Crypto Morning Brief: Trump announces firing of Fed governor Cook, SBI forms strategic partnership with Chainlink

Author: TechFlow

Yesterday's Market Developments

Trump Announces Firing of Fed Governor Cook

According to Jinshi Data, U.S. President Trump signed a document removing Federal Reserve Governor Cook from office with immediate effect. In the document, Trump stated: "Pursuant to the authority vested in me by Article II of the United States Constitution and the amended Federal Reserve Act of 1913, I hereby remove you from your position on the Board of Governors of the Federal Reserve System effective immediately. Given your dishonest conduct in financial matters, which may involve criminal wrongdoing, I cannot have confidence in your integrity. At a minimum, these actions demonstrate serious negligence in financial transactions, raising questions about your competence and credibility as a financial regulator."

Grayscale Submits S-1 Filing for Avalanche ETF to the SEC

Grayscale has submitted an S-1 filing for an Avalanche ETF to the U.S. Securities and Exchange Commission (SEC).

OKX DEX to Charge Service Fees on Certain Spot Trading Pairs

According to an official announcement, OKX DEX will begin charging service fees on certain spot trading pairs via its aggregator starting August 25, 2025, at 10:00 (UTC+8).

SBI and Chainlink Form Strategic Partnership to Advance Institutional Digital Asset Applications

According to Financefeeds, SBI Group announced a strategic partnership with Chainlink aimed at promoting institutional adoption of blockchain solutions in global markets, starting with Japan.

The collaboration will focus on multiple use cases including tokenized real-world assets, tokenized funds, and compliant stablecoins. The two parties will leverage Chainlink’s cross-chain interoperability protocol to develop cross-chain tokenized assets such as real estate and bonds. Additionally, the partnership includes integrating Chainlink SmartData for fund tokenization and utilizing Chainlink’s Proof-of-Reserves system for transparent verification of stablecoin reserves.

Story Co-founder: All Funds Raised Will Be Used to Repurchase IP

Story co-founder and CEO S.Y. Lee (@storysylee) announced that 100% of the $82 million raised through PIPE financing via CASK will be used to purchase IP tokens, committing to enter "Saylor mode." The buyback program will be executed in the open market and continue until November 16, 2025.

Prior news reported that Story partnered with Nasdaq-listed Heritage Distilling (NASDAQ: CASK) to launch a $360 million strategic reserve for $IP.

Arthur Hayes: HYPE Has Potential for 126x Upside

Arthur Hayes stated during his WebX Summit speech that Hyperliquid's token (HYPE) has the potential for a 126x growth. The project plans to expand its stablecoin strategy, projecting annualized fees to reach $258 billion by 2028.

It forecasts stablecoin supply to reach $10 trillion by 2028, with Hyperliquid capturing 26.4% market share, daily average trading volume (ADV) reaching $2.636 quadrillion—significantly up from the current $11.9 billion. With a net trading fee rate of 0.03%, annualized revenue is projected to reach $25.8 billion.

Currently, HYPE’s fully diluted valuation (FDV) stands at $41.05 billion. At a 5% discount rate, HYPE’s revenue terminal value is estimated at $5.161 billion.

Bloomberg: GALAXY, JUMP, and MULTICOIN Seeking to Raise $1 Billion to Buy SOL

According to Bloomberg, GALAXY, Jump Crypto, and Multicoin Capital are seeking to raise $1 billion to purchase SOL.

U.S.-listed Sharps Technology Announces Over $400 Million Private Placement, Plans to Establish SOL Strategic Reserve

According to PRNewswire, Nasdaq-listed Sharps Technology (STSS) announced an ongoing private placement exceeding $400 million, planning to establish a digital asset reserve strategy primarily holding SOL. Notable institutional investors in this private placement include ParaFi, Pantera, FalconX, and Phoenix Capital.

Alice Zhang, the company’s newly appointed Chief Investment Officer, stated that the Solana ecosystem is gaining institutional support, making it an ideal time to build a digital asset reserve strategy. The private placement is expected to close on August 28.

B Strategy Plans to Raise $1 Billion to Establish Nasdaq-Listed BNB Treasury Company, Backed by YZi Labs

According to The Block, digital asset-focused investment firm B Strategy announced plans to launch a BNB treasury company listed on Nasdaq, targeting $1 billion in fundraising. The yet-to-be-named BNB treasury company will receive strategic backing from YZi Labs. A representative said that besides financial support, YZi Labs will also provide ecosystem support by connecting partners within its network.

B Strategy said it will leverage its extensive presence across the Asia-Pacific region to access liquidity, market intelligence, and distribution channels, revealing that several well-known Asian family offices have joined as anchor investors.

A YZi Labs representative told media that the Nasdaq listing and $1 billion fundraising plan are expected to be completed within weeks.

DeFi Dev Corp Announces $125 Million Equity Financing to Expand SOL Reserves

According to Globe Newswire, U.S.-listed DeFi Development Corp. (Nasdaq: DFDV) announced a $125 million equity financing agreement at $12.50 per share. The company will issue approximately 4.2 million shares of common stock and about 5.7 million pre-funded warrants. The transaction is expected to close on August 28.

The company will receive cash and locked SOL as consideration, with proceeds used to purchase spot SOL and discounted locked SOL to expand its SOL reserve holdings.

Hong Kong-listed Marco Digital Announces Subscription to WLFI Fund: Indirect Investment of ~HK$3.925 Million in ALT5

Hong Kong-listed Marco Digital Technology (MOG Holding) released a voluntary announcement regarding subscription to membership interests in the WLFI fund, disclosing that it recently indirectly invested $500,000 (~HK$3.925 million) in Nasdaq-listed ALT5 Sigma Corporation through the fund. The fund participated in ALT5’s recent issuance alongside multiple global institutional investors and crypto venture firms, led by World Liberty Financial.

Market Overview

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