The Wire — July 25, 2026

The Wire — July 25, 2026

Strategy debuts Net Bitcoin Per Share to reframe a treasury holding 843,775 BTC

Michael Saylor's Strategy rolled out a new set of metrics on July 24, led by Net BTC, Net Bitcoin Per Share and BTC Hurdle ARR, in an effort to show shareholders what the treasury is actually worth after senior obligations. The centerpiece is a "net reserve" of roughly $35 billion, which is what remains after subtracting about $22.2 billion in senior claims, $15.5 billion of preferred stock and roughly $6.8 billion of out-of-the-money convertible debt, from a $57 billion bitcoin pile of 843,775 BTC plus $3.2 billion in cash. Head of investor relations Chaitanya Jain said the metrics needed to evolve as the company shifted from convertible debt toward what it calls digital credit. The reframing matters because it puts the debt stack ahead of common holders in plain view, which is exactly the kind of claim-priority read that lending and collateral markets already price. Source: Decrypt and CoinDesk, published July 24. How we score protocol risk →

Ethereum ETFs close the week in the red, ending a five-day inflow streak

US spot Ether ETFs logged net outflows to finish the week, breaking a five-day run of inflows and cooling the bid that had carried ETH through mid-month. The reversal lines up with a softer tape across risk assets, with ETH trading near $1,863, down about 1.2% on the day. Flow data is a cleaner signal than price here. When ETF demand fades, the marginal buyer of spot ETH steps back, and that tends to show up first in staking and restaking yields as leverage unwinds rather than in the price itself. For yield hunters the read is to watch base staking rates for stability while the flow picture resets. Source: Cointelegraph, published July 25. Compare ETH staking yields →

Solana lending stays deep as SOL slips below $74 and the DeFi long tail thins

Solana DeFi total value locked sits near $4.80 billion on DeFiLlama's chain measure, which excludes liquid staking, even as SOL fell about 1.6% to $73.94 on the day. Depth, not headline yield, is the story on the supply side. Jupiter Lend runs the deepest stablecoin book at roughly 5.12% on about $414 million in USDC, while Kamino's USDC market quotes higher near 6.7% on a far smaller pool, and Loopscale shows 7.07% on a book close to $2 million. The spread is the point we make on every market. A large APY on a thin pool is a different product from a modest APY on a deep one, and depth is part of the risk. With standalone venues winding down elsewhere, capital on Solana keeps concentrating into the deepest lending markets rather than chasing the top of the table. Source: DeFiLlama live data, July 25. Explore all Solana yields →

Dango becomes the latest venue to wind down, halting perp trading July 29

Layer-1 blockchain Dango said it will halt trading on its perpetual DEX on July 29 and shut its network on August 13, less than four months after the exchange went live. Founder Larry Liu cited cash shortages, legal challenges that slowed momentum, team departures and broader market conditions, concluding there was no viable path to lasting commercial success. The trajectory shows why. Dango's total value locked fell from roughly $4.5 million in early May to about $1.6 million before the announcement, with just under $391,000 in open interest, and the perp DEX had already taken a roughly $410,000 exploit days after its April launch before the attacker returned the funds. Thin venues cannot fund their own upkeep, and the closures keep coming across the DeFi long tail. For users the takeaway is operational: check any Dango-linked positions and move funds before the cutoffs. Source: Cointelegraph and The Defiant, published July 24. How we score protocol risk →

Samsung Wallet will add native stablecoin support, with USDC shown on stage

At Galaxy Unpacked on July 22, Samsung said Samsung Wallet will add native stablecoin support, and the on-stage demo showed a wallet mockup displaying Circle's USDC with send, receive and top-up controls. Samsung has not named Circle as a launch partner or confirmed that USDC will ship when the feature goes live, and it gave no launch date. Distribution is the reason this registers. Putting stablecoin rails inside a default wallet on hundreds of millions of Galaxy devices is the kind of on-ramp that moves stablecoins from a crypto-native tool toward everyday payments. More stablecoin holders eventually means more supply looking for yield, which is the demand curve that stablecoin lending markets sit on. Source: Decrypt, published July 24. See stablecoin yields →

The CLARITY Act slides toward Hail Mary territory as the Senate clock runs down

Galaxy Research cut its odds that the CLARITY Act becomes law in 2026 to 30%, down from 50% less than a month ago, as the Senate races to advance the market-structure bill before its August recess. The block is an ethics standoff, with seven Democratic negotiators saying the latest draft still falls short on ethics, consumer protection and market integrity, while the practical deadline to begin voting is around July 30. The vote math is tight. Republicans hold 53 seats, but Josh Hawley and Rand Paul are reported likely "no" votes and Mitch McConnell has been absent since a recent hospitalization. For DeFi the stakes are direct, since a clear market-structure framework is what would let regulated capital touch onchain yield at scale rather than from the sidelines. Source: The Block and Decrypt, published July 24.

Numbers

• BTC: $64,079 (-1.4%)
• SOL: $73.94 (-1.6%)
• ETH: $1,863 (-1.2%)
• Solana DeFi TVL: $4.80B (DeFiLlama, excl. liquid staking)
• Top USDC yield (Solana): Jupiter Lend at 5.12%

---

Explore all Solana yields → · Risk scores → · Follow @yieldwirexyz