Liz Coyne

Why Institutions are Waiting on the Crypto Sidelines

Macauley Peterson

Ethereum developers have locked in the testnet rollout for the Fusaka upgrade, paving the way for mainnet activation and turning their sights to the next hard fork, Glamsterdam.



During Thursday’s All Core Devs call #221, contributors confirmed <a href="https://blockworks.co/news/ethereum-devs-fusaka-conflict">testnet timelines</a>, approved a long-anticipated gas limit bump, and advanced early plans for Glamsterdam, including a proposal to formalize EIP “champions.”



<h2 class="wp-block-heading">Fusaka testnet schedule, gas limit raised to 60M</h2>



Fusaka will activate on Holesky on October 1, followed by Sepolia two weeks later, and Khudai two weeks after that. Each testnet will enable blob parameter optimizations (BPOs) one week after Fusaka itself. The full timeline is now published in <a href="https://eips.ethereum.org/EIPS/eip-7607">META EIP-7607</a>. The precise mainnet date remains TBD.



Speaking of <a href="https://blockworks.co/news/ethereum-blobs-balancing-act">blobs</a>, on-chain data shows blobs have now roughly hit the network’s target usage for the first time since their introduction, thanks to a steady rise over the past month. The average number of blobs per block climbed to just shy of 6 on Thursday.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1600" height="889" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-176.png?w=1024&amp;h=1024" alt="" class="wp-image-108403" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-176.png?w=1600 1600w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-176.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-176.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-176.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-176.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-176.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-176.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-176.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-176.png?w=80 80w" sizes="auto, (max-width: 1600px) 100vw, 1600px" /><figcaption class="wp-element-caption">Source: <a href="https://app.blockworksresearch.com/analytics/ethereum?dashboard=77">Blockworks Research</a></figcaption></figure>



Dragonfly data head hildobby <a href="https://x.com/hildobby/status/1970875271843872815">noted</a> that “2/3 of blobspace [is] being occupied by Base and World,” with Base alone accounting for 42% of current usage.



In response to growing concerns about validator storage burdens and MEV inefficiencies, Vitalik Buterin <a href="https://x.com/VitalikButerin/status/1970983281090085200">reassured</a> the community: “Fusaka will fix this. But also, safety first is of the utmost importance for Fusaka. The core feature, PeerDAS, is trying to do something pretty unprecedented: have a live blockchain that does not require any single node to download the full data.”



Client releases — the software running on those nodes — are expected imminently. “Congrats everyone. It’s been a long, long sprint to get the Fusaka releases,” project coordinator Tim Beiko said on the call.



The upgrade will also include a default gas limit increase to 60 million, which has already been adopted on testnets and finalized under <a href="https://eips.ethereum.org/EIPS/eip-7935">EIP-7935</a>.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">1/ First of all, raising the gas limit means each block can carry more data: • More transactions. • Higher throughput. • Greater efficiency for the network&#39;s users and apps. Gas limit changes are automatic once more than 50% of validators signal in favor.&mdash; everstake.eth (💙,💛) (@eth_everstake) <a href="https://twitter.com/eth_everstake/status/1971556278615830659?ref_src=twsrc%5Etfw">September 26, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Mainnet validators are expected to adopt the 60M target prior to Fusaka activation, Beiko said.



<h2 class="wp-block-heading">Glamsterdam devnet planned for October</h2>



Looking ahead, developers confirmed that Execution-layer Proposer-Builder Separation (ePBS) and Block Access Lists (BALs) remain on track for inclusion in the Glamsterdam upgrade. A first devnet is tentatively scheduled for October, pending progress on implementation.



With 23 EIPs already proposed for Glamsterdam, coordination is becoming more complex. To improve accountability, contributors floated a governance idea: the EIP Champion Role.



“The idea is to clearly spell out the point of contact for each proposed EIP in a given fork,” said Marc Garreau protocol support at the Ethereum Foundation (EF). Beiko added that “whoever opens the [Proposed For Inclusion Pull Request] should be considered the champion,” linking the role to existing coordination processes.



Beiko will be handing off his ACD moderation duties to the EF’s Ansgar Dietrichs for starting with the next ACD call for the remainder of 2025.



As Ethereum prepares for its next phase of protocol upgrades, developers are balancing release discipline with innovation, aiming to land both technical improvements and a smoother process ahead of the 2026 hard fork.



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Ethereum devs finalize Fusaka testnet rollout

Jito has launched its Block Assembly Marketplace (BAM) on the Solana mainnet, marking a major transition from its proprietary block engine to an open-source framework.



The rollout, <a href="https://solanafloor.com/news/jito-s-bam-live-on-mainnet-but-more-block-builders-are-coming">confirmed</a> on Sept. 25, introduces a new architecture for block construction that emphasizes transparency, privacy, and application-level customization.



Validators are now onboarding to BAM, which allows developers to use a plugin framework enabling “application-controlled execution” (ACE) for custom ordering logic in trading platforms, including central limit order books and derivatives exchanges.



The shift could significantly expand Solana’s developer ecosystem. Cindy Leow, co-founder of Drift, said BAM could help realize Solana’s long-stated ambition of becoming an “onchain NASDAQ.” JitoDAO, the community governance arm of the protocol, stands to benefit directly.



Earlier this month, $JTO holders unanimously voted to redirect Jito Labs’ share of engine and BAM fees to the DAO. Jito co-founder Lucas Bruder estimates that BAM could generate an additional $15 million in annual revenue on top of the $4.7 million earned in Q3.



Jito already dominates Solana infrastructure, with more than 97% of the network using its validator client and its liquid staking token, jitoSOL, commanding the largest market share. However, competition is emerging.



On September 23, rival infrastructure provider Raiku announced it had raised $13.5 million across pre-seed and seed rounds, with Pantera Capital leading the latest financing. Meanwhile, Anza is upgrading its Agave validator client to improve speed and reliability.



Updated 9/26/2025 at 4 p.m. ET to correct the raise amount for Raiku. 



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This article was generated with the assistance of AI and reviewed by editor&nbsp;<a href="mailto:jeffrey@blockworks.co" target="_blank" rel="noreferrer noopener">Jeffrey Albus</a>&nbsp;before publication.



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Jito launches BAM on Solana mainnet amid rising competition

David Canellis

Whether CZ is “officially” back at Binance is besides the point. Tokens in his orbit have rallied hard — and the common denominator is CZ’s $10-billion family office, YZi Labs, formerly Binance Labs.



BNB continued its rally to set a new all-time high at the start of this week, reaching close to $1,100 for the first time ever to bounce off a $150-billion market cap.



And if you compare its chart to BTC, ETH and SOL, it’s clear that at least until recently, BNB had kept up momentum where others have stalled.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1575" height="1179" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-172.png?w=1024&amp;h=1024" alt="" class="wp-image-108388" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-172.png?w=1575 1575w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-172.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-172.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-172.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-172.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-172.png?w=343 343w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-172.png?w=349 349w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-172.png?w=293 293w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-172.png?w=80 80w" sizes="auto, (max-width: 1575px) 100vw, 1575px" /><figcaption class="wp-element-caption">BNB was trending up while BTC and ETH went sideways — before the recent correction.</figcaption></figure>



For sure, two well-timed announcements for BNB treasury companies had something to do with that. But only CEA Industries via its asset management arm <a href="https://www.globenewswire.com/news-release/2025/08/05/3127489/0/en/CEA-Industries-Closes-500-Million-Private-Placement-to-Advance-Its-BNB-Treasury-Strategy-Common-Stock-Ticker-to-Become-BNC.html">BNB Network Company</a> is active right now, and it’s accumulated BNB worth a little over $420 million per <a href="https://blockworks.com/analytics/treasury-companies">Blockworks Research data</a> so far.&nbsp;



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1190" height="802" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-174.png?w=1024&amp;h=1024" alt="" class="wp-image-108390" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-174.png?w=1190 1190w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-174.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-174.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-174.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-174.png?w=381 381w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-174.png?w=387 387w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-174.png?w=325 325w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-174.png?w=80 80w" sizes="auto, (max-width: 1190px) 100vw, 1190px" /><figcaption class="wp-element-caption">CEA Industries is currently 12th by NAV ranking, per Blockworks Research data, behind Bit Digital, which accumulates ETH.</figcaption></figure>



No doubt that’s a solid stack, but it’s only a fraction of a percent of BNB’s circulating supply.&nbsp;



Is that really why BNB is up?



<h2 class="wp-block-heading">A real Aster-oid</h2>



Meanwhile, ASTER, the token tied to the newish perps DEX of the same name and backed by CZ’s YZi Labs, rocketed to its own price record almost simultaneously with BNB.&nbsp;



ASTER then followed through with an even higher one a few days later when it skirted a $3.9 billion market cap.



Aster has been deployed across multiple chains but the majority of its activity is so far concentrated on BNB Chain. It offers up to 1001x leverage and looks like the number one perps DEX by volume over the past seven days, according to DeFiLlama, posting $101.7 billion compared to Hyperliquid’s $64.6 billion as of earlier today.



Hyperliquid only supports up to 40x leverage, but the real differentiator is likely Aster’s humongous points campaign that promises to distribute 50% of ASTER’s entire supply via airdrops to users.&nbsp;



“Traders accumulate points through metrics such as trading volume, position holding time, referral activities, team boosts, using Aster’s asBNB and USDF as margin, and on every profit or loss realized during the event. Stage 2 kicks off immediately, setting the stage for token distribution in Q4 2025,” per a <a href="https://cointelegraph.com/press-releases/aster-s-next-era-begins-airdrop-points-stage-2-live-tge-countdown-begins">promo</a> from earlier this month.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1575" height="1176" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-171.png?w=1024&amp;h=1024" alt="" class="wp-image-108387" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-171.png?w=1575 1575w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-171.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-171.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-171.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-171.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-171.png?w=344 344w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-171.png?w=350 350w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-171.png?w=293 293w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-171.png?w=80 80w" sizes="auto, (max-width: 1575px) 100vw, 1575px" /><figcaption class="wp-element-caption">The straight line up coincided with the ASTER TGE and a string of bullish tweets from CZ.</figcaption></figure>



Aster is the result of a March 2025 merger between liquidity hub <a href="https://www.yzilabs.com/blog/binance-labs-invests-in-astherus-to-maximize-the-real-yield-of-assets-for-defi-users">Astherus</a> and decentralized exchange APX Finance, which launched in early 2022. The APX token was recently rebranded as ASTER, and existing APX holders could redeem their tokens for ASTER at a 1:1 ratio as of last week, when the new token was created.&nbsp;



The chart above stitches the APX token’s original trading history with the new ASTER token, and plots it against Hyperliquid’s HYPE, in log view.



Still, there are real concerns about the concentration of ASTER’s supply and the impact that influencer whales have had on its price action. CZ has <a href="https://x.com/cz_binance/status/1969622959779180666">cheered</a> on more attention-grabbing interactions — like MrBeast’s apparent ASTER trades.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">Two whales recently accumulated 118.25M <a href="https://twitter.com/search?q=%24ASTER&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ASTER</a>($270.8M), 7.13% of the circulating supply. 15 wallets (likely the same whale) withdrew 68.25M <a href="https://twitter.com/search?q=%24ASTER&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ASTER</a>($156.3M) from <a href="https://twitter.com/hashtag/Aster?src=hash&amp;ref_src=twsrc%5Etfw">#Aster</a> 4 days ago. Wallet 0xFB3B, which has ties to Daniel Larimer(<a href="https://twitter.com/bytemaster7?ref_src=twsrc%5Etfw">@bytemaster7</a>) and Galaxy Digital, withdrew 50M… <a href="https://t.co/jPXoPhlgTf">pic.twitter.com/jPXoPhlgTf</a>&mdash; Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1971038133203632252?ref_src=twsrc%5Etfw">September 25, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



<h3 class="wp-block-heading">CZ beyond BNB</h3>



Impressive for CZ, who in only February had never before used a decentralized exchange, automated market maker or liquidity pool.



“Dex is so much harder to use&#8230; 😂 … 27 minutes to do a test buy&#8230; Still haven&#8217;t figured out how to add to the liquidity pool. And you have to do this while they are all watching on the blockchain. 😆,” he <a href="https://x.com/cz_binance/status/1893339489944137810">tweeted</a>.



Of course, CZ can be forgiven for not trading on the BNB Chain before this year. He builds teams and ships products — that’s his thing.&nbsp;



Aster’s sudden rush to prevalence only goes to show that for the first time outside of the BNB context, CZ has demonstrated his raw power to move markets as a Key Opinion Leader (KOL).



There were signs: The chart below pinpoints milestones across BNB’s entire trading history. Notice that prices went down while CZ served his brief prison sentence over Binance’s lax KYC/AML practices, as shown by the shaded purple area on the right hand side of the chart.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1578" height="1170" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-173.png?w=1024&amp;h=1024" alt="" class="wp-image-108389" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-173.png?w=1578 1578w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-173.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-173.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-173.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-173.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-173.png?w=347 347w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-173.png?w=352 352w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-173.png?w=295 295w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-173.png?w=80 80w" sizes="auto, (max-width: 1578px) 100vw, 1578px" /><figcaption class="wp-element-caption">The green area shows where CZ officially became active again via his family office.</figcaption></figure>



But BNB went up significantly on his release, and following a brief correction around the time that Binance Labs <a href="https://x.com/BinanceLabs/status/1882428195267559770">transformed</a> into CZ’s family office, the major uptrend continued along with YZi Labs’ <a href="https://www.globenewswire.com/news-release/2025/08/05/3127489/0/en/CEA-Industries-Closes-500-Million-Private-Placement-to-Advance-Its-BNB-Treasury-Strategy-Common-Stock-Ticker-to-Become-BNC.html">funding</a> of the first BNB DAT.



Meanwhile, a second DAT, B Strategy, which is also funded by YZi Labs, is currently <a href="https://www.prnewswire.com/news-releases/b-strategy-to-launch-1-billion-us-listed-bnb-treasury-company-with-yzi-labs-support-302537384.html">pushing</a> to raise $1 billion to fund its own BNB buys — double the capital already earmarked for BNB Network Company.



All this adds up to one uncomfortable point: ASTER’s miraculous debut suggests that crypto has not seen such a powerful influencer as CZ since Do Kwon, with Terra, or Sam Bankman-Fried with FTT and SOL. At least, that’s outside of Michael Saylor and his impact on Bitcoin.



Please, let this be the time that history does not repeat itself. Or rhyme.



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CZ is now crypto’s number one influencer

Zeus Network has launched BitcoinKit, a new set of developer tools designed to make Bitcoin usable inside Solana’s defi ecosystem.



The release was <a href="https://x.com/BitcoinKitDev/status/1971560522681287033">announced</a> during the project’s Epoch 10 update, part of its ongoing effort to bring more Bitcoin liquidity onto Solana without relying on custodians or wrapped tokens.



Zeus functions as a link between the Bitcoin and Solana blockchains. Through its system, users can lock Bitcoin on its native network and receive an equivalent token, called zBTC, on Solana. This design aims to let developers and traders use Bitcoin in DeFi applications while keeping the underlying asset secured on Bitcoin.



The network’s earlier projects <a href="https://zeusnetwork.xyz/developers/">include</a> APOLLO, which mints zBTC. They also created btcSOL, which converts SOL yield into Bitcoin, and LightningFi, which aggregates Bitcoin yield. Together, these applications form the basis of what Zeus calls the “Bitcoin economy on Solana.”



BitcoinKit builds on that foundation by offering a full toolkit for developers, including software libraries, command-line tools, and application interfaces. The goal is to make it easier for apps such as decentralized exchanges, wallets, and cross-chain protocols to integrate Bitcoin directly.



Zeus’s cross-chain model relies on nodes, guardians, and verification mechanisms that will need to be tested under real-world conditions.



This is a developing story.



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This article was generated with the assistance of AI and reviewed by editor&nbsp;<a href="mailto:jeffrey@blockworks.co" target="_blank" rel="noreferrer noopener">Jeffrey Albus</a>&nbsp;before publication.



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Zeus launches BitcoinKit to plug BTC directly into Solana DeFi

Riot Platforms, a Texas-based company best known for running one of the largest bitcoin mining operations in North America, just won rare back-to-back upgrades from major Wall Street banks. 



Reporting from Coindesk <a href="https://www.coindesk.com/markets/2025/09/26/riot-gets-double-upgrade-on-ai-pivot-as-jpmorgan-citi-hike-targets">indicates</a> that JPMorgan and Citigroup raised their ratings on Riot’s stock, saying its push into artificial intelligence (AI) could give it a critical edge over competitors.



Bitcoin mining involves using massive amounts of electricity to power computers that secure the Bitcoin network and earn block rewards in the form of newly distributed coins. But every four years, those rewards are cut in half. After the latest halving in 2024, many miners are struggling to stay profitable.



Riot is responding by retooling its giant data centers to support high-performance computing (HPC) and cloud services — the same type of infrastructure needed to train and run AI systems.&nbsp;



Analysts at JPMorgan said there’s a 50% chance Riot, Cipher and IREN could secure near-term HPC hosting contracts, citing Core Scientific’s $3.7 billion CoreWeave deal as a benchmark. While JPMorgan downgraded IREN overall, the bank still assigns it the same probability of winning AI-related business as Riot and Cipher.



On the back of this shift, JPMorgan boosted Riot’s price target to $19, while Citi raised its target to $24. Shares of Riot dipped slightly on Friday but still outperformed a sector-wide selloff. By contrast, JPMorgan downgraded rivals IREN and CleanSpark, citing weaker prospects, while leaving a buy rating on Cipher Mining and trimming Marathon Digital’s target.



The moves highlight a broader industry divide: miners sticking solely to bitcoin versus those betting their future on AI and cloud computing.



This is a developing story.



<hr class="wp-block-separator has-alpha-channel-opacity"/>



This article was generated with the assistance of AI and reviewed by editor&nbsp;<a href="mailto:jeffrey@blockworks.co" target="_blank" rel="noreferrer noopener">Jeffrey Albus</a>&nbsp;before publication.



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JPMorgan, Citi upgrade Riot Platforms on AI shift

Kraken has completed a $500 million funding round, valuing the crypto exchange at $15 billion, and marking a major step toward a potential initial public offering now expected in 2026.



The round, first <a href="https://fortune.com/crypto/2025/09/25/kraken-ipo-ceo/?arjen">reported</a> by Fortune, included investment managers, venture capital firms, and co-CEO Arjun Sethi through his firm Tribe Capital.



Founded in 2011, Kraken has long been seen as a counterweight to Coinbase, building a reputation among professional traders and institutions. For years, the company relied on little outside capital, raising just $27 million prior to this year. The $500 million raise signals a more aggressive approach to capital as it prepares for public scrutiny.



Sethi, who became co-CEO in October 2024, has driven an overhaul of the company’s leadership and strategy. His arrival coincided with the departure of senior executives, including the CTO, COO, sales leads, and general counsel. While Kraken has described the restructuring as an effort to streamline operations, some insiders told Fortune the changes hurt morale and reinforced Sethi’s control, even as co-CEO Dave Ripley retained his title.



The company has expanded through acquisitions and product launches, most notably its $1.5 billion purchase of NinjaTrader in 2025, which Sethi called the largest-ever deal combining traditional finance and crypto. Kraken also launched “xStocks,” tokenized shares of companies like Apple and Tesla, which have found early traction in markets such as South Africa.



Recent financial disclosures show $411 million in second-quarter revenue and nearly $80 million in post-Ebitda earnings, underscoring Kraken’s profitability. Yet investor pressure is mounting. With peers such as Circle and Gemini already public, some fear waiting until 2026 could leave Kraken exposed if the market cools.



Sethi has maintained that the company will only go public if conditions benefit users and shareholders, but the latest raise suggests Kraken is positioning itself to move quickly should the IPO window remain open.



This is a developing story.



<hr class="wp-block-separator has-alpha-channel-opacity"/>



This article was generated with the assistance of AI and reviewed by editor&nbsp;<a href="mailto:jeffrey@blockworks.co" target="_blank" rel="noreferrer noopener">Jeffrey Albus</a>&nbsp;before publication.



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Kraken closes $500M round: Report

Kunal Doshi

Shaunda Devens

This is a segment from the 0xResearch newsletter. To read full editions, <a href="https://blockworks.co/newsletter/0xresearch">subscribe</a>.



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Markets caught a brief relief rally yesterday, with BTC finishing +1.2% after a tough week of trading. Relief rallies like this often reveal which sectors are best positioned to outperform when risk appetite returns. Gaming led the rebound with a +3.07% gain, extending its strong momentum from last week, while Memes also stood out with a +1.53% rise. On the other end, L2s slipped -1.17% and L1s edged lower at -0.37%, making them the weakest sectors in an otherwise positive session.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1170" height="618" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-159.png?w=1024&amp;h=1024" alt="" class="wp-image-108303" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-159.png?w=1170 1170w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-159.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-159.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-159.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-159.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-159.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-159.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-159.png?w=80 80w" sizes="auto, (max-width: 1170px) 100vw, 1170px" /></figure>



While large liquidations that clear out leverage are often followed by a sharp V-shaped recovery, this time the rebound hasn’t materialized. Since Monday’s wipeout, markets have continued to drift lower. ETH and SOL, which had surged on the back of DAT flows, have retraced to the $4,000 and $200 levels, respectively, both down about 20% from recent highs.



ETF flows paint a mixed picture. The start of the week saw heavy outflows from BTC and ETH ETFs, though yesterday BTC ETFs flipped back to positive territory. Sustained inflows here could signal capital rotating back to the relative safety of BTC, which historically holds up better during risk-off stretches.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1600" height="900" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-160.png?w=1024&amp;h=1024" alt="" class="wp-image-108304" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-160.png?w=1600 1600w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-160.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-160.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-160.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-160.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-160.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-160.png?w=464 464w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-160.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-160.png?w=80 80w" sizes="auto, (max-width: 1600px) 100vw, 1600px" /></figure>



The picture isn’t much brighter among treasury companies. Premiums to NAV for the top treasury companies, MSTR and BMNR, have continued to compress.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1600" height="900" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-162.png?w=1024&amp;h=1024" alt="" class="wp-image-108306" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-162.png?w=1600 1600w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-162.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-162.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-162.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-162.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-162.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-162.png?w=464 464w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-162.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-162.png?w=80 80w" sizes="auto, (max-width: 1600px) 100vw, 1600px" /></figure>



That makes it harder for them to issue shares and accumulate BTC/ETH at the same pace. Their steady bid was a key driver of the recent rally, but as those purchases taper off, the market is losing a major source of demand.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1600" height="900" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-163.png?w=1024&amp;h=1024" alt="" class="wp-image-108308" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-163.png?w=1600 1600w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-163.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-163.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-163.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-163.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-163.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-163.png?w=464 464w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-163.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-163.png?w=80 80w" sizes="auto, (max-width: 1600px) 100vw, 1600px" /></figure>



Overlaying all this is the macro backdrop. The Fed has formally entered an easing cycle with two more cuts expected this year. Yet, Powell’s <a href="https://www.cnbc.com/2025/09/23/fed-powell-stock-prices-appear-fairly-highly-valued.html">comments</a> this week noted that equity valuations remain fairly high, underscoring lingering caution. In short, crypto markets are searching for their next catalyst, and until it arrives, investors should brace for more chop ahead.&nbsp;



<h2 class="wp-block-heading">Naver buys</h2>



Naver, South Korea’s largest internet portal, has completed a comprehensive stock swap to acquire Upbit through its fintech arm, NAVER Financial. Dunamu, the operator of Upbit, confirmed the deal. Naver shares jumped 11.4% on the news.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1600" height="900" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-162.png?w=1024&amp;h=1024" alt="" class="wp-image-108307" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-162.png?w=1600 1600w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-162.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-162.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-162.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-162.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-162.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-162.png?w=464 464w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-162.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-162.png?w=80 80w" sizes="auto, (max-width: 1600px) 100vw, 1600px" /></figure>



For context, NAVER is South Korea’s dominant digital platform, with ~25 million daily active users across search, shopping, payments, messaging and content. The addition of Upbit broadens this ecosystem by bringing in cryptocurrency trading. As of February 2025, Upbit controlled about 69% of Korea’s crypto exchange market share (down from 86% in 2021), and an estimated 16 million Koreans actively trade crypto.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1294" height="690" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-161.png?w=1024&amp;h=1024" alt="" class="wp-image-108305" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-161.png?w=1294 1294w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-161.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-161.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-161.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-161.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-161.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-161.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-161.png?w=80 80w" sizes="auto, (max-width: 1294px) 100vw, 1294px" /></figure>



The move is part of NAVER’s broader push to become a comprehensive super app. Earlier this year, NAVER Pay acquired a 70% stake in Dunamu’s Securities Plus Unlisted (Korea’s largest platform for unlisted stocks) and secured an OTC license. NAVER and Dunamu have also been developing a KRW stablecoin initiative. With crypto, equities, private equity and NAVER Pay, which processed KRW 20.8 trillion in Q2 2025, NAVER is positioning itself under one roof as a financial and digital hub similar to the “everything app” vision Elon Musk has described (but failed to achieve) for X.



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Naver acquires Upbit in Korea

ETHZilla’s treasury is moving into DeFi, a strategy many Digital Asset Treasuries (DATs) talk about but haven’t executed at scale: split sleeves across liquid (re)staking providers, negotiate institutional terms, and favor long-duration capital over mercenary flows.



On Sept. 2, ETHZilla — currently the fifth-largest DAT by ETH held — <a href="https://www.prnewswire.com/news-releases/ethzilla-plans-to-deploy-100-million-in-eth-to-etherfi-for-restaking-initiatives-302543423.html?utm_source=chatgpt.com">said</a> it plans to deploy $100 million in ETH to Ether.fi, its first formal DeFi treasury mandate. Today, the company <a href="https://www.prnewswire.com/news-releases/ethzilla-to-deploy-approximately-47-million-in-eth-to-puffer-302567042.html">announced</a> it would deploy about $47 million into Puffer.



For <a href="https://blockworks.co/news/etherfi-launches-defibank-us-crypto">Ether.fi</a>, the pitch to institutions is partly economic and partly behavioral, according to Mike Silagadze, Ether.fi’s founder and CEO. The difference with DAT flows compared to retail is their durability.



“It’s nice to have like this long-standing capital,” Silagadze told Blockworks, adding that the staking provider incentivized the institutional allocator to the tune of “about $3 million” in tokens. Some DATs may choose to sell those tokens, of course.



“Some of the more conservative ones, their approach is, look, they&#8217;re going to sell the [ETHFI] immediately and compound it,” Silagadze said. Ether.fi is “fine either way.”



Puffer’s tranche amounts to 10,000 pufETH, according to contributor Amir Forouzani.



Puffer’s pufETH is “a yield bearing token that accrues value over time,” Forouzani told Blockworks. Beyond baseline staking rewards, Puffer “takes advantage of a combination of compounding and selling strategy of restaking rewards to maximize the returns on restaking,” Forouzani said.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1600" height="796" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-164.png?w=1024&amp;h=1024" alt="" class="wp-image-108348" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-164.png?w=1600 1600w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-164.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-164.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-164.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-164.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-164.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-164.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-164.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-164.png?w=80 80w" sizes="auto, (max-width: 1600px) 100vw, 1600px" /></figure>



Ethereum treasuries race: ETHZilla (red) has amassed just over 100k ETH, putting it roughly neck-and-neck with Bit Digital (BTBT, green) and well behind Ether Holdings (ETHM, purple), which leads public ETH treasuries with nearly 500k ETH. (BMNR and SBET — not shown — hold even larger positions.) Source: <a href="https://app.blockworksresearch.com/analytics/treasury-companies?dashboard=366">Blockworks Research</a>



The DAT’s goal: sleeves that are large enough to matter but diversified enough to avoid concentration in operators or AVSs and with predictable liquidity during stress. As for the details, ETHZilla leaves risk curation up to the service providers, Silagadze said.



“They&#8217;ve certainly asked questions — make sure that we&#8217;re being reasonable about it — but no, they haven&#8217;t gotten involved,” he said.



Blockworks reached an ETHZilla spokesperson but the company did not respond to questions for this story.



ETHZilla’s capital stack gives it room to run the playbook while it manages public-company optics. In a Sept. 22 update, the firm <a href="https://www.prnewswire.com/news-releases/ethzilla-announces-350-million-add-on-convertible-debenture-investment-and-provides-business-update-302562888.html">announced</a> a $350 million add-on convertible debenture investment alongside a broader business update, signaling continued access to financing even as it balances share repurchases and on-chain deployments.



Ether.fi says it’s seeing broad interest across the DAT landscape. “We’ve talked to all of them,” Silagadze said.



For Puffer, an extra yield kick may come from appchain revenue. As Puffer <a href="https://blockworks.co/news/ronin-becoming-ethereum-l2">rolls out its UniFi stack</a>, Forouzani says, “All sequencing fees (including MEV) will be captured and distributed fairly between the rollup owner and UniFi AVS.” That means pufETH holders should eventually accrue a slice of sequencing/MEV fees tied to based appchains secured by UniFi.



If ETHZilla can keep sleeves “sticky,” it may prove that institutional restaking isn’t just possible, it’s better than vanilla ETFs — with or without staking yield.



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ETHZilla leans into sticky restaking with Ether.fi and Puffer

Divine has raised $6.6 million in seed funding to expand Credit, its undercollateralized lending protocol designed for borrowers without access to traditional credit.



The round, <a href="https://writing.divine.inc/seed-round/">announced</a> Thursday, was led by venture firm Paradigm with participation from Nascent and angel investors. Credit launched in December 2024 and has since issued more than 175,000 loans to over 100,000 unique borrowers, according to Divine’s announcement.



Unlike traditional lenders that require collateral or credit histories, Credit evaluates repayment capacity through borrower behavior. The protocol begins with small loan limits that expand to as much as $1,000 for users who repay on time.



If borrowers intend to default, they are incentivized to do so early, reducing systemic risk. Loans are denominated in stablecoins and settled on World Chain.



The product is distributed through World MiniApps, which reach more than 15 million human-verified users. Borrowers in countries such as Argentina, Nigeria, and Colombia primarily use the service for everyday expenses including groceries, medicine and utility bills. Interest rates adjust dynamically to cover expected defaults while remaining competitive with local lending options.



On the liquidity side, deposits are capped at $2 million as the system scales. Rates rise automatically to attract capital when lending demand outpaces supply and fall when liquidity exceeds demand. Divine said the seed round will fund hiring and technical improvements to make Credit more accessible to first-time users.



This is a developing story.



<hr class="wp-block-separator has-alpha-channel-opacity"/>



This article was generated with the assistance of AI and reviewed by editor&nbsp;<a href="mailto:jeffrey@blockworks.co" target="_blank" rel="noreferrer noopener">Jeffrey Albus</a>&nbsp;before publication.



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Divine raises $6.6M to expand Credit lending protocol

Kate Irwin

This is a segment from The Drop newsletter. To read full editions, <a href="https://blockworks.co/newsletter/the-drop">subscribe</a>.



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Share has just emerged from stealth and closed a $5 million funding round from Coinbase Ventures, Collab+Currency, Palm Tree Crypto and others, The Drop has exclusively learned.



Share is an <a href="https://about.share.xyz/">upcoming app</a> for Solana, Base and Ethereum that shares crypto traders’ transactions and offers users a real-time feed of others’ onchain activity across those three blockchains. Users can also trade tokens, examine charts and follow wallets.



Scott Gray is Share’s founder and CEO. Gray is the founder of NFT aggregator tool Genie, which Uniswap acquired back in 2022 and led Gray to work as Uniswap’s head of NFTs.&nbsp;



In a way, Share is doing for memecoin traders what Genie did for NFT traders. It aggregates data across numerous platforms and puts it all in one place.



“Share is the only app built from first principles that treats onchain transactions as a new form of media. We index every transaction on Solana, Base and Ethereum, and give every single wallet a Share profile whether or not they joined yet,” Gray told me via email.&nbsp;



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">only a few apps you need this cycle <a href="https://t.co/5mSxd9xZzR">pic.twitter.com/5mSxd9xZzR</a>&mdash; Scott (@Scott_eth) <a href="https://twitter.com/Scott_eth/status/1856420093095477637?ref_src=twsrc%5Etfw">November 12, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



“This lets users follow anyone onchain and share transactions across any app. And users can connect multiple wallets and their Farcaster to one profile so they’re building on who they are, not starting over. Other apps are limited to token trades and profiles for their own users.”&nbsp;



Crypto has been going social lately — and I’d argue that Kaito was the start of the new wave. Farcaster, Zora, Ethos and Time.fun have all tapped into different social interests this cycle as traders look to get quick data from others to make informed financial decisions.



Share could become the ultimate alpha app, cutting through the noise of Crypto Twitter by showing users what others are actually buying and selling. But CT’s momentum and dominance could prove hard to crack.



“Blockchains are inherently social,” said Collab+Currency Managing Partner Derek in a statement. “With public and decentralized ledgers, every transaction, asset, market and wallet becomes instantly shareable. Share indexes and distributes this aggregate onchain data to create a real time feed of what&#8217;s happening in financial markets.”



As Share builds out its vision, it’ll have to compete for user attention with other emerging crypto social trading apps like Fomo, which has a similar “eyes” emoji-inspired logo.&nbsp;



Existing giants like Robinhood and Coinbase have also been <a href="https://blockworks.co/news/robinhood-trading-apps-going-social">adding social features</a> to their respective apps, with Robinhood planning to make trades shareable with a social tab and Coinbase integrating Zora and posting features into its social-first wallet app overhaul.



But in crypto, alpha is king. So in my view, whoever manages to aggregate the most amount of cross-chain data in one place without making users connect too many dots will likely come out ahead in this race.



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<li><a href="https://blockworks.co/newsletter/forward-guidance">Forward Guidance</a>: The intersection of crypto, macro and policy.</li>



<li><a href="https://blockworks.co/newsletter/thedrop">The Drop</a>: Apps, games, memes and more.</li>



<li><a href="https://blockworks.co/newsletter/lightspeed">Lightspeed</a>: All things Solana.</li>



<li><a href="https://blockworks.co/newsletter/supply-shock">Supply Shock</a>: Bitcoin, bitcoin, bitcoin.</li>
</ul>

Exclusive: Genie founder raises $5M for social trading app Share

PayPal and decentralized finance platform Spark have launched a joint initiative to expand liquidity for PayPal USD (PYUSD). Deposits have already surpassed $100 million since the token was added to SparkLend on Sept 25.



The collaboration aims to grow that figure to $1 billion in the coming weeks, offering PayPal a DeFi-native route to scale its stablecoin.



Spark, an institutional-grade asset allocator, operates a Liquidity Layer that deploys more than $8 billion in stablecoin reserves into lending markets. This model replaces the short-lived incentive programs traditionally used to grow stablecoin adoption, instead offering predictable borrowing costs and deep market liquidity.



Phoenix Labs CEO Sam MacPherson said Spark’s framework shows how “DeFi can provide the reliable market foundations that global companies need to bring stablecoins into the mainstream economy.”



PYUSD, which is issued by Paxos Trust Company and backed by US dollar reserves and Treasuries, was launched in 2023 as PayPal’s entry into digital dollars. Its integration with Spark comes as stablecoin supply has surged nearly $30 billion in the past quarter, with daily transaction volumes now exceeding $100 billion.



This is a developing story.



<hr class="wp-block-separator has-alpha-channel-opacity"/>



This article was generated with the assistance of AI and reviewed by editor&nbsp;<a href="mailto:jeffrey@blockworks.co" target="_blank" rel="noreferrer noopener">Jeffrey Albus</a>&nbsp;before publication.



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<li><a href="https://blockworks.co/newsletter/0xresearch">0xResearch</a>: Alpha in your inbox. Think like an analyst. </li>



<li><a href="https://blockworks.co/newsletter/empire">Empire</a>: Crypto news and analysis to start your day.</li>



<li><a href="https://blockworks.co/newsletter/forward-guidance">Forward Guidance</a>: The intersection of crypto, macro and policy.</li>



<li><a href="https://blockworks.co/newsletter/thedrop">The Drop</a>: Apps, games, memes and more.</li>



<li><a href="https://blockworks.co/newsletter/lightspeed">Lightspeed</a>: All things Solana.</li>



<li><a href="https://blockworks.co/newsletter/supply-shock">Supply Shock</a>: Bitcoin, bitcoin, bitcoin.</li>
</ul>

PayPal and Spark target $1B liquidity boost for PYUSD

Cloudflare announced on Thursday that it will launch NET Dollar, a US dollar-backed stablecoin designed to support payments for the “agentic web,” a term describing an internet where autonomous AI agents transact on behalf of users.



The company <a href="https://www.businesswire.com/news/home/20250925249533/en/Cloudflare-Introduces-NET-Dollar-to-Support-a-New-Business-Model-for-the-AI-Driven-Internet">said</a> NET Dollar will allow instant, secure, and globally accessible transactions, enabling developers, creators, and AI systems to monetize content and services through microtransactions. Personal agents could use it to book flights or order groceries in real time, while business agents might be instructed to pay suppliers automatically once a delivery is confirmed.



The initiative marks a shift from the ad-based business model that has dominated the internet for decades. Cloudflare CEO Matthew Prince said the company’s goal is to provide “financial rails” that match the speed of the modern web, supporting fractional payments that reward originality and sustain creativity.



NET Dollar is also being positioned as a foundation for new business models that reward originality. Creators would be compensated for unique content, developers could monetize APIs and applications, and AI firms would be expected to pay back into the ecosystem by compensating content sources.



To support interoperability, Cloudflare is contributing to open standards such as the Agent Payments Protocol and x402, designed to make sending and receiving payments simpler across geographies and currencies.



This is a developing story.



<hr class="wp-block-separator has-alpha-channel-opacity"/>



This article was generated with the assistance of AI and reviewed by editor&nbsp;<a href="mailto:jeffrey@blockworks.co" target="_blank" rel="noreferrer noopener">Jeffrey Albus</a>&nbsp;before publication.



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<li><a href="https://blockworks.co/newsletter/empire">Empire</a>: Crypto news and analysis to start your day.</li>



<li><a href="https://blockworks.co/newsletter/forward-guidance">Forward Guidance</a>: The intersection of crypto, macro and policy.</li>



<li><a href="https://blockworks.co/newsletter/thedrop">The Drop</a>: Apps, games, memes and more.</li>



<li><a href="https://blockworks.co/newsletter/lightspeed">Lightspeed</a>: All things Solana.</li>



<li><a href="https://blockworks.co/newsletter/supply-shock">Supply Shock</a>: Bitcoin, bitcoin, bitcoin.</li>
</ul>

Cloudflare unveils NET Dollar stablecoin for AI internet economy

Donovan Choy

This is a segment from the Lightspeed newsletter. To read full editions, <a href="https://blockworks.co/newsletter/lightspeed">subscribe</a>.



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Honeycomb Protocol has acquired GameShift from Solana Labs, combining two complementary tech stacks to push Web3 gaming into the consumer mainstream. Deal terms remain confidential.



Honeycomb co-founder Karthik M told Blockworks exclusively: “Our vision for Honeycomb + GameShift is we believe consumer crypto is the next big unlock that needs to happen for us to move the industry forward.”



“We see Solana positioned very well for consumer adoption.”



On the developer side, Honeycomb offers a modular toolkit of onchain game primitives — player profiles, character and resource systems, mission frameworks and staking — delivered via easy-to-integrate SDKs.



On the consumer side, GameShift brings a consumer-ready layer: abstracted gasless wallets, fiat payments, embedded marketplaces and seamless onboarding designed to hide blockchain friction for non-crypto natives.&nbsp;



GameShift was originally built inside Solana Labs to simplify the process of adding Web3 elements to games so studios wouldn’t need specialized blockchain engineers.&nbsp;



Together, the combined platform combines dev tooling to invisible Web3 UX aimed at solving distribution, monetization and usability hurdles that have slowed Web3 gaming adoption.



The plan is to make GameShift the “consumer portal” that bridges non-crypto gamers into Web3 with abstracted wallets, gasless transactions and other friction-killers, while Honeycomb’s SDKs powers the underlying game logic and performance-minded compression that slashes onchain costs.



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<li><a href="https://blockworks.co/newsletter/0xresearch">0xResearch</a>: Alpha in your inbox. Think like an analyst. </li>



<li><a href="https://blockworks.co/newsletter/empire">Empire</a>: Crypto news and analysis to start your day.</li>



<li><a href="https://blockworks.co/newsletter/forward-guidance">Forward Guidance</a>: The intersection of crypto, macro and policy.</li>



<li><a href="https://blockworks.co/newsletter/thedrop">The Drop</a>: Apps, games, memes and more.</li>



<li><a href="https://blockworks.co/newsletter/lightspeed">Lightspeed</a>: All things Solana.</li>



<li><a href="https://blockworks.co/newsletter/supply-shock">Supply Shock</a>: Bitcoin, bitcoin, bitcoin.</li>
</ul>

Honeycomb Protocol acquires Solana Labs’ GameShift platform

Cipher Mining Inc. has signed a 10-year high-performance computing (HPC) colocation agreement with Fluidstack, securing approximately $3 billion in contracted revenue.



The deal, <a href="https://investors.ciphermining.com/news-releases/news-release-details/cipher-mining-signs-168-mw-10-year-ai-hosting-agreement">announced</a> Thursday, positions Cipher as a significant player in the artificial intelligence infrastructure sector. Cipher, traditionally known for its bitcoin mining operations, will deliver 168 megawatts of critical IT load at its Barber Lake site in Colorado City, Texas, with expected completion by September 2026. The facility could expand to 500 MW, supported by 587 acres of surrounding land.



The agreement includes two optional five-year extensions that would raise the total contract value to $7 billion. Cipher expects net operating income margins of 80% to 85%, with project costs estimated at $9 million to $11 million per megawatt.



Google will guarantee $1.4 billion of Fluidstack’s lease obligations to support debt financing and has secured warrants for an approximately 5.4% equity stake in Cipher, subject to adjustments. Cipher will retain full ownership of the project and may tap capital markets to finance its build-out.



Cipher CEO Tyler Page said the partnership reflects growing momentum in HPC development, while Fluidstack co-founder César Maklary emphasized the deal’s role in supporting frontier AI companies. The announcement comes as data center developers race to secure capacity for AI workloads, with Cipher highlighting its 2.4 gigawatt pipeline.



This is a developing story.



<hr class="wp-block-separator has-alpha-channel-opacity"/>



This article was generated with the assistance of AI and reviewed by editor&nbsp;<a href="mailto:jeffrey@blockworks.co" target="_blank" rel="noreferrer noopener">Jeffrey Albus</a>&nbsp;before publication.



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<li><a href="https://blockworks.co/newsletter/empire">Empire</a>: Crypto news and analysis to start your day.</li>



<li><a href="https://blockworks.co/newsletter/forward-guidance">Forward Guidance</a>: The intersection of crypto, macro and policy.</li>



<li><a href="https://blockworks.co/newsletter/thedrop">The Drop</a>: Apps, games, memes and more.</li>



<li><a href="https://blockworks.co/newsletter/lightspeed">Lightspeed</a>: All things Solana.</li>



<li><a href="https://blockworks.co/newsletter/supply-shock">Supply Shock</a>: Bitcoin, bitcoin, bitcoin.</li>
</ul>

Cipher Mining inks $3B AI hosting deal with Fluidstack

Nine European banks, including ING, UniCredit, CaixaBank and Danske Bank, said on Thursday that they have formed a consortium to launch a euro-denominated stablecoin.



The initiative, <a href="https://www.reuters.com/business/finance/big-european-banks-form-company-launch-stablecoin-2025-09-25/">structured</a> as a new company in Amsterdam, aims to issue its first tokens in the second half of 2026 under supervision from the Dutch Central Bank and in compliance with the European Union’s Markets in Crypto Assets (MiCA) regulation.



The move comes as US financial institutions, buoyed by recent federal legislation on stablecoins, prepare to roll out their own dollar-backed tokens, intensifying concerns over US dominance in global digital payments.



Euro-denominated stablecoins remain marginal, with less than €1 billion in circulation compared to roughly $300 billion in dollar-linked tokens, according to the Bank of Italy. The newly announced plan echoes earlier attempts, <a href="https://fr.cointelegraph.com/news/france-s-third-largest-bank-societe-generale-launches-euro-pegged-stablecoin">including</a> Société Générale’s 2023 euro stablecoin launch, which saw limited uptake.



European Central Bank President Christine Lagarde has repeatedly warned that privately issued stablecoins could undermine monetary policy and has instead pushed for a digital euro. Commercial banks, however, have resisted an ECB-issued version, fearing deposit flight into central bank-backed wallets.



The nine-bank consortium says its token will enable near-instant settlement, lower-cost payments and programmable financial services across borders. A CEO is expected to be appointed soon, and additional banks may join the effort.



This is a developing story.



<hr class="wp-block-separator has-alpha-channel-opacity"/>



This article was generated with the assistance of AI and reviewed by editor&nbsp;<a href="mailto:jeffrey@blockworks.co" target="_blank" rel="noreferrer noopener">Jeffrey Albus</a>&nbsp;before publication.



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<li><a href="https://blockworks.co/newsletter/0xresearch">0xResearch</a>: Alpha in your inbox. Think like an analyst. </li>



<li><a href="https://blockworks.co/newsletter/empire">Empire</a>: Crypto news and analysis to start your day.</li>



<li><a href="https://blockworks.co/newsletter/forward-guidance">Forward Guidance</a>: The intersection of crypto, macro and policy.</li>



<li><a href="https://blockworks.co/newsletter/thedrop">The Drop</a>: Apps, games, memes and more.</li>



<li><a href="https://blockworks.co/newsletter/lightspeed">Lightspeed</a>: All things Solana.</li>



<li><a href="https://blockworks.co/newsletter/supply-shock">Supply Shock</a>: Bitcoin, bitcoin, bitcoin.</li>
</ul>

European banks form consortium to launch euro stablecoin

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Speakers

Nigel Farage is the Reform UK MP for Clacton, and has been an MP continually since 4 July 2024.

Nigel Farage MP

Joseph Lubin is a co-founder of Ethereum, the founder and CEO of Consensys, a leading web3 and blockchain software company, and Chairman of SharpLink, one of the world’s largest corporate holders of Ether (“ETH”). Lubin has established himself as a guiding force in the fast-growing blockchain industry and a powerful advocate of decentralized technologies. He held positions as Director of the New York office of Blacksmith Software Consulting, and VP of Technology in Private Wealth Management at Goldman Sachs. Through these posts, Joe focused on the intersection of cryptography, engineering, and finance. In 2014 he met Vitalik Buterin, a Canadian programmer, writer and Founder of Ethereum and joined the Ethereum Project as a co-founder. After the Project was launched, Joe established Consensys. Since 2014 Joe and the Consensys team have been working on the foundational software for web3. Joe graduated from Princeton University with a degree in Electrical Engineering and Computer Science.

Joseph Lubin

Chris is a passionate advocate for the potential of technology and the benefits of diversity and inclusion. His core policy focus is on digital technology for the public good with a particular interest in technologies such as AI and blockchain.



In Parliament, he specializes in legislation that deals with technology. He is a member of the House of Lord’s Digital and Communications Select Committee and was appointed to the Special Bill Committee considering Digital Asset legislation. He introduced a private members’ bill that proposed the regulation of artificial intelligence and was integral to the passing of the ground-breaking Electronic Trade Documents Bill.



On technology, he has previously co-authored House of Lords Select Committee Reports on: Democracy and Digital Technologies [2020], Artificial Intelligence [2018], and Digital Skills [2015] and under his own auspices published an influential report encouraging government testing of blockchain solutions for policy delivery, DLT for Public Good: leadership, collaboration and innovation [2017] He is also adviser to several tech and fintech companies.



On inclusion, and again under his own auspices, he has published influential reports on accessibility in the public realm and support for disabled students as well as Lords reports on Financial Exclusion [2017], Social Mobility [2016] and, for the Cabinet Office, The Lord Holmes Review on opening up public appointments to disabled people. He continues to advise the government on diversity and inclusion.



An ex-Paralympic swimmer, Chris won nine gold, five silvers and one bronze medal across four Games, including a record haul of six golds at Barcelona 1992.

Lord Holmes of Richmond MBE

Mathew has more than 25 years of industry and leadership experience, having previously held several leadership positions at Goldman Sachs globally and across different functions. As Global Head of Digital Assets at Goldman Sachs, Mathew is responsible for leading the firm’s cross-divisional digital assets strategy, which includes a wide range of client-led tokenization activities, crypto-linked product offerings and blockchain investments.

Mathew McDermott

Elif Bilgi Zapparoli is head of International Client Strategy. In this role, Elif leverages her long-standing relationships around the world to ensure connectivity and consistency in delivering the firm to our clients and develops strategic business initiatives.



 The role is a franchise function, covering both banking and markets clients and bringing the firm together, such as in Sovereign Solutions Group and International Analytics, with the objective of adding strategic value to clients and utilizing the full might of our platform. Elif is a member of Bank of America’s Management Committee, International Management Committee and the Global Corporate &amp; Investment Banking (GCIB) Executive Committee. 



She is based in Paris. Prior to this position, Elif served as co-head of Global Capital Markets at BofA Securities, the institutional broker dealer business of Bank of America. In this role, she was responsible for leading four primary businesses – Equity Capital Markets, Investment Grade Capital Markets and Debt Advisory, Leveraged Finance and Rates and Currencies Solutions. Her earlier roles included serving as co-head of Asia Pacific GCIB from 2015 to 2018, head of Investment Banking coverage in Central-Eastern Europe, Middle East, and Africa, and country executive for Turkey. Elif served from 2009 to 2019 as a member of the Supervisory Board of OMV Aktiengesellschaft. She was a trustee at Robert College from 2006 to 2022 and is on the Global Advisory Council of Harvard University.



She has been recognized by Barron's as one of the 100 Most Influential Women in U.S. Finance in 2022; by American Banker as one of the Most Powerful Women in Finance for the fourth consecutive year in 2023; and by the World Economic Forum as one of the 100 Global Leaders for Tomorrow in 2004.



Elif holds a Master of Business Administration from the Harvard Graduate School of Business Administration and a Bachelor of Arts degree in economics and international relations from Brown University and the London School of Economics and Political Science.

Elif Bilgi Zapparoli

Daniel is the Chairman, Founder and largest shareholder in CoinShares International Limited, Europe’s largest digital asset manager with $6 Billion USD under management. He serves on the Board of the Tezos Foundation, StableMint, GTSA, Satohshi pay, and a number of CoinShares' affiliates. Since engaging initially in 2012 in crypto he has made numerous investments across the infrastructure powering crypto from data to blockchains to wallets, defi, mining, custody and crypto banks. He was formerly the global head of energy trading at JP Morgan and ran two successful commodity hedge funds. He holds three degrees: Physics, Management Science, and Applied Statistics.

Danny Masters

Chris Rayner-Cook, CIO, leads Brevan Howard’s Digital investment team. Over a 20+ career, Chris has held senior roles including at Coinbase, where he was Global Head of Trading and Financing, managed capital at large hedge funds including Brevan Howard, Citadel and Millennium, and founded and successfully sold a tokenisation business. Chris started his career at Merrill Lynch in 2000. He obtained his BSc in Pharmacology from the University of Bristol in June 2000.

Chris Rayner-Cook

Samantha is RockawayX's Partner &amp; Chief Growth Officer. Samantha invests across stages and is a member of the firm’s Investment Committee. She also oversees the firm's post-investment engine and portfolio management, and its growth efforts across operating divisions.



Samantha previously spent four years as Head of Growth at DCG (parent company of CoinDesk, Grayscale, Luno, Foundry, Genesis and Tradeblock.) In that position, Samantha oversaw the firm's 250+ company venture portfolio and ran strategic growth and corporate development initiatives on behalf of DCG and its network of businesses. Prior to DCG, Samantha led business development efforts at Elder, a London-based health tech company, and spent four years at Orbis Investments, the global asset manager, working on its emerging market equity fund and spearheading the roll-out of an innovative online retail investment platform.

Samantha Bohbot

Ray Hindi is the co-founded L1D and currently acts as the CEO/CIO. Ray has an investment background in venture, hedge funds and interest rate trading. Ray holds a BEng from UCL and an MSc in Finance from Imperial College. He previously acted as the CIO of Bellegarde Capital AG an independent investment group with activities focused in fintech, blockchain and other alternative investments. Also previously at Swiss Capital (StepStone Group) responsible for the firm’s macro outlook, macro hedge funds and event driven coverage. From 2005 to 2011 Ray was part of Harcourt Investment Consulting AG, a USD 6 bn fund of hedge funds firm in Zurich, and responsible for USD 2 bn of investments (rates, macro and distressed). He started his career at Bloomberg LP in London and subsequently left the firm to trade interest rates for a London based proprietary group. Ray holds a BEng from University College London (UCL) and an MSc in Finance from Imperial College.

Ray Hindi

Ben founded ParaFi in 2018 as one of the earliest investment firms focused on the blockchain and digital asset ecosystem. Prior to founding ParaFi, Ben spent the first 10 years of his career in institutional investing roles at leading asset managers including KKR and TPG. While at KKR, Ben served as a Director in the credit business, investing across a wide array of industry sectors and parts of the capital structure, including distressed special situations, private credit, and opportunistic and liquid credit. Ben also led KKR's blockchain research as part of the firm's Innovation and Disruption Council beginning in 2016. Prior to KKR, Ben served as a Vice President with TPG’s former credit business, Sixth Street Partners. As one of the first investment professionals to join the platform, Ben helped scale its private credit vehicle, TPG Specialty Lending, which went public in 2014. Earlier in his career, Ben was a member of the private equity team at Littlejohn &amp; Company and investment banking team at Rothschild &amp; Co. Ben has a passion for capital markets, behavioral economics and game theory, all of which drew him to the blockchain space. He grew up playing chess competitively and continues to play actively to this day (peak ELO 1871). He graduated with a B.A. in Philosophy, Politics and Economics, magna cum laude, from the University of Pennsylvania.

Ben Forman

Sandy Kaul is senior vice president, Franklin Templeton, providing advisory consulting for the firm and thought leadership as part of the Franklin Templeton Institute. She delivers actionable intelligence and insights on the future of the investment and wealth management industry for the firm and its clients. Ms. Kaul has cultivated deeply informed insights and has an extensive background in driving market leading research, thought leadership and predictive models centered on the evolution of the investment and wealth management industry. She identifies and champions opportunities to address industry advancements and drive transformation, with a focus on innovative distribution trends and digital disruption. She delivers strategic insights to inform the firm's decision-making on partnerships and investments, including within Franklin Templeton's growing digital asset business. Ms. Kaul has over 25 years of well-rounded industry experience and is a frequent speaker at industry events and a widely published author. She combines her unique blend of sell-side, buy-side and consulting insights to drive her research and thought leadership around what constitutes best practices and where innovation is occurring. Ms. Kaul joined Franklin Templeton in 2022 from Citi, where she served as Managing Director and Global Head of Business Advisory Services, and launched and built out the Citi's Business Advisory Services practice, a market leading provider of industry thought leadership spanning Citi's Markets and Global Wealth organizations. Ms. Kaul rejoined Citi in 2009, after originally starting her career there in 1985 as a Futures Research Analyst covering the soft commodities markets with Citi's predecessor firm, Shearson Lehman Brothers. She joined Commodities Corporation/Goldman Sachs Asset Management in 1995 as a Commodity Trading Advisor (CTA) and Portfolio Manager. After managing money for nearly six years, Ms. Kaul shifted her attention to consulting where she led the strategy practice within the Financial Services division of the renowned dot.com firm, Scient, and then went on to become a Partner at the capital markets niche management consulting firm m.a.partners/Detica. Ms. Kaul holds a bachelor's degree in history and political science from Colgate University.

Sandy Kaul

Leading Strategy and Partnerships for Digital Assets in Citi's Treasury and Trade Solutions Business. Working with a truly dynamic global team serving 140 countries, 160 currencies while regulated in 95 countries.

David Cunningham

Alexandra Prager

Ryan is based in London and heads up Digital Assets globally and Strategic Investments across Europe and Asia at Barclays. The DA team is responsible for digital asset strategy, governance and the establishment of new asset, money and tokenisation initiatives across the bank. The SI team is responsible for originating, executing and portfolio managing all strategic principal equity investments made by Barclays in external companies.  Ryan joined Barclays in 2011 as an M&amp;amp;A advisor in the investment bank and moved to the Strategy and Corporate Development team in 2013, where he acted as a principal in originating and executing M&amp;amp;A transactions.Prior to Barclays, Ryan was at Nevsky Capital, a $7bn long/short equity asset manager, where he covered a range of sectors including oil &amp;amp; gas, chemicals and agriculture and before that worked at Deutsche Bank as a corporate finance advisor in the Industrials practice across Europe. Ryan holds a BA in Politics, Philosophy and Economics from the University of Oxford and also holds an MA (Oxon) from the University of Oxford.

Ryan Hayward

Peter Left

Xiaonan is the Head of Innovation &amp; Digital Assets at UBS

Xiaonan Zou

Mike Higgins is an early Partner and acting, International CEO and Global Head of Corporate Development at Hidden Road. An experienced Director with two decades of active engagement within financial markets, Mike possesses expertise in market structure across the full spectrum of Global Financial Markets, including Digital Assets, FICC and Synthetic Swaps. A strong emphasis on electronic trading technologies, methodologies and workflows. His specific skills in E-Commerce, APIs, GUI, price generation algorithms, risk management and hedging strategies to a diverse group of market participants prove invaluable as Hidden Road network continues to expand. Prior to joining Hidden Road, Mike successfully built, managed and commercialised a number of businesses within financial markets which included solutions in technology, trading and brokerage. Having started his career in New York on Wall Street, Mike moved with his family to London in 2009. Mike earned a bachelors degree in economics and statistics from Fordham University in New York.

Michael Higgins

Meltem Demirors is Founder and General Partner at Crucible, an early-stage fund investing in the foundations of our digital future. Before launching Crucible in 2024, she served as Chief Strategy Officer at CoinShares, Europe’s largest and longest standing digital asset investment firm which oversees $7B in AUM. Meltem started her crypto career on the founding team at Digital Currency Group, which grew from 40 to 200 portfolio companies and 2 to 4 subsidiaries during her tenure. Beyond her corporate positions, Meltem has lectured at MIT and Oxford and is an active angel investor in over 100 startups. She leverages her vast network – ranging from major institutions to builders at the fringe – to find and fund unique opportunities for Crucible. Before joining the crypto industry in 2015, Meltem began her career trading and working in the oil and gas industry. She studied math and econ at Rice University and has an MBA from MIT’s Sloan School of Management. When she isn’t talking about data centers, the energy grid, or forward curves she can be found reading, wandering in the woods, or scheming with her magical internet money friends.

Meltem Demirors

Xiao-Xiao J. Zhu currently serves as Digital Operating Partner at KKR where he leads technology-driven value creation, innovation and digital transformation at the board and top management level of European private equity portfolio companies such as Axel Springer, GfK and Roompot Landal. He also leads KKR’s global Digital Assets &amp; Blockchain strategy, driving investments in foremost Crypto VCs such as Dragonfly Capital and Ethereal Ventures as well as Digital Assets companies such as Anchorage Digital. He is a regular speaker at key Digital Assets &amp; AI conferences, and is an angel investor in fast growing early stage technology companies such as Fuse Energy or Anagram. Prior to joining KKR, he was General Manager at BCG Digital Ventures in London and Beijing where he founded, launched and scaled new digital companies such as Heycar.com (backed by Volkswagen &amp; Daimler) or Tracr.com (backed by DeBeers). He began his career in management consulting advising Fortune 500 companies at the Boston Consulting Group in London. Notably, in an earlier life, he performed as a professional concert pianist on some of the world’s most prestigious concert venues including the Berlin Philharmonie, and played for global leaders such as George H.W. Bush, Helmut Kohl or Mikhail Gorbachev. He holds a MSc in Managerial Economics &amp; Strategy from the London School of Economics, a BA in Philosophy &amp; Economics from the Humboldt University Berlin, and a Masters in Concert Piano from the Berlin University of Arts.

Xiao-Xiao Zhu

As the Head of VIP &amp; Institutional at Binance, Catherine leads the global coverage of the exchange’s most sophisticated clients, including individual traders, mid-sized proprietary teams, and global financial institutions. With over 15 years of experience in traditional finance at bulge bracket banks such as Morgan Stanley and JP Morgan, Catherine has a deep and extensive background across multiple asset classes and products, with a particular expertise in structured derivatives and derivative solutions. Catherine is at the forefront of accelerating institutional growth, developing an institutional-grade product stack at Binance that includes industry-first solutions bridging traditional financial institutions with the cryptocurrency industry. Her leadership has been instrumental in launching such first-to-market products, positioning Binance as the trusted crypto asset platform of choice for institutions and high-net-worth clients. Catherine holds an Executive MBA from Kellogg-HKUST as well as dual BA degrees in Economics and International Relations from National Taiwan University.

Catherine Chen

Melvin Deng is the Chief Executive Officer of QCP, one of the first digital asset trading firms in Singapore and global market maker in digital asset derivatives. As the CEO, Melvin leads the company’s rapid growth and expansion towards its vision to partner the next generation of investors to unlock institutional opportunities in digital assets. Under his leadership, he has built the company’s institutional-grade experience, research and infrastructure into a compelling proposition for clients, in addition to overseeing all operations and risk management. He is a believer in the immense growth potential of digital asset derivatives, to unlock future adoption by traditional and institutional players. Inspired by the opportunity to disrupt financial services through digital assets and blockchain technology, he left a more than 15 year career in banking to join QCP in 2021. He was previously the Head of Treasury for a global bank, where he was a member of the Singapore management team, responsible for business and balance sheet strategy. In addition to oversight of all the bank’s Treasury-related activities, he also led balance sheet optimisation initiatives, and launched the first SORA bond in Singapore, deepening the local financial market. Melvin holds a Bachelor of Engineering with honours from the National University of Singapore, and speaks four languages.

Melvin Deng

Nikita is a Managing Partner and Head of Fasanara Digital, the crypto division of Fasanara Capital, a $5 billion hedge fund based in London. He oversees the investment strategies and strategic direction of Fasanara Digital. He originally started The Quant Group from his dorm room, building quant strategies for digital assets. In 2018, the team joined Fasanara Capital and became Fasanara Digital, which has since grown into one of the leading and best-performing digital asset funds in the space.



Additionally, Nikita is the founder of The Digital Asset Conference, an annual event aimed at advancing industry adoption, and hosts the Speaking to Legends podcast. He’s a regular speaker at major crypto conferences and has been recognised by Forbes 30 Under 30 and Financial News’ Rising Stars in Finance. Nikita is also a Young Leader Circle (YLC) at the Milken Institute, and holds a BSc in Mathematics from the University of St Andrews.

Nikita Fadeev

Michael Howell is CEO of CrossBorder Capital, a London-based FCA registered, independent research and investment company that he founded in 1996. The firm provides asset allocation and capital markets advice to institutional investors, and manages US$1 billion of assets. Michael is involved with educational charities and currently advises a major educational foundation on its investment strategy. He brings 40 years finance experience and is a regular international conference speaker, and a media and social media commentator. He has also advised the World Bank on capital flows, co-authoring their publication Opportunities in Emerging Markets (World Bank, 1995), served as board director of a listed Japanese investment trust and recently authored the book Capital Wars (Macmillan, 2020). Previously he was Head of Research for Baring Securities and board member, where he focussed on Emerging Markets, and Research Director of Salomon Brothers Inc, the US investment bank. Before entering finance, Michael worked as Group Economist for Blue Circle Industries plc. He holds a Phd. in financial economics from London University, specialising in Fixed Income, and is a SEC-qualified US Supervisory Analyst. Michael lives in Oxford, England, and is married with four children.

Michael Howell

Jess is the CEO of WalletConnect, the connectivity layer for the financial internet. Previously she led Crypto at Checkout.com, a global fintech company. Jess was also a member of the Bank of England CBDC Engagement Forum and a member of UK Finance New Digital Money Steering Group, Innovate Finance Fintech Strategy Group and Department for International Trade Fintech Group.

Jess Houlgrave

David Karney

Santiago Roel Santos (CryptoPunk #9159) is an investor focusing at the intersection of DeFi and the Web3 metaverse (NFTs/gaming). Most recently was a Partner at ParaFi Capital, one of the largest crypto funds specializing in DeFi. Prior to that, he was at Sageview Capital investing in Internet and software and, before that, at JP Morgan investment banking. Santiago began investing in crypto in 2012.

Santiago Roel Santos

Matt Kunke, CFA, is an iShares Product Strategist at BlackRock focused on digital assets. In this role, Matt is focused on developing the growing digital assets ETF business, supporting efforts across research, marketing, and sales. Before joining BlackRock, Matt was a crypto research analyst at GSR, a crypto market maker and OTC trading desk, where he authored fundamental crypto research and was frequently cited in crypto media outlets. Prior to joining GSR, Matt led the digital assets research vertical at Global X ETFs and he spent several years researching alternative investment strategies in J.P. Morgan's Private Bank before that. Matt graduated Summa Cum Laude from Portland State University with a Bachelors of Arts in Mathematics and Finance, and he is a CFA charterholder.

Matt Kunke

Jeff Park is the CIO of ProCap. He also serves as an advisor to Bitwise Investments.

Jeff Park

Rebecca Rettig is the Chief Legal Officer at Jito Labs, where she leads legal, compliance, and policy strategy. She previously held the same role at the Aave Companies, a DeFi software developer, and Polygon Labs, a blockchain technology company; at both, she built the policy function and managed all legal and compliance matters. Ms. Rettig is a pioneer in shaping legal and regulatory frameworks for blockchain systems and applications, advising on matters including decentralization, token launches, and mechanisms. DeFi, structuring, and decentralized governance. She has liaised with policymakers and regulators globally on how DeFi systems operate and the appropriate intersection of law with this novel technology. Ms. Rettig began her legal career at Cravath, Swaine &amp; Moore LLP, litigating complex financial disputes, as well as a landmark peer-to-peer file-sharing case and one of the largest airline mergersin history. She was a partner at Manatt, Phelps &amp; Phillips and currently is Of Counsel at Arktouros pllc, a boutique law firm specializing in cutting-edge technology companies. She has been recognized as one of Crain’s Top Women Lawyers in New York City.

Rebecca Rettig

Nicolas is a Founding Partner of Numeus, a global digital asset investment and trading firm founded by a team of finance, blockchain and technology professionals. Nicolas leads the firm's asset management division, Forteus, that is backed by Schroders and offers institutional funds for investors seeking exposure to the digital asset ecosystem. Nicolas brings over twenty years of professional experience in a career spanning crypto, traditional finance and consulting industries. Before co-founding Numeus, Nicolas was a founding partner of Argentière Capital, a volatility-focused multi-strategy hedge fund where he was a Senior Portfolio Manager focusing on volatility strategies across equities and FX. He was a member of the firm’s Risk Management Committee and was instrumental in building many of the tools and processes employed by the firm across investment and risk management functions.



Prior to launching Argentière, Nicolas was a Portfolio Manager in JPMorgan Chase’s Equity Proprietary Trading Group in London. He previously spent nine years at Bain &amp; Company, where he was a Manager running consulting projects in the areas of corporate strategy, M&amp;A, private equity and operational improvements for clients in Europe, US and Japan.



Nicolas obtained his BA / MA in Mathematics from the Ecole Polytechnique of Lausanne in Switzerland.

Nicolas Vanhoutteghem 

Jakob is the President of GSR, he previously served as the Global CEO of GSR for over 2.5 years. Prior to joining GSR, he was Head of EMEA business at Two Sigma Investments and a board director of Two Sigma International. He has 18 years of experience developing business and investment solutions in systematic investment management, including roles at Winton Capital Management and Barclays Global Investors (BGI). Jakob earned a BSc in Economics from Lund University where he also completed the MSc coursework in Economics (without dissertation). He also holds a Ships Officers Degree, Class VIII from Chalmers University of Technology.

Jakob Palmstierna

Prior to joining the Board of the Algorand Foundation, Staci ran the Global Market Development practice at the Milken Institute, where she led its work on capital market development, crypto/blockchain solutions, and innovative finance to promote the sustainable development goals. Prior to Milken, Staci ran JPMorgan’s EMEA public sector practice out of London. Before JPMorgan, she led the Nasdaq’s two markets for microcap companies, and in the public and non-profit sectors had senior roles at the U.S. Treasury Department, the Center for Global Development, and the Harvard Institute for International Development. Staci has done business in more than 50 countries and has advised and spoken widely on the potential for cryptocurrencies and blockchain to solve real-world problems, and for financial innovation to improve inclusion and reduce global poverty. In addition to the Algorand Foundation, she sits on the Boards of the Global Blockchain Business Council, the Rwandan Capital Market Authority, and the Energy for Growth Hub. She also serves on the advisory committees of the United Nations Capital Development Fund (UNCDF), the European Parliament’s Science and Technology Committee (STOA), the U.S. Financial Technology Association, and Evolution Environmental Asset Management.

Staci Warden

Ruud Smets is the Managing Partner and CIO at Theta Capital Management, one of theworld’s largest fund of funds allocators in blockchain-native VCs, having deployed a $650 million into early-stage strategy across 45+ specialized managers since 2018. Under Ruud's stewardship, Theta has secured early, private-stage exposure to 80% of successful blockchain projects, leveraging its unique relationships with top VCs. With Master’sdegrees in Information Technology and  Investment Theory and as a Chartered Alternative Investment Analyst, Ruud combines deep financial acumen with blockchain expertise. Ruud joined Theta in 2005 and has positioned the firm as a pioneering, AIFMD licensed fund manager, offering unmatched access to blockchain’s investment potential.

Ruud Smets

Haseeb is a Managing Partner at Dragonfly. He was previously a partner at Metastable Capital, and has a background in software engineering at Airbnb and Earn.com (acquired by Coinbase).

Haseeb Qureshi

Matt Hougan is one of the world’s leading experts on crypto, ETFs, and financial technology. He is Chief Investment Officer for Bitwise Asset Management, a pioneer in cryptoasset index funds with more than $1.2 billion in assets under management. He was previously CEO of ETF.com, where he helped build the world’s first ETF data and analytics system, the leading ETF media site, and the world’s largest ETF conference, Inside ETFs. Hougan is co-author of both "A Comprehensive Guide to Exchange-Traded Funds" and "Cryptoassets: The Guide to Bitcoin, Blockchain and Cryptocurrencies for Professional Investors" from the CFA Institute’s Research Foundation. He is a crypto columnist for Forbes, and a three-time member of the Barron’s ETF Roundtable.

Matt Hougan

Morgan Krupetsky is Senior Director of Business Development for Institutions &amp; Capital Markets at Ava Labs. In her role, Morgan partners with financial services institutions as they operationalize their digital asset strategies, as well as with early stage teams building blockchain-enabled products and services for institutions.



Before joining Ava Labs, Morgan spent 12 years at Citi; she spent the majority of that time on the Institutional FX &amp; Macro sales desk covering Hedge Funds, Asset Managers, and Pension Funds, before transitioning to become Chief of Staff to Citi’s Chief Compliance Officer.

Morgan Krupetsky

Konstantin Richter is a serial entrepreneur, investor, and advisor. He has been active in the blockchain ecosystem as an advisor and contributor since 2015, with the likes of Gem, <a href="http://po.et/" target="_blank" rel="noreferrer noopener">Po.et</a>, and MadHive. In 2017, he created Blockdaemon in order to bring institutional-grade infrastructure to blockchain protocols, crypto native and traditional financial institutions. Subsequently, Konstantin has helmed Blockdaemon through three major funding rounds raising $400M to date. The most recent being a Series C raising $207M at a $3.25B valuation led by Sapphire and Tiger Global with previous backers SoftBank, Goldman Sachs, and Citi Ventures. Blockdaemon is the world’s largest blockchain infrastructure company for node management, MPC tech, and staking.

Konstantin Richter

Mara Schmiedt, CEO and Co-Founder of Alluvial, oversees business, operations, and strategy. She previously worked at Coinbase as Head of Sales for Coinbase Cloud, managed Business Development at Bison Trails, and served as Strategy Manager at ConsenSys, focusing on Codefi. Mara is a board member at Obol Labs, a leading DVT provider, and a strategic angel investor in over 15 projects. Passionate about open-source technology, she has published research on liquid staking and led a working group with the Ethereum Foundation that developed the Ethereum Launchpad and the first DVT proof of concepts.

Mara Schmiedt

With 7 years of experience across investment banking, hedge funds, and private equity, Guy has built a strong foundation in the financial sector. Prior to founding Ethena, he spent 6 years at Cerberus Management, a firm with $60 billion in assets under management, where he focused on investing in financial services businesses across the capital structure.

Guy Young

Sid Powell is the CEO &amp; Co-Founder of Maple Finance and with his Co-Founder Joe Flanagan founded Maple in 2019. Sid comes from a background in debt capital markets and institutional banking. During his career in traditional finance, he participated in $3BN+ of corporate bond issuance,and served as Treasurer for a commercial lending company in Australia. Maple has originated more than $5b in institutional lending since inception and currently holds over $550m in assets on the platform. We aim to be the global leader in tokenized private credit and first choice for institutional borrowers.

Sid Powell

Jordi Alexander is the Founder of Selini Capital, a leading firm within Digital Assets trading and investing. Selini has its roots in traditional markets and High-Frequency Trading, but is currently one of the most active firms in onchain DeFi as well as early stage venture investing. Jordi is an advisor to projects innovating in the space including Mantle, and is cohost of the weekly Steady Lads podcast.

Jordi Alexander

Evgeny has 15+ years of experience growing fintech businesses. He has consistently grown market share in Europe’s top fiat exchanges, developed and executed ambitious expansion projects and led agile cross-functional teams. Prior to founding Wintermute, Evgeny built and ran the Optiver’s European ETF business (HFT and OTC) – one of the largest in the EU. Evgeny holds MSc in Finance and EMBA from London Business School.

Evgeny Gaevoy

Barnali Biswal

Michael Bucella is Co-Founder and Managing Partner of Neoclassic Capital, a digital asset investment firm with a strong focus on Asia. Prior to Neoclassic, Michael served as General Partner with BlockTower Capital from 2017 to 2022, growing the firm near inception to managing in excess of $1B in AUM across hedge fund, venture, and credit strategies. Previous to BlockTower, Michael spent nearly a decade with Goldman Sachs in New York across both the Asset Management (GSAM) and Securities Division.

Michael Bucella

Simon Taylor is the Founder of Fintech Brainfood. Simon has been immersed in the technology of financial services for as long as he’s been working and is consistently voted one of the most influential people in Banking, Insurance and Fintech by banks, his peers and a number of industry bodies. Simon runs Fintech Brainfood, the weekly newsletter subscribed to by over 45k people at banks, fintech companies and VCs. A regular speaker, media presenter and podcaster, Simon has spent two decades in financial services in payments, banking, crypto and consulting. Simon is now focused on bringing payments onchain at Tempo, the payments-focused Blockchain incubated by Stripe and Paradigm.

Simon Taylor

Anatoly is an investment professional with 30 years of experience in investment management and hedge fund industry. Nickel Digital is a regulated multi-PM quant hedge fund specialising in market-neutral strategies in digital assets, providing institutional-grade access to this nascent market. In co-founding Nickel Digital in 2019, Anatoly leveraged his prior experience with investment management divisions of Goldman Sachs and JPMorgan in London, where he was dealing with asset allocation and portfolio construction. Anatoly earned an MA degree in International Business from the University of National and World Economy in Sofia and an Executive MBA degree from the University of Oxford in 2009. He returned to Oxford in 2018, to become part of the pioneering cohort of global investment professionals to graduate from the Oxford Blockchain Strategy Programme, which played a pivotal role in the decision to transit from traditional finance into digital assets. Anatoly is an avid sailor who has crossed both the Atlantic and Pacific Oceans, on a single-hull racing sailboat and a catamaran, respectively.

Anatoly Crachilov

Diogo is the co-founder of Anchorage Digital, where he served as President prior to joining Haun Ventures and where he currently serves as Executive Chairman. Anchorage Digital is the first federally chartered crypto-native bank in the US. Prior to founding Anchorage Digital, Diogo served as Platform Security Lead at Square (now known as Block). At Square, Diogo worked on the infrastructure security platform (including identity, access management, and responses systems) that is now used to move over $200B in annualized gross payments volume. Diogo also served as Security Lead at Docker, where he and his team wrote code that helps secure one of the core underpinnings of modern computing infrastructure: containers. Diogo serves as the Chairman of the NEAR Foundation. He previously served as an advisor to Airtable and StackRox.

Diogo Monica

Jenna Wright is the Managing Director of LMAX Digital, part of LMAX Group, and has recently been named as one of the top 25 Women Leaders in Financial Technology of Europe by The Financial Technology Report. Jenna has been instrumental in driving growth of LMAX Digital and building it into the leading institutional spot crypto currency exchange globally. &nbsp;Jenna joined LMAX Group in January 2009 and has held multiple senior managerial roles at LMAX Group, including Head of Broker Operations and Head of Client Services. Prior to LMAX Group, Jenna worked at Cantor and UBS. Jenna holds BA in Economics &amp; Politics from the University of Manchester.

Jenna Wright

Lekker Capital is a global macro hedge fund with a particular focus on the emerging digital asset industry. Prior to founding Lekker, Quinn served as the Head of Capital Markets for two institutional lending businesses in the digital asset ecosystem, most recently at Maple Finance. Quinn spent five years in fixed income and capital markets at Guggenheim Partners in New York before his full-time foray into crypto.

Quinn Thompson

Zaheer Ebtikar

Rob Hadick is a General Partner at Dragonfly, a ~$4bn crypto focused investment firm. Previously, he helped lead multi-stage investments into crypto companies and protocols at GoldenTree Asset Management ("GTAM"), a ~$50bn multi-strategy hedge fund. Prior to GTAM, Rob invested in and advised fintech, technology, and crypto companies while at Heritage Partners, Goldman Sachs, and PJT Partners. He holds a MBA from Columbia Business School, and a Bachelors in Economics and Political Science from Washington University in St. Louis.

Rob Hadick

Hadley is the Chief Commercial Officer at Marinade Labs, the web3 software development team behind Solana liquid and native staking protocol Marinade. He previously founded and led Fidelity’s digital assets division, after serving as SVP of Fidelity Labs where he led several divisions to research and pilot several emerging technologies, including wearable computing, VR/AR, mobile applications (including the company’s first-ever app and app brokerage), AI, and others. He also led global digital asset custody for the Bank of New York Mellon, where he launched the industry’s first bank-grade platform for digital asset custody on bitcoin and Ethereum. He also served as COO at blockchain infrastructure company Bloq, and previously led Amazon Web Services’ AWS Innovation Lab.

Hadley Stern

Alexia Theodorou is head of derivatives at Kraken, responsible for the development and product strategy of Kraken's full suite of fixed-term and perpetual contracts. Before joining Kraken, Alexia was the Chief Strategy Officer at Trading Point Group and has more than 15 years worth of experience in traditional finance, including at UBS and JPMorgan. Alexia is a qualified Chartered Financial Analyst (CFA) and holds degrees from Imperial College London and the University of Cambridge.

Alexia Theodorou

Omar is a digital asset expert, investor, and consultant active in the space since 2016. As Chief Business Development Officer at SecondLane (Web3 native investment bank and asset manager with $100 M+ AUM) Omar leads strategic partnerships and oversees complex deal execution with a focus on legal and operational integrity.



In addition to his role at SecondLane, Omar is a LP in several leading crypto venture funds, including Multicoin Capital, Alliance DAO, and Topology Ventures, backing the next generation of protocols and infrastructure across Web3. His investment focus also spans the convergence of blockchain and artificial intelligence, with recent backing of frontier tech companies such as Figure AI and Apptronik.



With deep involvement at both the operational and capital levels, Omar operates at the intersection of institutional adoption, capital formation, and regulatory evolution in digital assets. He is driven by his deep belief in blockchain’s potential to drive long-term, meaningful social impact on a global scale.

Omar Shakeeb

Chris is the CIO of Digital Assets at Amitis Capital. In his early career, Chris worked at several major institutions including CIBC World Markets, Société Générale Barr Devlin, Antarctica Asset Management and ING Investment Management. In 2010, he joined SAIL Advisors (the family office of the founder of Duty-Free Shoppers) as Head of Research for Tactical Trading and Relative Value Strategies. He later joined Cliffwater LLC as Managing Director covering global macro and relative value strategies on the hedge fund research team. Most recently, Chris was the CIO of Digital Assets at Forest Road, where he oversaw a digital assets-focused venture capital fund of funds. Chris has a BA in Economics and Anthropology from the University of Pennsylvania and an MComm in Finance from the University of New South Wales, where he was a Federation Scholar. Chris holds the CFA, CPA, and CAIA designations. Chris has broken 9 Guinness World Records and has run marathons on all 7 continents and in all 50 US states.

Chris Solarz

Mandy Chiu heads up the global Financial Product Development team at 21Shares, the leader in cryptocurrency investments. Previously, she served as Chief Product Officer at Tabula Investment Management, as well as the Managing Director and Head of EMEA and APAC ETF Products at State Street Global Advisors (SSGA) in London. Prior to SSGA, she held various roles at HSBC Banking &amp; Global Markets, ETF Securities, and Yuanta Securities (Taiwan). She was awarded "25 Under 40 Rising Stars in the European Asset Management Industry" by Financial News and "25 Leaders in 2025" by Morningstar.



She is a CFA Charterholder and completed the General Management Program (GMP) at Harvard Business School (HBS). She is also a career coach in her free time.

Mandy Chiu

Seth Ginns is a Managing Partner and Head of Liquid Investments at CoinFund, and a key member of the Venture Investment Committee. He has 20 years of Wall Street experience and has been deeply involved in the crypto community since his angel investment in Coinbase in 2012. He is also an angel in Starkware, Chainalysis, participated in the Ethereum ICO in 2014, and loves traveling globally to developer events as a way to keep a finger on the pulse of the market. His angel portfolio also includes Instacart, BillionToOne and DoorDash, and many earlier stage, high growth startups.



Prior to CoinFund, Seth invested in public growth equities over 18 years at Jennison Associates. He holds a BA in Mathematics and South Asia Studies from the University of Pennsylvania, where he serves on the International Advisory Board of the Center for the Advanced Study of India at the School of Arts and Sciences and served as an Overseer at the School of Nursing and Co-Chair of the Innovation Committee.

Seth Ginns

Andrew Peel is CEO and Co-Founder of TVL Capital and a board member of SIX Digital Exchange. A CFA charterholder with 20 years in global finance, he spent much of his career as a trader, risk-managing structured derivatives and building market-making businesses.



He was one of the first and longest-standing dedicated digital asset hires at a Tier 1 bank, serving as Head of Digital Assets at Morgan Stanley for seven years. Active in digital assets since 2013, including seed investing in multiple early-stage projects, he brings deep experience across structured products, digital assets, and DeFi.



TVL Capital is a Swiss investment and technology firm positioned at the intersection of TradFi and DeFi, focused on bridging the two worlds through asset management and technology.

Andrew Peel

Min Teo is the Co-Founder and Managing Partner at Ethereal Ventures, a leading crypto venture firm founded by Min and Joseph Lubin. Ethereal has 70+ portfolio companies globally, including Aleo, EigenLayer, Aztec Protocol, and SpruceID. Prior to Ethereal, Min led venture investments at ConsenSys, previously built a fintech company in the UK and started her career in private equity.

Min Teo

Ryan Rasmussen is the Head of Research at Bitwise Asset Management. Prior to Bitwise, he held a variety of corporate finance roles at Cetera Financial Group, a network of independent broker-dealers with over 8,000 financial advisors and $300 billion in assets under administration. Before Cetera, Ryan was a business analyst at Oakley and spent time as a research associate at UK Trade &amp; Investment in Sydney, Australia. He is a graduate of the Argyros School of Business &amp; Economics at Chapman University, with a B.S. in finance and a secondary focus in graphic and web design.

Ryan Rasmussen

Paul Faecks is the Founder and CEO of Plasma, a high-performance, scalable, and secure blockchain built for stablecoin payments. At Plasma, Paul is leading the team building a blockchain tailored for stablecoin transactions from the ground up. Before founding Plasma, Paul served as the CEO and Co-Founder of Alloy, a platform for institutional digital asset operations, beginning in August 2021.

Paul Faecks

Richard Green

Serene Murphy is head of corporate development, Europe &amp; Asia at Tradeweb. Serene manages a team focused on identifying trends and opportunities to grow the Tradeweb business, and is responsible for sourcing and executing these opportunities across the firm’s divisions. She also works in partnership with business product heads to drive innovation and design of new products and offerings. After joining Tradeweb in 2011, Serene spearheaded the launch of its wholesale business (Dealerweb) in Europe, and drove the design and implementation of the firm’s link to China’s Northbound Bond Connect initiative. She also led Tradeweb’s acquisition of Australian trading platform Yieldbroker, as well as other strategic investments, including several partnerships in the digital space. In recognition of her contributions to Tradeweb and the industry, Serene won the ‘Excellence in Innovation’ category in the European Women in Finance Awards 2022, and was included in the 2023 FN100 Women in European Finance list. In early 2024, she joined as an independent non-executive director the board of Axiology, a Vilnius-based alternative capital market infrastructure. Prior to Tradeweb, Serene worked in the Principal Strategic Investments group at Goldman Sachs in New York and London. She holds a BA in Economics from Boston College.

Serene Murphy

Alwyn Clarke is a Director on Galaxy Digital’s investment banking team. Prior to joining the firm, Alwyn worked at Fenchurch Advisory Partners and Barclays Capital in London and New York, advising businesses on M&amp;A, capital raising and other strategic initiatives. He has worked with businesses across the full financial services landscape, with a core focus on financial technology and asset management. Alwyn holds a B.A. in Jurisprudence (Law with French Law) from the University of Oxford.

Alwyn Clarke

Ian brings over 20 years of experience in capital markets and fintech and is widely regarded as one of the UK’s foremost experts in blockchain and digital assets. He most recently led KPMG’s UK Crypto &amp; Digital Assets practice, and previously served as Executive Director and Board Advisor to CryptoUK, the UK’s digital asset trade association.

Ian Taylor

Stani Kulechov is a pioneer in decentralized finance and web3 social, a strong believer in decentralized solutions, and an advocate for a more open and fair internet. He is the Founder and CEO of Avara, the software development company behind decentralized finance (DeFi) protocol Aave, stablecoin GHO, web3 social protocol – Lens, and mobile crypto wallet, Family. Avara’s vision is a people-powered internet that benefits all.

Stani Kulechov

Christian Angermayer is a serial entrepreneur and investor who builds and invests in companies that are shaping the Next Human Agenda: a future in which technology empowers people to live longer, healthier, and happier lives. He is the world’s leading advocate for human enhancement and believes in advancing scientific progress to usher in an era of physical and mental potential, improving life for all.



Apeiron Investment Group, Christian’s family office and private investment firm, has more than USD 2.5 billion under management and 50 people in London, New York City, Abu Dhabi and Berlin. Apeiron focuses on Life Sciences, FinTech &amp; Crypto, Future Tech, Natural Resources &amp; Clean Energy, and Experiences, Hospitality &amp; Happiness. Over the past 20 years, Christian has founded three unicorns and has been the lead investor in four unicorns and two decacorns.

Christian Angermayer

Chuck Mounts is the Chief DeFi Officer in S&amp;P Global Ratings and leading the newly formed DeFi strategy team. In this role Chuck will help advance S&amp;P Global Ratings' approach and capabilities in the fast-moving decentralized market environment. The team will focus on bringing S&amp;P Global's robust analytic and risk assessment capabilities forth to support both traditional institutional (TradFi) clients and the growing universe of crypto-native DeFi clients. With 30 years of experience in global financial markets, Chuck has led global businesses comprised of research teams, strategists, and product specialists that integrate market knowledge, product expertise and analytic capabilities across asset classes. Chuck began his career as a bank regulator at the Federal Reserve Bank of New York and spent the majority of the following two decades as a global credit analyst and a manager of research teams, including stints at Goldman Sachs and UBS, where he was the Global Head of Fixed Income, Currency and Commodity Research for UBS investment bank. He has served as the Chairman of the Bond Market Association’s Committee on Research Conflicts and has been recognized by global institutional investors for his understanding and insights in global financial markets. During his career Charles has presented at numerous conferences, has been cited in international publications and has appeared in the media. Chuck holds B.A. from Claremont McKenna College and a master’s in public policy from Harvard University.

Chuck Mounts

Avi Felman is a Principal and Head of Digital Assets Trading at&nbsp;GoldenTree&nbsp;Asset Management. Mr. Felman is also a General Partner of&nbsp;GoldenChain, a wholly owned subsidiary of&nbsp;GoldenTree&nbsp;that manages the Firm’s funds focused on digital assets. Mr. Felman is one of the longest tenured traders in digital assets and has held several prominent positions, including most recently as Co-Portfolio Manager and Head of Trading for&nbsp;BlockTower&nbsp;Capital where he grew the flagship fund portfolio from $40mm at time of joining to over $800mm. Previously, Mr. Felman was Lead Trader at Wave Financial where he co- led the development of the first SEC-regulated Bitcoin fund and he also was responsible for the derivatives strategy and trading execution. Prior to joining Wave Financial, Mr. Felman founded Ledger Capital, a firm focused on cryptocurrency trading and investments. Mr. Felman received a B.S. in Chemical Engineering&nbsp;from&nbsp;Washington University.

Avi Felman

Ran Neuner is the founder of Crypto Banter, one of the world’s largest and most influential crypto media platforms. With over 1.5 million YouTube subscribers, 10M+ monthly views, and one of the most engaged communities in the industry, Crypto Banter is a go-to source for real-time crypto content. Ran personally hosts the largest live crypto show on the internet. He also co-founded Crypto Town Hall, a leading daily X (formerly Twitter) Spaces series, alongside Mario Nawfal and Scott Melker, making it one of the most consistent and widely followed audio platforms in the crypto space. In addition to his media leadership, Ran is the CEO of Onchain Capital, a blockchain investment fund and advisory firm that manages over $250 million in venture and listed crypto assets. Ran gained international recognition as the creator, producer, and host of CNBC’s “Crypto Trader”, the world’s first televised cryptocurrency show, where he interviewed the biggest names in Web3 during their earliest days, building a vast network of early blockchain pioneers in the process. Before entering the crypto industry, Ran was already an award-winning entrepreneur. He co-founded and scaled The Creative Counsel, Africa’s largest marketing agency, which was acquired by Publicis Groupe in 2015 for over $150 million, marking one of the continent’s largest private transactions at the time. Ran’s mission is to build the most profitable and educated crypto community in the world, a vision he pursues through a mix of educational content, community-building, investment, and mentorship.

Ran Neuner

Lewis is a Portfolio Manager at Re7 Capital - an award winning Digital Asset Investment firm, specialising in DeFi Yield and Liquid Alpha strategies. Lewis focuses on the Opportunities Fund, investing via liquid secondary market strategies. Lewis has over 6 years running liquid portfolio strategies in digital assets, directing the investment strategies at Decentral Park Capital previously. Lewis is the most extensive writer for OurNetwork, the largest on-chain analytics newsletter globally. Lewis studied Psychology at the University of Bristol before starting his career at Tilney Investment Management.

Lewis Harland

William joined Marshall Wace in May 2022 to oversee Fintech and Digital Assets investments for MW Digital Finance Fund.



Prior to joining Marshall Wace, William worked at Candy Capital, a family office where he was responsible for various investments across the technology sector. Prior to Candy Capital, William worked for HSBC and Greyspark Partners, were he was heading Fintech Investment Advisory. William is also an active seed investor across digital assets and fintech.

William Benattar

James is General Partner – Fund Manager &amp; GP at Republic. Prior to this, James worked in a wide variety of investing, business building and operating roles across the Alan Howard ecosystem. Originally hired into Brevan Howard, his focus was Principal Investing across Crypto, Web3, Fintech &amp; Frontier Technologies. James was also one of the founding team at WebN Group, the well-known incubator for Fintech &amp; Web3 innovation, where over 18 months significant equity value was created. Twinstake, TruFin, Libre, Geometry and Soter are a few of those companies. Due to James’s extensive experience, he additionally spent 6 months restructuring, realigning and putting into place operational policies and scaling procedures at Elwood, a market leading EMS &amp; PMS provider backed by Goldman Sachs, Citi Bank, and Barclays. Having been heavily involved in Web3 &amp; Digital Assets Markets for over 8 years, James started his career with ~15 years of investment banking experience across multi-asset trading, derivative, sales and structuring desks at top tier banks. His deep understanding of the intersection between digital assets, financial technologies and traditional finance has been crucial to creating robust investment thesis’s, venture builds and implementing operational policies, scalable processes and go-to-market strategies in portfolio companies. Outside of work, James is an advisor to various companies, including Saltford FC and has published numerous quantitative, financial and regulatory papers across both traditional and digital markets, most recently for the Digital Economic Initiative. As a qualified Chartered Financial Analyst®, James holds a Masters in Finance (Distinction) &amp; graduated with an Honours Degree in Economics from Durham University.

James Newman

Sonya is Co-Founder of 3F Labs, building an on-chain yield index of leveraged exposure to the world's leading alternative assets.



Previously, she was Chef at Steakhouse Financial, a DeFi builder focused on risk curation, stablecoins, and DAO advisory, where she led business development and grew Morpho’s TVL from zero to $1B.



She holds a BA in Mathematics from NYU and a Master of Finance from Massachusetts Institute of Technology