Doohyun Hwang

Ripple Labs is seeking to raise at least $1 billion (about 1.419 trillion won) to purchase large amounts of its affiliated virtual asset (cryptocurrency) XRP. On the 16th (local time), Bloomberg reported that the funds will be deposited into a newly established Digital Asset Treasury (DAT). According to multiple sources, Ripple plans to use a special purpose acquisition company (SPAC) for this fundraising and is also considering contributing some of its XRP holdings as equity. Ripple has not issued an official statement on the matter, and the transaction terms are still under negotiation. If the fundraising is completed successfully, it will create the largest Digital Asset Treasury centered on XRP to date. Ripple currently holds 4.74 billion XRP (about $11 billion) in its wallets, and an additional 35.9 billion XRP are in an escrow lockup scheduled to be released monthly. This plan came just a week after the crypto market experienced a sharp decline. Selling pressure triggered by escalated trade tensions between the U.S. and China caused structural unease across the market, and Bitcoin (BTC) also fell more than 3% that day, trading in the low $100,000 range. Despite such market uncertainty, Ripple has continued aggressive moves. On the same day Ripple announced it would acquire corporate treasury management software provider 'GTreasury' for $1 billion. The company described the acquisition as a "strategic move to help corporate treasury officers access digital assets such as tokenized deposits and stablecoins." XRP ranks 5th among global virtual assets with a market capitalization of $138 billion and has risen 13% year-to-date, following Bitcoin (up 16%). Currently XRP is trading in the $2.34 range on Binance's Tether (USDT) market, down 2.75% from the previous day.

Newsmax, a pro-Trump U.S. media company listed on the New York Stock Exchange, is creating a Digital Assets Treasury centered on Bitcoin (BTC) and President Donald Trump's meme coin 'OfficialTrump (TRUMP)'. On the 16th (local time), Decrypt reported that Newsmax's board approved a plan to purchase up to $5,000,000 worth of the two assets combined over the next year in stages. It did not disclose specific funding methods, but said it would make its first strategic purchase soon. Christopher Ruddy, Newsmax CEO, said, "Bitcoin has already established itself as the gold standard of virtual assets, and incorporating it into the company's treasury will be an important milestone," and added, "We also have high expectations for adding OfficialTrump, which can reflect President Trump's performance." With this move, Newsmax became the second media company, after Trump Media, to include digital assets in its corporate treasury. Trump Media purchased $2,000,000,000 worth of Bitcoin and related assets earlier this year and is now among the top 10 publicly listed companies by Bitcoin holdings. Meanwhile, on the New York Stock Exchange (NYSE) that day, Newsmax's stock closed down 4% at $10.83, but later rebounded more than 4% in after-hours trading. Bitcoin and OfficialTrump both showed declines that day. Bitcoin was down 3% at $108,200, and the Trump coin traded down 2.1% at $5.90.

Nasdaq-listed fintech company 'Zeta Network Group (Zeta Network Group)' is conducting a private placement of approximately $231 million. A private placement is a method in which a company sells securities directly to a specific group of investors rather than the general public. On the 16th (local time), according to Decrypt, the transaction will be settled in bitcoin (BTC) or SolvBTC, a wrapped bitcoin asset issued by the Solv Protocol, rather than cash. Zeta Network said it plans to incorporate bitcoin yield-generating assets into its financial structure through this transaction to strengthen financial soundness and liquidity even amid a volatile crypto asset (cryptocurrency) market. Zeta Network plans to raise approximately $230.8 million worth of bitcoin or SolvBTC by the close of the transaction, and the transaction is expected to close on Friday. The company said, "This fundraising will be an opportunity to improve a balanced financial structure and enhance long-term financial resilience." Patrick Ngan (Patrick Ngan), Zeta Network's Chief Investment Officer (CIO), said, "By including financial products that combine bitcoin's scarcity and sustainable profitability in our financial structure, we have strengthened long-term financial stability," adding, "This aligns with the company's goal of building a bitcoin-centered institutional finance ecosystem."

Global payments company Visa said stablecoins could play a central role in the $40 trillion global credit market. On the 16th (local time), according to Decrypt, Visa said in a report, "Stablecoin-based lending provides an opportunity for banks and financial institutions to migrate part of the existing credit market to programmable blockchain infrastructure." It added, "Understanding how programmable money is reshaping the credit market is both an opportunity and an imperative for financial institutions." According to Visa, over the past five years, lending via stablecoins has amounted to $670 billion, and there are currently about 1.1 million borrowers in the market. The average loan size is around $76,000, but as of August this year it rose to $121,000. Currently 98% of stablecoin lending is held by USDT and USDC. The market capitalizations of the two assets are $181 billion and $76 billion respectively, accounting for about 83% of the total stablecoin market ($307 billion). In particular, stablecoin market capitalization has increased by about $100 billion so far this year. This is interpreted as a result of the stablecoin regulatory proposal enacted in the United States, the 'GENIUS Act', providing a clear regulatory framework for stablecoins issued by U.S. companies. Visa analyzed, "As stablecoins expand into the credit market, structural changes will emerge in the competitive dynamics of existing banks and financial institutions," adding, "Going forward, stablecoins will become a core technology leading the digital transformation of the global credit and lending ecosystem, beyond being merely a payment method." However, concerns about the spread of stablecoins have also been raised. The International Monetary Fund (IMF) warned in the '2025 Global Financial Stability Report (GFSR)' released the same day that "the spread of stablecoins could become an alternative to traditional safe assets and bank deposits," but "it could also trigger financial system risks such as excessive risk-taking, increased leverage, and maturity mismatches."

Bitcoin (BTC) fell intraday to $107,400 on the 16th (local time), putting the key support at $108,000 to the test. In the options market, bearish bets surged and investor sentiment contracted. According to the Binance Tether (USDT) market, Bitcoin opened at $110,763 and dropped intraday to $107,424. After reaching an all-time high on the 6th, a correction continued, and the market's concern is growing that "this sharp decline could signal the end of the bull market." According to CoinDesk, the options market's delta skew indicator exceeded 10%. Typically this indicator moves between -6% and +6%, and if it spikes above 10% it is interpreted as traders paying high premiums for put options. This is taken as a clear bearish signal. Indeed, on options exchange Deribit, put option volume was recorded as more than 50% greater than call option volume. The market weakness was underpinned by US-China trade tensions and an extended federal government shutdown. President Donald Trump recently said he is "considering additional trade sanctions in response to China's halt on imports of US soybeans," heightening macroeconomic uncertainty. Delays in various economic data releases due to the shutdown further dampened risk asset sentiment. Warning signs also appeared in on-chain indicators. According to CryptoQuant, the amount moved from miner addresses to exchanges in the past week was 51,000 BTC, the largest since July. Large miner deposits are generally interpreted as a signal that selling pressure may increase. However, some analysts say the decline should not be seen as excessive pessimism. André Dragosch, head of research at Bitwise, said, "This decline is likely a short-term correction caused by external factors," and added, "Extreme fear periods have historically acted as buying opportunities. The recent liquidation wave could instead become a springboard into a new rebound phase."

Luca Netz Pudgy Penguins CEO Interview Toy- and IP-based revenue structure established Physical-Tokens linked growth model..."The only meme coin" "Pudgy Penguins (PENGU) is not merely a meme coin and will be the next Disney and Netflix" Pudgy Penguins, which started in 2021 as a non-fungible token (NFT) project, has rapidly grown in the global content and virtual asset (cryptocurrency) markets in just a few years. It is generating stable revenue from physical businesses such as toys and intellectual property (IP) licensing, and it is drawing attention for a 'physical-token combined model' that uses profits from these sales to burn tokens on-chain. Luca Netz, CEO of Pudgy Penguins, told BloomingBit in an interview on the 14th (local time) that "the biggest difference between Pudgy Penguins and other meme coins is that there is real business revenue that supports the token economy," and added, "We create a sustainable virtual asset ecosystem through content and culture." From issuance to revenue… Stable growth through physical sales CEO Luca Netz cited "physical businesses backed by cash flow" as Pudgy Penguins' greatest strength. He said, "Pudgy Penguins is targeting $60 million in revenue in 2025 and $120 million in 2026," and added, "We are evolving from a simple NFT brand into a global entertainment company." In fact, Pudgy Penguins has secured a revenue base centered on various physical products such as toys and figures. Currently, most revenue comes from toys and IP licensing businesses, and it is expected to extend to media expansions such as TV animation, films, and games in the future. He emphasized, "The stronger the IP and the more diversely it is utilized, the more a meme brand remains a long-term brand rather than a mere trend," adding, "By connecting business revenue to the on-chain economy, the sustainability of virtual asset projects can be increased." He continued, "Part of Pudgy Penguins' revenue will be used for token burns, which directly contributes to maintaining token value and long-term growth," and added, "The moment tokens are linked with physical business, they become part of the real economy." Top 5 meme coin market cap within a year..."Physical-Token combined model effective" CEO Netz said, "Such rapid growth in a short period was possible because Pudgy Penguins is not merely a meme but a real team building a business," and explained, "Unlike projects that only have tokens, we created a structure where the brand, products, and user experience grow simultaneously." He stated, "Dogecoin and Shiba Inu have fixed supplies, but Pudgy Penguins periodically burns tokens using revenue from physical businesses," and said, "This structure not only raises token value but also creates ongoing vitality for the project." He added confidently, "We are not simply a company that sells digital images. Just as Disney connected generations with Mickey Mouse and Netflix connected generations through content, Pudgy Penguins will become a platform that connects a new generation's culture on the blockchain." "Korea is a global cultural center… Accelerating expansion based on K-culture" CEO Netz identified Korea as a core market in Pudgy Penguins' global strategy. He said, "Korea is the center of global culture and where new trends begin," and added, "K-culture is no longer just a regional culture but a benchmark for the global content market." They are already strengthening their presence in the Korean market through collaborations with major domestic corporations. CEO Netz said, "We have completed collaborations with Lotte and Hyundai Card, and are pursuing a partnership with LINE," and explained, "Korea's large brands have both global recognition and emotional brand power, which perfectly align with expanding Pudgy Penguins' worldview." He defined the Korean market entry strategy as an "approach based on cultural understanding." He said, "Korean consumers are sensitive to trends and at the same time look for brand authenticity," and added, "We respect the sensibility of K-culture and will use it to make Pudgy Penguins expand across Asia and then globally." He added, "We are a global entertainment company built on the blockchain," and said, "Pudgy Penguins' goal is to connect generations' culture through stories, not tokens, and through brands, not memes."

$ARIAIP token airdrop planned for Story (IP) token holders Aria, which previewed the launch of the token 'ARIAIP', officially announced on the 14th (local time) plans to carry out an airdrop for the Story ($IP) community (holders and ecosystem contributors). On that day, Aria said on its official X (formerly Twitter), "The airdrop of the native protocol token 'ARIAIP' will take place soon," adding, "Detailed eligibility requirements will be announced later." It added, "ARIAIP is the native token of the Aria protocol and is for Aria and the Story community supporting the Story (IP) ecosystem." Accordingly, Story holders and ecosystem contributors are expected to receive the airdrop upon the launch of the ARIAIP token. Aria is a story-based platform that tokenizes global artists' music intellectual property (IP) to support investment and trading; it aims to provide an IP tokenization solution that includes legal safeguards and has fund structures and risk management systems at the institutional investor level. Aria, which has already acquired and tokenized parts of copyrights from top domestic and international artists such as BTS, Justin Bieber, BLACKPINK, aespa, and Maroon 5 to structure investment products, recently completed K-pop IP tokenization worth approximately 140 billion won. On the 4th of last month, it also attracted industry attention by raising a total of 15 million dollars (about 20 billion won) through seed and strategic investment rounds. Meanwhile, the Story Foundation also said on its Twitter the same day, "IPRWA is the largest area among RWA (real-world assets) markets yet to be developed, and the global IP (intellectual property) market alone amounts to $80 trillion. Aria has already put revenue-generating music IP rights on-chain, from Justin Bieber to BTS." Lee Seung-yoon, CEO of Story, also tweeted on the 15th, "I look forward to seeing what Aria has prepared for IP and the community," adding, "IPRWA and IP tokenization are core pillars of what we do at Story."

The non-fungible token (NFT) project Pudgy Penguins has partnered with the Solana (SOL)-based liquid staking token (LST) protocol 'Sanctum' to expand the decentralized finance (DeFi) ecosystem. It is drawing attention as a new form of DeFi entry that combines NFT IP (intellectual property) and staking liquidity. On the 13th (local time), Pudgy Penguins said, "Through the partnership with Sanctum, we launched the branded LST 'penguSOL'," and added, "It is designed so Solana depositors can receive staking rewards without losing liquidity." Sanctum is currently Solana's largest LST protocol with a total value locked (TVL) of US$3.3 billion; when users deposit Solana, they receive it in tokenized LST form and can use it for collateralized lending, trading, and other DeFi activities. While typical Solana staking has the limitation of funds being locked during the deposit period, LST increases operational efficiency through immediate liquidity. In addition to Pudgy Penguins, issuers of Sanctum-based LST currently include Bybit, Jupiter, and Backpack. The penguSOL launched through this collaboration is a branded LST combined with the Pudgy Penguins IP, designed so Solana holders can earn an annual 6.2% staking return while maintaining liquidity. If utilizing the welfare structure through the Infinity Pool, yields of over 15% can be expected. penguSOL can be traded and staked directly on the Solana-based decentralized exchange (DEX) 'Jupiter' and the Sanctum explorer page. Deposited Solana is placed on SOL Strategies validator nodes to automatically accrue rewards, and can be redeemed immediately without a separate lockup. Users can utilize penguSOL within DeFi protocols to earn additional yields even while their Solana is deposited. Pudgy Penguins said, "Solana staking limits liquidity due to about a 3-day lockup," explaining, "Through the partnership with Sanctum, penguSOL allows investors to implement various yield strategies." It added, "We will lead the popularization of DeFi and crypto assets based on Pudgy Penguins' brand IP." Sanctum said, "Pudgy Penguins is a representative crypto brand encompassing NFTs, games, and physical IP," and stated, "penguSOL will be a link that allows fans to stake Solana while directly supporting the Pudgy Penguins ecosystem."

Bitcoin (BTC) was pushed down by short-term profit-taking and briefly fell below the $120,000 level. However, with steady ETF inflows, the market's medium-term optimism remains intact. On the 9th (local time) in the Binance Tether (USDT) market, Bitcoin fell intraday to $120,000 before trading around $121,650. Ethereum (ETH), ranked second by market capitalization, fell 2.4% over 24 hours to $4,371, and major altcoins such as Solana (SOL), XRP (XRP), Dogecoin (DOGE), and Cardano (ADA) also fell by up to about 3%. Despite this weakness, U.S.-listed spot Bitcoin ETFs saw net inflows of $2,720,000,000 this week alone. Market participants say Bitcoin is emerging as a new 'digital hedge(hedge)' asset alongside gold. Gold prices also surpassed $4,000 per ounce, reaching an all-time high. That day, Alex Kuptsikevich (Alex Kuptsikevich), FxPro senior analyst, told CoinDesk, "Bitcoin may undergo a correction in the $107,000~$115,000 range ahead of the Federal Reserve (Fed)'s interest rate decision at the end of October," adding, "however, if buying flows come in firmly in that range, another attempt to break through $125,000 will follow." On-chain analytics firm CryptoQuant said, "Selling pressure in the derivatives market has eased compared to last month," and analyzed, "If ETF net inflows continue, the short-term correction can be seen as a process of reconfirming buying demand."

U.S. spot Bitcoin (BTC) exchange-traded funds (ETFs) recorded net inflows for 9 consecutive trading days. On the 9th (local time), according to data from SosoValue, the total net inflows into spot Bitcoin ETFs traded in the U.S. amounted to $198 million as of that date. By single product, BlackRock's 'IBIT' led the inflows, attracting $255 million. IBIT's cumulative net inflows currently total $65.19 billion. Following that, Bitwise's 'BITB' recorded net inflows of $6.58 million. BITB's cumulative net inflows amounted to $2.52 billion. The total net asset value of spot Bitcoin ETFs is $164.79 billion, and the net asset ratio relative to Bitcoin's total market capitalization stands at 6.83%. The historical cumulative net inflows are $62.77 billion.

US spot Ethereum (ETH) exchange-traded funds (ETFs) turned to net outflows, ending an eight-trading-day streak of net inflows. On the 9th (local time), according to SoSoValue data, the total net outflow of Ethereum spot ETFs traded in the US was $8.54 million as of that day. By ETF, BlackRock's 'ETHA' recorded a net inflow of $39.29 million, leading inflows. ETHA's cumulative net inflows currently amount to $14.57 billion. By contrast, Fidelity's 'FETH' recorded a net outflow of $30.26 million, showing the largest capital outflow. FETH's cumulative net inflows are $2.72 billion. The total net asset value of Ethereum spot ETFs is $29.9 billion. This is 5.71% of Ethereum's total market capitalization, and cumulative net inflows to date are $15.08 billion.

Global crypto asset manager Grayscale Investments included Story (IP) as a new holding in its artificial intelligence (AI) fund during its 3Q 2025 portfolio rebalancing. Observers say decentralized intellectual property (IP) ecosystems that combine AI and blockchain are emerging as a key theme in the global institutional investment market. On the 8th (local time), Grayscale said, "The AI fund sold some existing holdings and used the proceeds to newly acquire IP," adding, "IP has been officially added to the fund's holdings through this quarter's rebalancing." With this adjustment, the AI fund was restructured into six assets: NEAR Protocol (NEAR, 25.81%), Bittensor (TAO, 22.15%), Story (IP, 21.53%), Render (RENDER, 12.91%), Filecoin (FIL, 11.39%), and The Graph (GRT, 6.21%). Newly entered Story immediately exceeded a 20% allocation, becoming one of the fund's three major assets. The AI fund aims to provide investment opportunities in protocols building decentralized AI (DeAI) services, solutions addressing centralized AI issues, and infrastructure and resources essential for AI technology development. It also plans to pursue listing so that shares of the AI fund can be traded on the secondary market in the United States. Earlier in August, Story was also included in Grayscale's single-asset trust product lineup about five months after its listing. Grayscale, founded in 2013, is the world's second-largest crypto asset manager, with assets under management (AUM) of approximately 50 trillion won. It manages a variety of investment products including major crypto assets such as Bitcoin (BTC), Ethereum (ETH), and Solana (SOL), and leads the institution-focused crypto investment market. Grayscale had already recognized Story's growth potential in March by naming it one of the "Top 20 crypto assets to watch in 2Q 2025." In its report, Grayscale evaluated, "Story is an infrastructure enabling the IP-ization of content and data, building the most tangible demand base at the intersection of Web3 and AI." Story is a project building blockchain infrastructure that converts various creations—music, images, videos, and even AI training data—into intellectual property (IP) assets that can be monetized. Based on technology that automatically tracks and settles the distribution and propagation of content, it improves the existing opaque and fragmented IP management structure and implements a creator-centric economic ecosystem. It has also drawn attention as a case where Silicon Valley's leading venture capital firm Andreessen Horowitz (a16z Crypto) led three consecutive investments in a single project for the first time since its Coinbase investment. a16z said, "The infrastructure for creative rights in the AI era will ultimately come down to IP data," and evaluated Story as next-generation core Web3 infrastructure.

Bitcoin (BTC) dipped below $120,000 intraday on the 9th (local time). According to the Binance Tether (USDT) market, Bitcoin slid from a high of $123,762 to $119,651, falling about 3.3%. After setting an all-time high in the $126,000 range earlier this month, it had mostly traded above $120,000. Bitcoin is currently trading around $121,600. Market participants pointed to profit-taking after a short-term surge and a strong dollar as the main downward factors. According to Forbes, Joe DiPasquale, CEO of BitBull Capital, said, "(After Bitcoin reached an all-time high) profit-taking, risk-off sentiment, and a stronger dollar weighed on the rally of virtual assets (cryptocurrencies) as hedge assets," adding, "weak on-chain activity also raised questions about the rally's sustainability." Bitfinex analysts also noted, "profit-taking near the record high, a short-term correction, and a strong dollar coincided." Tom Bruni, head of Stocktwits Research, explained, "Profit-taking has appeared across risk assets ahead of the earnings season starting next week," and added, "tariff and geopolitical risks have been largely priced in, but earnings remain a variable, causing traders to act cautiously." Some emphasized range consolidation rather than a price correction. Tim Enneking, managing partner at Psalion, said, "News of Luxembourg's sovereign wealth fund investing in Bitcoin temporarily put upward pressure coinciding with the opening of the New York stock market, but the size was not large and the market quickly absorbed it," adding, "fluctuations around $120,000 continue."

John Wang, Kalshi's head of virtual assets (cryptocurrency) business, said, "Solana (SOL) was a kind of 'no-brainer' for us." He said, "Solana is practically the largest consumer-focused blockchain, and it has all the foundations needed for user inflow, such as wallet infrastructure and data," explaining, "The developer environment and support have greatly improved compared to the past." He added, "Kalshi plans to promote the emergence of new prediction markets through cooperation with Solana and support various forms of markets through a developer rewards program."

A large amount of Ethereum (ETH) was observed being transferred from virtual asset (cryptocurrency) custodian BitGo to a wallet believed to be held by Bitmain. Bitmain is the world's largest Ethereum holder. On the 9th (local time), according to on-chain data analytics platform 'Onchain Lens', the wallet received a total of 23,823 ETH from BitGo that day. At the time of the transaction the price of Ethereum was about 4367 dollars, and the total value amounted to 139 million dollars. The industry interprets this receipt as a purchase in line with Bitmain's long-term holding strategy. Bitmain is currently the company holding the most Ethereum in the world, with holdings reaching 2,830,000 as of the 5th. The total assets including cash and other holdings are estimated at approximately 13.4 billion dollars. The company has presented a goal to secure up to 5% of the total issued supply of Ethereum in the long term. However, the price of Ethereum has recently returned to a downtrend. Ethereum is currently trading around 4360 dollars, down 3.3% from the previous day.

An analysis suggests that central banks around the world are likely to hold Bitcoin (BTC) alongside gold as a major reserve asset by 2030. With a weaker US dollar and the spread of institutional investors coinciding, there is a view that Bitcoin could solidify its position as a 21st-century form of gold. On the 9th (local time), Bloomberg reported that Deutsche Bank said in a report, "Bitcoin could emerge as a new 'cornerstone of financial security' in central banks' asset allocations." Gold surpassed $4,000 per ounce this year to reach an all-time high, and Bitcoin is also trading near recent highs. Demand for both assets surged as the preference for safe-haven assets strengthened amid geopolitical risks and U.S.-China trade uncertainty. In particular, the share of the dollar in global foreign exchange reserves fell from 60% in 2000 to 41% in 2025. The report said, "The de-dollarization trend has promoted inflows into spot gold and Bitcoin exchange-traded funds (ETFs)," adding, "In June, the net inflows into ETFs for the two assets were record highs at US$5 billion and US$4.7 billion, respectively." Marion Laboure, Deutsche Bank's lead economist, said, "If gold was the symbol of financial stability in the 20th century, Bitcoin will partially replace that role in the 21st century," adding, "The decline in the dollar's share and demand for inflation hedges support this movement." Laboure said, "Just as central banks began net buying gold from 2010, discussions among policymakers about considering Bitcoin as a reserve asset are increasing," but added, "However, Bitcoin and gold cannot completely replace the dollar. Forming a complementary relationship with national currencies is the realistic scenario."

XRP has broken the $3 level and continued its upward trend. On the 2nd (local time), XRP rose about 3%, moving from $2.98 to $3.09 during the session on the Binance Tether (USDT) market. Short-term support is in the $2.99~$3.00 range. This rise was triggered by Japan's SBI Holdings expanding XRP lending services for institutional investors. Analysts say XRP benefited as virtual asset infrastructure expansion in Japan accelerated. At the same time, the review schedules for seven XRP spot ETF applications pending at the U.S. Securities and Exchange Commission (SEC) raised market expectations. The first review result is scheduled to be announced on the 18th. Prediction markets reflect an approval probability for the XRP spot ETF of over 99%. Accordingly, institutional buying flowed in, strengthening defense of short-term lows. However, selling concentrated around $3.10 has formed a resistance level. The market views whether this area is broken as a turning point that could open the way for an additional rise to $3.20.

A total net inflow of $302.77 million occurred in the US Ethereum (ETH) spot exchange-traded fund (ETF) market. According to TraderT data on the 2nd (local time), BlackRock's ETHA attracted $172.77 million, accounting for more than half of the total inflows. Fidelity's FETH recorded a net inflow of $60.7 million, and Bitwise's ETHW recorded a net inflow of $46.5 million. In addition, 21Shares' TETH had $2.7 million, VanEck's ETHV $3.3 million, Grayscale's ETHE $4.1 million, and the Mini Trust recorded $12.7 million in net inflows. There was no change for Invesco and Franklin's Ethereum ETFs.

Binance Coin (BNB) recorded an all-time high on the 2nd (local time). On that day, BNB exceeded $1,100 intraday on the Binance Tether (USDT) market and touched $1,110, renewing its previous high within a day. It is currently trading around $1,108. Its market capitalization also surpassed $154 billion. Accordingly, BNB has solidified its 4th place by market capitalization among crypto assets (excluding stablecoins). The gap with Solana (SOL·$126.77 billion), which ranks 5th by market cap, has also widened.

Sharps Technology, which operates a Solana (SOL)-based Digital Asset Treasury (DAT), announced plans for a share buyback program of up to $100 million. On the 2nd (local time), Sharps Technology said in a press release, "Through this share buyback program it may purchase shares in the open market and in negotiated transactions." Share buybacks are typically used by management to boost investor confidence and defend the share price when they believe the company's value is undervalued. In August, Sharps Technology announced plans to become the world's largest Solana DAT and raised more than $400 million in PIPE (Private Investment in Public Equity) investments. At the time, investors including ParaFi Capital and Pantera Capital participated. The company currently holds approximately 2 million SOL, which is about $448 million. However, STSS stock surged to $16 at the end of August and has since declined; it is currently $6.52 according to Yahoo Finance, down 4% from the previous day.