BitGo posts Q2 loss, CFO prepares to step down

BitGo (BTGO) swung to a loss in the second quarter even as revenue and institutional client activity grew, while the crypto custodian said chief financial officer Ed Reginelli will leave his role during the coming quarter. Reginelli will remain on to help with the transition, the company said.

Revenue rose 80% from a year earlier to $4.3 billion, driven mainly by digital asset sales, while the company posted a $19 million net loss, compared with $38.3 million of net income a year earlier. Adjusted EBITDA fell to a $4.2 million loss from positive $3 million.

BitGo’s client count increased 26% to 5,833, while normalized assets on the platform rose 31% to $65.2 billion. The company also authorized up to $50 million in share buybacks and said cost cuts should generate about $15 million in annualized cash savings. The results underscore how custodians tied to institutional crypto activity can still see stronger usage alongside uneven profitability, especially when asset sales dominate revenue.

BitGo shares were 5% lower after the report.

Securitize tokenized assets grow, but revenue slips in Q2

Securitize (SECZ), the tokenization firm best known for issuing BlackRock’s tokenized money market fund BUIDL, reported lower revenue and a wider loss for the second quarter even as activity across its platform increased.

Average tokenized assets under management reached a record $4.3 billion, up 16% from a year earlier, while transaction volume jumped 147% to $5.3 billion.

Revenue slipped 5% to $14.4 million, while the company posted a $21.7 million net loss, or $2.37 per share. Adjusted EBITDA swung to a $5.5 million loss from positive adjusted EBITDA of $1.8 million a year earlier.

Securitize’s fund-services business oversaw 663 active funds and $24.3 billion in assets under administration, with the latter down about 20%. The figures show that tokenization infrastructure is still scaling through fund activity and transaction flow even as top-line results remain uneven.

Shares were 1.3% lower following the results, trimming some earlier gains.

S&P 500 ends near record high, Nasdaq rises 0.7% as AI infrastructure stocks drive gains

U.S. stocks finished higher Wednesday, with AI infrastructure names doing much of the heavy lifting. The S&P 500 gained 0.3% to end near record highs, while the tech-heavy Nasdaq advanced 0.7%.

Dell Technologies (DELL), which sells servers and other computing infrastructure used to run AI workloads, rose 9.7% to a record closing high of $484. AI cloud provider Nebius (NBIS) extended its rally to 35%, while fellow neocloud CoreWeave (CRWV) held onto a roughly 20% daily gain.

Bitcoin largely sat out the move. BTC traded around $63,400 into the close, little changed over the past 24 hours.

Tokenization stocks Figure, Securitize rise ahead of earnings and SEC meeting

Stocks tied to the tokenization theme were among Wednesday’s standout movers.

Figure Technology Solutions (FIGR) rose nearly 9%, and Securitize (SECZ) gained 7.4% through the session ahead of quarterly results from both companies.

The moves also came ahead of a potentially important regulatory development. CoinDesk reported earlier this week that the SEC will hold an open meeting Friday as it prepares to propose its first formal rules for crypto businesses.

Those rules could have direct implications for the tokenization business. Bloomberg reported Tuesday that the SEC may soon propose an “innovation exemption” for trading tokenized securities, putting companies including Figure and Securitize in focus heading into Friday.

Bitcoin falls toward $63,000 in U.S. hours; HYPE and NEAR outperform as UNI slips

A midday check on crypto markets showed bitcoin giving up early gains in the U.S. session and moving toward the lower end of its tight trading range.

At 12:00 Eastern time, bitcoin traded at $63,350, largely flat over the past 24 hours but down 1.6% from the session highs before Wednesday morning’s U.S. CPI report. BTC has traded in a narrow range between $62,000 and $66,000 over the past five weeks, and the inflation data, which matched expectations, did not provide a catalyst for a breakout in either direction.

XRP (XRP) was also teetering on the brink of falling below the $1 level, which has held since November 2024. Among larger cryptocurrencies, Hyperliquid’s native token (HYPE) and Near Protocol’s NEAR (NEAR) stood out with gains of more than 4%, while Uniswap’s UNI (UNI) fell 5%.

In traditional markets, the S&P 500 and Nasdaq 100 pared early-session gains but remained 0.2% and 0.7% higher, respectively, from Tuesday’s close. Gold held above $4,400 an ounce, near its two-month highs.

AI infrastructure stocks surge after strong earnings

WhiteFiber (WYFI) and Nebius (NBIS) shares both jumped around 15% after strong second-quarter results. WhiteFiber revenue rose 54% to $28.8 million, supported by initial billing at NC-1, its flagship North Carolina data center with 40 megawatts contracted and potential expansion to 300 megawatts.

Nebius revenue surged 454% to $582.3 million, while adjusted EBITDA swung to $236.2 million. Investors welcomed accelerating AI demand, new contracts and expanding capacity despite continued net losses and heavy capital spending.

In-line CPI lowers Fed hike odds, but inflation remains sticky, analysts say

Wednesday’s in-line CPI report avoided the upside surprise that could have rattled risk assets, but inflation remains too hot to give the Federal Reserve an all-clear, analysts said.

Headline inflation at 3.4% remains well above the Fed’s target, while energy prices are nearly 15% higher than a year ago, said Daniela Hathorn, senior market analyst at Capital.com. That should keep inflation front and center after Fed Chair Kevin Warsh stressed the need to prevent elevated prices from damaging the economy.

Hathorn said markets now price roughly 60% odds of no change in September versus 40% for a 25 basis-point hike. A month ago, market participants saw only a 30% chance of a pause versus 70% odds for a rate increase, according to CME FedWatch.

For crypto, the report removes an immediate inflation shock without offering much fuel for a breakout. Ryan Lee, chief analyst at Bitget Research, said the print “neither forces a hawkish re-pricing nor delivers a clear dovish catalyst,” leaving bitcoin traders to focus on ETF flows, liquidity and derivatives positioning while awaiting Jackson Hole and more inflation data.

Iggy Ioppe, CIO at Theo, struck a similar note, arguing that keeping rates unchanged still amounts to effective easing given current inflation and labor-market conditions and should support risk assets over the medium term.

Both Ioppe and Lee pointed to Thursday’s PPI report as the next test for inflation.

July inflation meets expectations, bitcoin holds $64,000

U.S. inflation matched forecasts in July, with headline CPI rising 0.1% month over month and 3.4% year over year. Core CPI increased 0.2% on the month and 2.5% from a year earlier. Bitcoin held $64,000, Nasdaq futures gained, and Treasury yields fell.

Markets assigned a 44% chance of a September Fed rate hike, below pre-report expectations amid weaker employment.

Dollar Index at a make-or-break level

The Dollar Index, which tracks the greenback against a basket of major currencies, is trading right at the support of a bullish trendline that has guided its rise from the January low of 95.55.

A bounce from this level would signal a continuation of the rally, while a decisive break below it would point to a potential reversal.

Which scenario plays out largely hinges on Wednesday’s U.S. consumer price index data. A hotter-than-expected core CPI reading, which excludes volatile food and energy prices, could spark a meaningful rebound in the dollar.

Metals rise ahead of CPI report

Metals were climbing ahead of the CPI inflation report. Gold traded at $4,420, up more than 1% over the past 24 hours and 7% this month. Silver rose above $66, gaining more than 2.5% over the past 24 hours and 12% this month. Bitcoin also moved above $64,000, up less than 1% over the past 24 hours.

The Fed’s next move is a coin toss

Market sentiment was lukewarm heading into the U.S. inflation report, with lingering geopolitical risk keeping a lid on risk appetite, Kyle Rodda, senior analyst at Capital.com, told CoinDesk in a message.

The CPI data lands with the market split on what the Fed does in September, Rodda said, putting the odds of a hike at close to 50/50 after the FOMC’s recent mixed messaging.

Core inflation is expected to have eased to 2.5% in July, with headline inflation also tipped lower. A hot core print, or sticky pressure in the inputs that feed the Fed’s preferred PCE gauge, would lift hike odds and weigh on equities. A soft reading would lower them, especially after last week’s sharp miss in the jobs data.

AI earnings lift stock futures as markets brace for July inflation data

U.S. stock futures rose Wednesday as strong AI earnings lifted sentiment before the day’s inflation data.

CoreWeave surged 16% after hours on booming AI-compute demand and Super Micro rallied 7.6% on a revenue forecast that topped the highest estimates, pushing Nasdaq 100 futures up 0.3%. Korea’s Kospi jumped 4%, with Samsung and SK Hynix both up about 6%.

The bigger event was set for 8:30 a.m. ET, when July CPI was expected to show headline inflation easing to 3.4% from 3.5%.

It was the first inflation reading since the weak jobs report cut September rate-hike odds to about 36%, and a soft print would strengthen the case for the Fed to hold.

Metaplanet moved 3,881 bitcoin between its own wallets, and a transfer is not a sale

Metaplanet shifted 3,881 BTC, worth about $247 million, across several transactions over three hours on Wednesday, according to Arkham data.

The move went from the company’s cold wallets to new addresses it also controls, not to an exchange.

Transfers to fresh self-custody wallets do not add to tradable supply the way deposits to an exchange do, so on their own they are not selling.

Metaplanet has done this before. It moved nearly 5,000 BTC in March in the same pattern, with test transactions followed by larger amounts into new wallets, and analysts then read it as internal custody reshuffling rather than distribution. Nothing in Wednesday’s on-chain data points differently.

Metaplanet bought its roughly 43,000 BTC at an average of about $96,000, so with bitcoin near $63,600 the company is sitting on an unrealized loss of about $1.4 billion, down 34%.

Metaplanet has been one of the most aggressive corporate buyers since April 2024, with a stated target of 210,000 BTC.