Daily Brief: July 30, 2025

💬 Solana Co-Founder Critiques Meme Coins as 'Digital Slop'

Anatoly Yakovenko, co-founder of Solana, recently criticized meme coins and NFTs, calling them 'digital slop' with no intrinsic value. He compared them to loot boxes in mobile games, sparking debate about their role in Solana's ecosystem. Despite his harsh words, Solana's network heavily relies on meme coin activity, with platforms like Pump.fun generating significant revenue.

Pump.fun, a leading Solana-based meme coin launchpad, has seen its market share decline as traders move to newer platforms like LetsBonk. This shift reflects changing trader preferences and highlights the volatility in the meme coin market. Despite these challenges, meme coins still make up a significant portion of Solana's decentralized app revenue.

The debate over meme coins and NFTs highlights a broader tension in the crypto world. While some see these assets as speculative and lacking value, others argue they hold cultural and artistic significance. This ongoing discussion is crucial as Solana and other blockchain platforms try to balance short-term gains with sustainable growth.

Why it matters: This discussion highlights the tension between short-term speculative trends and sustainable blockchain growth, illustrating how meme coins and NFTs can both drive adoption and pose challenges for long-term ecosystem health.

🚀 Twenty One Capital Boosts Bitcoin Holdings

Twenty One Capital, backed by Tether and Cantor Fitzgerald, is set to boost its Bitcoin holdings by 5,800 BTC, bringing its total to over 43,500 BTC. This move will cement its status as the third-largest corporate Bitcoin holder worldwide, with current holdings valued at $4.4 billion.

The company aims to function as a Bitcoin treasury, introducing a new metric called Bitcoin Per Share (BPS). This will give investors direct exposure to Bitcoin without the usual corporate liabilities. This innovative strategy reflects a vision to create a financial system centered around Bitcoin.

Twenty One Capital plans to go public under the ticker XXI, using BPS to measure performance in Bitcoin terms instead of traditional earnings per share. All Bitcoin holdings will be transparently held on-chain, with real-time Proof of Reserves available to investors.

Why it matters: This development underscores the increasing institutionalization of Bitcoin and the demand for transparent, accountable custody solutions. Twenty One’s public listing with substantial Bitcoin holdings could influence broader market confidence and adoption.

📈 SEC Greenlights In-Kind Redemptions for Crypto ETFs

The U.S. Securities and Exchange Commission (SEC) has approved in-kind redemptions for Bitcoin and Ethereum exchange-traded funds (ETFs). This allows investors to exchange ETF shares directly for the cryptocurrencies backing them, rather than using cash only. This change is expected to lower costs and improve market efficiency.

SEC Chair Paul Atkins highlighted that this move is part of developing a regulatory framework specifically for crypto markets. The approval marks a shift from cash-only transactions to direct crypto-for-ETF share exchanges, indicating evolving regulatory acceptance. This development is anticipated to offer more flexibility and cost savings to investors.

Industry advocates have long supported this feature, as it enhances operational efficiency and reduces costs for both investors and fund managers. Commissioner Hester Peirce also expressed support, noting that this has been a desired feature since the inception of crypto-asset ETFs. This regulatory update is expected to benefit American investors by improving market functionality.

Why it matters: This regulatory update enhances the functionality and cost-efficiency of crypto ETFs, potentially driving greater adoption and maturity of crypto investment products in traditional financial markets.