Europe’s monetary Star Wars moment

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“He that is neither one thing nor the other has no friends.”

— Aesop’s Fables

When President Reagan announced his Strategic Defense Initiative (SDI) in a televised address from the Oval Office, it was met with derision.

Scientists explained that a plan to shoot down Soviet missiles from space using lasers and particle beams was simply impossible with 1980s technology.

The press sarcastically renamed his plan “Star Wars,” because it sounded as fictional as the soon-to-be-released Return of the Jedi.

Only one constituency took it as seriously as President Reagan: the…

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A deeper look at the industry’s crypto market structure demands

This is a segment from the Forward Guidance newsletter. To read full editions, subscribe.

Seeing 112 organizations sign their name in support of the same issue is pretty rare. Chances are it’s probably pretty important. 

A Wednesday letter drafted by the DeFi Education Fund called on policymakers to “provide robust, nationwide protections for software developers and non-custodial service providers in market structure legislation.”

It was addressed to Sens. Tim Scott and Elizabeth Warren (of the Senate Banking Committee) and Sens. John Boozman and Amy Klobuchar (of the Senate Agriculture Committee). Members of those bodies, which oversee the SEC and CFTC, will have a…

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Institutions Hold $1.72 Billion In Solana, Strategic Reserve Data Reveals

The Strategic SOL Reserve has released data showing that 13 entities, including public companies and corporate treasuries, collectively hold 8.277 million Solana SOL/USD, equivalent to $1.72 billion at a current price of $208.15 per SOL.

This represents 1.44% of Solana’s total supply, highlighting significant institutional interest in the cryptocurrency.

Among these holdings, 585,059 SOL, valued at $104.1 million, have been staked, yielding an average return of 6.86%.

The reserve’s dashboard details the breakdown of these holdings, with top entities including Sharps Technology Inc. STSS, holding 3.4 million SOL, and Upexi Inc. UPXI, with 2 million SOL.

Other notable participants include…

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LATEST: US CFTC Adopts Nasdaq Surveillance Tech To Monitor Digital Asset Markets

The Commodity Futures Trading Commission (CFTC) has officially adopted Nasdaq’s Market Surveillance platform to boost its oversight of derivatives and digital asset markets. The move replaces the agency’s decades-old system and marks a major step in modernization under Acting Chair Caroline Pham. She emphasized that as financial markets evolve, it is vital for regulators to stay ahead with tools that can detect fraud, manipulation, and abuse in real time.

Nasdaq’s surveillance system, already trusted by over 50 exchanges and 20 global regulators, brings automated alerts, cross-market analytics, and advanced monitoring across multiple asset classes. The technology offers real-time analysis with access to comprehensive order book data, giving the CFTC stronger tools to protect both traditional and crypto markets. Its flexible design also allows rapid scaling during periods of heightened trading activity.

The adoption comes as the CFTC expands its role in digital assets. Just last week, the agency launched a new phase of its “Crypto Sprint” initiative, inviting public input on regulations for leveraged and margined retail crypto trading.

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Understanding futarchy on Solana – Blockworks

This is a segment from the Lightspeed newsletter. To read full editions, subscribe.

DAO governance has long struggled with plutocratic voting, insider problems and voter apathy, among many other problems.

Over the years, several teams in crypto have explored the idea of using futarchy to solve these problems. The MetaDAO team on Solana is at the forefront of this effort.

To date, MetaDAO has onboarded at least a dozen teams creating active proposals, including Drift, Sanctum, Marinade and more.

Futarchy is simply a decision market. Think Polymarket, but rather than betting on an outcome, you’re betting on consequences, or what should happen.

Why would a trader with…

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Lightning Is Misunderstood

The Lightning Network is one of the most exciting and innovative technologies built on Bitcoin, but it’s also one of the most misunderstood. From its early days with grassroots efforts like “PLEBNET,” to ambitious visions of Lightning Applications (LApps), and the idea of earning passive yield as a routing node operator, enthusiasm around Lightning has often outpaced its practical realities.

Many Bitcoiners expected Lightning to be a seamless, plug-and-play extension of the Bitcoin network — just as sovereign, decentralized, and accessible as running a full Bitcoin node. But the reality is more complex. Setting up and maintaining a well-connected Lightning node involves…

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LATEST: DDC Enterprise Surpasses 1,008 BTC, Enters Top 45 Bitcoin Treasury Holders

DDC Enterprise Limited has officially crossed the 1,000 BTC mark in its corporate treasury, just 96 days after making its first Bitcoin purchase. The company’s latest addition of 120 BTC brings its total holdings to 1,008 BTC, positioning DDC as the 42nd largest public Bitcoin treasury globally. With an average purchase cost of $108,384 per coin, the firm is showcasing rapid accumulation at scale.

The aggressive strategy includes five purchases made in August 2025 alone, driving an astonishing 1,798% yield growth compared to its entry in May. Shareholders now hold an equivalent of 0.121298 BTC for every 1,000 shares, highlighting Bitcoin’s rising importance in DDC’s value creation strategy.

Founder and CEO Norma Chu called the milestone a crucial step forward, but not the final destination. “Crossing 1,000 BTC is an important milestone—but it’s just one step in our journey,” she said. DDC has set its sights on a bold target of 10,000 BTC by year-end, strengthening its commitment to becoming a leading force in corporate Bitcoin adoption.

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Polymarket is close to crossing the culture chasm

This is a segment from the Empire newsletter. To read full editions, subscribe.

Like all good things, it turns out that killer apps come in threes.

Polymarket, Hyperliquid, pump.fun. These are the voyages of modern-day crypto enterprise.

And before you tell me that stablecoins are crypto’s fourth killer app, thereby ruining this airtight metaphor: No. 

Stablecoins are a tool. Wallets are apps (but only barely). I will die on this hill.

For the sake of being pedantic, let’s separate Circle, with its wildly successful IPO, into a separate category: “fintech on the blockchain.”

There’s suddenly no question that Polymarket, Hyperliquid and pump.fun are the…

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LATEST: Japan’s Metaplanet Raises $837M To Buy More Bitcoin Holdings

Japanese investment firm Metaplanet has approved a massive $1.2 billion overseas share issuance to strengthen its Bitcoin strategy. According to a Wednesday filing, the company will issue up to 555 million new shares, potentially raising its total stock to 1.27 billion. The pricing will be finalized between September 9–11, with settlement shortly after.

Most of the funds — around $837 million — will be directed toward new Bitcoin purchases, adding to Metaplanet’s existing 18,991 BTC reserves, valued at over $2.1 billion. Another $440 million will fuel its “Bitcoin Income Business,” a program generating revenue through covered call options on its BTC holdings. Executives said the move aims to shield against a weak yen, hedge inflation risks, and boost long-term corporate value.

Metaplanet’s bold expansion comes alongside its inclusion in the FTSE Japan Index after strong Q2 results, securing automatic entry into the FTSE All-World Index. The company’s ultimate goal is to hold more than 210,000 BTC by 2027 — over 1% of the global supply.

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