Hi! In today’s edition:

Today’s newsletter is brought to you by 1inch!

Your DeFi Liquidity Just Woke Up

If you've provided liquidity in DeFi, you know the structure. You deposit tokens into a pool, the pool holds them whether swaps come or not, and the risk stays yours either way. 

1inch Aqua is built differently. It's a shared liquidity layer where tokens stay in your own wallet and one balance backs many positions across pairs and chains. Nothing is deposited. Tokens move only when a swap fills, and a swap your balance can't cover reverts. Aqua has been open to developers since November and audited by six independent firms. 

Providing liquidity carries risk and fees are not guaranteed.

See how shared liquidity works at 1inch.com/aqua.

The SEC meets Friday on whether to propose Regulation Crypto, its first formal crypto rulemaking, which would give token issuers a codified path to sell digital assets without registering. The agency in a notice issued Monday night set the open meeting for Aug. 14 at 10 a.m. ET.

The lone agenda item is “a tailored offering regime for certain investment contracts involving crypto assets.” Chairman Paul Atkins has previously hinted at exemptions for early-stage fundraising plus a safe harbor for tokens whose teams stop managing the network.

The timing is pointed. The Senate broke for recess without a floor vote on the Clarity Act, and the staff statements the SEC has issued for a year carry no force of law. A rule on the other hand is more difficult to change. It also moves slower: comment runs between one to three months, then a rewrite.

Strategy sold 1,690 bitcoin for $108.6 million between Aug. 3 and Aug. 9, its second straight week of selling below cost, according to a Form 8-K filed Monday. The average price of $64,262 sat about $11,000 under its $75,385 cost basis, a realized loss of roughly $18.8 million.

Share sales more than doubled over the same stretch, raising $653.1 million, and $650 million of that went into the company's USD Reserve rather than bitcoin. The reserve now holds $4.65 billion. The bitcoin proceeds funded a buyback of 1,152,020 STRC preferred shares at about $94.27, below the $100 par value.

The cash pile covers roughly 2.7 years of dividends. Strategy still holds 840,447 BTC bought for $63.36 billion, a position about $8.7 billion underwater.

Keel Infrastructure, formerly Bitfarms, has decommissioned all of its U.S. bitcoin mining operations, the company said Monday in second quarter results. The sites are being prepared for AI and high performance computing data centers.

The cost of that transition shows in the numbers. Revenue fell 50% to $30 million, and Keel swung to a $141 million operating loss from $11 million of operating income a year earlier. It sold 1,085 bitcoin for $75 million between April 1 and Aug. 7, leaving 1,861 BTC. Shares dropped more than 12% Monday.

Still, Keel reported $819 million of liquidity and three sites in Pennsylvania and Washington nearing full permitting. CEO Ben Gagnon says multiple prospective tenants are negotiating for each one. None has signed a lease yet, which leaves the equity story riding entirely on those talks.

Trump Media posted a $238.1 million net loss for the second quarter on Monday, with $190.4 million of it unrealized losses on digital assets and equity securities. Revenue was $1.7 million, up 89% year over year.

The company now lists a more disciplined digital asset treasury framework among its strategic priorities, language that landed days after it walked away from a $6.4 billion plan to build a public Cronos treasury with Crypto.com and Yorkville.

Bitcoin holdings slipped to 9,477.16 BTC, worth $557.1 million on June 30, and more than 6,300 of those coins are pledged against convertible notes or an options strategy. Interim CEO Kevin McGurn is steering the company toward a fourth quarter merger with fusion developer TAE Technologies.

An AI agent breaks into a company's systems with no human at the keyboard. The Ninth Circuit just took a first pass, and three general counsels working in crypto break it down. 

This week's DEX in the City also digs into the corporate-control fight erupting at Ondo Finance and where the CLARITY Act stands ahead of a September Senate vote. 

Live today at 12pm ET.

Join us on X, YouTube or PumpFun.

Equities keep pushing to new highs while bitcoin and ether sit range-bound. Katie Stockton, founder and managing partner of Fairlead Strategies, joins Bits + Bips: The Interview to walk through what her charts actually show, and why the Senate's approaching Clarity Act deadline could make or break this market.

Today, Monday, 1:00pm ET.

Join the Bits + Bips stream on X, or YouTube.

Do you have a self-custody backup plan?

Jurat offers a self-custody wallet that connects with courts to deliver the recovery features of a traditional custodian with none of the downsides: no KYC, no surveillance, no co-mingling.

You deploy the wallet anonymously and hold your own private key.

If you ever lose access to your key, Jurat connects your wallet to a court where a judge can help you recover your assets.