
Good morning and welcome to the Hodl Report
Christmas came early—and no, it’s not just the market pumping on macro hopium. We’re going to see a full-blown reshuffling of the crypto deck with the new market structure bill coming. Meanwhile, over in the digital Thunderdome, an Ethereum gaming network just picked a fight with Musk’s xAI. ‘Tis the season for market structure drama and interchain beefs.
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Editors Corner
Christmas Comes Early: Market Structure and the Great Sorting
If you’ve been in crypto long enough, you’ve heard every promise under the sun: “regulation is coming, clarity is coming, institutions are coming.” Well, this time it looks like Santa Powell—scratch that—Santa Lummis might actually deliver. Word is the long-awaited crypto market structure bill could pass by Christmas.
For investors, this isn’t just another piece of legislation—it’s the sorting hat moment. The bill would finally categorize digital assets: what’s a commodity, what’s a security, what’s a decentralized network that can stand on its own. It also rewrites the dusty old Howey Test to recognize that not every token is an orange grove investment from the 1940s. About time.
Now, the impact? Huge. A clean framework could unleash a wall of capital into the highest-quality networks. Think “best in breed” assets—strong decentralization, clear use cases, actual adoption. Those could easily see market caps double as institutions get the green light.
But here’s the uncomfortable flip side: regulation has a way of shining a floodlight into closets. Projects with weak decentralization scores, ghost-town adoption, or tokenomics propped up by marketing more than math are going to be exposed. The bill bans manipulation, wash trading, and customer-fund gymnastics—practices plenty of projects quietly rely on. Expect valuations to compress fast when that rug gets yanked.
So what does this mean for us? Simple: position ahead of the sorting. The cream will rise, and the trash will fall. If you’re overweight zombie chains or “trust-me” wrapped assets with multisig backing, brace yourself. If you’ve been building exposure to networks with genuine decentralization and product-market fit, congratulations—you’re in the running to be on the right side of this regulatory tidal wave.
I, for one, can’t wait for the skeletons to come dancing out of the closet. Markets hate uncertainty, and this bill could finally kill it.
In this weeks Alpha List I’ll be giving a breakdown of how this bill is likely to affect the markets and where I think the losers and winner will be found. I will also include how I’ll be playing it from an investment standpoint. If you are interested in this report sign up for Alpha List below.
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Today’s Report
Ethereum Game Network Declares War on Musk’s xAI

Our Report
In a trademark showdown worthy of your favorite courtroom drama, Ethereum‐based gaming network Xai (operated by Ex Populus) has taken Elon Musk’s AI outfit xAI to the U.S. District Court in Northern California. The charge sheet? Trademark infringement, unfair competition, and a generous dose of reputational harm. Xai argues that Musk’s similarly named venture, especially after hinting at a gaming expansion, has created widespread marketplace confusion — even Grok, xAI’s own chatbot, got in on the misidentification. Ex Populus claims its brand has been dragged through the mud, thanks to Musk’s polarizing public image, and now seeks legal remedies including cancellation of xAI’s pending applications, damages, and a court order to keep them out of the blockchain and gaming lanes. Welcome to the brand war of the century.
Key Points
Timelines matter: Xai has held the U.S. “XAI” trademark since June 2023 — before Musk even announced xAI in July 2023.
Game on: Confusion spiked when xAI revealed plans for a gaming studio in November 2024, blurring lines with Xai’s blockchain gaming ecosystem and $XAI token.
Brand damage via association: Xai alleges that because Musk’s public controversies and xAI’s chatbot mishaps (yes, including offensive content from Grok) are so visible, users now mistakenly associate that negativity with the Xai brand.
Pressure tactics: Musk’s legal team reportedly threatened to cancel Xai’s trademark registration as early as August 2025. Meanwhile, the U.S. Patent and Trademark Office has already suspended several of xAI’s trademark applications due to the confusion.
Legal demands: Ex Populus is asking the court to block Musk’s company outright from using “xAI” in gaming or blockchain contexts, cancel the infringing applications, and compensate them for the reputational damage.
Relevance: Why This Matters to Savvy Investors
This isn’t just a trademark spat—it’s a cautionary tale about asymmetric visibility in the hyper‑competitive collision zone of AI and blockchain. Musk’s projects move fast, and so does public perception. If a chatbot can misattribute an entire brand, imagine the stakes when full‑blown launches are at play. For smaller players like Ex Populus, brand clarity isn’t optional—it’s survival.
Expect this case to set a legal precedent in how trademark law handles overlapping names in emerging tech sub‑sectors. The outcome could influence future naming conventions, IP strategies, and defensive posturing by startups before they even hit scale.
From an investment lens: Brand confusion can quickly translate into lost users, shaky token perception, and shaky valuations. Watching how this plays out will be instructive for anyone navigating intellectual property in digital finance, gaming, or AI.
Final Thought
Small innovators, take note: your brand identity—especially one forged in niche tech—can be swallowed whole if it too closely mirrors a high‑profile name. Xai’s fight is about more than just a name—it’s about asserting its space in a market where identity is everything, and even a trailing lowercase letter can carry disproportionate weight.
Today’s Top News
Headlines
Ether Smashes Past Its 2021 All‑Time High, Approaching $600 B Market Cap — Ethereum surged to a fresh all-time high of about $4,945.60 on August 24, 2025, driven by rising institutional investment, ETF inflows, and renewed bullish sentiment. Its market capitalization now nears $600 billion, marking a pivotal moment in its long-term growth trajectory. Experts point to Ethereum’s programmability and utility in decentralized finance as major catalysts for this renewed momentum.
MicroStrategy Expands Bitcoin Holdings to 629,376 BTC in August — MicroStrategy has boosted its Bitcoin reserves again, now holding 629,376 BTC following its third major purchase in August. This move reinforces the company’s aggressive accumulation strategy amid recent market dips. The consistent buying could influence institutional sentiment and support Bitcoin’s price stability.
Morgan Stanley Intern Survey Shows Only 18% Own Crypto Despite Bitcoin Surpassing $100K — A new survey reveals just 18% of Morgan Stanley interns hold or use cryptocurrency, even with Bitcoin above $100,000. The findings highlight a gap between crypto’s financial milestones and actual adoption among younger professionals. This suggests untapped potential if future sentiment and accessibility improve.
Ethereum Gaming Network Xai Sues Elon Musk’s xAI for Trademark Infringement — Ethereum-based gaming platform Xai has filed a lawsuit against Elon Musk’s artificial intelligence company xAI, alleging trademark infringement. The suit claims xAI’s branding causes confusion and damages Xai’s reputation in the crypto and gaming sectors. Legal experts say the case could set a precedent for brand protection in the decentralized tech space.
Market Trendline
Price Action
The market's pulse is subtle—a grinding Bitcoin dip of about 2% has pushed it into consolidation around the $112–113K range, signaling fatigue after its summer run-up. Ethereum, by contrast, is in full flight mode: breaking above its 2021 highs and entering uncharted territory near $4.95K, driven by robust institutional inflows and renewed speculative vigor.
Ethereum has surged to a new all‑time high—clearing $4,900 and touching ~$4,946 for the first time. Analysts chalk this up to shrinking exchange reserves and mounting institutional interest, with many sensing this breakout could evolve into sustained discovery mode. Bitcoin, after flirting with $124K early in August, has softened—down nearly 8% week‑on‑week to the low $113K’s. Powell’s dovish hints sparked a brief rally, yet Bitcoin now languishes in a holding pattern as traders await fresh signals. Meme‑coins remain the sector’s wildcard—still riding high on social media-driven volatility, underlining sentiment-driven risk appetite. Meanwhile, projects like Cardano and Solana are being noted as “tokens heating up” ahead of a potentially explosive Q4, blending speculative hype with structural narratives.
The Federal Reserve’s shift toward rate‑cut expectations remains the fuel source: Powell’s Jackson Hole remarks reignited speculative flows, particularly into Ethereum. Institutional focus is clearly tilting toward programmable platforms—Poised as the smart‑contract backbone, ETH is winning the narrative wars for now. But beware—on‑chain metrics like liquidations and exchange drain hint at a potential near‑term pullback.
Bottom Line: Ethereum has seized the spotlight, outperforming Bitcoin with both narrative and price as its ammo. Bitcoin, while range‑bound, remains critical support for broader market stability. Macro catalysts still tilt risk-on, but with froth building, a tactical pullback isn’t off the table. Long live ETH’s breakout—just keep an eye on your liquidation levels.
Today’s Top Meme
Memes are Life
Just checked my crypto portfolio
— #naiive (#@naiivememe)
5:43 PM • Aug 22, 2025
Today’s Top Tweet
Crypto Twitter Never Sleeps
What is happening here?
Over the last 48 days, the US Federal Debt has surged by +$1 TRILLION, or +$21 billion PER DAY.
Since August 11th, the US has added +$200 billion in debt.
Why is US government spending running at WW2 levels in a "strong" economy?
(a thread)
— #The Kobeissi Letter (#@KobeissiLetter)
3:19 PM • Aug 24, 2025
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DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.