Market Watch
Things to Watch This Week (July 21 - July 26)
July 23 - Earnings
Earnings season continues with closely watched reports from Tesla and Alphabet, which could steer sentiment across tech and growth stocks. Markets will also monitor initial jobless claims for clues on the Fed's rate outlook.
Random Musing This Week
Weekly Market Recap
Key progress last week included advances in U.S. crypto legislation, growing corporate Ethereum reserves, and rising institutional interest in Ethereum. Let’s dive in:
Crypto Week Bills Passed – GENIUS Act Heads to the White House
Last week, the U.S. House of Representatives passed three major crypto-related bills:
1. The GENIUS Act, bringing a regulatory framework for stablecoins,
2. The Clarity for Digital Tokens Act, which helps define oversight between the SEC and CFTC, and
3. The CBDC Anti-Surveillance State Act, which prohibits the Federal Reserve from issuing a central bank digital currency.
These bills represent significant progress in regulatory clarity for digital assets in the U.S.
Strategic ETH Accumulation Surges – Corporates Now Surpass the Ethereum Foundation
According to StrategicETHReserve.xyz:
Strategic ETH Reserve holdings now exceed 1.76M ETH ($6.59B).
ETF ETH Holdings total 5.24M ETH ($19.65B) — or 4.34% of ETH’s total supply.
Daily ETF inflow remains strong at +115.77K ETH
Notably, two public companies have surpassed the Ethereum Foundation in terms of ETH holdings.
Bitmine’s shares surged after it was revealed that Palantir co-founder Peter Thiel acquired a 9% stake via private placement at $4.50/share. Bitmine now ranks as the largest known corporate holder of ETH.
Nasdaq Seeks to Add Staking to BlackRock's Ethereum ETF
Nasdaq filed an amendment on behalf of BlackRock to allow staking within its ETHA ETF, a significant move toward enabling yield generation on staked ETH via a U.S. spot ETF. If approved, this would be the first staking-enabled ETF in the U.S. While the official approval deadline is set for April 2026, it could be fast-tracked and potentially approved as early as Q4 2025.
Recap of Top Stories (July 14 – July 18)
Interesting
Trump eyeing executive order to allow crypto, gold, and private equity in 401(k) retirement plans
Commentary: United States President Donald Trump plans to open the country's retirement market to include cryptocurrency, gold, private equity, and other "alternative investments" in a forthcoming executive order, according to a report by the Financial Times, citing three people briefed on the matter.
Regulators would need to scrutinize existing hurdles preventing alternative investments from being included in professionally managed retirement funds for people with a 401(k) if Trump implements the order, according to the Financial Times's reporting.
Nasdaq files application to add staking for BlackRock iShares ETH ETF
Commentary: The Nasdaq stock exchange filed an application with the US Securities and Exchange Commission (SEC) on Wednesday on behalf of BlackRock to add staking to the asset manager’s iShares Ether exchange-traded fund (ETF).
If the application is approved, the fund would give investors exposure to staking rewards accrued from using the underlying Ether as collateral security for Ethereum’s proof-of-stake consensus algorithm.
US House passes three key crypto bills ahead of August recess
Commentary: In a Thursday House session, lawmakers voted 294-134 to pass the Digital Asset Market Clarity (CLARITY) Act, a bill aimed at establishing a market structure for cryptocurrencies, 308-122 in favor of the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act, and 219-210 for the Anti-CBDC Surveillance State Act.
Almost 80 Democrats voted yes for the CLARITY Act and more than 100 for the GENIUS Act, with the bills having been expected to move through the chamber before Congress breaks for its August recess.
SharpLink becomes largest corporate ether holder with 280,706 ETH surpassing Ethereum Foundation
Commentary: SharpLink ups its treasury to 280,706 ETH after a $156 M buying spree, surpassing the Ethereum Foundation’s stash.
The company features on a growing list of names like BitMine Immersion, Bit Digital, and other firms using at‑the‑market offerings to build sizable ether positions as they vie to become the leading publicly traded ETH holders.
Grayscale submits confidential IPO filing with SEC
Commentary: On Monday, Grayscale said it had filed to list its company shares with the Securities and Exchange Commission (SEC) under a new clause that enables confidential filings ahead of a final public offering.
Entering public markets would enable Grayscale to seek more funding opportunities through strategies such as public stock offerings, which was leveraged by Michael Saylor’s Strategy, or convertible note offerings, such as GameStop’s $2.25 billion offering from June 13.
Kazakhstan wealth fund, gold, and FX reserves to be invested in crypto
Commentary: Kazakhstan’s sovereign wealth fund has reportedly identified cryptocurrencies as a viable asset class for inclusion in the country’s national reserves, with the central bank drawing lessons from allocation strategies used in Norway, the United States and the Middle East.
The country plans to invest a portion of its gold and foreign exchange reserves — as well as assets held by its sovereign wealth fund — into crypto-related instruments. The central bank chief also stated that Kazakhstan aims to establish a national crypto asset reserve using digital assets confiscated by law enforcement agencies.
Upcoming Market Events
July 25 - BTC CME July (BTCN25) Options Expiry
July 30 - U.S. FOMC Interest Rate Decision
August 12 - U.S. CPI (July)