Upexi (NASDAQ: UPXI) has terminated its asset management agreement with crypto research and trading firm GSR Strategies. According to a Form 8-K filing with the U.S. Securities and Exchange Commission, the termination became effective on Dec. 26, 2025, following months of disputes between the two parties over alleged contractual breaches. The agreement, originally signed on Apr. 23, 2025, governed how GSR managed Upexi’s digital asset treasury, which includes exposure to Solana. What is Upexi? Upexi is ...

Core Insights - Bitwise Asset Management has launched the Bitwise Dogecoin ETF (NYSE: BWOW), which will begin trading on November 26, 2025, allowing investors to gain exposure to Dogecoin in an exchange-traded product format [1][3]. Company Overview - Bitwise Asset Management is a global crypto asset manager with over $15 billion in client assets and offers more than 40 crypto investment products, including ETFs and private funds [4]. - The firm has an eight-year track record and serves over 4,000 private wealth teams, RIAs, family offices, and institutional investors, along with 15 banks and broker-dealers [4]. Product Details - The management fee for the Bitwise Dogecoin ETF is set at 0.34%, with a promotional fee of 0% for the first month on the first $500 million in assets [3]. - Dogecoin, created in 2013, is currently the seventh-largest cryptocurrency by market capitalization, valued at approximately $22 billion, with $1 billion traded daily on centralized exchanges [8]. Market Context - Dogecoin started as a meme and has maintained its relevance and value over the years, appealing to a community of millions of holders who seek exposure to crypto assets [2]. - The ETF aims to cater to the demand from Dogecoin holders for a more structured investment vehicle [2].

Core Insights - Grayscale is pursuing a $33 billion initial public offering (IPO), but legal issues related to the collapse of Genesis Global Capital are creating uncertainty around the listing [1][2] - Barry Silbert, founder of Digital Currency Group (DCG), is leading the IPO efforts, marking a significant event as it would be the first major public offering by a crypto asset manager [1] Legal Challenges - The Genesis Litigation Oversight Committee (LOC) has filed two lawsuits totaling $1.2 billion against Silbert, DCG, and others, alleging mismanagement and exploitation of Genesis [3][4] - The lawsuits claim that DCG treated Genesis as its "treasury" and manipulated disclosures while misusing creditor funds [3] - The bankruptcy court complaint seeks to recover over $1.2 billion in transfers made before Genesis's collapse, including claims of improper payments [4] DCG's Defense - DCG and Silbert are attempting to dismiss the lawsuits, asserting they acted in good faith during a broader market downturn that affected multiple crypto lenders [4][5] - A DCG spokesperson emphasized the company's efforts to save Genesis and prevent its bankruptcy amid market distress [5] Market Scrutiny - Industry observers indicate that underwriters and regulators will closely examine DCG's financial ties with Genesis and its disclosures to investors before any public listing can proceed [6] - The legal disputes stem from the fallout of Three Arrows Capital's collapse in June 2022, which led to significant financial entanglements for DCG [6] Genesis's Claims - Genesis alleges that DCG and its executives used a $1.1 billion promissory note to hide the true extent of the firm's financial issues prior to bankruptcy [6] - In response to Genesis's claims, DCG filed a countersuit seeking $1.1 billion in relief from the promissory note and $105 million for alleged overpayments [7]

Product Launch - Phantom launched "Phantom Cash," a digital money account integrating payments and digital assets [1] - Phantom Cash aims to make crypto accessible for regular transactions [1] - Phantom's ecosystem includes over 15 million users, making CASH the default stablecoin within the wallet [3] Key Features - Users can fund accounts by linking a bank or card for immediate use [1] - The service supports crypto transactions without fees on stablecoins and includes payment options through Apple Pay, Google Pay, and Visa [2] - Peer-to-peer transfers can be made within the platform [2] - Phantom Cash is based on CASH, a stablecoin fully backed 1:1 by USD [3] Ecosystem & Integration - CASH allows developers and businesses that issue it to take part in network revenue [3] - Additional support includes onchain liquidity, market-maker participation, Solana DeFi connections, and planned acceptance through Stripe Checkout [4] - Phantom is positioned as a platform combining digital assets and traditional payment methods [4]

Core Insights - CoinShares International Limited has become the first major European asset manager to receive authorisation under the Markets in Crypto-Assets (MiCA) Regulation, marking a significant milestone in the European digital asset industry [1][4] - This authorisation allows CoinShares to offer comprehensive investment services across all asset classes throughout the European Union, positioning the firm uniquely in the market [2][6] Regulatory Achievements - CoinShares is now the only asset management firm in continental Europe with a combination of AIFM, MiFID, and MiCA licenses, enabling it to provide institutional-grade portfolio management services [2][7] - The MiCA authorisation addresses a critical gap in the European crypto investment landscape, ensuring proper licensing and organisational structure for asset management [3][4] Market Positioning - The regulatory framework positions CoinShares as a leader in professional active management services for both traditional and digital assets, with a commitment to governance and accountability [5][8] - CoinShares operates under multiple regulatory bodies, including the Jersey Financial Services Commission and the Autorité des marchés financiers in France, enhancing its credibility in the market [9]

Group 1 - Lion Group Holding Ltd. has purchased additional HYPE tokens, reaching approximately $7 million in combined purchases of HYPE, SOL, and SUI for its treasury reserve [1] - The treasury holdings as of July 7, 2025, will be updated periodically as the company expands its treasury reserve [2] - The company operates a comprehensive trading platform offering various products and services, including total return swap trading, contract-for-difference trading, over-the-counter stock options trading, and futures and securities brokerage [3] Group 2 - The company holds 128,929 HYPE tokens, 6,629 SOL tokens, and 356,129 SUI tokens [6]

Core Insights - Lion Group Holding Ltd. has completed its initial acquisition of Hyperliquid (HYPE) tokens, marking the first strategic purchase under its HYPE treasury initiative [1][2] - The acquisition aligns with the company's commitment to building a next-generation layer-1 treasury, viewing HYPE as a foundational asset in decentralized finance [2] - The company has closed $11 million in principal amount under a $600 million convertible debenture facility, with plans for further token acquisitions using net proceeds [2][3] Financial Details - The company acquired HYPE tokens for $2 million at an average price of approximately $37.30 per token [7] - At least 75% of net proceeds from future closings of the convertible debenture facility will be allocated to token acquisitions for the treasury reserve [3] - The remaining funds will support broader crypto operations, on-chain initiatives, and working capital [3] Company Overview - Lion Group Holding Ltd. operates a comprehensive trading platform offering various products and services, including total return swap trading, contract-for-difference trading, OTC stock options trading, and futures and securities brokerage [4]