Succinct completes proving pilot for Sam Altman-backed World Chain, clearing potential path to becoming ZK rollup

In her recent op-ed published by Fortune, Jenny Johnson, chief executive officer at financial giant Franklin Templeton, argues that the financial industry can no longer afford crypto and blockchain, arguing that they represent the future of finance. 

Johnson has warned that legacy firms that are reluctant to embrace this disruptive technology could end up getting "wiped out" like American video rental shop Blockbuster.

This inevitable disruption is expected to take place within the next five years, according to the Franklin Templeton boss. 

She believes that legacy financial systems are too slow and geographically siloed to remain relevant. 

Johnson is convinced that crypto and blockchain can offer significant advantages to investors since they are way more efficient. They offer 24/7 trading, seamless asset tracking, flexible tokenization, and so on. 

The 61-year-old executive has noted that such blockchain networks as Solana and Sui can rival Visa in terms of transaction throughput. At the same time, decentralized exchanges of the likes of Uniswap are capable of handling trillions of dollars worth of trading volume. 

Franklin Templeton's crypto journey

Franklin Templeton is, of course, not new to crypto. It started exploring the nascent asset class in 2018. 

In September 2021, the firm filed to raise $20 million via its first blockchain venture fund. 

The company also offers several cryptocurrency ETFs. In late 2024, the company obtained approval to launch the first ETF that combines Bitcoin and Ether in partnership with Hashdex. 

As reported by U.Today, Franklin Templeton is also the largest player to file for spot-based Solana ad XRP ETFs. 

Ethereum reclaimed a significant technical level in the latest 24-hour trading session, with its price crossing above the $2,800 mark and briefly touching $2,870. This interesting cross makes it the first time since February 2025 that Ethereum has traded above the $2,800 threshold. The move comes amid rising bullish momentum flowing out from Bitcoin, and according to recent analysis from a crypto expert, this could be just the beginning of a much larger rally for Ethereum.

Technical Pattern Says Ethereum Could Be Close To $20,000

An interesting technical formation on Ethereum has now caught the attention of some traders: a classic inverse Head and Shoulders bottom. According to crypto expert Gert van Lagen, who shared his analysis on the social media platform X, this inverse head and shoulders is setting up on a long-term timeframe. 

Specifically, Ethereum’s two-week candlestick chart, shared by the analyst, reveals a fully formed structure with a left shoulder in mid-2021, a pronounced head that took shape during the bear market in late 2022 to early 2023, and a right shoulder forming throughout the 2024 correction into early 2025. 

The left shoulder emerged in mid-2021, when Ethereum’s price peaked around $4,870, then retraced into the year-end. The head was formed at the lows around $1,350 in 2022 and 2023. The right shoulder is currently in formation after the Ethereum price rebounded from roughly $1,600 in 2025. Finally, this pattern is also highlighted by a symmetry around the neckline drawn near the $4,200 price region. 

Keeping this in mind, the neckline of the pattern, which is anchored just below the $4,200 resistance level, is now the most important level to break above. A confirmed breakout above this zone could activate the full bullish target projected by the technical formation.

ETH Price Close To $20,000

According to Gert van Lagen, the two-week head-and-shoulders pattern suggests Ethereum may be “closer to $20K than most anticipate.” His price target calculation follows a classic technical methodology. By measuring the vertical distance from the head’s lowest point to the neckline resistance and then projecting that same distance upward from the neckline, he arrives at a target of approximately $19,500, which is more than a 600% gain from today’s price levels. 

In the same analysis, van Lagen also highlighted a descending broadening wedge pattern that has been forming since mid-2023. This secondary structure reinforces the notion that Ethereum may embark on a significantly larger breakout once $4,200 is cleared.

However, this projection of $19,500 is based on the technical symmetry of the inverse head and shoulders pattern, rather than fundamental shifts in Ethereum. Additionally, there is no clear timeline for this target; however, based on the multi-year nature of the inverse head and shoulders pattern, the price target may also take up to four years to materialize.

At the time of writing, Ethereum is trading at $2,772, having retraced slightly from $2,870.

The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.

Happy Thursday! With Coinbase listing Fartcoin today, can it provide the hot air needed to lift a crypto market weighed down once again by Trump-linked macro fears? I'll let that one linger with you as we move on to more serious matters.

In today's newsletter, GameStop files for a $1.75 billion offering to potentially add to its BTC stack, Ethereum ETFs eclipse Bitcoin ETFs for daily inflows, Treasury Secretary Scott Bessent says the U.S. stablecoin market could exceed $2 trillion, and more.

Plus, ICYMI, the U.S. Senate voted to move forward with the GENIUS Act as stablecoin legislation picks up speed.

Let's get started.

GameStop files for $1.75 billion offering amid BTC treasury play

GameStop filed to offer $1.75 billion in zero-coupon convertible notes late Wednesday, with an option to increase that by $250 million, potentially to fund further bitcoin purchases.

• The struggling video game retailer plans to use proceeds for general corporate purposes, including acquisitions aligned with its investment policy.
• In March, GameStop updated that policy to include bitcoin as a treasury reserve asset, then raised $1.5 billion through convertible notes in April. On May 28, GameStop disclosed it held 4,710 BTC following its first set of bitcoin purchases.
• The announcement follows a steep 17% drop in Q1 revenue, falling to $732.4 million from $881.8 million a year earlier.
• The popular meme stock plunged nearly 25% on Thursday, according to TradingView, with investors seemingly reacting negatively to the news.
• Keith "Roaring Kitty" Gill and the WallStreetBets subreddit famously helped ignite the meme stock frenzy that sent GameStop's trading volume soaring in 2021.

Treasury Secretary Scott Bessent says US stablecoin market could surpass $2 trillion

Treasury Secretary Scott Bessent told a congressional hearing that he expects the U.S. dollar stablecoin market to exceed $2 trillion by 2028 — provided there is legislative support.

• The Senate earlier advanced the GENIUS Act on Wednesday, a bill that mandates full backing of stablecoins with U.S. dollars or similarly liquid assets and annual audits for issuers with market caps over $50 billion.
• Bessent framed stablecoins as a new mechanism to reinforce the U.S. dollar's global reserve status, with support from President Trump, who previously stated that he wants to sign the bill into law before August.
• U.S. dollar-linked stablecoins already dominate more than 96% ($247 billion) of the global market, with major institutions like Bank of America and Circle racing to expand their presence.

Ethereum ETFs outshine Bitcoin for a day

U.S. spot Ethereum ETFs pulled in $240.3 million on Wednesday, outpacing Bitcoin ETFs' $164.6 million and marking 18 straight days of net inflows totaling $1.3 billion.

• BlackRock's ETHA led the way with $163.6 million, followed by $37.28 million into Fidelity's FETH, as investors rotated into exposure to the second-largest cryptocurrency.
• Analysts attribute the inflows to positive regulatory discussions around DeFi and stablecoins, alongside a spillover effect from bitcoin's rally.
• However, cumulative flows since inception tell a different story: Bitcoin ETFs have hauled in $45.5 billion, far outweighing the Ethereum ETFs' $3.8 billion in net inflows — albeit with a six-month head start.

Plasma doubles deposit cap to $1 billion

Plasma, an EVM-compatible Bitcoin sidechain designed to eliminate transaction fees for Tether's USDT, doubled its stablecoin deposit cap to $1 billion on Thursday.

• The vault filled in just 30 minutes amid overwhelming demand from users seeking access to its XPL token sale after its initial $500 million cap was reached in under an hour earlier this week.
• Depositors of USDT, USDC, USDS, and Dai earn the right to participate in the upcoming public sale of XPL, which remains capped at $50 million at a $500 million fully diluted valuation.
• Plasma emphasized that the deposits are not part of the token sale itself and that all funds remain user-owned, to be bridged to the Plasma mainnet beta.

USDC goes live on XRP Ledger

USDC has gone live natively on the XRP Ledger just a week after Circle's blockbuster IPO, giving developers, institutions, and users direct access to the world's second-largest stablecoin with no bridging required.

• Circle's stablecoin creation platform, Circle Mint, and its developer-focused APIs now fully support USDC on the XRPL, enabling real-time payments, DeFi applications, and low-cost on/off-ramps within the network.
• The XRPL's decentralized infrastructure — supported by cross-border payment company Ripple and other contributors — has processed over 3.3 billion transactions since its launch in 2012.

In the next 24 hours

• It's quiet on the economic calendar front.
• 1inch, Immutable, and Moca Network are set for token unlocks.

Never miss a beat with The Block's daily digest of the most influential events happening across the digital asset ecosystem.

Disclaimer: This article was produced with the assistance of OpenAI’s ChatGPT 3.5/4 and reviewed and edited by our editorial team.

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Mercurity Fintech Holding announced plans to raise $800 million to establish a Bitcoin treasury reserve.

The New York-based digital fintech firm aims to use the funds to acquire and hold BTC as part of a broader strategy to reshape its treasury operations through tokenized finance.Mercurity Fintech Bets Big on Bitcoin

According to the official press release, MFH plans to store the assets using institutional-grade blockchain custody infrastructure while integrating staking services and tokenized treasury tools to unlock yield and capital efficiency.

The initiative represents a transition from traditional treasury models to a blockchain-aligned reserve structure designed to boost long-term asset exposure and bolster financial resilience. In parallel, MFH is set to move from the Russell Microcap Index to the Russell 2000 and 3000, a development that could enhance visibility among institutional investors and signal market validation for its blockchain-centric approach.

In an official statement, Shi Qiu, CEO of the company, said,

“We’re building this Bitcoin treasury reserve based on our belief that Bitcoin will become an essential component of the future financial infrastructure. We are positioning our company to be a key player in the evolving digital financial ecosystem.”Bitcoin on the Books

A growing number of public companies are integrating digital assets into their treasuries, with 117 firms now holding over 800,000 BTC, as per Binance Research’s latest stats.

Recent adopters include GameStop, Paris Saint-Germain F.C., and Nakamoto, all following a model first implemented by Strategy and Michael Saylor. Trump Media & Technology Group joined the wave with a $2.5 billion Bitcoin initiative backed by 50 institutions. Ethereum is also gaining traction, as evidenced by SharpLink recently launching a $425 million ETH strategy advised by Consensys’ Joseph Lubin.

Japan-based Metaplanet also continued itsaggressiveBTC acquisition. More recently, the Oslo-based cryptocurrency brokerage company, K33, also startedholdingBitcoin on its balance sheet after raising $6.22 million via interest-free loans and new share and warrant issues.