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Dorsey’s Block Joins Crypto-Bank Race With National Trust Bid

Jack Dorsey’s Block Inc. said it has applied to establish Builders Bank & Trust, an uninsured national trust bank that would give the company a federal framework for custody of Bitcoin, stablecoins and other digital assets.

If approved by the Office of the Comptroller of the Currency, Builders Bank would provide custody and related fiduciary services but wouldn’t take deposits or make loans, Block Block Applies to Establish Builders Bank, a National Trust Bank in a statement.

Bitcoin Hack Drains $320 Million From Crypto Network

A blockchain used by several cryptocurrency exchanges to move Bitcoin has been hacked for $320 million, the latest in a spate of breaches to shake confidence in digital-asset security.

Roughly 4,000 of the 4,200 Bitcoin held in a wallet used by Liquid Network were taken, the platform operator said in a post on X. It said the perpetrators appear to be “white-hat hackers” who exploit security flaws and typically return the funds, sometimes in exchange for a fee.

“Liquid wallets will be impacted, and we’re sorry for any inconvenience,” Liquid Network wrote, adding it has halted all new transactions. “Federation members are actively working on resolving this so we can restore normal network activity.”

Bitcoin Braces For CPI as Oil Nears $100

Bitcoin is holding near $78,000 despite rising oil prices, elevated bond yields and renewed rate-hike fears. This sets up a major macro test as U.S. inflation data lands later this week.

Scott Melker, speaking with Bloomberg ETF analyst James Seyffart, crypto investor Andrew Parish and industry expert Tillman Holloway on Sep.8, said risk assets are under pressure as Brent crude nears $100 per barrel and rising global bond yields revive expectations of tighter Federal Reserve policy.

The U.S. will release August PPI on Thursday and CPI on Friday, giving traders fresh clues on whether inflation is cooling enough to keep the Fed on hold.

Bitmine Buys 28,086 ETH for $69.5 Million

Bitmine Immersion Technologies bought 28,086 Ethereum for roughly $69.5 million last week as Chairman Tom Lee flags a sharp upside move ahead.

According to a Tuesday press release, Bitmine now holds 5.93 million ETH worth approximately $14.8 billion at current prices, representing 4.9% of Ethereum’s total supply of 122 million tokens. 

The company has bought ETH every single week since launching its treasury strategy on June 30, 2025, a streak no other public company has matched. 

Total crypto plus cash holdings now stand at $15.7 billion, with 5.07 million ETH staked through its MAVAN platform generating projected annualized staking revenue of $330 million at a 7-day yield of 2.61%.

Bitcoin Spot ETF Flow

The overall net outflow of the US Bitcoin spot ETF on Tuesday was $46.65 million. The total net asset value of Bitcoin spot ETFs is $99.52 billion, and the ETF net asset ratio (market value compared to total Bitcoin market value) is 6.31%.

The Bitcoin spot ETF with the highest net inflow on September 8 was Bitwise Bitcoin ETF, with a net inflow of $14.47 million, according to SoSoValue.