As Grayscale pushes ahead with plans for a $33 billion initial public offering, mounting legal troubles tied to the collapse of Genesis Global Capital are threatening to overshadow the milestone listing, according to the Financial Times. Barry Silbert, the founder of Digital Currency Group (DCG), is spearheading the effort to take Grayscale public, a move that would mark the first major public offering by a crypto asset manager. But ongoing lawsuits connected to Genesis’s bankruptcy continue to cast unce ...

Crypto asset manager Bitwise has filed an S-1 registration for an Aptos ETF to formalize its proposal, following initial administrative steps to register the trust entity in the state of Delaware. An S-1 registration is a formal document required by the U.S. Securities and Exchange Commission (SEC) for a new security, like a crypto ETF, to be offered to the public. The Bitwise Aptos ETF filing is just the initial step, and the approval timeline can take several months or longer. Bitwise Aptos ETF Face ...

Core Insights - Virtune, a Swedish regulated crypto asset manager, has launched the Virtune Sui ETP on Euronext Paris, enhancing its portfolio of physically backed crypto exchange-traded products in Europe [1][3]. Company Overview - Virtune has gained the trust of over 150,000 investors since its inception two years ago, managing over USD 475 million in assets [2][7]. - The company is recognized as one of the leading issuers of regulated crypto ETPs in Europe, with a product portfolio that includes 19 ETPs [7]. Product Launch - The Virtune Sui ETP is now available for investors, featuring an industry-leading annual management fee of 0.95%, making it the most cost-efficient Sui ETP in Europe [3][5]. - This ETP is also set to be listed on local German exchanges, including gettex and Tradegate, to facilitate better distribution in the German market [3]. Security and Custodianship - Coinbase acts as the crypto custodian for all of Virtune's ETPs, ensuring institutional-grade security with the underlying crypto assets stored in cold storage [4][8]. Sui Blockchain - Sui is a next-generation blockchain capable of handling high transaction volumes with low fees and near-instant finality, supporting scalable applications in gaming, DeFi, and NFTs [6].

Core Insights - Virtune, a Swedish regulated crypto asset manager, has launched the Virtune Sui ETP on Euronext Paris, enhancing its portfolio of physically backed crypto exchange-traded products in Europe [1][3]. Company Overview - Virtune has gained the trust of over 150,000 investors since its inception two years ago, managing over USD 475 million in assets [2][7]. - The company is recognized as one of the leading issuers of regulated crypto ETPs in Europe, with a product portfolio that includes 19 ETPs [7]. Product Launch - The Virtune Sui ETP is now available for investors, featuring an industry-leading annual management fee of 0.95%, making it the most cost-efficient Sui ETP in Europe [3][5]. - This ETP is also set to be listed on local German exchanges, including gettex and Tradegate, to facilitate better distribution in the German market [3]. Security and Custodianship - Coinbase acts as the crypto custodian for all of Virtune's ETPs, ensuring institutional-grade security with the underlying crypto assets stored in cold storage [4][8]. Sui Blockchain Overview - Sui is a next-generation blockchain capable of handling high transaction volumes with low fees and near-instant finality, supporting scalable applications in gaming, DeFi, and NFTs [6].

Core Insights - The slowdown in corporate crypto treasury purchases has significantly impacted market prices, which are already sensitive to inflation and macroeconomic uncertainties [1][2][4] - Bitcoin treasury buys have dropped to 12,600 BTC in August and 15,500 BTC so far in September, totaling less than half of July's acquisitions [3] - The decline in treasury activity has led to increased market volatility and a lack of confidence in the balance-sheet-as-strategy narrative [2][4] Company and Industry Impacts - Companies like Helius Medical Technologies and BitMine Immersion have seen their share prices drop significantly, with Helius falling 38% and BitMine down more than 13% over the past week [4] - The absence of steady corporate buying has left the market more vulnerable to volatility, as corporate demand was a key factor supporting prices [4] - Despite recent purchases, companies like Metaplanet have also experienced declines in share prices, indicating broader market challenges [5]

Core Insights - Keyrock reports a significant increase in assets under management (AUM) in the onchain asset management sector, estimating a surge of 118% in 2025 to reach $35 billion, with potential growth to $64 billion or $85 billion by 2026 depending on market momentum [1][2] Group 1: Market Performance - Discretionary strategies have shown exceptional growth, increasing by 738% year-to-date, indicating a shift towards onchain investing as a viable alternative to traditional finance [2] - The report identifies three leading protocols—Morpho, Pendle, and Maple—that collectively control 31% of the industry's AUM, highlighting both leadership in scaling and concentration risk [2] - Yield vaults are the primary entry point for investors, holding $18 billion in deposits, demonstrating their popularity among allocators [2] Group 2: Liquidity and Returns - While smaller wallets are numerous, larger investors (whales and dolphins) contribute 70%–99% of capital across various strategies, emphasizing their importance in providing liquidity [3] - The performance of onchain investments has matured, with net returns now competitive with traditional markets, although not consistently higher; automated yield vaults outperformed traditional finance peers by approximately 186 basis points after fees [3] - Discretionary strategies have delivered results akin to hedge funds, offering additional benefits of liquidity and transparency [4] Group 3: Strategic Expansion - Keyrock has expanded its operations into asset and wealth management through the acquisition of Turing Capital, a Luxembourg-registered fund manager, indicating a strategic move to enhance its service offerings [4][5]

Core Insights - Reserve, a crypto firm, launched the Large Cap Index DTF (LCAP) on September 24, 2025, positioning it as a decentralized alternative to traditional ETFs, providing instant exposure to digital assets through a single investment [1][5]. Group 1: Product Overview - LCAP tracks a diversified basket of ten large-cap cryptocurrencies, including Bitcoin, Ethereum, and XRP, allowing traders to gain exposure to leading crypto assets with the simplicity of ETFs [2][3]. - The index token is launched in partnership with CF Benchmarks, a U.K. FCA-regulated crypto index provider, which is also behind BlackRock's Bitcoin ETF [2][3]. Group 2: Market Impact - LCAP offers exposure to approximately 95% of the total cryptocurrency market cap, backed 1:1 by crypto assets held in smart contracts, which are rebalanced quarterly [4][5]. - The product allows traders to redeem the DTF for the underlying crypto assets, ensuring its value remains aligned with those assets [4]. Group 3: Industry Perspective - The CEO of ABC Labs highlighted that LCAP provides a decentralized, diversified index-based investment product that mimics the characteristics of an ETF while leveraging the speed and availability of crypto [5]. - CF Benchmarks' CEO emphasized that LCAP will deliver diversified exposure to the largest digital assets through a single tokenized vehicle, opening new paths for investors to access the market at scale [5].

Core Viewpoint - Grayscale has achieved a significant milestone with the SEC's approval of the Grayscale Digital Large Cap Fund (GDLC), which will soon be listed on the NYSE, potentially attracting institutional interest in cryptocurrency investments [1][2]. Group 1: Fund Details - The GDLC fund will include the top five digital assets by market capitalization: Bitcoin, Ethereum, XRP, Solana, and Cardano [1][2]. - Bitcoin constitutes over 72% of the fund's portfolio, followed by Ethereum at over 17%, with XRP, Solana, and Cardano making up 5.62%, 4.03%, and 1% respectively [2]. Group 2: Market Impact - The launch of the GDLC fund on Wall Street is expected to generate strong institutional interest in cryptocurrency [2]. - The approval of the GDLC fund may facilitate the introduction of multi-asset crypto ETFs from other asset managers, as noted by ETF specialist Nate Geraci [3]. Group 3: Regulatory Context - Earlier in July, the SEC had postponed its decision on Grayscale's proposal to convert the GDLC into an exchange-listed ETP, citing the need for further review [4]. - With the introduction of Generic Listing Standards, the process for launching additional crypto ETPs is anticipated to be more efficient [4]. Group 4: Future Initiatives - Grayscale is actively pursuing the establishment of various crypto ETFs, including a recent application to convert its Chainlink Trust into an exchange-traded fund [5].

Core Insights - The trend of publicly traded companies adopting crypto treasury strategies has expanded from Bitcoin to a variety of digital assets, particularly Ethereum, with key figures like Tom Lee and Joe Lubin advocating for this shift [1][2]. Group 1: Ethereum Treasury Accumulation - Public entities with Ethereum treasuries hold nearly 5 million ETH, valued at over $22 billion, representing more than 4% of the total supply [2]. - BitMine Immersion Technologies, led by Tom Lee, has acquired 2,151,676 ETH, worth approximately $9.65 billion, following a $250 million PIPE fundraising round [3][4]. - SharpLink Gaming holds the second-largest publicly traded ETH treasury with 838,152 ETH, valued at around $3.86 billion, and aims to reach a goal of 1 million ETH [5][6]. Group 2: Leadership and Strategic Moves - Tom Lee's aggressive buying strategy includes ambitious price predictions for ETH, with a target of $60,000, and plans to raise $4.5 billion, later upsized to $20 billion, to expand BitMine's Ethereum treasury [4]. - SharpLink Gaming's chairman, Joe Lubin, is a co-founder of Ethereum and has been instrumental in the company's pivot towards Ethereum, raising funds through various means, including a recent $400 million direct offering and plans to collect up to $6 billion via stock sales [6].

Group 1: AVAX Price Movement - AVAX, the native token of the Avalanche blockchain, experienced a 7% increase on September 15 following Bitwise's Avalanche ETF filing [1] - Over the past week, AVAX has shown significant strength with a 17.5% gain, making it one of the top-performing altcoins [2] - The token has surpassed its $30 resistance level, with daily trading volumes increasing by 10% to over $1.25 billion, indicating strong bullish sentiment [2] Group 2: Market Trends and Indicators - A breakout above the multi-year descending trendline could signal the end of the long-term downtrend, potentially leading to an AVAX price rally to $135 [3] - The open interest in AVAX futures has surged by 10% to $1.45 billion, reflecting increased market activity [3] - The total value locked (TVL) in the Avalanche ecosystem has risen to $2.09 billion, up from $1.93 billion a week earlier, indicating a significant uptick in user activity [3] Group 3: Decentralized Exchange and Stablecoin Market - Decentralized exchange (DEX) volumes on Avalanche have remained above $2 billion for eight consecutive weeks, showcasing consistent trading activity [4] - The stablecoin market cap on the Avalanche chain has increased nearly 5% to $2.31 billion, further highlighting growth in the ecosystem [4] Group 4: Avalanche ETF Filing - Bitwise has submitted an Avalanche ETF filing to the U.S. Securities and Exchange Commission (SEC), aiming to provide direct exposure to AVAX by holding it in custody [5] - The fund's shares are planned to be listed on a U.S. exchange, with net asset value tracking the CME CF Avalanche-Dollar Reference Rate [5] - Coinbase Custody Trust Company has been appointed as the custodian for the Avalanche assets held by the trust [6]