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Here's a quick preview of today's content: Crypto fund founder convicted of fraud, India plans first tokenized bonds, Grayscale launches Zcash ETF, Zerohash back for second effort at bank charter, BlackRock helps pull bitcoin wealth deeper into Wall Street, and so much more

Looking for institutional guidance on your firm's crypto strategy? Speak to the team at Alvarez & Marsal Crypto. They offer comprehensive advisory services on everything from stablecoin adoption, tokenization and custody to M&A, compliance and risk. Book a call!

Happy Wednesday - Let's dive in.

Market Snapshot

Click here to learn more about the Gannon's portfolios and subscribe to the strategies on Autopilot.* Since inception (7/3/25), Gannon's Crypto Portfolio is up +17.5% Gannon's AI Fund is up +54.9%

• Bitcoin hits $80,000 for the first time since May as the crypto recovery accelerates

  • BTC extends its 7-day advance to roughly +25% as the market flips from fear to 'extreme greed' for the first time since 2024

  • SOL ETFs extend their growth streak to five days as transactions hit a record 4.2B

  • BTC ETFs add $338M to push a six-day inflow streak to $2.26B

• Gold hits a three-month high before cooling with falling U.S. bond yields

Prediction Markets

• Bettors on Polymarket are predicting men's US Open winner?

• Deposit $10 and get a $20 bonus with code LIT on signup, only on the Polymarket US app

Headline Roundup
^{_{The major headlines driving crypto markets}}

• BlackRock helps pull bitcoin wealth deeper into Wall Street (BBG)

• Chainalysis sting targets child exploitation networks (CD)

• Jury convicts Vegas man of $24M AI crypto mining ponzi (DC)

• Kraken says attack from sanctioned HTX wallet locks out users (BM)

• Crypto group warns regulators against expanding KYC (DC)

• Zerohash back for second effort at bank charter (CD)

• Franklin Templeton's tokenized fund lands on HashKey (DC)

• Bitwise launches automated stock portfolios (BBG)

• Crypto firm Copper has offers way below asking price (CD)

• Monad proposes wallet upgrade (CD)

• South Korean POSCO brings trade receivables to Avalanche (CD)

• Jeonbuk Bank taps Ripple for cross-border payments (CT)

• Pendle Oracle move liquidates $36M (TD)

• Term Finance permanently shuts vaults after exploit (TD)

A Message from Alvarez & Marsal Crypto

A&M Crypto: Institutional Digital Asset Advisory, Executed at Scale

Alvarez & Marsal's Crypto practice is the leading global digital asset advisory firm, with 90+ offices worldwide and operators who've executed through every market cycle. A&M combines operational, financial, and industry expertise to take institutions from strategy to deployment: stablecoin adoption, tokenization and RWAs, custody and infrastructure, M&A advisory, IPO readiness, risk and compliance, restructuring and much more.

A&M's clients include half the Fortune 500 and the leading crypto-native and TradFi firms in the industry.

Whether you're looking to adopt stablecoins, standing up digital asset infrastructure, or navigating tokenization/RWAs… A&M has done it before, at scale across finance, operations, engineering, commercialization, risk and compliance.

Talk to A&M Crypto

Venture Capital

• Entropy, a liquidity trading startup, raises $14M led by Ribbit Capital (KC)

• Beldex, a privacy-focused blockchain, raises $8M from Sigma Capital, NTC, NxGen, the Digital Consensus Fund, and EAK Ventures (FM)

Access the complete VC deal flow on Fundable.

Launches

• Grayscale launches Zcash ETF (DC)

• World Liberty launches USD1 on Canton (CT)

• Galaxy expands retail crypto lending (TB)

• Robinhood DEX Arcus launches pTokens (TB)

• LayerZero unveils ATLAS exchange (TB)

Regulation

• Thailand moves closer to crypto ETFs (CT)

• India plans first tokenized bonds (CT)

Cybersecurity

• Crypto fund founder convicted of fraud (DC)

• Dozens of fake Firefox extensions linked to crypto malware (DC)

• Cosmos Labs urges halt as bug drains networks (TB)

Extra Reads

• In 1968, so much stock trading piled up that the NYSE had to close on Wednesdays just to let clerks catch up, and the warning now is that tokenized stocks, for all their speed, could recreate that same settlement chaos - Here's why tokenized stocks risk repeating Wall Street's 1960s paper crisis

Chart of the Day

Tokenized RWA market grows to $44.7B

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*DISCLAIMER: Investment advice provided by Autopilot advisers LLC, an SEC registered investment advisor. Past performance does not guarantee future results. Investing carries risks including the risk of the loss of principal. Performance doesn't include fees. See more here.