The Daily: Elon Musk’s new political party to support bitcoin over ‘hopeless’ fiat, Strategy pauses BTC buying spree, and more

The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.

I hope you had a good weekend, folks. Bitcoin registered an all-time high weekly close above $109,000 on Sunday, as the Trump administration's new tariff date seemingly eased concerns of imminent volatility.

In today's newsletter, Elon Musk says his new political party will support bitcoin, Strategy pauses its bitcoin buying spree for the first time in three months, CoreWeave agrees to a $9 billion acquisition of Core Scientific, and more.

Meanwhile, Bernstein says an "equity tokenization wave" is coming, despite the Robinhood-OpenAI controversy last week.

Let's get started.

Elon Musk's new political party to support bitcoin over 'hopeless' fiat

Elon Musk's recently announced "America Party" will support bitcoin, the Tesla CEO and former DOGE government efficiency unit lead confirmed on X this Sunday.

• "Fiat is hopeless, so yes," Musk said, replying to a user asking if his new political party would embrace bitcoin.
• The party's creation follows Musk's public split with former close ally Donald Trump over the $3.4 trillion "Big, Beautiful Bill" — a spending package he criticized for significantly increasing the U.S. deficit.
• "When it comes to bankrupting our country with waste and graft, we live in a one-party system, not a democracy," Musk said on Saturday. "Today, the America Party is formed to give you back your freedom."
• Musk said the new party will challenge the existing two-party system in the U.S. and will target a handful of key Senate and House races to influence legislation.
• President Trump dismissed Musk's move in a Truth Social post, stating third parties have never succeeded in U.S. history and that the billionaire had gone "completely off the rails."

Strategy pauses bitcoin buying spree for first time in 3 months

Strategy paused its bitcoin buying spree last week for the first time in three months, with co-founder Michael Saylor saying, "Some weeks you just need to HODL."

• The firm made no bitcoin acquisitions between June 30 and July 6, according to an 8-K filing with the SEC on Monday, and continues to hold a total of 597,325 BTC — worth around $65 billion.
• The last time the firm did not buy bitcoin on a weekly basis was between March 31 to April 6 — coinciding with the release of its Q1 results on April 7, when Strategy disclosed $5.91 billion in unrealized losses on its bitcoin treasury for the period.
• Following suit, Strategy released its Q2 results on Monday, disclosing an unrealized gain on digital assets of $14.05 billion.
• Strategy also announced a $4.2 billion at-the-market offering of its 10% Series A Perpetual Stride Preferred Stock (STRD) on Monday.
• Meanwhile, Metaplanet added another 2,205 BTC to its treasury for nearly $239 million, hitting 15,555 BTC in total holdings.

CoreWeave agrees to $9 billion all-stock acquisition for Core Scientific

AI hyperscaler CoreWeave has agreed to buy bitcoin miner Core Scientific in an all-stock deal valuing it at $9 billion, offering a 66% premium to June prices.

• Core Scientific shareholders will get 0.1235 CoreWeave shares each, giving them less than 10% of the combined company.
• The deal folds Core Scientific's 1.2 GW data center network into CoreWeave's AI compute business and cancels a prior $10 billion hosting contract between the firms.
• Core Scientific shares dropped around 20% at one point on Monday following the announcement.
• The deal, approved by both boards, is set to close in late 2025 pending regulatory and shareholder approval.

Vitalik Buterin proposes Ethereum gas limit cap to reduce risk of DoS attacks

Ethereum co-founder Vitalik Buterin and researcher Toni Wahrstätter proposed EIP-7983 to cap network transactions at 16.77 million gas each.

• The cap aims to reduce denial-of-service attack risks, improve stability, and make execution more predictable, the pair said.
• The limit balances supporting complex use cases while enforcing consistent performance and zkVM readiness, they added.
• Transactions above the cap would be rejected, though most activity already falls below the proposed threshold.
• Currently, Ethereum sets a per-block gas limit of approximately 36 million, with no limit per transaction.

No indication $8.7 billion OG bitcoin whale transfers were for selling, Arkham says

Following Friday's newsletter, over 80,000 BTC worth $8.7 billion ended up being moved after 14 years of dormancy, but onchain analytics platform Arkham said it looked more like legacy address upgrades, not selling.

• Speculation over the owner ranged from Roger Ver to Satoshi, though it was likely just an early miner securing their stash.
• Coinbase's Conor Grogan floated a small chance of a hack, but no signs of foul play or further movement have appeared.

In the next 24 hours

• It's quiet on the economic calendar front.
• 1inch and EigenLayer are set for token unlocks.

Never miss a beat with The Block's daily digest of the most influential events happening across the digital asset ecosystem.

Disclaimer: This article was produced with the assistance of OpenAI’s ChatGPT 3.5/4 and reviewed and edited by our editorial team.

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