Core Insights - Lion Group Holding Ltd. has completed a strategic transaction converting its entire SUI holdings into HYPE, marking a significant milestone in its digital assets treasury repositioning [1][2][3] - The company plans to continue reallocating its SOL holdings into HYPE, demonstrating confidence in Hyperliquid's long-term growth [2][3] - The CEO of Lion Group Holding Ltd. emphasized that the move into HYPE aligns with the company's trading platform strategy and allows direct participation in evolving global market structures [3] Company Overview - Lion Group Holding Ltd. operates an all-in-one trading platform offering a variety of products and services, including total return swap trading, contract-for-difference trading, OTC stock options trading, and futures and securities brokerage [3] - As of September 10, 2025, the company's treasury holdings include 194,726 tokens of Hyperliquid (HYPE) and 6,707 tokens of Solana (SOL) [6]

Stable coin issuer Figure Technology making its public debut right here at the NASDAQ today. The company increasing the size of its offering to more than 31 million shares up from 26 million. The IPO priced at $25 a share above the expected rate.Joining us right now first on CMC figures co-founder and executive chairman Mike Hackne. Good morning to you. Congratulations.Thank you. Thanks for having me here. Heck of a morning for you.Uh so tell us about what you're going to do with all this money and where we ...

Core Insights - VanEck, a $100 billion asset manager, is expanding its crypto offerings with plans for a U.S. spot staking ETF linked to Hyperliquid's native token HYPE and a physically backed ETP for European markets [1][2] Proposed Products - The U.S. ETF aims to provide exposure to HYPE through a spot staking mechanism, combining passive price tracking with active staking rewards, appealing to income-seeking investors [3] - In Europe, VanEck's physically backed Hyperliquid ETP will enhance access for both institutional and retail investors, strengthening HYPE's global market presence [4] Hyperliquid's Market Position - Launched in 2023, Hyperliquid has rapidly established itself in decentralized finance, focusing on perpetual futures and leveraged trading, with daily volumes in the billions and revenues exceeding many established competitors [5] - Hyperliquid plans to introduce its own stablecoin, USDH, to improve liquidity and decrease dependence on USDC and USDT [6] Institutional and Retail Dynamics - The collaboration between Hyperliquid's growing user base and VanEck's institutional reputation could signify a pivotal moment for the integration of decentralized exchanges with traditional finance [8]

Core Insights - Cryptocurrency has evolved from a niche experiment to a major financial innovation, creating a new class of billionaires and entrepreneurs who recognized blockchain's potential early on [1][2] Group 1: The Rise of Crypto Fortunes - Bitcoin's launch in 2009 led to the creation of billion-dollar empires, rewarding those who held onto their investments through volatility [3] - The introduction of Ethereum and smart contracts in the mid-2010s, along with accessible exchanges, significantly increased wealth in the crypto space [4] - Crypto billionaires tend to be younger, globally minded, and tech-focused, with their success stories highlighting vision and risk-taking [5] Group 2: Notable Crypto Billionaires - Changpeng Zhao (CZ) founded Binance in 2017, which became the largest cryptocurrency exchange, but faced regulatory challenges and legal issues [6][7][8] - The Winklevoss twins invested in Bitcoin early and later launched the regulated exchange Gemini, positioning themselves as advocates for compliance [9][10] - Vitalik Buterin created Ethereum, focusing on technology and ideals, and has donated millions to various causes, showcasing a different approach to wealth [11][12][13] - Brian Armstrong co-founded Coinbase to simplify crypto access for retail investors, leading to its status as the largest U.S.-based exchange [14][15][16] - Sam Bankman-Fried, founder of FTX, initially achieved great wealth but faced a dramatic downfall due to fraud, highlighting the risks in the industry [17][18] Group 3: The Future of Crypto Wealth - The stories of crypto billionaires reflect the industry's evolution from obscure beginnings to significant valuations, with some building enduring platforms while others serve as cautionary tales [19][20] - Future billionaires are expected to emerge from technological advancements rather than mere speculation, reshaping the financial landscape [20][21]

Crypto bros are fighting over the industry’s version of The Bachelor’s final rose. Over the past week, a handful of companies, including Stripe’s Bridge and a startup connected to Paxos, have submitted proposals to launch a stablecoin on the blockchain Hyperliquid. Every suitor is eyeing the almost $6 billion in stablecoins traded on the blockchain’s biggest exchange. “Hyperliquid has grown men writing public love letters to their protocol so that they may be picked as a partner,” wrote Mert Mumtaz, CEO o ...

Core Insights - Bitget has integrated Switchboard (SWTCH) into its Launchpool and has opened spot trading for the SWTCH/USDT pair, with trading starting on September 9, 2025, and withdrawal functionality available from September 10, 2025 [2] - A total of 5.5 million SWTCH tokens will be distributed as rewards during the Launchpool event, which runs from September 9 to September 11, 2025 [2] - Users can participate by locking BGB or SWTCH tokens, with the BGB lock pool allowing users to lock between 5 to 50,000 BGB to share in 5 million SWTCH tokens, and the SWITCH pool allowing locks of 500,000 to 5 million SWITCH to share in 500,000 SWTCH tokens [2] Company Overview - Bitget is a leading cryptocurrency exchange and Web3 company, established in 2018, serving over 120 million users across more than 150 countries [5] - The exchange is known for its innovative solutions, including copy trading features, and aims to expand its trading pairs from over 800 to more than 900 [4] - Bitget's wallet supports over 130 blockchains and millions of tokens, facilitating multi-chain trading, staking, and payments [5] Product and Technology - Switchboard is described as the fastest and most customizable permissionless oracle network, designed for users who prioritize speed and decentralization [3] - It currently safeguards billions of dollars in assets across over 51 protocols, with data transmission speeds three times faster than competitors [3] - The integration of Switchboard into Bitget's ecosystem enhances the speed and reliability of data access for users, enabling more opportunities in decentralized finance and on-chain trading [4]

Core Insights - Binance has formed a strategic partnership with Franklin Templeton to develop new digital asset initiatives and investment solutions for a wide range of investors [1] - The collaboration aims to integrate Franklin Templeton's expertise in compliant tokenization of securities with Binance's global trading infrastructure [2] Leveraging Tokenization and Market Infrastructure - The partnership seeks to enhance transparency, efficiency, and accessibility in global capital markets by combining Franklin Templeton's tokenization experience with Binance's market infrastructure [3] - The companies plan to co-create products that offer competitive yields and improve settlement processes [3] Bridging Traditional and Decentralized Finance - The executives from both firms emphasized the potential of tokenization to connect traditional finance with decentralized finance [5] - Franklin Templeton has made significant investments in blockchain solutions, including its Benji Technology Platform for tokenized securities [5] Industry Implications - The partnership is timely, as institutional adoption of digital assets is increasing, driven by interest in tokenized funds and blockchain-enabled investment vehicles [8] - Both companies view the collaboration as a response to rising client demand for secure, regulated, and scalable digital asset products [8]

Core Insights - Ethena (ENA) has submitted a proposal to issue Hyperliquid's upcoming stablecoin, joining a competitive bidding process that includes companies like Paxos, Sky, Frax, and Agora [1][4] - The proposed stablecoin will be fully backed by Ethena's USDtb, which is issued in partnership with Anchorage Digital and backed by BlackRock's BUIDL fund [1][2] - Ethena has committed to directing 95% of net revenue from USDH reserves back to the Hyperliquid ecosystem and will facilitate the migration of existing USDC trading pairs to USDH [3] Company and Industry Summary - Ethena aims to provide institutional-grade cash management and on-chain liquidity through its USDtb stablecoin, which is fully backed by BUIDL [2] - The competition for the issuance of Hyperliquid's USDH stablecoin is intensifying, with nearly $400 billion in perpetual trading volume executed by Hyperliquid last month, making it a lucrative opportunity for stablecoin providers [4] - Validators are scheduled to vote on the proposals for the stablecoin issuance on September 14 [4]

Core Insights - MYX Finance's native token (MYX) experienced significant volatility, with over $40 million liquidated in a single day as its price surged from $0.10 to $16 over the past 60 days [1][2] - The token's price movement included a targeted short squeeze that escalated its value from $4 to $8, raising concerns about market manipulation [1][2] - MYX Finance, a decentralized exchange, has a total value locked (TVL) of $55 million and open interest of $5 million, which is significantly lower compared to competitors like HyperLiquid [2] - Despite its lower TVL, MYX has a fully diluted market value of $17.7 billion, closely rivaling HyperLiquid's market cap of $17.5 billion [3] - Over 80% of MYX's supply is currently locked, with only 197 million tokens in circulation, indicating potential for price manipulation due to the limited supply [3] - MYX has rapidly ascended to become the 36th largest cryptocurrency by market cap [3]

Core Insights - The governance token of Ethena (ENA) has surged to its highest value since late January, driven by the protocol's move to activate a fee switch that will distribute revenues to token holders [1][2] - The token reached 87 cents, marking an 8.3% increase in the last 24 hours and over 20% in a week [1][2] Group 1: Recent Developments - Binance announced it will list USDe, Ethena's $13 billion yield-generating token, which is crucial for enabling the fee switch mechanism [2] - Ethena generated $54 million in revenue last month and over $480 million since its launch in late 2023 [2] Group 2: Market Dynamics - The listing of USDe on Binance is expected to unlock $500 million for buybacks, according to a prominent investor [3] - Ethena's USDe token has grown significantly, increasing from $5.5 billion in mid-July to nearly $13 billion as investors seek yields [4] Group 3: Yield Generation Strategy - The strategy behind USDe involves using bitcoin, ether, and Solana as backing assets, generating revenue from positive perpetual funding rates [5] - USDe currently offers a 6.5% annualized yield for stakers, outperforming traditional money market funds and lending rates on DeFi platforms [5] Group 4: Expansion Initiatives - Ethena is participating in the digital asset treasury trend, with firms like StablecoinX and TLGY raising $530 million to acquire ENA tokens [6] - The protocol is also launching a native stablecoin for the Ethereum scaling network MegaETH and is considering entering the stablecoin issuance market for Hyperliquid's upcoming stablecoin [6]