Bitcoin ATH: $118,000+++

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Good Morning.

Happy all-time high, folks. As I’ve previously said, we’re in an era of long BTC and long yield. Keep it brief and have fun this weekend, cheers.

In Today's Email:

• What Matters: Bitcoin Breaks Past $116,000 🚀 

• Founders Highlight: Nick van Eck of Agora 👨 

• Deal Flow: Justin Sun Buys $100M of $TRUMP 🤑 

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TOGETHER WITH

Oasys x GATES Real Estate Tokenization

Oasys and GATES Inc. are taking real estate investing to the next level. Through this partnership, $75M of prime Tokyo real estate is being tokenized on the Oasys blockchain, one of the largest projects of its kind in Japan so far.

• GATES recorded over $145M in 2024 revenue.

• GATES is also recognized by the Financial Times as a high-growth company and is preparing for a NASDAQ listing.

• Oasys and GATES’s goal is to expand token liquidity to $34B and eventually bring $200B in Japanese real estate on-chain.

• That is about 1% of Japan’s $20.5T property market.

• Japan’s forward-thinking regulations are paving the way, and Oasys is providing global investors access to high-quality assets without the usual barriers.

Oasys has evolved far beyond gaming. With EVM compatibility, Proof of Stake security, and seamless wallet integration, Oasys is now Asia’s leading infrastructure for tokenizing real-world assets.

Korea also remains a key market for Oasys, with a strong community of $OAS holders and a local launch on the way to tap into even more demand across the region.

Be part of this shift. Explore Oasys and GATES, where real estate meets Web3 scale.

WHAT MATTERS

Bitcoin Breaks Past $116,000 in Historic Rally

State of play: Bitcoin has surged even further, reaching a fresh all-time high of $116,860.

• This new milestone tops the previous records of $112,000 and $113,000 set earlier in July 2025.

• Since the start of 2025, Bitcoin has climbed more than 25%, and it has nearly doubled year over year, extending a rally that began in late 2023.

• With this latest surge, BTC’s mcap stands around $2.4T, solidifying its position as the largest cryptocurrency by far, followed by Ethereum at about $339B.

The price action highlights sustained institutional and corporate demand. Notable drivers of this momentum include:

• Trump’s pro-crypto policies and Elon Musk’s announcement of a pro-Bitcoin political party.

• The launch of spot Bitcoin ETFs fueled broader adoption.

• Ongoing purchases by major firms like Strategy, still holding over $64B in BTC reserves.

What’s next: While a correction wouldn’t be surprising after such a massive rally, the combination of institutional buying, pro-crypto policy, and strong market sentiment suggests Bitcoin could keep pushing toward new highs before this cycle tops out.

For builders and investors: Yachtzee!

BUILDER-INVESTOR HIGHLIGHT

Nick van Eck of Agora

Intro: Nick van Eck is the CEO and co-founder of Agora, a digital finance platform that offers interoperable stablecoins like AUSD and infrastructure to move money quickly across blockchains.

Previous background: Before Agora, Nick was a Partner at General Catalyst for over four years, an Analyst at JMI Equity for about a year, and held investment and equity research internships at Cambridge Associates and Horizon Kinetics.

• He earned a BA in History and Economics from the University of Virginia.

The big idea: Nick through Agora aims to create a unified, institutional-grade stablecoin (AUSD) and the infra to move money instantly and securely across blockchains, making global digital finance faster, more interoperable, and adoptable.

Take a peek at our referral reward at the bottom of this issue. Share this newsletter and receive our list of 500 crypto VC individuals 👇

INSIGHTS

US Scraps DeFi Broker Tax Rule

State of play: The Treasury Department and IRS have officially repealed the controversial crypto broker tax rule that required decentralized exchanges and non-custodial services to report customer transactions.

• Originally introduced under the 2021 Infrastructure Act to boost transparency, the rule was criticized as unworkable and harmful to DeFi innovation.

• After congressional repeal efforts led by Senator Ted Cruz, President Trump signed the resolution overturning the rule in April 2025.

• The agencies have now removed it from federal regulations.

DEAL FLOWS

Justin Sun Buys $100M of $TRUMP Memecoin

Deal flows remained stable this week - we saw $150M in deals 💼 

Tron founder Justin Sun committed to buying $100M worth of President Trump’s TRUMP memecoin, adding to his earlier investments in Trump-linked crypto projects like World Liberty Financial.

• Sun, already one of the largest TRUMP holders with over $38M in tokens, said the move shows his belief in uniting crypto communities.

• This follows his earlier $75M investment in World Liberty Financial, another Trump-affiliated project.

• The deal fuels speculation about Sun’s influence, especially as his legal troubles with the SEC have recently been paused.

Deal flows in the past week:

• BridgePort, $3.2M Pre-Seed & Seed Round

• olaxbt, $3.38M Seed Round

• Velvet Capital, $3.7M Seed Round

• Remix, $5M Seed Round

• Zypher Network, $7M Seed Round

• Kuru, $11.6M Series A Round

• Agora Finance, $50M Series A Round

• DigitalX, $13.5M Strategic Round

• Cicada Finance, $1.8M Public Token Sale

• H100 Group, $54M Unknown Round

QUICK BITES

• Bitcoin hits a new ATH.

• Caldera to launch a native ERA token.

• GMX soars after hacker begins returning funds.

• Justin Sun buys $100M of $TRUMP memecoin.

• Pumpfun token trades at a premium in pre-market.

• Ant International plans to add USDC to its blockchain.

• PumpFun acquires copy-trading wallet tracker Kolscan.

• Gates Group plans to tokenize $75M of Tokyo real estate.

• Spot bitcoin ETFs surpass $50B in cumulative net inflows.

• Florida AG probes Robinhood crypto for misleading users on cost.

• Florida AG probes Robinhood Crypto for allegedly misleading users.

• K Wave Media brings BTC treasury financing to $1B with latest deal.

• Polymarket hits $1.16B monthly volume, but the active trader count fell.

• Pumpfun makes first acquisition, purchases copy-trading wallet tracker.

• Treasury Department, IRS remove controversial 'crypto broker' tax rule.

• Senate confirms former blockchain executive Jonathan Gould to lead OCC.

• Australia's central bank advances to test CBDCs, tokenized asset settlement.

NOTEWORTHY READS

• Vitalik’s read on his response to AI 2027.

• Decentralised’s read on trading optionality.

• Sov’s read on before the collective: early grants era.

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Disclaimer: All the information presented in this publication and its affiliates is strictly for educational purposes only. It should not be construed or taken as financial, legal, investment, or any other form of advice.