The Wire PM — July 23, 2026

The Wire PM — July 23, 2026

Mubadala Capital tokenizes a private markets fund on Solana, and Coinbase takes exposure Mubadala Capital, the asset management arm of Abu Dhabi's sovereign wealth fund, has put one of its private markets strategies onchain across Solana, Sui and Coinbase's Base network, using UAE-based tokenization firm KAIO. The fund has already drawn about $75 million in onchain assets, and Coinbase is holding direct exposure on its own balance sheet. KAIO already runs tokenized products for BlackRock, Brevan Howard and Hamilton Lane, but it is calling the Mubadala tie its first sovereign wealth partnership. For Solana, it is another institutional asset landing on the same chain where retail yield hunters already sit. Source: CoinDesk, published July 23. Explore Solana yields →

The Verus bridge is drained again, $7.54 million through the same flaw as May The Verus-Ethereum bridge lost $7.54 million in its second exploit in two months, hit through the same class of vulnerability used in May, according to Blockaid. The attacker manipulated the bridge's import path to trigger payouts on the Ethereum side without backing, pulling ETH, tBTC, USDC, USDT and several other assets. The May exploit took roughly $11.6 million from the same contract and entry path, though a different wallet ran this one. Same bug, same bridge, second time in nine weeks. Bridge risk stays the sharpest edge in cross-chain yield, and it is exactly the kind of history our scoring weighs. Source: The Block, citing Blockaid, published July 23. How we score protocol risk →

The SEC settles the Coinbase records suit and will pay $150,000 The SEC agreed to pay $150,000 and hand over its remaining records to settle the FOIA lawsuit that Coinbase backed over the agency's Ethereum investigations. The case exposed the deletion of nearly 11 months of former Chair Gary Gensler's text messages, wiped after a policy reset devices left offline for more than 45 days. Coinbase's Paul Grewal called it one of the largest FOIA fee awards in the agency's history, and the SEC also agreed to change its record-retention practices. Source: CoinDesk, published July 23.

Grayscale says Bitcoin may have already bottomed if the Fed holds Grayscale's head of research Zach Pandl argued in a research note that Bitcoin may have already put in its bear-market low, provided the Fed avoids further rate hikes and growth stays resilient. The note leans on the view that price is now driven more by rates and macro than by the four-year cycle, which would otherwise point to a bottom in September or October. It is a rates call dressed as a crypto call, and it lands on a red day. Source: Decrypt, published July 23.

Numbers (Updated)

• BTC: $64,843 (-1.4%)
• SOL: $75.70 (-2.4%)
• ETH: $1,881 (-2.4%)
• Solana DeFi TVL: $4.92B
• Top USDC yield (Solana): Kamino Lend at 6.43% ($5M TVL); deepest book Jupiter Lend at 4.03% ($444M TVL)

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