Wall Street Loves Bitcoin ETFs, But the Network Is Struggling to Keep Up

The Nasdaq stock exchange halted trading of American Bitcoin (ABTC) shares five times Wednesday as volatility spiked on the stock’s relisting debut.

Shares of ABTC, a Bitcoin mining company co-founded by Eric Trump and Donald Trump, Jr., climbed by nearly 85%, hitting a high of $14 per share during intraday trading, following American Bitcoin’s stock merger with Gryphon Digital Mining, another crypto mining company.

ABTC trading was first halted at 3:09:35 UTC for 10 minutes and again at 3:20:11 UTC, with two additional halts at 3:30:54 and 3:40:12.

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

Happy Wednesday! Neglected macro catalysts may spark a renewed bout of selling pressure that could drag bitcoin back below the $100,000 mark this month, analysts warn.

In today's newsletter, Coinbase is rolling out futures trading for a new equity index, Ondo debuts over 100 tokenized U.S. stocks and ETFs on Ethereum, the SEC and CFTC clarify that the NYSE and Nasdaq can list spot crypto assets, and more.

Meanwhile, the U.S. Federal Reserve is set to hold a conference with a focus on stablecoins, tokenization, and decentralized finance. Plus, Polymarket can go live in the U.S. following a CFTC ruling, its CEO says.

Let's get started.

P.S. Don't forget to check out The Funding, a biweekly rundown of crypto VC trends. It's a great read — and just like The Daily, it's free to subscribe!

Coinbase unveils futures trading for index tied to Nvidia, Google, and BlackRock's Bitcoin ETF

Coinbase is launching trading for its new Mag7 + Crypto Equity Index Futures product later this month, blending top tech stocks with BlackRock's Bitcoin and Ethereum ETFs.

• "We're diversifying our U.S. derivatives platform beyond single-asset offerings for the first time, launching a new equity index product," the company said in a statement.
• The index evenly weights 10 components, including Apple, Microsoft, Alphabet, Amazon, Nvidia, Meta, Tesla, the two crypto ETFs, and Coinbase's own shares.
• The crypto exchange's move to boost trading activity comes after it posted weaker spot volumes and revenue in the second quarter.
• Coinbase is also exploring prediction markets and recently launched a DEX integration, enabling traders to buy and sell digital assets previously unavailable on the company's platform.
• Trading of Coinbase's new index futures product begins on Sept. 22.

Ondo rolls out 100 tokenized US stocks and ETFs on Ethereum

Ondo Finance and the Ondo Foundation have launched more than 100 tokenized U.S. stocks and ETFs onchain, starting with Ethereum.

• The Ondo Global Markets tokenization platform is available to qualifying users and plans to expand to 1,000 tokenized securities by year-end and to offer BNB Chain and Solana support "soon," with interoperability powered by LayerZero.
• Ondo tokenized stocks are supported by leading crypto wallets, exchanges, protocols, and infrastructure providers at launch, including OKX Wallet, Bitget Wallet, Trust Wallet, Gate, BitGo, Ledger, Morpho, and 1inch, with Chainlink serving as the oracle platform for asset price data.
• Ondo is not the only crypto project launching tokenized security solutions, with Backed, Robinhood, and Coinbase also embarking on their own onchain equity initiatives.
• Meanwhile, Galaxy launched a tokenized version of its own shares on Solana, using Superstate's Opening Bell platform.

SEC and CFTC's new joint guidance 'opens the door' for mainstream crypto adoption

The SEC and CFTC clarified for the first time that registered U.S. exchanges like the NYSE and Nasdaq can list and facilitate trading for certain spot crypto assets.

• The joint guidance, part of the SEC's Project Crypto and CFTC's Crypto Sprint, builds on the recommendations from President Trump's Working Group on Digital Asset Markets.
• "Today's joint staff statement represents a significant step forward in bringing innovation in the crypto asset markets back to America," SEC Chairman Paul Atkins stated in the release.
• Industry leaders said the move "opens the door" to mainstream adoption by enabling spot BTC and ETH trading at venues where trillions already trade.

Story-based IP tokenization platform Aria raises $15 million at $50 million valuation

Story-based Aria raised $15 million in seed and strategic rounds at a $50 million valuation, co-led by Polychain and Neoclassic with backing from Story Protocol Foundation.

• The IP tokenization platform focuses on music royalties, with its first IP token, APL, tied to "partial rights" of royalty-generating songs by artists including Justin Bieber, BTS, and Miley Cyrus.
• APL holders can stake tokens for royalty exposure and upcoming onchain features like licensing, remixing, and programmable IP modules, according to Aria co-founder David Kostiner.
• Aria plans to use the funding to expand beyond music into art, film, and television while prioritizing ecosystem growth.

Ray Dalio says soaring US debt threatens dollar, fueling demand for crypto and gold

Ray Dalio, billionaire founder of Bridgewater Associates, warned that soaring U.S. government debt is undermining the dollar's reserve status and pushing investors toward crypto and gold.

• "Crypto is now an alternative currency that has its supply limited," he said, providing investors with an attractive option if the U.S. money supply continues to expand or global demand for dollars declines.
• He also downplayed systemic risks from stablecoins' Treasury exposure if well-regulated, but warned that debt, politics, climate, and AI will drive major upheaval over the next five years.

In the next 24 hours

• U.S. jobless claims figures are due at 8:30 a.m. ET on Thursday.
• U.S. FOMC member John Williams will speak at 12:05 p.m.
• Taipei Blockchain Week kicks off in Taiwan. ETHWarsaw gets underway in Poland.

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.

The Federal Reserve Board announced on Wednesday that it will host a conference on payment innovation on October 21, 2025. According to the announcement, the Federal Reserve Board will discuss how best to innovate and improve the payment system with the use of modern technology including Blockchain and Artificial Intelligence (AI).

Fed Governor Christopher Waller noted that innovation in the payment system is crucial to meet the changing demand for customers and businesses. Waller noted that the conference will feature discussion on the convergence of traditional and decentralized finance, stablecoins, tokenization of financial products, and the intersection of AI and payments.

Why is the Federal Reserve Keen on Innovating its Payment Systems?

The Federal Reserve has in the past year made strategic moves to enable the mainstream adoption of blockchain-relayed payment systems. The Federal Reserve has played a crucial role in the implementation of President Donald Trump’s crypto agenda.

For instance, the Fed recently withdrew its restrictive supervisory guidance on crypto assets by banks. As a result, U.S. banks have gained more freedom to provide crypto-related services.

The Fed is keen to help the U.S. dollar remain the desired global reserve currency amid changing geopolitical circumstances fueled by the BRICS movement. Notably, the rising demand for Gold has seen its use as a global reserve currency increase while that of major currencies drops due to their poor monetary policies including an infinite supply of money.

Nasdaq-listed SUI Group Holdings said on Wednesday its holdings of SUI tokens have surpassed $300 million after the company added approximately 20 million tokens, according to a statement.

The company said it held 101,795,656 SUI tokens, which are worth $344 million as of Wednesday. SUI was changing hands up nearly 5% to $3.38 as of 12:36 p.m. ET.

"We plan to continue to seek accretive capital raises to make additional purchases of discounted locked SUI and, in turn, increase our SUI per share to generate value for our shareholders," said SUI Group CIO Stephen Mackintosh.

Publicly-traded digital asset treasuries (DATs) continue to add crypto as supporters and holders of certain tokens look to generate returns from the stock market while promoting ecosystems like that of Solana, Toncoin, and others.

Sui Group, previously short-term lender Mill City Ventures before the rebrand, has a deal in place that allows it to acquire tokens directly from Sui Foundation at a discount. Mill City established itself as the official SUI treasury with the closing of a $450 million private placement.

The company said it has approximately $58 million in cash available for more SUI token purchases.

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.

The US Commodity Futures Trading Commission (CFTC) said it will not pursue enforcement against two entities tied to prediction platform Polymarket.

In a Wednesday notice, the CFTC said it had issued a no-action letter “regarding swap data reporting and recordkeeping regulations for event contracts” with QCX LLC and QC Clearing LLC.

“The divisions will not recommend the CFTC initiate an enforcement action against either entity or their participants for failure to comply with certain swap-related recordkeeping requirements and for failure to report to swap data repositories data associated with binary option transactions and variable payout contract transactions […],” said the regulator.

The action essentially allows Polymarket to offer event contracts without reporting the data required under US financial regulations, providing temporary relief from enforcement while not exempting the companies from regulatory compliance.

Polymarket reported acquiring QCEX in July for $112 million, which included the CFTC-licensed derivatives exchange and clearinghouse, giving it a greater foothold in US markets. 

According to the request for no-action relief in July, QCX said the event contracts at issue are still “required to be fully collateralized” and “no market participant will clear QCEX Contracts through a third party clearing member.”

This is a developing story, and further information will be added as it becomes available.

TL;DR

TD Sequential Points to Shift in Price Trend

Cardano (ADA) is showing a possible change in direction based on the TD Sequential indicator. A “9” buy signal appeared on the daily chart, a setup often seen when downward pressure starts to ease. Crypto analyst Ali Martinez commented,

Cardano $ADA is a buy, according to the TD Sequential indicator! pic.twitter.com/0DtVO8mhBq

— Ali (@ali_charts) September 3, 2025

Following the signal, ADA closed at $0.82 with a daily gain of 2% and has since moved to $0.83. Trading volume over the past 24 hours stands at $1.46 billion. Market participants are watching for further signs of strength to confirm whether a recovery is underway.

ADA is testing resistance between $0.83 and $0.86, an area where sellers were active in previous attempts. Analyst CW said, “$ADA is breaking through its first sell wall.” If buyers maintain pressure and close above this zone, the next price levels to watch are $0.90 and $1.00.

According to our weeklyprediction, support remains around $0.77 and $0.70. Larger demand zones stretch from $0.50 to $0.69, where the price previously found stability. These levels may offer a cushion if the current move loses strength.Technical Indicators Show Moderate Momentum

Bollinger Bands on the weekly chart show ADA trading above the midline at $0.74. The upper band is at $0.96, placing current price action near the top half of the range. This setup often suggests a slight upward bias as the price holds above the average.

MACD also shows a favorable structure. The MACD line is above the signal line, with both in positive territory. The histogram remains green, reflectingcontinuedbuying interest.

Whether this trend continues may depend on price holding above near-term support and the strength of market flows in the coming days.