The Daily: Coinbase unveils Base App in web3 wallet rebrand, largest corporate Ethereum holder SharpLink buys another $68 million in ETH, and more

The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.

Happy Thursday! After a rocky start to "Crypto Week," the U.S. House voted yesterday to advance the landmark GENIUS stablecoin bill — already passed by the Senate — putting it on track to reach President Trump's desk by week's end.

In today's newsletter, Coinbase rolls out the Base App, rebranding its web3 wallet as an "everything app." Plus, SharpLink Gaming adds another $68 million worth of ETH as Ethereum ETFs post a record $726 million in daily inflows, and more.

Meanwhile, penny stock crypto mining company Bit Origin secures up to $500 million to establish a Dogecoin treasury.

Let's get started.

Coinbase unveils Base App in web3 wallet rebrand

Coinbase rebranded its web3 wallet to Base App late Wednesday, bundling social, trading, chat and payments into an "everything app" powered by its Ethereum Layer 2.

• The launch, announced during Coinbase's "A New Day One" event, recasts Base as a three-pronged ecosystem: Base Chain, Base Build, and Base App.
• The app is currently in beta for whitelisted users, with a Farcaster-powered social feed, post tokenization via Zora, and live trading and tipping features.
• Users get a Base Account smart wallet, plus access to Base Pay for instant USDC payments, with Shopify merchants and U.S. cash-back rewards coming soon, Coinbase said.
• Base App also embeds hundreds of mini-apps, ranging from games to prediction markets, and offers one-tap NFC payments, encrypted messaging, and AI-powered transactions.
• The company plans a gradual public rollout after the beta phase and has invited developers to integrate "Sign in with Base" into their own products.

Largest corporate Ethereum holder SharpLink Gaming adds ETH worth $68 million

SharpLink Gaming bought another 20,279 ETH worth $68 million on Wednesday, continuing its aggressive ether accumulation strategy.

• The company sourced 9,425 ETH from Galaxy Digital and 10,854 ETH from Coinbase Prime, then staked part of the haul with Figment and Liquid Collective.
• SharpLink recently became the largest corporate ETH holder, surpassing the Ethereum Foundation with over 321,000 ETH in its treasury.
• SharpLink, originally an affiliate marketing and iGaming software firm, launched its Ethereum treasury strategy in May with a $425 million Consensys-led raise, with Consensys CEO and Ethereum co-founder Joseph Lubin becoming SharpLink's chairman.

ETH rises above $3,400 as spot Ethereum ETFs post record $726 million daily inflows

ETH jumped more than 10% over the past couple of days to trade above $3,400 for the first time since January, as spot Ethereum ETFs posted a record $726 million in daily net inflows on Wednesday.

• BlackRock's ETHA led the ETF flows with its own record $499 million, adding to $2.3 billion in combined Ethereum ETF inflows this month alone, compared to a total $6.5 billion in cumulative inflows since their July 2024 launch.
• Analysts cited surging institutional demand, corporate treasury adoption, and bullish fundamentals as key drivers of ETH's breakout.
• Altcoins rallied alongside ETH, with XRP, Solana, and BNB also posting solid gains while bitcoin consolidates and its dominance continues to slip.

OG bitcoin whale moves another 40,000 BTC worth $4.75 billion to new address

An OG bitcoin whale moved another 40,192 BTC ($4.75 billion) to a new unlabelled consolidation address on Thursday after already sending 40,010 BTC to Galaxy Digital's OTC desk earlier this week, likely in preparation to sell, according to onchain analysts.

• The whale, previously dormant for 14 years, originally shifted their total 80,000 BTC stash from legacy addresses on July 4, sparking speculation of imminent sales from the unidentified holder.
• Analysts said the latest consolidation suggests the whale may continue selling amid bitcoin's recent all-time high rally.
• The whale is likely an early miner from the 2011 era, who, for perspective, controls more bitcoin than the 50,000 BTC seized by the German government that it offloaded last summer — losing out on billions of dollars worth of subsequent gains.

US House clears procedural step for key crypto bills, floor vote expected Thursday

The U.S. House of Representatives passed a procedural vote 217–212 late Wednesday to advance the GENIUS, Clarity, and anti-CBDC crypto bills to a floor vote expected Thursday.

• Lawmakers resolved GOP concerns over CBDCs by pledging to ban them in the National Defense Authorization Act instead, clearing the way for GENIUS to potentially reach Trump's desk this week.
• The votes mark a pivotal moment in "Crypto Week," laying the groundwork for a regulatory framework that could reshape the U.S. digital asset industry.

In the next 24 hours

• It's quiet on the economic calendar front.
• Official Trump, Moca Network, and Euler are set for token unlocks.

Never miss a beat with The Block's daily digest of the most influential events happening across the digital asset ecosystem.

Disclaimer: This article was produced with the assistance of OpenAI’s ChatGPT 3.5/4 and reviewed and edited by our editorial team.

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