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Here's a quick preview of today’s content: US seeks $61M in crypto linked to Iranian oil scheme, Ethiopia cuts bitcoin miners’ power supply, Binance adds 11 US-listed ETFs, House committee releases crypto tax bill, Crypto exchange CoinEx shuts down after 9 years, and so much more
Looking for institutional guidance on your firm's crypto strategy? Speak to the team at Alvarez & Marsal Crypto. They offer comprehensive advisory services on everything from stablecoin adoption, tokenization and custody to M&A, compliance and risk. Book a call!
Happy Wednesday – Let’s dive in.
Market Snapshot
Click here to learn more about the Gannon’s portfolios and subscribe to the strategies on Autopilot.* Since inception (7/3/25), Gannon’s Crypto Portfolio is up +18.3% Gannon’s AI Fund is up +57.7%
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Bitcoin drops the most since June, falling below $76,000 after the Senate blocks the Clarity Act
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BTC slides to a September low as the crypto market structure bill flames out in a failed Senate vote and global bonds hit multidecade highs
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CRCL and COIN shares fell about -10% with miners and treasury companies also declining
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Prediction Markets
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Bettors are predicting National League Champion?
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Headline Roundup
The major headlines driving crypto markets
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Clarity Act vote falls short in Senate (TB)
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Robinhood employees charged with fraud over insider crypto trades (DC)
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OpenAI says safety concerns slow its most advanced model (DC)
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Coinbase-backed group warns of midterms payback (DC)
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House committee releases crypto tax bill (TB)
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Crypto exchange CoinEx shuts down after 9 years (TB)
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USDT part of Polish energy giant’s failed $230M oil deal (CT)
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Ark Invest sells $14M in Circle (TB)
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XRP Ledger one vote away from next big upgrade (CD)
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Solana protocol Kamino names CEO for US expansion (TD)
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Bitpanda CEO departs firm (FM)
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Solana more than triples transaction limit with upgrade (CT)
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BIS finds major gap in Bitcoin transfer estimates (CT)
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Balancer proposes winding down protocol (TB)
A Message from Alvarez & Marsal Crypto
A&M Crypto: Institutional Digital Asset Advisory, Executed at Scale
Alvarez & Marsal's Crypto practice is the leading global digital asset advisory firm, with 90+ offices worldwide and operators who've executed through every market cycle. A&M combines operational, financial, and industry expertise to take institutions from strategy to deployment: stablecoin adoption, tokenization and RWAs, custody and infrastructure, M&A advisory, IPO readiness, risk and compliance, restructuring and much more.
A&M's clients include half the Fortune 500 and the leading crypto-native and TradFi firms in the industry.
Whether you’re looking to adopt stablecoins, standing up digital asset infrastructure, or navigating tokenization/RWAs… A&M has done it before, at scale across finance, operations, engineering, commercialization, risk and compliance.
Venture Capital
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Stablecoin payments startup Velocity raises another $10M from Visa, Circle and Ripple (CD)
Access the complete VC deal flow on Fundable.
M&A Announcements
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UK Bitcoin treasury Stack BTC acquires metals dealer Direct Bullion (CD)
Launches
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Binance adds 11 US-listed ETFs (CT)
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Bitget Wallet adds Reality's tokenized stocks (TD)
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KuCoin opens managed portfolios (FM)
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Assetera adds 200 tokenized stocks (FM)
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Zama expands Morpho lineup (TB)
Regulation
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Ethiopia cuts bitcoin miners’ power supply (BBG)
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ECB calls for merchants to participate in digital euro pilot (CD)
Cybersecurity
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US seeks $61M in crypto linked to Iranian oil scheme (DC)
Extra Reads
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A hacker exploited a flaw to drain $7.8M from an Ethereum wallet, but before they could escape with it, an automated bot spotted the theft in the public queue, and stole the loot right out from under them – Here's how a bot robbed the hacker who robbed a crypto wallet
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The Clarity Act just died in the Senate, but the institutions it was meant to guide have already moved so far into crypto through ETFs and tokenization, that its failure looks less like a roadblock and more like a speed bump – Here's why Wall Street's crypto push won't stop without the Clarity Act
Chart of the Day
Solana posts $100M+ more tokenized equity volume than Nasdaq and NYSE combined
Meme Dump
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