Polymarket seeks $1b, Cronos reverses $75m hack, Bitcoin ETFs draw $731m

In this week’s edition of the weekly recap, Polymarket pursued a $1 billion funding round at a proposed $21 billion valuation, while Cronos reversed its blockchain after a $75 million exploit. U.S. spot Bitcoin ETFs also posted their strongest daily inflow since January as BTC briefly crossed $82,000.

Polymarket seeks $1 billion at $21 billion valuation

• Donald Trump Jr.’s 1789 Capital agreed to lead a planned $1 billion Polymarket funding round with an investment of roughly $300 million. The transaction would value the prediction market platform at $21 billion, up from nearly $15 billion.
• The planned investment would bring 1789 Capital’s disclosed Polymarket commitments to about $500 million. Polymarket returned to the U.S. through its $112 million acquisition of CFTC-licensed QCEX after restricting American users under a 2022 settlement.

Cronos reverses chain after $75 million exploit

• Cronos rolled back its blockchain following an exploit involving the Tectonic lending protocol and about $75 million in assets. Validators reverted the network to a point before the attack after initially halting block production.
• RedStone said the incident did not result from an oracle failure, challenging early claims about the exploit’s cause. The rollback restored the earlier network state but also raised questions about transaction finality and validator control.

Bitcoin ETFs draw $731 million as BTC reverses

• U.S. spot Bitcoin ETFs recorded $730.8 million in net inflows on Sept. 3, their strongest daily result since January. The inflow followed renewed institutional demand after an earlier period of withdrawals.
• Bitcoin briefly climbed above $82,000 before stronger-than-expected U.S. employment data lifted Treasury yields and reduced expectations for easier Federal Reserve policy. BTC subsequently erased its daily gains and returned to the $79,000 range.

FinCEN traces $12.7 billion to crypto scams

• The Financial Crimes Enforcement Network linked about $12.7 billion in transactions to suspected Southeast Asian crypto investment scams between 2020 and 2025.
• FinCEN said criminal networks used fraudulent investment platforms, social engineering, and forced-labor compounds to target victims. The agency asked U.S. financial institutions to monitor shell companies, rapid stablecoin transfers, and payments to platforms introduced through unsolicited online relationships.

CLARITY Act loses law enforcement opponent

• The National Sheriffs’ Association withdrew its opposition to the CLARITY Act and adopted a neutral position before the Senate’s scheduled Sept. 15 procedural vote.
• The group had raised concerns about anti-money laundering rules covering DeFi platforms and non-custodial software. Neutrality does not amount to endorsement, but the change removes an active source of law enforcement opposition as supporters seek the 60 votes needed to advance the bill.

Strategy buys 4,603 Bitcoin

• Strategy purchased 4,603 BTC for $369.7 million between Aug. 24 and Aug. 30, returning to accumulation after more than two months without a confirmed purchase.
• The company paid an average of $80,318 per Bitcoin and raised the acquisition funds through sales of MSTR shares. Its total holdings reached 845,050 BTC, acquired for approximately $63.73 billion at an average cost of $75,412 per coin.

Banks commit to joint stablecoin company

• Bank of America, Citi, Goldman Sachs and 18 other financial institutions committed to forming a stablecoin company during the second half of 2026, subject to closing conditions.
• The consortium plans to launch a U.S. dollar stablecoin in the first half of 2027 and may later issue tokens tied to other G7 currencies. The group has not disclosed the token’s name, blockchain, reserve custodian or final redemption model.

SEC proposes tokenized securities recordkeeping rules

• The Securities and Exchange Commission proposed its first major transfer-agent rule overhaul in more than four decades as tokenized securities enter regulated U.S. markets.
• The proposal would update registration, recordkeeping, transfer processing, and asset-protection requirements. Blockchain-based transfer agents would face controls covering digital records, cybersecurity, audit trails, and business continuity. Public comments will remain open for 60 days after Federal Register publication.

ICE taps tZERO for NYSE tokenization platform

• Intercontinental Exchange agreed to invest in tZERO and license its blockchain patents as the companies develop infrastructure for a planned NYSE-affiliated tokenized securities platform.
• tZERO will assist with transfer-agent and broker-dealer systems intended to support onchain issuance, trading, and settlement. ICE did not disclose its investment, while the proposed round-the-clock trading platform still requires regulatory approval.

Fairshake retains $122 million for U.S. elections

• Crypto industry-backed super PAC Fairshake entered the final stage of the 2026 U.S. election cycle with $122 million available after supporting nearly 50 successful primary candidates.
• Fairshake and its affiliates have backed candidates from both parties, including several lawmakers who supported digital asset legislation. The group’s largest primary defeat followed more than $10 million in spending against Illinois candidate Juliana Stratton.

Coinbase files for U.S. stock perpetuals

• Coinbase filed two SEC notices as it works with U.S. regulators to introduce perpetual futures tied to individual public companies.
• The planned contracts would offer continuous stock-price exposure without giving traders ownership of the underlying shares. The filings do not constitute regulatory approval, and Coinbase has not announced a launch date or list of supported companies.

Revolut receives conditional U.S. bank approval

• Revolut secured conditional approval from the Office of the Comptroller of the Currency to establish a national bank in Stamford, Connecticut.
• The fintech plans to contribute about $95 million in initial capital and aims to open the bank in the first half of 2027. Planned products include deposits, cards, loans, foreign exchange, and a stablecoin, although FDIC, Federal Reserve, and final OCC approvals remain outstanding.

Chainlink takes U.S. economic data onchain

• Chainlink introduced U.S. economic data feeds on 10 blockchains through the Department of Commerce’s blockchain data program.
• The feeds distribute Bureau of Economic Analysis indicators for use in smart contracts and financial applications. The rollout followed an earlier initiative that published U.S. gross domestic product data across nine networks, including Bitcoin, Ethereum, and Solana.

Russia opens regulated crypto trading

• Russia’s comprehensive framework for crypto trading, custody and cross-border settlements took effect on Sept. 1 under Bank of Russia supervision.
• Non-qualified investors can purchase up to 300,000 rubles of eligible crypto annually through each intermediary after passing a test. Qualified investors face no equivalent purchase cap. Crypto remains prohibited for domestic payments but can be used for foreign trade settlements.

Robinhood and AMC clash over stock tokens

• AMC Entertainment CEO Adam Aron objected to Robinhood’s token linked to AMC shares, arguing that the company had not authorized the product. The dispute later escalated into a legal threat after Robinhood refused to withdraw it.
• Robinhood’s stock tokens target eligible customers outside the United States and do not carry the same ownership or voting rights as registered shares. The conflict added pressure for clearer rules governing tokenized equity products.