Crypto companies are raising billions again but at lower valuations than previous cycles. Kalshi seeks $40 billion while Blockchain.com targets an IPO at $4–6 billion, down from $14 billion in the last boom. Most digital asset treasury companies no longer command premiums, with only four of the 20 largest trading above their crypto holdings' value.
Saifedean Ammous argues that Michael Saylor's MicroStrategy has an insurmountable advantage over other Bitcoin treasury companies due to its massive 847,666 BTC holdings and $5.02 billion cash reserve, which enable lower borrowing costs and protection against liquidation. Ammous predicts Bitcoin could reach $200,000 by 2030 and expects more companies to adopt Bitcoin reserves, though he cautions that direct Bitcoin ownership is preferable to investing in treasury companies.
European stablecoin issuers are launching US dollar-pegged tokens despite the EU's focus on strengthening the euro, arguing that businesses require dollar liquidity for global cross-border payments and settlement. Companies like AllUnity, Stable Mint, Fiat Republic, and SG-FORGE contend that regulated dollar stablecoins meet practical demand rather than speculation, and that Europe should control who issues them under proper rules rather than oppose them outright.
A $387.7M hack of Bitget sparked debate over whether decentralized protocols should block stolen funds. THORChain refused to intervene citing permissionless ideals, while NEAR Intents blocked over $50M in hacked flows, drawing criticism for compromising decentralization but gaining Bitget's appreciation.
Porsche is shutting down its Web3 project and Pioneers Circle community after nearly four years, with its 911 NFT collection experiencing a sharp decline in trading activity. The 7,500-token collection, launched in January 2023, saw minting halted at 2,363 tokens due to pricing and utility complaints. While NFTs remain onchain, Porsche will archive its Discord and cease active project updates.
South Korean crypto exchange operating profits declined 78% in the first half of 2026 as trading volumes, market capitalization, and customer deposits all fell significantly. The downturn reflects a shift by retail investors toward South Korea's stock market, with the KOSPI index doubling while crypto trading volume plummeted.
South Korea's Financial Services Commission has proposed detailed regulations for tokenized securities, including capital requirements for issuers, OTC trading licenses, and retail investment caps, with the framework set to take effect in February 2027 following public consultation through November.
NEAR Intents was hacked for $3.8 million on Thursday through a bug in its deposit and withdrawal infrastructure. General manager Alex Shevchenko identified the hacker on Friday and gave them 48 hours to return funds via responsible disclosure, offering wallet addresses for Bitcoin, BNB, and Solana. The platform pledged to fully compensate affected users.
China's Ministry of State Security warned foreign spies that cryptocurrency transactions are traceable on the blockchain, while Singapore's crypto economy grew 55% and South Korea considers legalizing market makers. Binance expanded crypto payment services in Japan, and MoonPay launched operations in South Korea.
New York and Wyoming financial regulators signed a memorandum of understanding to coordinate crypto oversight, including shared supervisory information, streamlined licensing reviews, and joint enforcement actions. The agreement applies to firms already regulated in either state and those seeking approval in both, with expedited pathways for companies licensed for at least three years without enforcement issues.
A report by Varys Capital and Verda Ventures warns that Latin America's stablecoin ecosystem relies on only 16 of 494 companies for wholesale liquidity provision, creating potential fragility if key providers lose banking access. Concentration among liquidity providers could disrupt users' ability to convert stablecoins to local currency, though researchers acknowledge mature FX markets similarly concentrate dealers among specialists.
Dune's analysis shows tokenized real-world assets reach $34.5 billion with distinct trading patterns from traditional markets, dominated by single stocks in equities. Tokenized equities represent just 0.0029% of global markets but are projected to grow to $349 billion by 2030, with US regulators and exchanges advancing regulatory frameworks for onchain trading.
EU regulators including ESMA are examining Binance's use of a reverse solicitation exemption under MiCA to serve European customers without full authorization. ESMA has called for stronger enforcement powers to prevent non-EU crypto firms from exploiting regulatory gaps, as Binance pursues authorization in the bloc while some EU traders are served through its Abu Dhabi entity.
A federal judge dismissed most claims against Chainalysis in a lawsuit by Celsius' litigation administrator but allowed an aiding-and-abetting claim to proceed, alleging Chainalysis helped insiders breach fiduciary duties by knowingly disseminating false statements about a disputed $3.3 billion asset audit in 2020.
Bitcoin ETFs drew $6.34 billion in net inflows during Q3 2026, their strongest quarter of the year, as Bitcoin surged 42.71%—its best third-quarter performance since 2017. Ether ETFs also attracted $3.05 billion, while alternative crypto assets like XRP, Solana, and Zcash saw positive inflows.
Cryptocurrency experienced its worst month of 2026 in September with losses exceeding $768 million across 55-97 major incidents, according to blockchain security firms PeckShield and CertiK. The $388 million Bitget breach and $320 million Liquid Network exploit dominated the month's losses, though over $270 million from the latter was subsequently recovered. Year-to-date, the crypto sector has suffered 656 security incidents totaling $2.68 billion in losses.
MetaMask is exiting its validators from Lido's staking protocol following a security incident affecting part of its infrastructure, though it has found no immediate threat to user wallets. The precautionary measure could result in lost rewards and downtime penalties, with the exit process expected to take up to 45 days.
Base completed its Cobalt upgrade, adding conditional transactions and new issuer controls for tokenized assets on the Ethereum layer-2 network. The upgrade expands the B20 token standard with compliance checks, corporate action tools like stock splits, and allows authorized administrators to transfer tokens. Validity Transactions enable traders to submit swaps that execute only when specified onchain conditions are met.
Bitget CEO Gracy Chen announced the cryptocurrency exchange is gradually resuming normal operations following a $388 million security breach, with the company's Protection Fund reaching $309 million to cover user losses. Withdrawals for all tokens are set to resume Friday, and the company has launched a bounty program while investigating potential responsibility, including the possibility of an inside job or North Korean hackers.
Singapore's crypto economy grew 55.4% to $284 billion in the year ended June 2026, driven largely by institutional platform activity surging 94%, while the broader Central and Southeast Asia and Oceania region contracted 6.8%. Meanwhile, the Philippines, Thailand, and Vietnam saw significant peer-to-peer crypto transfer activity, with stablecoins increasingly used for cross-border transactions and remittances.