Why Texas is buying $10 million worth of bitcoin

How Texas Got Bipartisan Support to Buy $10 Million Worth of Bitcoin

The state of Texas just passed a law that creates a $10 million strategic Bitcoin reserve.

Laura talks to Lee Bratcher, president of the Texas Blockchain Council, who helped drive this new law. He explains how bipartisan support made it possible, why this might be the start of a broader trend, and what’s next for public Bitcoin ownership in the U.S.

We get into:

• The logic behind the $10 million number

• Why custody and compliance are key

• Whether California or Illinois could ever do something similar

• And how other states are reacting

Listen to the episode on Apple Podcasts, Spotify, Pods, Fountain, Podcast Addict, Pocket Casts, Amazon Music, or on your favorite podcast platform.

Now, let’s get into this week’s news! In today’s edition:

• 📈 Polymarket and Kalshi raise big

• 📊 Coinbase launches U.S. perps

• 🫢 Across accused of vote rigging

• 🏦 Fiserv drops stablecoin on Solana

• 📃 Trump’s ETF nears NYSE listing

• 🔧 Celestia may kill staking

• ⚙️ Ethereum preps faster blocks

• 📉 OKX eyes U.S. IPO

• ⚖️ FTX fights 3AC claim

• 👁️ Reddit tests eye scans

• ⚽ Tether wants Juve board seat

• 😂 Fartcoin in your mortgage? Maybe

Prediction Markets Go Mainstream

The prediction market space is gaining momentum as both Polymarket and Kalshi secure major new funding rounds, signaling rising institutional interest in event-based crypto trading.

Polymarket is close to raising over $200 million in a round led by Peter Thiel’s Founders Fund, which would value the platform at approximately $1 billion, as first reported by The Information. The platform, known for allowing users to bet with cryptocurrency on outcomes such as elections and economic data, recorded $2.6 billion in trading volume in November 2024. Despite being banned for U.S. users since 2022 due to regulatory restrictions, Polymarket has expanded globally and recently partnered with Elon Musk’s X to serve as its official prediction market provider.

Meanwhile, Kalshi has raised $185 million in a round led by crypto venture firm Paradigm, bringing its post-money valuation to $2 billion. Kalshi offers a regulated alternative and operates with approval from the U.S. Commodity Futures Trading Commission, making it accessible to American users. The firm allows trading on topics ranging from political races to financial indicators.

Coinbase to Launch Perpetual-Style Futures in U.S.

Coinbase will debut its first U.S.-regulated perpetual-style futures products on July 21, offering bitcoin and ether contracts designed to mirror global perpetual futures while complying with CFTC regulations. 

The contracts will feature five-year expirations, hourly funding accruals, and 24/7 trading, aiming to provide spot-like exposure with leverage. The launch is intended to give U.S. traders a domestic, regulated alternative to offshore platforms, which have traditionally dominated this market segment.

The move comes as perpetual futures continue to outpace spot trading volumes, with $10.17 trillion traded globally in the first half of 2025. 

There’s strong U.S. interest in these products. As noted in an Unchained analysis this week, platforms like Hyperliquid, despite being geo-blocked, attract substantial American web traffic. 

Coinbase’s offering could capture that demand, but challenges remain, including the lack of incentive tokens and limitations on leverage compared to unregulated venues.

Across Protocol Faces Accusations of Secretly Siphoning $23 Million via DAO Votes

The team behind Across Protocol is under scrutiny following allegations that it manipulated decentralized governance votes to funnel approximately $23 million in tokens from the Across DAO treasury to a private company tied to its founders. The claims were made by the pseudonymous founder of Glue, known as Ogle, who published a detailed onchain analysis accusing Across insiders of using undisclosed wallets to covertly approve two major proposals.

The first vote in October 2023 approved a 100 million ACX token transfer, valued at $15 million, to Risk Labs, the development company behind Across. A second proposal followed about a year later, requesting an additional 50 million ACX. According to Ogle, both votes relied heavily on insider-controlled wallets to reach quorum and secure approval.

Hart Lambur, co-founder of Across and Risk Labs, denied the accusations, calling them “categorically untrue” and asserting that all voting addresses were publicly linked and disclosed.

Fiserv Rolls Out Stablecoin Initiative on Solana

Fiserv is launching a new stablecoin initiative aimed at helping regional and community banks participate in the fast-growing digital asset market. 

The financial technology company, which services over 3,000 smaller banks and touches trillions in transaction volume annually, plans to debut a stablecoin called FIUSD alongside a broader platform by year’s end.

Partnering with Solana and stablecoin issuers Circle and Paxos, Fiserv will also integrate fraud and settlement controls, with custody responsibilities falling to larger financial institutions. The platform is designed to be interoperable with other stablecoins, allowing for broad connectivity across over 10,000 financial institutions and millions of merchants.

The announcement arrives as Solana’s ecosystem gains traction. DeFi Dev Corp. launched a validator node for the Dogwifhat token, and treasury firm Upexi now holds over 679,000 SOL after a major stock sale, though its shares plunged nearly 60% following the move.

NYSE Advances Listing Effort for Trump Media’s Crypto ETF

The New York Stock Exchange has filed for a rule change that would allow it to list the Truth Social Bitcoin and Ethereum ETF, a dual-crypto fund proposed by Trump Media & Technology Group. The ETF would hold bitcoin and ether in a 75 to 25 percent split, with Crypto.com serving as both custodian and liquidity provider.

The filing was made under the SEC’s 19b-4 process, a required step for potential approval but not a guarantee of listing. The move comes shortly after Trump Media announced plans to raise $2.4 billion to develop a bitcoin treasury.

While the firm has proposed a broader slate of politically themed crypto products, only the Truth-branded ETFs have been formally submitted to regulators.

Celestia Considers Ditching Staking as Token Value Collapses

Celestia co-founder John Adler has proposed replacing the network’s Proof of Stake model with a new “Proof of Governance” system, amid a 93% drop in the value of its native TIA token. The plan would eliminate staking rewards and slash annual token issuance from 8% to just 0.25%, aiming to reduce inflation and shift value accrual toward actual usage of Celestia’s data availability services.

Under the proposed model, token holders would elect network operators directly without locking up tokens, while rewards would be limited to infrastructure providers. Adler argues this would create a fairer and more efficient structure without slashing penalties.

Research firm Kairos responded positively, calling the proposal “pragmatic” and noting that validator commissions vastly outweigh network revenue. Their analysis showed Celestia paid over $120 million in validator rewards since early 2024, while actual revenue totaled just $1.3 million. The firm backed offchain governance if transparency is maintained.

Ethereum Eyes Faster Blocks and zkVM Breakthrough

Ethereum developers are considering a protocol change that could double the network’s block production rate. EIP-7782, proposed by core developer Barnabé Monnot, would reduce Ethereum’s slot time from 12 seconds to 6 seconds, enabling faster transaction confirmations and more responsive dapps. “Shorter slot times make Ethereum a better confirmation engine,” Monnot wrote, highlighting benefits for apps and rollups that rely on timely updates from Ethereum layer 1. The proposal may be included in Ethereum’s next major upgrade, Glamsterdam, slated for 2026.

Meanwhile, Matter Labs has introduced a new zero-knowledge virtual machine called Airbender, capable of proving Ethereum blocks in under 35 seconds on a single GPU. The open-source zkVM, based on the RISC-V architecture, marks a significant leap in decentralized proving, which traditionally requires dozens of GPUs.

OKX Weighs U.S. IPO

Crypto exchange OKX is exploring a potential initial public offering in the United States, signaling a broader shift among digital asset firms toward public equity markets, The Information first reported. “We will absolutely consider an IPO in the future,” said Chief Marketing Officer Haider Rafique, noting that the U.S. would likely be the destination if the company proceeds.

The consideration follows OKX’s reentry into the U.S. market in April after paying a $500 million settlement for operating without proper licensure. Now ranked as the fifth-largest exchange globally by trading volume, OKX is reportedly evaluating market conditions before initiating formal plans.

The move comes as other crypto companies, including Circle, have successfully launched public offerings.

FTX Challenges Three Arrows Capital’s $1.5 Billion Claim

FTX is seeking to block a $1.53 billion claim filed by collapsed hedge fund Three Arrows Capital (3AC), arguing the figure is based on inflated account balances and flawed assumptions. In a filing submitted to the U.S. Bankruptcy Court in Delaware, FTX’s legal team called the claim “illogical and baseless,” stating 3AC is attempting to recoup losses from a failed trading strategy at the expense of other creditors.

According to FTX, 3AC’s true account value stood at just $284 million in June 2022, much of it borrowed. FTX says the only liquidation that occurred involved $82 million in crypto and was contractually permitted under margin agreements. That liquidation, FTX contends, actually preserved value by converting volatile assets to fiat.

3AC has until July 11 to respond, with a hearing scheduled for August 12.

Reddit Weighs Iris-Scanning Tech to Distinguish Humans From Bots

Reddit is reportedly in discussions to integrate World ID, a digital identity protocol developed by Tools for Humanity, to help users verify their humanity without compromising anonymity. The system uses a biometric device known as the Orb to scan a user’s iris, creating an encrypted ID stored locally on their device. No personal data is retained, and the verification proves that each user is a unique individual.

The move comes amid rising concerns about AI-generated content and growing regulatory pressure for age verification. “We will do our best to preserve both the humanness and anonymity of Reddit,” CEO Steve Huffman wrote last month.

If adopted, World ID would allow Reddit users to remain pseudonymous while signaling authenticity. Verification could also help the platform comply with emerging laws without directly collecting sensitive user data.

Tether Pushes for Juventus Board Seat

Tether is pressing for a seat on Juventus Football Club’s board, escalating tensions with the team’s management and majority owner Exor, according to a Bloomberg report. Despite holding a 10.7% stake valued at approximately €128 million, Tether says its efforts to engage with club leadership have been met with silence. “Communication has been very, very limited,” CEO Paolo Ardoino said.

Tether first disclosed its stake in February, becoming the second-largest shareholder in the storied club. The crypto firm now seeks a more active role in guiding Juventus, citing its commitment to the team’s long-term success. “We believe having a voice in key decisions is part of fulfilling that responsibility,” the company said.

Juventus has indicated it may meet with Tether after the Club World Cup ends in July. Until then, Exor is withholding judgment on any expanded involvement from the crypto investor.

Fun Bits: Fartcoin Could Someday Help You Buy a House

Start prepping your wallet, and not the leather kind. The Federal Housing Finance Agency has directed Fannie Mae and Freddie Mac to explore letting cryptocurrency count toward your mortgage application. Yes, one day your collection of dogecoin, PEPE, or even Fartcoin might actually help you land that starter home.

This is not an overnight change. The directive asks the mortgage giants to submit formal proposals on how they would treat crypto held on U.S.-regulated centralized exchanges, without requiring borrowers to cash out first. They also need to figure out how to deal with crypto’s habit of swinging wildly in price.

FHFA Director William Pulte said the move aligns with President Trump’s vision to make the United States the crypto capital of the world. So while you cannot use SHITCOIN to close on a condo just yet, the path to blockchain-backed homebuying is officially under construction.

Watch the weekly recap on YouTube!