Strategy pauses, UK goes onchain, CLARITY Act — Tue 14 Jul

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Robinhood built a blockchain for tokenized stocks. Memecoins took over. And Strategy — the world's largest corporate Bitcoin holder — just stopped buying.

Some of the stories in today's edition:

💎 Robinhood Chain: $3.1B in DEX volume in week one — only $13M is tokenized stocks
💎 Strategy pauses Bitcoin purchases and hoards a $3 billion cash cushion
💎 Bitcoin's eight-week ETF outflow streak just ended — is the panic selling over?
💎 Trump invokes Lindsey Graham to push CLARITY Act through the Senate
💎 BlackRock, Goldman, JPMorgan join the UK government's tokenization taskforce

— Morten

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Robinhood Chain ranked among the top five blockchains by DEX volume in its first week, pulling $3.1 billion in cumulative trading activity since its July 1 mainnet launch. About 65,000 users now hold $300 million in stablecoins and $13 million in tokenized stocks on the chain. Memecoins — led by CASHCAT, a token named after Robinhood's old mascot — drove the bulk of early volume, with $98 million in single-day CASHCAT trading at peak.

Why it matters: The pattern mirrors how Coinbase's Base launched in 2023: speculation fills a new chain first, durable applications arrive later. The question for Robinhood is whether memecoin traders convert into tokenized-equity users — or move on to the next chain when the speculation fades.

Source: Robinhood built a blockchain for tokenized stocks. Memecoins took over — CoinDesk

See also: Robinhood Chain draws over $3 billion in weekly DEX volume to join top five chains: Bernstein — The Block

Going deeper: What is Robinhood Chain? Ethereum Layer 2, tokenized stocks explained — Decrypt

Strategy has not bought any Bitcoin since June 22. Since then, it sold 3,588 BTC for approximately $216 million and raised a further $467 million by selling MSTR shares — bringing its US dollar reserve to $3 billion, covering more than 20 months of preferred-stock dividends and debt interest. STRC, the preferred stock, currently trades around $87, still at a discount to its $100 stated value.

Why it matters: Strategy is no longer just a Bitcoin buyer — it is actively managing its balance sheet through a bear market. A $3 billion reserve buys time, but if Bitcoin falls further, the cushion may prove insufficient without further asset sales.

Source: Strategy pauses its Bitcoin buying spree to hoard a massive $3 billion cash cushion — CoinDesk

See also: Strategy sells $467 million in MSTR shares, makes no Bitcoin purchases — The Block

Bitcoin held above $62,000 through a weekend of escalating US-Iran hostilities — a resilience analysts describe as new behaviour. US spot Bitcoin ETFs pulled in a net $197 million last week, ending eight consecutive weeks of outflows, and Glassnode data shows spot selling pressure has slowed from nearly 2,000 BTC per day in June to just 53 BTC per day in July.

Why it matters: US CPI for June is due Tuesday and Fed Chair Warsh's first Congressional testimony is scheduled this week. These two data points could determine whether the marginal seller really has stepped away — or whether this is another bear market rally.

Source: Bitcoin panic-selling may be ending as sellers' profit margins disappear — CoinDesk

Background: Bitwise sees a bottom in Bitcoin — Bitcoin Magazine

Senator Lindsey Graham — a strong supporter of the CLARITY Act — died unexpectedly over the weekend at age 71. President Trump posted on Truth Social that the Senate should pass the bill in his honor, warning that China "would like to take complete and total control of this major financial happening." The Senate returned from recess on July 13 with roughly three weeks before the August break.

Why it matters: Graham's death narrows the Republican Senate majority and makes the arithmetic harder — every vote matters more. The window for passage before the August recess is now shorter than it was, and the three unresolved disputes (Trump's crypto disclosures, Section 604, stablecoin yield) remain open.

Source: Trump calls for Congress to pass Clarity Act crypto bill to honor Lindsey Graham — CNBC

HM Treasury's Wholesale Digital Markets Champion Chris Woolard has unveiled a 54-firm tokenization taskforce — including BlackRock, Goldman Sachs, HSBC, JPMorgan, Morgan Stanley and UBS — that will spend the next year working on live tokenisation use cases in UK financial markets, starting with tokenised repo. The report projects up to £33 billion in annual economic output and £14 billion in annual tax revenue for the UK by 2035.

Why it matters: "Like all network games, it is a race and one where the UK needs to move at the speed of the most agile players," Woolard wrote. The taskforce is the clearest signal yet that the UK government sees tokenization as a core economic priority — not just a financial services experiment.

Source: BlackRock, Goldman Sachs, JPMorgan, Morgan Stanley join UK government's tokenization taskforce — CoinDesk

See also: UK lays out tokenized finance roadmap, projected £33 billion annual boost — The Block

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Wishing you a great Tuesday — and welcome back tomorrow morning for the next edition of Kaupr Today.

Best regards Morten Myrstad Founder & Editor