PA Daily | Scroll DAO governance announced a "pause," with the leadership team collectively resigning; Avalanche plans to raise $1 billion to establish a crypto asset reserve company.

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Macro

Figure prices IPO at $25 per share, expects to raise $787.5 million

According to CoinDesk, Figure Technologies, a blockchain lending platform founded by SoFi co-founder Mike Cagney, has priced its initial public offering (IPO) at $25 per share and is expected to raise $787.5 million. According to the press release, the company's Class A shares are scheduled to be traded on the Nasdaq later today, September 11, under the ticker symbol "FIGR." The offering consists of 31.5 million shares, of which approximately 23.5 million shares come directly from Figure and 8 million shares come from existing shareholders. If the underwriters exercise their option to purchase more shares, an additional 4.7 million shares can be sold. Last week, the company's IPO size was expanded to $526 million. The offering is expected to be completed on September 12, subject to meeting customary closing conditions.

Hong Kong Monetary Authority plans to optimize capital regulation of crypto assets

According to Caixin, the Hong Kong Monetary Authority released a draft of the new module CRP-1 "Classification of Crypto Assets" of the "Banking Regulatory Policy Manual" to the local banking industry on September 8 for public comment, intending to further clarify the Basel crypto asset capital regulatory standards to be implemented in early 2026, with a focus on reducing the capital requirements for banks holding compliant, unlicensed blockchain crypto assets to promote banks' acceptance of digital assets such as stablecoins.

Gemini announces 30% of IPO shares will be allocated to retail investors

According to Bloomberg, Gemini Space Station Inc. announced that it will allocate up to 30% of its initial public offering (IPO) to retail investors through online brokerage platforms such as Robinhood, Moomoo, and Webull. These investors must agree to a lock-up clause for the first month. The company also raised the IPO price range from $17-19 to $24-26 and brought in Nasdaq as a $50 million private placement investor. Previously, Bullish had allocated only 20% of its shares to individual investors. Gemini's move is intended to attract cryptocurrency users, despite the company's current losses and limited market share.

VanEck Plans to File for Hyperliquid Spot-Staking ETF

According to Blockworks, VanEck plans to file for a Hyperliquid spot-collateralized ETF in the US and launch related trading products in Europe. Hyperliquid, a Layer-1 blockchain set to launch in 2023, recently ranked first in network revenue for four consecutive weeks. VanEck stated that net profits from the product may be partially used to repurchase HYPE tokens, which are currently not listed on major US exchanges. The ETF and ETP products still require regulatory approval.

South Korea to lift ban on VC investment in crypto companies on September 16

According to Cryptonews, South Korea's Ministry of SMEs and Startups announced that it will officially lift its ban on venture capital (VC) for crypto-related companies on September 16th. The ban, in place since 2018, aims to curb excessive speculation. The revision removes crypto trading and brokerage firms from the list of "restricted venture companies," allowing them to apply for VC funding.

Viewpoint

Ant Group CEO Han Xinyi: We will resolutely not issue virtual currency and will not participate in any form of speculation

During the 2025 Inclusion Beach Conference, Ant Group CEO Han Xinyi discussed the token economy, stating that in exploring tokenization, exploring its value and mitigating risks should be given equal priority. He emphasized that "compliance is the lifeline of innovation," and from the outset, Ant Group has clearly defined its boundaries: "We will resolutely not issue virtual currencies or engage in any form of speculation; we will focus on technological infrastructure, serving the industry rather than disrupting it; and we will strive to create new value rather than compete for existing gains."

Project News

Aster launches $ASTER airdrop eligibility query page, over 137,000 wallets meet the requirements

Aster has announced the launch of its $ASTER airdrop eligibility checker. Over 137,000 wallets are eligible. Users must meet points or community activity requirements and log in to their wallet on the day of the Token Generation Event (TGE) to claim their tokens, free of charge. Previously, Aster announced that it would airdrop 7.04 million ASTER tokens to users during the TGE on September 17th.

Native Markets Takes Lead in Hyperliquid's USDH Stablecoin Voting

Hyperliquid is currently in a crucial vote on the USDH stablecoin issuer. Currently, Native Markets holds the lead with 38.35% support. Its proposal calls for 50% of reserve earnings to be allocated to an assistance fund, with the remainder used to fuel USDH growth. However, 41.83% of voting rights remain unallocated, including to major validators such as Nansen x HypurrCollective (over 18%) and Galaxy Digital.

Scroll DAO governance announced a "pause" and the leadership team resigned en masse

Scroll DAO announced today that it has suspended its governance process, with the entire leadership team resigning. However, existing governance proposals remain ongoing. Officials stated they are "redesigning governance," but did not specify whether current proposals, including those on key issues like the DAO treasury, will be terminated or withdrawn. Team members stated that the suspension is not a termination, and the specific reasons and follow-up arrangements have not yet been announced. The word "experimentation" was mentioned repeatedly during the meeting, leaving the future governance path unclear.

Coinbase to Launch Solayer (LAYER) Spot Trading

According to Coinbase Markets, Solayer (LAYER) spot trading will launch on September 11th. The LAYER-USD trading pair will be available on or after 9 AM PT, subject to liquidity conditions being met, in all supported regions. LAYER will be available on coinbase.com, the Coinbase App, and Coinbase Advanced, with institutional users able to access it directly through Coinbase Exchange.

Coinbase to List KMNO and DOLO

According to an official announcement, Coinbase announced that it will launch spot trading of Kamino (KMNO) and Dolomite (DOLO) on September 11, 2025. The KMNO-USD and DOLO-USD trading pairs will be available on or after 9:00 AM Pacific Time in regions where liquidity conditions are met and trading is supported.

Important data

Galaxy Digital withdrew 920,000 SOL from Binance within 6 hours, worth approximately $205 million

Galaxy Digital, which previously led Forward Industries’ $1.65 billion $SOL fundraiser, withdrew 920,000 $SOL, worth approximately $205 million, from Binance in the past six hours, according to SolanaFloor.

Worldcoin investor Selini Capital transfers 900,000 WLD to Amber Group

Aiyi's monitoring revealed that Worldcoin investor Selini Capital transferred 900,000 $WLD tokens, valued at approximately $1.57 million, to Amber Group in the past half hour. This was the first outbound transfer from this address in a year. Selini previously received 2.5 million Worldcoin tokens at a price of $1.73, but the actual cost remains unknown.

Trend Research's new address is suspected of repurchasing ETH, with a total holding of over 43,000 ETH

According to Ember, two new addresses associated with Trend Research withdrew 34,000 ETH from Binance and deposited it into Aave a week ago. In the past half hour, they borrowed 80 million USDT from Aave and transferred it to Binance, withdrawing 9,377 ETH from Binance. The two addresses currently hold a total of 43,377 ETH, equivalent to approximately $192 million.

Bitcoin spot ETFs saw a net inflow of $757 million in a single day, marking three consecutive days of net inflows.

According to SoSoValue data, on September 10th, US Eastern Time, Bitcoin spot ETFs had a total net inflow of $757 million, marking three consecutive days of net inflow. Among them, Fidelity ETF FBTC had a single-day inflow of $299 million, with a historical total net inflow of $12.177 billion; BlackRock ETF IBIT had a single-day inflow of $211 million, with a historical total net inflow of $59.147 billion. As of now, the total net asset value of Bitcoin spot ETFs has reached $147.829 billion, accounting for 6.53% of the total market value of Bitcoin, with a cumulative net inflow of $55.636 billion.

SharpLink transfers $379 million in stablecoins to Galaxy Digital wallet

According to Embers, SharpLink Gaming received $379 million in stablecoins in the past 45 minutes and has transferred them to Galaxy Digital's OTC wallet. SharpLink may continue to purchase ETH through Galaxy Digital. SharpLink did not previously announce its ETH purchases last week.

Ethena Custody Wallet Transfers 246 Million ENA to Coinbase Prime in the Last 8 Hours

According to Embers, in the past eight hours, Ethena custodial wallets transferred 246 million ENA, worth approximately $196 million, to Coinbase Prime.

The PENGU project team transferred 171.6 million PENGU to Binance and Bybit, worth approximately $6 million.

According to Ember's monitoring, the Pengu project transferred over 171.6 million Pengu (approximately $6 million) from its token deployment address to Binance and Bybit over the past day. Each transfer was worth approximately $3 million, distributed across multiple centralized exchanges. Since July 12th, the project has transferred a total of 2.6 billion Pengu (approximately $72.86 million) to CEXs.

Linea airdrop data: 208 addresses received over one million tokens, with the highest address receiving approximately 137 million tokens.

According to Dune data, the total amount of Linea airdropped this round was approximately 9.36 billion tokens, with 749,663 eligible addresses. Of these, 208 addresses received over 1 million LINEA tokens, with the highest amount allocated to address 0x399c…6e97a, which received 137,403,894 tokens. The remaining addresses received: 2,347 addresses received between 100,000 and 1 million LINEA tokens, 27,442 addresses received between 50,000 and 100,000 LINEA tokens, 155,962 addresses received between 10,000 and 50,000 LINEA tokens, 107,844 addresses received between 5,000 and 10,000 LINEA tokens, 337,501 addresses received between 1,000 and 5,000 LINEA tokens, and 118,359 addresses received less than 1,000 LINEA tokens.

Institutional holdings

Avalanche to raise $1 billion to establish crypto asset reserve company

According to the Financial Times, the Avalanche Foundation is in talks with investors to establish two crypto asset reserve companies in the United States, aiming to raise a total of approximately $1 billion. The funds will be used to purchase millions of Avax tokens at a discount. The first, led by Hivemind Capital, plans to raise $500 million through a private placement of a Nasdaq-listed company, with Anthony Scaramucci serving as an advisor. The second, a SPAC led by Dragonfly Capital, aims to raise $500 million and is expected to close in October. Both companies will purchase Avax tokens at a discount from the Avalanche Foundation.

Sharps Technology and Pudgy Penguins Enter into a Strategic Partnership for Solana Assets

According to PR Newswire, Sharps Technology announced a strategic partnership with Web3 brand Pudgy Penguins to jointly promote the exposure and connectivity of the Solana digital asset library. Sharps Technology recently acquired over 2 million SOL through PIPE financing, valued at over $400 million. After the partnership, Pudgy Penguins' IP will be deeply integrated with Sharps' Solana asset library, providing new participation opportunities for institutional and retail users.

Bitmine receives 46,255 ETH from Bitgo, bringing its total holdings to over $9.2 billion

According to Onchain Lens, Bitmine received 46,255 ETH from Bitgo, worth approximately $201 million at current market value. This transfer brings Bitmine's total ETH holdings to 2,126,018, with a total value of approximately $9.24 billion.

Robin Energy Completes First $5 Million Bitcoin Asset Allocation, Stock Price Soars 90%

According to The Block, international energy transportation company Robin Energy (RBNE) has completed its first $5 million allocation to Bitcoin, becoming the latest energy company to diversify its portfolio with cryptocurrencies. According to Google Finance data, RBNE's Nasdaq-listed shares surged over 90% on Wednesday, reaching an intraday high of $4.27 before retreating. For most of August, the stock price had fluctuated within a narrow range of $1.87, fluctuating by just a penny or two.

Asset Entities Approves Merger with Strive to Create $1.5 Billion BTC Finance Company

According to CoinDesk, Asset Entities Inc. (ASST) announced that its shareholders have approved its planned merger with Strive Enterprises. Strive Enterprises shareholders had previously approved the merger on September 4th, paving the way for the new company (to be renamed Strive Inc.) to pursue a Bitcoin reserve strategy. Former presidential candidate Vivek Ramaswamy co-founded Strive Enterprises in 2022. According to the announcement, the merger transaction is subject to Nasdaq listing approval and other customary conditions. Matt Cole, currently head of Strive Asset Management, will serve as chairman and CEO of the combined company. Strive expects to secure $750 million in private equity financing (PIPE) upon closing, with potential total financing exceeding $1.5 billion if warrants are exercised. Cole emphasized the company's debt-free structure and stated that it will pursue a disciplined, long-term approach to maximizing the number of Bitcoins per share, designed to outperform Bitcoin itself.

POP Culture, a US-listed company, has completed a total of $33 million in Bitcoin investment.

According to PR Newswire, POP Culture, a US-listed company, has announced that it has invested $33 million in Bitcoin and holds approximately 300 BTC. The company is establishing a diversified cryptocurrency fund focused on investing in assets such as BTC, ETH, and BOT.

Oblong, a US-listed company, has revealed that it currently holds over 21,700 TAO tokens.

PANews reported on September 10 that according to Businesswire, Pete Holst, president and CEO of digital asset finance company Oblong, Inc. (Nasdaq: OBLG), sent a letter to Oblong shareholders, disclosing that three months ago the company raised $7 million and invested all of it in purchasing TAO. As of now, the number of TAO tokens held has exceeded 21,700, all of which have been pledged in the network.

Eightco, a US-listed company, has completed a $270 million private placement to implement its Worldcoin treasury strategy.

According to PR Newswire, Eightco Holdings Inc. (NASDAQ: OCTO) announced the successful closing of its recently announced $270 million private placement, with proceeds to be used to implement its Worldcoin Treasury strategy. The transaction was led by MOZAYYX, with participation from numerous institutional investors, including World Foundation, Discovery Capital Management, GAMA, FalconX, Kraken, Pantera, GSR, Coinfund, Occam Crest, Diametric, Brevan Howard, and Wedbush. BitMine Immersion (NYSE American: BMNR) invested $20 million. Proceeds from this private placement will be used to acquire and hold Worldcoin (WLD) as a reserve asset for its Treasury while continuing to focus on its core business operations. While the Treasury may also include cash and Ethereum as secondary reserve assets, its primary focus will be on Worldcoin. The company also announced that its common stock will be trading on Nasdaq under the symbol "ORBS."