Crypto Whale Sells Bitcoin For Ethereum, Surpasses Sharplink Holdings As Largest Holder Of Ether

A crypto whale with more than $11 billion in Bitcoin has shifted a large part of funds into Ethereum. The whale sold about $215 million worth of Bitcoin and bought $216 million of Ethereum on the decentralised exchange Hyperliquid. This move raised the whale’s Ether holdings to 886,371 ETH, valued at more than $4 billion. With this amount, the whale now holds more Ether than Sharplink Gaming, which was previously the second largest corporate holder of Ethereum. The transactions mark one of the largest recent movements of funds from Bitcoin into Ether. 

The activity began on August 21 when the whale converted $2.59 billion in Bitcoin into $2.2 billion worth of Ether. Alongside this, the whale opened a $577 million Ether perpetual long position. In the following days, the whale closed $450 million in the same position at an average price of $4,735, resulting in a profit of $33 million. A part of these gains, amounting to $108 million, was then used to buy more Ether, further increasing the whale’s spot holdings.

Other whales have also been active in accumulating Ether. Shortly after the large Bitcoin-to-Ether shift, nine separate whale accounts together purchased $456 million worth of Ether. This suggests that large holders are making significant entries into the market around the same period.

California Governor Plans Trump Corruption Coin To US President

California Governor Gavin Newsom has announced plans to launch a memecoin called the Trump Corruption Coin. He revealed the idea on the Pivot podcast, describing it as a way to draw attention to US President Donald Trump’s involvement in cryptocurrency, including his own branded tokens.

According to Cointelegraph, Newsom said the coin would be tied to his Campaign for Democracy initiative, with proceeds aimed at supporting voter outreach and redistricting projects. When asked if it would be a “Gavin Coin,” he clarified that the token would carry Trump’s name instead.

During the podcast, Newsom referred to Trump as “one of the great grifters of our time” and said his participation in memecoins reflects current political activity.

The announcement follows other steps by Newsom that used satire directed at Trump. His team recently released merchandise modelled on Trump’s campaign branding, including red hats reading “Newsom Was Right About Everything!” He has also posted in all caps on social media, copying Trump’s online style. The token has not yet been released, and no launch details have been provided.

Sonic Labs Approves $200 Million Expansion Into US Traditional Finance

Sonic Labs has passed a proposal to issue $200 million worth of its native S tokens to expand into traditional finance. The governance vote drew participation from 105 wallets and crossed the required quorum of 700 million S tokens. Approval reached 99.99 per cent.

According to Cointelegraph, the plan sets aside $100 million to create a strategic reserve for a Nasdaq-listed private investment in a public equity vehicle. Another $50 million will fund an exchange-traded product that tracks the S token. The ETP will be issued by a regulated exchange-traded fund (ETF) provider with more than $10 billion in assets under management (AUM), with BitGo as custodian.

Sonic Labs will also establish a new entity, Sonic USA LLC, as part of its US expansion, including appointing a US-based chief executive, and teams in New York and Washington DC managing operations. To support this step, 150 million S tokens valued at about $47.70 million will be used to bootstrap the subsidiary.