Daily News: BitMine's $1 Billion Buyback, BTCS $2 Billion ETH Expansion, Whitefiber IPO Plans, and More

Translator: Naetitia

US SEC Approves Physical Creation and Redemption Mechanism for Cryptocurrency ETPs

The U.S. SEC announced via an official notice that it has voted to approve the physical creation and redemption mechanism for cryptocurrency exchange-traded products (ETPs) by authorized participants.

SEC Chairman Paul S. Atkins stated that this marks the beginning of a new chapter in SEC regulation, making these products more cost-effective and efficient. Additionally, the SEC has approved other proposals aimed at promoting the development of the crypto asset market, including applications for listing hybrid spot Bitcoin and Ethereum ETPs, specific Bitcoin spot ETP options trading, Flexible Exchange (FLEX) options trading, and raising the position limit for specific Bitcoin ETP options to 250,000 contracts.

Hong Kong Monetary Authority: "Stablecoin Ordinance" Takes Effect This Friday with a Six-Month Transition Period

The Hong Kong Monetary Authority (HKMA) announced that the "Stablecoin Ordinance" will take effect this Friday, accompanied by a six-month transition period. The HKMA stated that existing stablecoin issuers will be subject to categorized treatment: those meeting regulatory requirements will be granted temporary licenses; those failing to comply within three months must cease operations within four months; and those not meeting licensing standards must terminate operations within one month of receiving notification.

Regulatory requirements include full reserves, redemption processing within one day, establishing a physical presence in Hong Kong, and maintaining sufficient financial resources. The HKMA emphasized that initially, only a limited number of licenses will be issued, and issuers will be required to implement customer due diligence, transaction monitoring, and other compliance measures. Violators will face penalties such as fines, suspension, or revocation of licenses.

JPMorgan Raises Robinhood's Price Target to $98, Optimistic About Its Digital Asset Business

JPMorgan has doubled Robinhood's 2026 price target to $98 per share. The investment bank expressed optimism about Robinhood's initiatives in the crypto asset and tokenized finance sectors, including its $200 million acquisition of the Bitstamp exchange and its tokenized stock trading operations under the EU MiCA framework.

JPMorgan estimates Robinhood's second-quarter earnings per share to be $0.31 and trading revenue to reach $515 million. However, the bank maintains a "neutral" rating for the company.

Linea Announces Tokenomics: Total Supply Around 72 Billion, TGE Circulating Supply at 22%

Ethereum Layer 2 network Linea has unveiled the details of its tokenomics. The total supply of LINEA tokens is set at 72,009,990,000 (approximately 72 billion). Of this, 85% is allocated for ecosystem development (10% for early contributors and 75% for the ecosystem fund, managed by an alliance including ENS Labs, Eigen Labs, and others), while the remaining 15% is allocated to the Consensys treasury.

LINEA will not be used as a gas token; the network will continue to use ETH for gas fees. Under the fee mechanism, 20% of the gas fees (after covering Layer 1 network costs) will be used to burn ETH, and the remaining 80% will be used to burn LINEA. At the time of the TGE, the circulating supply will account for approximately 22% of the total supply, equating to 15.8 billion tokens.

Pump.fun Transfers 12,000 SOL to PUMP Buyback Address, Worth Approximately $2.16 Million

According to on-chain analyst @EmberCN, a Pump.fun-related address transferred 12,000 SOL (approximately $2.16 million) to the dedicated PUMP token buyback address about three hours ago.

Data shows that Pump.fun had previously transferred 187,770 SOL (approximately $30.53 million) from its fee wallet on July 16 for buybacks. To date, 129,100 SOL (approximately $21.5 million) has been used to purchase 3.828 billion PUMP tokens, with an average buyback price of $0.0056. The relatively high average buyback price is attributed to the majority of purchases occurring on July 16, when PUMP's price exceeded $0.006.

Earlier reports indicated that Pump.fun had increased its token buyback commitment, pledging to use 100% of daily revenue for buybacks.

JD Chain Registers "JCOIN" and "JOYCOIN," Likely Names for Stablecoins

Hong Kong media outlet Ming Pao reported that JD Chain has registered the names "JCOIN" and "JOYCOIN," which are speculated to be related to stablecoins. According to the registration details, the services associated with "JCOIN" and "JOYCOIN" include electronic fund transfers and cryptocurrency financial transactions via blockchain technology.

It is reported that JD Chain had already been shortlisted for the Hong Kong Monetary Authority's (HKMA) stablecoin sandbox program last year. By early June, JD Chain was reportedly testing a Hong Kong Dollar-pegged stablecoin within the sandbox and preparing to trial other fiat-pegged stablecoins.

Strategy Completes $2.521 Billion STRC Preferred Stock Offering and Adds 21,021 Bitcoins to Its Holdings

Strategy (MSTR) has successfully completed the initial public offering of its STRC (Variable Rate Series A Perpetual Preferred Stock), raising approximately $2.521 billion. After deducting underwriting fees and related expenses, the net proceeds amount to $2.474 billion.

In addition, Strategy announced earlier today that it has acquired an additional 21,021 bitcoins at an average purchase price of approximately $117,256 per bitcoin. This brings the company's total bitcoin holdings to 628,791 BTC.

BitMine Immersion Announces $1 Billion Stock Buyback Program

BitMine Immersion Technologies (NYSE AMERICAN: BMNR) has announced that its Board of Directors has approved a $1 billion stock buyback program. The program is open-ended, allowing the company to repurchase shares both on the open market and through negotiated transactions.

As of July 28, 2025, BitMine holds 625,000 Ethereum, valued at approximately $2.35 billion, and 192 Bitcoin, valued at approximately $22.68 million. Additionally, the company currently possesses over $401.4 million in unencumbered cash reserves.

Bit Digital's Subsidiary Whitefiber Plans $132.8 Million IPO

Whitefiber, the AI infrastructure subsidiary of cryptocurrency asset management firm Bit Digital, has filed a prospectus with the U.S. SEC for its IPO. The filing indicates that Whitefiber plans to issue 7.8 million shares of common stock, with an expected price range of $15 to $17 per share. The company aims to raise up to $132.8 million through this IPO.

Nasdaq-Listed BTCS Inc. Plans to Raise $2 Billion to Expand ETH Holdings

Nasdaq-listed company BTCS Inc. has announced plans to raise up to $2 billion through a combination of at-the-market offerings, convertible bonds, and warrants. The funds raised will primarily be used to increase the company's Ethereum reserves, as well as for working capital and other general corporate purposes.