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A person holds up commemorative bitcoin (Artur Widak/Getty Images)

Bitcoin rises following CPI report

Core CPI came in at 2.7%, slightly lower than the 2.8% economists had predicted.

Yaël Bizouati-Kennedy

The July CPI inflation report came out largely in line with expectations, boosting most cryptos including bitcoin, which jumped to over $119,000.

Nasdaq-listed Chinese company Next Technology Holding, an AI-enabled software development business, reported earnings this morning, revealing it has bumped up its bitcoin holdings by 5,000 to 5,833 bitcoin in the second quarter, which “resulted in significant value creation for our shareholders, driven by favorable market conditions and our disciplined accumulation strategy,” CEO Weihong Liu said.

In other bitcoin news:

  • Metaplanet, the sixth-largest corporate bitcoin holder, acquired 518 bitcoin for a grand total of 18,113.

  • UK-based The Smarter Web Company acquired 295 bitcoin and has a total of 2,395.

  • German investment and infrastructure firm 3U Holding AG acquired 131 bitcoin and now holds 331.

  • MARA Holdings announced it will acquire a 64% stake in Exaion in a $168 million deal. Exaion, a subsidiary of French utility group EDF, develops and operates high-performance computing data centers. Shares of MARA were slightly up in early trading.

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Justin Sun sues Trump-backed World Liberty over frozen tokens

Crypto billionaire Justin Sun, owner of the world’s most expensive banana, was named an adviser to World Liberty Financial the day after investing $30 million in the project. (He’d later boost that with $45 million more.) Sun has long been a supporter of President Trump, and has not once, but twice topped a competition to amass the most $TRUMP coins. But it seems even for Sun, the gold has turned brass.

Sun announced on social media that he’s filed a lawsuit in a California federal court against the crypto project backed by Trump. 

The lawsuit alleges World Liberty engaged in an “illegal scheme to seize property” and “positioned itself as the new boogeyman” by stripping Sun of his governance rights, threatening to burn his WLFI tokens, and freezing his stash, which at times were worth $1 billion, according to the complaint dated on Tuesday. 

“I have tried in good faith to resolve this situation with the World Liberty project team without resorting to litigation,” Sun wrote in a lengthy X post on Tuesday night. “But the project team has refused my requests to unfreeze my tokens and restore my rights as a token holder. They have left me with no choice but to turn to the courts.”

The complaint also alleged that World Liberty appears to be in financial trouble, citing concerns over whether the project can repay an on-chain loan that was collateralized by using, at the time, $5 billion worth of WLFI. The token reached an all-time low less than two weeks ago.

Despite the escalation with World Liberty, Sun said the lawsuit does not change his feelings about Trump or his administration. “I have always been — and remain — an ardent supporter of President Trump and his Administration’s efforts to make America crypto friendly,” he said. 

Blockchain billionaire Sun takes Trump family’s crypto firm to court

Blockchain billionaire Sun takes Trump family’s crypto firm to court

The lawsuit alleges World Liberty engaged in an “illegal scheme to seize property” and “positioned itself as the new boogeyman” by stripping Sun of his governance rights, threatening to burn his WLFI tokens, and freezing his stash, which at times were worth $1 billion, according to the complaint dated on Tuesday. 

“I have tried in good faith to resolve this situation with the World Liberty project team without resorting to litigation,” Sun wrote in a lengthy X post on Tuesday night. “But the project team has refused my requests to unfreeze my tokens and restore my rights as a token holder. They have left me with no choice but to turn to the courts.”

The complaint also alleged that World Liberty appears to be in financial trouble, citing concerns over whether the project can repay an on-chain loan that was collateralized by using, at the time, $5 billion worth of WLFI. The token reached an all-time low less than two weeks ago.

Despite the escalation with World Liberty, Sun said the lawsuit does not change his feelings about Trump or his administration. “I have always been — and remain — an ardent supporter of President Trump and his Administration’s efforts to make America crypto friendly,” he said. 

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Analyst: “We are now clearly in a bull market phase” as bitcoin hits highest level since February

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