Core Insights - Bullish has launched spot trading in the United States, aiming to provide precision, efficiency, and compliance for institutional and advanced traders [1][2] - The platform has achieved over $1.5 trillion in cumulative trading volume since late 2021 and ranks among the top ten exchanges for Bitcoin and Ether trading [2] - The launch is supported by regulatory approvals from the New York State Department of Financial Services, allowing trading in 20 states [1][4] Company Features - Bullish offers 0% maker fees and ultra-low taker fees for institutional accounts, along with 0% trading fees for individual accounts [6] - The platform combines a central limit order book with Automated Market Maker technology to ensure deep liquidity and efficient trade execution [4][6] - High-throughput APIs are available for programmatic trading strategies, enhancing the trading experience for users [6] Market Position - The U.S. launch is seen as a significant milestone for Bullish, positioning it as a trusted venue for high-performance trading tailored to institutional needs [2][3] - The platform is designed to meet the unique demands of hedge funds, proprietary trading firms, market makers, and high-frequency traders [2][3] - Bullish's focus on liquidity, compliance, and execution quality aligns with the needs of institutional investors, as highlighted by partners like Nonco and BitGo [3][4] Availability - Bullish is currently operational in states including Arizona, California, Florida, New York, and Washington, D.C., with plans for further expansion [5][6] - Interested parties in other states can join a waitlist for future access [5]

Core Viewpoint - The U.S. Securities and Exchange Commission (SEC) will not pursue enforcement actions against investment advisers and registered funds using state-chartered trust companies for crypto asset custody, providing temporary clarity in a previously uncertain regulatory environment [1][6]. Group 1: Regulatory Clarity - The SEC's letter indicates that state-chartered trusts may be treated as "banks" under the Investment Advisers Act of 1940 and the Investment Company Act of 1940 for safeguarding digital assets [2]. - Investment advisers and regulated funds can now place client crypto holdings and related cash with state-chartered trusts without violating federal custody rules [3][4]. - The SEC's guidance is significant as federal law requires advisers to use a "qualified custodian," typically a national bank or trust company, to hold client assets [4]. Group 2: Conditions and Compliance - Advisers must conduct due diligence to ensure that the state-chartered trust is authorized by its state banking authority for crypto custody, maintains audited financial statements, and has internal controls verified by independent accountants [5]. - Trusts must follow strict policies to protect private keys, segregate client assets, and prohibit rehypothecation without client consent [5]. Group 3: Market Implications - The SEC's no-action position could broaden the crypto custody market, allowing greater participation from firms such as Coinbase, Ripple's Standard Custody, BitGo, and WisdomTree [6][7]. - The additional clarity from the SEC was deemed necessary to address uncertainties regarding the eligibility of state-chartered trusts [7].

Core Insights - FTX is in the process of repaying $1.6 billion to its creditors, which is nearing completion and could provide a defense against potential negative impacts from a US government shutdown [1][6] Group 1: Repayment Details - The repayment will allow small claimants with claims under $50,000 to recover more than 120% of their principal, while those with claims over $50,000 will recover an additional 72.5% of their principal, totaling 78.2% recovery [2] - The estimated repayment rate for US customers is 40%, whereas the total repayment rate for all customers worldwide is 95% [3] Group 2: Market Impact - Analysts are hopeful that the new liquidity from FTX could trigger a rally, as investors may use repaid funds to repurchase crypto [4] - The altcoin market is anticipating this liquidity, with the CMC Altcoin Season Index currently at 63, indicating a potential upcoming "altseason" [5] - The timing of the repayment coincides with a potential US government shutdown, which could increase market uncertainty; however, the influx of liquidity from FTX may help cushion against this impact [6][7]

@Re7Labs @MidasRWA @XverseApp @hyperlane @atomiqlabs @garden_finance @LayerZero_Core @BitGo @StargateFinance @EkuboProtocol @vesuxyz @trovesfi @OpusMoney 18/ End of the thread. ...

@Re7Labs @MidasRWA @XverseApp @hyperlane @atomiqlabs @garden_finance @LayerZero_Core @BitGo @StargateFinance @EkuboProtocol @vesuxyz @trovesfi @OpusMoney 16/ More detailed announcements on each initiative will drop over the next 48 hours.Turn on notifications to learn how to:- Stake your Bitcoin- Participate in BTCFi- Borrow against your BTC and earn during the BTCFi Season incentives- Discover all our partners ...

@Re7Labs @MidasRWA @XverseApp @hyperlane @atomiqlabs @garden_finance @LayerZero_Core @BitGo @StargateFinance @EkuboProtocol @vesuxyz @trovesfi @OpusMoney 15/ With BTCFi, Bitcoin stays Bitcoin, but on Starknet it finally works for you.Today marks the start of this new era: Starknet is now the best place for Bitcoiners to do more with their Bitcoin.https://t.co/3wuwymnDxs ...

Core Insights - BitGo and Elysium have formed a partnership to enhance institutional-grade clearing and credit workflows on BitGo's Go Network [1] - The collaboration utilizes Elysium's MatchHub platform to provide post-trade utility, operational scale, and improved risk controls [1] - This initiative aims to enable institutional investors to trade digital assets with confidence and efficiency comparable to traditional markets [1]

Core Insights - BitMine Immersion Technologies has significantly expanded its Ethereum treasury, holding 2.65 million ETH valued at $11 billion, alongside 192 Bitcoin worth approximately $21.6 million and $436 million in cash [1][2] - The company has become the world's largest publicly traded Ethereum treasury firm, with total assets nearing $11.6 billion [2] - BitMine's recent acquisition of 234,846 ETH, valued at about $980 million, has widened the gap between it and its nearest rival, SharpLink Gaming, which holds $3.37 billion in Ethereum [3][4] Company Strategy - The company has aggressively accumulated Ethereum, surpassing both gaming firms and exchanges in on-chain balances [7] - Recent purchases include 46,255 ETH worth $201 million from BitGo and 80,325 ETH worth $358 million from Galaxy Digital and FalconX [4] - Company chairman Tom Lee has linked Ethereum's potential to emerging "supercycles" in artificial intelligence and cryptocurrency, positioning it as a reliable choice for neutral blockchains [5] Market Reaction - Despite a 6% increase in stock price following the announcement, BitMine's shares remain down nearly 4% over the past week, indicating a disconnect between crypto expansion and shareholder sentiment [1][6] - BitMine now accounts for over a third of all Ethereum held by corporate entities, representing nearly 35% of the total [6]

Core Insights - Revolut is exploring a dual listing in London and New York, potentially valuing the company at around $75 billion, which would position it among the most valuable companies on the London Stock Exchange [1][7] - If successful, Revolut would become the first company to simultaneously join the FTSE 100 index in London while listing in New York, with a market cap equivalent to £55 billion, ranking it among the top 15 listed firms in the UK [2][7] Company Background - Founded by Nik Storonsky, Revolut has transformed from a travel-focused prepaid card provider into Europe's most valuable private fintech, offering services such as crypto trading, hotel bookings, and business accounts, serving 65 million users globally, including 12 million in the UK [3] - Despite previous criticisms of London's listing environment, Storonsky has shown openness to a UK listing if conditions improve [3] Regulatory Environment - Recent regulatory changes allow companies like Revolut to be fast-tracked into the FTSE 100 within five days, facilitating index-tracking fund participation in IPOs [4] - Political support has been evident, with UK Chancellor Rachel Reeves promoting Britain as "the best place to do business" during the launch of Revolut's new headquarters [4] Industry Context - The momentum for crypto-related public offerings is increasing, as seen with BitGo's recent IPO filing, indicating a growing interest in digital asset companies going public [6]

Group 1 - Kroll Restructuring Administration LLC, the liquidator for FTX, has been impersonated by scammers who sent fraudulent emails to FTX creditors [1][2] - The scam emails claimed that Kroll was collaborating with a payment partner, Digital Disbursements, to facilitate payouts, and included instructions for creditors [2][3] - The scammers even referenced specific claims of the recipients to make the emails appear authentic, prompting warnings for creditors to be cautious [3][6] Group 2 - FTX creditors are advised to avoid clicking on links in emails and instead visit official websites directly to reduce the risk of falling for scams [4] - Payoneer has been added as a distribution partner for FTX payouts, alongside BitGo and Kraken, providing a third payout option for creditors across 93 jurisdictions [6]