Crypto Morning Brief: Yunfeng Financial approved to provide virtual asset trading services, Ethena Labs to bid for USDH issuance rights
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Crypto Morning Brief: Yunfeng Financial approved to provide virtual asset trading services, Ethena Labs to bid for USDH issuance rights
Gemini exchange raises IPO target to $433.3 million.
Navigating Web3 tides with focused insightsAuthor: TechFlow
Yesterday's Market Developments
U.S. preliminary benchmark revision for nonfarm payrolls in 2025: -911,000, expected -700,000, prior -598,000
According to Jinshi Data, the U.S. preliminary benchmark revision for nonfarm payrolls in 2025 was -911,000, compared to an expected -700,000 and a previous -598,000.
White House crypto advisor: Top three priorities are advancing the market structure bill, implementing the stablecoin bill, and establishing a U.S. Bitcoin reserve
According to CoinDesk, Patrick Witt, newly appointed executive director of President Trump’s Digital Assets Advisory Committee, stated that his top three priorities are advancing the Senate market structure bill, implementing the stablecoin bill, and establishing a U.S. Bitcoin reserve.
After succeeding Bo Hines (who has now joined Tether), Witt said the Senate’s market structure bill has seen “significant improvements,” and the White House is actively pushing for bipartisan support to reach the 60-vote threshold. He emphasized that this bill would address about 80% of regulatory needs in the crypto market, having a broader impact than the already-passed stablecoin bill (GENIUS Act).
Regarding the Bitcoin strategic reserve plan, Witt called it a “top priority for both individuals and the government,” but noted legal issues still need resolution and legislative support from Congress is required. The White House is also exploring “innovative ways” to expand the reserve beyond just seized government-held Bitcoin.
Ethena Labs releases proposal to bid for Hyperliquid's USDH stablecoin issuance rights
Ethena Labs has released a proposal to bid for Hyperliquid’s USDH stablecoin issuance rights. Ethena commits substantial financial and human resources to make USDH the benchmark-tier, leading stablecoin within Hyperliquid’s user and developer communities.
Key terms of the proposal include: USDH will initially be 100% backed by USDtb; Ethena pledges to allocate at least 95% of net income generated from USDH reserves to the Hyperliquid community; if the Hyperliquid community wishes to reprice current USDC-denominated trading pairs on its core exchange to USDH, Ethena will cover all transaction costs associated with migrating USDC to USDH; the Ethena Labs research team will submit a proposal to the Ethena Risk Committee to apply for USDH to be listed as a compliant backing asset for USDe, among other points.
Bubblemaps: MYX airdrop suspected of involving the largest Sybil attack in history, with a single entity receiving $170 million in tokens
According to Bubblemaps, the MYX token airdrop appears to involve the largest-scale Sybil attack in history.
Data shows one entity obtained $170 million worth of tokens through approximately 100 addresses during the MYX airdrop. These addresses received funding around April 19 (at about 6:50 AM) via the OKX exchange and each received similar amounts of BNB tokens.
The investigation found these addresses collectively claimed 9.8 million MYX tokens, accounting for about 1% of the total supply. Notably, most addresses began claiming their airdrops simultaneously (around 5:30 AM on May 7).
ApeCoin expands to Solana blockchain
ApeCoin officially announced APE has expanded to the Solana blockchain, with contract address C1MHyoTJpRTeS9AQCyspNVu2EWAYCZwmJ1jNkEArFP1f.
Gemini Exchange raises IPO target to $433.3 million
According to Bloomberg, Gemini Space Station Inc., the cryptocurrency exchange led by the Winklevoss brothers, announced it has raised its initial public offering (IPO) target to $433.3 million. According to documents filed with the U.S. Securities and Exchange Commission (SEC) on September 10, the company increased its share price range from $17–19 per share to $24–26 per share, while keeping the number of shares to be issued unchanged at 16.7 million. This increase follows strong investor demand and oversubscription, including private investment from another exchange operator.
Source: Figure plans to increase IPO size, raising shares from 26 million to 31.5 million
According to Jinshi Data, sources say stablecoin issuer Figure plans to increase its IPO size, raising the number of shares from 26 million to 31.5 million, and increasing the IPO price range from $18–20 to $20–22 per share.
Yunfeng Financial: Has obtained SFC approval to provide virtual asset trading services
According to Jinshi Data, Yunfeng Financial (00376.HK) stated it has received approval from the Securities and Futures Commission (SFC) to upgrade its existing Type 1 (securities trading) regulated activity license to allow provision of virtual asset trading services under an arrangement to open integrated accounts on the SFC-licensed platform.
MetaPlanet plans overseas capital raise of 212.9 billion yen, with majority of funds allocated to Bitcoin accumulation
According to official documents, Japanese-listed company MetaPlanet announced on September 10, 2025, it will issue 385 million new shares at 553 yen per share, raising approximately 212.9 billion yen through an overseas capital raise. Payment for the new shares will occur on September 16, with settlement on September 17. The company plans to use about 183.7 billion yen to purchase Bitcoin and approximately 20.4 billion yen to launch Bitcoin-related yield-generating businesses (including BTC options trading).
SharpLink Gaming: Launches $1.5 billion stock buyback program, has repurchased approximately 1 million SBET shares
According to SharpLink Gaming, the company has commenced execution of its $1.5 billion stock buyback program and has so far repurchased approximately 1 million SBET shares. SharpLink Gaming stated it believes its stock is severely undervalued, and repurchasing shares at a price below net asset value will generate immediate accretive effects and drive compounded growth in long-term shareholder value.
SharpLink Gaming emphasized that its balance sheet holds $3.6 billion in Ethereum (ETH), nearly 100% of which has been staked to generate revenue for the company. Additionally, the company currently has no debt and has never issued shares at a valuation below one times net asset value.
Market Movements
Suggested Reading
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Another powerhouse joins the Base ecosystem? In-depth look at AI infrastructure project Sapien
This article provides a detailed introduction to the decentralized AI data infrastructure project Sapien, covering its development background, technological innovations, market scale, and challenges faced. Sapien aims to address the scarcity of high-quality training materials in AI development and has attracted partnerships with numerous well-known enterprises through innovative mechanisms, becoming a key component of the AI sector within the Base ecosystem.
Upbit enters the public chain race—how ambitious is Giwa’s on-chain vision?
This article discusses Upbit’s launch of Giwa, an Ethereum Layer 2 public chain built on the Optimism OP Stack, aiming to overcome market growth bottlenecks and explore new business models. Tailored to Korean user demands, Giwa may support Korean won stablecoin payments, built-in compliance features, and optimized performance for large transactions, while developing cross-chain bridging solutions to enhance user experience. This move marks Upbit’s transformation from a trading platform to a Web3 infrastructure player, though its success ultimately depends on ecosystem development and real-world application adoption.
IOSG: Why the era of blindly buying altcoins is over
This article explores changes and future trends in the altcoin market, analyzing why the altcoin season phenomenon of 2021 cannot be replicated, and forecasts potential future directions for the altcoin market.
This article analyzes the strengths and challenges of decentralized technologies, along with their applications and future development paths in the crypto space. It emphasizes the importance of decentralization in critical infrastructure, while noting hybrid models may represent the optimal solution—achieving decentralization at the foundational layer while maintaining a degree of centralization at the user interface layer to optimize user experience.
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