BlockBeats will summarize key industry news from the week (August 4-10) in this article and recommend in-depth articles to help readers better understand the market and grasp industry trends.
Important news recap.
Ethereum breaks through $4,200, reaching a new high for the year, with Ethereum-associated altcoins experiencing a general rise.
On August 9, Ethereum rose above $4,200, increasing by 2.92% within three minutes. At the same time, Ethereum-associated altcoins also saw a general rise, including SSV rising 13.24% in 24 hours; ENA rising 12.46%; and EIGEN rising 11.88%, etc. Eric Trump, Trump’s son, stated, 'Seeing Ethereum shorts being crushed is a real delight. Don't bet on shorting Bitcoin and Ethereum; otherwise, you will be ruthlessly run over by the market.' Related reading: (The top caller for Ethereum, why he believes ETH can reach $15,000?)
Trump signs executive order allowing 401(k) pension funds to invest in cryptocurrencies.
On August 7, Trump signed an executive order allowing 401(k) pension funds to invest in alternative assets such as private equity, real estate, and cryptocurrencies. By the end of the first quarter of 2025, the total assets of 401(k) plans offered by US employers amounted to approximately $8.7 trillion, while the total assets of the entire US retirement market reached $43.4 trillion. Related reading: (Full text of Trump's executive order: making it easier for 401(k) investors to access alternative assets), (The new destination for the $8.7 trillion US pension: Trump's new policy allows 401(k) investments in cryptocurrencies).
Trump has begun the next round of interviews for the Federal Reserve Chair, with Waller emerging as a leading candidate.
On August 7, Trump stated that the interview process for the next Federal Reserve Chair has begun, with a current shortlist of three candidates, adding that they all come from Wall Street. Other informed sources revealed that Fed Governor Waller is a leading candidate for the Fed Chair position. They stated that Trump's advisors are impressed with Waller because he is willing to base policies on predictions rather than current data, and he has a deep understanding of the entire Federal Reserve system. They also mentioned that Waller has met with the presidential team regarding this position but has not yet met with Trump himself. Related reading: (Why is Waller the most popular candidate for Fed Chair?)
National Security: A foreign company used the issuance of cryptocurrency as a gimmick to collect global users' iris information, posing a threat to information security.
On August 6, the Ministry of National Security stated that in the wave of digitalization, biometric recognition technology has developed rapidly and been widely applied, but the data collection behind it poses significant leaks and security risks. The iris, a colored ring surrounding the pupil, filled with complex texture details such as spots, filaments, coronal structures, stripes, and recesses, is highly stable and difficult to replicate, possessing high precision and uniqueness. When applied in high-security key areas, it often attracts the attention of criminals who may collect or steal it under 'pretexts'. Public cases show that a foreign company used the issuance of cryptocurrency tokens as a gimmick to scan and collect users' iris information globally, transferring the data source and posing threats to personal information security and even national security.
Tornado Cash case reaches partial verdict: illegal operation of unlicensed remittance charge established.
On August 7, the partial verdict in the Tornado Cash co-founder Roman Storm case was reached: the charge of illegally operating an unlicensed remittance business was established, while the money laundering conspiracy charge remains undecided, with a not guilty verdict for the third charge of 'violating sanctions'. Roman Storm is on trial in the Southern District of New York federal court, and this case will set a legal precedent regarding the responsibilities developers should bear when their created decentralized software is used illegally. US prosecutors believe Tornado Cash facilitated over $1 billion in money laundering transactions and helped the sanctioned North Korean hacker group Lazarus Group to launder millions of dollars. The prevailing view in the crypto community has been that technology is innocent, and Storm also received support from Ethereum co-founder Vitalik Buterin.
A British man has given up on recovering the hard drive containing 8,000 BTC and plans to tokenize the lost Bitcoins.
On August 5, it was reported that James Howells, an IT engineer from Newport, UK, ended a 12-year search, failing to recover a hard drive he believes contains 8,000 Bitcoins (currently worth about $920 million), which he thinks is buried in a municipal landfill in South Wales. On that day, he posted that he plans to tokenize the lost Bitcoins into 800 billion Ceiniog Coins (INI), locking in the value of satoshis at a 1:1 ratio. Earlier, on May 29, he had also mentioned tokenizing 21% of the lost 8,000 Bitcoins into LTT tokens and raising $75 million through multiple issuance tiers. Related reading: (The lost 8,000 Bitcoins trapped this man's life), (Is a hard drive with 8,000 Bitcoins buried in a landfill? British man: not digging anymore, directly issuing coins).
The cryptocurrency trading platform Bullish is expected to officially list on the NYSE on August 13, holding 24,000 Bitcoins and other crypto assets.
On August 7, the crypto trading platform Bullish, backed by billionaire Peter Thiel, is expected to officially list on the NYSE on August 13. In the regulatory documents submitted on Monday, the company stated that it plans to sell 20.3 million shares at a price of $28 to $31 per share, potentially raising up to $629.3 million. Additionally, underwriters have a 30-day option to purchase an additional 3.045 million shares from the date of the prospectus release. In terms of assets, Bullish noted in the filing that it currently holds over $3 billion in liquid assets, including 24,000 Bitcoins; 12,600 ETH; and $418 million in cash and stablecoins. Related reading: (Bullish is sprinting towards its listing: former NYSE president at the helm, backed by 24,000 Bitcoins).
Vitalik: The Ethereum treasury company has expanded ETH investment channels, but mishandling may lead to an 'over-leveraged game'.
On August 8, it was reported that Ethereum founder Vitalik stated that the Ethereum treasury company has broadened access for a wider range of investors to obtain ETH, but warned that if not handled properly, this trend could turn into an 'over-leveraged game'.
Ripple ends four years of legal battles with the SEC, maintaining the first-instance ruling and spending $200 million to acquire the payment platform Rail.
On August 8, the US Securities and Exchange Commission (SEC) officially concluded its four-year legal battle with Ripple Labs. On Thursday, both sides submitted a joint statement to the Second Circuit Court of Appeals, announcing their voluntary withdrawal of the appeal against the July 2023 first-instance ruling. It is reported that both parties will bear their own litigation costs and maintain the original ruling by District Judge Analisa Torres, which states: Ripple's sale of XRP to institutional investors constitutes a violation of securities laws; Ripple is fined $125 million; and a permanent injunction is issued to prohibit future violations. Following this news, XRP surged over 11% that day. On the same day, Ripple announced its agreement to acquire the stablecoin-based global payments platform Rail for $200 million. Through this acquisition, Ripple and Rail will jointly develop stablecoin payment solutions aimed at enhancing Ripple's position as 'digital asset payment infrastructure'.
Blockchain lending company Figure Technology submits IPO application.
On August 5, The Information reported that the blockchain lending company Figure Technology has secretly submitted an IPO application. Related reading: (RWA milestone, the first RWA coin stock Figure is about to go public)
Binance contracts launch composite index U-based perpetual contracts with 75x leverage.
On August 6, Binance contracts launched ALL 75x composite index U-based perpetual contracts. This index tracks all perpetual contracts quoted in USDT on Binance, excluding the following contracts: ETHBTC perpetual contracts; U-based perpetual contracts quoted in USDC or other stablecoins; U-based delivery contracts; composite index perpetual contracts; perpetual contract pre-trading; coin-based perpetual and delivery contracts. The Binance ALL Composite Index is calculated using a weighted average of the real-time index prices of all components.
The statue of Satoshi Nakamoto in Lugano, Switzerland, was thrown into a lake, and Tether's CEO petitioned the Lugano city government for its restoration.
On August 3, it was reported that the statue of Satoshi Nakamoto located in Lugano, Switzerland, was stolen. Later that evening, the planner of the Satoshi sculpture, Satoshigallery, stated that the Lugano city government had assisted in retrieving the statue, which had been thrown into the lake. This statue was designed by Italian artist Valentina Picozzi, taking 18 months of research and 3 months of construction. On August 8, Tether CEO Paolo Ardoino posted that he had gathered 1,000 signatures to petition the Lugano city government to restore the statue of Satoshi Nakamoto that was previously thrown into the lake. Related reading: (The statue of Satoshi Nakamoto was thrown into the lake, is Lugano's 'European crypto dream' still alive?)
Base outage report: It was due to the sorter not being properly configured to handle transactions, with a total downtime of 33 minutes.
On August 6, Base released a report on the outage incident, which experienced a 33-minute block generation interruption on August 5 due to switching to a backup sorter that was not properly configured to handle transactions. The active sorter began to lag in block generation, prompting Base to switch sorters using its Conductor system for managing sorter availability and reliability. The network has fully recovered, with a total downtime of 33 minutes.
The founder of BAGS spent approximately $800,000 at auction to obtain the original hat of the Dogwifhat meme.
On August 8, BAGS founder Finn spent 6.8 BTC (approximately $800,000) at auction to obtain the original hat of the Dogwifhat meme. The Shiba Inu Achi is the prototype behind the 'Dogwifhat' meme. This is the first and only time the physical hat of this meme has been made available to the public; it has never been sold before, and future chances of sale may not arise again. To ensure its authenticity and legacy, the auction recorded a photo of Achi with its owner sitting behind the hat on the Bitcoin blockchain through Ordinals to verify its provenance.
JD.com responds to 'withdrawing from stablecoin business' rumors: they are false, and preparations for applying for a license are underway.
On August 5, market rumors indicated that JD.com might withdraw from the Hong Kong stablecoin business. In response, JD's blockchain division stated it has noticed the market's false reports and rumors and clarified that it is preparing to apply for a Hong Kong stablecoin license.
Binance: EU users can withdraw cryptocurrencies using MasterCard.
On August 7, Binance officially stated that European users can convert their cryptocurrencies into fiat currency and transfer/withdraw funds directly to eligible Mastercards.
Metamask plans to collaborate with Stripe to issue the stablecoin 'Metamask USD'.
On August 6, according to a governance proposal, MetaMask plans to collaborate with Stripe to launch a stablecoin named 'MetaMask USD (mmUSD)', which will be issued by Stripe but will utilize the 'M^0' network for off-chain issuance and settlement. This stablecoin is intended to be the core asset of the MetaMask ecosystem and will be natively integrated into various services offered by MetaMask. Currently, neither MetaMask nor Stripe has provided official confirmation, and specific details regarding the structure, rollout timeline, or regulatory aspects of the stablecoin remain very limited.
Cao Cao Travel has reached a cooperation with Victory Securities to explore RWA, stablecoin payments, and compliant digital currency issuance.
On August 6, Cao Cao Travel signed a strategic cooperation memorandum with Hong Kong licensed financial institution Victory Securities, and both parties will engage in deep cooperation around asset tokenization, stablecoin payment applications, and compliant digital currency issuance. Cao Cao Travel's Executive Director and CEO Gong Xin stated that through blockchain technology and Web 3.0 innovative models, they will accelerate the asset tokenization process in the Robotaxi industry. The next day, possibly influenced by this news, Cao Cao Travel's stock price rose over 20%.
(Financial Times): Tax must also be paid on income from overseas stock transactions, strengthening regulation of personal overseas income.
On August 4, (Financial Times) reported that recently some taxpayers have received notifications from tax authorities informing them that they need to declare and pay taxes on overseas income in accordance with the law. 'According to our personal income tax law, individual stock trading income is classified as property transfer income and should be taxed at a 20% rate for each transaction. Among them, income from stock trading in the domestic secondary market is temporarily exempt from personal income tax; however, income from stock trading conducted overseas directly is not exempt and must be declared and taxed in the year following the income.'
This week's large financing: OpenMind, SuperGaming, Rillet, Bit2Me.
On August 4, official news announced that OpenMind, a smart machine infrastructure company based in Silicon Valley, completed a $20 million financing round led by Pantera Capital, with participation from several firms including Ribbit, Sequoia China, and Coinbase Ventures.
On the 6th, game development studio SuperGaming completed a $15 million Series B financing round, led by Skycatcher and Steadview Capital, with participation from a16z Speedrun and others, with the company's current valuation reaching $100 million.
On the 6th, the AI-native ERP (Enterprise Resource Planning) platform Rillet announced the completion of a $70 million Series B financing round, co-led by Andreessen Horowitz (a16z) and ICONIQ, with participation from Sequoia Capital, Oak HC/FT, and other early investors.
On the 7th, Tether announced it has acquired a minority stake in the digital asset platform Bit2Me and led a €30 million financing round, expected to complete the transaction in the coming weeks. This financing will support Bit2Me's expansion within the EU and strengthen its operations in Latin America, especially in Argentina.
This week's popular articles.
(When brokers set their sights on cryptocurrency trading)
Traditional finance is accelerating its entry into the crypto space, with giants like Robinhood, Charles Schwab, Morgan Stanley, and Standard Chartered leveraging their compliance qualifications, large user bases, and clearing capabilities to encroach on the core advantages of crypto trading platforms, compelling the latter to defend and actively seek compliance transformations with products like tokenized stocks. Although a few platforms such as Bybit and Bitget have achieved regulatory breakthroughs in markets like Europe, the overall industry is still groping for survival amid anxiety, attempting to find new existential values and development spaces before being marginalized against the backdrop of traditional capital and institutional forces reshaping the order.
(How much does it cost to issue a stablecoin?)
Stablecoins have become the focus of global financial giants due to interest rate spreads and payment settlement potential, but issuing them is not a low-cost arbitrage; it involves building high-capital, high-barrier financial infrastructures that require massive investments in compliance licenses, reserve custody, system operations, and distribution channels. Tether, leveraging its first-mover advantage and deep ties with exchanges, dominates the global non-US market; USDC relies on Coinbase for distribution but lacks control over circulation; while PYUSD, despite having brand and capital, struggles to retain due to excessive reliance on subsidies and a lack of real-world scenarios. The key to the success or failure of stablecoins lies in mastering the clearing and payment networks; only institutions that can bridge cash flow loops can build long-term moats.
(The lost 8,000 Bitcoins trapped this man's life)
British engineer James Howells lost approximately $1 billion in wealth when he mistakenly threw away a hard drive containing the private keys to 8,000 Bitcoins during a room cleanup in 2013. Over the next 12 years, he continuously negotiated and litigated with the Newport City Council, proposing high-tech mining solutions and even planning to purchase the landfill, but never obtained permission. The lost coin incident changed his career, family, and character; he divorced and his life became chaotic, yet he persistently pursued the lost wealth and plans to tokenize the ownership of this BTC for ICO issuance. This story has been frequently recounted in the crypto community and has made him synonymous with the 'lost coin' legend.
(Who guided the Chinese billionaire CZ to go public?)
In July 2025, 80,000 Bitcoins that had been dormant for 14 years were quietly sold, valued at about $9 billion, yet did not trigger a market crash; the operator behind this was Galaxy Digital, founded by Wall Street veteran Mike Novogratz. Known as the 'Wall Street version of on-chain Goldman Sachs', this institution leverages the political and business networks accumulated by its founder at Goldman Sachs, Fortress Investment Group, and the New York Federal Reserve to build a comprehensive financial service system integrating OTC trading, custody, asset management, compliance disclosure, and policy lobbying, providing a 'legal asset accounting' full-process solution for large holders and listed companies. From ETH whales to industry giants like CZ, many have used Galaxy to incorporate crypto assets into their financial reports and convert them into compliant assets. Galaxy's core competitiveness lies not in traffic, but in its 'institutional design power' to bridge regulation and capital.
(High APY returns, amidst market instability, let's look at these 7 new stablecoin pools)
Bull market sentiment has pushed up the yield spread of stablecoin-related yield products, with many mainstream stablecoin pools offering annual percentage yields (APY) of over 10%. Huma Finance offers rewards up to 19 times, Silo Finance yields 7%-13%, Binance BFUSD around 9.26%, Orderly at 39%, StandX at 10.6%, Wasabi Earn at 20%, and Wildcat at 16%, while Aave's cyclical leverage can reach up to 50% in the short term.
(The largest BTC theft in history: sealed for 5 years, involving $14.5 billion)
On-chain data platform Arkham revealed that the well-known Bitcoin mining pool LuBian was hacked in December 2020, losing 127,426 BTC, valued at approximately $3.5 billion at the time, which has now risen to about $14.5 billion, surpassing the Mt. Gox incident, marking it as the largest BTC theft in history. The hacker is suspected of exploiting an algorithm vulnerability in the mining pool's private key generation, and LuBian has made thousands of on-chain transactions pleading for the return of funds but to no avail; the hacker still holds a large amount of stolen BTC. The mining pool controlled nearly 6% of the global hash rate at its peak and ranked in the top ten, but ceased operations in early 2021, possibly rebranded as Roadside Mining; this incident, which has remained sealed for nearly five years, still lacks official acknowledgment.
(Coinbase's Q2 financial report reveals what hidden worries after a more than 12% drop in stock price?)
Coinbase reported a net profit of $1.43 billion in Q2, a significant year-on-year increase but mainly from unrealized gains on investments and crypto assets; after adjustments, the net profit was only $33 million; total revenue of $1.5 billion fell short of expectations, with trading revenue down 39% year-on-year, spot trading volume dropping more than 30%, and active users decreasing to 8.7 million. The company holds 11,800 BTC and is actively expanding its business landscape by completing acquisitions of Deribit, Liquifi, etc., and laying out options derivatives, token management, and asset issuance, while cooperating with several traditional financial institutions to promote USDC applications, with the activity level on the Base network continuing to rise. In terms of compliance, it has obtained a MiCA license in Luxembourg, planning to enter Europe and prepare to launch tokenized stocks, prediction markets, and early token sales as part of its comprehensive trading services, but will face competition from players like Kalshi, Polymarket, and Robinhood in related fields.
(Quarterly revenue forecast skyrockets 268 times, how high is Galaxy Digital's position in the crypto stock craze?)
Since 2024, the approval of Bitcoin and Ethereum ETFs and the establishment of global compliance frameworks have propelled crypto OTC platforms to become the third major liquidity pillar following CEX and DEX, with institutions completing large trades in dark pools to avoid impacting the market. Galaxy Digital, leveraging its Wall Street background and compliance advantages, facilitated the rare smooth transaction of 80,000 Bitcoins and built substantial positions in ETH for whales like SharpLink; it has recently also pushed for the first BNB treasury company plan. As the compliance environment improves in Europe, America, and Asia, and traditional finance deeply engages, OTC platforms are becoming one of the core infrastructures of the crypto market.
(What has happened in the meme launchpad in the past two weeks amid the PUMP's counter-trend rise?)
In the past month, the competition in the meme launchpad sector has been dominated by pump.fun and Letsbonk.fun. The former has gradually restored its reputation following the live broadcast controversy, relying on the strong performance of 'officially selected' new coins and the $PUMP buyback actions, with the market cap of community coins rising and confidence recovering; the latter maintains over 50% market share, but the hot new coins have significantly corrected, still working to stabilize its position through buybacks and ecological support. Meanwhile, BAGS attracted short-term attention with its 'donation narrative', and Moonit, in collaboration with 9GAG, launched an AI automatic token issuance protocol to attempt to tap into the hot trend, but none have outperformed the leaders. Overall, in the context of weak new listings on CEX, the common challenge for each platform is to rebuild market interest and liquidity in meme coins, with future success hinging on their ability to continuously attract players and capital back.
(Content tokens: speculation, hope, or the second spring for the creator economy?)
Recent debates surrounding 'content tokens' focus on whether they possess real value: supporters argue they can carry creators' content and consensus, forming mechanisms for assetization and price discovery; opponents question their lack of verifiable rights and long-term value, seeing more speculation and attention-driven PVP games. In discussions, platforms like Zora, Pump.fun, Trends.fun, and Friend.tech differ in model, openness, composability, and boundaries with meme coins, but all face challenges of traffic conversion, value selection, and sustainability. Guests generally believe that content tokens will need to rely on high-performance underlying technologies, the crystallization of public and private domain consensus, large-scale issuance, and market selection mechanisms to revive, while finding a balance between financialization and the cultural value of creators. In the future, evolution beyond current imagination may emerge in content forms, dissemination methods, and token use cases.
(Ray Dalio's 50th Anniversary Dialogue at Bridgewater: From Basement Startup to Building the World’s Largest Hedge Fund)
Ray Dalio, at the 50th anniversary celebration of Bridgewater, reviewed the journey from starting in a basement in 1975 to building the world’s largest hedge fund, summarizing the core philosophy of 'pain + reflection = progress', and highlighting the key roles of diversified investment, idea-driven culture, and talent leverage. He shared significant experiences from pivotal moments such as the misjudgment during the 1982 debt crisis, precise responses to the 2008 financial crisis, and suggestions during the European debt crisis, emphasizing the importance of maintaining humility, taking preemptive actions, and transparent communication amid uncertainty. Dalio also discussed the debates around Bridgewater’s expansion from a boutique firm to an institutionalized entity, the challenges of technology and team building, and the significance of pandemic response and humanistic care for the team.
(Will Solana build an 'on-chain Nasdaq', and what’s next for AI narratives?)
In the context of Ethereum's tenth anniversary market recovery and intensified competition, Solana is accelerating its technical and ecological layout, launching an upgrade named Alpenglow, comparable in significance to Ethereum's transition to PoS, optimizing the consensus mechanism, lowering node thresholds, shortening transaction confirmation times to 150 milliseconds, and boosting decentralized capital markets and high-performance DeFi, competing against players like Hyperliquid and Sui; in the AI sector, Solana has a complete ecosystem ranging from early DePIN infrastructure and AI Agent applications to decentralized AI training and privacy computing. Although its popularity has been diverted, it still possesses strong competitiveness due to its high performance, low cost, good liquidity, and diverse ecosystem; whether it can shoulder the narratives of 'on-chain Nasdaq' and AI remains to be seen in the market.
(Trump's TMTG lost $20 million in Q2, betting on Bitcoin holdings to rise to sixth globally)
TMTG lost $20 million in Q2, but the financial report reflects that the company is transforming from a social media platform into a highly leveraged crypto fintech company, with a core bet on Bitcoin and crypto business. By the end of June, financial assets surged to $3.1 billion, mainly sourced from a $2.4 billion financing configuration in crypto assets, placing its holdings among the sixth-largest publicly listed companies globally; simultaneously, it is preparing multiple crypto ETFs and negotiating the acquisition of platforms like Bakkt, expanding into blockchain, asset management, and other fields through mergers and SPACs. Despite dependence on Trump’s brand for traffic, weak core revenue, and significant political risks, TMTG is attempting to seize a place in the institutionalized crypto finance sector through political influence and capital operations.
(Grayscale Report: Regulatory breakthroughs, capital influx, Ethereum becomes the biggest winner in July)
In July 2025, the price of Ethereum soared nearly 50%, leading the rebound in the crypto market, driven by the adoption of stablecoins and asset tokenization brought about by the (GENIUS Act), along with continued institutional investments. The Ethereum ecosystem carries more than half of the stablecoin balance and nearly 80% of tokenized US Treasury bonds, maintaining a lead in areas such as DeFi and tokenized equity, while the monthly net inflow of spot ETH ETP reached record levels, with listed companies and fund management institutions significantly increasing holdings, and trading activity in the derivatives market notably rising. At the macro level, the warming regulatory environment in the US, legislative progress, and expectations of a weaker dollar provide ongoing benefits for scarce digital assets like ETH and Bitcoin, and despite potential short-term consolidation, the long-term outlook remains strong.
(Pantera Capital partner: The ten-year evolution of Ethereum, heading towards the core of on-chain capital)
Entering its second decade, Ethereum has established a core position in stablecoins, DeFi, and tokenized assets, accelerating towards on-chain capital market infrastructure under the regulatory clarity brought by the (GENIUS Act) and reforms of the Ethereum Foundation. Institutions like Pantera Capital have strengthened Ethereum's advantages in scaling, on-chain real assets, and financial applications by investing in key projects like USDC issuer Circle, Arbitrum, Ondo, and Morpho; simultaneously, the large-scale buying power of ETH ETFs and digital asset treasuries (DAT) continues to reduce circulation, forming structural price support. With increased institutional adoption, accelerated ecological innovation, and improved regulatory environments, Ethereum is expected to continuously solidify its dominant position in the global blockchain financial system under the dual drivers of scarcity and actual demand.
(Bitwise Chief Investment Officer: Three major opportunities in the SEC 'Project Crypto')
SEC Chairman Paul Atkins stated in a speech at the American Priority Policy Institute that the US financial market is entering an era of on-chain migration, where all assets will ultimately be on-chain, and DeFi will become a core force, with the regulatory environment shifting from hostile to supportive. The investment opportunities he outlined include: positioning on public chains that support asset tokenization like Ethereum, paying attention to platforms like Coinbase and Robinhood that are expected to develop into global financial 'super applications', and potentially explosive DeFi applications once regulation is clarified. This vision is seen as a financial investment roadmap for the next five years, likely to profoundly reshape the global market landscape.
(Unveiling the founder of Pantera: The 'missionary' behind the Princeton gang and $4 billion in assets)
Former Goldman Sachs and Tiger Management trader Dan Morehead transformed his Pantera Capital into one of the world's first Bitcoin funds in 2013, buying Bitcoin at an entry price of $65 and maintaining investments during downturns like the Mt. Gox crisis, gradually expanding the managed scale to over $4 billion, with investments covering BTC, ETH, and projects like Circle and Bitstamp. He and his Princeton alumni formed a crypto 'network' bridging traditional finance and the crypto industry, advocating for diversified investments rather than single bets on Bitcoin. Today, Pantera's Bitcoin fund has an accumulated return rate of over 130,000%, and Morehead still predicts that BTC is likely to rise to a million dollars in the long term, believing that institutional investment has just begun and the process of blockchain reshaping global finance will continue for decades.
(Kraken's awakening: What is it doing on the eve of its IPO?)
Kraken, a long-established exchange known for its security and stability, and regarded in the Chinese community as a 'safe withdrawal channel', is undergoing its largest transformation in 14 years. Founder Jesse Powell transitioned from a virtual goods trader to a Bitcoin pioneer, founding Kraken in 2011 and gaining a reputation for compliance and security. However, long-term low profile has caused it to lose narrative dominance in the face of competitors like Coinbase. The management crisis in 2022 triggered a reflection on branding and strategy; after the appointment of new co-CEO Arjun Sethi, Kraken is breaking boundaries: launching a stock tokenization platform xStocks, acquiring NinjaTrader, expanding into stablecoins, and developing its own Layer 2 network Ink, while reshaping its brand through sports sponsorships. By Q2 2025, Kraken's trading volume reached $186.8 billion, managing $43.2 billion in assets, and is conducting its final round of financing before an IPO with a valuation of $15 billion, aiming to upgrade from a crypto exchange to a global digital asset platform spanning traditional finance and on-chain finance.
(Why I chose Binance Alpha: a pathway for crypto to enter reality)
Chari.eth, sharing his experience of listing on Binance Alpha, explained the logic and business philosophy behind his token issuance. He is not looking for a cash-out but hopes to use the listing to mark his token's identity and facilitate user transactions, thereby supporting business growth. He criticized business-severed models that issue tokens purely for financing or offloading, proposing 'consumption equals mining' tokenomics—where users can receive token rewards in real-time through consumption, with income and reserves transparently injected into liquidity pools, and the team's costs settled through liquidity pools, all operations are publicly recorded on-chain. Although early VC suffered losses due to not implementing this three years ago, he remains optimistic about driving token value growth through new products and real demand, expressing acknowledgment of early crypto entrepreneurship and the Binance Alpha model.
(Which cryptocurrency trading platforms will land on the US stock market, and what are their valuations?)
Against the backdrop of friendlier regulatory policies in the US and investors refocusing on crypto assets, Kraken, Gemini, and Bullish plan to go public in the US, aiming to replicate Coinbase's successful listing in 2021. As a benchmark, Coinbase has shifted from being highly reliant on trading fees to diversified income sources such as custody, stablecoins, and staking, while maintaining a leading 49% share of spot trading volume; Kraken's revenue has grown rapidly and expanded its diverse business, Bullish focuses on institutional clients and global compliance, and Gemini is the smallest with limited trading volume. The report notes that while trading volume is a core reference for valuation, some platforms exhibit phenomena such as double trading that artificially inflate metrics, requiring a comprehensive evaluation combining business structure and compliance level. For future trading platforms to break through in competition, they must reduce their reliance on market sentiment-driven trading fees and transform into comprehensive financial 'super applications'.
(Will ZK break the 'impossible triangle'? Ethereum aims for 10,000 TPS)
On the 10th anniversary of its founding, Ethereum is reaching a turning point in scaling, with zero-knowledge proofs (ZK) and zkEVM technology seen as key to achieving 10,000 transactions per second on Layer 1. In the future, validators will no longer need to recalculate transactions one by one but only verify lightweight ZK proofs, significantly increasing gas limits and TPS while maintaining decentralization and security. The roadmap plans to gradually integrate ZK verification into some clients, along with periodic automatic increases in gas limits, with expectations of reaching 2,000 TPS within four years and potentially entering a 'GigaGas' era by 2031, in collaboration with native rollups and other Layer 2 solutions to expand to millions of TPS, constructing a global 'network of networks' architecture.
(Will Tether issue a proprietary stablecoin in the US, and how will it differ from USDT?)
Tether CEO Paolo Ardoino stated that the (Genius Act) paves the way for its entry into the US market, with plans to launch a domestic stablecoin aimed at the US, differentiating it from the emerging market positioning of USDT, and expanding banking and institutional partnerships through a global distribution network. He noted that the stablecoin infrastructure needs to improve user experience and the way gas fees are paid, and expects the (Genius Act) to drive institutional adoption; he is also optimistic about blockchains focusing on settlement. Ardoino emphasized that Bitcoin is the best asset, that gold has transitional value in hedging at high points and the global financial reset, and cautioned about the high leverage risks of some Bitcoin treasury companies.
