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SEC Updates Stablecoin Accounting Rules, Allows Some to Be Treated as Cash Equivalents

The U.S. Securities and Exchange Commission (SEC) has updated its staff guidance on the accounting treatment of U.S. dollar-pegged stablecoins, stating that certain stablecoins with guaranteed redemption mechanisms may now qualify as “cash equivalents,” Bloomberg reported.

The move marks a significant shift in regulatory tone, aligning with broader efforts to ease restrictions under Chairman Paul Atkins. The guidance also builds on an earlier clarification in April, where the SEC confirmed that “covered” stablecoins are not considered securities, and that entities issuing or redeeming them do not need to register with the agency.

Blockchain-Based Lender Figure Files Confidentially for US IPO

Blockchain-based credit company Figure Technology Solutions Inc. has filed confidentially for an initial public offering, making it the latest crypto-related firm to take part in the industry’s aggressive push into public markets.

Figure was co-founded in 2018 by Mike Cagney, who was part of the team that started SoFi Techologies Inc. and stepped down as chief executive officer in 2018. The company develops blockchain technology to facilitate home loans and also offers crypto-backed loans, according to its website. Figure tapped Michael Tannenbaum as CEO in 2024.

Michael Saylor’s Strategy Makes Its Third-Largest Bitcoin Purchase Ever

Michael Saylor’s Bitcoin juggernaut is at it again, buying near the highs with the kind of capital-markets firepower no other crypto firm can match.

Strategy, formerly known as MicroStrategy Inc., disclosed Monday that it bought $2.46 billion of Bitcoin in the past week — its third-largest purchase by dollar value since it began accumulating the cryptocurrency five years ago.

The company acquired 21,021 tokens between July 28 and Aug. 3, pushing its total holdings to 628,791 Bitcoin, according to a filing with the US Securities and Exchange Commission. This takes the value of the company’s Bitcoin holdings to more than $71 billion at current prices.

CoinDesk Owner Bullish Seeks Up to $629 Million in IPO

Bullish, a digital-asset exchange operator and owner of media outlet CoinDesk, is looking to raise as much as $629.3 million in its US initial public offering.

The Cayman Islands-based company plans to market 20.3 million shares for $28 to $31 each, according to a filing with the US Securities and Exchange Commission on Monday. At the top of that range, Bullish would have a market value of about $4.2 billion based on the outstanding shares listed in its filing.

BlackRock Inc. and ARK Investment Management are separately interested in buying as much as $200 million of shares in aggregate at the IPO price, the filing shows. The shares are expected to price Aug. 12, according to a marketing presentation.

Remitly to Use Stablecoins for Cross-Border Payments in Over 170 Countries

Global payments firm Remitly is integrating stablecoin technology into its international remittance services, aiming to enhance speed, security, and cost-efficiency. The move will allow customers in more than 170 countries to benefit from blockchain-powered cross-border payments.

With this step, Remitly positions itself as a forward-looking fintech player embracing digital assets to streamline global money transfers.

Bitcoin Spot ETF Flow

The overall net outflow of the US Bitcoin spot ETF on Monday was $333.19 million. The total net asset value of Bitcoin spot ETFs is $147.96 billion, and the ETF net asset ratio (market value compared to total Bitcoin market value) is 6.46%.

The Bitcoin spot ETF with the highest net inflow on Aug 4 was Bitwise Bitcoin ETF, with a net inflow of $18.74 million. The biggest outflow was iShares Bitcoin Trust ETF, with a net outflow of 292.21 million, according to SoSoValue.