Early Riders launched The Stables accelerator; Bullish secured New York licensure for spot and custody; and the SEC approved generic spot-commodity ETP standards and initiated Project Crypto to reduce legal uncertainty for token issuance and custody. Corporate and public-market activity remained brisk, BitGo reported $4.2B in 1H25 revenue, Strategy grew to 638,985 BTC, Metaplanet added subsidiaries in Tokyo and Miami, and GD Culture set up to acquire 7,500 BTC. With Capital Group’s Bitcoin-related equity exposure now ~$6B and Africa Bitcoin Corporation listing to raise $210M in reserves, the institutional stack keeps thickening.
Bitcoin Update
Bitcoin ended the week roughly flat as traders digested the latest Federal Reserve rate cut.
Early Riders Media
Michael, Brian, and Liam discuss the latest in capital formation, market structure, and bitcoin adoption on this week's podcast.
Michael, Liam, Brian, and Matt discussed the launch of the stables at Early Riders Ranch, Early Riders' new accelerator program, and the reasons behind the launch podcast.
You can find all our episodes on our podcast website as well as listen on YouTube, Apple, and Spotify.
Industry & Institutional Updates
Early Riders launched The Stables, an accelerator to fund early stage businesses.
BitGo reveals nearly $4.2 billion in revenue, and $12.6 million in net income in the first half of 2025 in its IPO filing.
Strategy purchased another 525 BTC for about $60.2 million, bringing its total holdings to approximately 638,985 BTC.
Bullish has secured the New York State Department of Financial Services (NYDFS) BitLicense and Money Transmission License for its U.S. operations, allowing it to offer spot trading and custody services in New York, a key regulatory milestone as it expands into one of the most tightly regulated crypto markets in the U.S.
Metaplanet has established two wholly-owned subsidiaries, Bitcoin Japan Inc. (Tokyo) and Metaplanet Income Corp. (Miami), to expand its Bitcoin income generation and media operations, acquired the bitcoin.jp domain, and followed up its recent ¥204.1 billion (~$1.4 billion) international share sale to further scale its revenue-generating BTC business.
GD Culture (Nasdaq: GDC) is acquiring Pallas Capital’s assets, including 7,500 BTC, via a share-exchange deal that issues 39,189,344 new GDC shares, positioning the company to become one of the top publicly traded Bitcoin treasury holders.
Capital Group, a 94-year-old mutual fund powerhouse known for its conservative investment approach, has grown a $1 billion position in Bitcoin-related stocks into more than $6 billion.
Africa’s first publicly-listed Bitcoin treasury company, Africa Bitcoin Corporation (formerly Altvest Capital), is trading on the Johannesburg Stock Exchange and aims to raise $210 million via structured offerings and debt notes to build its BTC reserve.
Regulatory Updates
SEC Chair Paul Atkins pledged to modernize the rulebook under “Project Crypto” by setting clear regulations for tokens, custody, on-chain platforms, and investor protections so that entrepreneurs can confidently raise capital and operate with less legal uncertainty.
SEC approves generic listing standards for Commodity-Based Trust Shares, streamlining listings for spot commodity ETPs (including digital assets).
U.S. lawmakers are meeting with 18 crypto industry leaders, including Michael Saylor and Tom Lee, to push forward the BITCOIN Act and advance President Trump’s Strategic Bitcoin Reserve through budget-neutral strategies.
Michigan’s Bitcoin reserve bill, House Bill 4087, has advanced to the Government Operations Committee after seven months of inaction. The proposal would allow Michigan’s state treasurer to invest up to 10% of the general and stabilization funds into Bitcoin and possibly other cryptos, with strict requirements for security, custody, and audits.
Canadian authorities have seized CAD $56 million (~USD $40.5 million) in digital assets, including Bitcoin, after shutting down the TradeOgre cryptocurrency exchange, marking one of the largest crypto seizures in the country to date.
Chart of the Week
FOMC participants still see policy rates falling meaningfully from current levels, but expect the ‘neutral’ rate to remain elevated by historical standards, clustering around 2.5–3.0% in the longer run.
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