1. SEC Further Delays Tokenization “Innovation Exemption”, Awaiting Clarity Act Outlook link
According to crypto journalist Eleanor Terrett, the SEC’s token‑related “innovation exemption” initiative has been further delayed, with details not expected to be released anytime soon. Sources note that one contributing factor may be ongoing negotiations among stakeholders over token‑provisions in Section 10505 of the Clarity Act. Should the SEC move forward with measures via the innovation exemption, it could undermine compromises reached around that section. As a result, the exemption may remain on hold until the path forward for the Clarity Act becomes clearer. The SEC still plans to hold a public meeting at a later date to discuss new rules and exemptions for crypto‑asset financing transactions, namely Regulation Crypto Assets.
The innovation exemption proposal would potentially allow public companies to oppose third‑party tokenization of their stocks, and may require relevant trading platforms to be U.S.‑based entities with strengthened anti‑money‑laundering controls. The SEC originally planned to release the exemption in May but postponed it following feedback from stock exchanges, public companies and other market participants. Meanwhile, the Clarity Act has previously stalled amid partisan disputes over ethics restrictions for public officials regarding crypto‑related activities. Senate Majority Leader John Thune has filed a cloture motion in preparation for a procedural vote in mid‑September.
2. Russia’s Central Bank Proposes Allowing Non‑Qualified Investors to Buy BTC, ETH and USDT With Annual Caps link
The Bank of Russia has released a draft set of rules for cryptocurrency purchases, proposing that non‑qualified investors may buy a maximum of 300,000 rubles (approximately 3,645 US dollars) worth of crypto‑assets per year through each broker, crypto‑exchange operator or asset management firm. Currently permitted tokens include BTC, ETH and USDT, with screening criteria covering market capitalization, average daily trading volume and at least five years of overseas price history. Qualified investors face no purchasing limits for crypto‑assets on exchanges and over‑the‑counter markets. All investors must complete a risk test prior to trading, and public comments on the draft will be accepted until August 24.
3. Bitcoin Miners’ Fee Revenue Share Drops to 0.69%, Near 10‑Year Low link
Glassnode data shows that Bitcoin transaction fees currently account for only 0.69% of miner revenue, remaining near the 10‑year low of 0.52% hit in April this year. The fee‑revenue share has stayed below 1% for nearly one year, with miner income relying more heavily on the 3.125‑BTC per‑block subsidy. According to Checkonchain, Bitcoin’s total network hashrate has fallen from its October 2025 peak of 1.3 ZH/s to 861 EH/s, representing a roughly 33% decline. The estimated average production cost per BTC now stands at $78,254, around 23% above the spot price at that time.
4. Strategy Sells 1,690 BTC to Repurchase STRC link
Strategy sold 1,690 BTC at an average price of $64,262 between August 3 and 9, generating approximately $108.6 million in proceeds, all of which were used for STRC repurchases. During the same period, the company raised around $653.1 million by selling 6.59 million MSTR shares, of which $650 million was deployed to boost its U.S. dollar reserves to $4.65 billion. Strategy currently holds 840,447 BTC with an aggregate cost basis of roughly $63.36 billion and an average acquisition price of $75,385 per BTC.
Michael Saylor, Executive Chairman of Strategy, published data from the firm’s BTC Credit model. The model adopts reference assumptions of a 10% annualized BTC return, a BTC price of $63,701, and 40% volatility, and marks credit spreads across investment‑grade, high‑yield and distressed tiers. Per the model, Strategy’s BTC reserve is valued at $53.54 billion and its U.S. dollar reserves stand at $4.65 billion. The BTC floor price for STRC is $16,184, meaning undercollateralization would occur if BTC trades below this level; its implied BTC risk stands at 8.84% with a credit spread of 115 basis points. The combined notional size of the company’s debt and preferred stock amounts to $21.952 billion, yielding an overall BTC floor price of $20,587.
In an interview, Strategy CEO Phong Le stated that notwithstanding market attention around recent partial position sales, the firm plans to resume Bitcoin accumulation later this year. Phong Le noted that year‑to‑date, Strategy has bought approximately 175,000 BTC while selling roughly 7,000 BTC, putting purchases at about 25 times sales volume. He emphasized that proceeds from recent Bitcoin sales have primarily funded preferred‑stock dividend payments, share buybacks and U.S. dollar reserve building, and that the company will restart Bitcoin purchases within the year amid adjusted business priorities.
