    Coinbase Q2 Earnings Lag Amid Crypto Trading Slump

    Coinbase Reports $1.22 Billion in Q2 Revenue, Net Loss of $359 Million

    Coinbase reported second-quarter revenue of $1.22 billion on Thursday, a 14% decrease from the previous quarter, alongside a net loss of $359 million.

    The cryptocurrency exchange’s shares experienced a sharp decline in after-hours trading, shedding approximately 5% of their value, after the company missed earnings estimates for the quarter. Analysts had projected $1.29 billion in second-quarter revenue.

    According to Coinbase, total crypto spot trading volume fell by more than 20% compared to the prior quarter. This decline was attributed to a drop in crypto asset prices and market volatility reaching multi-year lows. Transaction revenue amounted to $599 million, falling short of the expected $628 million.

    Subscription and services revenue reached $555 million, accounting for 48% of net revenue. Coinbase stated this figure was below its previously forecasted range of $565 million to $645 million. The company cited delays in the closure of certain USDC-related commercial agreements and reduced staking revenue due to lower crypto asset prices as contributing factors.

    Stablecoin revenue totaled $292 million. The average balance of USDC held across Coinbase products hit a record $20 billion during the quarter, representing over 30% of USDC in circulation at the quarter’s end. Coinbase also highlighted that 88% of its net revenue originated from sources other than Bitcoin spot trading, a significant increase from 45% in the second quarter of 2020.

    The company announced that its crypto trading market share reached a record 10.3% during the quarter, marking its third consecutive quarter of market share gains. Coinbase indicated it had expanded its share in both spot and derivatives trading.

    In a positive development, prediction markets contracts and revenue surged by 106% from the previous quarter, exceeding a $100 million quarterly annualized net revenue run rate, according to Coinbase. Average Borrow/Lend balances increased by over $1 billion year-over-year to $1.49 billion. The company also confirmed that the conditions for its commercial agreement with Circle to renew in August had been automatically met.

    The earnings report follows a busy second quarter for Coinbase. In May, the company became the first U.S. crypto exchange authorized to offer customers access to offshore crypto perpetual futures through its Deribit subsidiary. In June, Coinbase launched Coinbase for Agents, a platform enabling AI agents to trade crypto, make payments, and manage portfolios on behalf of users. Later that month, the company unveiled plans to introduce tokenized stock trading, crypto and equities options, alongside new lending and rewards products.

    Coinbase concluded the quarter with $8.6 billion in cash and cash equivalents and $10 billion in total available resources. During the quarter, the company repurchased 814,000 Class A shares. Year-to-date, it has bought back nearly 7 million shares for $1.2 billion, with approximately $2 billion remaining under its share repurchase authorization.

    Looking ahead to the third quarter, Coinbase reported transaction revenue of approximately $130 million as of July 26. The company anticipates subscription and services revenue to be between $500 million and $580 million, with adjusted expenses ranging from $980 million to $1.08 billion.

    Despite the weaker-than-expected earnings report, Coinbase CEO Brian Armstrong expressed optimism about the company’s future. “Coinbase is no longer a bet just on the price of Bitcoin,” he stated during the earnings presentation. “All of financial services are getting updated by crypto technology, whether that’s trading or payments or lending. And Coinbase is the best-positioned company in the world to power this. And of course, this next frontier is going to be agentic finance, where we’re an early leader.”