The Core Foundation has secured an injunction against Maple Finance, as the nonprofit alleges that Maple was misusing confidential information to create a competing Bitcoin yield product following a previous collaboration. The pair teamed up earlier this year to develop a Bitcoin yield product called IstBTC. The Core Foundation claims that Maple has used the collaborative work, while still taking the Foundation’s money, to create a “rival product” called syrupBTC. This would be in direct violation of the 24 ...

Core Viewpoint - The launch of the Bitwise XRP ETF aims to provide investors with exposure to XRP, the third-largest cryptocurrency, which has the potential to transform the global payments market valued at $250 trillion by 2027 [3][5]. Company Overview - Bitwise Asset Management, a global crypto asset manager, manages over $15 billion in client assets and has launched the Bitwise XRP ETF on the NYSE with a management fee of 0.34%, waived for the first month on the first $500 million in assets [2][8]. - The Bitwise XRP ETF is the 49th investment product in Bitwise's portfolio, which includes a variety of crypto investment products across the U.S. and Europe [6]. Product Details - The Bitwise XRP ETF will hold spot XRP, which has a market capitalization exceeding $125 billion and a 13-year operational history [3]. - The XRP Ledger has processed over 4 billion transactions with an average daily volume of $1.9 billion and an average settlement time of 3-5 seconds [3]. - The ETF is designed to help investors gain exposure to XRP, which is positioned to disrupt the cross-border payments market [3][5]. Market Context - The launch comes at a time when the regulatory environment for XRP has improved, allowing for greater potential in utilizing its technology for real-world applications [5]. - The ETF's introduction highlights XRP's significant role in the evolving digital financial ecosystem, providing a new investment avenue for U.S. institutional and retail traders [5].

Core Insights - BitGo has partnered with Deutsche Digital Assets GmbH to provide custody and staking services for the newly launched Safello Bittensor Staked TAO ETP [1] Group 1: Partnership Details - The partnership aims to deliver institutional-grade custody and staking solutions [1] - The Safello Bittensor Staked TAO ETP began trading on the SIX Swiss Exchange [1] Group 2: Product Information - The ETP is developed by Deutsche Digital Assets in collaboration with Safello [1] - The ETP is identified by ISIN: DE000A4APQY4, WKN: A4APQY, and Ticker: STAO [1]

Core Insights - Grayscale Bitcoin Trust (GBTC) has been a significant vehicle for institutional investors seeking indirect exposure to Bitcoin prior to the approval of Bitcoin ETFs in the U.S. [1] - Grayscale Investments has been a pioneer in linking traditional finance (TradFi) with cryptocurrency, allowing institutions to invest in crypto without managing private keys directly [3] - Grayscale is planning to go public with an IPO, having filed with the SEC to list on the NYSE under the ticker GRAY [5][6] Group 1: Grayscale's Investment Products - Grayscale offers a variety of investment products, including the Grayscale Bitcoin Cash Trust (BCHG) and the Grayscale Ethereum Classic Trust (ETCG), which manage over $191 million and $157 million in assets respectively [2] - The Grayscale Digital Large Cap Fund and the Grayscale DeFi Fund are examples of diversified and thematic funds offered by Grayscale [4] Group 2: IPO Structure and Control - The IPO is structured as an "Up-C" transaction, allowing Grayscale to convert from a private to a public company while DCG retains 70% of voting power through Class B shares [6] - Class B shares will not have economic power, meaning they will not earn dividends, which designates Grayscale as a "controlled company" under NYSE rules [6] Group 3: Underwriters - The lead underwriters for Grayscale's IPO include Morgan Stanley, BofA Securities, Jefferies, and Cantor [7]

Grayscale Investments, the company behind the Bitcoin Trust ETF (GBTC) and CoinDesk Crypto 5 ETF (GDLC) among other exchange traded funds, filed to sell shares on the New York Stock exchange, joining the wave of crypto companies that have become publicly traded this year. The company, a subsidiary of crypto-focused venture capital firm Digital Currency Group (DCG),  filed an S-1 form with the U.S. Securities and Exchange Commission (SEC) on Thursday. The number of shares and proposed price range for the o ...

Core Insights - Grayscale Investments has filed for an IPO, marking a significant move for a crypto-native asset manager in 2023 [1][2] - The filing indicates a shift from private ownership to a public listing, with the company managing tens of billions in crypto assets [2][4] - The IPO reflects a more favorable regulatory environment for crypto asset managers in the US [4] Company Developments - Grayscale submitted a confidential IPO draft to the US Securities and Exchange Commission on November 13 [1] - The company manages multiple trusts and ETFs, including a flagship Bitcoin product, and the offering will depend on market conditions and regulatory approvals [2][4] - The firm had previously filed a confidential draft S-1 in July, and the recent confirmation suggests an acceleration of its plans [3] Market Context - Industry analysts project Grayscale's valuation to range from $30 billion to $33 billion [4] - The conversion of Grayscale's Bitcoin trust into a spot ETF has boosted institutional inflows and enhanced its public-market profile [4] - The IPO filing adds to a trend of crypto-sector listings, with Grayscale's scale making it the most closely watched among recent filings [6] Future Outlook - Market analysts expect the earliest listing window for Grayscale to be between late 2025 and early 2026 [3] - Investors are anticipated to look for formal S-1 details and regulatory feedback in the coming months [6] - Major hurdles remain, particularly regarding parent-company exposure through Digital Currency Group, which may influence investor sentiment [5]

Core Viewpoint - Virtune has launched the Virtune Stablecoin Index ETP (STABLE) on multiple European exchanges, marking a significant step in providing regulated investment access to the growing stablecoin market [1][2]. Company Overview - Virtune is a regulated Swedish crypto asset manager that has rapidly expanded its offerings, now managing $400 million in assets and serving over 150,000 investors since its first ETP listing in May 2023 [12][17]. - The company focuses on investor protection and transparency, aiming to educate the market about crypto assets and ETPs [12][17]. Product Details - The Virtune Stablecoin Index ETP is the first of its kind in Europe, providing diversified exposure to the blockchains and assets that support stablecoins [5][10]. - The product is physically backed by underlying crypto assets stored with Coinbase in cold storage and has a 1.95% annual management fee [10]. - It is rebalanced quarterly and trades in SEK and EUR [10]. Market Context - The stablecoin ecosystem is experiencing increasing investor interest, driven by the need for stable digital assets that combine the stability of fiat currencies with blockchain efficiency [2][6]. - The growth of stablecoins is one of the fastest-expanding areas in the global financial market, with rising transaction volumes leading to greater demand for the underlying blockchain infrastructure [7][9]. Investment Rationale - Investing in the Virtune Stablecoin Index ETP allows investors to gain broad exposure to the blockchains driving the growth of the stablecoin market, thereby reducing concentration risk [4][9]. - The index captures the increasing utility and network activity of major blockchains like Ethereum and Solana, which are integral to the stablecoin ecosystem [8][9]. Strategic Partnerships - Virtune collaborates with MarketVector, a leader in digital asset indexes, to create investable index solutions that reflect the dynamic infrastructure supporting stablecoins [14][15].

Core Insights - A series of mergers and acquisitions in the crypto Exchange-Traded Products (ETPs) sector has been observed, with FalconX set to acquire 21shares, a notable player in the market [1][2] - The acquisition allows FalconX to establish a presence in the growing crypto ETP market while 21shares will continue to operate independently [2][4] Company Developments - FalconX announced the acquisition of 21shares on October 22, with undisclosed terms, indicating a strategic move to enhance its ETP business [2][4] - 21shares has been a pioneer in listing Bitcoin ETFs in the U.S. and has quickly adapted to market changes, such as the lifting of restrictions by the Financial Conduct Authority [3][4] Market Trends - The trend of American firms acquiring European crypto ETP providers is evident, with Bitwise's acquisition of ETC Group last year being a notable example [5][7] - CoinShares, Europe's largest digital-asset manager, is also pursuing U.S. expansion through a merger with Vine Hill Capital Investment Corp., indicating a reciprocal trend in the market [6][8]

Core Insights - Institutional confidence in Ethereum remains strong despite its price struggles, with significant purchases from major holders like SharpLink Gaming and BitMine Immersion Technologies [1][3][4] Group 1: Institutional Purchases - SharpLink Gaming increased its Ether holdings by over 19,000 ETH, bringing its total to 859,853 ETH valued at approximately $3.5 billion as of October 19, 2025 [1] - BitMine Immersion Technologies acquired 379,271 ETH, raising its total holdings to over 3 million ETH, which constitutes roughly 2.5% of all Ether in circulation [3] Group 2: Market Conditions - Ethereum's price is currently $3,960, reflecting a 0.7% decline over the past 24 hours and a 12% drop over the past month, influenced by macroeconomic factors including tariffs on Chinese goods [2] - SharpLink's recent purchase of 19,271 ETH was made at an average cost of $3,892 per ETH, capitalizing on what the company described as "attractive market conditions" following a market sell-off [4] Group 3: Capital Raising and Strategy - SharpLink raised $76.5 million through a direct equity offering, allowing it to purchase ETH at lower market prices, which is expected to be accretive to shareholders [5] - The company's updated balance sheet indicates it holds 601,143 native ETH and an additional 258,710 ETH from a liquid staking derivative [5]

Core Insights - Ripple is supporting a new publicly traded XRP treasury firm named Evernorth, which aims to raise over $1 billion and has enlisted key Ripple backers for its initiative [1][2] - The deal is expected to close in Q1 2026, with net proceeds exceeding $1 billion primarily intended for purchasing XRP on the open market [2] - Evernorth's strategy includes generating returns for shareholders while enhancing XRP's utility and adoption, maintaining independent governance but receiving strategic advisory from Ripple executives [3][4] Company Strategy - Evernorth aims to capitalize on traditional finance yield generation strategies and explore decentralized finance (DeFi) yield opportunities, contributing to the growth of the XRP ecosystem [3] - The firm plans to engage in validator operations, DeFi, and market development by providing liquidity and participating in projects that advance XRP [5] - Evernorth's $1 billion XRP treasury would position it as the largest publicly traded XRP reserve, with other firms also planning significant XRP acquisitions [6]