Here’s what happened in crypto today

Today in crypto, Circle is acquiring IBM’s blockchain patent portfolio, adding nearly 1,000 patents to become the largest holder of blockchain patents in the US. Coinbase CEO Brian Armstrong said AI agents will drive demand for crypto-based financial services, while Storj filed for Chapter 11 bankruptcy protection but said its network will continue operating as it explores a court-approved ownership pathway for STORJ tokenholders.

Circle acquires IBM’s blockchain patent portfolio

Circle is acquiring IBM’s blockchain patent portfolio, adding nearly 1,000 issued patents in a move that significantly expands the USDC issuer’s intellectual property holdings.

The acquisition includes more than 680 patent families and nearly 1,000 patents, although the companies did not disclose financial terms. Circle said the deal will make it the largest holder of blockchain patents in the United States, strengthening its position as it builds infrastructure for an internet-native financial system.

Many of the patents stem from IBM’s years-long investment in enterprise blockchain, particularly systems designed to improve the movement and verification of goods across global supply chains. While IBM was one of the industry’s most aggressive blockchain innovators during the late 2010s, its pace of new patent filings has since slowed. Investors appeared to welcome the acquisition, sending Circle shares more than 2% higher in premarket trading.

Coinbase CEO touts agentic finance as Base tops 100 million AI payments

Coinbase CEO Brian Armstrong is pushing back against calls for crypto to pivot to artificial intelligence, arguing AI agents will instead stoke demand for crypto-based financial services.

Armstrong took to X on Sunday to tout agentic finance (AiFi), highlighting Coinbase’s Base network, USDC and x402 as the infrastructure for autonomous machine-to-machine payments.

“AI being a megatrend takes nothing away from crypto,” Armstrong wrote, because AI agents will need programmable money rather than traditional banking rails. “If anything, it makes crypto more important,” he added.

His comments come as crypto companies increasingly position blockchain networks as payment infrastructure for AI agents, with agentic payment activity on Base topping 100 million transactions in June.

Storj files for bankruptcy, explores equity path for tokenholders 

Decentralized cloud storage provider Storj Labs has filed for Chapter 11 bankruptcy protection. The company said it plans to keep its network running while restructuring legacy liabilities and exploring an ownership pathway for STORJ tokenholders.

On Sunday, Storj said it filed the voluntary case in the US Bankruptcy Court for the Northern District of West Virginia. The company said ordinary operations and customer services would continue during the process, subject to court oversight, while its parent company, Inveniam, continues supporting the business.

The restructuring could become an unusual test of whether utility-token holders can participate in the ownership of a company emerging from bankruptcy.

In an open letter to its community, Storj said its liabilities largely predate its current strategy and are too substantial to resolve through business growth alone. It said the network continues to operate normally and its token’s utility is unchanged. 

STORJ showed no significant immediate price reaction following the announcement, trading around $0.073 at the time of writing, according to CoinGecko.