Crypto Breaking

Real-world asset (RWA) platform tx has launched USTX, a dollar stablecoin designed for use in its wallet and its planned tokenized-stock marketplace. In a Tuesday announcement shared with Cointelegraph, tx said users will be able to mint USTX using USDC and later redeem it back for USDC.
tx also said USTX is not intended to be a mere wrapper around USDC. Instead, the company described the token as having its own 1:1 reserve structure, issued and managed through its partner infrastructure provider, Brale. The platform supports deposits from eight blockchains, including Ethereum, Solana, and Base.
Key takeaways
tx has introduced USTX, a dollar stablecoin meant for its wallet and a forthcoming tokenized-stocks marketplace.
USDC is the minting and redemption on-ramp: users can mint USTX with USDC and redeem USTX back into USDC.
USTX is designed with its own reserve structure, with reserves managed via Brale rather than functioning as a USDC wrapper.
Brale handles issuance and reserve management, with tx describing reserves as including cash, bank deposits, money market funds, and short-term U.S. Treasury bills.
Rewards are being positioned around legal constraints related to the GENIUS Act’s restrictions on yield for holding stablecoins.
Why tx’s USTX launch is positioned as more than a USDC mirror
Stablecoins are increasingly used as shared dollar liquidity across wallets, marketplaces, and trading systems—especially where tokenized assets need consistent settlement and collateral. tx’s USTX follows that broader industry pattern, but the company is explicitly drawing a line between USTX and a simpler “wrap” model.
According to tx co-founder and chief legal officer Ashley Ebersole, USTX is “not a USDC-backed wrapper or synthetic representation of USDC.” Instead, Ebersole said USDC is used as a mechanism to mint USTX, which then operates under its own 1:1 reserve approach through Brale.
For investors and builders, that distinction matters because reserve design affects operational assumptions: how redemption is handled, what regulatory and custody expectations are applied, and how reserve composition supports the token’s peg over time. tx’s description implies that USTX aims to function as a standalone dollar instrument within its ecosystem rather than simply pass through USDC balances.
How minting and redemption work, and what reserves support USTX
tx said users will need USDC to mint USTX, and that each USTX is redeemable for USDC. That structure keeps a clear relationship between the stablecoin and an established settlement asset, which can lower friction for users who already hold USDC.
Under the arrangement described by tx, Brale is responsible for issuing USTX, managing its reserves, and facilitating minting and redemption. tx also said that each token is backed by $1 in assets, including:
cash
bank deposits
government money market funds
short-term U.S. Treasury bills
tx’s approach fits a wider trend among dollar stablecoin products: while many ecosystems begin with a chain-native token, they often rely on specialized issuers and reserve managers to handle the balance-sheet and operational components. By naming Brale’s role directly, tx signals that the stablecoin’s core mechanics are externalized—potentially improving scalability for an RWA-focused platform while keeping the token embedded in its own application layer.
Multi-chain access through deposits from eight networks
In addition to reserve mechanics, tx highlighted accessibility. The platform accepts deposits from eight blockchains, listing Ethereum, Solana, and Base among them.
From a user perspective, multi-chain deposit support is often the practical difference between adopting a stablecoin in a wallet versus seeing it remain siloed. If tx can mint USTX from assets originating on multiple networks, it lowers the friction for users who trade, hold, or transact across different chains—an important consideration for tokenized securities workflows, where users may not share the same default network.
For the tx ecosystem, the broader goal appears to be enabling a consistent dollar balance that can be used to buy tokenized assets and support trading activity within its wallet and planned marketplace.
Rewards, compliance, and the GENIUS Act restriction
tx also discussed rewards connected to USTX usage. The company said eligible users may receive rewards through wallet programs. It also acknowledged a regulatory constraint: the GENIUS Act prohibits stablecoin issuers from paying holders interest or yield solely for holding, using, or retaining a payment stablecoin.
When asked how tx’s rewards fit within the restriction, Ebersole said “The overall rewards program was designed based on legal advice to ensure it falls within what’s permissible under the law.”
While tx did not provide additional granular details in the announcement excerpt shared with Cointelegraph, the compliance framing is a key signal for the industry. Stablecoin issuers have increasingly faced scrutiny over whether certain promotional programs effectively function like yield. In that context, tx’s language suggests the program is structured to avoid characteristics that could be interpreted as prohibited interest for mere holding or retention.
Readers should watch for how tx defines eligibility and reward triggers over time—specifically whether rewards are tied to activities beyond simply keeping the token, such as transaction behavior, wallet engagement, or other permissible user actions.
How this fits the broader stablecoin strategy for RWA ecosystems
tx’s announcement reflects a recurring model in crypto: platforms focused on trading, payments, or tokenized real-world assets often introduce a dedicated stablecoin—or bring one into the stack—so settlement and collateral can be handled uniformly. The company’s description also aligns with an emerging pattern where networks and trading venues launch dollar stablecoins through outside partners that specialize in issuance and reserve management.
Earlier coverage from Cointelegraph noted that Brale has been working on stablecoin settlement improvements with Visa, with an emphasis on speeding up settlement and improving programmability in environments where privacy, compliance, and operational control are essential.
For tx, the next practical test is whether USTX becomes meaningfully embedded in its wallet experience and whether its planned tokenized-stock marketplace ties directly into the stablecoin’s utility—rather than functioning as a stand-alone asset.
Going forward, investors and users should monitor USTX’s adoption across networks supported by tx, how minting/redemption flows are operationalized at scale, and—most importantly—how the wallet rewards are structured to remain within the GENIUS Act’s boundaries as the program evolves.
This article was originally published as Tx Launches USTX Stablecoin to Move RWA Liquidity On-Chain on Crypto Breaking News – your trusted source for crypto news, Bitcoin news, and blockchain updates.

Constance Wang, the former chief operating officer of FTX, says she stopped watching Netflix’s upcoming drama about the exchange’s 2022 collapse after being deeply upset by how the series portrays key executives. Speaking to Cointelegraph during a Chain Reaction X spaces episode published Monday, Wang said the trailer’s first moments were enough to derail her engagement.
Wang’s comments also highlight a recurring tension in the wake of major crypto failures: how fictionalized or dramatized storytelling aligns—or fails to align—with the lived experiences of people who were in the room when events unfolded. Her remarks came as Netflix announced its series The Altruists, which is scheduled to premiere globally on Nov. 19, 2026, according to the streamer’s announcement.
Key takeaways
Constance Wang said she stopped watching Netflix’s The Altruists trailer after it upset her within the first 30 seconds.
Wang criticized the portrayal of former FTX-linked leaders, saying it didn’t match her experience of key figures.
FTX collapsed in November 2022, with customer fund misappropriation later tied to an $8.9 billion shortfall.
After FTX, Wang founded Pacifica in early 2025, initially as a Solana-based perpetual futures decentralized exchange.
Wang says Pacifica is fully bootstrapped and plans to add AI features to evolve it into an “intelligent trading infrastructure.”
Wang’s reaction to Netflix’s portrayal
According to Cointelegraph’s report from the Chain Reaction X spaces, Wang said she was “physically upset” by elements of the Netflix trailer that depict some former FTX executives. She singled out the series’ portrayal of Alameda Research CEO Caroline Ellison, saying it did not resemble her personal experience.
Wang also suggested the way the show depicts FTX co-founder and former CEO Sam Bankman-Fried misses what she remembers about him. She described Bankman-Fried as more “socially awkward” than the Netflix portrayal implies, underscoring how character interpretation can diverge from reality.
“The first 30 seconds were enough to upset me,” so “I stopped watching,” Wang told Cointelegraph during the Monday Chain Reaction X spaces episode.
The Netflix drama, titled The Altruists, is an eight-episode series focused on the collapse of FTX. Netflix released the trailer in early October, with the premiere date set for Nov. 19, 2026, per Netflix’s Tudum announcement.
Why the details remain sensitive in crypto’s largest collapse
FTX’s failure remains one of the defining moments in modern crypto history. The exchange collapsed in November 2022 after reports and investigations pointed to customer fund misappropriation, leaving an $8.9 billion shortfall in customer funds. As the account notes, the problem was closely tied to how Alameda Research used FTX customer funds that Bankman-Fried transferred without consent.
Cointelegraph’s explanation elsewhere describes the mechanics of this misuse as the “Alameda gap,” a term used to capture how liquidity and losses became entangled with access to customer assets. While the Netflix series is framed as a drama, Wang’s reaction makes clear why even trailer-level depictions can land hard: the story involves real people, real legal outcomes, and consequences that extended far beyond the exchange itself.
What Wang is building after FTX
Wang’s comments did not focus only on what she disliked about the trailer. She also shared what she has been working on since leaving the FTX-era spotlight. In early 2025, she founded Pacifica, initially launching it as a Solana-based perpetual futures decentralized exchange.
Wang said her plan is to add artificial intelligence capabilities designed to reshape the platform into an “intelligent trading infrastructure,” including tools intended for investors. Her framing suggests a shift from the centralized exchange world—where trust, custody, and internal controls are central—to a development posture aimed at automation and decision support.
She also emphasized that Pacifica is not backed by external fundraising. “For Pacifica, we didn’t raise any funds, it’s completely bootstrapped,” she said. She added that some institutional investors faced compliance restrictions when trying to engage with former FTX personnel while bankruptcy proceedings were still ongoing, reflecting how legal and regulatory constraints can follow founders long after an event ends.
Legal aftermath around Bankman-Fried and Ellison
In the broader context surrounding The Altruists, Wang’s remarks arrive against the backdrop of major criminal cases tied to the FTX collapse.
Bankman-Fried and Ellison were indicted in December 2022 following FTX’s collapse and bankruptcy. Ellison accepted a plea deal to testify against Bankman-Fried and was released from prison in January after serving 440 days of a two-year sentence, according to Cointelegraph reporting referenced in the account.
Bankman-Fried was convicted on seven felony counts and sentenced to 25 years in prison in March 2024, with a scheduled release in 2044. More recently, Cointelegraph noted that his lawyers reportedly asked the US Supreme Court to overturn his fraud conviction forfeiture, and that he has also applied for a pardon from US President Donald Trump.
For many observers, this legal backdrop shapes how audiences interpret any dramatization of FTX’s collapse—particularly when portrayals affect reputations and public understanding of what happened.
As Netflix prepares The Altruists for a Nov. 19, 2026 release, Wang’s reaction suggests that the debate over accuracy won’t be confined to reviews and ratings. Investors and builders may want to watch not only how the show depicts individual personalities, but also whether the series engages clearly with the structural issues—custody, permissions, and liquidity flows—that helped turn FTX’s failure into a systemic shock across crypto.
This article was originally published as Ex-FTX COO Says Netflix ‘FTX’ Trailer Raised Concerns in 30 Seconds on Crypto Breaking News – your trusted source for crypto news, Bitcoin news, and blockchain updates.

XRP’s short-term momentum appears to be shifting toward exchanges rather than large holders. According to onchain analytics provider CryptoQuant, XRP exchange inflows have climbed to their highest level in seven months, with more than 6 billion tokens deposited over the last 30 days.
At the same time, CryptoQuant’s whale-focused metrics point to a different story: large-volume investors are moving less aggressively. The decline in whale outflows suggests XRP buyers may be waiting for better pricing, while broader market activity is returning to a more rangebound, lower-volatility pattern—an environment that can reduce the impulse to chase new positions.
Key takeaways
XRP exchange inflows reached 6.05 billion XRP over the 30 days to Oct. 19, the highest since March, according to CryptoQuant.
The 90-day moving average of whale outflows fell to $49.7 million, its lowest level since October 2021, CryptoQuant data shows.
CryptoQuant notes a pickup in XRP movement toward exchanges, which can indicate increased trading liquidity or wallet-to-exchange transfers.
Glassnode reports that Bitcoin’s realized profit/loss ratio fell from 0.8 to 0.4 in the past week, supporting a broader shift toward less aggressive behavior in October.
XRP inflows surge as tokens funnel to exchanges
CryptoQuant’s analysis highlights a clear uptick in exchange-related flows. On a rolling 30-day basis, XRP inflows are at their highest level since March. In the period ending Oct. 19, deposits totaled 6.05 billion XRP, and CryptoQuant says the figure has doubled since mid-August.
During that same window, XRP/USD moved from roughly $1 up to a peak near $1.70 before settling back to around $1.30. That sequence matters because it suggests the inflows are not simply responding to a one-direction breakout. Instead, the move appears to align with a broader cycle of accumulation and distribution associated with trading activity—when participants may deposit to exchanges to position for short-term moves.
CryptoQuant characterizes the shift as a “clear shift in asset movement toward exchanges,” which it says could reflect either higher trading activity and liquidity on exchanges or increased transfer activity between wallets and trading venues.
Whale outflows fall to multi-year lows
While exchange inflows rise, CryptoQuant’s whale outflow data indicates reduced urgency among the largest market participants. The platform points to a prolonged decline in whale activity over the past year, including a dramatic fall from earlier peaks.
CryptoQuant notes that the 90-day moving average of whale outflows reached $49.7 million. This is its lowest level since October 2021 and far below the levels seen during earlier periods of heightened interest. CryptoQuant also references that whale outflows previously hit a high of $3.5 billion in February 2025, shortly after XRP’s all-time high of $3.40.
From that peak, whale outflows have dropped by 98.6%, suggesting that large holders are not currently supplying the market in the same way they did during periods of maximum momentum. CryptoQuant frames this as potentially important for market structure: if whale support is absent, XRP may struggle to generate consistent buying volume during pullbacks.
At the same time, CryptoQuant acknowledges XRP’s “notable resilience” during the 2026 crypto bear market—an important qualifier. Lower whale activity does not automatically mean prices will fall, but it does imply less depth behind sustained rallies.
Rangebound conditions return—and profit-taking cools
The exchange inflows and whale behavior are best understood alongside broader market trading conditions. The article’s supporting market data ties October’s calmer mood to Bitcoin’s price action: according to the coverage cited, BTC/USD has traded in a range between $80,000 and $87,000.
In its latest Market Pulse bulletin released Monday, Glassnode reported a measurable drop in Bitcoin profit-taking. Specifically, the realized profit/loss ratio declined from 0.8 to 0.4 over the past week—a 50% decrease. While this metric is Bitcoin-specific, the implication for market behavior is cross-asset: when profit realization cools relative to loss realization, it often signals less aggressive “sell into strength” behavior and a more restrained stance from investors.
Glassnode summarized the change by noting that realized profit activity cooled relative to loss realization onchain, pointing to “more subdued sentiment” and diminished aggressive spending by participants.
That matters for XRP traders because it suggests the market backdrop is not currently dominated by breakout chasing. In rangebound conditions, exchange inflows can still rise—especially as traders rotate positions more frequently—but the lack of strong whale participation can limit the magnitude and durability of directional moves.
What to watch next for XRP liquidity and conviction
For investors and traders, the key question is whether exchange inflows translate into sustained demand or simply increased liquidity for shorter-term positioning. If whale outflows remain compressed, XRP may continue to rely more on mid-sized players and active trading flows rather than large-holder conviction. Monitoring changes in whale transfer trends—especially the 90-day moving average—and whether exchange inflows persist after local price rebounds will help clarify whether the current pattern is temporary rotation or a more durable shift in participation.
This article was originally published as XRP Exchange Inflows Exceed 6B Tokens in 30 Days as Whales Ease Off on Crypto Breaking News – your trusted source for crypto news, Bitcoin news, and blockchain updates.

JPMorgan Asset Management has published its 2027 Long-Term Capital Market Assumptions, projecting that Bitcoin could outperform both large-cap U.S. stocks and gold over the next decade—while still warning that BTC’s market behavior is too unstable to treat it as a reliable portfolio diversifier “for now.”
In the report released this week, JPMorgan estimates Bitcoin’s annualized return at 10%, compared with 7.5% for large-cap U.S. equities and 5.5% for gold. The projections are based on JPMorgan’s broader annual framework that assesses more than 200 assets to help investors model long-horizon portfolio outcomes.
Key takeaways
JPMorgan forecasts Bitcoin at 10% annualized returns to 2027 assumptions, ahead of 7.5% for large-cap U.S. stocks and 5.5% for gold.
The bank does not endorse Bitcoin as a current portfolio diversifier due to “unstable market correlations.”
JPMorgan frames Bitcoin primarily as a speculative asset and an asset that may hedge monetary easing.
Its internal scenarios imply meaningful dispersion: 16.6% annualized in a bull case versus -11.2% in a bear case.
Bitcoin modeled as a high-variance asset
JPMorgan’s report highlights a core tension in how traditional allocators view crypto. While the firm’s base-case numbers imply strong long-run performance, it argues the practical question for investors is whether Bitcoin reliably improves portfolio risk characteristics today.
According to the report, JPMorgan does not make a case for Bitcoin “as a diversifier in portfolios” at present, citing unstable market correlations. In other words, even if expected returns are attractive, the relationship between Bitcoin and other holdings can shift in ways that complicate portfolio construction.
Bull and bear scenarios point to wide outcomes
JPMorgan lays out a wide range of potential results. In its bull case, Bitcoin is modeled to deliver 16.6% annualized returns. In the bear case, JPMorgan estimates an annualized loss of 11.2%. That spread matters for investors because it underscores that the long-run upside is paired with downside risk that can be severe in certain macro or market conditions.
The report states that its modeling takes into account Bitcoin’s supply growth relative to broader monetary measures, its possible role alongside gold, and network adoption dynamics.
Why JPMorgan’s framing differs from pure return-chasing
JPMorgan’s language is notable because it separates “expected performance” from “portfolio usefulness.” The firm characterizes Bitcoin as a speculative asset, while also positioning it as a potential hedge against monetary easing. That approach is more conditional than a blanket endorsement and aligns with a cautious institutional view: BTC may respond to certain macro regimes, but it may not behave consistently enough to qualify as a stabilizing allocation.
For investors, this distinction can be consequential. A higher expected return does not automatically translate into better risk-adjusted outcomes—especially if the asset’s correlation structure is shifting. JPMorgan’s report essentially signals that the main hurdle is not just “can Bitcoin outperform,” but “can it diversify effectively without introducing unpredictable co-movement risk.”
Industry reaction and competing forecasts
Bitcoin’s inclusion—and the direction of the projections—did not go unnoticed in the crypto investment community. Bitwise Chief Investment Officer Matt Hougan welcomed Bitcoin’s appearance in JPMorgan’s Long-Term Capital Market Assumptions. In a post on X, Hougan referenced the long cycle of traditional institutions moving from dismissal to engagement, then ultimately producing forward-looking estimates.
Meanwhile, Hougan’s firm has already published more bullish assumptions of its own. In August 2025, Bitwise projected Bitcoin could reach $1.3 million by 2035, with a base-case annualized return of 28.3%. While JPMorgan’s base-case return estimate is lower, the comparison illustrates how widely expectations vary across asset managers—often due to differences in assumptions about adoption, liquidity, and the evolution of Bitcoin’s role in portfolios.
Looking ahead, investors should watch whether future JPMorgan updates further quantify Bitcoin’s correlation behavior or adjust how the bank models scenarios tied to monetary conditions and adoption. The key open question is whether Bitcoin’s market relationships stabilize enough over time to shift from “speculative/conditional hedge” toward a more defensible portfolio role.
This article was originally published as JPMorgan Forecast: Bitcoin Set to Beat US Stocks and Gold in 10 Years on Crypto Breaking News – your trusted source for crypto news, Bitcoin news, and blockchain updates.

BlackRock is preparing a new Bitcoin exchange-traded fund concept that leans on options rather than adding more spot holdings. The company filed a preliminary prospectus with the US Securities and Exchange Commission (SEC) for the iShares Bitcoin Managed Protection ETF (PBIT), a fund structure designed to provide limited downside protection while capping potential upside.
According to the filing made public on the SEC website, PBIT would seek its risk-management goals by using options tied to BlackRock’s existing iShares Bitcoin Trust ETF (IBIT), instead of holding Bitcoin directly. IBIT is currently the largest spot Bitcoin ETF by net assets, with $65.7 billion as of Monday, per BlackRock’s product page.
Key takeaways
BlackRock filed for the iShares Bitcoin Managed Protection ETF (PBIT), aiming to deliver downside protection via Bitcoin-linked options.
PBIT is expected to reference IBIT rather than hold Bitcoin directly, according to the preliminary prospectus.
The fund would use overlapping option contracts to target a maximum loss exposure of about 10% per tranche before fees and expenses.
Upside would be capped, and BlackRock warns it does not guarantee fixed floor or cap values, leaving room for outcomes to differ from simple “buffer” assumptions.
ETF analyst Nate Geraci questioned BlackRock’s lack of additional spot ETF products beyond Bitcoin and Ether.
What BlackRock filed with the SEC
BlackRock filed the preliminary prospectus for PBIT with the SEC on Monday, according to the SEC filing. The application frames the ETF as a managed protection product—an approach that uses structured option strategies to alter a fund’s return profile compared with straightforward spot exposure.
Rather than purchasing Bitcoin, the proposed ETF would employ options linked to IBIT, BlackRock’s spot Bitcoin ETF. IBIT is widely treated as the main reference point for spot Bitcoin exposure inside brokerage accounts, and BlackRock’s filings typically rely on its existing infrastructure when introducing related strategies.
How “managed protection” is intended to work
ETF “buffer” or “managed protection” products generally aim to reduce losses during adverse moves by giving up some upside potential. PBIT appears to follow that playbook, using options contracts to target downside limits while restricting gains.
In the prospectus, BlackRock indicates the strategy would use three overlapping sets of options contracts, with replacements typically occurring on a monthly basis. This rolling setup is meant to keep the fund continuously positioned rather than concentrated in a single options expiration window.
BlackRock also describes an initial target for tranche-level risk: each options tranche would be structured to seek a maximum loss exposure of about 10% to the underlying Bitcoin-linked asset, before fees and expenses. However, the filing includes an important caution—BlackRock says the fund “does not provide a fixed Tranche Protection Start Value, Floor or Tranche Cap Value.”
For investors, that distinction matters. A stated “maximum loss” objective can be helpful as a baseline, but the absence of fixed floor or cap guarantees means real-world outcomes may deviate from a simple percentage buffer narrative, depending on how option terms, timing, volatility, and underlying performance interact.
Where PBIT fits in BlackRock’s crypto ETF lineup
BlackRock entered the US spot Bitcoin ETF market in January 2024 with IBIT, followed by the iShares Ethereum Trust ETF (ETHA) in July of the same year. Its crypto lineup later expanded with additional strategy-focused products. In March 2026, BlackRock launched the iShares Staked Ethereum Trust ETF (ETHB), which provides exposure to Ether and staking rewards. In June 2026, the firm followed with the iShares Bitcoin Premium Income ETF (BITA), a product designed to generate income through options trading.
PBIT, if approved, would represent another step in that evolution—this time, moving further into “outcome-shaped” derivatives strategies rather than directly adding new spot exposure. Bloomberg ETF analyst James Seyffart indicated on X that PBIT would be BlackRock’s third Bitcoin ETF filing, while buffered Bitcoin products already exist from other issuers, including Calamos, First Trust, and Innovator. The key competitive difference is likely to be how each product structures its protection mechanics, caps, costs, and tranche behavior over time.
Why some in the ETF market are asking about “missing” tokens
While the filing keeps BlackRock’s focus on Bitcoin (with references to IBIT) and fits within the firm’s established approach, it also reignites questions about why the issuer has not broadly expanded into additional spot crypto assets beyond BTC and ETH.
ETF Store president Nate Geraci publicly questioned BlackRock’s absence from spot ETF products tracking cryptocurrencies such as Solana or XRP. In a post on X on Monday, Geraci wrote: “Still shocked they’re sitting out on spot ETFs for SOL, XRP, HYPE, etc,” adding that BlackRock appears to be concentrating on BTC and ETH for now.
Geraci’s comment underscores a broader tension in the market: demand for multi-asset exposure versus issuers’ preference for deploying capital and regulatory risk into a smaller set of assets where they already have scale, liquidity, and an established product framework.
What investors should watch next
PBIT’s fate will depend on SEC review and the specifics of how the final product terms are finalized. If approved, traders and long-term investors alike will likely scrutinize how closely the fund’s “managed protection” mechanics track the 10% tranche loss objective in different volatility regimes, and whether the absence of fixed floor or cap terms becomes a practical differentiator versus simpler interpretations of downside buffering.
This article was originally published as BlackRock Seeks Third Spot Bitcoin ETF as Solana and XRP Wait on Crypto Breaking News – your trusted source for crypto news, Bitcoin news, and blockchain updates.

France’s National Assembly has narrowly adopted a new amendment that could treat some crypto-to-stablecoin conversions as taxable events starting in 2027, potentially reshaping how investors calculate and report crypto capital gains. The decision, taken during a Friday vote, also left several other crypto-related tax and compliance proposals still in play for the 2027 Finance Bill.
Under the approved text, investors who convert cryptocurrencies such as Bitcoin into stablecoins would generally face tax on gains—even if they do not later convert those proceeds into fiat currency. Lawmakers are expected to continue debating parts of the 2027 Finance Bill on Tuesday, according to the Assembly’s published schedule.
Key takeaways
Amendment I-3898 was adopted by the French National Assembly with a close vote tally of 38 in favor, 37 against, and 25 abstentions.
Crypto-to-stablecoin swaps may become taxable events from 2027, even when stablecoins are not immediately exchanged for fiat.
Gains would be computed using the acquisition cost of the original crypto asset and a weighted average purchase price approach.
Separate proposals remain uncertain, including plans tied to France’s exit tax regime and reporting expectations for self-custodial wallets.
A proposal to extend loss carryforwards was rejected, meaning realized crypto losses would not be automatically carried for a decade under that specific plan.
What the adopted stablecoin amendment would change
The amendment adopted on Friday—Amendment I-3898—was initially introduced as committee Amendment I-CF1826 by French MP Nicolas Sansu, and it was first adopted by the committee on Oct. 7, according to the Assembly materials. The proposal’s central effect is to change when a tax liability arises for certain investors performing conversions from cryptocurrencies into stablecoins.
If enacted, the measure would tax investors on gains from converting Bitcoin or other cryptocurrencies into stablecoins, without requiring that those gains be converted into euros (or another fiat currency). In other words, the taxable event would be the swap itself, not the final move to cash.
The amendment also specifies how the taxable gain would be calculated. It would rely on the acquisition cost of the crypto that was sold and use a weighted average purchasing price method to determine the relevant cost basis.
For investors and traders, the practical implication is straightforward but significant: stablecoin purchases could trigger tax reporting obligations that previously might have been tied more directly to fiat exits. This can affect holding strategies, tax planning, and recordkeeping—especially for users who routinely rotate between crypto assets and stablecoins for liquidity management.
The Assembly is scheduled to vote on the first part of the 2027 Finance Bill on Tuesday, based on its official schedule. While the amendment itself has now passed the Assembly stage addressed by the vote, it remains part of the broader legislative process and could face further scrutiny as the Finance Bill advances.
For background on how similar rules can operate across the EU, Cointelegraph previously covered how the EU’s crypto tax framework is expected to work for both users and platforms in an explainer: How the EU’s crypto tax rules are expected to work for users and platforms.
Timeline and legislative path for the 2027 Finance Bill
Friday’s vote was not the end of the story. The National Assembly will continue considering parts of the 2027 Finance Bill as scheduled on Tuesday, and additional crypto-related proposals are likely to be handled during the budget process. However, it remains unclear from the information available whether each remaining proposal will definitely be debated and voted on that specific date.
The stablecoin amendment adopted Friday does not yet confirm final implementation by itself; it signals movement in the Assembly and sets the direction for what the 2027 tax rules may include if the Finance Bill ultimately incorporates it.
Earlier coverage from Cointelegraph identified the stablecoin amendment’s origin and the conditions under which it was first introduced. That reporting—referenced in the parliamentary text—described the measure as a response to how crypto-to-stablecoin activity might be treated for tax purposes starting in 2027.
Other crypto tax proposals: loss carryforwards, exit tax, and self-custody reporting
While lawmakers advanced the stablecoin amendment, they also rejected a separate proposal on Friday that would have carried realized crypto losses forward for 10 years. According to the Assembly vote record, the rejected proposal received 18 votes in favor, 75 against, and 3 abstentions. If that specific plan does not return in some revised form, the ability to defer the tax impact of crypto losses would remain narrower than the rejected proposal suggests.
Lawmakers are also weighing a change to France’s exit tax regime. Amendment I-CF1822 is listed as part of the broader legislative set, and another amendment—I-CF1822—would extend France’s exit tax framework to cover unrealized gains. The extension would apply when certain taxpayers with an aggregate crypto portfolio value exceeding €800,000 ($895,000) transfer their residence abroad.
Alongside exit tax concerns, lawmakers are considering a compliance proposal focused on self-custodial activity. Amendment I-2701 would require individuals to declare the holdings of self-custodial wallets if the total value exceeds €100,000 ($112,000) in the relevant tax year.
As of Monday, both the exit tax extension and the self-custodial wallet reporting requirement remained under consideration for the 2027 Finance Bill, meaning the final shape of France’s approach to crypto taxes and reporting is still unsettled.
Why the stablecoin change matters for users and traders
France’s move sits squarely at a fault line in crypto taxation: whether switching between crypto assets and stablecoins should be treated like a temporary move in an investor’s portfolio or like a realized, taxable event. By aiming to tax crypto-to-stablecoin swaps without requiring a subsequent fiat conversion, the amendment would close a potential gap in tax timing for users who may otherwise treat stablecoin rotations as non-taxable internal movements.
This matters particularly for active users—market makers, liquidity providers, and traders—whose day-to-day workflows often include converting into stablecoins for hedging, settlement, or risk management. If stablecoin acquisitions are taxed events, recordkeeping requirements would likely become more burdensome, and tax liabilities could arise earlier than some participants may have anticipated under older interpretations.
At the same time, the rejected loss-carryforward proposal highlights that policymakers are not simply expanding crypto tax benefits across the board. Instead, the legislative direction shown by the stablecoin vote and the rejection of extended loss carryforwards suggests a balancing act between capturing taxable events and maintaining limits on how losses can be applied.
With the Assembly scheduled to vote on parts of the 2027 Finance Bill next Tuesday, the next key question is whether Amendment I-3898 survives the remaining stages intact and how the other proposals—exit tax expansion and self-custody reporting—are ultimately resolved. Investors in France will want to watch for the final text and any clarifications on implementation details, thresholds, and calculation mechanics as the budget process advances.
This article was originally published as France Moves Forward on Stablecoin Tax as Exit and Wallet Rules Drafted on Crypto Breaking News – your trusted source for crypto news, Bitcoin news, and blockchain updates.

The EU’s Markets in Crypto-Assets Regulation (MiCA) continues to expand its footprint as ESMA’s official register update added nine new crypto-asset service providers (CASPs). With the latest additions, the total count now stands at 375 unique providers listed under MiCA.
According to the European Securities and Markets Authority (ESMA), Friday’s update included new entities from multiple countries, reflecting how firms across Europe are positioning their operations for MiCA-compliant services—particularly exchanges, custody, and transfer-related activities.
Key takeaways
ESMA added nine CASPs to its MiCA register, bringing the total to 375 unique crypto-asset service providers.
BingX’s Austrian entity was listed, while YouHodler’s Italian subsidiary received multiple MiCA authorizations covering custody, exchange, order execution, and transfers.
Spain, Germany, and Denmark also saw changes, including new listings in Spain and Germany.
Denmark’s Penning Financial Services disappeared from the CASP register despite its claims that its MiCA authorization status has not changed.
ESMA’s EMT and NCASPs registers moved minimally, while the ART register remained empty.
BingX and YouHodler expand MiCA coverage
ESMA’s register update listed BingX’s Austrian entity, MEGE zweite, as part of the new CASP additions. In a statement shared after the authorization was announced, BingX said the approval gives it a clearer regulatory pathway as it prepares to roll out services across the European Economic Area.
The update also captured YouHodler’s Italian operations. ESMA listed the Italian subsidiary of the crypto lending platform and showed authorizations spanning several MiCA activities: custody, crypto exchanges, order execution, and transfers. YouHodler announced its Italy authorization last week, positioning it for compliant offering of regulated services within Italy under the MiCA framework.
The practical significance for users and counterparties is that these listings correspond to firms operating within defined regulatory permissions, rather than relying solely on transitional or pre-MiCA operating models. For investors and market participants, the register serves as a quick reference for which entities are officially recognized for specific crypto-asset activities.
Other country-level additions: Spain and Germany
Beyond Austria and Italy, the ESMA update recorded new activity in other EU jurisdictions.
In Spain, ESMA listed Prakma Markets, which is connected to the Goin crypto app and operates a savings and investment platform. The new listing underscores how MiCA authorizations are not limited to trading venues; they also extend to firms operating within broader investment and savings-related models.
Germany’s additions included Openbank Deutschland, a subsidiary of Banco Santander. ESMA also listed cooperative lenders VR-Bank Alb-Blau-Donau and VR Bank im südlichen Franken. The presence of established banking-linked entities highlights how traditional financial groups are increasingly treating MiCA compliance as a prerequisite for entering or expanding crypto services in EU markets.
Penning Financial Services removed from the register—company disputes change
One of the most notable developments in the update concerns Denmark’s Penning Financial Services. ESMA’s latest CASP register update no longer lists Penning, despite the company having appeared in register updates dating back to July 3.
In response to the discrepancy, a spokesperson for Penning told Cointelegraph that its MiCA authorization “remains unchanged” and that the firm had received no communication from Denmark’s financial regulator about any changes. Cointelegraph reported that it contacted ESMA and Denmark’s Financial Supervisory Authority for clarification, but had not received a response at the time of publication.
For market participants, this raises a question worth watching: whether the removal reflects an administrative correction, an update process issue, a status change not yet communicated, or a classification adjustment. Until regulators clarify, readers should treat the register as informative but not infallible—especially when entries appear to disappear between updates.
EMT, ART, and NCASPs registers show limited movement
ESMA’s update also covered other parts of its crypto-related regulatory registry ecosystem.
EMT (e-money token) register: unchanged at 50 entries representing 25 unique entities.
ART (asset-referenced token) register: remained empty.
NCASPs (non-compliant crypto-asset service providers) register: increased by five entries to 178.
While the EMT and ART figures show steady conditions—at least in this specific snapshot—the growth in the NCASPs list serves as a reminder that regulators are still tracking non-compliant activity alongside the transition toward MiCA-licensed operations. For traders and integrators, the divergence between licensed CASPs and NCASPs can matter, particularly when assessing counterparties for custody, execution, or exchange-related services.
The update also appears alongside broader regulatory developments in Europe’s token ecosystem, including earlier reporting about Qivalis receiving a Dutch e-money license for a euro stablecoin, which reflects the continued maturation of supervised digital-asset frameworks.
Looking ahead, investors, builders, and compliance teams should monitor two things: the pace at which more CASPs are added across member states, and whether Penning’s removal is resolved through official clarification—especially since sudden register changes can affect counterparties’ perceived operational status in real time.
This article was originally published as BingX and YouHodler Added to ESMA’s MiCA Register Update on Crypto Breaking News – your trusted source for crypto news, Bitcoin news, and blockchain updates.

World Liberty Financial’s USD1 stablecoin has lost more than $400 million in market value over the past two weeks, as large redemptions concentrated on Ethereum and BNB Chain reduce circulating supply. Despite the contraction, the token appears to have kept its $1 peg during the period analyzed.
CoinGecko data cited by the article shows USD1’s market capitalization at about $4.02 billion on Monday, down from $4.43 billion on Oct. 6—a drop of roughly $401 million (about 9.1%). World Liberty Financial’s own proof-of-reserves dashboard reported reserves of approximately $4.01 billion.
Key takeaways
USD1’s market cap fell by about $401 million (9.1%) from Oct. 6 to the start of the week, according to CoinGecko.
Blockchain research attributed most redemptions to Ethereum and BNB Chain, with limited evidence that supply moved between the two networks.
Onchain Benchmark found USD1 remained tightly pegged between $0.998 and $1.000, with no sustained depegging event in the examined window.
Ethereum led the contraction, with net redemptions tied to token burns and activity largely routed through BitGo-labeled infrastructure.
Market cap drops, peg holds
The decline in USD1’s market capitalization reflects a reduction in circulating supply rather than a visible breakdown in the token’s dollar value. Onchain Benchmark’s analysis, covering redemptions in October, indicates USD1 traded consistently close to $1 during the period it studied.
In that span, Onchain Benchmark reported USD1 moved between roughly $0.998 and $1.000. The research did not find evidence of a sustained depegging event—an important distinction for stablecoin risk because it suggests the supply contraction did not correspond to a persistent loss of parity.
World Liberty Financial’s proof-of-reserves dashboard also showed reserves around $4.01 billion, aligning closely with the scale of the reported market cap decline. Taken together, the data points are consistent with redemptions reducing outstanding tokens while reserves remain broadly matched to the remaining supply.
Redemptions concentrate on Ethereum and BNB Chain
Onchain Benchmark traced the supply reduction to redemptions on both Ethereum and BNB Chain, with no major offsets from new issuance on other networks in the same window.
According to the report, Ethereum accounted for approximately $184.60 million in net USD1 redemptions across 63 token burns between Oct. 6 and Oct. 15. BNB Chain recorded about $200.43 million across 12 burns over the same overall period.
The flow patterns differed by chain. On Ethereum, more than 99% of tokens sent for redemption passed through a wallet labeled BitGo, which the article identifies as USD1’s current issuer and custodian. On BNB Chain, the report said transfers from an unidentified address were executed in larger batches, sized between $30 million and $50 million.
Onchain Benchmark also flagged that nearly $200 million in BNB Chain redemptions appeared to originate from a single unidentified address. The research platform could not determine who controlled the funds or why the redemptions were carried out.
Where the missing supply went matters to investors and market watchers. Onchain Benchmark reported that transfers between Ethereum and BNB Chain totaled less than $1 million, implying the supply reduction was not simply a network-to-network shift. In other words, the reductions appear to have been redeemed rather than moved.
Solana issuance unchanged as other networks shrink
One reason the contraction looks concentrated is that it does not appear to have been offset by meaningful new issuance elsewhere during the relevant window. The article notes that USD1 supply on Solana remained unchanged at about $1.42 billion across nine days reviewed by Onchain Benchmark.
That separation—Solana holding steady while Ethereum and BNB Chain see substantial redemptions—helps explain why USD1’s overall market cap declined so sharply. If demand for USD1 on Solana was absorbing issuance, analysts would expect to see a broader supply increase there; instead, the supply gap primarily reflects outflows from Ethereum and BNB Chain.
Onchain Benchmark’s write-up also underscores a structural point for future dynamics: it cautioned that “the next tests come with the change of issuer,” referencing an upcoming change when World Liberty’s trust company opens. The firm framed the situation as one in which USD1’s scale could become more dependent on decisions by a small number of large holders, under a charter whose legal standing is being argued in court. While that commentary is interpretive, it signals that the supply pattern could evolve as control and operational structure change.
USD1’s contraction exceeded several other stablecoins
The article places USD1’s October supply drop in context by comparing it to other dollar-denominated stablecoins over the same period from Oct. 6 to Oct. 15.
Based on the figures cited, USD1’s supply on Ethereum declined 11.45%. During that window, other stablecoins reportedly fell less sharply: USDe declined 4.93%, USDC fell 2.18%, and circulating USDT declined 0.76%.
That relative underperformance is notable because it suggests USD1 experienced a more concentrated redemption wave than some peers, even though it maintained its peg. For traders, this matters because stablecoin market cap and supply changes can affect liquidity conditions, exchange pricing depth, and the availability of tokens for issuance/settlement even when the peg remains intact.
For builders and liquidity providers, concentrated redemptions can also influence integration planning. A stablecoin can remain “pegged” yet still become operationally less abundant on particular networks if burns outweigh mints in the short term.
Looking ahead, the key watch points are whether USD1’s supply stabilizes after the redemption wave and how the token behaves as issuer structures change. Onchain Benchmark suggests the next weeks of supply data will be the real test for whether mints elsewhere can rebuild the total—or whether October’s reduced footprint persists across networks.
This article was originally published as World Liberty USD1 Stablecoin Loses $400M Market Cap in 2 Weeks on Crypto Breaking News – your trusted source for crypto news, Bitcoin news, and blockchain updates.

Strategy, the publicly traded corporate vehicle associated with Michael Saylor, added to its Bitcoin position last week while simultaneously prioritizing preferred-stock buybacks at a much faster pace. According to a filing with the U.S. Securities and Exchange Commission, the company purchased 267 BTC for $22.1 million between Oct. 12 and Oct. 18, bringing its total holdings to 848,517 BTC.
In the same reporting period, Strategy repurchased shares of its variable-rate preferred stock, Stretch (STRC), and also expanded its authorization for additional digital-credit security buybacks—moves that underline how the company is balancing Bitcoin accumulation with capital returns tied to its preferred structure.
Key takeaways
Strategy bought 267 Bitcoin for $22.1 million (avg. price about $82,900), lifting holdings to 848,517 BTC, per an SEC filing.
STRC repurchases outpaced Bitcoin purchases: the company spent far more on preferred stock buybacks than on acquiring BTC during the fourth quarter to date.
Strategy funded the latest BTC buy primarily using proceeds from selling common stock, while using cash for STRC repurchases, according to the filing.
The company increased its digital credit securities buyback authorization to $3 billion from $2 billion.
Bitcoin buys stay steady as STRC buybacks take the lead
Strategy’s latest Bitcoin purchase totaled 267 BTC for $22.1 million, executed between Oct. 12 and Oct. 18. The SEC filing shows the company’s average purchase price was approximately $82,900, and it now reports 848,517 BTC in cumulative holdings.
However, the more striking development is how the company’s capital allocation appears to be tilting toward STRC. The filing details that Strategy also repurchased 1.94 million shares of its STRC preferred stock for $193.1 million.
This aligns with an ongoing pattern described earlier by Cointelegraph: management has continued spending more on preferred stock repurchases than on new Bitcoin purchases, even while Saylor has publicly pointed to expectations for a renewed Bitcoin bull cycle.
How the company financed the transactions
Strategy’s funding mechanics for the week’s activity are also notable for investors tracking the company’s liquidity decisions. The filing states that the company raised about $22 million by selling 140,872 shares of its common stock, MSTR, which it used primarily to support the Bitcoin purchase. For the preferred stock repurchases, Strategy reportedly relied on existing cash resources.
Looking at the bigger quarter-to-date picture, Strategy has spent $459.2 million repurchasing STRC shares during the fourth quarter so far—over six times the $72.3 million used to acquire 851 BTC over the same period, as outlined in the SEC filing.
That disparity matters because it suggests STRC buybacks are not merely supplementary; they are becoming a dominant use of corporate capital alongside—and in some cases ahead of—Bitcoin accumulation.
STRC structure and dividend backing
STRC is a variable-rate preferred stock designed to pay regular dividends. The company previously indicated that it intends to repurchase STRC shares that trade below their $100 stated value in order to help support the preferred stock’s price.
To support dividend and debt obligations, Strategy reported $4.83 billion in USD reserves for preferred stock dividend payments and debt interest, along with $447.3 million in separate USD cash holdings, according to the filing.
The implication for market participants is straightforward: STRC buybacks appear connected to Strategy’s ability to manage dividend funding while also using its capital structure to pursue price stabilization in the preferred shares—an approach that becomes more influential when repurchase activity grows relative to Bitcoin buying.
Saylor remains bullish on Bitcoin—but capital discipline is visible
While the transaction mix highlights STRC’s importance, the timing also comes as Michael Saylor reiterated optimism about Bitcoin’s medium-term trajectory. During a discussion at ParaFi Investor Day on Saturday, Saylor said, “We’re moving back into a bull market,” referencing Bitcoin’s move back above its 200-day simple moving average, a widely watched indicator of longer-term trend direction.
Saylor pointed to several factors he sees as headwinds, including restrictive trade policies and foreign and monetary policy constraints. He also highlighted potential tailwinds such as increasing bank adoption and the broader tokenization of traditional financial assets.
For traders and investors, the message is that Strategy’s bullish narrative for BTC continues, but the company’s near-term behavior—prioritizing STRC repurchases—shows that conviction and capital allocation are being expressed through more than one channel.
Ahead of Monday’s Nasdaq open, MSTR shares were reportedly up more than 2.5% in premarket trading, according to Yahoo Finance. The stock closed Friday down about 9.6% at $138.83 per share. STRC shares were also reported up around 0.8% in premarket to $98.45, after a 1.8% decline on Friday.
Buyback authorization expanded
Beyond the week’s purchases, Strategy also increased its flexibility for future capital actions. The company raised its buyback authorization for digital credit securities to $3 billion from $2 billion, the SEC filing states. This expanded mandate suggests Strategy intends to keep using repurchase programs as an ongoing lever for its broader financial strategy.
For readers tracking how corporate Bitcoin holders manage risk and liquidity, the key takeaway is that Strategy’s approach is not only about acquiring BTC—it also includes active management of its preferred and credit-related instruments, potentially smoothing how cash and reserves are redeployed across the business.
Going forward, the main question for investors is whether Strategy’s preferred-stock repurchase intensity will remain high relative to Bitcoin buying as market conditions change—especially given Saylor’s claim that Bitcoin is returning to a bull-market phase. Watch the next sequence of SEC filings for whether the BTC spend rate catches up, or whether STRC buybacks continue to dominate the company’s capital allocation.
This article was originally published as Strategy Adds $22M Bitcoin, Repurchases $193M in STRC on Crypto Breaking News – your trusted source for crypto news, Bitcoin news, and blockchain updates.

Nine public companies have formally objected to having their shares offered in tokenized form on a proposed tokenized stock platform backed by OKX and Intercontinental Exchange (ICE), the parent of the New York Stock Exchange (NYSE). The companies—Cerebras Systems, AppLovin, Applied Digital, Rocket Lab, CoreWeave, Verizon Communications, Applied Optoelectronics, Broadcom and UnitedHealth Group—were named in a notice published by OKX and ICE on Thursday.
The objection notice does not explain the companies’ rationale. However, under the U.S. Securities and Exchange Commission (SEC) “innovation exemption,” tokenized trading venues must provide issuers with written notice and an opportunity to object before listing third-party tokenized stocks.
Key takeaways
Nine named issuers objected to their shares being offered as tokenized stocks on an OKX- and ICE-backed platform.
The SEC’s innovation exemption requires tokenized venues to notify issuers and allow objections before listing.
Commentary from market participants focuses on pricing and “best execution” concerns—how onchain trading could affect the issuer’s underlying share price.
Analysts view the objections as venue- and consent-specific rather than a blanket rejection of tokenization.
The outcome may shape how quickly tokenized stock platforms can expand without direct issuer cooperation.
Why issuers can block tokenized stock listings
The SEC’s innovation exemption—announced in a Sept. 17 statement—creates a compliance pathway for tokenized trading of “tokenized NMS stocks.” A key feature of the framework is issuer involvement: before a tokenized venue can list third-party tokenized stocks, it must give issuers advance notice and allow them to formally object.
In the OKX and ICE notice, the objections were formally submitted by the nine companies, but no explanation accompanied the filing. That lack of detail leaves investors watching for the next signal: whether the platform will redesign the listing approach, seek additional permissions, or encounter similar objections from other issuers.
Concerns centered on pricing mechanics, not blockchain technology
While the notice itself is silent on reasons, market experts told Cointelegraph that the core issue may be less about blockchain infrastructure and more about trading outcomes.
Robin Nordnes, CEO of trading validation platform Raiku, said issuers are not necessarily objecting to the blockchain itself. Instead, he argued that the objection reflects uncertainty about how tokenized trading will translate into price behavior once orders execute onchain. Nordnes emphasized that on public chains the validator producing blocks sets ordering, which can make “best execution” difficult to quantify until market desks can measure how onchain execution affects their results.
That framing matters for investors because tokenized stock products are expected to replicate—or improve upon—traditional market quality metrics such as execution quality, liquidity continuity, and resistance to adverse short-term distortions. If participants cannot reliably evaluate how onchain execution aligns with those benchmarks, issuers may prefer to withhold consent rather than accept unknown trading effects.
Tokenized stocks may need “real-world” evidence on efficiency
Another line of critique relates to whether tokenized offerings can demonstrate consistent, efficient pricing in practice. Misha Putiatin, co-founder of collateral markets platform Symbiotic, told Cointelegraph that companies typically want evidence of upside and a track record of pricing efficiency. He argued that “real-world data” would help market participants evaluate both benefits and risks, rather than relying on theoretical claims about tokenized market structure.
In his view, additional institutional efforts could help build that credibility. Putiatin pointed to the Depository Trust and Clearing Corporation’s (DTCC) tokenization services as an example of initiatives that may strengthen confidence in tokenized offerings by tying them more closely to established market infrastructure.
For traders and liquidity providers, this signals a broader expectation: tokenized markets may be judged not only on the novelty of settlement or custody, but on whether they produce measurable improvements—or at least stable outcomes—in pricing and execution quality compared to existing trading venues.
Analysts see the objection as consent- and venue-specific
CoinShares senior research associate Luke Nolan said the objections should not be interpreted as a general rejection of tokenization. Instead, he suggested the filing appears to be directed at being tokenized without consent on a particular venue.
Nolan added that such “veto” power may be venue-specific, allowing companies to refuse a listing on one platform while potentially permitting tokenization through other channels. That interpretation, if correct, would imply that tokenized stock expansion could proceed unevenly—advancing fastest where issuers are more comfortable with the proposed market design and safeguards.
Nolan also argued that the concerns underlying objections are plausible, noting that market participants have previously exploited certain trading mechanics to create squeezes or short-term swings in an underlying asset’s price. In that context, tokenized stock venues may need to demonstrate protections against forms of market manipulation or execution-driven volatility that issuers are already wary of in traditional markets.
What this means for the push to onchain public markets
Taken together, the objections underscore a key friction point for tokenized stocks: bridging onchain trading mechanics with the issuer-centric expectations embedded in securities regulation. Even when a platform has a compliant pathway under the SEC’s innovation framework, issuer cooperation remains central.
Cointelegraph attempted to contact OKX for comment on the implications of the objections, but did not receive a response at the time of publication.
Looking ahead, the market will likely focus on whether additional issuers file similar objections and whether the tokenized stock platform provides clearer data about execution quality and pricing integrity. Until those questions are answered, tokenized public equity trading may remain constrained—not by the technology alone, but by the trust and consent needed to launch at scale.
This article was originally published as Public Companies Push Back on OKX-ICE Tokenized Stock Plan on Crypto Breaking News – your trusted source for crypto news, Bitcoin news, and blockchain updates.

Corporate Bitcoin treasury buying appears to have cooled in Q3, with several companies slowing purchases after the 2025 funding boom faded. Analysts speaking to Cointelegraph say that a stronger rally later in 2026—and into 2027—could restart the trend, but with a much higher bar for which companies attract capital.
In the meantime, demand may still be supported by other channels, particularly spot Bitcoin ETF flows. However, those inflows can turn quickly, suggesting investors shouldn’t treat any single demand source as permanent.
Key takeaways
Strategy added just 1,666 BTC net in Q3, down sharply from 83,901 BTC net in Q2, according to company filings cited by Bitwise’s Ryan Rasmussen.
Other public companies added 5,617 BTC net in Q3 versus 45,725 BTC in Q2, reflecting a broad slowdown in treasury accumulation.
Analysts expect corporate buying to pick up again if a rally helps treasury companies regain share-price premiums and reduce dilution pressure.
Coinbase-like “indiscriminate” treasury expansion from the 2025 boom looks less likely; investors are now pricing treasuries on funding costs, balance-sheet discipline, and Bitcoin exposure per share.
Spot Bitcoin ETF demand may help offset weak corporate buying, but recent ETF flows have already shown the bid can reverse.
Q3 treasury buying slowed after the 2025 boom
According to Rasmussen, speaking to Cointelegraph, Q3 saw a broad slowdown in Bitcoin treasury purchases. Strategy’s Bitcoin holdings increased by a net 1,666 BTC in Q3, falling far short of the 83,901 BTC net addition recorded in Q2. Rasmussen also cited figures provided for “other public companies,” which added 5,617 BTC net in Q3 compared with 45,725 BTC in the prior quarter.
That shift matters because treasury buying didn’t just represent incremental accumulation—it had been a primary driver of the 2025 corporate Bitcoin narrative. As those efforts intensified in the earlier period, companies were often able to fund new acquisitions by issuing shares at a premium to the value of their Bitcoin holdings.
Premiums are back on investors’ radar—selectivity is replacing the rush
While Rasmussen suggested a re-acceleration of corporate Bitcoin purchases could begin as early as this year, Bitfinex derivatives head Jag Kooner emphasized the conditions required for a revival. In his view, renewed buying would likely require treasury companies to regain premiums relative to the value of their Bitcoin holdings.
The mechanism is straightforward: when shares trade at a premium, a company can issue equity and acquire more Bitcoin without diluting existing shareholders’ Bitcoin exposure per share as severely. During the 2025 treasury boom, this model became popular—yet it weakened as premiums narrowed or disappeared.
Kooner said that once equity premiums collapsed, “shareholders have seen premiums collapse and some companies sell into weakness.” He added that investors are now assessing these businesses differently, focusing on “funding costs, balance-sheet discipline and bitcoin per share.”
“A rally could therefore restart buying, particularly among companies with credible financing structures but a return to last year’s indiscriminate capital raising looks unlikely.”
Fewer treasuries remain as smaller players exit
Bitwise’s October market report, as referenced by Rasmussen, also pointed to a decline in the number of Bitcoin treasuries in Q3. The reduction was reportedly driven by smaller companies abandoning their treasury strategies.
Rasmussen said that a dozen companies that entered during the 2025 treasury boom sold their entire holdings mostly to repay debt or return cash to shareholders after stock premiums evaporated. Kooner expects that if buying resumes, capital would initially concentrate among established players—those with scale, more liquid securities, and a track record investors consider “credible.”
Importantly, Rasmussen argued that many large corporate buyers outside Strategy were increasingly adding Bitcoin using cash flow from existing business operations rather than issuing stock to fund purchases. He characterized that as “a smaller source of demand,” but also “a healthier one,” because it doesn’t rely on equity market conditions staying favorable.
Kooner also cautioned against extrapolating too fast from a market rebound: a broader resurgence of new treasury companies would likely arrive later in a rally, once premiums widen again. In his framing, that timing itself would be a warning sign, because it would imply the strategy is once again being driven by funding optics rather than durable balance-sheet fundamentals.
Earlier coverage from Cointelegraph noted this dynamic in cases where treasury firms exited or scaled back after selling remaining Bitcoin holdings (for example, Sequans exiting its Bitcoin treasury strategy).
ETF flows may help—but they aren’t a guaranteed backstop
Even if corporate treasury buying does not return to boom levels, Rasmussen pointed to other demand factors. He cited $6.4 billion in spot Bitcoin net inflow in Q3, arguing that corporate purchases are only one part of the broader demand picture.
Kooner agreed that ETF demand could support a recovery for a period. However, he warned that some ETF-related activity can reflect basis trades that may unwind quickly, meaning it’s less “price-insensitive” than long-term accumulation through corporate balance sheets.
Without corporate buying, he argued, the market loses a type of bid that doesn’t depend as directly on macro conditions. He suggested that in that scenario, price could become more dependent on allocators who rebalance based on changing conditions.
Recent flows illustrate the risk of relying too heavily on ETF demand. According to SoSoValue data cited by Cointelegraph, US spot Bitcoin ETFs recorded around $229 million in net outflows last week, marking their second consecutive week of net withdrawals (Cointelegraph’s coverage of weekly ETF flows).
For investors, the practical implication is that the “bid” landscape can shift quickly. If corporate buying remains muted, ETF flows—and their volatility—may exert more influence on day-to-day price behavior.
Looking ahead, readers should watch whether treasury companies can bring funding premiums back into view and whether equity issuance becomes less dilutive again. At the same time, ETF flow direction will remain a key tell for how resilient spot demand is—especially if corporate accumulation stays selective rather than sweeping.
This article was originally published as Bitcoin’s Rally May Restart Treasury Buying as Tight Liquidity Looms on Crypto Breaking News – your trusted source for crypto news, Bitcoin news, and blockchain updates.

Bitcoin treasury operator Strive reported another round of large Bitcoin purchases, adding 4,045 BTC to its reserves for about $335 million. The acquisition, disclosed in a filing with the U.S. Securities and Exchange Commission (SEC), lifted Strive’s total holdings to 36,818 BTC and further entrenched the company among the largest publicly traded corporate Bitcoin holders.
The latest buy comes as Strive continues to fund its crypto treasury strategy through equity-related financing, including warrant exercises that increased its share count and a newly launched preferred stock offering tied to potential future Bitcoin acquisitions.
Key takeaways
Strive purchased 4,045 BTC between Oct. 12 and 16 at an average price of $82,803 per coin, including fees and expenses, per an SEC filing.
Total holdings rose to 36,818 BTC, valued at roughly $3 billion, according to BitcoinTreasuries.net data.
The company reported about $369 million in proceeds from warrant exercises on Oct. 12 and 13, issuing 13.7 million common shares.
Strive’s expansion approach includes additional capital from its recently priced SATS preferred stock offering, which carries a 15% fixed annual dividend.
As of late-morning Monday trading, Strive shares were up about 7.7% to $25.95, according to Yahoo Finance data.
Another $335 million Bitcoin addition
In the SEC filing, Strive detailed how it acquired 4,045 Bitcoin over the period Oct. 12–16. The company reported an average purchase price of $82,803 per BTC, with the calculation including fees and expenses. The filing format indicates the company is continuing to treat Bitcoin as a core treasury asset while remaining transparent about purchase timing and unit economics.
For market participants, regular disclosure of acquisition windows and average prices matters because it helps differentiate treasury accumulation from spot-style market activity. It also gives investors a clearer view of how corporate buying may interact with broader demand, particularly during periods when other major players are adjusting positions.
Reordering the corporate Bitcoin ranking
With the new addition, Strive’s Bitcoin reserves reached 36,818 BTC. BitcoinTreasuries.net data cited in the report places the company as the fourth-largest publicly traded corporate Bitcoin holder, ahead of MARA Holdings.
That ranking shift is occurring while Arkham has tracked wallets linked to MARA depositing about $82 million worth of Bitcoin into exchanges—Binance and Gate—over recent days. While exchange deposits do not automatically confirm sales, they often precede liquidity events, and the activity provides context for why Strive’s relative position is tightening in the corporate holder landscape.
Financing mechanics: warrants and SATS preferred shares
Strive’s treasury growth is not happening in isolation from capital-market activity. The SEC filing also noted approximately $369 million in proceeds from warrant exercises on Oct. 12 and 13, resulting in the issuance of 13.7 million common shares. According to the filing, this increased Strive’s effective share count by 12.4%, closely tracking the company’s Bitcoin holding growth of 12.3%. The report states that this alignment left BTC per share largely unchanged.
In other words, Strive appears to be calibrating capital structure so that incremental Bitcoin accumulation does not disproportionately dilute per-share exposure to its treasury asset—an outcome investors often watch closely in Bitcoin treasury models.
Beyond warrants, Strive also announced the launch of SATS, a new preferred stock issue. The company priced a $630 million offering of SATS last week, describing the security as carrying a fixed 15% annual dividend. Dividends are payable each business day beginning Nov. 9, subject to board approval. The company’s proceeds could be used to support further Bitcoin purchases, reinforcing the strategy of tying equity financing directly to treasury expansion.
Momentum from prior acquisitions and equity performance
The latest purchase continues a streak of notable Bitcoin buying by Strive. Earlier coverage referenced in the report pointed to multiple large purchases in preceding weeks, including a 3,311 BTC purchase the week before. In that earlier transaction window, Strive’s holdings reportedly grew 11.2%, outpacing an associated 9.4% rise in its effective common share count—again suggesting a focus on limiting per-share drift as Bitcoin accumulates.
For day-to-day traders and longer-term equity investors, the market response can reflect both treasury progress and expectations around future financing. In Monday trading, Strive shares were reported up about 7.7% to $25.95 late in the morning, based on Yahoo Finance data.
Going forward, the key items for readers to watch are whether Strive follows through on SATS proceeds with additional Bitcoin purchases, how its BTC-per-share metric evolves as equity is issued, and whether other major corporate holders—like MARA—continue exchange activity that may signal further portfolio realignment.
This article was originally published as Strive Increases Bitcoin Holdings After $335M Purchase on Crypto Breaking News – your trusted source for crypto news, Bitcoin news, and blockchain updates.

Protect Progress, an affiliate of the crypto-focused Fairshake political action committee (PAC), disclosed fresh advertising spending on a California House contest—weeks after the candidate it backed won a special election against the same opponent. The filing adds another twist to the ongoing debate over how crypto-aligned political groups are shaping the 2026 midterms.
According to a Sunday report filed with the U.S. Federal Election Commission (FEC), Protect Progress spent $362,000 on media supporting incumbent Democrat Aisha Wahab in California’s 14th congressional district. Wahab was opposed by fellow Democrat Melissa Hernandez, her primary challenger in a special election that took place earlier this year.
Key takeaways
Protect Progress reported $362,000 in ads backing Aisha Wahab in California’s 14th district.
The spending comes weeks after Wahab beat Hernandez in an Aug. 18 special election with over 53% of the vote.
Both Wahab and Hernandez had previously indicated strong alignment with crypto after completing questionnaires from Stand With Crypto.
Wahab has publicly criticized Hernandez over campaign spending tied to corporate PACs aligned with AIPAC, according to a district debate.
District boundaries will change for the 2026 cycle due to California’s Proposition 50, requiring new maps.
Why the timing raises questions
Protect Progress’s disclosed spending centers on a familiar dynamic: two Democrats with overlapping “pro-crypto” signals now face each other as the general election landscape approaches. The special election that put Wahab ahead of Hernandez ended with Wahab winning more than 53% of the vote on Aug. 18, selecting a replacement for Rep. Eric Swalwell for the remainder of his term through January 2027.
Swalwell resigned in April amid sexual assault allegations. The Aug. 18 vote, which determined Swalwell’s successor, therefore functioned as a high-stakes political test case—one that now appears to be feeding directly into the midterm narrative.
Both candidates signaled crypto alignment—but politics diverges
One of the central tensions in the story is that both contenders were previously presented as aligned with the digital-asset industry. The article notes that Wahab and Hernandez were each ranked as “strongly supports crypto” after they publicly responded to questionnaires distributed by Stand With Crypto ahead of the special election.
That overlap makes Protect Progress’s decision to support Wahab in a relatively short window after she prevailed over Hernandez more notable. It also underscores how crypto-aligned political groups may prioritize broader coalition strategy, district-level variables, or electoral math—even when multiple candidates appear ideologically similar on digital assets.
Cointelegraph reported that it contacted both the Hernandez and Wahab campaigns as well as Fairshake for comment regarding the spending but did not receive immediate responses.
Wahab’s debate remarks widen the controversy
The political friction around the contest has expanded beyond crypto. In an Oct. 7 debate, Wahab indicated that she opposed Hernandez for not denouncing expenditures from corporate PACs aligned with the American Israel Public Affairs Committee (AIPAC). Wahab argued that such spending “really deteriorated our democracy,” according to coverage linked by Cointelegraph.
While the FEC disclosure specifically addresses Protect Progress advertising, the debate remarks highlight a broader campaign theme: how candidates position themselves against outside spending in a political environment where interest groups—from sector-focused entities to more traditional political committees—seek influence.
Fairshake’s broader playbook—and how district changes matter
Fairshake launched in 2023, supported largely by contributions from Coinbase, Ripple Labs, and Andreessen Horowitz. Since the 2024 U.S. elections, the Super PAC has spent tens of millions of dollars backing candidates it describes as “pro-crypto,” aiming to reshape the composition of Congress toward lawmakers considered more likely to support policies favorable to the digital asset industry.
The Protect Progress disclosure is also part of a wider pattern of spending by crypto-aligned political groups. Cointelegraph previously reported that Fairshake reported additional media spending for Senate races in Ohio and Nebraska with just over two weeks until the 2026 election.
In that earlier reporting, another Fairshake affiliate, Defend American Jobs, was described as spending more than $6.7 million to oppose Independent candidate Dan Osborn in Nebraska. The same coverage stated the PAC reported $8 million on media in Ohio supporting incumbent Republican Jon Husted against Democrat Sherrod Brown, where Fairshake had already spent more than $46 million so far, according to Cointelegraph’s account.
Ohio is often treated as a bellwether for how sector-aligned political spending can influence outcomes. The article notes that Brown lost his seat to Republican Bernie Moreno in 2024 after Fairshake and other interest groups spent a combined hundreds of millions of dollars on ads opposing Brown.
Another factor likely to complicate the California contest is the district map itself. A change in the boundaries of California’s 14th district will affect how voters experience the race in 2026. The current district includes parts of San Francisco’s East Bay, but the article states that it will be expanded in accordance with the state’s 2025 passage of Proposition 50, requiring new maps for midterm elections.
For investors and crypto policy watchers, boundary changes can be as important as ad spending: they can shift voter demographics, alter the set of local issues that candidates emphasize, and make outside spending patterns more or less effective depending on where resources land.
What to watch next
As the midterms approach, the most important question for observers is whether crypto-aligned political money keeps clustering around candidates who already signaled “strongly supports crypto,” or whether the spending pattern is increasingly driven by electoral strategy—especially after district remapping and the evolving campaign conversation about outside PAC influence.
This article was originally published as Crypto PAC Donates $362K to California Race Ahead of August Vote on Crypto Breaking News – your trusted source for crypto news, Bitcoin news, and blockchain updates.

SkyAI, the US-listed company formerly known as Sharps Technology, has exited its Solana (SOL) treasury position and is now using its cash balance to fund a sizable share-and-warrant repurchase tender offer. The shift marks a clear break from the strategy it adopted about a year ago—accumulating SOL as part of its corporate treasury policy.
According to a filing submitted to the US Securities and Exchange Commission on Monday, SkyAI sold its entire SOL holdings and held about $223.8 million in cash as of Oct. 16. The company then launched a tender offer to repurchase up to $201.3 million of shares and warrants at a fixed price, funded entirely by cash on hand.
Key takeaways
SkyAI fully liquidated its SOL treasury and reported $223.8 million in cash as of Oct. 16, per an SEC filing.
The new tender offer targets repurchases of up to $201.3 million in shares and warrants, funded only with existing cash.
The company says the tender offer is no longer linked to SOL’s price—an earlier condition it had discussed when announcing the buyback.
SkyAI previously built its SOL position after raising more than $400 million through a private placement in 2025.
A cash-funded exit from SOL
SkyAI’s latest SEC disclosure states that the company has sold its entire Solana holdings. After that liquidation, it reported cash of approximately $223.8 million as of Oct. 16. The move effectively removes SOL exposure from the company’s balance sheet and replaces it with fiat liquidity—an important change for investors who track how crypto treasury strategies can amplify volatility.
The tender offer is designed to let eligible holders sell their securities directly back to SkyAI at a fixed price. In the offer structure, the company plans to repurchase up to 95% of each class of its outstanding shares and warrants. By specifying a fixed price and funding the repurchase solely through cash, SkyAI aims to create a more predictable outcome for participants.
Tender offer details—and what changed
SkyAI said the tender offer is “no longer tied” to SOL’s price. That matters because the company previously announced the buyback with an option that was dependent on SOL’s market behavior, according to the article context. By decoupling the tender offer from SOL pricing, SkyAI is signaling that its capital return decision is now based on corporate liquidity rather than token-market conditions.
The tender offer’s cash funding comes directly from the company’s post-liquidation position. After selling its SOL holdings, SkyAI states it will use the cash it held as of Oct. 16 to finance repurchases, reducing the likelihood that the repurchase plan could be disrupted by further crypto drawdowns or token price swings.
From SOL accumulation to repurchases
SkyAI’s crypto treasury strategy began in August 2025, following a private placement that raised more than $400 million. Soon after, the company acquired more than 2 million SOL—an approach meant to align a treasury strategy with the Solana ecosystem.
By the end of 2025, SkyAI held approximately 2.08 million SOL, with a reported cost basis of $403.1 million (about $194 per token). The same disclosures valued the holdings at $250.1 million, implying roughly $153 million in unrealized losses at that time.
The company’s decision to fully exit SOL after building that position reflects a pattern seen across several Solana treasury-oriented public companies. In February 2026, Cointelegraph reported that publicly traded Solana treasury firms were facing more than $1.5 billion in combined unrealized losses as falling token prices weighed on both their crypto assets and related equity valuations.
That environment helps explain why the strategy proved difficult for investors to underwrite. When companies hold large token positions as treasury assets, equity markets often treat those holdings as a proxy for the token’s performance—meaning token declines can rapidly translate into accounting losses and investor pressure, even if the underlying corporate business continues operating.
What SkyAI says it will keep building
Despite liquidating its SOL position, SkyAI says it intends to continue developing a financial platform that combines stablecoin infrastructure on Solana with artificial intelligence. In other words, the company appears to be separating its long-term product plan from the short-term risk of holding a large SOL treasury exposure.
This distinction may be important for readers trying to assess what the exit actually signals. It does not necessarily imply abandonment of Solana as a technology stack; rather, it suggests SkyAI is re-evaluating whether it wants to carry SOL on its balance sheet to support that vision—especially after experiencing significant unrealized losses during the period when SOL’s price was lower relative to the cost basis of its holdings.
CoinGecko data referenced in the original reporting indicates SOL later recovered from a June low of around $62 and was trading near $104 as of Monday. Even with that rebound, SkyAI’s action shows that the company was willing to realize losses and move to cash rather than continue holding SOL through potential future volatility.
On the equity side, SkyAI’s stock closed Monday at $2.79, up 5.3% on the day, according to Yahoo Finance data. The shares had gained roughly 65% over the prior month but were still down about 41% year over year, underscoring the broader uncertainty investors have had around the company’s strategy and the market’s pricing of its assets.
Why investors should watch the next steps
SkyAI’s repurchase tender offer is likely to be one of the most immediate drivers of attention for shareholders and warrant holders. Because the offer includes a cap—repurchasing up to 95% of each class—market participants will watch participation levels and how the fixed-price structure plays out in practice.
Going forward, investors should also monitor whether SkyAI’s stablecoin and AI-related roadmap progresses independently of its Solana treasury exposure, and whether other Solana treasury companies respond similarly to the balancing act between crypto upside and the equity volatility created by large token holdings.
This article was originally published as SkyAI Exits All SOL, Proposes $201M Buyback for Solana Treasury on Crypto Breaking News – your trusted source for crypto news, Bitcoin news, and blockchain updates.

SkyAI, previously known as Sharps Technology, has exited its Solana holdings and is now seeking to return capital to shareholders through a cash-funded tender offer. The company said it sold its entire SOL treasury and, in a filing with the U.S. Securities and Exchange Commission, disclosed approximately $223.8 million in cash remaining after the liquidation.
In a change from its earlier plan, SkyAI also said the tender offer is no longer linked to Solana’s token price. The company plans to repurchase up to $201.3 million in shares and warrants at a fixed price, with the offer covering up to 95% of each class of outstanding shares and warrants, funded entirely from cash on hand.
Key takeaways
SkyAI fully liquidated its Solana (SOL) treasury and reported about $223.8 million in cash as of Oct. 16, per an SEC filing.
A cash-funded tender offer would repurchase up to $201.3 million in shares and warrants, covering up to 95% of each class.
The buyback is no longer tied to SOL’s price, a shift from conditions discussed when the offer was first announced on Oct. 11.
Despite exiting SOL as a treasury asset, SkyAI intends to keep building a financial platform that combines stablecoin infrastructure on Solana with artificial intelligence.
Tender offer marks a strategic reversal
The SEC filing describes SkyAI’s decision to unwind its cryptocurrency exposure after having previously treated SOL as a treasury asset. According to the company, the tender offer enables shareholders and warrant holders to sell their securities directly back to SkyAI at a fixed price. The offer will be paid using cash on hand rather than proceeds from further token activity.
SkyAI also emphasized that the tender offer is now not tied to the price of SOL. That detail matters because earlier buyback planning had included a SOL-price condition, which would have effectively introduced token-market volatility into an otherwise corporate capital-return mechanism.
Operationally, the company is still positioning itself in Solana’s ecosystem. SkyAI said it plans to continue development of a financial platform designed to combine stablecoin infrastructure on Solana with artificial intelligence, even though it has ended its direct ownership strategy.
From Solana accumulation to liquidation
SkyAI’s SOL treasury approach began in August 2025. After raising more than $400 million through a private placement, the company subsequently acquired more than 2 million SOL, according to earlier coverage tied to a company announcement via PR Newswire.
By the end of 2025, SkyAI reportedly held about 2.08 million SOL with a cost basis of $403.1 million—roughly $194 per token. At that time, the company’s holdings were valued at $250.1 million, implying approximately $153 million in unrealized losses, based on its annual financial disclosures filed with the SEC.
The decision to liquidate the treasury after roughly a year fits into a broader pattern seen among publicly traded firms that built their balance sheets around SOL holdings. Earlier reporting highlighted that, by February 2026, publicly listed Solana treasury companies faced more than $1.5 billion in combined unrealized losses, driven by falling token prices and the resulting effect on equity valuations.
Market conditions around SOL and the company’s choice
Token price dynamics appear central to why treasury strategies can become difficult to sustain. While SOL fell to around $62 in June, it later rebounded to trade near $104 as of Monday, according to CoinGecko data.
That recovery doesn’t, by itself, explain the company’s timing—unrealized losses can be locked in if the approach is purely “hold to maturity,” while tender offers and capital returns may be designed to reduce volatility in a company’s financial profile. What is clear from the SEC filing is that SkyAI chose to convert SOL holdings into cash and to reposition its capital allocation away from direct crypto exposure.
SkyAI shares reportedly closed Monday at $2.79, up 5.3% on the day, according to Yahoo Finance. Over the prior month, the stock was up about 65%, but remained down about 41% year over year, reflecting how investors have been weighing both equity performance and the implications of SOL as a treasury asset.
What remains unchanged: the Solana build-out
SkyAI’s move doesn’t amount to an exit from Solana altogether. The company’s stated direction is to keep developing a financial platform that uses stablecoin infrastructure on Solana alongside artificial intelligence. That distinction is important for readers because it separates “holding SOL on the balance sheet” from “using Solana’s network and tooling for product development.”
Still, investors will likely watch closely how SkyAI funds ongoing operations after shifting from crypto holdings to cash. The tender offer itself indicates the company is willing to reallocate resources from a volatile asset class into a corporate capital return program—while maintaining a Solana-focused product thesis.
Next, traders and long-term holders should monitor the SEC tender offer process for execution details and how much of the buyback is actually completed, as well as whether SkyAI’s stablecoin + AI roadmap accelerates without the support of a SOL treasury. The company’s new approach also raises a key question for Solana treasury strategies more broadly: how quickly will other holders move to de-risk when token-market swings make unrealized losses—and equity repricing—more visible?
This article was originally published as SkyAI Exits SOL Holdings and Announces a $201M Solana Buyback on Crypto Breaking News – your trusted source for crypto news, Bitcoin news, and blockchain updates.

Protect Progress, an affiliate of the crypto-focused super PAC Fairshake, is drawing fresh scrutiny after filing with the U.S. Federal Election Commission showed it spent $362,000 on advertisements supporting incumbent Democrat Aisha Wahab in California’s 14th congressional district—despite Wahab defeating the same opponent in a special election earlier this year.
The development underscores the complexity of “pro-crypto” political alignments in the lead-up to the 2026 midterms, even as candidates in the district previously signaled support for digital-asset policy initiatives through questionnaires with Stand With Crypto.
Key takeaways
FEC records show Protect Progress spent $362,000 on media supporting Aisha Wahab against Melissa Hernandez in California’s 14th district.
Wahab had already won the August 18 special election against Hernandez with more than 53% of the vote.
Both Wahab and Hernandez had been rated “strongly supports crypto” after responding to Stand With Crypto questionnaires.
Wahab and Hernandez faced off in part due to the vacancy created by Rep. Eric Swalwell’s resignation in April following sexual assault allegations.
Fairshake and related PACs continue to allocate large sums across multiple states, including fresh media spending tied to Senate contests in Ohio and Nebraska.
Why Protect Progress’s spending raises new questions
In a Sunday filing with the Federal Election Commission, Protect Progress reported spending $362,000 on media supporting incumbent Democrat Aisha Wahab in California’s Bay Area–anchored 14th district. The ads targeted Wahab’s fellow Democratic party member, Melissa Hernandez.
The timing is notable. Wahab and Hernandez met in a special election on Aug. 18 to determine who would serve out the remainder of Rep. Eric Swalwell’s term, which runs until January 2027. Wahab won that race with more than 53% of the vote.
That makes Protect Progress’s subsequent support—so soon after the earlier head-to-head contest—particularly striking. It also highlights a recurring tension in U.S. crypto-aligned politics: even when candidates share broadly similar “pro-crypto” credentials, outside groups may still prioritize different strategic or tactical outcomes depending on the election cycle.
Crypto-aligned ratings don’t prevent intraparty conflict
Adding to the apparent contradiction, both candidates were ranked as “strongly supports crypto” after they completed questionnaires for Stand With Crypto ahead of the August special election.
Stand With Crypto questionnaires have become a widely followed way for digital-asset-aligned voters and advocacy groups to gauge candidates’ positions. The fact that both Wahab and Hernandez scored similarly suggests that the dispute later reflected in the media spending may not be rooted in a basic difference on crypto policy. Instead, it points to other factors—such as campaign strategy, party dynamics, or shifting priorities as the general election approaches.
Cointelegraph reached out to both campaigns as well as Fairshake for comment on the spending, but did not receive immediate responses.
Debate remarks and the politics of PAC spending
During an Oct. 7 debate, Wahab indicated that she opposed Hernandez, in part because Hernandez had not denounced expenditures from corporate PACs aligned with the American Israel Public Affairs Committee (AIPAC). Wahab argued that such spending “really deteriorated our democracy,” according to coverage of the debate.
In the same political landscape, crypto-aligned groups—including Fairshake and its affiliates—have spent heavily to shape outcomes in the broader 2026 cycle. While the Wahab-Hernandez framing centers on corporate PAC influence more broadly, Protect Progress’s reported spending adds another layer to how voters may interpret outside money in congressional races.
Coverage of the debate noted the contest in the district; for readers tracking the candidates’ messaging, that exchange is relevant for understanding how candidates attempt to distinguish themselves even when policy ratings from advocacy groups appear aligned.
California’s 14th district will be redrawn for the midterms
One concrete difference between the August special election and the upcoming 2026 midterms is the district map. The boundaries of California’s 14th district are scheduled to change for the midterm elections due to the 2025 passage of Proposition 50, requiring new maps.
The current boundaries include parts of San Francisco’s East Bay, but the redistricting process may shift the demographic and political calculus for both campaigns. That matters to outside groups like Protect Progress because new lines can alter which issues and constituencies are most decisive—and therefore where advertising dollars are expected to have the greatest impact.
For investors and policy-watchers who treat “pro-crypto” political engagement as a proxy for regulatory risk, redistricting is an important variable: it can reshape who becomes the most likely coalition partner for industry-aligned priorities in Congress.
Fairshake affiliates continue spending beyond California
While Protect Progress’s California disclosure grabs attention, related filings show Fairshake remains active across multiple competitive contests. In January, Fairshake reported having $193 million in cash on hand ahead of the 2026 elections and said it had already used tens of millions of dollars supporting candidates in primaries and special elections.
With just over two weeks until the 2026 election, Fairshake also reported additional spending on media for Senate races in Ohio and Nebraska.
In Nebraska, Defend American Jobs—a Fairshake affiliate described as largely supporting Republican candidates—reported spending more than $6.7 million to oppose independent candidate Dan Osborn in the Senate race. In Ohio, the same affiliate reported $8 million on media supporting incumbent Republican Jon Husted against Democrat Sherrod Brown.
The Ohio race is notable not only for current advertising totals, but also because Fairshake previously spent heavily in the aftermath of Brown’s loss. According to the reporting cited, Brown lost his seat in 2024 to Republican Bernie Moreno after Fairshake and other interest groups spent a combined hundreds of millions of dollars on ads opposing Brown. That history positions Ohio as a potential bellwether for whether crypto-aligned political spending continues to reshape outcomes for congressional Democrats and Republicans alike.
For market participants watching regulatory sentiment, these cycles matter: large-scale advertising campaigns are typically built to influence not only election results, but also the policy direction of the next Congress.
As the redrawn California district heads into the midterms and as Fairshake’s affiliates maintain pressure in Senate contests, the key question for observers is whether “pro-crypto” alignment translates into consistent political cooperation—or whether outside groups will continue to back different candidates even when both have previously signaled similar policy support.
This article was originally published as Crypto PAC Drops $362K in California Race as August Vote Nears on Crypto Breaking News – your trusted source for crypto news, Bitcoin news, and blockchain updates.

Super League shareholders have approved a transaction that would hand Japanese Bitcoin treasury firm Metaplanet control of the Nasdaq-listed company, setting up a path for a US-focused expansion built around acquiring more Bitcoin. The vote, detailed in a Monday announcement and accompanying SEC filing, also includes major governance and financing changes designed to make Bitcoin accumulation a central part of the rebranded business.
Under the approved terms, Metaplanet is set to buy into Super League in a deal structured around common shares, governance-linked preferred stock, and warrants. The company plans to rename itself Superplanet and pursue a capital markets strategy aimed at increasing Bitcoin holdings on a per-share basis.
Key takeaways
Shareholders approved a plan that would give Metaplanet a 93.7% ownership stake in Super League, subject to transaction closing.
Metaplanet will contribute 2,100 BTC and $2.5 million for 44.86 million Super League common shares, governance-preferred stock, and 10-year warrants.
Super League intends to rebrand as Superplanet and adopt the Nasdaq ticker SUPA, with a stated focus on Bitcoin per-share growth.
The financing plan emphasizes preferred securities—including senior, non-convertible perpetual preferred shares—to fund future Bitcoin purchases without relying primarily on conventional debt.
Metaplanet says it has accumulated 44,000 BTC, according to industry treasury tracking data cited in the company materials.
Shareholder approval clears the way for Metaplanet control
According to a Monday announcement on Super League’s investor relations website and a related filing with the US Securities and Exchange Commission, shareholders approved all proposals connected to the planned issuance of up to 435.9 million common shares. The issuance is tied to agreements involving Metaplanet and Evo Fund.
As described in the SEC documentation, Metaplanet will contribute 2,100 Bitcoin (BTC) and $2.5 million in cash in exchange for:
44.86 million common shares;
100 shares of convertible perpetual preferred stock carrying governance rights; and
10-year warrants for additional common stock.
The transaction is designed to transfer practical control to Metaplanet. The company would be able to designate a majority of the board and approve major corporate decisions, giving it significant influence over Super League’s future direction. Super League also states that Metaplanet’s common shares would be subject to a five-year lock-up.
In conjunction with the ownership shift, Super League plans to rebrand as Superplanet and move to the Nasdaq ticker SUPA. Management’s strategy, as outlined in the materials, centers on increasing Bitcoin holdings per share.
Preferred-stock financing becomes the backbone of the Bitcoin plan
A notable feature of the approved restructuring is the intended approach to raising new capital for additional Bitcoin acquisitions. Rather than depending primarily on debt, Superplanet plans to finance purchases through senior, non-convertible perpetual preferred shares.
The filing also describes an additional source of potential support: Metaplanet would have the option to invest up to $210 million in junior preferred stock. Together, these instruments are intended to create a more flexible funding stack for Bitcoin treasury activity while avoiding reliance on traditional borrowing as the dominant mechanism.
This matters for investors because capital structure decisions can affect dilution, governance outcomes, and risk during downturns. Preferred securities can also change how future investors evaluate the company’s balance-sheet leverage and incentives, especially for businesses where asset accumulation—here, Bitcoin—is the primary operating goal.
Why the US route is seen as strategically important
Super League’s US-facing expansion is framed as a response to what it describes as sufficient market demand for preferred securities issued by Bitcoin treasury companies. In an Oct. 15 SEC filing, Super League said the US market for preferred securities is now large enough to support new entrants, and that the proposed financing structure would provide another funding source for Bitcoin purchases without relying primarily on conventional debt.
The approved plan also explicitly builds on Metaplanet’s existing ability to raise capital in Japan using yen-denominated financing. By adding a US dollar funding channel through preferred offerings, management is effectively diversifying where capital comes from while aligning the financing currency with the broader expectations of US capital markets.
For readers tracking the broader “Bitcoin treasury” sector, this is part of a wider pattern: corporate treasury operators increasingly seek capital markets vehicles that can sustain periodic Bitcoin accumulation. The Superplanet/METAPLANET structure underscores how governance rights and long-dated warrants can be combined with preferred financing to keep liquidity flowing toward crypto exposure.
Metaplanet’s growing BTC position and the next questions
The deal arrives as Metaplanet continues to expand its Bitcoin holdings. The company cites industry treasury data indicating it has accumulated 44,000 BTC, placing it as the second-largest publicly traded corporate Bitcoin holder behind Strategy, according to the tracker referenced in the article.
In addition, Superplanet’s post-transaction plan appears tied to a broader evolution in Metaplanet’s strategy. Earlier in the month, Metaplanet proposed allocating up to 15% of its total assets toward strategic investments intended to help finance Bitcoin purchases and dividend payments. That shift suggests the company is not treating Bitcoin accumulation as the only output of its balance sheet, but also exploring ways to generate liquidity and shareholder returns alongside treasury growth.
What remains to watch is the closing process and how Superplanet’s preferred-security roadmap translates into actual Bitcoin purchases over time. Investors should also look for details on board composition, the timing and terms of any future preferred issuances, and the extent to which dilution from warrants and share issuances will affect the company’s “Bitcoin per share” objective.
This article was originally published as Metaplanet to Acquire 93.7% of Super League Via 2,100 BTC Deal on Crypto Breaking News – your trusted source for crypto news, Bitcoin news, and blockchain updates.

Bitcoin treasury operator Strive reported another major increase to its BTC holdings after buying 4,045 bitcoin earlier this month. In an SEC filing, the company said it acquired the cryptocurrency between Oct. 12 and Oct. 16 at an average price of $82,803 per coin, including fees and expenses, bringing its total to 36,818 BTC.
The purchase underscores how Strive is using equity-linked funding to expand its treasury strategy, with proceeds from warrant exercises also contributing to its balance sheet. According to BitcoinTreasuries.net data, the updated holdings place Strive among the largest publicly traded corporate bitcoin holders.
Key takeaways
Strive bought 4,045 BTC between Oct. 12–16, averaging $82,803 per coin, including fees and expenses.
Total holdings rose to 36,818 BTC, with reserves valued at about $3 billion, per BitcoinTreasuries.net.
Warrant exercises on Oct. 12 and 13 generated roughly $369 million in proceeds and led to the issuance of 13.7 million shares.
Strive’s equity expansion and BTC increases remained closely aligned: the company reported a 12.4% rise in effective share count alongside a 12.3% increase in bitcoin holdings.
Earlier in the month, Arkham-tracked wallets linked to MARA reportedly moved about $82 million to Binance and Gate, highlighting ongoing shifts among corporate treasuries.
Strive’s latest BTC purchase and cost basis
Strive’s latest acquisition comes from a specific window disclosed in a Monday filing with the US Securities and Exchange Commission. The company said it purchased 4,045 bitcoin at an average price of $82,803 per BTC, with transaction costs included. The total cost was described as approximately $335 million.
The update matters for investors tracking corporate bitcoin exposures because it provides both an average acquisition price and a clear accounting period. For treasury-focused companies, these details are often used to evaluate how quickly they’re accumulating and whether new purchases materially change their per-share BTC economics.
How equity financing shaped the BTC per-share picture
Alongside the purchase, Strive disclosed proceeds from warrant exercises. The filing states the company received approximately $369 million from warrant exercises on Oct. 12 and Oct. 13, resulting in the issuance of 13.7 million common shares.
Strive also described the relationship between its changing equity base and its expanding bitcoin position. The company said its effective share count increased by 12.4%, which closely matched the 12.3% increase in bitcoin holdings. As a result, the firm reported that BTC per share remained largely unchanged.
That synchronization is notable because it suggests Strive’s latest accumulation was supported by financing that did not dramatically dilute the company’s BTC exposure on a per-share basis. For shareholders, this can be a key metric when comparing treasury growth programs across different corporate structures.
Ranking among corporate bitcoin holders
With 36,818 BTC, Strive is now described as the fourth-largest publicly traded corporate holder of bitcoin, according to BitcoinTreasuries.net. The company’s reserves were valued at roughly $3 billion based on the tracker’s figures.
Bitcoin treasury rankings are important because they often influence investor perception of how much “institutional-style” bitcoin exposure is available through public markets. They also provide a rough map of competition among corporate accumulators—particularly when filings and on-chain activity show continued capital deployment.
In the same broader landscape, BitcoinTreasuries.net data contrasted Strive’s accumulation with reported activity from other large holders. The article noted that MARA had been reported to be selling some holdings, with Arkham tracking wallets tied to the miner depositing around $82 million worth of bitcoin into Binance and Gate in recent days, as referenced in the source coverage.
Prior buying pace and the role of new preferred share funding
This purchase follows a run of larger BTC additions by Strive. Earlier coverage referenced in the report described a prior week purchase of 3,311 bitcoin, during which Strive’s holdings grew 11.2% and outpaced a 9.4% increase in its effective common share count. Together, these updates suggest a steady cadence rather than isolated spot buys.
Financing mechanisms appear to be central to that pace. Last week, Strive announced the launch of SATS, a preferred stock issue carrying a fixed 15% annual dividend. The dividend is payable each business day beginning Nov. 9, subject to board approval. The company priced a $630 million offering of the new preferred shares, and the report said proceeds could be used to fund additional bitcoin purchases.
For market participants, the combination of warrant-driven dilution and preferred-share financing may help explain how Strive continues to scale its treasury. It also raises a practical question readers will likely monitor: whether the company continues to keep BTC-per-share relatively stable while its total holdings expand—or whether the cost of capital and share issuance begins to change that balance over time.
Looking ahead, the next signals to watch are whether Strive’s post-SATS funding results in further confirmed BTC purchases in subsequent SEC disclosures, and whether competitors’ flows—such as reported transfers tied to other miners—continue to shift the relative rankings of corporate bitcoin holders.
This article was originally published as Strive Adds $335M Bitcoin, Lifts Treasury to 36,818 BTC on Crypto Breaking News – your trusted source for crypto news, Bitcoin news, and blockchain updates.

Super League shareholders have approved a transaction that would dramatically reshape the company’s ownership and direction, effectively putting Japanese Bitcoin treasury firm Metaplanet in control. The deal is designed to give Metaplanet access to US capital markets via a publicly traded Bitcoin treasury vehicle—while positioning Super League to become a more Bitcoin-focused operator itself.
According to a Monday update posted by Super League and related documentation filed with the US Securities and Exchange Commission (SEC), shareholders approved proposals tied to a share issuance plan with Metaplanet and Evo Fund. The restructuring is expected to enable Metaplanet’s expansion using expanded funding tools rather than relying primarily on traditional debt.
Key takeaways
Super League shareholders approved issuance plans that would give Metaplanet a 93.7% ownership stake.
Metaplanet’s contribution includes 2,100 BTC and $2.5 million in cash in exchange for tens of millions of common shares and additional securities.
The company plans to rebrand as Superplanet and adopt the Nasdaq ticker SUPA, with a strategy centered on increasing Bitcoin holdings per share.
Financing for further Bitcoin purchases is expected to rely more on preferred securities—plus an option for Metaplanet to support the vehicle with additional junior preferred stock.
Metaplanet is already among the largest publicly tracked corporate Bitcoin holders, with 44,000 BTC according to industry data.
Shareholder approval clears the path for a control shift
Super League’s announcement and SEC filing state that shareholders approved proposals related to issuing as many as 435.9 million common shares under agreements involving Metaplanet and Evo Fund. While the documents describe a maximum issuance framework, the key economics of the deal center on Metaplanet’s planned contribution and the resulting ownership outcome.
Under the approved transaction terms, Metaplanet would contribute 2,100 BTC and $2.5 million in cash. In return, Metaplanet is set to receive 44.86 million common shares, 100 shares of convertible perpetual preferred stock with governance rights, and 10-year warrants that would entitle it to additional common stock.
The ownership change is significant: Metaplanet is expected to gain control of Super League, including the ability to designate a majority of the board and approve major corporate actions. The common shares issued to Metaplanet are also subject to a five-year lock-up, a detail that matters for investors assessing how quickly supply could potentially increase after the lock-up period ends.
Rebrand into Superplanet with a Bitcoin-per-share focus
Beyond ownership, the deal is tied to a strategic transformation. Super League intends to rebrand as Superplanet and move to the Nasdaq ticker SUPA, with an explicit plan to focus on increasing its Bitcoin holdings per share. That matters because Bitcoin treasury companies typically compete not only on total BTC exposure, but on how effectively capital translates into BTC per share for existing holders.
The financing architecture appears designed to support that objective. Rather than leaning primarily on debt, Superplanet plans to use senior, non-convertible perpetual preferred shares to fund additional Bitcoin purchases. The documents also note that Metaplanet would have the option to invest up to $210 million in junior preferred stock to provide further financial support, creating a layered capital structure that can be adjusted depending on market conditions and funding needs.
US financing thesis: preferred securities for Bitcoin treasury companies
A central part of the rationale in the filing is the idea that US dollar funding has become more accessible for Bitcoin treasury issuers. In an Oct. 15 SEC filing, Super League stated that the US market for preferred securities issued by Bitcoin treasury companies has grown large enough to support new entrants.
If the market has matured as the filing suggests, it changes the practical options available to companies that aim to buy and hold Bitcoin. Preferred structures can offer a path to financing BTC accumulation without the same degree of balance-sheet pressure that debt instruments can impose—though investors may still need to evaluate the cost of capital and any governance or economic terms embedded in preferred securities.
Super League’s move also complements its existing context: the company says the proposed financing structure would add another funding source for Bitcoin purchases, supplementing its yen-denominated financing in Japan.
Metaplanet’s broader strategy and where the numbers stand
Metaplanet’s push into additional public-market structure aligns with its ongoing Bitcoin accumulation. Industry data cited by the article indicates Metaplanet has accumulated 44,000 BTC, placing it among the largest publicly traded corporate Bitcoin holders behind Strategy.
The transaction comes as Metaplanet revises parts of its broader investment strategy. Earlier in the month, the company proposed allocating up to 15% of total assets for strategic investments intended to help finance Bitcoin purchases and dividend payments. Taken together with the preferred-share plan described in the current materials, the approach suggests Metaplanet is looking to broaden the toolkit for sustaining BTC buying while also addressing returns to shareholders.
Investors should also note the company’s current positioning within the wider corporate Bitcoin segment: with a large BTC base already on the books, incremental capital deployment becomes increasingly dependent on how efficiently new financing converts into additional BTC per share, and how the resulting capital structure affects equity value over time.
What to watch next for Superplanet
With shareholder approval secured and the control structure in place, the next question for market participants is how Superplanet will execute its planned preferred financing and whether it can consistently translate funding into higher Bitcoin exposure per share. Readers should monitor the implementation of the rebrand to SUPA, the timing and terms of any preferred issuances, and how Metaplanet’s capital support option is utilized as the company moves deeper into US markets.
This article was originally published as Metaplanet to Buy 93.7% of Super League With 2,100 BTC Deal on Crypto Breaking News – your trusted source for crypto news, Bitcoin news, and blockchain updates.

dLocal and Western Union said they are expanding their partnership in Africa to include remittance payouts, building on the payments and collections work they already conduct together.
The companies said the payout expansion will begin with a live payout corridor in Cameroon. They described the model as separating technology and connectivity from execution, with dLocal providing the technology and connectivity layer and regulated local partners handling the payout services under applicable local regulatory frameworks, including through “MNOs or financial institutions,” as stated in the release.
How the payout expansion works, per the announcement
In Cameroon, the companies said recipients will be able to receive remittances directly into supported local wallets via local payout partners. dLocal and Western Union said this aims to address what they characterized as a gap in reliable recipient options, noting that Cameroon is “fragmented” and wallet-based.
The release said the expansion is intended to create a single end-to-end path from “send to receipt,” adding reliability to the receiving side of remittances as senders already expect on the outbound journey.
Company quotes
Western Union said the expansion supports its focus on reliable disbursement. In the release, Mohamed Touhami El Ouazzani, Regional Vice President and Head of Africa at Western Union, said: “Extending our work with dLocal into payouts means we can offer that same reliability on the disbursement side too, starting in markets like Cameroon.”
For dLocal, Agustin Botta, Head of EMEA at dLocal, said the companies are addressing what he described as a separation between collections and payouts. He said: “With Western Union, we’re working together to close that gap, building a more consistent path from send to receipt.”
Planned expansion beyond Cameroon
Beyond Cameroon, the companies said they are exploring adding the payout expansion to other African markets, including Nigeria. The release referenced potential payment methods such as bank transfers and wallets as part of an effort to cover more of the remittance journey across emerging markets.
The announcement also cited external data. It stated that the World Bank estimated remittance flows into Sub-Saharan Africa reached roughly US$57 billion in 2024. The companies framed this as a reminder of the significance of remittances to households in the region.
What the companies said about future plans
dLocal and Western Union characterized their rollout as a step-by-step expansion of digital remittance corridors. The release included forward-looking language, saying that future expansion to additional markets and payment methods depends on risks and uncertainties and could differ from expectations.
The statement was dated October 15, 2026, in a press release distributed by APO Group on behalf of Western Union Holdings, Inc.
This article was originally published as dLocal and Western Union expand partnership in Africa to add remittance payouts, starting in Cameroon on Crypto Breaking News – your trusted source for crypto news, Bitcoin news, and blockchain updates.