Yield Guild is a DAO which seeks to provide a key on-ramp to the world of Play-to-Earn gaming. Play-to-Earn can be an empowering vehicle for those living in developing economies but the barriers to entry may be too high for an individual to start. YGG seeks to act as a capital markets layer, acquiring scarce, productive NFTs to lower the barriers to entry for Metaverse participants.

Yield Guild Games

Macauley Peterson

In the past few months, a new class of public companies has raced to amass billions in crypto. The largest, after Michael Saylor’s bitcoin-focused Strategy, is BitMine Immersion (BMNR) chaired by Wall Street strategist Tom Lee, which now holds about 3.75% of ETH’s supply, <a href="https://app.blockworksresearch.com/analytics/team/charts/3025">according to</a> Blockworks Research data.&nbsp;



That begs the question: will <a href="https://blockworks.co/news/eth-treasury-companies-growth">digital-asset treasuries (DATs)</a> turn their balance sheets into protocol leverage?



In principle, DATs can garner real sway, <a href="https://x.com/RyanWatkins_/status/1971053119631962230">suggests</a> Ryan Watkins of Syncracy Capital, while skeptics <a href="https://x.com/post_polar_/status/1969850373142986881">counter</a> that Ethereum’s governance process, client diversity and stubborn validator “social layer” make outright capture unlikely.



While the issue quickly enters the speculative realm, one thing that is clear is BitMine is in a privileged position among DATs, according to Watkins, because of its trading volume.&nbsp;



“BitMine’s doing, on average, well over 10x the amount of volume [compared to SBET] every day,” Watkins told Blockworks. “So it can raise money the fastest to buy ETH, and it&#8217;s just going to continue to scale.”



<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-35.png?w=1024&amp;h=1024" alt="" class="wp-image-108881" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-35.png?w=1600 1600w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-35.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-35.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-35.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-35.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-35.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-35.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-35.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-35.png?w=80 80w" sizes="auto, (max-width: 1600px) 100vw, 1600px" /><figcaption class="wp-element-caption">At this scale, other ETH DATs barely register | Source: <a href="https://blockworks.com/analytics/treasury-companies/ethereum-treasury-companies/ethereum-treasury-companies-eth-holdings">Blockworks Research</a></figcaption></figure>







<h2 class="wp-block-heading">Where a DAT could matter</h2>



It’s early days and DATs are still focused primarily on how to grow their treasuries. Watkins sketched a plausible arc for a well-financed DAT if the easy capital flywheel slows.



“At a certain point, I do think that the <a href="https://blockworks.com/analytics/treasury-companies/market-data/crypto-treasury-companies-mnav">mNAV</a> alchemy will stop working as well, and then you&#8217;ll start to see BitMine getting more creative and aggressive, like deploying the ETH onchain and starting to be a bigger player in the Ethereum economy,” he said.



Influence would accumulate indirectly, most likely affecting application <a href="https://blockworks.co/tag/governance">governance</a> first; if a DAT parks a nine-figure balance on <a href="https://blockworks.co/tag/aave">Aave</a> or a major <a href="https://blockworks.co/tag/liquid-staking">liquid staking</a> protocol, its views would carry weight.&nbsp;



“If you’re Aave and Tom Lee is 10–20% of your deposits, you might want his opinion before a big change,” Watkins said.



Then there could be infrastructure ownership. If the DAT starts operating validators, RPCs and indexers in a big way, it could shift who gets called when parameters or client development priorities change.



Talent capture is another risk. While hiring or even starting a core development team alone doesn’t move Ethereum’s governance process, a dense cluster of researchers and client contributors under a single treasury could be a kind of soft power.



<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">Honestly, Ethereum needs to be thinking of counter attack strategies here. People will just build centralised proof of authority chains using the EVM, steal a decades worth of R&amp;D. And then poach all the devs. They are not your friends. <a href="https://t.co/GsNuqZcSek">https://t.co/GsNuqZcSek</a>&mdash; Nick Almond (@DrNickA) <a href="https://twitter.com/DrNickA/status/1963722781755056244?ref_src=twsrc%5Etfw">September 4, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Dr. Paul Dylan-Ennis, a lecturer at University College Dublin (known on X as <a href="https://x.com/post_polar_">Polar</a>), and avid <a href="https://blockworks.co/tag/ethereum">Ethereum</a> governance watcher, pushes in the other direction. Ethereum isn’t a company, and the Ethereum Foundation isn’t a management team.



“It’s a weird polycentric system of people who have specifically opted into its ethos, which is a little ideological,” Dylan-Ennis told Blockworks.



He understands the assumption that “money talks” and, at sufficient scale, someone like Lee could wield ETH holdings to shape Ethereum’s direction.&nbsp;



“But that’s a fundamental misreading of how Ethereum works, both culturally and structurally,” Dylan-Ennis said.



The governance structure of Ethereum, from AllCoreDevs (ACD) calls, EIP editors, the <a href="https://www.ethcatherders.com/">Cat Herders</a>, and so on, are about coordinating processes, not profits. To “take over” Ethereum, a DAT would have to build consensus with client teams, and then convince a globally distributed base of node operators and validators to run its preferred code.



Today, public trackers <a href="https://ethernodes.org/">show</a> on the order of 10,000–15,000+ Ethereum nodes globally — a diffuse base that must opt in to any change. That is far messier than hiring a few senior engineers, in Dylan-Ennis’ view.



“Maybe Ethereum is not the perfect example,” Watkins noted, also referring to the governance process as “messier” than “a democratic or plutocratic governance system where it&#8217;s just clear who has the power [and] how much power they have.”



“For <a href="https://blockworks.co/tag/solana">Solana</a> it&#8217;s more straightforward,” Watkins said. “You hold a ton of tokens, you vote with those tokens — that&#8217;s the impact.”



But DATs are in a “speculative incubation period, where we&#8217;re figuring out how to scale these treasuries the fastest,” he said. Right now, for a successfully scaling DAT like BitMine, there’s no pressure to get creative in governance. At least not yet.



Smaller treasuries are already experimenting at the edges. “They need to find ways to stand out,” Watkins said. So, we see ETHZilla <a href="https://blockworks.co/news/ethzilla-etherfi-puffer">deploying hundreds of millions of dollars</a> into liquid staking ecosystems, for instance.



BitMine isn’t doing that for now, but the potential is there.&nbsp;



<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-35.png?w=1024&amp;h=1024" alt="" class="wp-image-108882" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-35.png?w=1600 1600w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-35.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-35.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-35.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-35.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-35.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-35.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-35.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-35.png?w=80 80w" sizes="auto, (max-width: 1600px) 100vw, 1600px" /><figcaption class="wp-element-caption">Tom Lee’s BitMine Immersion Technologies Inc (BMNR) leads the ETH holdings race among DATs by a wide margin | Source: <a href="https://blockworks.com/analytics/treasury-companies/ethereum-treasury-companies/ethereum-treasury-companies-eth-holdings">Blockworks Research</a></figcaption></figure>







<h2 class="wp-block-heading">Ethereum’s immune system</h2>



Dylan-Ennis’ rejoinder is that Ethereum’s governance has repeatedly chosen caution over expediency. The project’s “immune system” is the combination of process and culture: rough consensus on ACD, conservative client teams across both consensus and execution layers, and a constituency of node operators who are ideological first and profit-driven second.



There’s no shortcut around EIP review, client implementation and building social consensus around chain upgrades. Any putative DAT push would still face these bottlenecks.



Coinbase — or any major stakeholder — can offer input like everyone else, but history suggests outsized corporate pressure backfires in credibly neutral systems. The closest historical analog is outside Ethereum: <a href="https://blockworks.co/news/bitcoin-blocksize-war">Bitcoin’s 2017 block size war</a>, where a miner-exchange-VC coalition backed SegWit2x, only to lose to a user-led counter-movement.



The most likely outcome of a heavy-handed push, Dylan-Ennis argues, isn’t capture but a hard-forked ghost chain and reputational blowback for whoever tried, much like Bitcoin Cash (<a href="https://blockworks.co/price/bch">BCH</a>) is today.



Stablecoin issuers and exchanges can influence which fork “wins” by deciding what they support — exactly what happened during <a href="https://blockworks.co/tag/ethereum-merge">the 2022 Merge</a>, when <a href="https://blockworks.co/tag/circle">Circle</a> (<a href="https://blockworks.co/tag/usdc">USDC</a>) and <a href="https://blockworks.co/tag/tether">Tether</a> (<a href="https://blockworks.co/tag/usdt">USDT</a>) publicly committed to support only the <a href="https://blockworks.co/tag/proof-of-stake">proof-of-stake</a> chain, starving the <a href="https://blockworks.co/tag/proof-of-work">PoW</a> fork of oxygen. Any future governance break would likely see similar alignment dynamics.&nbsp;



Watkins invoked the essay by Jo Freeman, “<a href="https://www.jofreeman.com/joreen/tyranny.htm">The Tyranny of Structurelessness</a>,” as a potential critique of Ethereum governance: when formal authority is weak, informal centers of gravity emerge. “It’s not clear who has the power,” he said. That doesn’t mean power is absent.



“A good candidate for being one of these centers…is whoever holds a 10% mountain of ETH,” Watkins said. Influence, in that world, would mean coalition-building with large stakeholders, like exchanges and asset managers, and winning “hearts and minds” of operators within the ecosystem to adopt a given release when it ships.



The essay’s remedy — make authority explicit — aligns with ongoing efforts to refine and improve EIP/ACD procedures, suggesting Ethereum’s best defense against perceived capture is more sunlight, not less.



But it has to be genuine. Prior <a href="https://hackernoon.com/hows-that-open-source-governance-working-for-you-mphv32ng">analyses</a> of open-source software communities note the same dynamic Freeman flags: rhetoric of openness can mask entrenched, informal hierarchies — useful context when evaluating claims like “anyone can propose an EIP.”



<h2 class="wp-block-heading">Open questions</h2>



For now, Watkins sees limited influence from Tom Lee, in part because scaling the balance sheet is still the main event. “He doesn’t even run a full node,” Watkins said, adding that staking through custodians presumably keeps BitMine’s ether far from having any impact on the day-to-day of client releases and parameter changes in the near term.



But the pace of accumulation, and the willingness of smaller DATs to push into infra, DeFi and validator operations, makes this more than a thought experiment.



Blockworks contacted a BitMine representative for comment on their future plans, but had not heard back at time of publication.



“We still just don’t know what the end state of these treasury companies will be,” Watkins said. If DATs evolve from price bets into policy levers, Ethereum’s norms will be tested in public.



The bet from Dylan-Ennis’ side is that those norms domesticate newcomers, rather than the other way around.



Vitalik Buterin <a href="https://vitalik.eth.limo/general/2025/09/21/low_risk_defi.html">has framed</a> the cultural constraint clearly: “Ethereum is a decentralized ecosystem, and so any activity that Ethereum does cannot be a backroom decision of a few people, it must be viable as a cultural rallying point.”



You can’t fork culture, and you can’t buy legitimacy. In Ethereum, protocol control isn’t granted by capital, it’s ratified by consensus.



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Can money buy Ethereum? On power and protocol politics

Blockworks

Roger Ver, the early Bitcoin investor and Bitcoin Cash promoter known as “Bitcoin Jesus,” has reached a tentative $48 million settlement with the US Justice Department to resolve criminal tax fraud charges filed in 2024.



The <a href="https://www.nytimes.com/2025/10/09/technology/roger-ver-bitcoin-justice-department-deal.html?unlocked_article_code=1.sE8.xx5H.LlbKWwOXVl0N&amp;smid=nytcore-ios-share&amp;referringSource=articleShare">agreement</a>, first reported by The New York Times and still pending court approval, would drop charges if Ver meets all payment and compliance terms. The case underscores a marked shift in federal crypto enforcement under President Donald Trump’s second administration, which has eased pressure on high-profile industry figures after years of scrutiny under President Joe Biden.



Ver, 46, was accused of evading taxes linked to his digital asset holdings while renouncing his US citizenship in 2014. Prosecutors alleged he concealed the value of his Bitcoin portfolio before expatriation. Arrested in Spain last year, Ver faced extradition proceedings until negotiations began earlier in 2025.



According to the NYT report, Ver also paid $600,000 to political strategist Roger Stone and retained attorneys tied to Trump’s legal defense network in an effort to reduce his exposure.



The case follows a series of reversals in US crypto enforcement. Since January 2025, the SEC has dropped suits against Coinbase and other major exchanges, while President Trump pardoned Ross Ulbricht and the BitMEX founders.&nbsp;



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">Jeffrey Albus</a>&nbsp;before publication.



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Bitcoin

Roger Ver reaches $48M tax settlement with US prosecutors: NYT

Luxembourg’s Intergenerational Sovereign Wealth Fund (FSIL) will allocate 1% of its portfolio — about €7 million — to bitcoin and other crypto assets, Finance Minister Gilles Roth announced on Thursday, during the 2026 budget presentation. The move makes Luxembourg the first Eurozone country to introduce sovereign exposure to bitcoin exchange-traded funds (ETFs), a significant symbolic development for Europe’s financial landscape.



According to Roth, the FSIL will gain exposure indirectly through regulated ETFs rather than direct holdings, minimizing custody and operational risks. Treasury Director Bob Kieffer confirmed that the allocation follows a July 2025 policy revision allowing up to 15% of FSIL assets to be placed in “alternative investments,” including crypto.



As of mid-2025, FSIL held roughly $887 million, mostly in bonds and index funds. Kieffer described the 1% allocation as a balanced experiment reflecting Bitcoin’s “long-term potential.”



The decision aligns with Luxembourg’s ongoing efforts to establish itself as a fintech and crypto hub under the EU’s Markets in Crypto-Assets (MiCA) regime. The country hosts numerous firms seeking MiCA licenses, reflecting its ambition to shape Europe’s digital finance infrastructure.



Luxembourg joins a growing list of governments cautiously exploring bitcoin exposure.



Norway’s $1.9 trillion sovereign fund indirectly holds bitcoin through corporate equities, while the Czech Republic and Finland have signaled similar interest.



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">Jeffrey Albus</a>&nbsp;before publication.



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bitcoin ETFs

Luxembourg wealth fund to allocate 1% to Bitcoin ETFs

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>.



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



Could “Gaming Capital Markets” spur interest in crypto gaming?



Zynga co-founder Justin Waldron is behind the <a href="https://x.com/ogprotocol/status/1975715526967239154">upcoming launch</a> of the Open Game Protocol, a chain-agnostic app layer that aims to reward players of any game in any token — and reward developers with tokens, too.



“We think the most important thing for players is that they get rewarded, and even more so, that they believe in the rewards they get. And the most important thing for developers is that they get more players, and that at the end of the day, they can make a living making games,” Waldron told me in an interview.



But it’s not exactly easy for game developers — who are not blockchain engineers — to reward players with any token already on the market, because that would involve buying large amounts of that token upfront and then writing smart contracts to distribute it.



“For most game developers, all that stuff is a non-starter,” Waldron said.



<h2 class="wp-block-heading">Conflicting incentives</h2>



Crypto gaming has had an identity crisis for years as disparate genres like narrative games and casino games are lumped together. Many crypto game developers, investors, and influencers have touted the importance of “good games first” before all else.



But perhaps they failed to realize why anyone would play a crypto game in the first place: a player can win something of real financial value. Otherwise, big-budget games like Fortnite and League of Legends — backed by multibillion-dollar studios — offer a better gaming experience overall.



Some indie devs have realized that crypto gaming’s advantage is the financialization that makes it different, but we’ve yet to see any title break out into the mainstream. This year, we’ve seen casino games, hypercasual titles, and “Ponzi-esque” titles come and go, all trying to tap into a more token-forward approach.&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">GCM is next. Gaming Capital Markets&mdash; justin waldron (@jtwald) <a href="https://twitter.com/jtwald/status/1975435878614073788?ref_src=twsrc%5Etfw">October 7, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Marketing around crypto games has emphasized what blockchains are being used, touting them like big-name brands. This is often because it’s the L2s themselves who are doing the marketing.



But L2 blockchains’ motivations and interests may actually be in opposition to what game developers actually need.&nbsp;



“Their own incentives are kind of getting in the way,” Waldron told me. “They’re like, ‘I want to drive a certain type of TVL and transactions on my chain.’ So they’ve become less aligned with the games that they’re working with, to some extent.”



<h2 class="wp-block-heading">How it works</h2>



Waldron likened OG Protocol to Stripe, because any game developer can get token rewards set up for their game as quick as setting up credit card payments.



But there’s also a community component, and tokens can be staked.



“We built a system to create these reward pools so that the token communities can decide which games get how much rewards,” he said. “Instead of the games making the assets, it’s assets pairing with existing games.”



Traders are able to support the tokens and games they like.&nbsp;



All of this is possible because of what Waldron calls “gamecoins,” which are attached to existing tokens. He used FARTCOIN as an example.&nbsp;



“The FARTCOIN gamecoin is not used inside of the games. Actually, it’s a governance token that just determines where the rewards of FARTCOIN go. And so it’s a way of speculating on how big is the game ecosystem for FARTCOIN going to become.”



Game developers outside of crypto might ultimately use the protocol for their non-crypto games as an alternative to traditional advertising, Waldron suggested.



“It becomes like another way to acquire users that’s cheaper and more effective than ads,” Waldron said, adding that developers could also buy gamecoins and stake them against their own titles.



The OG Protocol is using Solana to start, but plans to expand to EVM chains in the future. It’s being incubated by <a href="https://x.com/pixiekate13/status/1976013310593319257">ICMrun</a>, a Solana-forward group focused on applications for tokenization.



At some point, OG Protocol hopes to offer its app layer as an integration for existing crypto wallets via a “play button” of sorts that lets traders see any token and then have “play” beside it as an option to play games that use that token in addition to existing wallet options like buy, sell, or swap.&nbsp;



“We probably have 30 or 40 wallet partners that are already interested in doing it,” Waldron said.



This could certainly help crypto wallets achieve their <a href="https://blockworks.co/news/robinhood-trading-apps-going-social">super-app</a> dreams.



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Gaming

OGP wants to pair any token with any game

Crypto exchange Kraken is expanding access to traditional derivatives markets by connecting U.S. traders directly to CME Group’s futures products, including energy, metals, equities, and foreign exchange.



Originally <a href="https://www.theblock.co/post/373899/kraken-expands-access-to-traditional-cme-contracts-like-oil-and-gold">reported</a> by the Block on Thursday, the company confirmed that its regulated futures commission merchant, Kraken Derivatives US, will facilitate trading in CME contracts such as oil, gold, silver, the S&amp;P 500, and other major FX pairs like EUR, GBP, and JPY.



The move marks a significant step in Kraken’s push to bridge digital and traditional finance, positioning it alongside brokerages such as Robinhood, which have also expanded into conventional asset classes.



Kraken, reportedly exploring an initial public offering at a valuation near $20 billion, has been preparing this expansion since acquiring US retail futures platform NinjaTrader earlier this year for $1.5 billion — the largest crypto–TradFi acquisition to date. The firm launched CME-listed bitcoin and ether futures on Kraken Pro over the summer and now plans to extend its coverage to commodities, equities, fixed income, and FX markets.



CME, the world’s largest derivatives marketplace, recently reported record crypto derivatives volume exceeding 340,000 contracts per day. The firm is also set to debut options on Solana and XRP futures on October 16.



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">Jeffrey Albus</a>&nbsp;before publication.



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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>

kraken

Kraken expands CME derivatives access to oil, gold and FX

Bybit says it has become the first cryptocurrency exchange to receive a full Virtual Asset Platform Operator License from the Securities and Commodities Authority (SCA) of the United Arab Emirates (UAE).&nbsp;



It’s a regulatory first for the Gulf nation and a significant step in the country’s bid to establish itself as a global hub for compliant digital finance.



The license, <a href="https://www.bybit.com/press/post/bybit-secures-uae-s-first-virtual-asset-platform-operator-license-from-securities-and-commodities-authority-blte25e6cd2d822b03a?channel=pr_&amp;medium=organic_social&amp;source=twitter&amp;sa_utm_ci=107&amp;pid=Social_twitter&amp;dtpid=17600209308403560&amp;campaign=enannouncement_17600209308403560&amp;c=enannouncement_17600209308403560&amp;utm_source=twitter&amp;utm_medium=organic_social&amp;sa_utm_tcn=17600209308403560&amp;sa_utm_channel=pr_&amp;is_retargeting=true">announced</a> on Thursday, grants Bybit authorization to operate regulated trading, brokerage, custody, and fiat conversion services for both retail and institutional clients across the UAE.



Bybit’s achievement follows its In-Principle Approval (IPA) from the SCA in February 2025, obtained with guidance from the Blockchain Center in Abu Dhabi, which helped the exchange navigate the SCA’s compliance framework.



The SCA’s approval makes Bybit the first exchange officially <a href="https://x.com/Bybit_Official/status/1976297822103245111">recognized</a> under the UAE’s Virtual Asset Service Provider (VASP) rules, <a href="https://x.com/adbc_ae/status/1976313261105741894">reflecting</a> the nation’s push to align with Vision 2031 and international financial standards.



Co-founder and CEO Ben Zhou said the license demonstrates Bybit’s commitment to “building trust through compliance and transparency.” The company will now expand its regional headquarters in Abu Dhabi, planning more than 500 local hires and launching education and Web3 innovation programs in partnership with local institutions.&nbsp;



Co-CEO Helen Liu credited the SCA’s “clear, well-structured regulatory framework” for enabling compliant innovation in digital assets.



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">Jeffrey Albus</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>

Bybit

Bybit secures UAE’s first SCA virtual asset license

CipherOwl, a crypto compliance startup founded by former Coinbase and Cruise engineers Leo Liang and Ming Jiang, has raised $15 million in seed funding led by General Catalyst and Flourish Ventures, with participation from Coinbase Ventures and Enlight Capital.



Originally <a href="https://fortune.com/crypto/2025/10/09/cipherowl-crypto-compliance-seed-round-general-catalyst-flourish-ventures/">reported</a> by Fortune, the San Francisco–based firm develops artificial intelligence-driven tools to help financial institutions monitor blockchain transactions for suspicious activity as traditional banks and fintechs expand into digital assets.



Liang and Jiang, who previously worked on Coinbase’s internal compliance systems, launched CipherOwl in 2024 to address what they describe as the “dark forest” of crypto — the web of pseudonymous and cross-chain transactions that challenge conventional anti-money-laundering tools.



The company’s software uses generative AI to automatically flag risky transactions and generate plain-language reports explaining why an alert was triggered, streamlining manual reviews and lowering compliance costs.



Despite competition from established firms such as Chainalysis, Elliptic, and TRM Labs, CipherOwl has already onboarded clients including Coinbase, OKX, and several undisclosed law enforcement agencies.



With only eight employees, the startup aims to differentiate itself as “AI-native,” embedding machine learning into every layer of its detection process. According to General Catalyst managing director Marc Bhargava, this approach could give CipherOwl an edge as the compliance landscape matures and global regulators tighten oversight of crypto markets.



The company has not disclosed its valuation. The new capital will fund hiring and product expansion amid growing institutional demand for crypto risk and compliance infrastructure.



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">Jeffrey Albus</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>

CipherOwl raises $15 million to advance AI-driven crypto compliance

Casey Wagner

The Senate on Wednesday once again rejected both plans to fund the federal government and end the shutdown, which now enters its ninth day.&nbsp;



Senators have so far voted six separate times on partisan measures to extend funding.&nbsp;



Republicans, with 53 Senate seats, need eight Democrats to cross the aisle.&nbsp;



Without a budget, the crypto policy agenda remains in limbo, but Washington insiders insist that momentum isn’t completely lost.&nbsp;



While the House remains in a shutdown-induced recess, the Senate appears to be in session for both budgetary and crypto matters.



Two people familiar with the matter told Blockworks that the Senate Banking Committee remains committed to moving crypto market structure policy along, even if that means holding a markup hearing mid-shutdown. Regardless of whether a budget is passed, Committee leadership hopes to markup the Responsible Financial Innovation Act before the end of the month, they added.



To recap, the House passed the CLARITY Act in July. The Senate Banking and Agriculture Committees have since been working on their own versions of the bill, which will eventually have to merge with each other and CLARITY.



Senate Banking Committee Republicans released a revamped version of their bill last month. Democrats responded with a list of principles they’d like to see in the legislation.&nbsp;



The Agriculture Committee has yet to release its draft, which will focus mainly on the Commodity and Futures Trading Commission’s role in crypto market regulation.&nbsp;



Pre-shutdown, a person familiar with the matter said the draft bill was “close,” but now, with federal agencies operating with limited staff, it’s going to take <a href="https://blockworks.co/news/etf-sec-govt-shutdown">more time</a>.&nbsp;



Agency staffers working with Congressional committees on policy — like cryptocurrency market structure — are largely furloughed during the shutdown, lowering the odds that we’ll see a draft soon, according to a person familiar.&nbsp;



With federal agencies operating with limited personnel, new spot crypto ETFs are not expected to be approved until the shutdown ends. In its shutdown operations plan, the SEC said it will <a href="https://blockworks.co/news/capitol-gains-shutdown-blues">not review or approve</a> registration statements or issue notices of effectiveness.&nbsp;



Given the SEC’s new generic listing standards and the extensive work issuers and agency staff put in ahead of the shutdown, two issuers who spoke with Blockworks said they are confident that new products will get the green light quickly after federal operations resume.&nbsp;



The issuers added that they have not received communication from the SEC since the shutdown began last week.



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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>

Capitol Gains

Capitol Gains: Crypto hearings expected to continue mid-shutdown

Ripple has entered a strategic partnership with Bahrain Fintech Bay, the Kingdom’s leading fintech hub, marking a significant expansion of its Middle East presence.



<a href="https://ripple.com/ripple-press/ripple-expands-into-the-kingdom-of-bahrain-through-strategic-partnership-with-bahrain-fintech-bay/">Announced</a> Thursday, the collaboration will focus on strengthening Bahrain’s digital asset and blockchain ecosystem through pilot projects, educational initiatives, and ecosystem events.&nbsp;



Ripple’s Managing Director for the Middle East and Africa, Reece Merrick, said the company aims to help Bahrain advance its blockchain infrastructure while preparing to offer Ripple’s digital asset custody solution and Ripple USD (RLUSD) stablecoin to local institutions once approved.



Bahrain Fintech Bay Chief Operating Officer Suzy Al Zeerah emphasized the Kingdom’s growing role as a digital finance hub, noting that the partnership aligns with Bahrain’s long-standing position as a regional financial center.



Ripple’s involvement includes showcasing blockchain use cases such as cross-border payments, stablecoins, and tokenization, underscoring its focus on institutional-grade digital asset infrastructure.



Ripple’s renewed momentum comes on the heels of major regulatory and strategic wins — notably securing a DFSA licence in Dubai to offer regulated crypto payments from the DIFC, the acquisition of prime broker Hidden Road for $1.25 billion, and fresh institutional tie-ups tied to its RLUSD stablecoin, such as the DBS / Franklin Templeton integration.



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">Jeffrey Albus</a>&nbsp;before publication.



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<ul class="wp-block-list">
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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>

Bahrain

Ripple partners with Bahrain Fintech Bay to boost digital asset innovation

Sharps Technology Inc. announced on Thursday that it is expanding its Solana digital asset treasury strategy through a partnership with Coinbase Global.



The <a href="https://www.prnewswire.com/news-releases/sharps-technology-expands-digital-asset-treasury-strategy-with-coinbase-302579160.html">collaboration</a> will enable Sharps Technology to use Coinbase Prime for custody, liquidity, and over-the-counter (OTC) trading as it manages more than 2 million SOL — currently valued at roughly $400 million with SOL trading above $210.



According to strategic advisor James Zhang, the partnership gives Sharps Technology institutional-grade infrastructure and deep liquidity to support its growing treasury initiative. The company, traditionally focused on medical device sales and distribution, has adopted an unusual digital asset strategy aimed at leveraging blockchain-based yield generation within the Solana ecosystem.



The decision aligns Sharps Technology with a broader trend of public firms incorporating digital assets into balance sheet strategies, echoing earlier moves by Tesla and MicroStrategy. While Coinbase provides regulatory-grade custody, Sharps Technology’s pivot into crypto introduces volatility risk tied to SOL price fluctuations and evolving US oversight of corporate digital asset holdings.



The collaboration highlights Coinbase’s continued expansion into institutional services amid a more moderate regulatory posture by the SEC in 2025. Sharps Technology said it views this partnership as a cornerstone for advancing decentralized finance participation.



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">Jeffrey Albus</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

Sharps Technology expands Solana treasury with Coinbase partnership

Binance Japan and PayPay announced on October 9, 2025, that they have entered a capital and business alliance aimed at merging cryptocurrency services with Japan’s leading cashless payment platform.



As part of the <a href="https://prtimes.jp/main/html/rd/p/000000037.000126862.html">agreement</a>, PayPay acquired a 40% equity stake in Binance Japan, signaling a strategic effort to integrate digital assets into mainstream financial ecosystems. The collaboration seeks to create seamless user experiences that bridge crypto and fiat transactions across PayPay’s network of over 70 million users in Japan.



Initial initiatives under discussion include allowing purchases of cryptocurrencies through “PayPay Money” within the Binance Japan app and enabling crypto-to-fiat withdrawals into PayPay accounts. The companies described the move as a step toward a “new financial experience” that unites blockchain infrastructure with everyday digital payments.



Binance Japan CEO Takeshi Chino said the partnership marks “an important step toward Japan’s digital finance future,” highlighting plans to expand Web3 adoption through accessible payment tools. PayPay’s Financial Strategy Head Masayoshi Yanase emphasized the firm’s focus on offering secure, user-friendly solutions for crypto transactions integrated into PayPay’s platform.



Binance Japan has operated under the registration of the Kanto Local Finance Bureau as a licensed crypto asset exchange since August 2023, providing spot trading and lending services.&nbsp;



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">Jeffrey Albus</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>

Binance

PayPay takes stake in Binance Japan to merge crypto and cashless payments

Citigroup has invested in BVNK, a London- and San Francisco-based startup building payments infrastructure for stablecoins.



The company <a href="https://www.cnbc.com/2025/10/09/biti-bvnk-stablecoin-banks-crypto.html">told</a> CNBC on Thursday that the investment, made through Citi Ventures, underscores the growing interest of major US banks in crypto-based settlement systems following regulatory advances like the GENIUS Act, which established clearer rules for dollar-pegged digital assets.



Stablecoins are increasingly being used for cross-border transfers because of faster settlement times and lower transaction costs compared with traditional systems. BVNK’s platform enables clients to move seamlessly between fiat and stablecoins, supporting global payments for merchants, contractors and digital banks.



Co-founder Chris Harmse said BVNK’s valuation now exceeds its prior $750 million round, though the company declined to disclose Citi’s investment amount. Harmse noted that the US is BVNK’s fastest-growing market over the past 18 months, attributing this to the GENIUS Act’s regulatory clarity and surging institutional demand for compliant infrastructure.



CEO Jane Fraser said in June that the bank is exploring issuing its own stablecoin and offering crypto custody services. Other Wall Street firms are following suit — JPMorgan launched its JPMD token, and Bank of New York Mellon and HSBC are developing tokenized deposit products.



BVNK, already backed by Coinbase and Tiger Global, competes with Alchemy Pay, TripleA and Ripple in the cross-border stablecoin market. Harmse said BVNK expects to reach profitability next 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">Jeffrey Albus</a>&nbsp;before publication.



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<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>

Banking

Citi invests in stablecoin startup BVNK as banks deepen crypto ties

Bullish, the institutionally focused digital asset platform, announced a partnership with Deutsche Bank on Wednesday, set to expand fiat banking integration for its global exchange clients.



The <a href="https://www.bullish.com/news-insights/bullish-and-deutsche-bank-partner-to-deliver-seamless-fiat-integration-for-institutional-crypto-trading">collaboration</a> will see Deutsche Bank provide corporate banking services, including real-time fiat deposits, withdrawals, and reconciliation tools, for Bullish’s operations regulated by the Hong Kong Securities and Futures Commission (SFC) and Germany’s BaFin. The integration will leverage APIs for instant payments and enhanced reporting, aligning with growing institutional demand for secure and compliant crypto–fiat infrastructure.



Bullish President Chris Tyrer said the deal strengthens the company’s banking network and offers clients more efficient on- and off-ramp access. Deutsche Bank’s Head of Merchant Solutions, Kilian Thalhammer, described the move as part of the bank’s strategy to act as a “Global Hausbank” for digital finance, emphasizing security and transparency.



Since launching in 2021, Bullish has processed over $1.5 trillion in cumulative volume and currently ranks among the top ten global exchanges by spot volume in Bitcoin and Ether. Its regulatory reach spans the US, EU, Hong Kong, and Gibraltar, positioning it as a leading exchange bridging traditional and digital finance.



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">Jeffrey Albus</a>&nbsp;before publication.



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<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>

Bullish

Bullish partners with Deutsche Bank for institutional fiat access

Fiserv, Inc. and the Bank of North Dakota are set to launch Roughrider Coin, the first state-backed stablecoin.



<a href="https://investors.fiserv.com/newsroom/detail/2868/bank-of-north-dakota-and-fiserv-partner-to-launch-roughrider-coin-north-dakotas-first-stablecoin">Announced</a> on Wednesday, the US dollar-backed token will operate on the Fiserv digital asset platform, with a rollout to North Dakota banks and credit unions expected in 2026. The initiative makes North Dakota the first U.S. state to issue its own stablecoin through a private fintech partnership, signaling a notable shift toward state-level digital asset experimentation.



Named in homage to Theodore Roosevelt’s Rough Riders, the Roughrider Coin aims to enhance settlement efficiency across financial institutions, facilitate cross-border payments, and drive merchant adoption.&nbsp;



The Bank of North Dakota, established in 1919 as the country’s only state-owned bank, described the stablecoin as a continuation of its mandate to modernize financial infrastructure while supporting local commerce and industry.



Fiserv’s digital asset platform — introduced earlier this year alongside its FIUSD stablecoin — provides tokenized payment rails designed for interoperability and compliance with existing financial regulations.&nbsp;



Fiserv’s chief operating officer, Takis Georgakopoulos, said the project merges “the reliability of traditional finance and the innovation of blockchain” for faster digital payments. North Dakota Governor Kelly Armstrong emphasized the program’s role in keeping state banks competitive in a “new financial frontier.”



Although Roughrider Coin’s structure mirrors other dollar-backed stablecoins, details on custodial safeguards, audit frequency, and regulatory oversight were not disclosed.



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">Jeffrey Albus</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>

stablecoin

Bank of North Dakota and Fiserv to launch Roughrider Coin stablecoin

Byron Gilliam

This is a segment from The Breakdown newsletter. To read more editions, <a href="https://blockworks.co/brand/the-breakdown">subscribe</a>



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



<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
&#8220;We never made the error that so many others have: mistaking their product for the device that delivers it.”&nbsp;&nbsp;



— Michael Bloomberg
</blockquote>



I’m old enough to remember when a Bloomberg Terminal was a stand-alone box wedged onto a cluttered trading desk between a dual-receiver phone and a clacking machine for time-stamping order tickets.



The chunky keyboard had colorful buttons for the most-used functions, a squawk-box speaker, and a fun roller ball that made navigating the Terminal feel like playing Missile Command (an arcade game found in 1980s bowling alleys and pizza parlors that I was extremely good at).



Soon, though, the Bloomberg “terminal” was just software, displayed on the same screen as your trading system, using the same keyboard you used for everything else.



That made it seem less special to me, which I thought would make it less valuable, too — if all the financial news and market prices could be displayed directly on my regular computer screens, surely anyone could provide it?



Michael Bloomberg knew otherwise.&nbsp;



Bloomberg never confused the product he was selling (information) with the device that delivered it (a chunky, colorful box) — so when a better delivery mechanism came along, he was quick to embrace it.



As a result, Bloomberg Terminals soon became as ubiquitous on trading desks as empty coffee cups and Patagonia vests.



There are many counterexamples.



Kodak thought its product was rolls of film, so it ignored the digital camera (despite inventing it, even). Its actual product, it turned out, was preserving memories, and digital cameras (and now phones) are better devices to deliver it.



Newspaper publishers thought their product was a physical paper delivered to your door, but that was just the delivery mechanism. The real product was news and ads, which the internet was much better at delivering.



Record labels thought their product was CDs, but that was just a delivery mechanism. The real product was music, and MP3s (and then streaming) delivered it better.



In each case, once-dominant companies mistook the means of delivery for the thing being delivered — like Amtrak confusing a desire to get somewhere with a desire to ride over railroad tracks.



Could the crypto industry be making the same mistake?



The risk of confusion seems unusually high in crypto, because it’s unusually difficult to know what the product is.



Michael Saylor, Larry Fink, and every ETF investor will tell you the product that Bitcoin sells is a store of value — bitcoin — the sole purpose of which is to go up.



Others think Bitcoin’s product is decentralization and censorship resistance, and that the token merely enables those things.



ETH investors seem equally of two (or more) minds: is Ethereum selling blockspace? A store-of-value token? A secure network to host real-world assets?



Or maybe we don’t have to choose — maybe Ethereum can be all of those things.



But that risks a lack of focus: the drive to make ETH a store of value, for example, can be at odds with selling as much blockspace as possible.



“You must keep the main thing the main thing,” Bill Gates once advised.



Solana seems better at that: its community is unified around a mission to get the chain as fast as possible while staying decentralized enough to remain permissionless.



But is that a product or a delivery device?



Delivery devices are important, too: Blockbuster and Netflix both delivered movies, but Blockbuster delivered them from stores and Netflix delivers them straight into your home.



But people go to Netflix because that&#8217;s where the movies are now, not because movies are more enjoyable if they’re delivered over the internet.



Similarly, people might continue to go to Solana because that&#8217;s where the tokens are now.



Matt Hougan <a href="https://x.com/Matt_Hougan/status/1974471208751276072">says</a> “Solana is the new Wall Street,” citing its technical merits: speed, throughput, finality.&nbsp;



But what makes Wall Street, Wall Street isn’t how fast NYSE and Nasdaq are — it’s because that’s where the best stocks are.



The technology those exchanges run on isn’t particularly valuable, and the blockchain that Solana and other ecosystems run on might not be either.



“If you don’t have a native digital asset on the chain,” Figure co-founder <a href="https://pca.st/tjhdvr3y?t=33m50s">Mike Cagney</a> says, “it’s basically worthless technology.”



Most chains have tokens, of course, but why would they have value if the chain itself is “basically worthless”?



Presumably because they’re the best way to deliver some kind of product.



Michael Bloomberg would likely remind us that blockchains are just delivery devices.



The product is what they deliver: ownership, coordination, and permissionless access.



If so, those are the things the industry should keep as the main thing.



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



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The Breakdown Newsletter

What product do blockchains deliver?

Kunal Doshi

Boccaccio

This is a segment from the 0xResearch newsletter. To read full editions, <a href="https://blockworks.co/newsletter/0xresearch">subscribe</a>.



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



The market rally hit its first resistance yesterday, with every sector except gold closing in the red. BTC fell 2.6%, mirroring weakness in traditional markets as the S&amp;P 500 and Nasdaq slipped 0.28% and 0.44%, respectively. Gold was the lone standout, gaining 0.97% as investors continue rotating toward safety as the metal continues setting new ATHs.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1600" height="850" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-29.png?w=1024&amp;h=1024" alt="" class="wp-image-108793" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-29.png?w=1600 1600w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-29.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-29.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-29.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-29.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-29.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-29.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-29.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-29.png?w=80 80w" sizes="auto, (max-width: 1600px) 100vw, 1600px" /></figure>



The pullback followed a New York Fed <a href="https://www.reuters.com/business/ny-fed-finds-rising-worry-about-state-job-market-september-2025-10-07/">consumer expectations survey</a> that showed worsening sentiment and higher inflation forecasts. After seven straight sessions of gains for the S&amp;P 500, a correction was arguably overdue.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1600" height="857" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-31.png?w=1024&amp;h=1024" alt="" class="wp-image-108795" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-31.png?w=1600 1600w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-31.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-31.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-31.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-31.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-31.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-31.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-31.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-31.png?w=80 80w" sizes="auto, (max-width: 1600px) 100vw, 1600px" /></figure>



Amid the broader selloff, the AI sector showed surprising resilience, falling just 4.2% — relatively mild for a group that typically reacts sharply to market moves. IP, ICP, NEAR, and TAO all posted small declines, suggesting dip buyers may already be circling.



At the other end of the spectrum, memecoins were the hardest hit, sliding 7.7% on the day. The weakness was compounded by the ongoing meme season on BNB, which has siphoned liquidity from existing names as traders chase quick returns in new launches.



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



BNB has been on an absolute tear, climbing 27.5% over the past week and 45.5% over the last month. For the third-largest token by MC, those are staggering numbers in such a short span. The fundamentals back it up, too. BNB’s share of total network revenue has surged from 6.5% at the end of August to 24% today, recently overtaking Solana and even matching Hyperliquid in daily network revenue.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1600" height="788" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-30.png?w=1024&amp;h=1024" alt="" class="wp-image-108794" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-30.png?w=1600 1600w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-30.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-30.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-30.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-30.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-30.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-30.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-30.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-30.png?w=80 80w" sizes="auto, (max-width: 1600px) 100vw, 1600px" /></figure>



So what’s fueling this run? It started with Aster, hyped as the next Hyperliquid, which pulled traders and capital into BNB in hopes of farming a lucrative airdrop. But momentum has since shifted to a new memecoin wave sweeping across the BNB ecosystem. Since early October, CZ has <a href="https://x.com/cz_binance/status/1975595775540257262">subtly</a> leaned into the movement, with memes like 4 and GIGGLE getting listed on Binance Alpha. The frenzy hit new heights when PALU, a small-cap coin with a $3 million market cap, pumped over 3200% after being added to Binance Alpha.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1322" height="587" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-27.png?w=1024&amp;h=1024" alt="" class="wp-image-108791" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-27.png?w=1322 1322w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-27.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-27.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-27.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-27.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-27.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-27.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-27.png?w=80 80w" sizes="auto, (max-width: 1322px) 100vw, 1322px" /></figure>



These explosive returns have supercharged activity on Four.meme, BNB’s native meme launchpad, as traders rush to buy the next viral token. Interestingly, this isn’t the first time we’ve seen this move. A similar meme season hit earlier this year and each wave lasted roughly a month before fading.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1600" height="739" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-33.png?w=1024&amp;h=1024" alt="" class="wp-image-108797" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-33.png?w=1600 1600w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-33.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-33.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-33.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-33.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-33.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-33.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-33.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-33.png?w=80 80w" sizes="auto, (max-width: 1600px) 100vw, 1600px" /></figure>



Bridging data shows capital rotating from Solana and Ethereum into BNB over the past week, signaling fresh inflows chasing the trend. The open question is sustainability. With the Aster drop still to come, this wave could run longer than the last. The simplest way to ride it is through tokens like BNB, CAKE, and FORM, which directly benefit from rising activity.



But history offers a word of caution. Past BNB meme seasons have been highly reflexive, with sharp drawdowns once liquidity rotated to the next narrative. While we’d all like to believe that this time will be different, it probably won’t. Manage risk accordingly.



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



<h2 class="wp-block-heading">Prediction markets battle it out</h2>



The past few days have again been dominated by prediction markets, which have now become increasingly focused on publicity, dominating CT narratives and mindshare.&nbsp;



Kalshi has turned on its badging funnel, going above and beyond in terms of recruiting influencers and Twitter personalities. This came after the announcement of its new crypto focus (onboarding John Wang as head of crypto).



The Kalshi team has also increasingly become further integrated across financial information services, brokerages and news. Most recently, Kalshi has been integrated into Bloomberg. It’s also started working closely with Robinhood. In addition, both Polymarket and Kalshi have increasingly been cited across media, including TBPN and MSM.



While Kalshi has been focused on integrations and publicity, Polymarket recently announced that Intercontinental Exchange (ICE), the parent company of NYSE, made a $2 billion strategic investment at a $9 billion post-money valuation. It also announced a $150 million round (at $1.2 billion) led by Founders Fund, and a $55 million round (at $350 million) led by Blockchain Capital. It seems that thus far, with the exception of regular, non-institutional capital, everyone has found ways to gain exposure to Polymarket, Kalshi and the growing prediction market sector.



Kalshi and Polymarket are in a fight to dominate prediction markets. This initially became apparent in earlier leaks that Kalshi had attempted to sabotage Polymarket&#8217;s (using Antonio Brown, amongst others to <a href="https://x.com/PirateWires/status/1860080475899080965?lang=en">disparage Polymarket and Shayne Coplan</a>).&nbsp;



Although we in crypto have historically been more aware of Polymarket, it’s led us to assume it&#8217;s the largest prediction market, and this isn&#8217;t true.&nbsp;



Kalshi&#8217;s notional prediction market volumes are significantly higher compared to those of Polymarket. Over the past week, Kalshi saw $956 million (nearly 66% of all volume) in weekly volume, while Polymarket saw only $464 million (32% of all volume).



Notably, the majority of Kalshi&#8217;s volume comes from sports betting. Sports made up $877 million of the $956 million over the past week (around 92%). This has been an ongoing shift, following Kalshi’s partnership with Robinhood to launch NFL and College Football markets. Excluding sports, Kalshi&#8217;s market share (15%) compared to Polymarket&#8217;s (85%) was significantly lower.&nbsp;



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1600" height="668" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-32.png?w=1024&amp;h=1024" alt="" class="wp-image-108796" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-32.png?w=1600 1600w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-32.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-32.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-32.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-32.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-32.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-32.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-32.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-32.png?w=80 80w" sizes="auto, (max-width: 1600px) 100vw, 1600px" /></figure>



We’ve seen that sports on Polymarket have similarly historically been dominant (barring weeks involving important geopolitical or election news). Over the past week, 50% of volumes have been sports-related.&nbsp;



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="829" height="412" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-28.png" alt="" class="wp-image-108792" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-28.png?w=829 829w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-28.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-28.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-28.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-28.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-28.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-28.png?w=80 80w" sizes="auto, (max-width: 829px) 100vw, 829px" /></figure>



In terms of politics, Polymarket captures more than 90% of the volume between the two. Unfortunately for Polymarket, sports betting is much more widespread compared to political betting, and is less influenced by seasonality.&nbsp;



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="831" height="413" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-26.png" alt="" class="wp-image-108790" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-26.png?w=831 831w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-26.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-26.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-26.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-26.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-26.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-26.png?w=80 80w" sizes="auto, (max-width: 831px) 100vw, 831px" /></figure>



Going forward, we’ll have to see whether Polymarket is able to match the distribution that Kalshi gets with Robinhood. Historically, many have commented (including us at Blockworks Research) on how sports betting through prediction markets is not as entertaining or optimized as it is through traditional apps, like DraftKings. However, it’s clear that it has allowed Kalshi to gain mindshare and market share despite Polymarket announcing large, impressive raises and backers.



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Get the news in your inbox. Explore Blockworks newsletters:



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<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>
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