The Daily: Bitcoin rebounds above $115,000 as ‘cautiously optimistic’ traders buy the dip, Bullish files IPO at $4.2 billion valuation, and more

The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.

I hope you had a good weekend, folks. The Ethereum treasury play continues to heat up as BitMine, The Ether Machine, and GameSquare buy millions of dollars worth of ETH to emulate their Bitcoin counterparts.

In today’s newsletter, BTC rebounds to $115,000 alongside a broader crypto recovery, the Peter Thiel-backed crypto platform Bullish files for an IPO at a $4.2 billion valuation, Lido lays off 15% of its workforce for “long-term sustainability,” and more.

Meanwhile, Barry Silbert returns to Grayscale as chairman as the firm also prepares to go public.

Let’s get started.

Bitcoin rebounds above $115,000 as ‘cautiously optimistic’ traders buy the dip

Bitcoin and major altcoins bounced back Sunday night and Monday morning as traders bought the dip following the macro-driven selloff at the end of last week.

• BTC fell over 6% to $112,000 at one point last week while ETH dropped 13% to $3,350 before recovering above $115,000 and $3,650, respectively.
• XRP, SOL, and BNB also joined in the recovery, posting 24-hour gains of 5.7%, 4%, and 2.1% respectively.
• Last week’s decline was triggered by weak U.S. jobs data amid broader risk-off sentiment and profit-taking, according to Presto Research Analyst Min Jung.
• However, institutions and long-term investors quickly stepped in to take advantage of the opportunity, BTSE COO Jeff Mei said.
• While this macro uncertainty and institutional-led bullish sentiment clash, traders are currently “cautiously optimistic” ahead of the U.S. CPI report on Aug. 12, Kronos Research CIO Vincent Liu added.

Peter Thiel-backed Bullish files IPO at $4.2 billion valuation

Bullish, a crypto platform backed by billionaire tech investor Peter Thiel, has filed for a U.S. IPO aiming to raise up to $629 million at an implied valuation of $4.2 billion, according to an SEC filing on Monday.

• The company plans to sell 20.3 million shares at $28 to $31 each, per the prospectus, with JPMorgan and Jefferies operating as the lead underwriters.
• The move follows a confidential filing in June, with CEO Tom Farley hoping that going public will boost Bullish’s credibility, capital access, and acquisition potential as crypto enters its next growth phase.
• Bullish owns the news outlet CoinDesk and positions itself as an institution-focused digital asset platform amid rising IPO momentum in the crypto sector.

Lido lays off 15% of workforce for ‘long-term sustainability’

Ethereum liquid staking protocol Lido cut 15% of its workforce across Lido Labs, Lido Ecosystem, and Lido Alliance to reduce costs and ensure “long-term sustainability.”

• Co-founder Vasiliy Shapovalov emphasized that the layoffs were cost-driven, not performance-related, despite the current DeFi resurgence.
• “This is a difficult decision, but one rooted in long-term resilience,” Shapovalov said. “While it may seem counterintuitive amid a market upswing, the move reflects a deliberate commitment to sustainable growth, operational focus, and alignment with the priorities of LDO tokenholders.”
• Lido remains a key player in the liquid staking niche with $31 billion locked, even as its LDO token slid 21.6% over the past week.

Metaplanet buys $54 million worth of bitcoin to maintain 7th place globally

Japanese-listed bitcoin treasury firm Metaplanet disclosed it has bought another 463 BTC for $53.7 million, bringing its total holdings to 17,595 BTC — worth around $2 billion.

• The latest acquisition maintains Metaplanet’s spot as the seventh-largest public bitcoin treasury company globally, sandwiched between Trump Media & Technology Group and Galaxy Digital.
• The purchase follows Metaplanet’s Friday filing to raise up to $3.7 billion through issuing new perpetual preferred shares to further support its bitcoin buying strategy.
• Despite the news, Metaplanet’s stock fell 7.2% in Tokyo on Monday, with its approximate $5 billion market cap currently trading at a 2.5x multiple to bitcoin net asset value.

Lugano authorities recover Satoshi Nakamoto statue that was thrown in lake

Authorities in Lugano, Switzerland, recovered a statue honoring Bitcoin creator Satoshi Nakamoto after vandals forcibly pulled it off its podium and threw it into a nearby lake.

• Satoshigallery, which has also installed copies of the statue in El Salvador and Japan, with plans for eighteen more, had offered a 0.1 BTC reward for its return, but confirmed no one will receive it since police retrieved the statue.
• Italian artist Valentina Picozzi designed the statue to honor Satoshi’s pseudonymity with a transparent, see-through structure.
• A Change.org petition backed by Tether CEO Paolo Ardoino is urging the city to support restoring the statue, with costs covered by the artist and Satoshigallery.

In the next 24 hours

• Eurozone PPI data are due at 5 a.m. ET on Tuesday.
• Ethena and EigenLayer are set for token unlocks.

Never miss a beat with The Block’s daily digest of the most influential events happening across the digital asset ecosystem.

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