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  • China Cautions Against Crypto Espionage; Singapore Leads Asia

    China Cautions Against Crypto Espionage; Singapore Leads Asia

    China Warns of Blockchain’s Role in Crime and Espionage

    China’s Ministry of State Security has intensified its warnings regarding the risks associated with cryptocurrencies, emphasizing their use in criminal activities and asserting that transactions are not truly anonymous.

    According to the South China Morning Post, the ministry published a social media post stating that cryptocurrencies are employed to facilitate money laundering and cyberattacks, acting as “accomplices” in espionage. The MSS claimed that crypto is frequently utilized by “overseas anti-China hostile forces” to destabilize the financial order and undermine national security.

    The warning about crypto’s lack of anonymity appeared to be a veiled message directed at potential foreign spies who might mistakenly believe they could conduct payments undetected by authorities. The underlying message was clear: “We’re watching the blockchain.” While this statement holds true for most cryptocurrencies like Bitcoin and Ethereum, privacy-focused coins such as Monero or Zcash can offer complete anonymity when used correctly. China has previously banned cryptocurrencies multiple times, culminating in a comprehensive ban on exchanges in 2017 and a subsequent ban on mining in 2021. All cryptocurrency-related businesses have also been declared illegal.

    Singapore’s Crypto Economy Surges Amid Regional Contraction

    Singapore’s cryptocurrency activity experienced a significant growth of 55.4%, reaching $284 billion in the year ending June 2026. This surge allowed the city-state to reclaim its position as the largest crypto economy in Central and Southeast Asia and Oceania (CSAO), according to data from Chainalysis. This performance stands in contrast to a regional contraction in the crypto market.

    A substantial portion of this growth was driven by institutional platform activity, which saw a 94% increase to $60 billion. This activity was primarily concentrated among a select group of market makers, over-the-counter trading firms, and institutional brokerages. Chainalysis noted that the broader CSAO crypto economy contracted by 6.8% during the same period.

    “The growth in Singapore’s institutional platform ecosystem was very concentrated and marked by mostly high-volume activity by existing platforms rather than the dynamic entry of new services,” Chainalysis informed Cointelegraph.

    South Korea Considers Legalizing Crypto Market Makers

    South Korea’s Financial Services Commission (FSC) is reportedly considering the introduction of a market-making system for digital assets. This move comes in the wake of a stablecoin linked to the Japanese yen trading at up to four times its pegged value on a major South Korean crypto exchange earlier this month.

    On September 17, crypto exchange Upbit began trading JPYC, a stablecoin backed by the Japanese yen. The trading commenced at 12 Korean won per JPYC and surged to a high of 37.6 Korean won within an hour, more than quadrupling its market value. This price spike was attributed to limited liquidity on Upbit.

    “We will also review the need to introduce systems such as market-making activities to increase the efficiency and stability of the digital asset landscape,” stated Yoo Young-joon, director of digital finance policy at the FSC.

    Currently, South Korea’s Virtual Asset User Protection Act does not include an exemption for market-making from its market manipulation provisions, effectively preventing market makers from providing liquidity in the country’s crypto markets.

    In related news, U.S. payments and infrastructure firm MoonPay has launched a South Korean subsidiary. The subsidiary aims to collaborate with local financial institutions on remittances, payments, settlements, and digital asset distribution, though it is still awaiting the necessary regulatory approvals.

    Binance Pay Expands to PayPay Merchants in Japan

    Eligible overseas users visiting Japan will soon be able to spend over 100 cryptocurrencies at the vast majority of merchants that support PayPay, starting Wednesday, through Binance Pay.

    This service will operate via HIVEX, a payment interoperability framework that connects overseas QR payment services with PayPay-supported merchants in Japan. Binance Pay utilizes Tether USDt (USDT) as its backend settlement layer, while HIVEX settles with PayPay, which in turn settles merchants in Japanese yen.

    Binance informed Cointelegraph that this marks the first crypto payment service to gain access to PayPay-supported merchants through HIVEX. Merchants will not be required to opt in separately for this service. PayPay is a widely adopted cashless payment service in Japan, accepted at millions of locations nationwide, including major retail chains, smaller businesses, vending machines, taxis, and public transportation. It currently supports nine other overseas payment services through HIVEX, primarily from China, Hong Kong, and Taiwan.

    Hong Kong Regulators Enhance Cooperation on Crypto Audits

    Hong Kong regulators have signed an agreement to bolster their cooperation on financial reporting and audits for licensed cryptocurrency firms.

    The Securities and Futures Commission (SFC) and the Accounting and Financial Reporting Council (AFRC) have committed to working together on audit and assurance work. This collaboration establishes a framework for information sharing, case referrals, mutual assistance, and coordinated inspections and investigations concerning licensed crypto firms.

    In parallel, HSBC is planning a phased rollout of RedCoin, its new Hong Kong dollar-based stablecoin. The initial phase will focus on person-to-person and merchant payments, with subsequent expansion into corporate and institutional use cases. HSBC is also launching an educational campaign to help the public avoid cryptocurrency scams.

  • Binance Faces EU Scrutiny for Post-MiCA Operations

    Binance Faces EU Scrutiny for Post-MiCA Operations

    Binance Faces EU Scrutiny Over Continued Operations Post-MiCA License Failure

    European Union regulators are reportedly scrutinizing Binance, the world’s largest cryptocurrency exchange, over its continued service to some European customers, leveraging a legal exemption after failing to secure a crucial Markets in Crypto-Assets (MiCA) license. The exchange could face enforcement action if its interpretation of the rule is rejected.

    The Financial Times, citing individuals familiar with the matter, reported that the European Securities and Markets Authority (ESMA) and regulators in France, Germany, and Greece are examining whether Binance qualifies for MiCA’s “reverse solicitation” exemption.

    Binance was previously ordered to wind down its EU operations this summer after its failure to obtain a license. Under the regulations, unlicensed firms were required to take “immediate steps” to cease operations from July 1, with the exception of assisting customers in transferring or selling their holdings.

    In June, Binance had stated it had been working with regulators for approximately 18 months and had not received any formal indication of rejection. However, the exchange later withdrew its application in Greece and indicated it would seek authorization in another member state.

    A separate report from the Wall Street Journal alleged that European Central Bank President Christine Lagarde personally urged Greek Prime Minister Kyriakos Mitsotakis to block Binance’s application, even after Greek regulators had largely approved it. The application had cleared its technical review by early June, with the mandatory 40-day assessment period concluding without objections. Lagarde’s concerns reportedly stemmed from Binance’s prior guilty plea to U.S. money-laundering and sanctions violations, and a worry that its approval could encourage a shift towards dollar-denominated stablecoins while the ECB is developing its own digital euro.

    The day before the Financial Times report, ESMA publicly stated that European regulators should be granted enhanced powers to enforce MiCA. According to Reuters, ESMA seeks the authority to order crypto companies to freeze assets when there are reasonable grounds to suspect criminal links, arguing that current procedures are too slow, often allowing suspicious assets to disappear before a freeze can be implemented.

    National regulators could also gain the ability to remove websites associated with scams or unauthorized crypto firms, and to take action against non-EU companies that actively solicit investors within the EU without proper authorization.

    ESMA has also proposed a ban on certain misleading marketing tactics, the introduction of rules for third-party marketing, and the requirement for full cost disclosures to customers. These proposals are part of ESMA’s response to a consultation on MiCA, which is currently under review. A consortium of European central banks released its own response last week, and Reuters noted that some regulators have expressed concerns about inconsistencies and uneven enforcement of the MiCA rules.

  • Shinhan Bank Pilots Solana Stablecoin for Corporate Remittances

    Shinhan Bank Pilots Solana Stablecoin for Corporate Remittances

    Shinhan Bank Completes Stablecoin Pilot for Corporate Remittances

    Shinhan Bank has successfully concluded a pilot program for stablecoin-based corporate overseas remittances, developed with technical assistance from the Solana Foundation. A key innovation of the project is its seamless integration into existing client workflows, requiring no changes for corporate users. Participants did not need to open cryptocurrency wallets or hold stablecoins, with their banking routines remaining entirely unchanged.

    Proof-of-Concept Completion

    The South Korean financial institution announced the completion of this proof-of-concept on September 30, 2026. Shinhan designed the test to meticulously replicate the actual remittance operations of a major Korean corporation, covering the entire process from counterparty registration to execution and final settlement. Stablecoin-based transfers and settlements were integrated directly into the bank’s current systems.

    Privacy and Network Considerations

    To ensure data privacy, Shinhan conducted the pilot on a private solution operating on the Solana network. The objective was to maintain the confidentiality of sensitive transaction details while still enabling transparent validation of each transaction.

    Evaluating Performance and Viability

    Shinhan stated that the trial allowed for a thorough evaluation of both the technical performance and the operational feasibility of the implemented system.

    Broader Stablecoin Initiatives

    This corporate pilot is not Shinhan Financial’s sole venture into Solana-based projects. Its affiliate, Shinhan Card, has been independently exploring retail stablecoin payments through a separate collaboration with Solana, announced on April 30, 2026. These two initiatives are distinct, with the bank’s focus on corporate treasury operations for international money transfers and Shinhan Card targeting consumer payments.

    Regulatory Landscape

    The initiatives are unfolding against the backdrop of South Korea’s evolving regulatory environment. The country’s Digital Asset Basic Act is currently under development and aims to establish a more structured legal framework for digital assets. Shinhan has indicated that its next step involves assessing the system’s potential for real-world application, ensuring alignment with emerging regulatory guidelines.

    The Invisible Stablecoin Layer

    A significant aspect of the project’s design is the unobtrusive nature of the stablecoin layer. Shinhan is not requiring corporate clients to adopt cryptocurrency; instead, it is investigating whether blockchain infrastructure can operate discreetly beneath the services clients already utilize.

    Path to Commercialization

    With the Digital Asset Basic Act still pending, Shinhan cannot launch a commercial product based solely on this proof-of-concept. The timing of any rollout will be contingent on how lawmakers define the regulations governing stablecoins and the financial institutions that handle them.

    Market Watch Points

    Industry observers are closely monitoring several key developments. Firstly, progress on the Digital Asset Basic Act is crucial, as it will likely determine whether pilot programs like this can transition into viable commercial products. Secondly, market participants will be watching for any timeline Shinhan might publish for a commercial corporate remittance service. Thirdly, the announcement of comparable trials by other Korean lenders will be significant. Finally, the parallel development of both corporate and retail tracks within Shinhan Financial will be noteworthy, given that both Shinhan Bank and Shinhan Card are now actively pursuing separate Solana-based stablecoin initiatives.

  • SEC Proposes Crypto Custody Rules to Reduce Regulatory Ambiguity

    SEC Proposes Crypto Custody Rules to Reduce Regulatory Ambiguity

    The Securities and Exchange Commission (SEC) on Wednesday proposed a new framework aimed at clarifying how registered investment advisers and regulated funds can custody crypto assets. This initiative seeks to replace years of regulatory ambiguity with a clear compliance path, potentially easing barriers for institutional investors interested in digital assets.

    Addressing Regulatory Uncertainty
    The proposal tackles a significant challenge for investment professionals: determining which crypto arrangements satisfy the “qualified custodian” requirements under the Investment Advisers Act of 1940 and the Investment Company Act of 1940. It has long been unclear which crypto arrangements meet these strict safekeeping standards, causing many firms to hesitate in offering digital-asset strategies.

    Key Provisions and Goals
    Key aspects of the proposed framework include allowing for self-custody under specific conditions, permitting state trust companies to serve as custodians for crypto assets, and updating rules for financial-statement audits for advisers and broker-dealer custodial services for funds. The SEC stated that the overarching goal is to widen investor access to crypto strategies by removing obstacles that have kept advisers on the sidelines.

    Context and Next Steps
    SEC Chairman Paul Atkins noted that the agency’s existing rules “have not kept pace” with the evolving crypto asset market, which has grown substantially since Bitcoin’s advent in 2008. The proposed rules are intended to replace “the grey of uncertainty created by custody rules crafted for a bygone era,” according to agency statements. This regulatory effort is part of a broader build-out by the SEC, particularly as legislative efforts like the Clarity Act have stalled.

    It is crucial to note that this proposal is not final. A 60-day public comment period will begin once the proposal is published in the Federal Register. During this time, the agency will gather feedback and may revise the rules before any vote to adopt them.

    This proposal follows other recent SEC actions in the crypto space, including an “innovation exemption” for tokenized stocks and the proposed Regulation Crypto Assets framework for crypto fundraising. SEC staff have also offered clarifications, such as stating that token buybacks do not inherently classify a crypto asset as a security.

    The SEC’s move signals an increasing focus on providing regulatory clarity for the digital asset market, potentially encouraging greater institutional participation by addressing key compliance concerns. However, the specific conditions for self-custody and the requirements for state trust companies are not yet detailed, and the final rules remain subject to change following the public comment period.

    Why This Matters

    The materials describe a narrow update: The SEC proposed a framework to govern how registered investment advisers and regulated funds can custody crypto assets, aiming to provide a clear compliance path and replace regulatory ambiguity. The proposal is not final and can be revised before adoption.

    Broader Context

    Source materials place the factual news in this context: The crypto asset market has grown from a niche curiosity into a multi-trillion-dollar asset class to which investors actively seek exposure.

  • Evernorth Secures Shareholder Approval for Nasdaq Listing

    Evernorth Secures Shareholder Approval for Nasdaq Listing

    Evernorth Poised for Nasdaq Debut as SPAC Merger Nears Completion

    Evernorth is on track to become a publicly traded XRP treasury company, with its shares expected to begin trading on the Nasdaq under the ticker XRPN following the closure of its merger with blank-check firm Armada Acquisition Corp. II. The company anticipates holding an XRP treasury valued at approximately $710 million at current market prices.

    Key Milestones Reached

    Shareholders of Armada Acquisition Corp. II have approved the proposed business combination, clearing a significant hurdle for Evernorth. The deal is slated to close on October 7, with trading of the combined entity’s shares on Nasdaq anticipated to commence the following day, contingent upon the satisfaction of remaining closing conditions. This approval follows Evernorth’s filing of its Form S-4 registration statement with the U.S. Securities and Exchange Commission in March, which was declared effective in August.

    Substantial XRP Holdings Expected

    Upon closing, Evernorth projects it will possess around 473 million XRP. The company asserts this will establish it as the largest publicly traded, pure-play XRP treasury firm.

    Funding and Investor Base

    The transaction is expected to generate approximately $300 million in gross cash proceeds. This includes $225 million from private placements, $30 million from convertible note financing, and roughly $48 million from Armada II’s trust. Investors have also directly contributed XRP to the transaction.

    At the time of publication, XRP was trading around $1.50, according to CoinGecko data, placing Evernorth’s anticipated 473 million-token treasury at an estimated $710 million.

    Evernorth’s investor roster includes prominent names such as Ripple, Kraken, Pantera Capital, SBI Group, Arrington Capital, and GSR. The company intends to enhance its XRP holdings per share through yield strategies, active participation in the XRP ecosystem, and capital markets activities.

    Broader Market Context

    Evernorth’s planned Nasdaq listing occurs amidst a mixed landscape for other cryptocurrency companies seeking to access U.S. public markets via SPAC mergers this year.

    Tokenization firm Securitize successfully began trading on the New York Stock Exchange in July after its merger with Cantor Equity Partners II. Similarly, CoinShares made its Nasdaq debut in April following a $1.2 billion merger with Vine Hill Capital Investment Corp.

    However, crypto treasury companies have also encountered challenges. Ether Machine abandoned its planned merger with Dynamix in April, citing unfavorable market conditions and halting plans for a $1.5 billion yield-bearing Ether fund. In July, Adam Back’s Bitcoin Standard Treasury Company and Cantor Equity Partners I revised the terms of their proposed merger and indefinitely postponed a shareholder vote, while renegotiating a deal to “better reflect market conditions.”

  • CRS Report: US Bank Digital Asset Regulations Marked by Political Shifts, Not Stable Law

    CRS Report: US Bank Digital Asset Regulations Marked by Political Shifts, Not Stable Law

    A Congressional Research Service (CRS) report published September 30, 2026, indicates that the regulatory framework for US banks engaging with digital assets is characterized by inconsistency and political influence rather than stable legal frameworks. The report, titled “Crypto and Bank-Permissible Activities” (IF13324), details how policy shifts by federal bank regulators—including the Office of the Comptroller of the Currency (OCC), the Federal Reserve, and the Federal Deposit Insurance Corporation (FDIC)—have been driven by changes in leadership and political administrations since at least 2017.

    The CRS report finds that US banks’ ability to interact with digital assets such as Bitcoin is heavily influenced by these political tides. The report traces a pattern from pro-crypto policies under the Trump administration to a period of tighter regulations from 2021 to 2024 under the Biden administration. A subsequent shift occurred in March 2025 with OCC Interpretive Letter 1183, which eased some restrictions. According to the CRS, these changes, enacted through agency actions rather than new legislation, are reversible, contributing to significant regulatory uncertainty.

    Consistent statutory guidelines play a diminished role compared to the preferences of many in the banking sector, the report states. The CRS highlights that the interpretation of digital asset activities can vary dramatically based on the prevailing political climate and the officials in charge at regulatory agencies. This creates an environment where the same activity might be viewed as a natural banking extension by one regulator and an unacceptable risk by another.

    To address this instability, the CRS proposes three paths for lawmakers: continuing to defer to regulators, which risks perpetuating the cycle of policy reversals; enacting clear legislation to define permissible and prohibited activities; or adopting a hybrid approach.

    Legislative efforts are underway, including the GENIUS Act (P.L. 119-27), enacted in July 2025, which permits stablecoin issuance by bank subsidiaries. The House has also passed the CLARITY Act (H.R. 3633). The CRS report suggests that if enacted, the CLARITY Act could establish a broader regulatory framework for crypto, explicitly allowing banks to use digital assets in authorized activities. However, the report cautions that passage by one chamber of Congress does not guarantee enactment into law.

    This latest analysis builds on an earlier CRS report from February 2025 (R48430) that examined stricter regulatory measures following the collapses of FTX and Signature. The current report underscores that the framework for evaluating bank activities in the digital asset space lacks consistent answers due to regulatory disagreements and political influences.

    Key uncertainties persist regarding the classification of specific crypto activities under ‘business of banking’ and ‘safety-and-soundness’ prongs, as well as the long-term stability of these regulations. The final legislative status of proposals like the CLARITY Act remains a significant factor in this ongoing uncertainty.

    Why This Matters

    The Congressional Research Service report highlights that US banks’ ability to engage with digital assets like Bitcoin is heavily influenced by changes in regulatory leadership and political administrations, rather than consistent statutory law. Uncertainties remain regarding whether specific crypto activities satisfy the ‘business of banking’ prong.

    Broader Context

    The report traces this pattern of regulatory shifts back to at least 2017.

  • CLARITY Act Failure in Senate Sparks Crypto Market Rally Amidst Regulatory Uncertainty

    CLARITY Act Failure in Senate Sparks Crypto Market Rally Amidst Regulatory Uncertainty

    The US Senate’s recent failure to advance the CLARITY Act has introduced a period of regulatory ambiguity for the cryptocurrency market, coinciding with a notable rally in several digital assets. While the bill’s stall avoids potential new restrictions on stablecoins and exchange operations, it leaves the long-term regulatory landscape uncertain.

    The CLARITY Act, after years of negotiation, did not secure the necessary 60 votes in the US Senate. This outcome has been viewed by some in the industry as a positive development. According to Hougan, Chief Investment Officer at Bitwise, the failure was beneficial because the final version of the bill contained compromises that could have imposed new restrictions on stablecoins, exchange operations, and licensing. With the bill stalled, existing stablecoin rules remain in place, and established exchanges such as Coinbase and Kraken avoid potential changes to their operational frameworks for now.

    Following the vote, several digital assets experienced price increases. Bitcoin and Ethereum each rose approximately 11%. More significant gains were seen in other cryptocurrencies, with NEAR jumping 125%, Uniswap rising 49%, and Avalanche gaining 44%. The proposed legislation would have restricted platforms from paying customers interest or rewards on stablecoin balances and would have created a national licensing system for spot crypto exchanges, potentially limiting how exchanges combine trading and brokerage services.

    In parallel with the legislative developments, the Securities and Exchange Commission (SEC) has recently provided clearer guidance in certain areas. The SEC has allowed certain tokenized US stocks to trade through blockchain-based systems under temporary rules. According to Hougan, these temporary rules could offer tokenization companies an opportunity to test their technology in real markets sooner. Additionally, the SEC has clarified that announcing a buyback program does not, by itself, turn a token into a security once a blockchain network is functional. Hougan interprets this clarification as beneficial for revenue-generating tokens, citing examples like NEAR and Uniswap, which have seen gains while utilizing protocol revenue for buybacks.

    Despite the immediate positive market reaction and the SEC’s recent clarifications, significant regulatory uncertainty persists. Hougan expects that “crypto to be too big to crush,” but acknowledges that future regulatory changes remain a possibility. Michael Saylor also sees the current situation as an opportunity. He recently argued that the crypto sector may be better served by working with supportive regulators at agencies like the SEC, CFTC, and Treasury, rather than accepting restrictive legislation. Saylor believes the industry should use the coming years to build compliant crypto products under existing rules, focusing on lowering costs, expanding access, and giving users more control over their money, rather than rushing to pass compromise legislation.

    However, the long-term regulatory outlook carries inherent risks. A major uncertainty remains regarding potential regulatory shifts under a new administration. Future leadership at the SEC or CFTC could adopt a more stringent approach to cryptocurrency regulation. This evolving landscape underscores the need for the industry to navigate carefully, balancing innovation with compliance in the face of ongoing regulatory ambiguity.

    Why This Matters

    The materials describe a narrow update: The US CLARITY Act failed to pass the Senate. Future regulatory changes under a new administration.

    Broader Context

    Source materials place the factual news in this context: The CLARITY Act failed to get the 60 votes needed to move forward in the US Senate after years of negotiations.

  • Bitcoin Breaks $85K Sell Wall, Eyes Further Gains

    Bitcoin Breaks $85K Sell Wall, Eyes Further Gains

    Bitcoin’s formidable $85,000 resistance level may have just weakened. A significant sell wall, a large concentration of sell orders at a specific price, has reportedly been dismantled by buyers, according to a post on X. This development could pave the way for further price appreciation by reducing the overhead supply of sell orders.

    Understanding Sell Walls

    A sell wall is a technical indicator in cryptocurrency markets representing a substantial cluster of limit sell orders placed at a particular price point. For the price to surpass this level, buyers must absorb all these outstanding sell orders. The larger the sell wall, the more buying pressure is required to break through it.

    On-chain analytics firm Glassnode identified a sell wall on the Binance exchange situated between $85,000 and $85,500. This wall had reportedly tripled in size between September 24 and September 30, 2026.

    Recent Price Action and Influencing Factors

    On September 21, Bitcoin briefly breached the $85,000 mark, reaching an intraday high of approximately $85,248. A portion of this surge was attributed to the liquidation of roughly $648 million in short positions. Short liquidations occur when traders who bet on a price decline are forced to buy back the asset to close their positions, thereby adding to buying pressure during an upward move.

    However, after the short squeeze subsided, Bitcoin struggled to maintain its position above $85,000 and subsequently retreated.

    Two primary forces contributed to this price pullback. Firstly, demand from U.S. spot Bitcoin Exchange-Traded Funds (ETFs) showed signs of cooling. Net inflows into these ETFs experienced a sharp decline after September 22, reaching a low of just $24 million on September 28.

    Secondly, long-term Bitcoin holders began to take profits. Their share of realized profits increased significantly, rising from 34% to 55% in the week ending September 29.

    Throughout this period, Bitcoin managed to hold above several key support levels. These include the Short-Term Holder Cost Basis, which hovers around $73,300, and the True Market Mean, located near $77,200.

    Key Indicators to Monitor

    Several factors will be crucial in determining Bitcoin’s next move.

    The first is the sustainability of the sell wall’s removal. Sell walls are composed of limit orders, which can be canceled or repositioned at any time. Therefore, monitoring the order book depth on Binance within the $85,000 to $85,500 range will be important.

    The second signal to watch is ETF flows. The significant drop in inflows to $24 million on September 28 highlighted how rapidly institutional demand can fluctuate.

    The third factor is the behavior of long-term holders. With their realized profit share at 55%, these long-term investors have been a significant source of supply at current price levels.

    The price action on September 21 also offers a cautionary tale. The brief surge above $85,000, partly fueled by liquidations, ultimately proved unsustainable.

    On the downside, the True Market Mean near $77,200 and the Short-Term Holder Cost Basis around $73,300 represent critical levels. A sustained break below these points could signal a weakening market structure.

  • Evernorth Treasury Vote Clears Path for XRP Listing on Nasdaq

    Evernorth Treasury Vote Clears Path for XRP Listing on Nasdaq

    Evernorth Secures Shareholder Approval for Nasdaq Listing with 473 Million XRP Treasury

    Evernorth’s merger with Armada Acquisition Corp. II received shareholder approval on Wednesday, paving the way for its substantial 473 million XRP treasury to be listed on Nasdaq.

    The vote saw approximately 20.5 million shares in favor and 1.4 million against, according to a filing by Armada II on Thursday. This development follows the SEC declaring Evernorth’s registration statement effective on August 27.

    Evernorth anticipates the deal will officially close on October 7. The company’s shares are expected to commence trading the following day under the ticker XRPN, which is already utilized by the special purpose acquisition company (SPAC).

    The firm announced that the merger and its associated private placements have collectively raised over $1 billion, a figure that aligns with its initial projections for the transaction made in October 2025. A portion of this total was contributed by investors in XRP, with the company’s announcement not specifying a dollar valuation for these holdings.

    Evernorth’s statement indicates that approximately $300 million of the total funds raised is in gross cash. Private placements account for $225 million of this cash component. An additional $30 million is derived from convertible notes that the company agreed to sell in September.

    Investors in advance funding provided $214 million of the capital raised through private placements, as detailed in the proxy statement. Evernorth utilized these funds in late 2025 to acquire 84.4 million XRP at an average price of $2.54 per token, which are now part of its existing holdings.

    The SPAC’s trust is contributing an additional $48 million in cash. This trust held approximately $241.9 million as of the August 20 record date. Public shareholders had the option to redeem their shares from the trust at an estimated $10.52 per share until September 28. Neither Thursday’s announcement nor the vote filing specified the number of shareholders who exercised this option.

    RippleWorks supplied the largest portion of Evernorth’s XRP holdings, amounting to 211.3 million tokens, through an investment in the SPAC’s sponsor, Arrington XRP Capital Fund. The sponsor is obligated to exchange these tokens for Evernorth shares upon closing. It has committed to voting these shares according to RippleWorks’ direction. Chris Larsen, co-founder and Executive Chairman of Ripple, is a co-founder of RippleWorks and serves on its board.

    Ripple itself contributed 126.8 million XRP at the time the merger agreement was finalized. An additional 50 million XRP comes from the Larsen Lam Children’s Remainder Trust.

    Evernorth Holdings’ financial statements, included in the proxy filing, report the cost of 346.3 million of its XRP at $846.6 million. By June 30, 2026, the company carried these tokens on its books at $348.8 million. It recorded impairment charges of $233.7 million in 2025 and $264.1 million in the first half of 2026.

    Evernorth accounts for XRP at its cost basis and subsequently reduces its value to the lowest intraday price observed since each batch was acquired. This written-down value is not subsequently increased if the price of XRP recovers.

  • Bitcoin Shows Strength in September Amid ETF Inflows and Easing Economic Concerns, but Key Uncertainties Remain

    Bitcoin Shows Strength in September Amid ETF Inflows and Easing Economic Concerns, but Key Uncertainties Remain

    Bitcoin began the fourth quarter on a stronger footing than traditional markets in September, buoyed by substantial inflows into U.S.-listed spot Bitcoin ETFs, ongoing corporate accumulation, and improving economic conditions. The cryptocurrency saw a gain of approximately 8% during the month, significantly outperforming the S&P 500, which remained largely flat, and gold, which experienced a decline of over 6%.

    Several key factors underpinned Bitcoin’s rally. U.S.-listed spot Bitcoin ETFs attracted billions of dollars in September, signaling a resurgence in institutional interest. Corporate entities also continued to expand their Bitcoin holdings, with Strategy acquiring an additional 1,665 BTC and Strive purchasing 1,107 BTC for $94.5 million. This consistent corporate accumulation is viewed as a positive indicator for market sentiment.

    The macroeconomic landscape also contributed to Bitcoin’s upward movement. Lower-than-expected U.S. inflation data for August helped to alleviate concerns regarding further Federal Reserve rate hikes, consequently reducing pressure on Treasury yields. This shift in the economic outlook fostered a more favorable environment for risk assets, including cryptocurrencies, which demonstrated stronger gains compared to traditional markets that showed a more muted response.

    According to Santiment, crypto markets are entering Q4 with several potential growth drivers. These include sustained ETF demand, continued corporate accumulation, progress in regulatory clarity, and renewed participation from altcoins. While acknowledging that elevated yields and crowded leverage can still precipitate sharp pullbacks, the analytics firm noted that “crypto currently has catalysts that traditional assets simply haven’t matched.”

    From a technical standpoint, Bitcoin is currently trading near the $86,000 level. Crypto Patel suggests this price point could be pivotal in determining Bitcoin’s future direction. A sustained breach above $86,000 might open the possibility for a move towards $100,000. However, if Bitcoin fails to maintain this level, traders may be closely watching support zones at $82,886, $80,300, and $76,400.

    Analysis of whale wallets, specifically those holding between 10 and 10,000 BTC, reveals significant accumulation, with these wallets adding 41,025 BTC in just 10 days, bringing their total holdings to 13.64 million BTC. Bitcoin’s longer-term outlook also appears robust, as evidenced by the MVRV Z-Score remaining above its 365-day moving average. Historically, this level has served as support during broader rallies. CryptoQuant’s analysis indicates that if the Z-Score sustains its position above this average, the broader valuation trend remains supportive of further upside. However, a sustained drop below the 365-day average could signal a weakening of the longer-term structure.

    Despite these positive indicators, several uncertainties persist. The critical factor to monitor is Bitcoin’s ability to break and hold above the $86,000 resistance level. Furthermore, the behavior of the MVRV Z-Score relative to its 365-day moving average will be crucial in assessing the sustainability of the current trend. A sustained break below this average could indicate potential weakness in the longer-term structure, and specific support levels to watch if the $86,000 level fails include $82,886, $80,300, and $76,400.

    Why This Matters

    The materials describe a narrow update: Bitcoin gained approximately 8% in September, outperforming the S&P 500 and gold. Whether Bitcoin may break above $86,000 and hold remains a key uncertainty.

    Broader Context

    Source materials place the factual news in this context: Bitcoin outperformed stocks and gold in September as it entered the fourth quarter on a high note, according to Santiment.