guess who pulled the rug from under you?
THE BLOCK: SkyAI (formerly Sharps Technology) has sold its entire Solana treasury, going from more than 2 million solana:So11111111111111111111111111111111111111112 in September to zero by Oct. 16. The company now holds $223.8 million in cash and has launched a buyback of up to $201.3 million at $3 per share or warrant. $SKYA
THE BLOCK: Pando Finance is set to list its Solana ETF on the Hong Kong Stock Exchange on Oct. 13, with estimated annual charges of 1.6%. The ETF will hold solana:So11111111111111111111111111111111111111112 through HashKey, and will not stake, use leverage, or pay dividends, according to its key facts statement. It will be the second Solana ETF in Hong Kong, following the ChinaAMC Solana ETF.
THE BLOCK: Billionaire investor Adam Weitsman said he bought 117 Pudgy Penguins over the weekend to support the collection "during a difficult time." The purchase comes days after Pudgy parent Igloo announced it is winding down its Abstract L2 and redirecting resources toward Pudgy Penguins and solana:2zMMhcVQEXDtdE6vsFS7S7D5oUodfJHE8vd1gnBouauv.
THE BLOCK: Pyth Network said its DAO has committed 100% of the revenue it receives from Pyth products to buying solana:HZ1JovNiVvGrGNiiYvEozEVgZ58xaU3RKwX8eACQBCt3 tokens on the open market, up from its previous practice of deploying one-third of its non-PYTH treasury balance each month. Pyth said its data business reached $11.5 million in annualized revenue in September, up 86% quarter over quarter, while its PYTH Reserve holds about 42 million tokens.
THE BLOCK: South African bank FNB has launched crypto trading through its investment platform in partnership with VALR. Customers can trade bitcoin:native , ethereum:native , ripple:native , solana:So11111111111111111111111111111111111111112, and USDT, though crypto cannot be transferred into or out of the platform.
THE BLOCK: DeFi Development Corp. authorized a program to repurchase up to all outstanding shares of its CHAD preferred stock, including shares it may issue in the future, giving the company flexibility to buy back the securities if they trade below their $10 par value. $DFDV The solana:So11111111111111111111111111111111111111112 treasury company said it does not currently intend to repurchase CHAD and first wants the security to establish itself at or around par. The open-ended authorization adds a potential capital-allocation tool to DFDV's existing $300 million CHAD ATM.
THE BLOCK: Forward Industries increased its Solana treasury by nearly 949,000 SOL during the last quarter, bringing total holdings to 8.5 million SOL, or roughly 1.4% of the circulating supply. The company said the solana:So11111111111111111111111111111111111111112 added during the quarter came at an average cost of $83.
THE BLOCK: U.S. spot Bitcoin bitcoin:native ETFs recorded $66.2 million in net inflows on Tuesday, while Ethereum ethereum:native ETFs saw $2.8 million in net outflows. Solana solana:So11111111111111111111111111111111111111112 ETFs drew $5.4 million, while ripple:native and Hyperliquid hyperliquid:native ETFs recorded zero net flows.
THE BLOCK: Robinhood is launching in-app perpetual futures trading in the coming months, allowing eligible US customers to take long or short positions on crypto assets including bitcoin:native , ethereum:native and solana:So11111111111111111111111111111111111111112 . It also plans to launch 24/7 trading for select US equities.
THE BLOCK: Bitwise has launched the Bitwise NEAR ETF solana:7ukDd3E3PSupATuK4yvJ49jyZr8nNrkXKcq8pioiq98F, the first U.S. spot exchange-traded product providing direct exposure to near:native, with trading beginning Tuesday on NYSE Arca. The fund charges a 0.75% annual management fee and is designed to stake its NEAR holdings, allowing investors to receive staking rewards in addition to exposure to the token's price.
THE BLOCK: DeFi Development Corp. added approximately 47,706 SOL to its treasury since Sept. 21, bringing total holdings to about 2.54 million SOL and solana:So11111111111111111111111111111111111111112 equivalents worth $309 million. The latest addition represents roughly 2% growth week over week. $DFDV said its $300 million CHAD ATM provides additional capital to continue accumulating SOL.
THE BLOCK: Forward Industries has entered into an agreement with an institutional investor to sell 3.125M shares of common stock at $8 per share, raising approximately $25M in gross proceeds. $FWDI The Solana-focused digital asset treasury company plans to use the net proceeds to acquire additional solana:So11111111111111111111111111111111111111112 and grow its holdings while increasing SOL per fully diluted share.
THE BLOCK: Bitcoin bitcoin:native is down 2.8% in the past day to trade at around $75,800 as the Clarity Act failed procedural Senate vote on Tuesday. Ether ethereum:native dropped 4.3% to $2,402, XRP ripple:native slid 9.2% to $1.29, and Solana solana:So11111111111111111111111111111111111111112 dipped 5.4% to $97.1. Major crypto-related stocks also slumped — Coinbase fell 10%, Circle dropped 11.4%, while Strategy dipped 5.4%.
THE BLOCK: DeFi Development Corp. has closed its $11 million CHAD preferred-stock offering, launching what it calls the first SOL-backed "Digital Credit" instrument. The offering included participation from Fundstrat’s Tom Lee. $DFDV CHAD carries a 13% initial annual dividend rate and will fund additional solana:So11111111111111111111111111111111111111112 purchases, giving DFDV another way to grow its SOL holdings without issuing common shares.
THE BLOCK: DeFi Development Corp. priced its CHAD preferred stock IPO at $8 per share, selling 1.375 million shares to raise $11 million in gross proceeds. $DFDV The Series C perpetual preferred stock will carry an initial 13% annual dividend rate, with proceeds earmarked for general corporate purposes, including additional solana:So11111111111111111111111111111111111111112 purchases and other digital-asset investments.
THE BLOCK: Coinbase has appointed Anthony Armstrong to its board of directors, increasing the board from nine to 10 members. He will also serve on the company's Audit Committee. Armstrong was previously CFO at Elon Musk's xAI and X and was a senior advisor with the Department of Government Efficiency (DOGE). Coinbase noted that he is not related to CEO Brian Armstrong.
EXCLUSIVE: Late Ondo founder’s mother seeks control of company and removal of De Bode as CEO https://t.co/Cig3mglAT2
THE BLOCK: Bernstein reiterated Circle at Outperform with a $140 price target, arguing its Q2 results counter bearish concerns over competition and reserve income. Analysts said investors may be underestimating Circle's distribution, regulatory position, and additional revenue streams tied to its layer 1 network Arc.
THE BLOCK: Circle named 11 founding validators for its Arc blockchain, including BlackRock, Visa, Mastercard, and DTCC, ahead of a Sept. 16 public mainnet launch. BlackRock is expected to deploy BUIDL on Arc, while Circle is collaborating with DTCC to enable the tokenization of DTC-custodied assets on the network beginning in H2 2027.
THE BLOCK: Hyperscale Data secured a $30 million bitcoin-backed loan through Morpho to help fund its Michigan AI data center expansion. Last week, the company sold approximately 100 BTC and established a bitcoin-backed credit facility as part of its AI infrastructure financing strategy.
"It's empirically true that @blknoiz06 has revived the trenches." @nansen_ai CEO @ASvanevik says platform analytics show solana:9cRCn9rGT8V2imeM2BaKs13yhMEais3ruM3rPvTGpump bucked the trend of short-lived memecoin attention. However, he thinks RWA/securities trading is really driving renewed trading volumes on Solana.
THE BLOCK: ethereum:native , solana:So11111111111111111111111111111111111111112 and avalanche-2:native prices fell sharply over the past year, even as their networks grew busier and cheaper. "We've seen a big divergence between network fundamentals and market sentiment," Bitwise Head of Onchain Research Kam Benbrik said.
THE BLOCK: Solana solana:So11111111111111111111111111111111111111112 and Hyperliquid hyperliquid:native ETFs have combined to account for nearly 80% of non-BTC and ETH ETF volume, with Hyperliquid ETFs having launched only two months ago. https://t.co/N90x7cSUyT
THE BLOCK: Robinhood CEO Vlad Tenev said the Robinhood Chain is being developed to be "the best chain for RWA" and great for memes. The Arbitrum-based Layer 2 went live on public mainnet earlier this month. https://t.co/rMh4MJLcbu
Today on The Starting Block! Talking solana:9cRCn9rGT8V2imeM2BaKs13yhMEais3ruM3rPvTGpump with @Deebs_DeFi from @bubblemaps Then Bitcoin, Strategy and Saylor with @Croesus_BTC We’re live on @TheBlockCo 👇 https://t.co/KXEwRoD02r
EXCLUSIVE: @Humanityprot founder @terencekwok unpacks $36M exploit in first interview since the incident. Kwok told The Starting Block that chances of recovering funds are low, and that the project is actively working with intl law enforcement. @TheBlockCo https://t.co/gEfeuG3T3K
Humanity Protocol repositions toward enterprise AI after $36 million hack, founder says https://t.co/wwACfu3jJi
Panther Hollow launches multi-strategy merchant bank focused on compliant RWA and yield strategies https://t.co/wx3afD0O5t
THE BLOCK: Standard Chartered initiates coverage of Morpho, sees token rising 33x to $60 by 2030. The bank cites Morpho Vaults and DeFi lending expansion as primary drivers for the projected valuation increase. https://t.co/hLqOVCvmar
THE BLOCK: https://t.co/odYCkTfAST named former LSEG and Barclays executive Iskandar Vanblarcum managing director of the https://t.co/odYCkTfAST Exchange. He will focus on expanding institutional clients and leading planned regulated prediction markets and RWA offerings. https://t.co/AYmI8SyMF8
THE BLOCK: Aave founder Stani Kulechov disputes the framing of reported Kraken stake deal. He says there's "no way" Aave sells solana:AavE1kKKnesPw4MuRJmJ9jZs9QzEE8CPxQ3ViczUDfc1 at a 70% discount, but confirms participants have discussed buying Aave Labs' token allocation through partnerships.
THE BLOCK: MemeCore's M token plunged more than 80% as ZachXBT revived allegations of insider manipulation and questioned why some exchanges listed it. https://t.co/kh2MmZ6nv6
Tokenized RWA market cap rises 40% to top $51 billion as industry races to define equity tokenization model: Bernstein https://t.co/OLV3oAk4Ex
Zama, Morpho and Steakhouse launch first 'confidential DeFi yield' vault on Ethereum https://t.co/gmPmQdwlsa
Zama, Morpho and Steakhouse launch first 'confidential DeFi yield' vault on Ethereum https://t.co/gmPmQdwlsa
Highlight of the day - catching up with @jackmallers at @btcprague. We spoke about @Strike, Bitcoin lending, @salyor and @strategy and a quick update on @twentyone. Full interview dropping soon on @TheBlockCo. You can also rewatch the interview on the livestream below 👇 https://t.co/ol4Q89LMI7
@Polymarket US weekly volumes top a record new ATH, driven by the NBA Finals between the New York Knicks and San Antonio Spurs 📈 https://t.co/NjyegzbQp7
JUST IN: MORPHO RAISES $175 MILLION IN ROUND LED BY A16Z CRYPTO, PARADIGM AND RIBBIT CAPITAL https://t.co/TXVOMm2lNO
ICYMI: Here’s a quick news wrap from our U.S. session at @TheBlockCo 🏛️ White House crypto adviser Patrick Witt defended the Clarity Act, calling it “pro-law enforcement” as lawmakers race to advance the bill. 🔒 Visa and Brale are testing privacy-enabled SBC stablecoin settlement on the Canton Network. ✈️ Travala unveiled an agentic AI travel protocol with gasless USDC payments on Base. 🏦 Senate Republicans urged financial regulators to rework bank capital rules for digital assets. ⏳ JPMorgan said crypto market structure legislation may have only a narrow window for passage this year. 🧬 Chainalysis said top-tier gray-market peptide vendors have increasingly turned to bitcoin and stablecoins. 💰 Ether[dot]fi allocated $100 million to a Plume RWA vault, giving users access to yield.
ICYMI: Here’s a quick news wrap from our U.S. session at @TheBlockCo 🏛️ White House crypto adviser Patrick Witt defended the Clarity Act, calling it “pro-law enforcement” as lawmakers race to advance the bill. 🔒 Visa and Brale are testing privacy-enabled SBC stablecoin settlement on the Canton Network. ✈️ Travala unveiled an agentic AI travel protocol with gasless USDC payments on Base. 🏦 Senate Republicans urged financial regulators to rework bank capital rules for digital assets. ⏳ JPMorgan said crypto market structure legislation may have only a narrow window for passage this year. 🧬 Chainalysis said top-tier gray-market peptide vendors have increasingly turned to bitcoin and stablecoins. 💰 Ether[dot]fi allocated $100 million to a Plume RWA vault, giving users access to yield.
Tether-focused chain Stable launches USDT institutional yield product https://t.co/L9DtyVYmDy
ICYMI: Here’s a quick news wrap from the U.S. at @TheBlockCo 🏛️ The Senate Banking Committee advanced the landmark crypto market structure bill with support from some Democrats. 🎉 The crypto industry celebrated the Clarity Act’s progress, calling it a “decisive turning point,” even as ethics concerns lingered ahead of the next vote. 🕵️ ZachXBT alleged that insiders controlled 95% of the LAB token supply as he investigated the AI terminal project behind a $6 billion FDV token. 💵 Stablecoin backers argued that incentives are inevitable under the Clarity Act, despite ongoing debate around yield restrictions. 🤖 Crypto data platform Dune cut 25% of its workforce, citing AI efficiencies. 📦 CoinList is expanding into tokenized asset distribution with its new “Passage” platform as token sale activity slowed. 🏦 Sharplink’s CEO said ETH treasury firms are diverging from Strategy’s model as Ethereum’s tokenization role grows. 💰 Crypto exchange Bullish posted a $604.9 million Q1 net loss, though it reported growth on an adjusted basis. 📊 JPMorgan analysts said ether and altcoins could continue lagging bitcoin without stronger onchain activity and demand catalysts. 📈 Strive shares jumped after the firm unveiled a “daily dividend company” strategy and said it had become debt free. 🔗 Chainlink’s CCIP topped $2.5 billion in TVL as protocols migrated from LayerZero, with Kraken Bitcoin becoming the latest integration. ⚔️ CertiK’s CEO warned that DeFi attackers are increasingly using AI tools to outspend defenders. 🪙 Bitwise’s Hyperliquid ETF is set to begin trading on the NYSE this Friday. 🚀 Gemini shares soared after the company reported 42% revenue growth and disclosed its first prediction market metrics.
@MoneyGram CEO says some countries treat solana:EPjFWdd5AufqSSqeM2qN1xzybapC8G4wEGGkZwyTDt1v same as USD... If trend continues paying yield on #stablecoin deposits should be less of an issue https://t.co/yWTG0Oxc3R
ICYMI: Here's a quick news recap from today's Asia & EMEA sessions @TheBlockCo 👇 🪙 Coinbase has become Hyperliquid's official treasury deployer for USDC as an aligned quote asset (AQA), with USDH set to sunset over time. 🧐 Solana treasury firm DeFi Development Corp reported a 108% increase in SOL per share in the past year, despite posting wider losses in the first quarter. 📈 BitGo generated $3.8 billion in revenue in the first quarter, up 112.6% year-on-year, but its net loss widened. 📄 The CFTC's staff issued a no-action letter that effectively relieves swap data reporting and recordkeeping requirements for prediction market platforms. 👀 Nakamoto posted a $238.8 million first-quarter net loss after recording a $102.5 million mark-to-market loss on its bitcoin holdings. 🏦 The Bank of England is set to ease its proposed restrictions on sterling stablecoins, with its deputy governor saying the draft framework may have been "overly conservative," according to the Financial Times. 💸 U.S. spot bitcoin ETFs posted $630.4 million in net outflows on May 13, the steepest single-day drain since mid-February. 🥶 Tether, TRON, and TRM Labs said their T3 Financial Crime Unit has now frozen over $450 million in illicit crypto assets. 🏛️ GSR Chief Legal and Strategy Officer Joshua Riezman put the odds of the Clarity Act reaching the president's desk this session at below 50%. 🤔 World Liberty Financial co-founder Zak Folkman defended the project's roughly $75 million Dolomite borrowing position as "a very, very small loan" used to increase market utilization rates. 🚀 CME Group plans to launch Nasdaq CME Crypto Index futures on June 8, its first-ever market-cap-weighted crypto futures contract, pending regulatory review. 🤝 Onchain vault provider Upshift is partnering with Superstate on the launch of Upshift Clear, a new redemption platform for tokenized real-world assets.
ICYMI: Three institutional blockchains — Arc, Canton, and Tempo — just raised over $1B combined Bitwise CIO @Matt_Hougan says it signals three things: >the GENIUS Act broke a capital logjam (Clarity Act could encourage more institutional traffic too.) >privacy is an institutional killer app >and corporate giants are active in the blockchain race. Winner are ultimately unclear but there’s big bets on the onchain industry and infra.
Bernstein maintains $190 Circle price target as $222 million ARC presale cushions rate pressure https://t.co/kuyiMhyXjr
BREAKING: CIRCLE RAISES $222 MILLION FROM BLACKROCK, APOLLO, A16Z CRYPTO AND OTHERS IN ARC TOKEN PRESALE AT $3 BILLION FDV https://t.co/069VybpdI3
Coinbase has resumed full trading after hours of AWS-linked disruption. Markets had moved to Cancel Only then auction mode, while Solana and ALEO transfers saw delays earlier. Shares were down 2.53% at $193 pre-market, per @TheBlockCo's COIN page. Full report ⤵️
Twenty One Capital shares rise as Tether pushes merger with Strike, Elektron https://t.co/JdRbZ1Cl2Z
Kevin Warsh owns 30+ crypto projects and youre brearish the next Fed Chair's disclosure includes: Solana, Optimism, Blast, Compound, dYdX, Polychain, Scalar Capital, Lightning Network, Lighter the next Fed Chair is more degen than you https://t.co/jZ3e6Qa7bF