UpGate

Tag: Positive

  • Bitwise CEO: Dogecoin ETF Failure “Pathetic,” Buyers Differ from Crypto Retail

    Bitwise CEO: Dogecoin ETF Failure “Pathetic,” Buyers Differ from Crypto Retail

    Bitwise CEO: Dogecoin ETF’s Demise Highlights Divergent Investor Preferences, AI and Solana Lead the Way

    New York, NY – Hunter Horsley, co-founder and CEO of Bitwise Asset Management, has described the swift closure of the firm’s Dogecoin ETF as “tragic,” attributing its failure to a fundamental disconnect between the preferences of traditional ETF investors and cryptocurrency app users. This distinction, Horsley argues, explains why established digital assets have found greater traction in the ETF market.

    The Bitwise Dogecoin ETF (BWOW), launched on the New York Stock Exchange in November 2023, is slated to cease trading on October 14th. Data from SoSoValue indicates that as of October 7th, the fund’s total assets under management stood at a mere $726,000, with monthly trading volume in September reaching only $51,000.

    “I like Dogecoin, and I own Dogecoin,” Horsley stated. “I think it’s authentic in its positioning. Historically, it was a meme coin with no utility, but it represents a culture, and as an asset, it makes sense. But as an ETF, it just didn’t gain traction.”

    In stark contrast, the Bitwise Solana Staking ETF (BBSOL) has seen significant success, accumulating $1.3 billion in assets under management. Horsley views this as investors betting on Solana’s ecosystem, recognizing its potential benefits from tokenization, stablecoins, and on-chain vaults.

    Horsley’s observations on the BWOW’s performance point to a “delta” in behavior between ETF investors and crypto app users. ETF buyers, he explained, gravitate towards assets that have demonstrated market validation, while crypto app users are more readily swayed by emerging trends and community sentiment.

    “ETF users just don’t want to put money into Dogecoin, but that could change over time,” Horsley remarked, pushing back against the notion that Bitwise misjudged its market positioning. He characterized crypto ETFs as a “pipeline” designed to grant traditional investors access to the crypto market, rather than a direct replication of crypto’s inherent risk appetite.

    Horsley emphasized a symbiotic relationship between cryptocurrency and artificial intelligence, positing that crypto is reshaping financial services into software, while AI enables machines to perform tasks previously done by humans. As AI advances, he predicts, its preferred financial infrastructure will be “millisecond-level smart contracts, not bank tellers behind glass.”

    The recently launched Bitwise NEAR ETF (NRR) exemplifies this intersection of AI and crypto. NEAR Protocol’s NEAR Intents feature allows users or AI agents to conduct cross-chain asset exchanges and transfers without the need for manual bridging. Horsley anticipates substantial growth for NEAR as AI agents gain greater financial capabilities.

    Public filings reveal Bitwise’s strategic focus on AI, with applications submitted for two AI-related ETFs: the Bitwise AI Network Defense ETF in August and the Bitwise AI Bond ETF in September.

    When asked for investment recommendations for the next five years, Horsley endorsed the Bitwise 10 Crypto Index ETF (BITW) and the Bitwise Crypto Innovators ETF (BITQ). His reasoning: “The lesson I’ve learned over the past few years is that the market is constantly changing. BITW today holds Hyperliquid, Zcash, and Uniswap. If the market shifts in the future, the fund will automatically adjust its holdings.”

  • Securitize Launches Tokenized U.S. Stocks on Solana, Offering Dividends and Voting Rights

    Securitize Launches Tokenized U.S. Stocks on Solana, Offering Dividends and Voting Rights

    Securitize has launched tokenized versions of U.S. stocks on the Solana blockchain, providing eligible investors with access to equities through regulated onchain infrastructure. The offering, named Securitize Stocks, includes tokenized representations of major companies such as Apple, Nvidia, Tesla, and Microsoft.

    These tokens are backed 1:1 by the underlying stocks they represent. This initiative aims to bridge traditional financial assets with decentralized infrastructure, potentially enhancing investor accessibility. Securitize Adds that the tokenized stocks are expected to incorporate features traditionally associated with stock ownership, including dividends and voting rights.

    The launch on the Solana blockchain positions Securitize to leverage the network’s infrastructure for its tokenized offerings. The company’s move into tokenizing established U.S. equities signifies a development in the integration of traditional finance and blockchain technology. The offering is described as utilizing regulated onchain infrastructure, aiming to provide a compliant pathway for investors to engage with tokenized securities.

    This development could signal an increased availability of traditional financial instruments within the digital asset ecosystem. The introduction of features like dividends and voting rights on tokenized stocks may also enhance their appeal to a broader range of investors. The focus remains on providing regulated access to equities via this new onchain mechanism.

    Why This Matters

    The materials describe a narrow update: Securitize has launched a product called Securitize Stocks, which offers tokenized versions of U. Tokenization of major U.S. stocks on Solana could increase accessibility for eligible investors.

    Broader Context

    Source materials place the factual news in this context: Securitize is taking some of Wall Street’s most recognizable names onchain.

  • Claude AI: Bitcoin to Reach $250K by 2027

    Claude AI: Bitcoin to Reach $250K by 2027

    AI Predicts Bitcoin Surge to $250,000 Under Strategic Reserve Scenario

    Artificial intelligence model Claude, developed by Anthropic, has projected a dramatic surge in Bitcoin’s price, potentially reaching $250,000 by January 1, 2027. This ambitious forecast hinges on a hypothetical scenario where the United States establishes a strategic Bitcoin reserve and actively purchases the cryptocurrency on the open market.

    Currently trading around $82,000 to $83,000, Bitcoin remains approximately 34% below its all-time high of around $126,000. Achieving the $250,000 mark by early 2027 would necessitate a threefold increase in value within less than three months. While a formidable challenge, Claude’s analysis suggests this is not mathematically impossible, given Bitcoin’s historical price volatility.

    A Hypothetical Catalyst for Growth

    The projected scenario envisions the U.S. announcing its strategic Bitcoin reserve and initiating direct BTC purchases before the end of 2026. This move would be accompanied by clearer regulatory frameworks for digital assets. Following such an announcement, Claude anticipates that other major economies and sovereign wealth funds would commit to allocating 1% to 2% of their reserves to Bitcoin.

    This influx of institutional capital, coupled with the existing infrastructure of U.S. spot Bitcoin ETFs which already hold over 1.29 million BTC and saw $2.7 billion in inflows in September, would trigger a significant surge in demand for liquid Bitcoin. The AI predicts a cascade effect: ETF inflows would spike, corporations would increase their Bitcoin holdings, retail investors would experience renewed fear of missing out (FOMO), and short sellers would be compelled to cover their positions.

    Technical Indicators Signal Potential Upside

    From a technical standpoint, the AI suggests that the underlying market conditions are not as far-fetched as the $250,000 price target might imply. Bitcoin has already demonstrated resilience, rebounding over 40% from its 2026 lows. Furthermore, the cryptocurrency’s 50-day moving average has crossed above its 200-day moving average, a pattern known as a “golden cross,” which is typically considered a bullish indicator.

    The immediate technical hurdle identified is the resistance zone between $86,500 and $87,500. A decisive break above this level, according to the analysis, would signal that buyers are successfully absorbing current macroeconomic pressures.

    Beyond this initial resistance, key psychological price levels to watch are $100,000, $110,000, and the previous all-time high of approximately $126,000. A clean breakout above $126,000 could usher in a phase of price discovery, where historical resistance points become less relevant.

    In an extreme bullish outcome, successive Fibonacci extensions and rapidly accelerating momentum could theoretically push Bitcoin’s price towards the $180,000 to $200,000 range, potentially culminating in a final surge towards the $250,000 target.

    Market Volatility and Investment Considerations

    However, Claude’s analysis also serves as a reminder that even a generally constructive market setup can expose traders to sharp reversals, particularly around significant macroeconomic events. If the $82,000 support level fails, downside price movements could be swift, with limited levels of support nearby. Conversely, if resistance breaks, the current price may already reflect a substantial portion of the anticipated recovery.

    This inherent asymmetry in potential gains and losses is a factor driving some investors to explore assets beyond traditional markets, although early-stage projects carry significantly different risk profiles.

    Bitcoin Hyper Project

    Separately, the news mentions Bitcoin Hyper ($HYPER), a Bitcoin Layer 2 project integrating SVM. It aims to enhance Bitcoin’s capabilities by offering faster smart contracts and low-cost transaction execution while maintaining Bitcoin’s security. The project has reportedly raised $33.1 million and offers a 30% APY for presale buyers through staking. Key features include a decentralized bridge for BTC transfers and low-latency Layer 2 processing.

  • BNY Mellon Expands Regulated Digital Asset Custody to EU Clients Under MiCA Framework

    BNY Mellon Expands Regulated Digital Asset Custody to EU Clients Under MiCA Framework

    BNY Mellon has expanded its Digital Asset Custody platform to select institutional clients within the European Union, operating under the Markets in Crypto-Assets (MiCA) regulations. This strategic move follows the inclusion of its European banking entity on the European Securities and Markets Authority (ESMA) MiCA register, establishing a regulated framework for holding and managing crypto assets in the region.

    The expansion enables BNY Mellon to offer its digital asset custody services to institutional clients navigating the EU’s MiCA framework. This development is significant as it provides one of the world’s largest custody banks with a regulated pathway to administer crypto assets within the EU.

    The registration of BNY Mellon’s European banking entity on the ESMA MiCA register is a key component of this expansion. It signifies compliance with MiCA’s requirements, which aim to create a harmonized regulatory environment for digital assets across the EU. For institutional clients, this offers enhanced security and regulatory certainty when engaging with digital assets.

    BNY Mellon’s move underscores a growing trend of traditional financial institutions increasing their involvement in the digital asset space, driven by evolving regulatory landscapes and client demand. The availability of regulated custody solutions is crucial for the broader institutional adoption of digital assets, providing essential infrastructure and trust for larger market participants.

    Why This Matters

    The materials describe a narrow update: BNY Mellon has made its Digital Asset Custody platform available to select institutional clients within the European Union. The move gives one of the world’s largest custody banks a regulated route to hold and administer crypto assets in the region.

    Broader Context

    Source materials place the factual news in this context: BNY has expanded its Digital Asset Custody platform to selected institutional clients across the European Union under MiCA.

  • BNB Chain Leads Tokenized Equities Market by Value and Holder Count

    BNB Chain Leads Tokenized Equities Market by Value and Holder Count

    BNB Chain has emerged as the leading blockchain in the tokenized equities market, holding the largest market share by value and number of holders. This position is supported by significant product launches and the blockchain’s inherent advantages, such as low transaction fees and direct access to a large user base.

    The tokenized equities market has experienced substantial growth, expanding from approximately $700 million in January 2026 to over $3 billion by September 2026. During this period, BNB Chain captured a significant portion of this expanding market. As of October 8, 2026, BNB Chain accounted for approximately 41% of the total tracked market value in tokenized equities. By late September 2026, the blockchain had scaled to $1 billion in tokenized stocks, representing a 34% market share within a sector then valued at over $3 billion.

    BNB Chain’s leadership extends to holder counts, where it leads with around 1.8 million addresses, constituting a 45% share of all tokenized equity holders. As of October 8, 2026, 187,112 addresses on BNB Chain held at least $10 in tokenized equities. The blockchain also recorded over $100 billion in on-chain transfer volume during the third quarter of 2026.

    Key drivers behind BNB Chain’s success include strategic product integrations. Binance rolled out its bStocks initiative in June 2026, and Ondo Global Markets has contributed products for accessing and trading tokenized equities on the platform. These developments, coupled with BNB Chain’s low transaction fees, make it an attractive platform for frequent trading and broader accessibility.

    In the competitive landscape, Ethereum held a 22% market share in tokenized stocks and ETFs by late September 2026, while Solana held 20%. However, it is noted that BNB Chain trails Ethereum in the broader real-world asset market, which encompasses categories beyond equities.

    Tokenized equities offer several advantages over traditional stock trading, including the potential for 24/7 trading, fractional ownership, and seamless integration with decentralized finance (DeFi) protocols. Most tokenized equities are backed by underlying shares held in regulated custody, providing a layer of security.

    Despite BNB Chain’s current leadership, several uncertainties remain. It is unclear whether initiatives like bStocks and Ondo Global Markets may sustain their pace of asset growth. The potential for Ethereum or Solana to introduce new issuer partnerships aimed at retail stock buyers also presents a competitive challenge. Furthermore, the continued compounding growth of the tokenized equities sector, which has already surpassed $3 billion in capitalization, remains to be seen.

    BNB Chain was the first blockchain to surpass $1 billion in tokenized stocks and ETFs, highlighting its pioneering role in this evolving financial sector.

    Why This Matters

    The materials describe a narrow update: BNB Chain has become the leading blockchain for tokenized equities, holding the largest market share by value and number of holders. Whether bStocks and Ondo Global Markets may maintain their recent pace of adding assets under management.

    Broader Context

    Source materials place the factual news in this context: Wall Street spent decades building exchanges with opening bells and closing hours.

  • Securitize Stock Surges 10% on Tokenized US Equities Launch

    Securitize Stock Surges 10% on Tokenized US Equities Launch

    Securitize Launches Tokenized US Stocks with Dividend and Voting Rights

    Securitize has unveiled a new offering that grants eligible investors access to tokenized shares of 12 major U.S. companies, complete with dividend and voting rights. The company’s stock saw a roughly 10% surge on Thursday following the launch of these tokenized equities on the Solana blockchain.

    Securitize Stocks Initiative

    The new product, branded as Securitize Stocks, provides exposure to equities backed by underlying shares. The initial offering includes tokenized versions of prominent companies such as Apple, Nvidia, Microsoft, and Tesla, alongside eight other U.S.-listed firms. According to a statement released on Thursday, these tokens are backed on a one-to-one basis by actual shares and will initially be available for trading during extended market hours via Securitize’s registered broker-dealer platform.

    Securitize stated that the tokens represent security entitlements under Article 8 of the Uniform Commercial Code, ensuring that applicable shareholder benefits, including dividends and voting rights, are preserved. The company also indicated plans to make these assets available on tokenized securities platforms currently under development by the New York Stock Exchange and OKXICE, though specific launch dates for these integrations have not yet been set.

    Trading and Future Plans

    The tokens will settle in USDC on the Solana network, with Jump Trading committed to providing liquidity through its market-making services. Trading is set to commence during extended market hours, with aspirations to expand to 24/7 trading on an unspecified timeline.

    Beyond trading, Securitize is exploring broader applications for these tokenized equities. Ripple Prime intends to support the launch and investigate the integration of these assets into its institutional trading services. Additionally, the decentralized lending platform Aave has been identified as a potential venue for utilizing these tokenized stocks as collateral.

    Ripple Prime did not immediately respond to a request for further details.

    Recent Company Momentum

    Thursday’s announcement marks the second significant intraday rally for Securitize shares this week. On Tuesday, the stock climbed nearly 8% after the company announced a partnership with South Korean technology firm LG CNS to explore tokenized funds, equities, and stablecoins for financial institutions.

    This South Korean collaboration also encompasses infrastructure aimed at connecting local financial institutions with global capital markets. It follows a September memorandum of understanding with Dubai’s Virtual Assets Regulatory Authority to support regulated tokenization initiatives in the emirate.

    According to data from Yahoo Finance, Securitize shares have appreciated by approximately 54% over the past month.

    The company’s expansion aligns with a broader trend of growth in tokenized real-world assets. Data from RWA.xyz indicates that the value of distributed assets, excluding stablecoins, reached $38.88 billion as of Thursday, a notable increase from $25.36 billion a year prior.

  • EDX Markets and VerifiedX Launch Tokenized Bitcoin for Institutional Trading and Network Validation

    EDX Markets and VerifiedX Launch Tokenized Bitcoin for Institutional Trading and Network Validation

    EDX Markets has partnered with VerifiedX to introduce tokenized Bitcoin (vBTC) for institutional spot trading, with EDX Markets also set to act as a validator on the VerifiedX network. This collaboration aims to enhance institutional strategies by offering a new form of Bitcoin infrastructure.

    According to VerifiedX, each vBTC is backed one-to-one by actual Bitcoin, which remains in self-custodial addresses. The company describes the asset as non-synthetic and programmable, offering instant finality and on-chain verifiability. VerifiedX states this approach allows for native redemption without relying on synthetic wrappers, addressing a perceived need for more complete Bitcoin infrastructure beyond its current utility.

    EDX Markets, an institutional crypto exchange founded in 2022 and backed by Citadel Securities, Virtu Financial, and Fidelity Digital Assets, will offer institutional spot trading of vBTC. The exchange is designed to keep clients from holding assets directly, providing centralized clearing and non-custodial settlement. The partnership provides VerifiedX with a distribution partner, complementing its existing custody arrangements with BitGo.

    Dual Role in Trading and Validation

    In addition to its trading role, EDX Markets may participate as a validator on the VerifiedX network. This involves confirming transactions and engaging in governance. This dual capacity—acting as both a trading venue and a network governor—is a less common aspect of such partnerships and may set a precedent for future crypto infrastructure development. Observers will monitor how EDX balances these roles.

    VerifiedX recently secured $15 million in financing in September 2026, underscoring its growth and backing. The partnership is intended to support a range of institutional strategies, including Bitcoin price discovery, liquidity provision, treasury management, lending, and payments. The pitch to institutional investors emphasizes optionality, enabling various financial operations without requiring them to abandon the underlying asset.

    While the partnership offers potential benefits for institutional adoption and the development of tokenized Bitcoin, uncertainties remain. How EDX Markets may manage its dual roles as a lister and network governor, and the long-term impact of its validator function on other trading platforms, are points that may be closely watched. The broader implications for institutional markets and the development of crypto infrastructure are still unfolding.

    Broader Context

    Source materials place the factual news in this context: EDX Markets is an institutional crypto exchange backed by Citadel Securities, Virtu Financial and Fidelity Digital Assets.

  • Securitize Launches Tokenized Stocks on Solana for Eligible Investors

    Securitize Launches Tokenized Stocks on Solana for Eligible Investors

    Securitize has launched Securitize Stocks, a platform offering tokenized shares of major US companies like Apple, Nvidia, and Tesla on the Solana blockchain. The platform, which went live on October 8, 2026, enables eligible investors in the US and EU to trade these tokens, each backed 1:1 by the underlying equities.

    These Convertible Entitlement Tokens (CETs) are traded on Securitize’s PropAMM, which operates on Solana, and settle in USDC. According to Securitize, token holders will receive the economic benefits of stock ownership, including dividends and voting rights. Access is restricted to investors who meet eligibility criteria and pass Know Your Customer (KYC) and Anti-Money Laundering (AML) checks.

    At launch, the platform features 12 equities. Jump Trading is providing liquidity, while RQD is managing clearing, custody, and settlement. This initiative follows Securitize’s own listing on the New York Stock Exchange (NYSE) in July 2026 under the ticker SECZ, and the company’s prior tokenization of $295 million of its own common stock across Solana and Avalanche.

    Securitize has framed this launch as a step toward a potential future environment for 24/7 trading, though trading hours are extended at launch rather than being round-the-clock. The company is also reportedly considering the NYSE’s planned 24/7 digital trading platform as a potential future venue for these tokens.

    However, the exact timeline for a fully 24/7 trading environment remains uncertain, as do the broader regulatory implications for tokenized securities. The launch of Securitize Stocks signifies an expansion of Securitize’s tokenization services, bridging traditional equity markets with blockchain technology for a select group of investors.

    Broader Context

    Source materials place the factual news in this context: Securitize Stocks went live on October 8, 2026.

  • XRP Lending Debate Intensifies Ahead of Native Tools Launch

    XRP Lending Debate Intensifies Ahead of Native Tools Launch

    XRP Lending Race Heats Up as Native Features Remain Undecided

    The race to establish lending capabilities on the XRP Ledger (XRPL) is already in full swing, even as the network’s own native lending feature awaits final approval. A spirited debate has emerged between Ripple CTO Emeritus David Schwartz and Flare CEO Hugo Philion, focusing on the potential scale of this burgeoning market and the optimal path forward for developers.

    The core of their discussion revolves around a fundamental question for the XRPL ecosystem: should developers hold out for the ledger’s native lending tools, or should they begin building lending infrastructure around the existing ledger now?

    Native Lending Proposal Under Review

    The prospect of native XRP Ledger lending would enable users to directly lend and borrow assets on the blockchain itself. Currently, validators are still deliberating on XLS-66, the proposal that underpins this functionality. Meanwhile, XRPL Commons has indicated that lending is nearing its launch, even promoting a New York hackathon with dedicated tracks for lending and borrowing.

    David Schwartz has emphasized that no one has yet built applications utilizing the proposed native feature, suggesting ample opportunity for early innovators. He has long championed the importance of extending credit on the XRP Ledger, viewing lending as a critical component of any robust financial system.

    Flare’s Alternative Approach

    Hugo Philion, while acknowledging Schwartz’s insights, suggested that the potential of lending might be underestimated. He also highlighted the role of external infrastructure that can integrate with the XRP Ledger.

    Flare intends to implement its lending logic independently, rather than waiting for significant upgrades to the XRPL. Their strategy involves a combination of Protocol Managed Wallets and the Flare Confidential Compute stack, aiming to provide capabilities that closely mirror full smart-contract functionality.

    This proposed architecture could allow XRP holders to lend their assets directly from native XRPL wallets, bypassing the need for conventional cross-chain bridges. Such an approach would keep assets within their native environment, with associated fees directed towards the Flare ecosystem.

    Competing Visions for XRP Lending

    The competition within the XRP lending market is solidifying even before the arrival of native tools. Schwartz advocates for developers to leverage the ledger’s current capabilities, while Philion is banking on external infrastructure to broaden the possibilities. Ultimately, the success of either strategy will be determined by its ability to translate this potential into tangible and functional lending products.

  • Securitize Launches Tokenized Stocks on Solana, Backed by Real Shares

    Securitize Launches Tokenized Stocks on Solana, Backed by Real Shares

    Securitize has launched Securitize Stocks, a new product offering tokenized equities backed one-to-one by real shares, the company announced Wednesday. These tokens represent security entitlements under the Uniform Commercial Code, preserving investor rights such as dividends and voting.

    The tokens will initially trade on Securitize’s registered broker-dealer platform on the Solana network, settling in the USDC stablecoin. The offering is available to eligible investors in the U.S., the European Union, and other permitted jurisdictions. Securitize said the shares backing the tokens will not be lent out, and holders may convert their entitlements into actual registered shares if the issuer supports it.

    Initially, the Securitize Stocks product includes 12 widely held stocks, featuring companies like Apple, Microsoft, Nvidia, Google, Tesla, Meta, Amazon, Netflix, Circle, Strategy, and Palantir. Carlos Domingo, Securitize’s chairman and CEO, stated the aim is to bring equities onchain “without leaving behind the ownership, investor protections and market infrastructure that make U.S. capital markets work.”

    Trading will be facilitated by Securitize’s Solana-based automated market maker, with Jump Trading serving as a market maker. The company has plans for 24/7 trading.

    This launch occurs amid a growing trend of tokenizing traditional securities on blockchain networks. Securitize’s own shares have been trading on Solana since its NYSE listing in July. The U.S. Securities and Exchange Commission’s (SEC) “innovation exemption” has reportedly opened a compliant path for tokenized stocks, leading to increased activity in the space from competitors such as Coinbase, the NYSE, and an OKX-ICE venture.

    Partnerships with Ripple Prime and Aave have also been named. The integration of tokenized stocks into decentralized finance (DeFi) ecosystems is seen as expanding their utility beyond simple trading, potentially allowing them to be used across onchain lending and collateral markets.

    Uncertainties remain regarding the exact launch dates for the NYSE’s planned 24/7 venue and the OKX-ICE tokenized-securities venue. Additionally, it is not yet reported whether all issuers will support the conversion of entitlements into actual registered shares.

    Why This Matters

    Securitize’s launch of tokenized stocks on Solana, backed by real shares and preserving investor rights, signifies a notable development in the ongoing trend of traditional asset tokenization. This move is driven by increasing institutional interest and regulatory clarity, as evidenced by the SEC’s “innovation exemption” which has reportedly paved the way for such offerings. The integration into DeFi ecosystems further expands the utility of these assets, positioning them for broader use in onchain markets.

    Broader Context

    Source materials place the factual news in this context: The launch lands in a fast-accelerating race to put stocks on blockchain networks.