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This Week in Review | Trump Signs Executive Order Allowing Pension Funds to Invest in Cryptocurrency; Ethereum Surges Past $4200 to Hit Yearly High
BlockBeats will summarize the key industry news of the week (8.4-8.10) in this article and recommend in-depth articles to help readers better understand the market and industry trends.
Important News Recap
Ethereum Breaks $4200 to Hit Yearly High, Ethereum Fork Coins Experience Marketwide Surge
On August 9, Ethereum surged past $4200, rising 2.92% in 3 minutes. At the same time, Ethereum fork coins saw a marketwide surge, including SSV with a 13.24% increase in 24 hours; ENA with a 12.46% increase in 24 hours; EIGEN with an 11.88% increase in 24 hours, among others. Eric Trump, son of former President Trump, stated, "Seeing the Ethereum shorts getting crushed is truly satisfying. Stop betting against Bitcoin and Ethereum—otherwise, you will be ruthlessly run over by the market." Related Reading: "The Top Ethereum Price Prediction Master, Why Does He Say ETH Could Reach $15,000?"
Trump Signs Executive Order Allowing 401(k) Retirement Funds to Invest in Cryptocurrency
On August 7, Trump signed an executive order allowing 401(k) retirement funds to invest in private equity, real estate, cryptocurrency, and other alternative assets. As of the end of the first quarter of 2025, the total assets of 401(k) plans provided by U.S. employers amounted to around $8.7 trillion, while the total assets of the entire U.S. retirement market reached a staggering $43.4 trillion. Related Reading: "Full Text of Trump's Executive Order: Making Alternative Assets More Accessible to 401(k) Investors", "New Destination for $8.7 Trillion U.S. Retirement Funds: Trump's New Policy Allows 401(k) to Invest in Cryptocurrency"
Trump Begins Interviews for Next Federal Reserve Chair, Waller Emerges as Top Candidate
On August 7, Trump announced that the interview process for the next Federal Reserve Chair has commenced, with the list of candidates currently narrowed down to three, all from Wall Street. Sources familiar with the matter revealed that Federal Reserve Governor Waller has emerged as a top candidate for the Fed Chair position. They noted that Trump's advisers are impressed with Waller because he is willing to base policy decisions on forecasts rather than current data and has a deep understanding of the entire Federal Reserve system. They also mentioned that Waller has held meetings with the presidential team regarding this position but has not yet met with Trump personally. Related Reading: "Why Is He the Hottest Candidate for Fed Chair?"
National Security Alert: Overseas Company Collects Global User Iris Data Under the Guise of Distributing Cryptocurrency
On August 6, the National Security Department issued a statement saying that in the wave of digitization, biometric recognition technology has rapidly developed and been widely used. However, the hidden risks of data collection behind it cannot be ignored. The iris is the colored ring-shaped area surrounding the pupil, between the pupil and the sclera, filled with spots, filaments, coronal structures, stripes, and crypts, among other complex textural details. These features are highly stable and difficult to replicate, possessing high precision and uniqueness. They are used in high-security key areas and often draw the attention of malicious actors, who may collect and steal them under the guise of various pretexts. There are public cases showing that an overseas company used the distribution of cryptocurrency tokens as a lure to scan and collect user iris information worldwide, then transferred the data source, posing a threat to personal information security and even national security.
Tornado Cash Case Reaches Partial Verdict: Guilty of Operating Unlicensed Money Transfer Scheme
On August 7, the Tornado Cash co-founder Roman Storm case reached a partial verdict: guilty of operating an unlicensed money transfer business, while the money laundering conspiracy charge remains undecided, and the third charge of "sanctions violation" was ruled not guilty. Roman Storm faced trial in the Southern District of New York Federal Court, and this case will become a legal precedent regarding how much responsibility developers should bear when decentralized software they create is illegally used. The U.S. prosecution alleges that Tornado Cash facilitated over $1 billion in money laundering transactions and laundered millions of dollars for the sanctioned North Korean hacker group Lazarus Group. The common view in the crypto community has always been that technology is neutral, and Storm has also received support from Ethereum co-founder Vitalik Buterin.
UK Man Gives Up on Retrieving Hard Drive with 8,000 BTC, Will Tokenize Lost Bitcoins
On August 5, it was reported that James Howells, an IT engineer from Newport, UK, ended his 12-year search without being able to recover what he believed to be 8,000 bitcoins (currently worth around $920 million) stored on a hard drive buried in a city landfill in southern Wales. On that day, the man announced that he would tokenize the lost bitcoins from his lost wallet, converting them into 800 billion Ceiniog Coins (INI), locking in the value of 1:1 satoshi. As early as May 29, the man had also stated that he would tokenize 21% of the lost 8,000 bitcoins in his wallet as LTT tokens and raise $75 million through multiple issuance rounds. Related Reading: "Lost 8,000 Bitcoins, Trapping This Man for Life", "8,000 Bitcoin Hard Drive Buried in Landfill? UK Man: No More Digging, Just Issue Coins Directly"
Crypto Exchange Platform Bullish Expected to Officially List on NYSE on August 13, Holding 24,000 Bitcoins and Other Crypto Assets
On August 7, the crypto exchange platform Bullish, supported by billionaire Peter Thiel, is expected to officially list on the NYSE on August 13. The company stated in regulatory filings submitted on Monday that it will sell 20.3 million shares at a price of $28 to $31 per share, raising up to $629.3 million. In addition, underwriters have a 30-day option from the date of the prospectus to purchase an additional 3.045 million shares. In terms of assets, Bullish disclosed in its filing that the company currently holds over $3 billion in liquid assets, including 24,000 Bitcoins, 12,600 ETH, and $418 million in cash and stablecoins. Related Read: "Bullish Sprinting to List: Former NYSE President at the Helm, Backed by 24,000 Bitcoins"
Vitalik: Ethereum Treasury Firm Expands ETH Investment Channels, But Mishandling Could Lead to "Overleveraged Game"
On August 8, according to reports, Ethereum co-founder Vitalik mentioned that the Ethereum Treasury firm has expanded broader channels for investors to acquire ETH, but warned that if mishandled, this trend could evolve into an "overleveraged game."
Ripple Ends 4-Year Legal Battle with SEC, Upholds Initial Court Ruling; Acquires Payment Platform Rail for $200 Million
On August 8, the U.S. Securities and Exchange Commission (SEC) and Ripple Labs officially reached the end of their four-year legal battle. The two parties submitted a joint statement to the Second Circuit Appeals Court on Thursday, announcing the voluntary dismissal of the appeals against the initial ruling in July 2023. It is reported that each party will bear their own litigation costs and uphold the original ruling by District Judge Analisa Torres, which states: Ripple's sale of XRP to institutional investors violated securities laws; a $125 million fine was imposed; and a permanent injunction was issued to prevent future violations. Following this news, XRP surged over 11% on the same day. Also on the same day, Ripple announced its agreement to acquire the stablecoin-based global payment platform Rail for $200 million. Through this acquisition, Ripple and Rail will collaborate to develop stablecoin payment solutions aimed at enhancing Ripple's position as a "digital asset payment infrastructure."
Blockchain Lending Company Figure Technology Submits IPO Application
On August 5, according to The Information, blockchain lending company Figure Technology has secretly submitted an IPO application. Related Read: "Milestone in RWA, First RWA Coin Stock Figure to Be Listed"
Binance Launches Composite Index U Futures Contract
On August 6, Binance launched the ALL 75x Composite Index U futures contract. The index tracks all USDT-quoted perpetual futures contracts on Binance Futures, excluding the following contracts: ETHBTC perpetual contract; U-quoted perpetual contracts quoted in USDC or other stablecoins; U-settled futures contracts; Composite index perpetual contracts; Pre-market perpetual contracts; Coin-margined perpetual and delivery contracts. The Binance ALL Composite Index is calculated using a weighted average of real-time index prices of all constituents.
Satoshi Nakamoto Statue in Lugano, Switzerland Thrown Into Lake, Tether CEO Petitions Lugano Municipality for Restoration
On August 3, it was reported that the Satoshi Nakamoto statue in Lugano, Switzerland was stolen. Later that day, the Satoshi Gallery, the planner of the Satoshi statue, stated that the Lugano Municipality had assisted in salvaging the statue of the anonymous creator of Bitcoin, Satoshi Nakamoto, that was thrown into the lake. The statue was designed by Italian artist Valentina Picozzi and took 18 months of research and 3 months to build. On August 8, Tether CEO Paolo Ardoino announced that they had collected 1,000 signatures to petition the Lugano Municipality in Switzerland to restore the Satoshi Nakamoto statue that was previously thrown into the lake. Related Read: "Satoshi Nakamoto Statue Thrown Into Lake, Is Lugano's 'European Crypto Dream' Still Alive?"
Base Outage Report: Backup Sorter Misconfigured to Handle Transactions, Total Downtime 33 Minutes
On August 6, Base released an outage incident report, revealing a 33-minute block production interruption on August 5. The cause was attributed to a switch to a backup sorter that was misconfigured to handle transactions. The active sorter at the time began experiencing delays in block production, prompting Base to perform a sorter switch using the Conductor system, which manages sorter availability and reliability. The network has fully recovered, with a total downtime of 33 minutes.
BAGS Founder Spends Approximately $800,000 in Auction to Acquire Original Hat of Dog With Hat Meme
On August 8, BAGS founder Finn spent 6.8 BTC (approximately $800,000) in an auction to acquire the original hat of the Dog With Hat meme. Shiba Inu Achi is the prototype behind the "Dog With Hat" sticker pack. This physical hat of the sticker pack was publicly available for the first and only time, as this collectible had never been publicly sold before and may not be available for sale in the future. To ensure its authenticity and heritage, prior to the auction, Achi and its owner sitting behind the hat were engraved in a photo on the Bitcoin blockchain through Ordinals to verify the origin.
Jingdong Responds to Rumors of "Exiting Stablecoin Business": Rumors Are False, Currently Preparing for License Application
On August 5, there were market rumors that Jingdong and others may withdraw from the Hong Kong stablecoin business. In response, Jingdong's Jingdong Coin Chain stated that it had noticed the unfounded reports and rumors in the market. Jingdong Coin Chain hereby responds that it is preparing for the Hong Kong stablecoin license application.
Binance: EU Users Can Withdraw Cryptocurrency Using Mastercard
On August 7, Binance announced that European users can convert their cryptocurrency into fiat currency and directly transfer funds to/from eligible Mastercards.
Metamask Plans to Collaborate with Stripe to Issue "Metamask USD" Stablecoin
On August 6, according to a governance proposal, MetaMask plans to partner with Stripe to launch a stablecoin called "MetaMask USD (mmUSD)." This stablecoin will be issued by Stripe but will leverage the "M^0" network for off-chain issuance and settlement. The stablecoin will be crafted as a core asset of the MetaMask ecosystem and natively integrated into various MetaMask services. Currently, neither MetaMask nor Stripe has officially confirmed the stablecoin, and specific details regarding the stablecoin's structure, launch timeline, or regulatory aspects are very limited.
Cao Cao Mobility and Victory Securities Partner to Explore RWA, Stablecoin Payments, and Compliant Digital Currency Issuance
On August 6, Cao Cao Mobility signed a virtual asset strategic cooperation memorandum with the Hong Kong licensed financial institution Victory Securities. The two parties will deepen cooperation in three directions: the tokenization of real-world assets, stablecoin payment applications, and compliant digital currency issuance. Gong Xin, CEO of Cao Cao Mobility, stated that through blockchain technology and the Web 3.0 innovative model, they will accelerate the asset tokenization process of the Robotaxi industry. The following day, possibly influenced by this news, Cao Cao Mobility's stock price surged by over 20%.
Financial Times: Overseas Stock Trading Income to be Taxed, Strengthening Oversight of Individuals' Overseas Income
On August 4, the Financial Times reported that recently some taxpayers received notices from the tax authorities informing them that they need to declare and pay taxes on overseas income in accordance with the law. "According to our country's Individual Income Tax Law, individual stock trading income falls under capital gains income, which should be taxed at a 20% rate per transaction. Specifically, individual stock trading income on the domestic secondary market is currently exempt from individual income tax; however, there is no exemption for income from direct stock trading overseas, which needs to be declared and taxed the following year."
This Week's Major Financings: OpenMind, SuperGaming, Rillet, Bit2Me
On August 4, according to official sources, Silicon Valley-based AI infrastructure company OpenMind announced the completion of a $20 million financing round, led by Pantera Capital, with participation from Ribbit, Sequoia Capital China, Coinbase Ventures, and several well-known angel investors.
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, bringing the company's valuation to $1 billion.
On the 6th, AI-native ERP (Enterprise Resource Planning) platform Rillet announced the completion of a $70 million Series B financing round, jointly led by Andreessen Horowitz (a16z) and ICONIQ, with participation from Sequoia Capital, Oak HC/FT, and other early investors.
On the 7th, Tether announced the acquisition of a minority stake in the digital asset platform Bit2Me and led a $30 million financing round, which is expected to be completed in the coming weeks. This financing will be used to support Bit2Me's expansion in the EU and strengthen its business operations in Latin America, particularly in Argentina.
This Week's Popular Articles
"When Brokerages Target Cryptocurrency Trading"
Traditional finance is accelerating its entry into the crypto field, with giants like Robinhood, JPMorgan Chase, Morgan Stanley, and Standard Chartered leveraging their regulatory qualifications, large user bases, and clearing capabilities to erode the core advantages of crypto trading platforms. This has led the latter to lose dominance in "asset onboarding" and to defensively offer products such as tokenized stocks, while actively seeking compliance-oriented transformation. Although a few platforms like Bybit and Bitget have made regulatory breakthroughs in markets such as Europe, the industry as a whole is anxiously exploring ways to survive. Against the backdrop of traditional capital and institutional forces reshaping the order, it is attempting to find new value and space for development before being marginalized.
"How Much Does It Cost to Issue a Stablecoin?"
Stablecoins have become a focal point of global financial giants due to interest rate differentials and the potential for payment settlement. However, issuance is not a low-cost arbitrage but a high-capital, high-threshold financial infrastructure construction that requires massive investment in regulatory licenses, reserve custody, system maintenance, and distribution channels. Tether, with its first-mover advantage deeply tied to exchanges, dominates the global non-dollar market; USDC relies on Coinbase distribution, lacking control over circulation; PYUSD, despite having a brand and funds, struggles to survive due to excessive reliance on subsidies and a lack of real use cases. The success or failure of stablecoins hinges on mastering clearing and payment networks, and institutions that can bridge the funding loop can build a long-term moat.
"The Lost 8000 Bitcoins That Haunt This Man's Life"
British engineer James Howells mistakenly threw away a hard drive containing the private keys to 8000 bitcoins while cleaning his room in 2013, losing a fortune now worth about $1 billion. Over the next 12 years, he has been in constant negotiations and lawsuits with the Newport City Council, proposing high-tech mining solutions and even planning to buy the dump but has never received permission. The lost coins incident has altered his career, family, and personality; he went through a divorce, his life spiraled out of control, yet he remains obsessed with the pursuit and plans to tokenize the ownership of these BTC through an ICO. This story has been widely circulated in the crypto community, making him the epitome of the "lost coins" legend.
"Who Guided Chinese Billionaire CZ's Listing?"
In July 2025, 80,000 Bitcoins that had been dormant for 14 years were quietly sold, worth about $9 billion, without causing a market crash. The mastermind behind the scenes was the Galaxy Digital, created by Wall Street veteran Mike Novogratz. This institution, known as the "Wall Street version of Goldman Sachs on the blockchain," leverages the founder's political and business networks accumulated at Goldman Sachs, Fortress Investment Group, and the New York Fed to build a financial infrastructure services system that integrates OTC trading, custody, asset management, compliance disclosure, and policy advocacy, providing a full-process solution for "legitimate asset holdings" to large holders and publicly traded companies. From ETH whales to industry giants like CZ, they all use Galaxy to integrate crypto assets into their financial reports and turn them into compliant assets. Galaxy's core competency lies not in traffic but in its "institutional design power" to bridge regulatory and capital requirements.
"High APY Returns as Market Volatility Continues: Explore These 7 New Stablecoin Pools"
"Largest BTC Theft in History: Dormant for 5 Years, Involving $14.5 Billion"
"Stock Price Plummets Over 12%: What Concerns Does Coinbase's Q2 Report Reveal?"
Since 2024, Bitcoin, Ethereum ETF filings and the establishment of a global regulatory framework have driven cryptocurrency OTC platforms to become the third major liquidity pillar after CEX and DEX. Institutions use dark pools to conduct large trades to avoid market impact. Leveraging its Wall Street background and compliance advantages, Galaxy Digital facilitated a rare smooth transaction of 80,000 BTC and helped entities like SharpLink accumulate nearly 500,000 ETH in the ETH market. Recently, it also promoted the first BNB treasury company plan. With the improvement of regulatory environments in Europe, America, and Asia and deepening participation from traditional finance, OTC platforms are becoming one of the core infrastructures of the crypto market.
"PUMP Surges Against the Trend, What Has Happened in the Meme Launchpad in the Past Two Weeks"
Over the past month, the competition in the meme launchpad space has been led by pump.fun and Letsbonk.fun. The former, following a livestreaming incident, gradually restored its reputation through the strong performance of "officially selected" new coins and the $PUMP buyback, driving up the market value of community coins, boosting confidence. The latter has maintained over 50% market share, but with a significant pullback in hot new coins, it is still consolidating its position through buybacks and ecological support. Meanwhile, Bags attracted short-term attention with a "donation narrative," and Moonit, in collaboration with 9GAG, introduced an AI automatic token issuance protocol to try to tap into hot trends but none has taken the lead. Overall, amid the weakness in new listings on CEX, the common challenge for all platforms is to rebuild market interest and liquidity for meme coins. Success in the future depends on their ability to sustainably attract players and funds back.
"Content Token: Hype, Hope, or the Second Spring of Creator Economy?"
The recent debate around "content tokens" has focused on whether they possess real value: supporters believe they can carry creator content and consensus, forming an assetization and price discovery mechanism; detractors question their lack of verifiable rights and long-term value, seeing them more as a speculative, attention-driven PvP game. Platforms like Zora, Pump.fun, Trends.fun, Friend.tech differ in their models, openness, composability, and boundaries with meme coins, but all face challenges in traffic conversion, value selection, and sustainability. Guests generally believe that the revival of content tokens will depend on high-performance infrastructure, the consolidation of public-private consensus, massive issuance, and market filtering mechanisms, while finding a balance between financialization and the humanistic value of creators. In the future, there may be evolutions beyond current imagination in content forms, dissemination methods, and token use cases.
Ray Dalio looked back on the journey from starting in a basement in 1975 to building the world's largest hedge fund at Bridgewater Associates' 50th-anniversary celebration. He summarized the core philosophy of "Pain + Reflection = Progress," as well as the key roles of diversified investing, idea-driven culture, and talent leverage. He shared experiences from major milestones such as the 1982 debt crisis misjudgment, precise response to the 2008 financial crisis, and proposed solutions during the European debt crisis. He emphasized the importance of remaining humble, taking preemptive action, and transparent communication in times of uncertainty. Dalio also discussed the debate over Bridgewater's expansion from a boutique firm to an institution, challenges in technology and team building, as well as the importance of pandemic response and team human care.
"Solana Aims to Build the 'On-Chain NASDAQ': What Lies Ahead for AI Narrative?"
Against the backdrop of Ethereum's ten-year price rally and intensifying competition, Solana has accelerated its technological and ecological layout. It launched the Alpenglow upgrade, which is as significant as Ethereum's transition to PoS, optimizing the consensus mechanism, lowering the node threshold, reducing transaction confirmation time to 150 milliseconds. It is also advancing into the decentralized capital market and high-performance DeFi as outlined in the ICM roadmap, benchmarking competitors like Hyperliquid and Sui. In the AI field, Solana has a complete ecosystem ranging from early DePIN infrastructure, AI Agent applications to decentralized AI training, and privacy computing. Despite having its heat dissipated, it remains competitive due to its high performance, low cost, good liquidity, and diverse ecology. Whether it can uphold the narratives of 'On-Chain NASDAQ' and AI depends on market validation.
"Trump's TMTG Records $20 Million Loss in Q2, Bets on Bitcoin Holdings Rise to Sixth Globally"
TMTG reported a $20 million loss in the second quarter, reflecting the company's transformation from a social media platform to a high-leverage crypto fintech company, with core bets on Bitcoin and crypto business. As of the end of June, financial assets surged to $3.1 billion, mainly from $2.4 billion in financing allocated to encrypted assets, elevating the holding size to sixth globally among listed companies. Simultaneously preparing for multiple cryptocurrency ETFs and negotiating acquisitions of platforms like Bakkt, it seeks to expand into blockchain, asset management, and other areas through mergers and SPACs. Despite traffic reliance on the Trump brand, weak core revenue, and significant political risks, TMTG attempts to carve out a place in the institutionalized crypto finance race through political influence and capital operations.
In July 2025, the price of Ethereum surged by nearly 50%, leading the crypto market rebound. The driving force behind this was the adoption of stablecoins and asset tokenization propelled by the "GENIUS Act," along with continued institutional accumulation. The Ethereum ecosystem hosts over half of stablecoin balances and nearly 80% of tokenized US Treasury bonds, maintaining its leadership in DeFi, tokenized equities, and other areas. Additionally, the monthly net inflow of ETH ETPs reached a record high, publicly traded companies and fund management institutions significantly increased their holdings, and the derivatives market share and trading activity saw a notable increase. At a macro level, the warming U.S. regulatory environment, legislative progress, and expectations of a weakening U.S. dollar have provided sustained positive momentum for scarce digital assets like ETH and BTC, despite possible short-term consolidation. The long-term outlook remains robust.
"Pantera Capital Partner: Ethereum's Ten-Year Evolution Towards On-Chain Capital Core"
Entering its second decade, Ethereum has established a core position in stablecoins, DeFi, and tokenized assets. Under the regulatory clarity brought by the "GENIUS Act" and the Ethereum Foundation's reform efforts, Ethereum has accelerated its evolution towards on-chain capital market infrastructure. Institutions like Pantera Capital have strengthened Ethereum's advantages in scalability, on-chain real asset integration, and financial applications through investments in key projects such as USDC issuer Circle, Arbitrum, Ondo, and Morpho. Simultaneously, the buying pressure from ETH ETFs and Digital Asset Treasuries (DAT) has continuously reduced circulating supply, providing structural price support. With institutional adoption increasing, ecosystem innovation accelerating, and regulatory environment improving, Ethereum is poised to continue consolidating its leading position in the global blockchain financial system driven by scarcity and actual demand.
"Bitwise Chief Investment Officer: Three Major Opportunities in SEC's 'Project Crypto'"
In a speech at the American Priority Policy Institute, SEC Chairman Paul Atkins outlined that the U.S. financial market is entering an era of on-chain migration, where all assets will ultimately move to the blockchain, with DeFi becoming a core force. The regulatory environment has shifted from hostile to supportive. The investment opportunities he described include: positioning in public chains supporting asset tokenization like Ethereum, focusing on platforms like Coinbase and Robinhood that are poised to evolve into global financial "super apps," and potentially explosive DeFi applications after regulatory clarity. This vision is seen as a five-year roadmap for financial investment that could deeply reshape the global market landscape.
"Uncovering Pantera Founder: The 'Missionary' Behind the Princeton Cartel 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. He bought Bitcoin at an entry price of $65 and held onto his position during downturns like the Mt. Gox collapse, gradually growing the fund's AUM to over $4 billion. Their investments span BTC, ETH, as well as projects like Circle and Bitstamp. He, along with fellow Princeton alumni, form a crypto "networking circle" that bridges the gap between traditional finance and the crypto industry, advocating for a diversified portfolio instead of a sole Bitcoin bet. With Pantera's Bitcoin fund having a cumulative return of over 130,000%, Morehead still predicts long-term BTC appreciation to a million dollars and believes institutional investment is just getting started, foreseeing blockchain reshaping the global financial system for decades to come.
"Kraken's Awakening: On the Eve of IPO, What Is It Up To?"
Kraken, once known for its security and reliability and regarded in the Chinese community as a "secure fiat withdrawal channel," is undergoing its most significant transformation in its 14-year history. Founder Jesse Powell, transitioning from a virtual goods trader to a Bitcoin pioneer, established Kraken in 2011, earning a reputation for compliance and security over the years. However, their long-time low profile has caused them to lose narrative leadership against competitors like Coinbase. A management crisis in 2022 prompted a brand and strategic rethink, and after the appointment of new Co-CEO Arjun Sethi, Kraken embarked on breaking barriers: launching the stock tokenization platform xStocks, acquiring NinjaTrader, expanding into stablecoins and developing their Layer2 network called Ink. Through initiatives like sports sponsorships, they are reshaping their brand. In Q2 2025, Kraken's trading volume reached $186.8 billion, with assets under management of $43.2 billion, and with a valuation of $15 billion, they are undergoing a final round of financing before their IPO, expected in 2026, with the aim of evolving from a crypto exchange to a global digital asset platform spanning traditional finance and DeFi.
"Why I Chose Binance Alpha: The Gateway to Crypto's Entry into Reality"
Chari.eth shared his token issuance logic and business concept based on his experience listing on Binance Alpha. He did not do it for cashing out but rather aimed to use the listing to establish the token's identity and facilitate user transactions to drive business growth. He criticized the model of detaching from the business, merely issuing tokens for fundraising or dumping, and proposed "Consumption Mining" Tokenomics—users receive real-time token rewards for consuming, with revenue and reserves transparently injected into the liquidity pool. The token can be used at a discount in the product, and team costs are also covered through the liquidity pool redemption, with all operations publicly available on-chain. Although the early VCs suffered losses due to not implementing it earlier three years ago, he still sees the value in driving token value growth through new products and real demand, and expressed his support for early-stage crypto entrepreneurship and the Binance Alpha model.
"Which Crypto Exchanges Are Going Public on the U.S. Stock Market and What Are Their Valuations?"
Against the backdrop of the U.S. introducing more crypto-friendly regulatory policies and investors re-focusing on crypto assets, Kraken, Gemini, and Bullish plan to IPO in the U.S., aiming to replicate the success experience of Coinbase's 2021 listing. Coinbase, as the benchmark, has shifted from relying heavily on trading fees to diversified revenue streams such as custody, stablecoins, and staking, while maintaining a 49% lead in spot trading volume. Kraken has experienced rapid revenue growth and expanded its diversified business, Bullish has a focus on institutional clients and global compliance layout, Gemini has the smallest scale and limited trading volume. The report points out that while trading volume is a core reference for valuation, some platforms have inflated trading volume through wash trading and other means, requiring a comprehensive evaluation based on business structure and compliance level. To break out in the competition in the future, trading platforms must reduce their reliance on fee-driven trades dictated by market sentiment and transition to a comprehensive financial "super app."
"Will ZK Break the 'Impossible Triangle'? Ethereum Aims for 10,000 TPS"
On the tenth anniversary of its inception, Ethereum has reached a scalability turning point, with Zero-Knowledge Proof (ZK) and zkEVM technology seen as the key to achieving 10,000 transactions per second on Layer 1. In the future, validators will no longer need to recompute transactions one by one but will only need to verify lightweight ZK proofs, significantly increasing the Gas limit and TPS while maintaining decentralization and security. The roadmap initially involves gradually integrating ZK validation into some clients, along with regular automatic increases in the Gas limit. It is estimated that within four years, Ethereum can achieve 2000 TPS, and by 2031, it is poised to enter the "GigaGas" era, collaborating with native Rollups and other Layer 2 solutions to extend to million-level TPS, establishing a global "network of networks" architecture.
"Tether to Issue Native Stablecoin in the U.S., What Are the Differences Compared to USDT?"
Tether CEO Paolo Ardoino has stated that the "Genius Bill" is paving the way for the company to enter the U.S. market. The company plans to launch a domestic stablecoin tailored for the U.S. market, distinct from USDT's positioning in emerging markets, and aims to expand banking and institutional partnerships through its global distribution network. He highlighted the need to improve stablecoin infrastructure for user experience and gas fee payments, anticipating institutional adoption being driven by the "Genius Bill" and expressing optimism for blockchains focused on settlement. Ardoino emphasized Bitcoin as the supreme asset, with gold serving as a hedge at its peak and during global financial resets, while also cautioning against the high leverage risks of some Bitcoin treasury companies.
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