The Daily: Brit who accidentally dumped 8,000 BTC isn’t done chasing his lost fortune, Solana Mobile begins shipping second-gen Seeker smartphones, and more

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

Happy Tuesday! Despite numerous reports that James Howells, the man who lost 8,000 BTC to a local landfill 12 years ago, had thrown in the towel, the Brit told The Block he is pivoting his strategy, not giving up entirely.

Also in today’s newsletter, Solana Mobile begins shipping its second-generation Seeker smartphones, the SEC updates staff guidance on accounting rules for USD stablecoins, President Trump is reportedly set to sign an executive order threatening penalties over crypto debanking, and more.

Meanwhile, we take a look at why a buried tax detail in the White House’s crypto report could be a game-changer for bitcoin miners.

Let’s get started.

Brit who accidentally dumped 8,000 BTC isn’t done chasing his lost fortune yet

Brit James Howells may have ended his efforts to excavate a hard drive containing access to 8,000 BTC accidentally dumped in a Newport landfill 12 years ago, but insists he hasn’t given up on reclaiming his lost bitcoin.

• Addressing numerous reports that he had thrown in the towel, Howells told The Block that he halted all talks with the local council and abandoned excavation plans after his offer worth up to $40 million to acquire the landfill site set for closure next year went unanswered.
• However, rather than ditching the treasure hunt altogether, the Welsh IT engineer now plans to tokenize his legal ownership of the 8,000 BTC, citing a High Court ruling confirming his digital rights to the funds now worth over $900 million.
• Howells aims to launch a new Bitcoin Layer 2 “smart token” called Ceiniog Coin (INI), intended to represent the lost bitcoin that supposedly backs it. (“Ceiniog” is the Welsh word for penny).
• The token aims to leverage an upcoming Bitcoin network upgrade that removes the 80-byte cap on the OP_RETURN opcode to enable more complex functionality.
• “The intention is to bootstrap the Ceiniog ecosystem and launch a successful high-speed, high-scale, fast-confirmation, payment-focused web3 environment secured by the Bitcoin blockchain and backed by 8,000 BTC,” Howells said.
• An ICO for Ceiniog Coin is planned for later this year.

Solana Mobile begins shipping second-gen Seeker smartphones

Solana Labs subsidiary Solana Mobile has begun shipping “tens of thousands” of its second-generation Android-based Seeker devices to customers in over 50 countries, according to the project.

• The $450 Saga handset successor comes pre-loaded with Seed Vault key storage, a Solana dApp Store, and a soulbound Genesis Token that grants holders early access to new apps and SKR token rewards.
• The device anchors Solana’s growing mobile ecosystem, which now features over 100 apps, and plans for deeper AI and DePIN integration.
• Building on the BONK airdrop-fueled momentum of its Saga predecessor, Seeker aims to cement Solana’s lead in the niche crypto smartphone market.

SEC updates staff guidance on accounting rules for USD stablecoins

The Securities and Exchange Commission has updated its staff guidance to allow USD-pegged stablecoins to be classified as cash equivalents if they include guaranteed redemption mechanisms, Bloomberg reported.

• The new guidance follows the agency’s April clarification that “covered” U.S. dollar stablecoins are not securities and don’t require issuer registration.
• The shift marks a major step in Chair Paul Atkins’ push to ease restrictive policies and modernize crypto regulation.
• The update also forms part of Project Crypto, the SEC’s broader initiative to bring U.S. financial markets onchain.

President Trump to sign executive order threatening penalties for crypto debanking

President Trump is set to sign an executive order, potentially as early as this week, threatening penalties for financial institutions that debank crypto firms or other businesses and individuals for political reasons, according to The Wall Street Journal.

• The draft order, as seen by the outlet, directs regulators to investigate potential violations of credit, antitrust, and consumer protection laws and calls for some cases to be referred to the attorney general.
• The move comes amid industry backlash against “Operation Choke Point 2.0” and builds on Trump’s earlier campaign pledges to end reputational-risk-based banking restrictions.
• It also follows rising testimony from crypto company leaders and conservatives, including Trump family members, who say banks cut them off for political reasons under the prior Biden administration.

Coinbase plans to raise $2 billion via private convertible note offering

Nasdaq-listed crypto exchange Coinbase plans to raise $2 billion through a private offering of convertible senior notes split between 2029 and 2032 maturities, with a $300 million upsize option across both series.

• The move follows a 15% stock drop after Q2 earnings showed declining revenue and rising costs, prompting Coinbase to seek balance-sheet flexibility while managing dilution with capped calls.
• Coinbase intends to use part of the proceeds to fund the capped calls, with the remainder reserved for general corporate purposes, including debt repurchases, investments, and potentially expanding its crypto treasury.

In the next 24 hours

• U.S. mortgage data is released at 7 a.m. ET on Wednesday.
• U.S. FOMC member Mary Daly will speak at 12:45 p.m. Fed Governor Lisa Cook follows at 2 p.m.
• IOTA is set for a token unlock.

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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