Encryption Industry Trends

Regulation and Macroeconomics

A subsidiary of a brokerage firm has obtained a Type 3 virtual asset license in Hong Kong.

A brokerage firm stated on an interactive platform that its wholly-owned subsidiary has been approved by the Hong Kong Securities and Futures Commission to obtain a Type 3 license related to virtual assets, allowing it to provide virtual asset trading services through a comprehensive account arrangement. The virtual asset-related licenses from the Hong Kong Securities and Futures Commission include multiple categories such as operating trading platforms, managing investment portfolios, providing trading services, offering advice, and acting as an introducing agent.

A certain electric vehicle manufacturer accepts payments in Bitcoin and other encryption currencies.

A publicly listed electric vehicle manufacturer announced that it will now accept cryptocurrencies, including Bitcoin, for the purchase of its branded commercial electric vehicles.

Bhutan's Bitcoin reserves reach $1.3 billion

According to reports, Bhutan's Bitcoin holdings have now reached $1.3 billion, accounting for nearly 40% of the country's GDP. This Himalayan nation has quietly started mining Bitcoin since 2020. Five years later, Bhutan has become the third largest country in terms of Bitcoin reserves among governments. The head of the Royal Holdings and Investment Company of Bhutan stated that this is an obvious choice for Bhutan.

A Hong Kong subsidiary of a certain Chinese-funded securities firm has launched tokenized securities.

According to reports, a Hong Kong subsidiary of a Chinese brokerage has launched tokenized securities that pay interest in currencies such as USD, HKD, and offshore RMB, named "GF Token". This token is only available to institutional and professional investors, allowing short-term idle funds to earn interest and can also be used for conversions between other tokenized assets.

The Hong Kong authorities have renamed "virtual assets" to "digital assets".

With the Hong Kong government issuing a new policy declaration, the official term "virtual assets" has been officially changed to "digital assets". The industry believes that "digital assets" cover a broader scope, including the tokenization of existing financial products, and the image is also more positive.

A senior spokesperson for India's ruling party calls for the initiation of a Bitcoin reserve pilot.

A senior spokesperson for India's ruling party has called for India to initiate a pilot project for Bitcoin reserves, stating that this is a strategic move towards economic resilience.

The U.S. encryption market structure bill is expected to be completed by the end of September.

The chairman of the U.S. Senate Banking Committee told White House advisors that the encryption market structure bill will be completed by September 30. This timeline is later than the previous expectation of August, but earlier than the forecast for the end of the year.

White House Advisor: The U.S. is building strategic Bitcoin reserve infrastructure.

The White House digital asset policy advisor confirmed that the United States is working on building the infrastructure for a strategic Bitcoin reserve. He pointed out that although there is currently no requirement to disclose the number of Bitcoins held by the government, the government may choose to release this information publicly. The U.S. government tends to increase its Bitcoin holdings in a budget-neutral manner.

Project Progress

A certain exchange has launched a new token and is offering an airdrop.

A well-known exchange announced the listing of the Moonveil (MORE) token and will provide an airdrop of 400 MORE tokens to eligible users. Users must hold platform points to participate in the airdrop event.

An investment institution profited over 4 times through staking rewards.

According to reports, Polychain invested about $20 million in Celestia and sold tokens worth over $80 million solely through staking rewards, achieving more than 4 times return.

The encryption trading platform XeggeX has announced its closure.

XeggeX announced on its official website that the platform is about to shut down and file for bankruptcy due to issues such as a hacker attack, and more information will be released soon.

A certain organization has updated the list of popular assets for Q3.

A well-known investment institution updated its Top 20 assets list for the third quarter of 2025, adding AVAX and MORPHO to its top 20 assets while removing LDO and OP.

Data

The Ethereum founder's address sold a large amount of tokens.

Monitoring shows that the Ethereum founder's address sold 20 trillion of a certain token, exchanging for 4.43 ETH, worth approximately 10,800 USD.

Bitcoin ETF continues to see net inflows

Data shows that the total net inflow of Bitcoin spot ETFs yesterday was 228 million USD, marking 13 consecutive days of net inflow. Among them, the ETF with the highest single-day net inflow reached 164 million USD. Currently, the total net asset value of Bitcoin spot ETFs exceeds 133.5 billion USD.

Early Bitcoin miners reduce selling.

The report shows that miners from the "Satoshi Era" sold only 150 BTC in 2025, a significant decrease from 10,000 BTC during the same period in 2024. The daily outflow of miners has dropped from 23,000 BTC in February to the current 6,000 BTC, with the number of BTC directly transferred to exchanges remaining low.

A certain ETH staking institution has lost 28.8 million dollars.

On-chain analysis shows that a certain ETH staking whale/institution staked 40,128 ETH in March last year and redeemed it a month ago. In the past two weeks, the institution has transferred 41,400 ETH (worth $100 million) to several exchanges. Due to the drop in ETH prices, it is estimated that the institution has incurred a loss of about $28.8 million.

Financing Dynamics

AI platform OpenRouter completes $40 million Series A funding.

The AI model marketplace platform OpenRouter has announced the completion of a $40 million seed and Series A funding round, with a company valuation of approximately $500 million. This round of financing was led by well-known institutions, and the funds will be used for product development and expanding enterprise support.

The Bitcoin financial platform Castle has completed a financing of 1 million dollars.

The Bitcoin financial platform Castle has completed a $1 million Pre-Seed funding round. The platform provides automated Bitcoin allocation solutions for small and medium-sized enterprises, allowing companies to automatically convert their sales revenue into Bitcoin at a set ratio.

RWA tokenization infrastructure developer Byzanlink secures $1 million investment

Dubai-based RWA tokenization infrastructure developer Byzanlink has completed a $1 million private fundraising. The new funding will accelerate product development and deepen collaboration with traditional finance and the DeFi sector.

encryption trust infrastructure Inference Labs raised $6.3 million

The encryption trust infrastructure Inference Labs has completed a strategic financing of $6.3 million. The funding will be used to optimize circuit design and expand support for multi-proof systems, covering scenarios in healthcare, finance, DeFi, and other areas requiring trustworthy AI decision-making.

Private equity tokenization platform Jarsy secures $5 million investment

The private equity tokenization platform Jarsy has completed a $5 million Pre-Seed round of financing. The platform offers retail investors the opportunity to invest in pre-IPO companies by issuing tokens that are 1:1 pegged to the equity of private companies.

AI-driven global PEO platform Niural completes $31 million Series A financing.

Niural announced the completion of a $31 million Series A financing. Its end-to-end global PEO and payment platform is powered by a self-developed tax engine and AI collaboration tools, helping businesses significantly improve efficiency and reduce costs.

Institutional Increase

encryption mining companies raised $150 million to purchase ETH

A cryptocurrency mining company has raised $150 million in an IPO to accelerate the shift from Bitcoin mining to Ethereum equity and funding operations. The company plans to sell or close its Bitcoin mining business and fully convert its held Bitcoin into Ethereum.

An organization deposited 30 million USDC into HyperLiquid and purchased HYPE.

Two institutions deposited 30 million USDC into HyperLiquid and began purchasing HYPE tokens.

The Bitcoin financial company went public and acquired 292.8 BTC.

Bitcoin Treasury Corporation was listed on the TSX Venture Exchange in Toronto and completed its first purchase of 292.8 BTC, with a total value of approximately 43 million CAD.

Cloud computing company proposes to acquire Bitcoin mining company.

Cloud computing company CoreWeave has once again proposed to acquire Bitcoin mining firm Core Scientific, with the transaction expected to be completed in a few weeks. Previously, CoreWeave's $1 billion acquisition offer was rejected.

Bakkt submitted a $1 billion shelf registration statement.

Bakkt Holdings submitted a $1 billion shelf registration application to the U.S. SEC, and part of the funds may be used to purchase Bitcoin or other digital assets.

LGHL completed its first purchase of HYPE tokens.

Lion Group Holdings Limited announced that it has completed its initial strategic purchase of Hyperliquid (HYPE) tokens, amounting to $2 million. The company plans to continue acquiring HYPE, Solana, and Sui tokens in the future.