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Grayscale is the world's largest crypto asset manager. It provides access and exposure to the digital currency asset class in the form of a security, without the challenges of buying, storing, and safekeeping digital currencies directly.
Gate Ventures: Market risk appetite warms, institutional-grade blockchain applications and stablecoin infrastructure continue to heat up
Odaily News According to Gate Ventures' latest weekly report, global risk assets have shown a clear recovery over the past week, with major US stock indices collectively hitting new all-time highs. The S&P 500, Nasdaq Composite, and Dow Jones Industrial Average rose 3.58%, 5.19%, and 2.96%, respectively. The crypto market also rebounded in tandem, with BTC up 2.1% on the week and ETH up 1.4%, bringing the total cryptocurrency market cap up 1.4%. On the capital flows front, BTC spot ETFs recorded net inflows of $853 million for the week, while ETH spot ETFs saw net inflows of $244.9 million, indicating further improvement in institutional demand.In terms of industry developments, the integration of traditional finance and blockchain continues to advance. BlackRock has appointed JPMorgan to push forward the tokenization of a European money market fund, exploring 24/7 transfer of blockchain-based fund shares. Grayscale has filed an S-1 registration statement for the first US Worldcoin ETF, further deepening the connection between digital assets and traditional financial markets. Stablecoin infrastructure also remained active, with Yellow Card completing a $40 million strategic funding round and planning to expand its stablecoin account and payment infrastructure into Latin America and the Asia-Pacific markets.On the investment and financing front, eight deals were completed last week, with total disclosed funding reaching $90.64 million, focused on the infrastructure track. Overall, market risk appetite has seen some recovery, with institutional-grade blockchain infrastructure, stablecoins, and asset tokenization remaining key areas of continued industry focus.
Grayscale: HYPE remains undervalued compared to fintech stocks, with a current valuation of approximately 15-18 times P/E ratio.
According to BeInCrypto, Grayscale Head of Research Zach Pandl released a report using the "earnings per token" method to value Hyperliquid (HYPE). The report assumes Hyperliquid's 2027 earnings will be approximately $1 billion (an increase of about 20% compared to 2025), and expects the circulating supply at that time to reach 270 million to 310 million tokens, corresponding to earnings per token of approximately $3.25 to $3.75. Calculated at the current price of approximately $54, the forward P/E ratio is approximately 15 to 18 times, suggesting it still holds a valuation advantage compared to fintech stocks.
Grayscale: HYPE Still Undervalued, Forward P/E Ratio Approximately 15 to 18 Times
Grayscale stated HYPE's forward P/E ratio is approximately 15 to 18 times. Hyperliquid possesses real cash flow and can therefore be valued like a stock, but the valuation is based on earnings per token rather than earnings per share. Based on this, compared with fintech peers such as Coinbase, Robinhood, and Circle, HYPE still appears inexpensive. Market data shows that HYPE is currently trading at $55.32, down 1.5% in the past 24 hours.
Bitcoin bear market's three main causes revealed, but the industry expects a potential rebound to $100,000 by year-end
Odaily Bitcoin has been declining since October last year, with its current price hovering around half of its all-time high of $126,000, indicating the market remains in a deep bear phase. Multiple industry analysts believe the current pressure on Bitcoin stems primarily from three factors: the four-year cycle, macroeconomic inflationary pressures, and market leverage liquidations.Matt Hougan, Chief Investment Officer at Bitwise, stated that Bitcoin's long-standing "four-year cycle" continues to influence investor psychology. Historically, Bitcoin typically undergoes approximately three years of an upward cycle followed by a one-year correction period. Investors have developed cyclical expectations and began reducing some long-term holdings towards the end of 2025.Additionally, the macroeconomic environment is a significant drag on Bitcoin. Zach Pandl, Head of Research at Grayscale, pointed out that rising inflationary pressures in the US have weakened market expectations for interest rate cuts. Investors are shifting towards higher-yielding traditional assets, leading to capital outflows from risk assets, including cryptocurrencies. The short-term bottom is estimated to be around $58,000, with future trends still influenced by interest rate policies, corporate Bitcoin buying behavior, and progress in US crypto regulatory legislation.Excessive market leverage has also exacerbated this correction. As a large number of investors expanded their Bitcoin exposure through borrowing and financing during the bull market, derivatives open interest has declined as the market weakened. Digital asset treasury companies have also come under pressure. Strategy's stock price has fallen approximately 75% since October last year, and its previously promoted model of corporate Bitcoin accumulation is facing renewed market scrutiny.However, some analysts remain optimistic about Bitcoin's prospects. Adrian Fritz, Chief Investment Strategist at 21Shares, predicts that Bitcoin may bottom out this summer, rebound after interest rates shift towards easing and geopolitical conflicts ease, with a year-end price target of $100,000. (Fortune)
Grayscale: Strategy Selling Part of Bitcoin May Help Reduce Financing Risk and Enhance Price Stability
Grayscale Research stated that Strategy sold a portion of Bitcoin last week, which may help reduce financing risk and support Bitcoin price stability. This sale of approximately $216 million increased its USD reserves, expected to cover dividend payment needs for approximately 17 months. Meanwhile, the STRC price rebounded, indicating investors reacted relatively positively to this decision.
Strategy’s Valuation Drops Below Bitcoin Holdings, mNAV Falls Below 1 for the First Time, Attracting Market Attention
Odaily Strategy's enterprise valuation has fallen below the value of its Bitcoin holdings, with its enterprise value to net asset multiple (mNAV) dropping below 1 for the first time, signaling a shift in the market's valuation logic for the company.Data shows that Strategy's current stock price is approximately $82, down about 85% from its all-time high in November 2024. Its enterprise value stands at around $50.4 billion, while the value of its Bitcoin holdings is approximately $51.1 billion (calculated at roughly $60,000 per Bitcoin). This means the market currently values the entire company at less than the value of the Bitcoin it holds.For a long time, the market valued Strategy significantly higher than its Bitcoin reserve, allowing the company to raise capital at a premium and continuously accumulate more Bitcoin. This model has been considered a key foundation of Michael Saylor's capital strategy. However, with the mNAV now below 1, raising capital through new equity issuance could potentially have a dilutive effect on existing shareholders.Analysts point out that this change makes Strategy's valuation structure more akin to a "closed-end fund," similar to the discount trading state observed in the Grayscale Bitcoin Trust during different market cycles. Such structures typically lack effective arbitrage mechanisms, making it difficult for discounts or premiums to correct quickly.However, unlike traditional closed-end funds, Strategy still possesses a variety of capital instruments, including debt financing, equity financing, software business cash flow, and capital structure management. In theory, this provides a degree of flexibility to navigate market volatility. (CoinDesk)
Grayscale Research Director: ETH Issuance Mechanism Similar to "Fiscal and Monetary Policy", Core Controversy Lies in Security and Inflation Trade-off
Grayscale Research Director Zach Pandl stated in a post on platform X that Ethereum is like a "small country," while ETH has only one core "government function": protecting property rights and value exchange within the system. Unlike traditional countries that provide public services through taxation, Ethereum mainly relies on "seigniorage," i.e., issuing new ETH, to fund network security. Under this framework, stakers responsible for maintaining network security are equivalent to the group providing public services, receiving rewards through newly issued ETH. Therefore, Ethereum's staking mechanism and ETH issuance policy essentially constitute the network's fiscal policy and monetary policy simultaneously; more security guarantees usually mean stronger property rights protection, but at the cost of higher ETH issuance volume and potential other risks. Some community members believe that Ethereum's monetary and fiscal policy design should consider the security trade-offs brought by these key ratios, but the current mechanism has not yet fully incorporated these factors. Zach Pandl added that the above analogy may not be entirely accurate as it does not yet involve other important factors such as the ETH burn mechanism, MEV, governance, etc.; how the future ETH issuance policy will be adjusted remains to be seen based on community governance results.
Grayscale: Failure of CLARITY Act Could Drive New US Crypto Investment Overseas
Odaily News: Grayscale Head of Research Zach Pandl said that even if the Digital Asset Market Structure Clarity Act (CLARITY Act) is not passed, the operation of major blockchains, demand for Bitcoin as a store of value, and growth of stablecoin payments will not be immediately affected. Regulators will fill regulatory gaps through rulemaking. Zach Pandl noted that the lack of comprehensive market structure legislation could dampen new investment activity in the US, prompting crypto industry participants and startups to move to overseas jurisdictions with clearer regulatory frameworks. The US government will continue to support the development of the crypto ecosystem. Strategy co-founder and Executive Chairman Michael Saylor previously stated that regardless of whether the CLARITY Act is passed, Bitcoin will continue to develop, but the US needs regulatory clarity for digital assets. Senator Bernie Moreno said that Senate Democrats and Republicans have concluded related negotiations, and a vote will follow.
Grayscale: CLARITY Act May Not Be Implemented This Year, New US Crypto Investment May Flow Overseas
Grayscale Head of Research Zach Pandl stated that due to the Senate schedule and election-year political factors, the likelihood of the U.S. bipartisan crypto market structure bill, the CLARITY Act, passing this year has significantly decreased. The article suggests that the bill's failure to pass will not impact the operation of major blockchains or demand for Bitcoin as a store of value in the short term, nor will it hinder the growth of stablecoin payments.
Grayscale Investments Completes Q2 Multi-Asset Fund Rebalancing, Adjusts DeFi, Smart Contract, and Decentralized Artificial Intelligence Fund Holdings
According to Globenewswire, Grayscale Investments announced on August 5 that it has completed the Q2 2026 review and rebalancing of its multi-asset funds, involving three products: the Grayscale Decentralized Finance Fund, the Grayscale Smart Contract Fund, and the Grayscale Decentralized Artificial Intelligence Fund, and disclosed the latest constituent assets and weights as of August 3, 2026.
Grayscale urges Senate vote on CLARITY Act before recess
Odaily News: Digital asset management firm Grayscale has called on U.S. Senate leaders to hold a vote on the CLARITY Act before the August recess, warning that further delay could undermine U.S. competitiveness in the digital asset market. The company sent letters to Senate Majority Leader John Thune and Minority Leader Chuck Schumer, stating that ongoing regulatory uncertainty continues to subject digital asset businesses to enforcement pressure in the absence of a unified federal framework. The CLARITY Act aims to allocate regulatory oversight of digital asset markets between the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission, while establishing a unified set of national market rules. The legislation also addresses market structure, custody, enforcement, stablecoins, government ethics, developer protections, and safeguards for direct asset holders.
Bitcoin bear market's three main causes revealed, but the industry expects a potential rebound to $100,000 by year-end
Odaily Bitcoin has been declining since October last year, with its current price hovering around half of its all-time high of $126,000, indicating the market remains in a deep bear phase. Multiple industry analysts believe the current pressure on Bitcoin stems primarily from three factors: the four-year cycle, macroeconomic inflationary pressures, and market leverage liquidations.Matt Hougan, Chief Investment Officer at Bitwise, stated that Bitcoin's long-standing "four-year cycle" continues to influence investor psychology. Historically, Bitcoin typically undergoes approximately three years of an upward cycle followed by a one-year correction period. Investors have developed cyclical expectations and began reducing some long-term holdings towards the end of 2025.Additionally, the macroeconomic environment is a significant drag on Bitcoin. Zach Pandl, Head of Research at Grayscale, pointed out that rising inflationary pressures in the US have weakened market expectations for interest rate cuts. Investors are shifting towards higher-yielding traditional assets, leading to capital outflows from risk assets, including cryptocurrencies. The short-term bottom is estimated to be around $58,000, with future trends still influenced by interest rate policies, corporate Bitcoin buying behavior, and progress in US crypto regulatory legislation.Excessive market leverage has also exacerbated this correction. As a large number of investors expanded their Bitcoin exposure through borrowing and financing during the bull market, derivatives open interest has declined as the market weakened. Digital asset treasury companies have also come under pressure. Strategy's stock price has fallen approximately 75% since October last year, and its previously promoted model of corporate Bitcoin accumulation is facing renewed market scrutiny.However, some analysts remain optimistic about Bitcoin's prospects. Adrian Fritz, Chief Investment Strategist at 21Shares, predicts that Bitcoin may bottom out this summer, rebound after interest rates shift towards easing and geopolitical conflicts ease, with a year-end price target of $100,000. (Fortune)
Yesterday, Ethereum spot ETF net inflows reached $189.1 million, a new high in nearly 9 months.
据 Trader T（@thepfund）数据，昨日以太坊现货 ETF 净流入达 1.891 亿美元，为近 9 个月最高单日流入纪录。各基金流入情况如下： • ETHA（BlackRock）：+1.221 亿美元 • FETH（Fidelity）：+3,654 万美元 • ETH（Grayscale Mini）：+1,604 万美元 • ETHB（BlackRock Staked）：+971 万美元 • MSSE（Morgan Stanley）：+225 万美元 • ETHE（Grayscale）：+169 万美元 • EZET（Franklin）：+79 万美元 Bitwise、21Shares、Invesco及 VanEck 旗下产品当日净流入均为零。
Yesterday, Bitcoin spot ETF net inflows reached $517.2 million.
According to data from Trader T (@thepfund), Bitcoin spot ETF net inflows reached $517.2 million yesterday, marking the highest single-day inflow record in nearly three months. The inflow details for each fund are as follows: • IBIT (BlackRock): +$284.7 million • ARKB (Ark): +$77.71 million • FBTC (Fidelity): +$62.41 million • BITB (Bitwise): +$35.60 million • GBTC (Grayscale): +$21.18 million • BTC (Grayscale Mini): +$19.66 million • MSBT (Morgan Stanley): +$9.98 million • EZBC (Franklin): +$5.92 million Products under Invesco, Valkyrie, VanEck, and WisdomTree all recorded zero net inflows for the day.
Yesterday, total net inflow into Bitcoin spot ETFs was $189.31 million.
According to data from Trader T (@thepfund), the total net inflow for Bitcoin spot ETFs yesterday was $189.31 million. BlackRock $IBIT led with $143.57 million, accounting for approximately 76% of the total inflow for the day. Ark $ARKB had an inflow of $19.73 million, Bitwise $BITB an inflow of $16.15 million, Fidelity $FBTC an inflow of $23.92 million, and Grayscale Mini $BTC an inflow of $2.86 million. VanEck $HODL was the only product with a net outflow for the day, recording an outflow of $16.92 million, while inflows for all other products were zero.
Bitcoin Approximately 69-73 Days Away from Cycle Bottom, Analysts and Institutions Disagree on Four-Year Cycle
According to BeInCrypto, crypto analyst Benjamin Cowen stated that Bitcoin is currently on day 1,363 of this cycle, while the past two cycles bottomed out on day 1,432 and day 1,436 respectively. Based on this, the bottom of this cycle is estimated to appear in October 2026, approximately 69-73 days from now. Cowen also pointed out that August and September have historically been seasonally weak periods for Bitcoin, with an average decline of about 10% in August during midterm election years. However, this prediction faces institutional-level skepticism. Fidelity pointed out that within months after Bitcoin hit an all-time high, one-year volatility touched a new low, a signal that never appeared in previous cycles; Bitwise Chief Investment Officer Matt Hougan believes that continuous inflows into spot ETFs and corporate balance sheet allocation demands have weakened traditional halving cycle patterns; Grayscale's 2026 outlook report also holds a similar view. Cowen, however, insists that although tops are becoming flatter, the bottom ranges of the four cycles have hardly shifted.
Morgan Stanley Significantly Increases BlackRock Bitcoin ETF Holdings in Q2
此外，摩根士丹利还新增了 257 万股自家比特币信托（MSBT，价值约 4330 万美元），并首次建仓 Grayscale Solana Staking ETF（GSOL）及 Fidelity Solana Fund（FSOL）。与此同时，其 Circle（CRCL）持仓从约 146 万股大幅增至 832 万股，并增持多家比特币矿企股份。值得注意的是，摩根士丹利同期减持了约 55 万股 Coinbase（COIN），并完全清仓约 800 万股 Bitfarms（BITF）。
Grayscale Transfers 572.9 BTC and 44,320 LINK to Coinbase Prime
Odaily News: According to Onchain Lens monitoring, Grayscale has transferred 572.9 BTC and 44,320 LINK from its Bitcoin Trust and Chainlink Trust wallets to Coinbase Prime, valued at approximately $35.9 million and $391,000, respectively.
Grayscale Amends Zcash Trust Registration Statement for Fourth Time, Plans to List on NYSE Arca
Grayscale has filed the fourth amendment to the registration statement for the Grayscale Zcash Trust (ZEC) with the U.S. Securities and Exchange Commission, planning to list the trust on the NYSE Arca market under the ticker symbol ZCSH. Upon completion of the listing, Authorized Participants will be able to continuously subscribe and redeem trust shares, differing from the previous model where trading was limited to the over-the-counter market and redemptions were not supported.
Grayscale Research Director: ETH and SOL Planning Inflation Reduction Mechanisms, Token Scarcity May Further Increase
Grayscale Research Director Zach Pandl stated in a post that the Ethereum and Solana blockchain networks are considering adjusting their token economic models to reduce future token supply growth by lowering annual inflation rates, thereby enhancing asset scarcity. As key blockchain-native assets underpinning the stablecoin and tokenized asset ecosystems, the prices of ETH and SOL are primarily determined by supply and demand dynamics. If relevant code upgrade proposals are approved, all else being equal, lower supply growth could support token prices. ETH and SOL are becoming important digital commodities underpinning stablecoins and the tokenization of real-world assets, and tokenomic adjustments to lower inflation may further strengthen the scarcity attributes of both. According to Grayscale's analysis, if relevant adjustments are implemented, the supply inflation rates of BTC, ETH, and SOL will continue to decline over the next five years. It is projected that by the end of 2031, the annual inflation rates for Bitcoin and Ethereum will both be approximately 0.4%, while Solana will be around 1.1%, lower than gold's annual supply growth rate of approximately 1.8% and the US CPI inflation level of approximately 3.3%.
Grayscale withdraws three ETF registration applications for ADA, HBAR, and DOT in succession, without disclosing specific reasons
Odaily News – Grayscale withdrew three ETF registration applications for Cardano (ADA), Hedera (HBAR), and Polkadot (DOT) in succession on August 7, with the three withdrawal filings submitted approximately 190 seconds apart.All three withdrawal filings indicate that Grayscale no longer plans to proceed with the issuance of shares for the related ETFs. The filings also note that the registration statements had not yet taken effect, no securities were issued or sold, and no preliminary prospectus was published. These withdrawals do not represent rejections by the SEC of the related ETF applications, and the filings do not disclose the reasons behind them.As of August 8, Grayscale's altcoin ETF applications for Bittensor, Aave, BNB, NEAR, and Zcash remain in the preliminary stage. Previously, Grayscale's Avalanche Staking ETF and Hyperliquid Staking ETF registration statements took effect in March and June of this year, respectively. However, the effectiveness of a registration statement does not mean the product has begun trading. (cryptoslate)
Grayscale: Failure of CLARITY Act Could Drive New US Crypto Investment Overseas
Odaily News: Grayscale Head of Research Zach Pandl said that even if the Digital Asset Market Structure Clarity Act (CLARITY Act) is not passed, the operation of major blockchains, demand for Bitcoin as a store of value, and growth of stablecoin payments will not be immediately affected. Regulators will fill regulatory gaps through rulemaking. Zach Pandl noted that the lack of comprehensive market structure legislation could dampen new investment activity in the US, prompting crypto industry participants and startups to move to overseas jurisdictions with clearer regulatory frameworks. The US government will continue to support the development of the crypto ecosystem. Strategy co-founder and Executive Chairman Michael Saylor previously stated that regardless of whether the CLARITY Act is passed, Bitcoin will continue to develop, but the US needs regulatory clarity for digital assets. Senator Bernie Moreno said that Senate Democrats and Republicans have concluded related negotiations, and a vote will follow.
Grayscale: HYPE remains undervalued compared to fintech stocks, with a current valuation of approximately 15-18 times P/E ratio.
According to BeInCrypto, Grayscale Head of Research Zach Pandl released a report using the "earnings per token" method to value Hyperliquid (HYPE). The report assumes Hyperliquid's 2027 earnings will be approximately $1 billion (an increase of about 20% compared to 2025), and expects the circulating supply at that time to reach 270 million to 310 million tokens, corresponding to earnings per token of approximately $3.25 to $3.75. Calculated at the current price of approximately $54, the forward P/E ratio is approximately 15 to 18 times, suggesting it still holds a valuation advantage compared to fintech stocks.
Paradigm unstakes $171 million in HYPE, possibly transferring to institutional custody
this morning, two addresses suspected to be associated with Paradigm unstaked 2.92 million HYPE (approximately $171 million).Former Ethereum core developer and angel investor Eric Conner commented on this, saying: "Everyone assumes this is a sell-off, but it's more likely that this is for ETF seeding. Custodians require tokens to be liquid, and staked HYPE cannot be used. Back in April, they also unstaked $88 million worth of tokens, and on the same day, Grayscale updated its S-1 filing and switched its custodian to Anchorage."
Related news
Fortitude Crypto Mined ZEC at Scale in Q2, Generating Over $20 Million in Revenue
Odaily News - Barry Silbert, founder of DCG, the parent company of Grayscale, stated on the X platform that Fortitude Crypto had a strong second quarter, is conducting large-scale ZEC mining operations, and is moving toward the public market.Fortitude reported Q2 revenue of $20.9 million, adjusted EBITDA of $8.5 million, and a net loss of $9.5 million for the quarter. The company mined approximately 33,646 ZEC during the quarter, with an average hashrate of 4.0 GSol/s.
Yesterday, Ethereum spot ETF net inflows reached $189.1 million, a new high in nearly 9 months.
据 Trader T（@thepfund）数据，昨日以太坊现货 ETF 净流入达 1.891 亿美元，为近 9 个月最高单日流入纪录。各基金流入情况如下： • ETHA（BlackRock）：+1.221 亿美元 • FETH（Fidelity）：+3,654 万美元 • ETH（Grayscale Mini）：+1,604 万美元 • ETHB（BlackRock Staked）：+971 万美元 • MSSE（Morgan Stanley）：+225 万美元 • ETHE（Grayscale）：+169 万美元 • EZET（Franklin）：+79 万美元 Bitwise、21Shares、Invesco及 VanEck 旗下产品当日净流入均为零。
Yesterday, Bitcoin spot ETF net inflows reached $517.2 million.
According to data from Trader T (@thepfund), Bitcoin spot ETF net inflows reached $517.2 million yesterday, marking the highest single-day inflow record in nearly three months. The inflow details for each fund are as follows: • IBIT (BlackRock): +$284.7 million • ARKB (Ark): +$77.71 million • FBTC (Fidelity): +$62.41 million • BITB (Bitwise): +$35.60 million • GBTC (Grayscale): +$21.18 million • BTC (Grayscale Mini): +$19.66 million • MSBT (Morgan Stanley): +$9.98 million • EZBC (Franklin): +$5.92 million Products under Invesco, Valkyrie, VanEck, and WisdomTree all recorded zero net inflows for the day.
Grayscale Submits Amended Filing for Zcash Trust Listing, Plans NYSE Arca Debut Under "ZCSH"
Odaily News: According to market reports, Grayscale has submitted the fourth amended registration statement for the Grayscale Zcash Trust (ZEC) to the U.S. SEC. The trust is expected to be renamed upon the registration statement becoming effective and will list on NYSE Arca under the ticker "ZCSH." Additionally, DCG International Investments L, a subsidiary of Digital Currency Group (DCG), is in discussions with the sponsor to subscribe for approximately 200,000 ZEC worth of trust shares. However, the arrangement has not yet formed a binding agreement, and the final subscription amount may change or be canceled.
Grayscale Amends Zcash Trust Registration Statement for Fourth Time, Plans to List on NYSE Arca
Grayscale has filed the fourth amendment to the registration statement for the Grayscale Zcash Trust (ZEC) with the U.S. Securities and Exchange Commission, planning to list the trust on the NYSE Arca market under the ticker symbol ZCSH. Upon completion of the listing, Authorized Participants will be able to continuously subscribe and redeem trust shares, differing from the previous model where trading was limited to the over-the-counter market and redemptions were not supported.
Yesterday, total net inflow into Bitcoin spot ETFs was $189.31 million.
According to data from Trader T (@thepfund), the total net inflow for Bitcoin spot ETFs yesterday was $189.31 million. BlackRock $IBIT led with $143.57 million, accounting for approximately 76% of the total inflow for the day. Ark $ARKB had an inflow of $19.73 million, Bitwise $BITB an inflow of $16.15 million, Fidelity $FBTC an inflow of $23.92 million, and Grayscale Mini $BTC an inflow of $2.86 million. VanEck $HODL was the only product with a net outflow for the day, recording an outflow of $16.92 million, while inflows for all other products were zero.