The Daily: Ethereum ETFs hold 5% of ETH supply, Thumzup acquiring Dogecoin and Litecoin miner, Wyoming launches stablecoin, and more

Happy Tuesday, and welcome to The Daily.

U.S. spot Ethereum ETFs now hold over 5% of ETH’s current supply, while corporate treasuries continue accumulating: SharpLink added $667 million in ETH, KindlyMD began a $679 million bitcoin buildout, and Thumzup — backed by Donald Trump Jr. — is eyeing a DOGE and LTC miner.

Stablecoins are gaining momentum. Wyoming launched a state-backed stablecoin across seven blockchains, and Bullish settled a $1.15 billion IPO using stablecoins.

In policy and politics, Illinois passed new crypto oversight laws, and Sen. Tim Scott is pushing legislation ahead of a key September deadline — blaming Sen. Elizabeth Warren for holding things up. Meanwhile, Tether hired former White House crypto lead Bo Hines as U.S. strategy advisor.

 

Elsewhere: Bernstein analysts now expect the crypto bull market to run through 2027. MetaMask added support for TRON, Robinhood is rolling out prediction markets via Kalshi, and Valantis acquired the liquid staking platform StakedHYPE.

P.S. I also write The Funding, a biweekly newsletter covering crypto VC trends. The latest edition explored whether massive treasury deals are hurting early-stage startup funding. Subscribe here.

Let’s get started.

US spot Ethereum ETFs now hold over 5% of ETH supply

U.S.-listed spot Ethereum exchange-traded funds have crossed a new milestone: they now hold 5.08% of the current ETH supply, or 6.3 million ETH worth around $26.7 billion, according to The Block’s data dashboard.

Despite $196.6 million in net outflows on Monday — the second-largest daily outflow since launch — these ETFs have still seen net inflows of $3.7 billion over the past nine sessions. Last week alone, they brought in $2.85 billion, up from $325.8 million the week prior.

Meanwhile, Coinbase estimates that crypto treasuries (or DATs) now control over 2% of the ETH supply, signaling deepening institutional conviction in Ethereum’s asset value.

Sen. Tim Scott blames Sen. Elizabeth Warren for blocking crypto bill progress

Sen. Tim Scott is pushing to finalize a comprehensive crypto market structure bill by Sept. 30, but says Sen. Elizabeth Warren is “standing in the way” of Democratic support.

Speaking at the Wyoming Blockchain Symposium, Scott said he’s targeting 12–18 Democratic votes but alleged that Warren — a vocal crypto skeptic — is discouraging her colleagues from joining.

Scott’s bill, co-authored with Sens. Cynthia Lummis, Bill Hagerty, and Bernie Moreno, follows a similar market structure bill passed in the House last month with 78 Democratic votes. While stablecoin legislation has advanced more smoothly, market structure is proving more contentious.

Warren has criticized the proposal as an “industry handout,” arguing it would give crypto firms government blessings while weakening financial safeguards.

Trump Jr.-backed Thumzup is acquiring a Dogecoin and Litecoin miner in an all-stock deal

Social media marketing company Thumzup, which recently pivoted into a crypto treasury strategy, is acquiring Dogehash Technologies in an all-stock deal. Dogehash is an industrial-scale miner focused on Dogecoin and Litecoin.

The acquisition will see Dogehash shareholders receive 30.7 million shares of Thumzup, with the combined firm to be renamed Dogehash.

Technologies Holdings and listed on Nasdaq under “XDOG.” The deal is expected to close by year-end.

Thumzup raised $50 million in July via a common stock offering to acquire crypto assets, including DOGE, BTC, ETH, LTC, and XRP, and invest in mining. The company counts Donald Trump Jr. as a notable shareholder, deepening the Trump family’s web of connections to the crypto industry.

Bernstein sees crypto bull run extending through 2027

Bernstein analysts reiterated that the current crypto bull market could stretch into 2027 — beyond the traditional four-year cycle — driven by U.S. policy momentum, institutional support, and broader participation beyond bitcoin.

In a new note, the firm raised or maintained its price targets on Coinbase ($510), Robinhood ($160), and Circle ($230), citing surging trading volumes, product expansion, and infrastructure positioning.

“We expect a long crypto bull market, continuing the surge into 2026 and potentially peaking in 2027,” the analysts wrote.

They forecast that bitcoin could reach $150K–$200K within the next year but emphasized the coming cycle will broaden to include Ethereum, Solana, and DeFi tokens — fueling inflows into trading platforms and stablecoin issuers.

Valantis acquires Hyperliquid-based LST protocol StakedHYPE 

Valantis, a modular DEX protocol, has acquired StakedHYPE, the second-largest liquid staking platform on Hyperliquid’s HyperEVM chain, as it doubles down on LST-focused infrastructure.

The deal gives Valantis control of StakedHYPE’s development and scaling, with Thunderhead’s (the entity behind StakedHYPE) founder, Addison Spiegel, joining as an advisor.

StakedHYPE currently holds over $200 million in TVL, and Valantis plans to integrate it deeply across its stack. Valantis says this vertical integration will deepen liquidity and efficiency in LST trading.

While Valantis is VC-backed, Thunderhead has been profitable and bootstrapped since launch. The full deal has closed, but financial terms remain undisclosed.

In the next 24 hours 

The Federal Reserve releases minutes from its July policy meeting on Tuesday.

 Internationally, the U.K. reports July consumer price index (CPI) inflation data.

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