Today's news tips:
Aster's 24-hour revenue surpasses Circle and is second only to Tether
SBF's X account clarifies: The account was posted by a friend
Tether seeks up to $20 billion in funding at a $500 billion valuation
UPbit launches FLUID, supporting KRW, BTC, and USDT trading pairs
Macro
SBF's X account clarifies: The account was posted by a friend
The SBF (Sam Bankman-Fried) X account just posted a message saying that all current content is posted by his friends, and SBF himself is not personally operating the account in prison.
Digital asset management company ReserveOne files Form S-4 registration statement for Nasdaq listing
According to Globenewswire, digital asset management company ReserveOne has disclosed that it has filed a Form S-4 registration statement with the U.S. Securities and Exchange Commission, announcing plans to list on the Nasdaq stock exchange through a merger with M3-Brigade Acquisition V Corp., with the expected stock ticker symbol "RONE." The company previously announced plans to establish a cryptocurrency reserve of over $1 billion, centered around Bitcoin and encompassing assets with staking and lending yield potential, such as Ethereum and Solana.
FTX Trust sues Genesis Digital for $1.15 billion investment
According to The Block, FTX Recovery Trust is suing Bitcoin mining company Genesis Digital Assets in U.S. Bankruptcy Court, alleging that former FTX CEO Sam Bankman-Fried (SBF) used commingled funds to invest $1.15 billion in the company, $550 million of which went to co-founders Rashit Makhat and Marco Krohn. The lawsuit alleges that Genesis Digital failed to provide truthful financial statements and that its valuation was significantly overstated. FTX Trust is seeking the court's recovery of the funds. SBF has been sentenced to 25 years in prison for misappropriating client assets.
The U.S. Commodity Futures Trading Commission (CFTC) is seeking feedback on the use of tokenized collateral, such as stablecoins, in derivatives markets. This request includes information on GMAC's 2024 recommendations, the CFTC's observer status on industry initiatives, pilot programs for digital asset markets, proposed regulatory revisions based on the Presidential Task Force report (pp. 52-53), and other related topics. Comments are due by October 20, 2025.
Tether seeks up to $20 billion in funding at a $500 billion valuation
According to Bloomberg, citing two people familiar with the matter, Tether is in talks with investors to raise $15 billion to $20 billion in a private placement, intending to sell approximately 3% of its equity. The transaction is being led by Cantor Fitzgerald. If this ratio is achieved, Tether's valuation could reach $500 billion, making it one of the world's most valuable private companies (on par with OpenAI and SpaceX). Tether's USDT market capitalization is $172 billion, with a second-quarter profit of $4.9 billion and a profit margin of 99%. The transaction is expected to close before the end of the year, and the final amount is subject to change.
According to crypto journalist Eleanor Terrett, multiple sources on Capitol Hill have reached a consensus that the September 30th market structure bill revision agenda that Republicans on the Senate Banking Committee had originally targeted can no longer actually be advanced. Democrats have not yet provided feedback on the bill, saying they hope to reach an agreement on the process before starting negotiations on the details. It is reported that the impending government shutdown will also make it almost impossible to hold a bill revision meeting on the 30th. A possible new target date is the week of October 20th, but it has not yet been determined. It is understood that since the Senate Agriculture Committee also plans to revise its bill involving the U.S. Commodity Futures Trading Commission (CFTC) in October, theoretically, this delay should not affect the possibility of submitting the bill to the Senate for review before the end of the year.
Viewpoint
According to official analysis from Matrixport, this Bitcoin cycle is driven by institutions. Unlike the previous five bull markets, this overall upward trend has seen three phased bull runs, compared to only two in the 2020-2021 cycle. It is worth noting that the 21-week moving average, a useful indicator of trend strength, is considered the dividing line between bull and bear markets. Currently at $109,900, if Bitcoin prices remain above this level, the bull market trend is expected to continue; if it falls below this level, it could enter a more challenging phase.
Project News
According to Binance, the Plasma project has announced the XPL Token Offering (TGE). Binance Chain Earn will distribute XPL rewards to all eligible users of the Plasma USDT Term Product. A total of 100 million XPL will be awarded, representing 1% of the total token supply. Rewards will be calculated based on user holdings as recorded in daily snapshots from August 20 to September 24, 2025, and distributed pro rata. XPL rewards will be airdropped to users' spot accounts for the product starting September 25, 2025 (Beijing time), without any additional action required. Users can confirm their receipt status through their asset overview or the Binance Airdrop page. Binance is also upgrading the Plasma USDT Term Product; further details will be announced separately. Users who redeem early will not lose their accumulated XPL rewards; their USDT balance will be returned to their spot account within three days. Binance Chain Earn is designed to help users easily participate in on-chain protocols and earn returns without complex setup or technical knowledge.
Binance Futures to Launch FLUIDUSDT U-Margined Perpetual Contract
According to the official announcement, Binance Futures will launch the FLUIDUSDT perpetual contract at 18:15 (GMT+8) on September 24, 2025, with a maximum leverage of 75x.
Mira announced the MIRA token economics: MIRA has a total supply of 1 billion tokens, based on the Base network, with an initial circulating supply of 19.12% at the TGE. Use cases for the token include API access and value capture, consumer application integration, serving as a foundational asset for the Mira Network AI ecosystem, staking, and governance. Token distribution is as follows: 6% for the initial airdrop, 16% for future node rewards, 26% for the ecosystem reserve, 20% for core contributors, 14% for early investors, 15% for the foundation, and 3% for liquidity incentives. At the TGE, 100% of the initial airdrop is immediately vested, excluding Kaito ecosystem stakers (who will be vested after two weeks). The ecosystem reserve is partially vested on day one, with the remainder vesting linearly over 35 months. All other allocations are fully locked at the TGE and released gradually according to the vesting schedule.
Aster CEO confirms Aster Chain is about to be launched and has entered the testing phase
According to Solid Intel, Aster’s CEO confirmed that Aster Chain will be launched soon and has entered the testing phase. The chain has features such as sub-second transaction finality, native perpetual contract integration, low transaction fees, and a token repurchase plan.
Hold at least 210 Binance Alpha Points to claim 800 Griffin AI (GAIN) airdrops
Binance Alpha has officially launched Griffin AI (GAIN), with trading set to begin at 7:00 PM Beijing Time on September 24, 2025. Users holding at least 210 Binance Alpha Points will be eligible to claim an airdrop of 800 GAIN tokens on a first-come, first-served basis. The point threshold will automatically decrease by 15 points every hour while the promotion lasts.
Uniswap Labs launches Compact v1 system to address cross-chain liquidity fragmentation
According to a blog post by Uniswap Labs, Uniswap Labs has launched "Compact v1," a non-ownership ERC-6909 contract designed to reduce inter-blockchain liquidity fragmentation by managing "resource locks." The system allows for secure and reusable resource locks across cross-chain networks, providing developers with a shared framework for building customizable and composable systems. Compact v1 includes four core components: an allocator to prevent double use of resources, an arbitrator to verify that commitment conditions are met, a court to act as a settlement engine for cross-chain swaps, and a messenger to provide backup verification for smart contract wallets. The system will be used to support cross-chain swaps on UniswapX and has already been adopted by the LI.FI and Rhinestone teams. Uniswap stated that the main challenge facing cross-chain applications is the asynchrony of different execution environments, which makes atomic transactions impossible. Compact v1 has passed multiple independent security reviews, and the full audit report is expected to be released soon. It has also been included in the Uniswap bug bounty program.
Limitless, a prediction market in the Base ecosystem, announced on Twitter that its Token Generation Event (TGE) will take place during the second quarter of the Points Program, rather than afterward. Under the Points Program, users earn points through activity, which determine the size of the airdrop token distribution. Points can be earned through trading, providing liquidity, and inviting other traders, with a ranking and bonus mechanism. The second quarter of the Points Program launched on September 22, 2025, and will run until January 26, 2026. Further details regarding the token distribution and announcement will be released soon.
HEMI will be listed on Bithumb's Korean Won trading market
According to Bithumb's announcement, HEMI tokens will now support the Korean won market. The details are as follows: The supported network is Ethereum (other networks are not supported for deposits).
UPbit launches FLUID, supporting KRW, BTC, and USDT trading pairs
UPbit announced support for the digital asset FLUID (FLUID) and opened market trading for KRW, BTC, and USDT based on the Ethereum network.
UPbit launches IN and B3, adding BTC and USDT trading pairs
UPbit announced support for new trading pairs for Infinite (IN) and B3 (B3). IN will be traded in BTC and USDT markets on the Ethereum network, while B3 will be traded in USDT markets on the Base network.
The 44th Binance HODLer airdrop is now live on Plasma (XPL), a Layer 1 EVM-compatible blockchain designed for high-volume, low-cost global stablecoin payments. Users can participate in guaranteed or on-chain earning products using BNB between 08:00 on September 10, 2025, and 07:59 on September 14, 2025 (UTC). XPL will be listed on Binance at 21:00 on September 25, 2025 (UTC), with trading available for USDT, USDC, BNB, FDUSD, and TRY. Tether (USDT) deposits and withdrawals on the Plasma Network will also be available at 18:00 on September 24. The total Plasma Genesis token supply is 10 billion, and the total HODLer airdrop is 75 million, representing 0.75% of the Genesis supply. The circulating supply at launch is 1.8 billion, representing 18% of the Genesis supply. In addition, Binance will allocate 50 million XPL tokens for marketing activities after spot listing and 150 million XPL tokens six months after listing. For more details, please refer to the upcoming research report.
Binance Alpha to List Mira Network (MIRA) on September 26
Binance Alpha will list Mira Network (MIRA) on September 26th. Eligible users can claim the airdrop using Binance Alpha Points on the Alpha event page after trading opens.
Binance Alpha and Futures to List Hana Network (HANA)
Hana Network (HANA) will be available for trading on Binance Alpha at 11:00 AM (UTC) on September 26, 2025. Additionally, Binance Futures will launch HANAUSDT perpetual contracts at 11:30 AM (UTC) on September 26, 2025, supporting up to 50x leverage. Eligible Binance users will receive an exclusive token airdrop. Eligible users can claim the airdrop using Binance Alpha Points on the Binance Alpha event page between 11:00 AM (UTC) on September 26, 2025, and 11:00 AM (UTC) on September 27, 2025.
Binance: ZBT's Alpha Points threshold is 218
Binance Alpha users with 218 or more points can participate in the ZEROBASE (ZBT) TGE event through the Alpha event page. This TGE will cost 10 points. As previously reported, Binance Wallet will launch a ZEROBASE token presale and booster event on September 24th.
UXLINK Completes Smart Contract Security Audit and Announces Token Migration Plan
UXLINK announced that its new smart contract has passed a security audit and will be deployed on the Ethereum mainnet. The new smart contract will remove the original burn function and retain cross-chain functionality through cross-chain partners. The token ticker symbol "UXLINK" remains unchanged, and the relevant contract details and migration plan have been submitted to the CEX partner. Officials have frozen a large number of addresses implicated in the hack and are collaborating with law enforcement and third parties to recover the assets. All community losses will be handled transparently and used for community compensation and development.
Important data
Aster's 24-hour revenue surpasses Circle and is second only to Tether
According to the latest data from Deflama, Tether, Aster, and Circle ranked in the top three by revenue over the past 24 hours. Tether, the issuer of the USDT stablecoin, generated $21.99 million in revenue in 24 hours; Aster, a derivatives project, generated $8.56 million; and Circle, the issuer of the USDC stablecoin, generated $7.72 million in revenue in 24 hours.
FLUID surged 48% in a short period of time, possibly due to the listing of Upbit.
According to OKX market data, FLUID's price surged 48% in a short period, reaching a high of approximately $9, possibly due to the Upbit listing. It is currently trading at $7.67. Earlier news broke that UPbit had launched FLUID, supporting KRW, BTC, and USDT trading pairs.
According to the latest data from Coinglass, the total ASTER contract holdings on the entire network have increased to 544 million, with a holding market value exceeding US$1.2 billion. It is currently reported at US$1.223 billion, a historical high, with an increase of 41.23% in the past 24 hours; among them, Binance ASTER contract holdings reached 101 million, ranking first, with a holding market value of US$227 million; Bybit's ASTER contract holdings reached 76.3428 million, with a holding market value of US$171 million.
According to Ai, StablecoinX, a suspected ENA treasury, has increased its holdings by 19.23 million ENA over the past 15 hours, valued at approximately $11.8 million, with an average transaction price of $0.614. Currently, the multi-sig address holds a total of 88.26 million ENA, with a market capitalization of approximately $54 million.
James Wynn went long on ASTER and short on HYPE after receiving over $8,000 in referral rewards
According to Lookonchain, James Wynn (@JamesWynnReal) adopted a long ASTER and short HYPE trading strategy after receiving a referral reward of $8,032.5.
Falcon Finance's community sale oversubscribed to $112 million, a record high for Buildlpad
The Falcon Finance (FF) community sale has concluded, with subscriptions exceeding $112 million, reaching 2,821% of the original target and setting a new record for oversubscription on the Buildpad platform. Officials stated that settlement and refunds will be completed by 16:00 (UTC) on September 26th.
FTT surged over 30%, possibly due to SBF's post.
Perhaps influenced by SBF’s post, FTT soared by more than 30%, and the price of FTT exceeded 1 US dollar.
Financing/Acquisition
Scilex Holding Company (NASDAQ: SCLX), an innovative revenue-generating company, announced that it has signed a Securities Purchase Agreement ("SPA") with an institutional investor to exchange $200 million worth of common stock in its majority-owned subsidiary, Semnur Pharmaceuticals, Inc., for $200 million worth of Bitcoin. Under the SPA, the institutional investor will purchase 12,500,000 shares of Semnur common stock held by Scilex at $16 per share. Closing is expected to occur on or about September 23, 2025.
According to PR Newswire, Singapore-based startup Synthesys (formerly Equitize) announced it has secured $11 million in seed and strategic funding rounds to build infrastructure for tokenized securities. This round was led by Mark Pui. Founded in 2023, Synthesys (formerly Equitize) has developed a global liquidity network that aggregates over 40 different primary and secondary distribution channels. Its platform automates cross-jurisdictional compliance and provides a universal liquidity layer for tokenized securities.
Crypto VC firm Archetype raises $100 million for its third fund
According to Fortune magazine, crypto venture capital firm Archetype announced that its third fund has raised $100 million. The fund will focus on supporting early-stage seed rounds for blockchain companies. Archetype raised its first $55 million fund in 2021 and then raised a second $155 million fund in 2022, at the peak of the previous cryptocurrency bull market. Although Archetype's third fund is smaller at only $100 million, Egan said that choosing the right backers (i.e., limited partners) was a deliberate decision, and only one new LP was introduced.
Cloudburst Completes $7 Million Series A Funding to Expand Off-Chain Crypto Intelligence Platform
According to CoinDesk, Cloudburst Technologies announced the completion of $7 million in Series A funding, which will be used to develop its off-chain crypto intelligence platform. Borderless Capital led the round, bringing the company's total funding to $11 million since its founding in 2022. Strategic Cyber Ventures, CoinFund, Coinbase Ventures, Bloccelerate VC, and In-Q-Tel also provided additional support. The funding will be used to expand Cloudburst's artificial intelligence and data science teams, accelerate product development, and broaden its market reach among financial institutions, regulators, and crypto-native businesses. The company focuses on analyzing data sources such as chatrooms and regulatory filings to detect fraudulent networks, illicit actors, scams, and social media trends. The company states that its tools are designed to provide real-time intelligence and predictive insights to regulators, law enforcement, exchanges, investors, and other market participants. The platform collects millions of off-chain data points, including those from Telegram groups, niche forums, regulatory filings, and news sources, and applies proprietary AI models to identify emerging threats and patterns.
According to CNBC, cryptocurrency infrastructure startup Zerohash has completed a $104 million Series D funding round led by Interactive Brokers, with participation from financial institutions including Morgan Stanley and SoFi. Strategic investors include Zerohash clients, and Apollo's fund also participated in the round. Founder and CEO Edward Woodford revealed that the company's valuation has reached $1 billion. Founded in 2017, Zerohash provides banks and fintech companies with the capabilities to launch blockchain-based products in three core areas: cryptocurrency trading, stablecoins, and tokenization. Interactive Brokers already uses Zerohash's cryptocurrency trading and custody services and will collaborate with the company to launch a stablecoin product. While Woodford declined to comment on whether Morgan Stanley and SoFi are also clients, he hinted that relevant information will be announced soon.
Blockchain payments company Fnality completes $136 million Series C funding round, led by WisdomTree
According to TFN, London-based blockchain payments company Fnality has completed a $136 million Series C funding round, led by WisdomTree, with participation from Bank of America, Citigroup, KBC Group, Temasek, and Tradeweb. Existing investors include Santander, Barclays, BNP Paribas, DTCC, Euroclear, Goldman Sachs, ING, Nasdaq, State Street, and UBS. Fnality is committed to using distributed ledger technology to build a regulated payment system based on central bank digital currencies to address the slow, expensive, and long cross-border settlement times of traditional wholesale payment systems. The company plans to use this round of funding to expand its pound sterling system to the US dollar and euro markets, targeting the over $120 billion cross-border payments market.
Institutional holdings
Raiku Secures $13.5 Million in Funding to Promote “Predictable” Transactions on Solana
According to The Block, Web3 infrastructure startup Raiku announced the completion of a $13.5 million seed and pre-seed funding round from investors including Pantera Capital, Jump Crypto, and Lightspeed Faction. Raiku claims its tool can achieve predictable and guaranteed transaction execution by coordinating block space with Solana validators, addressing the issue of transaction uncertainty under Solana's high load. The product has launched on a testnet, with a mainnet launch planned for 2026.
Fitell Corporation (NASDAQ: FTEL), a global provider of fitness equipment and wellness solutions, announced that it has secured up to $100 million in financing to support the launch of its Solana treasury, marking the first digital asset treasury based on Solana in Australia. Fitell has commenced dual listing on the Australian Securities Exchange (ASX). Following the initial launch of the Solana treasury, the company plans to change its name to "Solana Australia Corporation."
SharpLink: No ETH was purchased last week, but 509 ETH was obtained through staking rewards
SharpLink, a Nasdaq-listed Ethereum treasury company, disclosed that it received 509 ETH through staking rewards last week. This brings the total staked since the strategy launched on June 2, 2025, to 3,749 ETH. No new ETH was purchased or repurchased last week, and no press release will be issued today.
Ethereum treasury company FG Nexus disclosed that its ETH holdings have reached 50,000
According to Globenewswire, FG Nexus (NASDAQ: FGNX, FGNXP) announced that its ETH holdings reached 50,000 on September 22, 2025. The company implemented its ETH treasury strategy in August and has continued to increase its ETH holdings over the past month. The company's 50,000 ETH holdings are valued at approximately $210 million, with an average purchase price of approximately $3,860.
