Odaily Planet Daily reports that Nasdaq-listed digital insurance products provider Zhibao Technology has signed a non-binding term sheet with Joyertech and Information OPC for a PIPE financing. Under the proposed deal, Zhibao would sell shares and receive roughly 3,500 bitcoins as consideration, valued at about $220 million at current prices. The transaction remains subject to final valuation, custody arrangements, audit verification, regulatory review, Nasdaq compliance, and the execution of definitive agreements. The term sheet also states that once the PIPE closes, the investor is expected to name a majority of Zhibao's board members, while the current management team would continue running day-to-day operations. On July 15, Zhibao said it had received a Nasdaq deficiency notice after its share price fell below $1.00. The company has 180 calendar days to regain compliance with Nasdaq's $1.00 minimum bid price requirement, with the deadline set for January 6, 2027.

Zhibao, listed on the Nasdaq, is moving toward a Bitcoin-focused treasury strategy. The company said it plans to sell $220 million of its shares, with the proceeds intended for Bitcoin (BTC) purchases.

Tesla reported no bitcoin sales during Q2 2026, leaving its treasury position unchanged at 11,509 BTC. The company continues to rank among the largest publicly traded corporations holding bitcoin.

Trading in the ProShares Bitcoin Strategy ETF (BITO) has surged, fueling speculation that hedge funds are returning to the Bitcoin basis trade. Bloomberg ETF analyst Eric Balchunas said BITO ranked as the sixth most-traded ETF today and has racked up about $40 billion in trading volume so far this month. That is roughly double the $20 billion traded by BlackRock's spot Bitcoin ETF, IBIT. The spike stands out because many investors have gravitated toward lower-cost spot Bitcoin ETFs rather than futures-based products such as BITO, which carries a higher fee. Balchunas said the most plausible driver is renewed activity from professional traders and hedge funds executing the basis trade—buying BITO's Bitcoin futures exposure while simultaneously taking offsetting positions to profit from price discrepancies. He added that recent BITO volume spikes have coincided with upward reversals in Bitcoin's price, lending support to the idea, though he noted the explanation has not been confirmed.

Bitcoin fell under $64,700 after momentum in U.S. Senate discussions on the CLARITY Act appeared to fade. In broader markets, crude oil climbed past $101 a barrel.

Japan is moving toward a regulatory overhaul that could pave the way for the country's first Bitcoin exchange-traded fund (ETF) as early as fiscal 2028, bringing digital assets closer to the rulebook that governs traditional financial products. According to reports, the Financial Services Agency (FSA) is preparing revisions to investment fund regulations after lawmakers shifted oversight of spot cryptocurrencies to the Financial Instruments and Exchange Act. That change would place crypto assets under the same regulatory framework as securities, replacing the current approach centered on the Payment Services Act. The planned framework is intended to give investment firms clearer legal footing to launch regulated cryptocurrency investment products, while also strengthening investor protections and broadening access to compliant digital-asset exposure. Finance Minister Satsuki Katayama has recently signaled the government remains on track to legalize cryptocurrency ETFs, mirroring adoption trends in other major markets. Asset managers are reportedly assessing potential Bitcoin ETF offerings for Japanese investors. Market estimates suggest such products could draw up to 3 trillion yen in inflows by fiscal 2028 if approved. Institutional demand is also shaping the policy momentum. Pension funds have begun adding crypto exposure as part of diversification efforts. Aiyu Kiguchi, executive director of investment management at the National Business Pension Fund in Okayama, said cryptocurrencies can help diversify portfolios due to their relatively low correlation with the U.S. dollar. The fund manages about 21.5 billion yen for roughly 1,200 small and medium-sized businesses and has allocated an initial 1% of its portfolio to crypto-related funds managed by overseas hedge funds. Japanese financial groups are positioning for a regulated ETF market as well. SBI Holdings has proposed several cryptocurrency ETF products, including a dual-asset fund offering exposure to both Bitcoin and XRP. SBI has also set a goal of reaching about 5 trillion yen in assets under management within three years, betting that regulated crypto investment products will attract rising interest from institutional and retail investors. Industry participants say aligning cryptocurrencies with traditional investment rules could make the market more familiar for financial institutions and encourage participation from established asset managers. If the reforms move forward, Japan would join other major markets offering regulated Bitcoin ETFs, expanding investor options while reinforcing the country's role in the global digital-asset industry.

Odaily Planet Daily reports that Onchain Lens data shows a trader on Hyperliquid has closed a Bitcoin (BTC) long position valued at $21.59 million after holding it for 30 days, realizing a profit of $499,100. The wallet currently has no open perpetual contract positions and holds 106.13 BTC in spot, worth about $6.88 million. The trader's profit on this trade was $499,100; total historical profit stands at $3.88 million, with a 57% win rate.

The Smarter Web Company has sold 177.8909127 bitcoin to repay a $11,698,540 convertible instrument roughly two weeks ahead of schedule, marking another instance of a public bitcoin treasury company trimming holdings amid a tough 2026 for digital asset treasury (DAT) firms. The London-listed company said Thursday that it fully repaid the amount outstanding under its Smarter Convert instrument, held by entities related to TOBAM. The financing structure was first disclosed in August 2025. Smarter Web funded the repayment by selling 177.8909127 BTC at an average price of $65,762 per coin. The sale represented all of the bitcoin originally acquired using the subscription proceeds tied to the instrument. While the agreement required at least 98% of proceeds to be invested in bitcoin, the company said it allocated 100% into the cryptocurrency and, under the terms, used those funds’ bitcoin holdings to repay the instrument in full. The early repayment also removes potential dilution from the company’s capital structure. Smarter Web said the transaction eliminates the potential issuance of 7,718,551 ordinary shares linked to the convertible instrument. The company added that those shares, along with the 177.89 BTC sold to fund the repayment, have been removed from its fully diluted bitcoin treasury analytics. After the transaction, Smarter Web said it still holds 2,700 bitcoin, ranking as the world’s 28th largest public corporate bitcoin holder. Chief Executive Andrew Webley said the convertible structure supported the balance sheet in the early phase of the firm’s bitcoin treasury strategy but no longer aligns with its capital allocation priorities. He said convertible instruments remain a possible financing option, though the company does not currently view them as the right solution. Smarter Web’s move comes as more DAT firms shift away from a strict "never sell" posture. Strategy earlier this year reversed its longstanding position against selling bitcoin, disposing of 32 BTC in May for tax-loss harvesting and selling a further 3,588 BTC across June and July to help fund preferred stock distributions and rebuild cash reserves. In total, Strategy sold 3,620 bitcoin during 2026 as financing conditions tightened. Satsuma Technology has also moved to exit its treasury approach entirely. Shareholders approved a liquidation plan that includes selling its remaining 668 bitcoin, settling liabilities, and distributing the remaining proceeds to investors after the stock fell more than 99% from its peak as the business struggled amid declining asset values. The broader treasury-company segment has faced increasing strain through 2026, with bitcoin prices remaining well below many firms’ average acquisition costs. Companies that depended on issuing shares above net asset value or raising capital via convertible securities have encountered tougher funding conditions as equity valuations weakened. The environment has also highlighted the gap between holding bitcoin directly and owning exposure through publicly traded treasury companies: when shares trade at steep discounts to the value of underlying bitcoin holdings, issuing new equity becomes less compelling, while debt service and operating costs continue to pressure balance sheets. Smarter Web said the repayment reflects a financing shift rather than a retreat from bitcoin. The company continues to accept bitcoin as payment for its web design and digital marketing services and keeps bitcoin as a central element of its treasury policy. By retiring the TOBAM-linked instrument early, Smarter Web reduces future dilution risk and simplifies its capital structure while remaining among the largest public corporate holders of the cryptocurrency.

Grayscale argues Bitcoin has shifted into a new market regime in which global liquidity, real interest rates and Federal Reserve policy have become the dominant forces, replacing the traditional four-year halving-driven pattern. The firm said Bitcoin's recent pullback came alongside rising real yields and growing expectations that the Fed may take a more hawkish stance. Grayscale added that if the Fed pauses rate hikes and the U.S. avoids a sharp economic downturn, Bitcoin may already have found a bottom. Some market participants disagree. Proponents of the four-year cycle contend Bitcoin could still fall further, pointing to historical patterns in which cycle lows typically arrive about a year after the market peak and roughly 2.5 years after a halving, with average drawdowns of around 80%.