Midday Crypto Brief: xAI Lawsuit, Institutional BTC/ETH Flows, ETHZilla Stake

I’m sharing a concise midday crypto briefing covering the key developments from 7:00–12:00 on August 12. Keywords I tracked: xAI, Block, ETHZilla, Bitcoin, Ethereum, ETF, stablecoin.

1. I note that Elon Musk announced xAI will take legal action against Apple.

2. I observed that Kakao’s affiliate Kaia plans to launch a South Korean won–pegged stablecoin.

3. I saw Ark Invest purchase over $19 million worth of Block shares.

4. I report that Block is planning to provide Bitcoin banking services targeted at small businesses.

5. I recorded that U.S. spot Ethereum ETFs saw net inflows of $1.01962 billion yesterday.

6. I learned Metaplanet increased its Bitcoin holdings by 518 BTC, worth roughly $61.4 million.

7. I highlight that Peter Thiel increased his stake in the Ethereum treasury strategy by taking a 7.5% position in ETHZilla.

8. I note FTX users have intensified litigation, alleging law firm Fenwick & West played a central role in the fraud claims.