Markets were shaped by mounting security concerns and renewed regulatory uncertainty, even as large institutions pushed further into tokenised cash and asset products. A high-profile hardware-wallet theft continued to unsettle sentiment, Bernstein warned of risks if key U.S. legislation fails to pass, and BlackRock, Bitmine and Ripple announced sizeable moves into tokenisation and digital asset holdings.
Coldcard hardware-wallet theft totals near $114 million
Researchers tallied additional outflows linked to the Coldcard incident that have driven cumulative losses close to $114 million. CryptoQuant reported that on July 31 transfers under one currency reached about 39,600 BTC (roughly $2.5 billion), a level comparable to flows seen after the FTX collapse in November 2022. Galaxy Research identified three confirmed waves of theft totaling 1,367 BTC from 4,585 addresses, and independent researcher Alex Thorn spotted a possible fourth wave of 448.73 BTC from 709 addresses, bringing the current total to about 1,816 BTC. Kraken’s chief security officer called the event “a wake-up call for the hardware wallet industry.”
Bernstein flags CLARITY Act risk to markets
Analysts at Bernstein said in a note on August 3 that failure to pass the CLARITY Act this year could trigger a renewed slump in crypto markets, while expecting the SEC and CFTC to step up action through Project Crypto. Led by Gautam Chhugani, Bernstein described the bill as “the most significant in U.S. history,” but noted its chances of passage were slipping as the Senate approached recess. Forecast markets were pricing in about a 31% chance of passage, and Bernstein projected a market bottom toward the end of the third quarter if uncertainty persists.
Strategy continues to sell BTC while Saylor stresses personal holdings
Strategy sold 1,638 BTC between July 27 and August 2 at an average price of $63,957, raising $104.7 million. The proceeds were split roughly evenly between $52.4 million paid as STRC dividends and $52.3 million used for buybacks. The company’s remaining holdings stand at 842,138 BTC, valued at $63.5 billion, and it reported dollar reserves of $4 billion. Founder Michael Saylor posted on X that he has never personally sold any satoshi, emphasizing that Strategy is a public company distinct from his personal holdings.
BlackRock launches tokenised money-market products on multiple chains
BlackRock introduced two new products on August 3: the BlackRock Daily Reinvestment Stablecoin Reserve Vehicle and tokenised shares of its Select Treasury-Based Liquidity Fund, with ownership recorded on Solana, Ethereum and Tempo networks. Both funds invest exclusively in cash and short-term U.S. Treasuries and carry no crypto exposure; they were designed to meet requirements for an acceptable reserve under the GENIUS Act. The launches build on BlackRock’s existing BUIDL fund, which now manages over $2.6 billion. Tokenised fund shares record ownership on blockchain networks; tokenisation is increasingly used by institutions to represent traditional assets digitally.
Bitmine adds more Ethereum to its holdings
Tom Lee’s Bitmine Immersion Technologies announced the purchase of an additional 10,399 ETH (about $19.5 million), bringing its total holdings to 5,797,813 ETH, roughly $10.9 billion and nearly 4.8% of Ethereum’s circulating supply. Around 85% of the holdings are staked through the MAVAN platform, with projected annual revenue of $247 million. Chairman Tom Lee noted ETH outperformed the Nasdaq 100 by 25 percentage points in July, and the company completed a repurchase of 4.5 million shares as part of a $4 billion buyback program.
Ripple expands into issuance and collateral mobility with two investments
Ripple announced strategic investments in ZILO, which provides transfer-agency technology, and Licuido, a UK FCA-regulated tokenisation platform, to support regulated issuance and collateral mobility on the XRP Ledger. Ripple’s vice president Nigel Khakoo said the deals expand on existing partnerships with firms such as Aviva Investors, Franklin Templeton and DBS. Ripple also plans for the RLUSD stablecoin to act as the cash leg for transactions enabled by these integrations.
Taken together, the day’s developments underscored a market caught between security and regulatory headwinds on one hand and growing institutional adoption of tokenised cash and asset services on the other. Continued regulatory clarity and improved custody security will be critical drivers for whether institutional tokenisation accelerates or volatility resurfaces.