Morning Minute is a each day publication written by Tyler Warner. The evaluation and opinions expressed are his personal and don’t essentially replicate these of Decrypt. Subscribe to the Morning Minute on Substack.
GM!
At the moment’s prime information:
- Crypto majors crimson on the day, BTC dominance rebounds; BTC at $119k
- ETH ETFs see one other prime 5 day, outpace BTC 3.3:1 over previous 5 classes
- David Bailey’s Nakamoto completes merger to launch $700M+ BTC DAT
- Citigroup considers moving into crypto custody, eyes stables and BTC+ETH
- Yeet confirms 40% of its airdrop will go to group
💰 One other $700M+ Bitcoin TreasuryCo Is Born
Healthcare firm KindlyMD has formally merged with David Bailey’s Nakamoto Holdings.
They’ve acquired massive funds to get began shopping for, and a fair larger imaginative and prescient.
📌 What Occurred
Utah-based healthcare supplier KindlyMD (NASDAQ: NAKA) has accomplished its merger with Bitcoin-native holding firm Nakamoto Holdings.
David Bailey will take helm as CEO, and in the event you don’t know him, he’s the co-founder and CEO of BTC Inc, the corporate behind Bitcoin Journal and the annual Bitcoin Convention.
Fast TLDR on the merger:
- New mission: The corporate’s ticker is NAKA, pivoting from healthcare to an institutional-grade Bitcoin treasury play
- Massive elevate: Secured $540M by way of PIPE financing, with an extra $200M convertible notice deal anticipated to shut as quickly as immediately
- Daring goal: Aiming to build up 1 million BTC in treasury
And in the event that they’re capable of pull that off, they are going to seemingly change into the largest BTC holder on the planet (Saylor and Technique have ~629,000 BTC).
The market has cherished the merger information, with NAKE up 100% on the week to $15.
🗣️ What They’re Saying
“Since I began my journey in Bitcoin 13 years in the past, I’ve at all times believed Bitcoin would change into probably the most helpful asset in human historical past”
“Honored to formally be part of KindlyMD as CEO and Chairman. Thanks for approaching this journey with me- collectively we’ll rebuild the world on the bitcoin customary. One Nakamoto = A million Bitcoin” – David Bailey, CEO of Nakamoto
🧠 Why It Issues
This “nice Bitcoin arms race” has seemingly slowed as of late, or maybe isn’t catching as a lot consideration.
That’s seemingly as a result of the “nice ETH arms race” has stolen the headlines, with Tom Lee (BMNR) and Joe Lubin (SBET) racing to purchase ETH at a a lot quicker tempo than Saylor purchased Bitcoin.
And ETH within the highlight has had its impacts.
The ETH ETFs have outpaced the BTC ETFs 11-1 over the previous 15 classes ($3.43B for ETH vs $2987M).
However headlines like this out of Nakamoto will seemingly deliver some consideration again to Bitcoin. And nothing offers extra consideration than new ATHs, which Nakamoto’s $740M in purchase stress ought to assist drive in direction of.
Then the race will change to the “nice BTC and ETH arms race,” benefitting holders much more (and there is hypothesis that SOL could enter that race right here too).
Let that race start…
🌎 Macro Crypto and Memes
A number of Crypto and Web3 headlines that caught my eye:
- Crypto majors had been crimson on the day;BTC -2% at $119,100, ETH -2% at $4,630, XRP -3% at $3.10, SOL -4% at $194
- AERO (+7%), LEO (+4%), PENDLE (+2%) and HYPE (+2%) led prime movers
- The ETH ETFs noticed $639.6M in web inflows on Thursday, the 4th greatest day on file; ETH ETFs have now outpaced BTC ETFs $3.37B to $965M over the previous 5 classes
- Scott Bessent mentioned that the US wouldn’t purchase any Bitcoin for its Strategic Reserve, although he later walked again the feedback and famous the US will discover budget-neutral methods to amass extra Bitcoin
- Citigroup is contemplating providing crypto custody companies, centered on stablecoins and people digital property tied to ETFs (BTC, ETH)
- Google took an 8% stake in Bitcoin miner TeraWulf, resulting in TeraWulf inventory hovering
- Crypto venture funding exceeded $6 B in July, largely pushed by Digital Asset Treasury (DAT) firms elevating post-IPO capital
- Dinari World introduced the launch of Dinari Monetary Networks, ‘an omni-chain orderbook and L1 community” for tokenized equities, on Avalanche
In Company Treasuries
- David Bailey’s Nakamoto closed its merger with KindlyMD to launch their Bitcoin TreasuryCo, having raised $540M already and with plans to boost $200M tomorrow
In Memes
- Memecoin leaders are very crimson on the day; DOGE -3%, Shiba -5%, PEPE -6%, PENGU -6%, BONK -7%, TRUMP -3%, SPX -9%, and FARTCOIN -7%
- CRIME (+14x), AOL (+180%) and littleguy (+200%) had been notable prime movers; nub +28% and continues to rally
- Gentle debuted its new launchpad in a single day (LIGHT +1% at $48M fdv)
💰 Token, Airdrop & Protocol Tracker
Here is a rundown of main token, protocol and airdrop information from the day:
- Yeet confirmed that 40% of its airdrop will go to the group
- Infinex introduced its Season 1 airdrop is stay with 150M uPatrons distributed
- OpenSea has launched a brand new stay token exercise feed on its token pages
- Hyperliquid hit a brand new ATH in each day quantity and costs with $29B and $7.7M, respectively, amidst the crypto volatility
- MetaMask launched MetaMask Card Journey, with charges as much as 60% off and as much as 7% cashback when utilizing the cardboard
- USD AI introduced a $13.4M Collection A led by hiFramework to construct USDAI as the primary stablecoin producing yield from AI {hardware} collateral
🤖 AI x Crypto
Part devoted to headlines within the AI sector of crypto:
- General market cap down 1% to $13.3B, leaders had been crimson
- FARTCOIN (-7%), VIRTUAL (-6%), TIBBIR (-4%), ai16z (-10%) & AIXBT (-7%)
- BUZZ (+12%) and HEU (+10%) led prime movers
🚚 What is occurring in NFTs?
Right here is the record of different notable headlines from the day in NFTs:
- ETH NFT leaders had been combined; Punks -2% at 49.5 ETH, Pudgy +1% at 13.7, BAYC -6% at 11.9 ETH
- MetaWinners (+47%) and Terraforms (+16%) had been notable prime movers
- An EtherRock bought for 135 ETH ($606,000)
- Summary NFTs had been principally inexperienced, led by Bearish (+34%) and Dreamilio (+10%)
- Snowfro’s ‘LIFT’ auctions started yesterday and can finish immediately at Midday ET, with the highest 1,000 bids profitable NFTs
