The Daily: Galaxy moves $3.5 billion in bitcoin, ex-BlackRock exec joins Ethereum treasury firm, OSL raises $300 million, and more

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

Happy Friday! Here’s what you need to know in crypto today.

Galaxy Digital moved nearly 30,000 BTC — worth about $3.5 billion — to exchanges on Friday, part of a broader transfer tied to an 80,201 BTC trove from a dormant 2011-era whale. While some of the bitcoin has likely been sold, Galaxy still holds 18,504 BTC worth $2.14 billion.

Bitcoin is down over 2% in the past 24 hours, though spot BTC ETFs saw $226 million in inflows on Thursday, snapping a three-day outflow streak.

Meanwhile, crypto treasuries continue to expand. The Smarter Web Company added $26 million in BTC, Windtree secured a $500 million equity line to build a BNB treasury, and Ethereum treasury firm SharpLink appointed a former BlackRock exec as co-CEO. Hong Kong’s OSL Group also raised $300 million for global growth.

Let’s dive in.

Galaxy Digital moves $3.5B in BTC tied to dormant whale stash

• Galaxy Digital moved nearly 30,000 BTC — worth around $3.5 billion — to exchanges on Friday, continuing a multi-day transfer of an 80,201 BTC trove linked to a dormant whale wallet from 2011, according to Arkham.
• The transfers included a 22,610 BTC chunk early Friday, followed by several smaller deposits to venues like Binance and OKX. Galaxy still holds 18,504 BTC — worth about $2.14 billion — from the stash, per Lookonchain.
• The Block previously reported that Galaxy first received 40,010 BTC from the whale on July 15, followed by another 40,191 BTC on July 18. So far, roughly 61,697 BTC from the whale’s cache has been deposited to exchanges, likely for sale.
• Galaxy CEO Mike Novogratz recently said bitcoin could hit $150,000 this year — though he expects ether to outperform in the short term as public firms ramp up ETH treasury purchases.

Windtree lines up $520M to build BNB treasury

• Nasdaq-listed Windtree Therapeutics has secured up to $520 million in equity financing to build one of the largest BNB treasuries among public companies.
• The raise includes a $500 million equity line of credit from an unnamed institutional investor and a separate $20 million placement led by Build and Build Corp. The company says 90% of the proceeds will go toward purchasing BNB, pending shareholder approval to increase its authorized shares.
• Windtree also signed a term sheet with Kraken for custody, OTC execution, and trading support as it accelerates its pivot into crypto.
• If fully drawn, Windtree would have access to $720 million across its recent deals. That puts it in line with other emerging non-bitcoin treasury firms — including DeFi Development Corp, BitMine Immersion, and Nano Labs — that are raising large sums to add altcoins like Solana, Ethereum, and BNB to their balance sheets.

Former BlackRock exec joins SharpLink as co-CEO

• Ethereum treasury firm SharpLink Gaming has named former BlackRock managing director Joseph Chalom as its new co-CEO. Chalom previously led BlackRock’s digital asset partnerships, including collaborations with Anchorage, BNY Mellon, Circle, and Coinbase.
• Chalom said he was proud of helping BlackRock launch crypto ETF products like IBIT and ETHA, and of advancing tokenization through BlackRock’s BUIDL fund.
• “Few executives in the world have had the kind of impact Joseph has had in unlocking institutional adoption of digital assets, having pioneered BlackRock’s strategic entry into the space,” said Joseph Lubin, Ethereum co-founder and chairman of SharpLink.
• SharpLink holds $1.3 billion in ETH and was recently overtaken by BitMine as the largest ETH treasury company. BlackRock’s Ethereum ETF crossed $10 billion in AUM this week.

Hong Kong’s OSL raises $300M for global crypto expansion

• Hong Kong-based crypto trading platform operator OSL Group has raised $300 million in equity financing to accelerate global expansion and advance crypto payment infrastructure.
• OSL said it will use the funds for strategic acquisitions and to build out fiat, stablecoin, and crypto-integrated payment solutions. CFO Ivan Wong called the raise a “major milestone” for the firm’s digital asset strategy.
• The funding comes ahead of Hong Kong’s new stablecoin licensing regime, set to take effect Aug. 1. OSL has already made expansion moves, including acquiring Japanese exchange CoinBest and agreeing to purchase Indonesia’s Evergreen Crest.

The Smarter Web Company adds $26M in BTC

• The Smarter Web Company has added 225 BTC — worth $26.4 million — to its treasury, bringing total holdings to 1,825 BTC at an average price of $109,088.
• The UK-based web design firm, now focused on a bitcoin treasury strategy, ranks 26th globally among public bitcoin holders, per Bitcointreasuries.net.
• The company also reported a $968K loss for the six months ended April 30. CEO Andrew Webley said bitcoin remains their preferred treasury asset for future business needs.

In the next 7 days

• U.S. GDP and the ADP employment report are out on Wednesday, along with the Fed’s interest rate decision and Powell’s press conference.
• Core PCE inflation data, personal income and spending, and initial jobless claims are released on Thursday.
• The U.S. July jobs report, including payrolls and unemployment rate, is due Friday — alongside ISM manufacturing and consumer sentiment data.
• Notable token unlocks, including Jupiter (JUP), Optimism (OP), and Sui (SUI), are set to hit the market next week.

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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