Bitmine slows Ethereum purchases to fund $86 million share buyback – Read more…
Bitmine repurchases shares as Bitcoin awaits the Fed, Hyperliquid opens outcome markets and Strategy adds more Bitcoin to its treasury this week.
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Public crypto companies are making very different bets with their cash right now.
Some are buying back stock. Others are selling it. Both say it's for shareholder value.
Meanwhile, prediction markets are quietly becoming Wall Street's favorite new revenue story.
Bernstein thinks one platform could turn them into a billion-dollar business by 2028.
Bitmine drops $86M on buying back 5.5 million of its own shares
Bitmine scooped up 5.5 million shares at an average price of $15.62 each.
Chairman Tom Lee called the repurchase "accretive to shareholder value."
In English: the company thinks its stock is cheap enough to bet $86M on itself.
For a crypto treasury, that's a bold signal when most peers are hoarding cash or buying Bitcoin.
Markets
Markets hold steady as traders wait for the Fed's next move
Bitcoin ETFs pulled in $128M on July 20, extending a reversal from eight weeks of outflows.
Ethereum ETFs added $18M daily but racked up nearly $99M over seven days.
Traders are largely sitting on their hands ahead of next week's Fed meeting.
The CME tool shows a 85% chance rates stay put, keeping crypto in a tight range.
BTC hovered near $65K, ETH traded below $1,900, SOL sat near $77, and XRP held at $1.10.
Hyperliquid to launch permissionless prediction markets via HIP-4
Hyperliquid is opening up prediction market creation to anyone willing to stake 500K HYPE tokens.
Deployers can earn up to 50% of trading fees from markets they create.
Think Polymarket, but without needing anyone's permission to list a new contract.
That economic model could attract a wave of builders to on-chain prediction markets.
Strategy raises $264M selling MSTR shares, buys zero Bitcoin for second straight week
Strategy sold over 2.7 million Class A shares last week for $264M in net proceeds.
For the second consecutive week, none of that cash went toward buying Bitcoin.
The company built its identity on accumulating BTC. Two weeks of silence is notable.
Bernstein raises Robinhood price target to $160 on prediction markets bet
Bernstein bumped its Robinhood target from $130 to $160.
The firm projects prediction market revenue hitting $586M in 2026. That's a 286% jump from 2025.
By 2028, Bernstein sees that number reaching $1.7B, making it a core revenue pillar.
On Our Radar
The privacy question: Figuring out if anonymity actually matters for your crypto product.*
AI gets a brokerage account: Robinhood now lets algorithms trade on their platform.
Tech's cold shoulder: Hedge funds are quietly dumping their tech bets at alarming rates.
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ICYMI
Meme of the Day
That’s your briefing. Catch you next time.
Estéfano
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