League of Kingdoms

Ben Strack

This is a segment from the Forward Guidance newsletter. To read full editions, <a href="https://blockworks.co/newsletter/forward-guidance">subscribe</a>.



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After a decade of fund issuers trying to offer US bitcoin ETFs, those launches in January 2024 were a huge deal. Ether ETFs then hit US markets six months later.&nbsp; Today marks yet another date to remember, with the Bitwise Solana Staking ETF (BSOL) going live on the New York Stock Exchange.



“This is one of the big assets; it’s on the Mount Rushmore of crypto,” Bitwise CIO Matt Hougan told me. “We don’t have that many of these launches, so this is a really exciting moment.”



Solana’s market cap is roughly $110 billion — behind only BTC ($2.3 trillion), ETH ($495 billion), tether ($183 billion), XRP ($158 billion) and BNB ($156 billion).



Before we get into the demand for a US solana ETF, let’s start with launch timing — as Bitwise got to market ahead of competitors. Hougan admitted to me that a legal mind — like that of Multicoin Capital general counsel Greg Xethalis — could perhaps more eloquently explain what went down:



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">OK, how did we go from Gov Shutdown (probably) means no ETFs to ETFs coming tomorrow? A break it down thread. First, Bitwise now has all five green check marks ✅ below. <a href="https://t.co/GPBuEWhJze">https://t.co/GPBuEWhJze</a>&mdash; Greg Xethalis (@xethalis) <a href="https://twitter.com/xethalis/status/1982936802467225837?ref_src=twsrc%5Etfw">October 27, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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The Bitwise <a href="https://www.sec.gov/Archives/edgar/data/2045872/000121390025097494/ea0260657-s1a5_bitwise.htm">S-1</a> filed on Oct. 8 included the necessary language that Bloomberg Intelligence analyst James Seyffart pointed out (below). That gave BSOL a path to launch 20 days later.&nbsp;



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">NEW: YES&#8230; We expect Solana, Litecoin and HBAR to get their first pure spot ETFs here in the US this week as has been reported. But how did this happen? Almost certainly due to language in a guidance letter from the SEC&#39;s division of corporate finance which came in the form of… <a href="https://t.co/WdswvuHh2n">pic.twitter.com/WdswvuHh2n</a>&mdash; James Seyffart (@JSeyff) <a href="https://twitter.com/JSeyff/status/1982928854411878821?ref_src=twsrc%5Etfw">October 27, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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“As an issuer, you can’t let the government being dysfunctional halt your business plans; we don’t know when the shutdown will be over,” Hougan said. “These filings were complete, they were ready and so under the rules set up in the [Investment Company Act of 1940] they sort of marched to market if you don’t have that delaying amendment.”



Bitwise intends to stake 100% of the Fund’s SOL holdings — aiming to maximize exposure to average staking rewards around 7%. BSOL looks to meet redemptions on a T+2 basis given a typical “cooldown” period — to unstake SOL — of 48 hours or less. During extraordinary circumstances, Page 90 of the fund’s S-1 describes what would happen:



<figure class="wp-block-image size-large wp-duotone-dark-grayscale"><img loading="lazy" decoding="async" width="1600" height="282" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-144.png?w=1024&amp;h=1024" alt="" class="wp-image-109598" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-144.png?w=1600 1600w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-144.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-144.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-144.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-144.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-144.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-144.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-144.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-144.png?w=80 80w" sizes="auto, (max-width: 1600px) 100vw, 1600px" /></figure>



With that out of the way, what sort of demand will we even see for SOL ETFs?



Hougan himself said at DAS London earlier this month that many institutional investors driving this bull market <a href="https://x.com/strack_ben/status/1977725150456909840">“can’t pronounce solana.”</a> BlackRock’s Matt Kunke told me on stage at the same event that the world’s largest asset manager was <a href="https://blockworks.co/news/blackrock-crypto-etf-focus">holding off on pursuing a SOL ETF</a> given many institutions still need education on BTC and ETH.&nbsp;



What a bunch of institutions/financial advisers do want to invest in, though, is stablecoin and tokenization growth, Hougan argued. It’s hard to find people bearish about the potential of those segments. Stablecoin market cap is nearing $300 billion, while the tokenized real-world assets (RWAs) market stands at roughly $35 billion.   



While ETH is the dominant player here, Solana has a material and growing share. Solana Policy Institute president Kristin Smith labeled the blockchain as “critical financial infrastructure for the future of the digital economy.”



This chart from <a href="http://rwa.xyz">RWA.xyz</a> chart shows the value of stablecoins/tokenized RWAs on each chain:



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1600" height="742" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-145.png?w=1024&amp;h=1024" alt="" class="wp-image-109599" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-145.png?w=1600 1600w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-145.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-145.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-145.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-145.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-145.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-145.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-145.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-145.png?w=80 80w" sizes="auto, (max-width: 1600px) 100vw, 1600px" /></figure>



 “It’s hard to know over the next five years who will win,” Hougan said. “So I think from the traditional audience, they’re going to want to own both ETH and solana.”



US bitcoin ETFs had unprecedented success out of the gate. ETH products initially saw underwhelming interest — though flows have picked up in recent months, Blockworks Research <a href="https://app.blockworksresearch.com/analytics/crypto-etfs">data</a> shows:



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1600" height="1039" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-143.png?w=1024&amp;h=1024" alt="" class="wp-image-109597" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-143.png?w=1600 1600w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-143.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-143.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-143.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-143.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-143.png?w=396 396w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-143.png?w=402 402w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-143.png?w=337 337w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-143.png?w=80 80w" sizes="auto, (max-width: 1600px) 100vw, 1600px" /></figure>



Narrative and timing are critical for ETF launches to be successful. BSOL comes to market when this <a href="https://blockworks.co/news/das-day-2-tokenization">stablecoin/tokenization theme</a> is more defined. ETH ETFs didn’t have that tailwind back in July 2024.



Thus, Hougan said of solana products: “Adjusted for size, I think it may be the most successful ETP launch of all time.”



Not necessarily anywhere near the $38 billion or so of net inflows <a href="https://blockworks.co/news/one-year-since-bitcoin-etf-approval">bitcoin ETFs saw in their first year</a>, he clarified — calling that an “absurd comparison.” But flows that represent a larger percentage of the much smaller SOL market cap.&nbsp;



While we focused on SOL today, it’s worth noting that Canary Capital’s hedera (HBAR) and litecoin (LTC) ETFs also went live today on the Nasdaq. The government will likely need to reopen before we get <a href="https://x.com/EricBalchunas/status/1980775078922166338">the full flood of crypto ETF launches</a> the market ultimately expects. When that happens is anyone’s guess.



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Bitwise

Inside Bitwise’s milestone solana ETF launch

Macauley Peterson

SharpLink Gaming plans to deploy $200 million worth of ether onto Linea, ConsenSys’ zkEVM Layer 2, in a multi-year program that pairs ether.fi staking with EigenCloud restaking rewards and ecosystem incentives.



The public company frames the move as a way to turn an <a href="https://blockworks.co/news/sharplink-adds-177m-eth">already large ETH treasury</a> into productive, onchain capital while keeping institutional controls under <a href="https://blockworks.co/tag/anchorage-digital">Anchorage Digital</a> custody.



Both Linea and Ether.fi are offering meaningful incentives, according to Ether.fi CEO Mike Silagadze.



“SharpLink’s $200 million is just a starting point — the intention is to scale that up,” Silagadze told Blockworks.



Mechanically, staking occurs on <a href="https://blockworks.co/tag/ethereum">Ethereum</a> mainnet, with a receipt token bridged to Linea for DeFi activities, Silagadze explained.



“Restaking happens in the background — it doesn’t matter where the token sits,” he said, noting that Ether.fi has been available on Linea for over a year.



Anchorage is integrating with ether.fi so qualified-custody clients like Sharplink can mint and allocate directly from custody, according to a person familiar with the plans.



A SharpLink spokesperson declined to offer details on the net yields, other than to say the plan is “designed to generate risk-adjusted yields well above the native ETH staking rate.”



Regarding related-party considerations tied to ConsenSys founder and SharpLink chairman Joseph Lubin, the spokesperson said, “SharpLink manages all corporate governance matters with the rigor and transparency expected of a Nasdaq-listed company.”



The deployment is similar to <a href="http://ether.fi">Ether.fi’s previous partnership with ETHZilla</a>, which saw $100 million in ether deployed into its staking infrastructure.



<h2 class="wp-block-heading">ETHZilla sheds some ETH</h2>



The Sharplink announcement comes the same day as social media is atwitter over a different treasury move: ETHZilla said it sold roughly $40 million of ETH to repurchase shares trading below measured NAV after an investor’s open letter urged buybacks.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">6/ Yesterday I urged <a href="https://twitter.com/search?q=%24ETHZ&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETHZ</a> to start selling part of their Ethereum to buy back shares while they trade at a discount to mNAV. They replied by saying they have already started and bought back 600.000 shares at $20/share. This alone increased NAV by $0.26/share already.&mdash; Capybara Stocks (@capybaraReborn) <a href="https://twitter.com/capybaraReborn/status/1983221348534047214?ref_src=twsrc%5Etfw">October 28, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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Silagadze called that decision “about signaling,” aimed to close a steep discount rather than a retreat from DeFi and said ether.fi has seen “no withdrawals” tied to the buyback.



Read against the broader digital-asset-treasury (DAT) landscape, SharpLink’s program underscores two diverging playbooks this cycle: sell ETH to close a market discount, or keep ETH productive onchain to compound staking, restaking and partner incentives. SharpLink is explicitly choosing the latter — and doing so on <a href="https://blockworks.co/news/linea-previews-eth-first-roadmap">a specific L2 with a growing institutional pitch</a>.



The <a href="https://blockworks.co/news/bitmine-adds-200k-eth">ETH DAT King Kong</a> — BitMine Immersion (BTMR) — meanwhile, has yet to take steps into onchain yield.



Risk management sits at the heart of whether more public treasuries follow. On the protocol side, the hazards span L2 bridge and sequencer assumptions, smart-contract vulnerabilities, and the slashing conditions of the specific <a href="https://blockworks.co/tag/eigenlayer">EigenCloud</a> AVSs SharpLink elects to back.



Like the ETHZilla deal before it, Silagadze said, AVS selection and risk curation sit within Ether.fi’s remit.



The Sharplink spokesperson confirmed “a collaborative partnership with Etherfi” and added, “we pre-review AVS terms and define clear de-risk triggers.”



A separate source of confusion for equity markets is how to read “mNAV” — the ratio investors use to judge whether a DAT trades above or below its underlying portfolio value.



There are four ways to track mNAV, said Blockworks Research’s Dan Smith, “and the ‘best’ depends on the company.” For instance, prefunded warrants can make outstanding mNAV diverge from fully diluted, while cash-heavy balance sheets argue for enterprise value-based measures.



Smith pointed to ETHZilla selling ETH when outstanding mNAV was below 1 but fully diluted was above 1 — suggesting it manages to the outstanding figure. By contrast, BitMine has sold stock even while its outstanding mNAV was less than 1, implying it makes its determination based on the fully diluted metric, Smith said.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1600" height="889" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-146.png?w=1024&amp;h=1024" alt="" class="wp-image-109603" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-146.png?w=1600 1600w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-146.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-146.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-146.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-146.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-146.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-146.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-146.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-146.png?w=80 80w" sizes="auto, (max-width: 1600px) 100vw, 1600px" /><figcaption class="wp-element-caption">Source: <a href="https://app.blockworksresearch.com/analytics/team/charts/3762">Blockworks Research</a></figcaption></figure>







For now, SharpLink’s move jives with an approach of putting ether to productive use, staking and restaking at institutional scale, with token incentives sweetening initial economics.&nbsp;



Whether that approach becomes the default for public ETH treasuries will hinge on what matters most to boards and investors: closing today’s market discount, or compounding tomorrow’s onchain yield to maximize ether.



Updated 10/28/25 at 3:30 pm ET to reflect comments from SharpLink.



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ConsenSys

Sharplink takes its ETH onchain, as ETHZilla trims its stash

Kate Irwin

This is a segment from The Drop newsletter. To read full editions, <a href="https://blockworks.co/newsletter/the-drop" target="_blank" rel="noreferrer noopener">subscribe</a>.



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How will we find new AI agents to use in the near future? What could a decentralized, more open AI ecosystem look like? And how will AI agents make payments for us?



<a href="https://blockworks.co/news/ethereum-foundation-team-ai-integration">ERC-8004</a>, a new Ethereum technical standard first unveiled <a href="https://medium.com/survival-tech/the-story-behind-erc-8004-next-steps-ec46c18d1879">this summer</a>, aims to be an answer to all that. The <a href="https://eips.ethereum.org/EIPS/eip-8004">standard</a> is being peer-reviewed, and its smart contracts were launched on the Ethereum testnet this month. MetaMask AI Lead Marco de Rossi, Ethereum Foundation AI lead Davide Crapis, Google engineer Jordan Ellis, and Coinbase Developer Platform engineering lead Erik Reppel co-created the protocol, which also incorporates feedback and contributions from a slew of other crypto companies and projects.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">LIVE NOW: AI Agents can discover and trust each other without a central intermediary. This lays the foundation for open agent economies. ERC-8004 v1, co-authored with <a href="https://twitter.com/DavideCrapis?ref_src=twsrc%5Etfw">@DavideCrapis</a> (<a href="https://twitter.com/ethereumfndn?ref_src=twsrc%5Etfw">@Ethereumfndn</a>), <a href="https://twitter.com/jordan0ellis?ref_src=twsrc%5Etfw">@Jordan0Ellis</a> (<a href="https://twitter.com/Google?ref_src=twsrc%5Etfw">@Google</a>) and &#8211; welcome Erik! &#8211; <a href="https://twitter.com/programmer?ref_src=twsrc%5Etfw">@programmer</a> (<a href="https://twitter.com/coinbase?ref_src=twsrc%5Etfw">@Coinbase</a>) is now… <a href="https://t.co/purYaxWk1P">pic.twitter.com/purYaxWk1P</a>&mdash; Marco De Rossi (@marco_derossi) <a href="https://twitter.com/marco_derossi/status/1976257886390002116?ref_src=twsrc%5Etfw">October 9, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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ERC-8004 lets builders and users mint AI agents like they’re NFTs and delegate them using those ERC-721 rails. It makes AI agents discoverable, and can hold agent reputation scores onchain. The AI agents can use <a href="https://docs.cdp.coinbase.com/x402/welcome">x402</a>, a new open payment protocol developed by Coinbase.&nbsp;



Agent developers could ultimately charge for access to their tools and agents, who could be deployed for a range of use cases around user productivity, trading, payments or even reshape consumers’ <a href="https://clam.capital/blogs/future-of-media-is-a-bank">subscription diets</a>. At some point, perhaps AI agents could even hire each other to complete different tasks, like a more open version of what Google has developed with <a href="https://developers.googleblog.com/en/a2a-a-new-era-of-agent-interoperability/">A2A</a>.



“Maybe it’s early to think about the business model fully, even if x402 is clearly the best monetization source for AI agents, but we should focus a lot on use cases and not just on the infra,” De Rossi told me in an interview.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">x402 will unlock pay-per-use models that save users real money Many of us today pay $100+/month across ChatGPT, Claude, Gemini, Grok &#8211; rarely hitting limits Future: Imagine paying only $20 for what you actually use Add streaming, articles, content sampling platforms, and the…&mdash; Jake Hiew (@jakehiew) <a href="https://twitter.com/jakehiew/status/1983099386038190152?ref_src=twsrc%5Etfw">October 28, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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The agents themselves aren’t being stored on Ethereum because, as De Rossi explained, running AI agents in such a way is very complicated and would require “a lot of overhead.”&nbsp;



So it’s not going to be that decentralized. But there’s definitely a middle path that 8004 unlocks for developers between a completely closed ecosystem and something completely open and decentralized.&nbsp;



In this vision, users or companies host their own AI agents on their own devices or servers. Then, they use the blockchain, via 8004, as an open app store of sorts to share their models with others and receive ratings and feedback.&nbsp;



For this to have broad consumer appeal, AI agent explorers of sorts — pretty frontends with checkout integrations — would have to be built for humans. De Rossi said that roughly half a dozen teams in crypto are already working on making something to this effect a reality.



“The current situation is that you see stuff on the [block] explorer which is totally unusable,” he said.&nbsp;



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">Everyone’s hyped about x402 right now. Most haven’t realized it’s just one piece of something way bigger. The real shift that will define Crypto × AI is Agentic Commerce. AI agents autonomously trading, negotiating, and executing with minimal human input.<a href="https://twitter.com/a16zcrypto?ref_src=twsrc%5Etfw">@a16zcrypto</a>’s state… <a href="https://t.co/NTgNsMjjaR">pic.twitter.com/NTgNsMjjaR</a>&mdash; Soubhik Deb (@soubhik_deb) <a href="https://twitter.com/soubhik_deb/status/1982823993645445359?ref_src=twsrc%5Etfw">October 27, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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Building something that anyone can use can be a difficult line to walk, though, if various platforms decide to restrict the visibility of certain types of AI agents.



But maybe this will happen in a more organic way if the crypto community is able to, collectively, give agents feedback and therefore shape their reputations. Agents with better reputations could get more visibility, while questionable agents with lower scores fade into the background (but remain accessible).&nbsp;



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="653" height="611" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-141.png" alt="" class="wp-image-109580" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-141.png?w=653 653w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-141.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-141.png?w=275 275w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-141.png?w=279 279w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-141.png?w=234 234w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-141.png?w=80 80w" sizes="auto, (max-width: 653px) 100vw, 653px" /></figure>



“The bad outcome is we have many different silos, like app stores, [and] that’s it,” De Rossi said of the future of AI agent discoverability. “That’s just worse for consumers.”&nbsp;



“If we want to make this happen in an interoperable way, there are two possibilities, probably. The US government,” De Rossi said with a laugh, “or the infrastructure owned by nobody, which is the blockchain.”



Pushing some vague ideals of whatever “Web3” is supposed to be isn’t going to spur blockchain adoption in the AI industry, De Rossi argued.



“Who cares? The point is, how can we have an infra that is neutral, and this is understandable to everybody. It’s public infrastructure.”



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<li><a href="https://blockworks.co/newsletter/empire">Empire</a>: Crypto news and analysis to start your day.</li>



<li><a href="https://blockworks.co/newsletter/forward-guidance">Forward Guidance</a>: The intersection of crypto, macro and policy.</li>



<li><a href="https://blockworks.co/newsletter/thedrop">The Drop</a>: Apps, games, memes and more.</li>



<li><a href="https://blockworks.co/newsletter/lightspeed">Lightspeed</a>: All things Solana.</li>



<li><a href="https://blockworks.co/newsletter/supply-shock">Supply Shock</a>: Bitcoin, bitcoin, bitcoin.</li>
</ul>

Ethereum could be the ultimate app store for AI agents

Blockworks

Western Union plans to launch a US dollar-backed stablecoin on the Solana blockchain next year, marking its biggest step yet into digital assets.&nbsp;



The new token, called the US Dollar Payment Token (USDPT), will be issued by Anchorage Digital Bank and will allow Western Union’s 100 million customers to send money internationally without exposure to local currency volatility.



The news was first <a href="https://www.wsj.com/finance/western-union-early-telegraph-pioneer-joins-the-crypto-arms-race-a0aa7f02?mod=hp_lead_pos8">reported</a> by the Wall Street Journal.&nbsp;



The initiative follows the passage of the Genius Act, signed by President Trump in mid-2025, which created the first federal framework for stablecoins.&nbsp;



Western Union <a href="https://www.businesswire.com/news/home/20251028647920/en/Western-Union-Announces-USDPT-Stablecoin-on-Solana-and-Digital-Asset-Network">said</a> the stablecoin will be accessible through partner exchanges and integrated into a new digital asset network connecting crypto wallets and its 400,000 retail outlets worldwide.



According to the WSJ, Western Union CEO Devin McGranahan described the launch as a natural extension of the company’s 175-year history of using technology to connect people.&nbsp;



By using stablecoins — digital tokens pegged to fiat currencies — Western Union aims to cut settlement times and transaction costs while reducing dependence on legacy correspondent banking systems.



This story was updated at 1:30 pm ET to reflect confirmation from Western Union.



<hr class="wp-block-separator has-alpha-channel-opacity"/>



This article was generated with the assistance of AI and reviewed by editor&nbsp;<a href="mailto:jeffrey@blockworks.co" target="_blank" rel="noreferrer noopener">Michael McSweeney</a>&nbsp;before publication.



<hr class="wp-block-separator has-alpha-channel-opacity"/>



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<ul class="wp-block-list">
<li><a href="https://blockworks.co/newsletter/the-breakdown">The Breakdown</a>: Decoding crypto and the markets. Daily.</li>



<li><a href="https://blockworks.co/newsletter/0xresearch">0xResearch</a>: Alpha in your inbox. Think like an analyst. </li>



<li><a href="https://blockworks.co/newsletter/empire">Empire</a>: Crypto news and analysis to start your day.</li>



<li><a href="https://blockworks.co/newsletter/forward-guidance">Forward Guidance</a>: The intersection of crypto, macro and policy.</li>



<li><a href="https://blockworks.co/newsletter/thedrop">The Drop</a>: Apps, games, memes and more.</li>



<li><a href="https://blockworks.co/newsletter/lightspeed">Lightspeed</a>: All things Solana.</li>



<li><a href="https://blockworks.co/newsletter/supply-shock">Supply Shock</a>: Bitcoin, bitcoin, bitcoin.</li>
</ul>

Solana

Western Union to launch Solana-based dollar stablecoin

Sam Schubert

Carlos

0xResearch Newsletter

SOL ETFs begin trading: Can Jito drive a network rebound?

Trump Media &amp; Technology Group announced that it will launch Truth Predict, a prediction-market product built into its Truth Social platform.



The prediction market will launch through an integration with Crypto.com Derivatives North America (CDNA), a CFTC-registered exchange and clearinghouse.



Truth Predict will allow users to trade event contracts tied to real-world outcomes, including U.S. elections, interest-rate decisions and sports results. The platform’s real-time price updates will reflect shifting market sentiment as events unfold.&nbsp;



A beta version will debut “in the near future” before a national rollout, with global expansion to follow once additional regulatory requirements are met.



Under the arrangement, Truth Social and its sister platforms Truth+ and Truth.Fi will integrate with CDNA’s infrastructure, enabling users to convert in-platform rewards called “Truth gems” into Cronos (CRO) tokens for use in prediction contracts.&nbsp;



The system builds on Trump Media’s existing partnership with Crypto.com to establish Trump Media Group CRO Strategy, Inc., a digital asset treasury vehicle formed through a proposed SPAC merger.



Trump Media CEO Devin Nunes said the integration aims to “democratize information” and “turn free speech into actionable foresight.” Crypto.com CEO Kris Marszalek called prediction markets a “multi-deca-billion dollar opportunity” and said the collaboration aligns social engagement with transparent market sentiment.



This is a developing story.



<hr class="wp-block-separator has-alpha-channel-opacity"/>



This article was generated with the assistance of AI and reviewed by editor&nbsp;<a href="mailto:jeffrey@blockworks.co" target="_blank" rel="noreferrer noopener">Michael McSweeney</a>&nbsp;before publication.



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<ul class="wp-block-list">
<li><a href="https://blockworks.co/newsletter/the-breakdown">The Breakdown</a>: Decoding crypto and the markets. Daily.</li>



<li><a href="https://blockworks.co/newsletter/0xresearch">0xResearch</a>: Alpha in your inbox. Think like an analyst. </li>



<li><a href="https://blockworks.co/newsletter/empire">Empire</a>: Crypto news and analysis to start your day.</li>



<li><a href="https://blockworks.co/newsletter/forward-guidance">Forward Guidance</a>: The intersection of crypto, macro and policy.</li>



<li><a href="https://blockworks.co/newsletter/thedrop">The Drop</a>: Apps, games, memes and more.</li>



<li><a href="https://blockworks.co/newsletter/lightspeed">Lightspeed</a>: All things Solana.</li>



<li><a href="https://blockworks.co/newsletter/supply-shock">Supply Shock</a>: Bitcoin, bitcoin, bitcoin.</li>
</ul>

Crypto.com

Trump Media unveils prediction market Truth Predict

Figment and Coinbase Prime have expanded their institutional staking partnership to support a wider range of Proof-of-Stake networks, the companies announced on October 28, 2025.&nbsp;



The integration, which began in early 2024 with Ethereum staking, has enabled more than $2 billion in staked assets to date.



Through this extended collaboration, institutional clients using<a href="https://www.coinbase.com/en-gb/blog"> Coinbase Prime</a> — Coinbase Global’s full-service prime brokerage for trading, financing, and custody — can now access Figment’s institutional-grade staking infrastructure across multiple networks. The expansion adds support for assets such as Solana, Sui, Aleo, Aptos, Avalanche, Axelar, Cardano, Celestia, Cosmos, EigenLayer, NEAR, and Polkadot.



Coinbase Prime clients are able to stake tokens directly from Coinbase’s custody platform without moving assets, allowing institutions to manage staking, trading, and financing in one interface. The firms said the integration enhances decentralization and maintains the security standards required by institutional asset managers.



“Expanding our staking integration gives institutions more flexibility to select high-quality staking providers like Figment while safeguarding assets with Coinbase Prime’s institutional-grade controls and secure custody,” said Lewis Han, Head of Staking Sales at Coinbase.&nbsp;



“Clients will continue to benefit from our comprehensive staking solution, including turnkey infrastructure and robust staking reporting.”



“From the start, Figment has focused on security and risk-adjusted performance, building infrastructure for the world’s most trusted financial institutions,” said Lorien Gabel, Co-founder and CEO of Figment.&nbsp;



“Our relationship with Coinbase Prime has been integral here, and we look forward to bringing more companies onchain together.”



This is a developing story.



<hr class="wp-block-separator has-alpha-channel-opacity"/>



This article was generated with the assistance of AI and reviewed by editor&nbsp;<a href="mailto:jeffrey@blockworks.co" target="_blank" rel="noreferrer noopener">Michael McSweeney</a>&nbsp;before publication.



<hr class="wp-block-separator has-alpha-channel-opacity"/>



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<ul class="wp-block-list">
<li><a href="https://blockworks.co/newsletter/the-breakdown">The Breakdown</a>: Decoding crypto and the markets. Daily.</li>



<li><a href="https://blockworks.co/newsletter/0xresearch">0xResearch</a>: Alpha in your inbox. Think like an analyst. </li>



<li><a href="https://blockworks.co/newsletter/empire">Empire</a>: Crypto news and analysis to start your day.</li>



<li><a href="https://blockworks.co/newsletter/forward-guidance">Forward Guidance</a>: The intersection of crypto, macro and policy.</li>



<li><a href="https://blockworks.co/newsletter/thedrop">The Drop</a>: Apps, games, memes and more.</li>



<li><a href="https://blockworks.co/newsletter/lightspeed">Lightspeed</a>: All things Solana.</li>



<li><a href="https://blockworks.co/newsletter/supply-shock">Supply Shock</a>: Bitcoin, bitcoin, bitcoin.</li>
</ul>

Coinbase

Coinbase Prime, Figment expand institutional staking integration

Securitize, a leading platform for tokenizing real-world assets, announced that it will go public through a business combination with Cantor Equity Partners II, a special-purpose acquisition company sponsored by Cantor Fitzgerald.&nbsp;



The merger values Securitize at a $1.25 billion pre-money equity valuation, positioning it as the first publicly traded company dedicated to securities-focused tokenization infrastructure. The combined entity will trade under the ticker “SECZ” on Nasdaq upon completion in the first half of 2026.



The deal includes an upsized $225 million PIPE financing, led by Arche, Borderless Capital, Hanwha Investment &amp; Securities, InterVest, and ParaFi Capital, alongside $244 million in CEPT’s trust account.&nbsp;



Existing equity holders — including ARK Invest, BlackRock, Hamilton Lane, Morgan Stanley Investment Management, and Tradeweb Markets — will roll 100% of their stakes into the new company.



As part of the transaction, Securitize plans to tokenize its own equity, a first-of-its-kind move designed to demonstrate how capital markets can operate entirely onchain.&nbsp;



Founded in 2017, Securitize has tokenized over $4 billion in assets, working with institutions such as KKR, Apollo, and VanEck. Its work with BlackRock’s BUIDL fund in 2024 marked the largest real-world asset tokenization to date.&nbsp;



CEO Carlos Domingo called the listing “a defining moment” for bringing traditional finance onchain, while Cantor Fitzgerald CEO Brandon Lutnick said the partnership underscores confidence in tokenization’s long-term potential.



This is a developing story.



<hr class="wp-block-separator has-alpha-channel-opacity"/>



This article was generated with the assistance of AI and reviewed by editor&nbsp;<a href="mailto:jeffrey@blockworks.co" target="_blank" rel="noreferrer noopener">Michael McSweeney</a>&nbsp;before publication.



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<li><a href="https://blockworks.co/newsletter/empire">Empire</a>: Crypto news and analysis to start your day.</li>



<li><a href="https://blockworks.co/newsletter/forward-guidance">Forward Guidance</a>: The intersection of crypto, macro and policy.</li>



<li><a href="https://blockworks.co/newsletter/thedrop">The Drop</a>: Apps, games, memes and more.</li>



<li><a href="https://blockworks.co/newsletter/lightspeed">Lightspeed</a>: All things Solana.</li>



<li><a href="https://blockworks.co/newsletter/supply-shock">Supply Shock</a>: Bitcoin, bitcoin, bitcoin.</li>
</ul>

IPOs

Securitize to go public at $1.25B via Cantor SPAC deal

Bitwise’s proposed solana ETF is set to go live on the NYSE Arca Tuesday — marking the latest milestone in a pivotal year for crypto.&nbsp;



The firm revealed the upcoming launch Monday evening, calling its Solana Staking ETF (BSOL) the “first US ETP to have 100% direct exposure to spot SOL.” Staking of the product’s SOL will be powered by Helius, Bitwise said. 



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="717" height="600" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-129.png" alt="" class="wp-image-109550" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-129.png?w=717 717w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-129.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-129.png?w=307 307w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-129.png?w=312 312w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-129.png?w=262 262w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-129.png?w=80 80w" sizes="auto, (max-width: 717px) 100vw, 717px" /><figcaption class="wp-element-caption">Source: <a href="https://x.com/BitwiseInvest/status/1982927182901993968">X</a></figcaption></figure>



 The announcement came just hours after Bitwise wrote “Big week incoming” in an X post, fueling speculation of ETF developments. A NYSE <a href="https://www.sec.gov/Archives/edgar/data/2045872/000114336225000365/BSOL102725.pdf">letter</a>, dated Monday, noted the exchange “certifies its approval for listing and registration” of the product.  



Proposed Canary Capital ETFs that hold hedera (HBAR) and litecoin (LTC) also “went effective” Monday, Canary CEO Steven McClurg told me in an email. The plan is for those to begin trading on the Nasdaq tomorrow morning, he added.



The imminent product debuts follows the launch of US bitcoin and ether ETFs in January 2024 and July 2024, respectively.&nbsp;



Issuers had been working with the SEC’s Division of Corporation Finance in recent months to finalize S-1 registration statements tied to solana product proposals. Though progress was slowed amid the ongoing US government shutdown, discussions with the regulator did not halt completely.&nbsp;



The greenlight from the SEC to launch these ETFs comes after the agency last month finalized generic listings standards for exchange-traded products that hold spot commodities.



Read more: <a href="https://blockworks.co/news/crypto-etf-swell">Crypto ETF swell approaching after Grayscale’s latest launch</a>



The standards essentially streamline an ETF’s approval so long as the underlying holdings meet certain requirements — like having futures trading on CFTC-regulated venues for six-plus months.



Bitwise CIO Matt Hougan told Blockworks last month that new crypto ETPs could <a href="https://blockworks.co/news/crypto-etf-market-outlook">launch by Halloween</a>.



Hougan wrote in a September <a href="https://experts.bitwiseinvestments.com/cio-memos/solana-season">memo</a> that Solana’s promoters argue it’s “the only blockchain fast enough to support the tokenization of major assets at a global scale.”&nbsp;



Other issuers with solana ETF proposals include Grayscale, 21Shares, Canary Capital, Franklin Templeton, VanEck, Fidelity and CoinShares.&nbsp;



A number of asset managers, including Bitwise, are also seeking to launch ETFs holding other crypto tokens. 



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="502" height="572" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-130.png" alt="" class="wp-image-109551" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-130.png?w=502 502w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-130.png?w=263 263w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-130.png?w=226 226w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-130.png?w=229 229w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-130.png?w=192 192w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-130.png?w=70 70w" sizes="auto, (max-width: 502px) 100vw, 502px" /><figcaption class="wp-element-caption">Source: <a href="https://x.com/EricBalchunas/status/1980775078922166338">X</a></figcaption></figure>







With the generic listing standards in place, industry watchers expect many more single-asset crypto ETFs — including products that hold XRP — to hit US exchanges by the end of the year.



This is a developing story.



<hr class="wp-block-separator has-alpha-channel-opacity"/>



This article was generated with the assistance of AI and reviewed by editor&nbsp;<a href="mailto:jeffrey@blockworks.co" target="_blank" rel="noreferrer noopener">Michael McSweeney</a>&nbsp;before publication.



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<li><a href="https://blockworks.co/newsletter/empire">Empire</a>: Crypto news and analysis to start your day.</li>



<li><a href="https://blockworks.co/newsletter/forward-guidance">Forward Guidance</a>: The intersection of crypto, macro and policy.</li>



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<li><a href="https://blockworks.co/newsletter/supply-shock">Supply Shock</a>: Bitcoin, bitcoin, bitcoin.</li>
</ul>

Bitwise slated to launch milestone US solana ETF Tuesday

This is a segment from the Forward Guidance newsletter. To read full editions, <a href="https://blockworks.co/newsletter/forward-guidance">subscribe</a>.



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As we detail what to watch on this week’s crypto/macro front, let’s first look back to some telling economic data. Friday’s CPI report showed overall and core inflation increased 3% over the 12 months ending in September. This impacted risk assets, with S&amp;P 500 futures rising to a new record and bitcoin reclaiming the $111,000 level. BTC continued to climb early Monday, hovering 6% higher than a week ago by midday.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1402" height="872" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-127.png?w=1024&amp;h=1024" alt="" class="wp-image-109545" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-127.png?w=1402 1402w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-127.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-127.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-127.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-127.png?w=413 413w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-127.png?w=420 420w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-127.png?w=352 352w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-127.png?w=80 80w" sizes="auto, (max-width: 1402px) 100vw, 1402px" /></figure>



The “softer-than-expected” CPI print “reinforced the Fed’s dovish pivot,” according to 21Shares crypto investment specialist David Hernandez.



CME Group’s FedWatch <a href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html">tool</a> — using 30-day fed funds futures prices — put the chance of a 25bps interest rate cut this week at 96.7%, as of Monday morning. The chance of two 25bps cuts by the end of the year stood at roughly 94%.&nbsp;



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="645" height="112" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-126.png" alt="" class="wp-image-109544" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-126.png?w=645 645w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-126.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-126.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-126.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-126.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-126.png?w=80 80w" sizes="auto, (max-width: 645px) 100vw, 645px" /></figure>



We’ll be listening to Jerome Powell’s press conference Wednesday.&nbsp;&nbsp;



“Any potential easing aimed at supporting a softening labor market is unlikely to change the broader momentum: capital continues to flow toward Bitcoin, recognizing its growing role as a resilient anchor asset in an increasingly complex financial landscape,” Xapo Bank’s Gadi Chait said in a statement.



BTC’s return for October was barely in the green just after Noon ET. If it holds throughout the week, the “Uptober” narrative would be satisfied for a seventh-straight year: <img loading="lazy" decoding="async" src="blob:https://cms.blockworks.co/794e9108-96e6-4561-b57a-ac22115957b6" width="624" height="376">



The latest BTC bounce came two weeks after <a href="https://blockworks.co/news/crypto-liquidations-drive-historic-market-turbulence">a historic wave of liquidations</a> rocked crypto markets. This event “dramatically reduced excess positioning across major centralized venues,” Hernandez noted.



“With positioning cleaned up and macro easing now confirmed rather than speculated, the foundation for upside looks materially stronger,” he added.



Not everyone is bullish about BTC’s near-term outlook.&nbsp;



Ledn CIO John Glover noted Friday that, according to his Elliott Wave Theory analysis, the bull run that started in November 2022 has been completed. He suspects a correction (Wave IV) — to be completed in mid-to-late 2026 — resulting in BTC dipping to somewhere between $84,000 and $100,000. It would then go up from there, his chart shows:



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1430" height="938" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-128.png?w=1024&amp;h=1024" alt="" class="wp-image-109546" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-128.png?w=1430 1430w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-128.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-128.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-128.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-128.png?w=392 392w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-128.png?w=398 398w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-128.png?w=334 334w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-128.png?w=80 80w" sizes="auto, (max-width: 1430px) 100vw, 1430px" /></figure>



“Welcome to the Bear Market of 2025/26!&#8221; Glover added in an email.&nbsp;



Looking beyond BTC, we continue to be on crypto ETF watch. We’re hearing rumblings that the government shutdown does not mean we won’t see any movement on altcoin ETF proposals.&nbsp;



Asset manager Bitwise <a href="https://www.sec.gov/Archives/edgar/data/2045872/000121390025101434/ea0262034-8a12ba1_bitwise.htm">filed</a> a Form 8-A for its proposed Solana Staking ETF, and the firm <a href="https://x.com/BitwiseInvest/status/1982810396000973012">tweeted</a> “Big week incoming” this morning. The firm declined to comment.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">Canary just filed 8-As for Litecoin and HBAR ETFs joining Bitwise who filed one for Solana. These are the ones rumored to be poss looking to launch (along w Grayscale solana) this week despite shutdown. Not a done deal but clearly preparations being made. Stay tuned.. <a href="https://t.co/4lj8NPn9s7">pic.twitter.com/4lj8NPn9s7</a>&mdash; Eric Balchunas (@EricBalchunas) <a href="https://twitter.com/EricBalchunas/status/1982827068837806544?ref_src=twsrc%5Etfw">October 27, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



As we keep an eye on ETF updates, we also have Coinbase’s Q3 earnings on our radar. That’s set for Thursday, after the market closes. Executives have been transparent on past earnings webcasts about <a href="https://blockworks.co/news/coinbase-eyes-everything-exchange-q2">the exchange’s priorities</a>.&nbsp;



JPMorgan analysts last week updated its Coinbase stock grade to “overweight.”



“We see Coinbase exploring a Base token, which we see accelerating the growth of development on the Base blockchain, but has the ancillary benefit of enabling Coinbase to equitize the success in what is the largest L2 on multiple metrics,” analysts wrote in an Oct. 24 note. “We also see Coinbase further exploring its USDC payouts.”&nbsp;&nbsp;



The bank’s COIN price target for December 2026 is $404 — a roughly 10% increase from where it was midday Monday ($366).&nbsp;



So a busy week appears certain. Time will tell how “big” it will be.



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<li><a href="https://blockworks.co/newsletter/empire">Empire</a>: Crypto news and analysis to start your day.</li>



<li><a href="https://blockworks.co/newsletter/forward-guidance">Forward Guidance</a>: The intersection of crypto, macro and policy.</li>



<li><a href="https://blockworks.co/newsletter/thedrop">The Drop</a>: Apps, games, memes and more.</li>



<li><a href="https://blockworks.co/newsletter/lightspeed">Lightspeed</a>: All things Solana.</li>



<li><a href="https://blockworks.co/newsletter/supply-shock">Supply Shock</a>: Bitcoin, bitcoin, bitcoin.</li>
</ul>

Big crypto week ahead? What to watch for in the ‘Uptober’ homestretch

Donovan Choy

This is a segment from the Lightspeed newsletter. To read full editions, <a href="https://blockworks.co/newsletter/lightspeed" target="_blank" rel="noreferrer noopener">subscribe</a>.



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One recurring theme in crypto is that token holders keep discovering that they don’t have the same protection rights as shareholders.



Legal protections make M&amp;A a smooth process. For instance, if BigCo acquires LittleCo for $1 per share, the people who own LittleCo’s shares should get $1 per share. The acquirer is buying the company, and the shares are the company, so the shareholders get bought out. No investor is left behind. There are exceptions, but that is generally “supposed” to be the way it works under traditional financial laws.&nbsp;



Cryptoland, however, has its own rules.



Various efforts exist to mitigate this problem, like <a href="https://blockworks.co/news/umbra-metadao-futarchy">MetaDAO’s </a>futarchy markets or the Blockworks <a href="https://blockworks.co/token-transparency">Token Transparency</a> reports. But the default for now is mostly to just vibe it out on Twitter.



<h2 class="wp-block-heading">Pump acquires Padre</h2>



Pump announced its <a href="https://x.com/pumpdotfun/status/1981722548350894498">acquisition</a> of Padre last Friday. Padre is a trading terminal with about 4% market share on Solana (it’s also on BNB Chain, Base and Ethereum).



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="962" height="524" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-122.png" alt="" class="wp-image-109535" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-122.png?w=962 962w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-122.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-122.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-122.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-122.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-122.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-122.png?w=80 80w" sizes="auto, (max-width: 962px) 100vw, 962px" /></figure>



Padre also has a PADRE token of its own. Why does a trading terminal have a token? I don’t know. The token confers things like fee discounts and access to features, which is nice, but not the same as “owning Padre,” which is a different thing.



Unfortunately for the PADRE investors who raised ~$1.7 million on Fjord Foundry 19 months ago, that token will “no longer have utility on the platform with no further plans for the future,” as per Pump’s acquisition <a href="https://x.com/pumpdotfun/status/1981722561235788074">announcement</a>.&nbsp;



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1389" height="729" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-125.png?w=1024&amp;h=1024" alt="" class="wp-image-109537" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-125.png?w=1389 1389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-125.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-125.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-125.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-125.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-125.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-125.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-125.png?w=80 80w" sizes="auto, (max-width: 1389px) 100vw, 1389px" /><figcaption class="wp-element-caption">Source: <a href="https://x.com/FjordFoundry/status/1764807903150739688">X</a></figcaption></figure>







PADRE token holders got upset and complaints of classic rugging ensued, with some <a href="https://x.com/1ntr0l1na1/status/1981748544651637230">alleging</a> the team was banning Discord users for speaking the unspeakable thing about ownership rights.



You can see below that PADRE’s price tanked 80% moments after the acquisition was made public.



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="904" height="669" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-124.png" alt="" class="wp-image-109538" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-124.png?w=904 904w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-124.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-124.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-124.png?w=347 347w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-124.png?w=353 353w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-124.png?w=296 296w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-124.png?w=80 80w" sizes="auto, (max-width: 904px) 100vw, 904px" /></figure>



This wouldn’t happen in an alternate universe where crypto tokens are governed by the same laws as TradFi.



But in cryptoland, if the token you own is adjacent to the company that gets bought, and that token doesn’t give you cash consideration, then the rational thing to do for the PADRE holder, upon learning their adjacency, is to be extremely adjacent and sell.



In any case, the ruckus on Twitter seems to have prompted teams to take action.



Just this morning, Padre announced that PADRE token holders will be compensated with PUMP tokens, based on a snapshot from Friday, Oct. 24, 2025.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">A snapshot was taken of all <a href="https://twitter.com/search?q=%24PADRE&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$PADRE</a> holders at 13:59 UTC on Friday, October 24th 2025. These holders are now able to receive a set number of <a href="https://twitter.com/search?q=%24PUMP&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$PUMP</a> tokens which correspond to the value of <a href="https://twitter.com/search?q=%24PADRE&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$PADRE</a> they held at the time of the snapshot. Holders can submit their Solana wallets and…&mdash; Padre (@PadreApp) <a href="https://twitter.com/PadreApp/status/1982571060785545554?ref_src=twsrc%5Etfw">October 26, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Nice! This is the part where crypto governance is sometimes benevolent.



Still, there’s a valuation problem. If Pump bought Padre for, say, $40 million, and PADRE’s value at the snapshot was ~$5 million, then compensating token holders at market is merely ~13% of what they would’ve gotten as per the deal’s implied equity value.



Shareholders would’ve gotten the $40 million pro rata, as StrategicHash points out.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">Wait a second. That&#39;s not how M&amp;A is supposed to work. This is straight up unethical, and would be illegal in traditional finance. The <a href="https://twitter.com/search?q=%24PADRE&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$PADRE</a> holders deserve to be paid at the pro rata acquisition value (40M?) not at the FDV value at the time of snapshot (5M). futardio <a href="https://t.co/ww1CAD2tAX">https://t.co/ww1CAD2tAX</a>&mdash; StrategicHash (@StrategicHash) <a href="https://twitter.com/StrategicHash/status/1982596235128348703?ref_src=twsrc%5Etfw">October 26, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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Making PADRE holders “whole” at the pre-announcement price is better than nothing, I suppose, but it is also not the same as paying them as if they owned the company, because they do not.



You can think of Pump’s swap as a goodwill gesture, or even a (Padre) customer retention strategy, kind of like if United Airlines gives you 1,000 miles for canceling your flight. But it’s not a legal payout.



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Lightspeed Newsletter

Pump acquires Padre trading terminal, promises token compensation

The initial coin offering for MegaETH, a project dedicated to building a real-time blockchain, drew significant interest Monday morning.



The ICO, which is open for 72 hours, is 3x oversubscribed, according to MegaETH’s info page. The project shows more than $150 million worth of bids at the $0.099 max price and an implied FDV of $3.05 billion at the time of publication.



MegaETH’s venture backers include Vitalik Buterin and Joe Lubin, who participated in a $20 million <a href="https://blockworks.co/news/vitalik-buterin-backs-megalabs-raise">seed round</a> led by Dragonfly, as Blockworks previously reported.&nbsp;



Per MegaETH’s <a href="https://token.megaeth.com/">site</a>, the accredited investors have a mandatory year lock-up with a 10% discount, though the lock-up is “optional for non-US participants.”



“Once the MegaETH mainnet goes live, eligible users (Fluffle holders and anyone who attempted to get allocation in the Echo or Public Sale) have an opportunity to receive additional tokens after actively using apps in the MegaETH ecosystem,” the site noted.



A <a href="https://static.megaeth.com/MEGA%20MiCA%20Whitepaper.pdf">whitepaper</a> previously showed that MegaETH’s team would only receive a 9.5% allocation.&nbsp;



“MegaETH’s public sale could offer outsized returns for early buyers,” 0xResearch’s Kunal Doshi and Shaunda Devens <a href="https://blockworks.co/news/megaeths-public-sale-looks-megacheap">wrote</a> last week.&nbsp;“This is the third round open to the community, after the Echo community round (priced similarly to VC investors including Dragonfly and Vitalik) and the Fluffle NFT round, which implied roughly a $532 million FDV. This follows MegaETH’s recent buyback of around 4.75% <a href="https://www.theblock.co/post/375090/megaeth-buys-back-equity-token-warrants-pre-seed-investors">equity and token-linked warrants</a> from early pre-seed investors.”



This is a developing story.



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This article was generated with the assistance of AI and reviewed by editor&nbsp;<a href="mailto:jeffrey@blockworks.co" target="_blank" rel="noreferrer noopener">Michael McSweeney</a>&nbsp;before publication.



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MegaETH initial coin offering 3x oversubscribed less than 30 minutes post-launch

tZERO Group, Inc. announced plans to pursue an initial public offering, signaling its intent to expand its blockchain-powered platform for tokenized securities and real-world assets.&nbsp;



Chief Executive Officer Alan Konevsky <a href="https://tzero.com/press-releases/tzero-announces-plan-to-pursue-public-listing/?utm_medium=email&amp;_hsenc=p2ANqtz-_3CTndkLVLTlJ-pTxPOitjQVn2ZVZBM2Csv0B2F2O6AJSKdcyb4BCDbHvDpP-Zs18TbmxNDk2EYpcPECyS2Swwtmq2fQ&amp;_hsmi=387007124&amp;utm_content=387007124&amp;utm_source=hs_email">said</a> the IPO would mark tZERO’s next step in building “regulated infrastructure for digital assets” through its U.S.-based broker-dealer platform. The proposed listing is subject to regulatory approval and market conditions.



He told <a href="https://www.bloomberg.com/news/articles/2025-10-27/tokenized-securities-market-tzero-is-readying-2026-ipo">Bloomberg</a> that the company is also mulling a pre-IPO fundraising round and that it’s not currently profitable.



The firm’s ecosystem integrates the issuance, trading, and settlement of tokenized securities, aiming to create transparency and scalability across asset classes — from private equity to real estate and derivatives.



tZERO’s move comes as tokenization gains momentum among traditional finance players, with institutions exploring blockchain rails for efficiency and liquidity.&nbsp;



Its largest shareholder, Bed Bath &amp; Beyond Executive Chairman Marcus Lemonis, praised the company’s strategy to “democratize access” to tokenized assets.



The IPO could reinforce tZERO’s position in the regulated segment of digital markets, distinguishing it from decentralized exchanges that face heightened scrutiny under the U.S. Securities and Exchange Commission’s (SEC) evolving framework for crypto assets.



This is a developing story.



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This article was generated with the assistance of AI and reviewed by editor&nbsp;<a href="mailto:jeffrey@blockworks.co" target="_blank" rel="noreferrer noopener">Michael McSweeney</a>&nbsp;before publication.



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tZERO plans IPO to expand tokenized asset platform

IBM has launched a new platform for banks, governments, and corporations to build and manage blockchain-based services with enterprise-grade security and compliance, the company said in a press release.&nbsp;



Developed with digital wallet infrastructure provider Dfns, the Digital Asset Haven platform allows institutions to manage the full digital asset lifecycle — from custody to transaction and settlement — across more than 40 connected public and private blockchains.



Bloomberg first <a href="https://www.bloomberg.com/news/articles/2025-10-27/ibm-launches-digital-assets-platform-as-crypto-activity-jumps">reported</a> the news.&nbsp;



IBM <a href="https://newsroom.ibm.com/ibm-digital-asset-haven">said</a> the platform integrates its Z and LinuxONE infrastructure with Dfns’ multi-party computation (MPC) and hardware security module (HSM) custody technology.&nbsp;



It also includes native support for governance frameworks, programmable multi-party approvals, and policy-driven compliance tools. Dfns, which has created over 15 million wallets for 250 clients, brings digital asset custody and transaction management expertise to the partnership.



According to Tom McPherson, IBM General Manager for Z and LinuxONE, Digital Asset Haven “empowers governments and enterprises to build the next generation of financial services” with the same resilience and security standards as IBM’s core financial infrastructure.&nbsp;



Dfns CEO Clarisse Hagège added that the collaboration “goes beyond custody to orchestrate the full digital asset ecosystem,” paving the way for large-scale institutional deployment.



The launch arrives as financial institutions increasingly explore tokenization and stablecoin infrastructure following U.S. legislative clarity under the GENIUS Act.&nbsp;



IBM joins a growing field of enterprise providers developing compliance-ready blockchain services amid rising demand for asset tokenization and blockchain settlement capabilities.



This is a developing story.



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This article was generated with the assistance of AI and reviewed by editor&nbsp;<a href="mailto:jeffrey@blockworks.co" target="_blank" rel="noreferrer noopener">Michael McSweeney</a>&nbsp;before publication.



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IBM unveils blockchain development platform for governments and institutions

President Donald Trump plans to tap Michael Selig, chief counsel for the Securities and Exchange Commission’s crypto task force, to chair the Commodity Futures Trading Commission, according to a <a href="https://www.bloomberg.com/news/articles/2025-10-24/trump-to-pick-michael-selig-for-cftc-chair-amid-crypto-expansion?srnd=homepage-americas">report</a> from Bloomberg.&nbsp;



The appointment marks the administration’s latest step toward unifying federal oversight of digital assets as Congress debates broader crypto market structure legislation.



Selig currently serves as a senior aide to SEC Chairman Paul Atkins, where he has focused on aligning the SEC and CFTC’s regulatory approaches to digital assets, swaps, and futures markets.&nbsp;



Before joining the SEC, Selig was a partner at Willkie Farr &amp; Gallagher, advising asset managers on derivatives and financial regulation.&nbsp;



If confirmed by the Senate, Selig would succeed acting leadership at the CFTC, a relatively small but increasingly central regulator of derivatives and crypto markets.&nbsp;



The nomination follows Trump’s earlier failed attempt to install former CFTC commissioner Brian Quintenz, a16z crypto’s global policy head, whose bid stalled amid industry opposition.



The CFTC, which supervises swaps, futures, and prediction markets, has gained prominence as lawmakers weigh bills clarifying jurisdiction between the SEC and CFTC over digital assets.



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CFTC

Trump plans to pick Michael Selig to lead CFTC: Report

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The NEAR L1 blockchain is running into something of a governance debacle.



Since June, NEAR’s community has <a href="https://blockworks.co/news/l1s-overpaying-security-tokens-inflation">debated</a> a proposal to halve protocol emissions from 5% to 2.5%.



The original proposal argues that fee burns have fallen well short of expectations, leaving “high inflation without high usage,” which is unsustainable.



The situation for NEAR is stark. NEAR is issuing roughly $140 million of tokens annually to secure a chain with $157 million in TVL and about $3.2 million in year-to-date fees.



For context, Solana’s estimated annual issuance is roughly $5.5 billion, but it supports a far larger, more active DeFi ecosystem with around $11 billion in TVL. From a purely economic lens, NEAR is definitely “overpaying” for security.



That discussion finally culminated in a vote that concluded earlier this week. But though the vote won a simple majority, it failed to clear the 66.67% approval threshold, leaving it technically unsuccessful under NEAR’s governance rules.



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1014" height="636" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-121.png" alt="" class="wp-image-109508" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-121.png?w=1014 1014w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-121.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-121.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-121.png?w=410 410w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-121.png?w=416 416w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-121.png?w=349 349w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-121.png?w=80 80w" sizes="auto, (max-width: 1014px) 100vw, 1014px" /><figcaption class="wp-element-caption">Source: <a href="https://vote.linearprotocol.org/">Linearprotocol</a></figcaption></figure>







That’s where the controversy begins. Validator operator Chorus One is criticizing indications that NEAR’s core contributors may still ship a nearcore release containing the change, relying on a subsequent onchain upgrade mechanism to activate it.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">Despite this, the NEAR core team decided to proceed with implementing the inflation reduction in the next network upgrade, even though the governance process did not reach consensus.&mdash; Chorus One (@ChorusOne) <a href="https://twitter.com/ChorusOne/status/1981009981026799734?ref_src=twsrc%5Etfw">October 22, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Louis Thomazeau of L1D fund is <a href="https://x.com/0xLouisT/status/1981334985387757821">pushing back</a> against Chorus One, countering that cutting emissions is “common sense” economics and should take precedence over blind adherence to decentralization ideals. In other words: Sure, there are rules, but a startup’s main job is not to die.



It’s hard to say if there’s a clear right or wrong here; it fundamentally comes down to your philosophical values.



Breaking the rules delivers short-term efficiency, but it risks a dangerous “Fed put” precedent. Following the rules of governance, I guess, safeguards governance integrity, but that’s costly for the network and NEAR in the near term.



Crypto seems to run into the same kinds of problems all the time.



Hyperliquid recently faced a similar <a href="https://blockworks.co/news/hyperliquid-liquidation-market-uncertainty">bind</a>.



In March, a trader squeezed the JELLY perps market, saddling the HLP vault with large losses. The team delisted JELLY perps and manually overrode the oracle price to close exposure and stem the damage — an explicit break from crypto’s sacrosanct “code is law” principle to protect depositors.



There are countless examples: Should a chain halt during an exploit (e.g., <a href="https://blockworks.co/news/what-it-takes-to-halt-a-decentralized-blockchain-like-binance">BNB</a> in 2022)? Should a community hard fork to reverse a hack (Ethereum in 2016)? You get the idea.



If NEAR wants legitimacy, it should probably take the loss and honor its own thresholds. Forcing the outcome through for a “good” outcome today signals that your governance rules are written in sand. But then again, this industry has the memory of a goldfish, so who are we kidding?



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<li><a href="https://blockworks.co/newsletter/forward-guidance">Forward Guidance</a>: The intersection of crypto, macro and policy.</li>



<li><a href="https://blockworks.co/newsletter/thedrop">The Drop</a>: Apps, games, memes and more.</li>



<li><a href="https://blockworks.co/newsletter/lightspeed">Lightspeed</a>: All things Solana.</li>



<li><a href="https://blockworks.co/newsletter/supply-shock">Supply Shock</a>: Bitcoin, bitcoin, bitcoin.</li>
</ul>

League of KingdomsLOKA

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