Good Morning,

Here's a quick preview of today’s content: Gemini sets eye on IPO, Coinbase acquires a full team, Stripe and Paradigm to launch a crypto platform, South Korea's largest exchange to launch a layer 2, Voters in Virginia head to polls in race influenced by crypto, California man sentenced to 51 months for laundering millions of dollars, and so much more

Happy Wednesday - Let’s dive in

Market Snapshot

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• Inflows to Bitcoin ETFs hit $368.25M with capital rotation from Ethereum ETFs ahead of key macro releases this week

  • BTC is trading above $112,600, while ETH keeps holding out around $4,300

  • SOL hit $219.50 and XRP rose above $3 as both cryptos outperform the broader market

• Expected SEC approval of SOL and XRP ETFs in the U.S. is driving investor enthusiasm, with European funds already seeing strong inflows

Headline Roundup
^{_{The major headlines driving crypto markets}}

• Gemini lifts IPO price range, targets $3 billion valuation amid crypto boom (RT)

• Jack Ma’s Ant Digital arm puts $8B energy assets on its blockchain (BBG)

• Nasdaq will invest $50M in Gemini’s IPO (BW)

• Alt5 Sigma, Trump-backed crypto treasury company, reduces Eric Trump’s role in the organization (TB)

• Kalshi records $875M in trading volume during August (TB)

• White House crypto adviser Patrick Witt calls Market Structure Bill “top priority” (CD)

• Coinbase is creating a new ecosystem that combines stablecoin-based micropayments with AI (CD)

• Trump Media to let Truth Social users convert ‘gems’ into CRO tokens (CT)

• Tether secures over 27,700 BTC in the past year (CS)

• QMMM shares surge +700% after crypto expansion is announced (TB)

• Solana validators approve upgrade that cuts down transaction finality (TD)

• Ark Invest buys $4.46M worth of ETH treasury firm BitMine (TB)

• Hyperliquid sets new ATH as it pumped 22% over the past week (DC)

• Binance integrates Ethena Labs' USDe synthetic dollar across its platform (TB)

• UK auction house Christie’s is closing its department that handles NFT sales (CT)

• Solana trading card game, Collector Crypt, facilitates +$10M in Pokémon trading volume (TB)

• Grayscale files an S-1 for a Litecoin ETF and S-3s for Bitcoin Cash and Hedera ETFs (CD)

• SharpLink Gaming begins buying back shares of SBET as part of its $1.5B share buyback program (DC)

• Metaplanet says it will issue 385M new shares to expand its Bitcoin holdings (CT)

• House of Doge names Bitstamp as the trading venue for the Official Dogecoin Treasury (CD)

• Nebius to supply Microsoft with GPU infrastructure over five years in a deal worth $17.4B (CD)

• Ripple expands into Spain through asset custody agreement with BBVA (TB)

• BNP Paribas and HSBC join the Canton Network, a permissioned and privacy-centric blockchain (CD)

Market Predictions

• Bettors on Kalshi are predicting if the Supreme Court will rule in favor of Trump’s tariffs

• Trade your predictions on a range of events, only on Kalshi

• Sign up with code LIT and get a $20 bonus when you trade $100

Venture Capital

• Inversion Capital raises $26.5M in a seed round led by Dragonfly, HashKey Capital, and more (CR)

• Recoveris raises 1.26M in a seed round led by VerifyVASP (CR)

• CoreWeave introduces CoreWeave Ventures, a new AI initiative to invest in startups with capital (CP)

• Crypto startup funding has surged by more than 54% in the first half of 2025 compared to last year (FY)

M&A Announcements

• Coinbase announces that it has acquired the founders of Sensible, a team specializing in DeFi (BW)

• Barter, a routing engine on Ethereum, acquires solver codebase Copium Capital (BW)

Launches

• Stripe and Paradigm plot to launch a new platform called Tempo (BW)

• Upbit, South Korea's largest exchange, to launch its own Ethereum Layer 2 network, GIWA (DC)

• Dogecoin to enter the ETF market with the launch of the Rex-Osprey DOGE ETF (CD)

• Fidelity rolls out its a money market fund token on the Ethereum blockchain (CD)

• Cboe Global Markets to launch Bitcoin and Ether “Continuous futures” (BW)

• easyGroup launches 'easyBitcoin.app' for Bitcoin investing (CD)

• SolMining launches an XRP dual-mining mode (CD)

• South Korean fintech, Toss, to launch a finance superapp in Australia (CT)

Regulation

• SEC to host a roundtable addressing financial surveillance and privacy (CD)

• A U.S. House bill will require the Treasury Department to study the feasibility of a Strategic Bitcoin Reserve (DC)

• 12 pro-crypto Senate Democrats publish a list of requested changes to a pending crypto market structure bill (DC)

• Voters in Virginia head to polls in race influenced by money from the crypto industry (CT)

• Kazakhstan establishes a State Digital Asset Fund to build a strategic crypto reserve (DC)

• Vietnam to launch a five-year pilot program introducing requirements for the crypto industry (CT)

Cybersecurity

• California man sentenced to 51 months for laundering $37M in crypto investment scam (DC)

• Data on Monday’s NPM attack on crypto users shows less than $505 was stolen (TB)

• Arkham identifies 45,000 BTC worth $5B linked to piracy website Movie2K (DC)

• U.S. DOJ files civil forfeiture complaint for $5M in Bitcoin stolen via SIM swap attacks (TB)

• U.S. Treasury sanctions 19 Southeast Asian entities that it says scammed Americans out of $10B (DC)

Extra Reads

• Client engineers and coordinators earn far less than researchers, despite playing key roles in network stability - The most important Ethereum developers are the most underpaid

• In a recent framework for crypto market structure legislation, Senate Democrats state that they aim to protect financial privacy - Why the Democrats’ Latest Framework for Crypto Market Structure Could Hurt Financial Privacy

Chart of the Day

Solana futures open interest tops $7B as SOL pushes past $200.

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