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Altcoin Leverage Surges as Traders Brace for Fed Decision

by admin September 16, 2025



In brief

  • Altcoin open interest has jumped to $38 billion, closing in on Bitcoin’s $40 billion and topping Ethereum’s $30 billion, signaling heightened speculative activity.
  • Experts warn the leverage buildup could spark liquidations if the Fed’s expected rate cut triggers a shift in sentiment.
  • Political pressure on Chair Jerome Powell and signs of elevated implied volatility add to expectations of sharp swings in the days ahead.

A surge in leveraged bets on altcoins is beginning to build ahead of a key Federal Reserve policy decision this week, a move that could introduce significant volatility to the crypto markets this month.

Altcoin open interest is now close to surpassing Bitcoin’s, a setup that has historically preceded a drawdown in blue-chip digital assets.

“An uptick in altcoin leverage is the eagerness for alt season,” Stephen Gregory, founder of crypto trading platform Vtrader, told Decrypt. 



Gregory pointed to the recent rally for altcoins last week and leveraged bets as evidence for the shifting sentiment.

Open interest for altcoins has swelled from $30 billion on September 1 to $38.6 billion as of Monday, eclipsing Bitcoin’s $40 billion and Ethereum’s $30 billion, according to Coinalyze data.

While open interest does little to provide a directional bias in the way prices move, it can indicate sophisticated traders are positioning themselves ahead of key events.

“People are rotated out of Bitcoin and into alts in the short term,” Gregory said, cautioning that larger traders may be attempting to “front run” the anticipated rate cut on Wednesday.

“The Fed’s rate cut decision could cause retail to assume its bullish while whales lever up on shorts and push a liquidation event,” he said. 

Tensions have risen across both traditional and crypto markets over the central bank’s future monetary policy as it fights to remain independent amid pressure from the Trump administration.

President Donald Trump and Treasury Secretary Scott Bessent have previously urged the Fed to reduce its September Funds Rate by as much as 50 basis points, going so far as to call for Fed Chair Jerome Powell’s resignation multiple times this year.

Given the backdrop, traders are now “bracing for potential volatility,” Shawn Young, chief analyst at MEXC Research, told Decrypt.

The analyst pointed to an increase in one-week at-the-money implied volatility and one-week 25-delta skews as evidence of anticipated short-term price movements.

“Given these indicators, we might expect heightened market activity and potential price fluctuations in the coming days,” he said. “Traders should remain vigilant and consider adjusting their strategies to navigate the anticipated volatility.”

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September 16, 2025 0 comments
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Bitcoin And Crypto Brace For Market-Shaking Fed Decision

by admin September 15, 2025


Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Bitcoin enters a macro-heavy week with the Federal Reserve’s September policy meeting, updated economic projections and a Powell press conference all landing on Wednesday, September 17—events that have historically set the tone for risk assets into quarter-end. As of early Monday in Europe, Bitcoin trades near $116,500 while Ether changes hands around $4,660, with positioning subdued ahead of the Fed.

Bitcoin And Crypto Brace For Fed Rate Cut

The Federal Open Market Committee (FOMC) convenes September 16–17, with the policy statement due at 2:00 p.m. ET (20:00 CEST) on Wednesday, followed by Chair Jerome Powell’s press conference at 2:30 p.m. ET (20:30 CEST). The meeting includes a fresh Summary of Economic Projections (SEP) and the “dot plot” of policymakers’ rate paths—quarterly materials that markets parse line by line for clues on the pace and extent of easing through 2025–2026.

Expectations are unusually one-sided: futures markets imply that a 25-basis-point rate cut is the base case. In recent days, sell-side previews and market pricing have converged on that outcome, with only a small tail risk assigned to a larger move.The larger debate is what follows: whether Powell leans into a sequence of steady trims through year-end or emphasizes a slower, data-dependent path if inflation proves sticky.

The dot plot is the fulcrum for Bitcoin, crypto and broader risk. In June, officials’ projections set the prior baseline; Wednesday’s update will show how many 2025 cuts the median participant now “pencils in,” the distribution (how clustered or split the Committee is), and the long-run neutral rate (r*).

A lower 2025 median and softer inflation/PCE tracks would signal easier financial conditions into 2026; a shallower path or higher r* would do the opposite. The press conference then becomes a second-order catalyst: if Powell emphasizes labor-market cooling and policy lags, it could validate the market’s easing trajectory; if he highlights upside inflation risks or financial-stability considerations, it could cap the rally in duration and risk.

Balance-sheet policy matters for crypto liquidity, too. After tapering quantitative tightening through 2024, the Fed further slowed runoff this spring. As the Fed states, “Beginning on April 1, 2025, the Committee reduced the monthly redemption cap on Treasury securities from $25 billion to $5 billion,” a mechanical easing of QT’s drag that has incrementally supported dollar liquidity conditions. That backdrop helps explain why the combination of rate cuts plus slower runoff is being read as net supportive for high-beta assets—provided the dots don’t undercut the path.

BoE And BoJ Decisions Follow

It’s not just the Fed on deck. The Bank of England announces Thursday, September 18 (12:00 BST; 13:00 CEST), with recent reporting suggesting no immediate rate move but an increased focus on scaling back the pace of quantitative tightening amid gilt-market sensitivity. Any change in the speed or composition of QT—or surprises in the guidance—feeds directly into global rates and the dollar, two variables tightly correlated with crypto’s short-term swings.

The Bank of Japan follows on Thursday–Friday (September 18–19, Tokyo), always a potential volatility injector for FX. While the policy path in Tokyo is its own narrative, BOJ adjustments to bond-buying or guidance can ripple into US yields and the DXY via yen moves, indirectly affecting crypto risk appetite. The BOJ’s meeting dates and release schedule underscore the timing overlap with the Fed and BoE.

For crypto, the transmission channel is straightforward: lower policy rates and a softer dot-plot path tend to ease financial conditions, pressure real yields and the dollar, and widen the appetite for duration and high-beta exposures—including Bitcoin and large-cap altcoins.

Conversely, a hawkish surprise—fewer cuts signaled for 2025, a higher long-run rate, or a press-conference emphasis on inflation risk—would likely firm the dollar and cap the rebound in risk, leaving crypto vulnerable to a post-event fade. In a week where the Fed, BoE, and BoJ decisions compress into 48 hours, the macro impulse will dominate micro narratives.

At press time, Bitcoin traded at $115,733.

BTC is back above $115,000, 1-day chart | Source: BTCUSDT on TradingView.com

Featured image created with DALL.E, chart from TradingView.com

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.



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September 15, 2025 0 comments
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S&P 500 One-Month Chart From Google Finance
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What the Fed’s Sept. 17 Interest Rate Decision Means for Crypto, Gold and Stocks

by admin September 13, 2025



Investors are counting down to the Federal Reserve’s Sept. 17 monetary policy decision; markets expect a quarter-point rate cut that could trigger short-term volatility but potentially fuel longer-term gains across risk assets.

The economic backdrop highlights the Fed’s delicate balancing act.

According to the latest CPI report released by the U.S. Bureau of Labor Statistics on Thursday, consumer prices rose 0.4% in August, lifting the annual CPI rate to 2.9% from 2.7% in July, as shelter, food, and gasoline pushed costs higher. Core CPI also climbed 0.3%, extending its steady pace of recent months.

Producer prices told a similar story: per the latest PPI report released on Wednesday, the headline PPI index slipped 0.1% in August but remained 2.6% higher than a year earlier, while core PPI advanced 2.8%, the largest yearly increase since March. Together, the reports underscore stubborn inflationary pressure even as growth slows.

The labor market has softened further.

Nonfarm payrolls increased by just 22,000 in August, with federal government and energy sector job losses offsetting modest gains in health care. Unemployment held at 4.3%, while labor force participation remained stuck at 62.3%.

Revisions showed June and July job growth was weaker than initially reported, reinforcing signs of cooling momentum. Average hourly earnings still rose 3.7% year over year, keeping wage pressures alive.

Bond markets have adjusted accordingly. Per data from MarketWatch, 2-year Treasury yield sits at 3.56%, while the 10-year is at 4.07%, leaving the curve modestly inverted. Futures traders see a 93% chance of a 25 basis point cut, according to CME FedWatch.

If the Fed limits its move to just 25 bps, investors may react with a “buy the rumor, sell the news” response, since markets have already priced in relief.

Equities are testing record levels.

The S&P 500 closed Friday at 6,584 after rising 1.6% for the week, its best since early August. The index’s one-month chart shows a strong rebound from its late-August pullback, underscoring bullish sentiment heading into Fed week.

S&P 500 One-Month Chart From Google Finance

The Nasdaq Composite also notched five straight record highs, ending at 22,141, powered by gains in megacap tech stocks, while the Dow slipped below 46,000 but still booked a weekly advance.

Crypto and commodities have rallied alongside.

Bitcoin is trading at $115,234, below its Aug. 14 all-time high near $124,000 but still firmly higher in 2025, with the global crypto market cap now $4.14 trillion.

BTC-USD One-Month Price Chart From CoinDesk Data

Gold has surged to $3,643 per ounce, near record highs, with its one-month chart showing a steady upward trajectory as investors price in lower real yields and seek inflation hedges.

One-Month Gold Price Chart From TradingView

Historical precedent supports the cautious optimism.

Analysis from the Kobeissi Letter — reported in an X thread posted Saturday — citing Carson Research, shows that in 20 of 20 prior cases since 1980 where the Fed cut rates within 2% of S&P 500 all-time highs, the index was higher one year later, averaging gains of nearly 14%.

The shorter term is less predictable: in 11 of those 22 instances, stocks fell in the month following the cut. Kobeissi argues this time could follow a similar pattern — initial turbulence followed by longer-term gains as rate relief amplifies the momentum behind assets like equities, bitcoin and gold.

The broader setup explains why traders are watching the Sept. 17 announcement closely.

Cutting rates while inflation edges higher and stocks hover at records risks denting credibility, yet staying on hold could spook markets that have already priced in easing. Either way, the Fed’s message on growth, inflation, and its policy outlook will likely shape the trajectory of markets for months to come.



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September 13, 2025 0 comments
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Sec Delays Franklin Solana Etf Decision To November 2025
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SEC Delays Franklin Solana ETF Decision to November 2025

by admin September 10, 2025



The U.S. Securities and Exchange Commission has again delayed its decision on the Franklin Solana (SOL) exchange-traded fund, and set a new deadline of November 14, 2025.

This is after earlier delays in April, when the deadline was pushed to June, and then again in mid-June when the agency opened formal proceedings. That move started a 180-day countdown, which was set to expire on September 15, but with the latest change the final decision date has now been pushed further. 

In its release, the regulator said to carefully study the filing and its possible impact on investors. Once the November 14 deadline arrives, the Commission will have no option to delay further and must either approve or reject the ETF.

Meanwhile, Franklin’s proposal is one of several Solana-based ETFs currently being reviewed. Other companies, including Grayscale, VanEck, and 21Shares, have also submitted applications. 

Bloomberg Intelligence reported that many of these firms have updated their filings to improve their chances. Most of the applications are facing similar delays, with several final deadlines set in October. The first big date is October 10, when the SEC must decide on Grayscale’s Solana Trust. Analysts say that ruling could influence how the regulator handles the other pending applications.

Meanwhile, Solana price is up 2% today, and currently trades for $221, according to CoinMarketCap.

Optimism around the ETF filings is seen as one reason for the rally. Bloomberg ETF analyst James Seyffart has said on X that the “odds haven’t really changed much if at all” and maintained his prediction of a 95% chance that a Solana ETF will be approved by the end of 2025.

Also Read: SEC Delays Decision on BlackRock Ethereum ETF Staking



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September 10, 2025 0 comments
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EU Chat Control Depends On Germany’s Decision
Crypto Trends

EU Chat Control Depends On Germany’s Decision

by admin September 10, 2025



As the EU Council heads to vote on the so-called “Chat Control” law, Germany could prove the deciding factor.

Put forward by Denmark, the law would essentially eliminate encrypted messaging, requiring services such as Telegram, WhatsApp and Signal to allow regulators to screen messages before they are encrypted and sent.

Legislators from 15 member states of the EU have indicated support for the bill, but those countries do not constitute at least 65% of the EU population, meaning they need additional support.

Germany has been on the fence about supporting the law, and it could deal a major blow to privacy in Europe if it decides to support it.

EU Chat Control bill aims to fight child abuse

The Regulation to Prevent and Combat Child Sexual Abuse (CSA), or “Chat Control” regulation, was first introduced by then-European Commissioner for Home Affairs Ylva Johansson in 2022. It aims to fight the spread of online child sexual abuse material (CSAM) through, among other things, screening messages before they are encrypted. The law has previously failed to achieve the support necessary to move forward.

On July 1, the first day of Denmark’s presidency of the Council of the European Union (EU Council), the country said the directive would receive “high priority.”

Since the beginning of Denmark’s six-month presidency of the council, member states have been solidifying their positions, which they are expected to finalize before a meeting on Sept. 12 and an eventual vote on Oct. 14.

The supporting block needs more support to comprise 65% of the EU population and obtain a qualified majority. Six countries remain undecided, according to Fight Chat Control, an activist group opposed to the regulation:

  1. Estonia

  2. Germany

  3. Greece

  4. Luxembourg 

  5. Romania

  6. Slovenia.

Among these countries, Germany is necessary to sway the outcome of the EU Council vote. Its 83 million citizens would bring the population of countries supporting Chat Control to some 322 million, or 71% of the EU. The other five countries combined, even if they voted in support, do not make up a large enough segment of the population.

Related: EU proposal to scan all private messages gains momentum

Per Fight Chat Control, many German members of the European Parliament (MEPs) oppose the draft law. Citing documents from a July 11 meeting leaked to German publication Netzpolitik.org, it found opposition to Chat Control across the political spectrum. MEPs from the Bündnis 90/Die Grünen and Alternative für Deutschland — respectively representing the center-left and far-right of German opposition politics — oppose Chat Control.

However, an equally large number of parliamentarians from the ruling Social Democrats, Christian Democrats and Social Democratic Union of Bavaria are reportedly uncommitted.

Some are concerned that these uncommitted lawmakers could be inclined to take existing German law and apply it to the entire EU.

Germany already has laws that allow police to circumvent encryption used by popular messaging platforms like WhatsApp and Signal. In 2021, the Bundestag amended laws to allow the police to intercept communications of “persons against whom no suspicion of a crime has yet been established and therefore no criminal procedure measure can yet be ordered.”

Software developer and privacy rights advocate Jikra Knesl said, “A form of ChatControl already exists in Germany. Companies like Meta are sharing their reports with the police.”

If expanded to the entire EU, it could affect “millions of innocent people whose homes might be searched even when they did nothing wrong,” he said.

Civil society mobilizes against Chat Control 

As the decision draws closer, civil rights groups, activists and even European parliamentarians have been speaking out against Chat Control.

Emmanouil Fragkos, an MEP for the right-wing Greek Solution party, submitted a parliamentary question about Chat Control in July. He said that a review of the law “raised new, grave concerns about the respect of fundamental rights in the EU.”

The law faces a reading and critical vote at the EU Council. Source: EU Council

Oliver Laas, a junior lecturer of philosophy at Tallinn University, wrote in an op-ed on Monday that laws like Chat Control “are laying the groundwork in the present for a potential democratic backslide.”

“In a world that is slowly but surely becoming more authoritarian, individuals are not protected by the state’s surveillance capabilities being reined in by law — they are protected by the absence of such capabilities altogether,” he said.

Another point of contention is the impact Chat Control could have on the efficacy of encryption technology. 

Fragkos said that creating mandatory gaps in encryption would “create security gaps open to exploitation by cybercriminals, rival states and terrorist organisations.”

The FZI Research Center for Information Technology, a nonprofit organization for IT research, released a position paper opposing Chat Control last year. It acknowledged that the goal of the law is undisputed, but Chat Control’s implementation would both weaken user rights to privacy and the efficacy of encryption technology itself.

Sascha Mann, policy shaper for digitalization and digital rights at Volt Europa — a federalist, pan-European political party in the European Parliament — also questioned the efficacy of Chat Control.

“Besides the issues of privacy and consent, chat control may even hinder law enforcement efforts to effectively fight sexual abuse,” he said. The sheer volume of content sent by messengers in the EU would “result in an abundance of false positives that would eat up law enforcement resources.”

Some 400 scientists from global research institutions confirmed this problem of false positives in an open letter signed this morning. 

“Existing research confirms that state-of-the-art detectors would yield unacceptably high false positive and false negative rates, making them unsuitable for large-scale detection campaigns at the scale of hundreds of millions of users as required by the proposed regulation,” the letter read.

Mann suggested it would be better for the EU to implement solutions suggested by organizations fighting CSA. These included deleting CSA materials online after an investigation and increasing law enforcement resources.

On Friday, Europe will see whether these concerns are enough to convince undecided MEPs and chart the future for digital privacy, or lack thereof, in the EU.

Magazine: Can Robinhood or Kraken’s tokenized stocks ever be truly decentralized?



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September 10, 2025 0 comments
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SEC Delays Decision on Grayscale’s Hedera Trust as Firm Updates Bitcoin Cash, Litecoin Filings

by admin September 10, 2025



In brief

  • The SEC set November 12 as the new deadline for Grayscale’s Hedera Trust.
  • Grayscale submitted updates for its Bitcoin Cash and Litecoin trusts, with both structured to list on NYSE Arca.
  • The delayed decision adds to a wave of over 90 crypto ETF applications, including Solana and XRP products now pending before the Commission.

The SEC has pushed back its decision on Nasdaq’s bid to list the Grayscale Hedera Trust as the investment firm filed updated registrations for its Bitcoin Cash and Litecoin trusts.

The SEC is designating November 12 as the new deadline, according to an order on Grayscale’s Hedera Trust published Tuesday.

On the same day, Grayscale submitted registration statements for its Bitcoin Cash Trust and Litecoin Trust, both of which were filed on Form S-3 as existing vehicles that already report to the SEC.



Bank of New York Mellon is listed as administrator, while Coinbase will serve as custodian and prime broker. Both funds are structured to list on NYSE Arca.

Separately, Grayscale has filed a Form S-1 for the Hedera Trust, marking its initial registration with the SEC on the same day. The S-1 outlines a new product that would trade under the ticker HBAR, contingent on Nasdaq’s pending rule-change request to permit its listing.

Under U.S. securities law, the SEC normally has 180 days to decide on a proposed exchange rule change, but can add another 60 days, often to review comments or amendments before making a final decision.

The latest delay is part of a broader pattern.

Earlier in August, the SEC exercised its final procedural extension on pending Solana ETF applications, pushing the deadline to October 16.

The commission decided it would need more time to assess the Cboe BZX proposals from Bitwise and 21Shares, as well as other filings from Canary Funds and Marinade Finance.

Before August ended, over 90 crypto ETF applications had lined up for SEC action, spanning products tied to Bitcoin, Ethereum, Solana, XRP, and other digital assets.

Most are clustered around deadlines set by fall, raising the prospect of multiple rulings in quick succession as the Commission weighs how far to extend approvals beyond Bitcoin and Ethereum, which were approved last year.

“Assets with near-term ETF product decisions often command premium pricing on the open market,” Lionel Iruk, managing partner at Empire Legal, said in a statement shared with Decrypt.

An ETF wrapper “unlocks more than fresh liquidity for digital assets,” he said. “It provides the compliance, custody, and transparency frameworks that traditional investors often require before making any investment decision.”

Such a structure “amplifies their appeal beyond the crypto-native audience,” he said, adding that the appeal of crypto ETFs is anchored on their “potential transition from speculative enthusiasm to structured, regulated offerings that meet institutional standards.”

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Inside the Cowboys’ decision to trade Micah Parsons

by admin September 2, 2025


  • Jeremy Fowler

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    Jeremy Fowler

    senior NFL national reporter

      Jeremy Fowler is a senior national NFL writer for ESPN, covering the entire league including breaking news. Jeremy also contributes to SportsCenter both as a studio analyst and a sideline reporter covering for NFL games. He is an Orlando, Florida native who joined ESPN in 2014 after covering college football for CBSSports.com.
  • Don Van Natta Jr.

    Close

    Don Van Natta Jr.

    ESPN Senior Writer

    • Host and co-executive producer of the new ESPN series, “Backstory”
    • Member of three Pulitzer Prize-winning teams for national, explanatory and public service journalism
    • Author of three books, including New York Times best-selling “First Off the Tee: Presidential Hackers, Duffers, and Cheaters from Taft to Bush”
    • 24-year newspaper career at The New York Times and Miami Herald

Sep 2, 2025, 06:00 AM ET

Additional reporting by Todd Archer, Rob Demovsky, Dan Graziano and Seth Wickersham

THE PIVOTAL MEETING that led to one of the most shocking NFL trades of the past decade occurred on a pleasant North Texas morning in mid-March, five months and a lifetime of ill feelings ahead of any deal being put to paper.

The agenda for the March 18 one-on-one in Dallas Cowboys owner Jerry Jones’ office at The Star, the team’s headquarters in Frisco, Texas, between Jones and two-time first-team All-Pro pass rusher Micah Parsons remains in question. A source close to Jones says it was Parsons who asked for the meeting, and that the 82-year-old owner always understood the subject to be Parsons’ contract. After declaring in February 2024 that he wanted to be a Cowboy “for life,” Parsons had been trying to reach an extension with the team, without success.

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“Jerry and Micah had met periodically over the last four years to discuss business and leadership issues,” the source said, noting that the then-25-year-old Parsons viewed Jones as a mentor. “Jerry loved having these discussions with Micah. But the meeting in March wasn’t that, despite Micah saying publicly later it was to discuss leadership. Micah told Jerry, ‘I want to come in and discuss where we are,’ meaning a contract extension. So that was Jerry’s expectation.”

A source close to Parsons said this is “absolutely not” true and that Jones called Parsons in for a leadership meeting, only to steer the conversation toward contract talks. The source says Parsons directed Jones to talk details with his agent, David Mulugheta. However the conversation got to a contract extension, both parties acknowledge that it got there.

Over a three-hour meeting, Jones and Parsons discussed numbers, years and guaranteed money. Both sides expected to reset the market for edge rushers, topping the $40 million average per season and $123.5 million guaranteed that Myles Garrett of the Cleveland Browns had received nine days earlier. Parsons’ 52.5 sacks in his career are the fifth most in a player’s first four seasons. Jones said after Parsons left his office at The Star, the owner believed an agreement was done.

Later the same day, Parsons called Cowboys chief operating officer and co-owner Stephen Jones, Jerry’s son, in an attempt to get more money out of the deal, the source told ESPN.

“[Parsons] called Stephen and asked can we do this, can we change the numbers and up the guarantee,” the source said. “He started negotiating. He asked for several different elements and increases. This became a negotiation that Micah was in charge of.”

Stephen Jones consulted with his father, and Jerry agreed to the sweetened terms. The Cowboys believed they had a deal in place with Parsons and would continue to insist that he had agreed to it. Though the exact terms aren’t known, Cowboys sources insist they offered more guaranteed money than the $136 million Parsons would get from Green Bay, albeit spread across a five-year extension, not the four-year extension the Packers would make.

“It was north of $150 million,” the source said.

The Cowboys had been known to conduct contract talks without players’ agents present — a practice known around the league as “hotboxing.” Dak Prescott’s 2024 deal was one such negotiation, whereby the Joneses and the quarterback discussed Prescott’s place within the organization’s future and Prescott’s agent, Todd France, came in later to negotiate the finer details of a contract. (“I never engaged in numbers,” Prescott said.) The deal was eventually signed the day of Dallas’ first game of the season. If the Cowboys expected this negotiation to follow the same path, Mulugheta was about to confront them with a counterpoint.

Jones would say in August on Michael Irvin’s podcast, “We were going to send [the terms] over to the agent and the agent said don’t bother because we’ve got all that to negotiate.”

Parsons was courting a record-setting contract while the Cowboys balanced other personnel concerns. Bob Donnan-Imagn Images

To this day, Parsons’ agency has never seen the final details or structure of the deal that Jones said he cut with Parsons in April, per a source close to Parsons. Jones and Mulugheta would never truly negotiate at any point. Dallas would simply say the deal is done; Parsons can have it if he wants it. (Mulugheta declined to comment for this story).

“I’m the one who has to sign the check and Micah is the one who has to agree to it,” Jones said on April 1 at the NFL owners’ spring meeting in Palm Beach, Fla. “That’s the straightest way to get there, is the one who writes the check and the one who is agreeing to it talking.”

The Jones source says he had nothing against Mulugheta, though Jones insisted to reporters in Palm Beach that he didn’t know Mulugheta’s name, adding, “The agent is not a factor here, or something to worry about.” At that point, Jones was dug in because “Micah looked him in his eyes and said we have a deal.” The source relayed a feeling from Jones of, “Oh so that’s how they are going to do it. Micah is going to negotiate with us, we’re going to go up, we’re going to have an agreement, and then the agent says that’s the floor and we’re going to go from there?”

“Jerry was like, ‘Hell no. That’s not the way this is going to work.'”

play

1:54

Schefter breaks down how Parsons to the Packers came to be

Adam Schefter breaks down the massive Micah Parsons trade from Dallas to Green Bay.

WITH THE PARSONS situation seemingly at an impasse, the Cowboys readied themselves for the 2025 NFL draft in late April. Parsons’ future with the team was not an issue stressed by draft pundits or armchair analysts, most of whom had Dallas selecting a wide receiver with the No. 12 pick. The Cowboys would fill a different need by taking guard Tyler Booker, then in early May getting their receiver by making a trade with the Pittsburgh Steelers to obtain mercurial wideout George Pickens.

The benefit of hindsight suggests Dallas’ second-round selection had greater meaning than believed at the time, though a Cowboys source said the Parsons matter did not affect their draft board. Edge rusher Donovan Ezeiruaku, chosen with the No. 44 pick, came off a season in which he led the FBS with 62 quarterback pressures and had 16.5 sacks. Those seeking subtext behind the Ezeiruaku pick mostly noted that edge rushers Dante Fowler Jr. (signed on a one-year deal in March — the Packers were believed by league sources to be runners-up for his services) and Sam Williams were heading into contract years, and that the rookie could help ensure the future. Less meaningful to observers was the fact that Parsons was headed into a contract year too.

Although Jones would later say the team began discussing the idea of a Parsons trade in the spring, Dallas did not explore trade talks involving Parsons before the draft, per a Cowboys team source. For one, the contract negotiations were still fresh and the team harbored hope of Parsons accepting the previously discussed deal. The Cowboys also prefer to do trades postdraft when they believe other teams are less inclined to cling to personnel. The Pickens deal reinforced that philosophy.

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But the longer Parsons went without a contract, the less likely he and Mulugheta were to accept the terms Jones believed had been agreed upon in March — the edge rusher market had begun to skyrocket. In the weeks before the Jones/Parsons summit at the Cowboys practice facility, the Las Vegas Raiders’ Maxx Crosby (three years, $106.5 million, $91.5 million guaranteed) and Browns’ Garrett ($40 million per year and $123.5 million guaranteed) had inked new deals. By mid-July, the Steelers’ T.J. Watt would sign a three-year, $123 million extension that established him as the league’s highest-paid nonquarterback on an average salary per year basis.

Sources close to Parsons believed that he, more than three years younger than Garrett and five years younger than Watt, would blow those deals away. And a Cowboys source said the team got indications that it would prefer to “go last” in the pass-rush market, because prices were only rising.

As Jones watched the market spike around him, the Cowboys owner and GM grew increasingly comfortable letting Parsons play on his fifth-year option or trading him.

Balancing the cost of the entire roster was a factor in Dallas’ calculus. Only one team — the Cincinnati Bengals — has three players making at least $30 million per year. If the Cowboys had given Parsons more than $40 million annually, they would have had the league’s highest-paid defender, highest-paid quarterback in Prescott ($60 million per year) and one of the highest-paid wide receivers in CeeDee Lamb ($34 million).

If the Cowboys weren’t paying Parsons, it would make negotiating with in-house stars, most notably guard Tyler Smith and cornerback DaRon Bland, an easier proposition. Smith, a 2022 first-round pick, could get his extension after Year 3 in a way Parsons did not. Bland was signed to a four-year, $92 million extension on Sunday.

“It’s an allocation of money,” Jones said the night the trade was completed. “So, we chose to have numbers of players that we could pay handsomely that would be those caliber of players, not young practice squad players. We’re talking players that can really compete.”

And while Parsons’ presence in the lineup was impossible to replicate — by expected points added per play from 2021 through 2024, the Cowboys were the NFL’s best defense with Parsons on the field and the league’s worst by the same metric when he was not — Dallas also believed there were times when his skills were counterproductive to the winning cause. Parsons ranked 68th among edge rushers in stop rate against the run and 81st in yards per run stop last season, according to the FTN Football Almanac.

play

1:36

Orlovsky slams Parsons trade as ‘one of the worst’ in Cowboys’ history

Dan Orlovsky goes off on the Cowboys for allowing Micah Parsons to leave and receiving very little in draft picks from the trade.

“For Jerry, it came back to we have got to be able to stop the run,” the source close to Jones said. “Micah does not do that. In fact, because we couldn’t stop the run, it made Micah less effective. Then they’re going to run right at him, and that’s not what he does. We could not take care of mission critical.”

Still, the Cowboys were preparing as if Parsons would be in the lineup in 2025. They understood how difficult it would be to trade him, even though a team source said they were unconcerned about the public relations fallout the team would face given his popularity with fans. This was a business and personnel consideration only, and the Joneses’ belief that the price would have to be two first-round picks and an established defensive player was crystallized as the return about a week out from the trade, per a team source.

The last star pass rusher traded on his rookie contract — also right before the start of the season — was Khalil Mack in 2018. The Chicago Bears sent two-first-round picks to the then-Oakland Raiders to acquire him; Mack had 40.5 sacks through four seasons, 12.5 fewer than Parsons over the same time frame. Packers general manager Brian Gutekunst, in his first season in charge at the time, had a comparable offer to the Raiders turned down, an experience that might have helped get the deal for Parsons over the line.

“I think what I learned from [the Mack] experience is you’ve got to be in it early,” Gutekunst said Friday.

Only a week out from the start of the regular season, there simply wouldn’t be many trade suitors willing to pay that freight, especially when they would have to negotiate a market-shattering new contract with Parsons on top of the draft and personnel capital they would be expending.

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Meanwhile, Parsons himself had remained around the team, showing up to a crawfish boil and paintball outing during the first two days of the offseason program in April as a stated show of leadership and support for new coach Brian Schottenheimer. In June, Parsons told reporters he would attend training camp, though a hold-in began to emerge as a likely proposition absent a new deal.

“When you go around the league and you see these other teams taking care of their best guys, I seen T.J. [Watt] gotten taken care of. Maxx [Crosby] got taken care of. Myles [Garrett] got taken care of, [and] he’s got two years left on his deal,” Parsons said on July 22, the day after training camp began. “You see a lot of people around the league taken care of, and you wish you had that same type of energy.”

There was tension, but the relationship between Parsons and the Cowboys was bubbling at a low simmer. Almost without warning, it would boil over.

play

0:42

Tannenbaum: Trading Micah Parsons was a ‘massive strategic mistake’

Mike Tannenbaum sounds off on Jerry Jones and the Cowboys’ decision to trade Micah Parsons to the Packers.

IN AN ERA when statements from famous athletes are stage-managed within an inch of their lives by player agents and teams of publicists, this gave the appearance of something different.

At 1:16 p.m. CT on Friday, Aug. 1, Parsons transmitted three pages of single-spaced text from his iPhone’s Notes app to X, laying out chapter and verse of his discontent with the Cowboys. He revealed his perspective on the March meeting with Jones, the parameters of the contract agreement that he said he believed were a starting point and the Cowboys thought represented an agreement, and capped it all off with a trade demand.

“Unfortunately I no longer want to be here,” Parsons wrote. “I no longer want to be held to close door negotiations without my agent present. I no longer want shots taken at me for getting injured while laying it on the line for the organization our fans and my teammates. I no longer want narratives created and spread to the media about me. I had purposely stayed quiet in hopes of getting something done.”

The quiet had been interrupted, though it had been Jerry Jones who had broken the silence earlier in camp with an indictment of Parsons’ durability and availability.

“Just because we sign him doesn’t mean we’re going to have him,” Jones said. “He was hurt six games last year [actually four]. Seriously. I remember signing a player for the highest-paid at the position in the league and he got knocked out two-thirds of the year in Dak Prescott. So, there’s a lot of things you can think about, just as the player does, when you’re thinking about committing and guaranteeing money.”

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Parsons had missed only one game over his first three seasons in the league.

The “repeated shots” Parsons cited continued when Jones was asked to respond to the “Pay Micah” chants the owner was serenaded with by fans at camp.

“I heard it light, but not compared to how I heard them say, ‘Pay Lamb’ [last year],” Jones said a day later. “That was a faint little sound compared to the way they were hollering last year, ‘Pay Lamb.’ … Whoever’s not in, you can count on a few hollering that. But it was a big loud chant last year on Lamb.”

Stephen Jones would further aggravate Parsons by commenting, “We want to pay Micah too, he’s got to want to be paid.”

Amid the pettiness and hurt feelings, Parsons continued to show up — a source close to Parsons said Mulugheta doesn’t see the value in players getting fined and advised him to be present — albeit while citing back tightness as the reason he wasn’t practicing. Parsons had an MRI on his back in late August that came back clean, according to Schottenheimer, and was cleared by Cowboys doctors to practice.

play

1:37

Why Herbstreit applauds Dallas for trading Micah Parsons

Kirk Herbstreit thinks the Cowboys trading Micah Parsons will be good for developing a new team culture.

He continued to participate in walk-throughs and meetings but also exhibited strange behavior including not wearing his practice jersey, or on another day wearing it around his neck, and coming to practice without shoes. Before the team’s preseason finale against the Falcons, Parsons ate nachos as he walked to the locker room, and most memorably lay on a medical table during the game and appeared to close his eyes. The image went viral.

“[Cowboys pass-rushing legend] Charles Haley would have flipped him off the damn table if he saw that,” a team source said.

Parsons’ behavior during camp rubbed many in the building, including in the locker room, the wrong way, with one team source saying his energy was “deflating.” But a team source noted that Parsons stayed engaged in meetings and conducted his own two-a-days — one lift, one running session per workday. “I believed he was doing everything he could to be ready for Philly (Week 1),” the source said.

This encapsulates the Parsons experience to sources in the building over his four-year tenure. Multiple sources said he wasn’t the most diligent in the weight room or in getting treatment, though others considered him a hard worker who improved his communication skills with coaches and players but whose decision-making was sometimes in question. One example was Parsons’ outspokenness on his podcast, which rankled some teammates. The front office and coaches didn’t have a major problem with it. But teammate Malik Hooker made his issues known publicly last year. As one team source put it, Parsons was known to be critical, sometimes out of passion for the game, but coaches would urge him to consider that “you can’t call guys out who don’t have your ability,” and learning how to lead and “bring others along with you” is crucial. That part was considered a process for him.

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Amid the turmoil, there were many in the game who believed a détente would eventually be reached. Multiple team sources believed Parsons was sincere in his stated desire to retire a Cowboy, noting that he recently built a home in the area. “I think he felt he was going to play out his career there,” a source said. Jerry Jones’ own words were another major reason why the matter seemed resolvable.

“Any talk of trading is B.S.,” Jones said on the “Stephen A. Smith Show” on Aug. 22 even as a team president who knows the Cowboys operation well told ESPN that in his discussions with them in August, it was clear that Dallas was prepared to move Parsons.

“Of course Jerry gave a head fake to the media,” a source close to Jones said. “You have to go out and say we are not interested in trading him. If you say you are trading him, you don’t get s—.” Jones would acknowledge to reporters after Parsons was traded that this had been a purposeful tactic.

Amid the drama around the contract and other lesser issues including Parsons’ practice habits among the pain points, the Joneses had seen enough. The Cowboys told the team president that they loved the player, but not the person. They had made up their minds. Now they just needed a trade partner.

play

1:29

EJ Manuel questions how Cowboys could trade Micah Parsons

Sam Acho and EJ Manuel react to the Cowboys trading Micah Parsons to the Packers.

TWO DAYS BEFORE Parsons became a Packer, the pass rusher’s representatives made one last-ditch effort with the Cowboys — in the form of an email. The note from Mulugheta to Jerry and Stephen Jones, as one source who viewed the correspondence recalls, acknowledged that a lot of things had been said in the media, perhaps some miscommunications along the way, but despite all of that, Parsons was still willing to do a deal that would keep him in Dallas. The letter said Parsons’ representatives were willing to come to Dallas, jump on a video call, whatever it took to potentially hammer something out.

Jerry Jones responded to the message, saying the Cowboys were prepping a trade and if Parsons wanted to play in Dallas in 2025, he would have to do so on his fifth-year option. Parsons would become a free agent in 2026, but the team could also use the franchise tag to prevent his departure at that point. Parsons would have to decide his next move if the Cowboys couldn’t trade him, though a source close to him notes that Parsons never threatened to hold out and if healthy, he would have played on the option.

Things accelerated from there. The Packers, given permission to speak to Mulugheta by the Cowboys, made their first formal contract offer to Parsons on Tuesday. Green Bay had parameters of a trade hammered out that matched Dallas’ terms: Two first-round picks and veteran defensive tackle Kenny Clark would go to the Cowboys in exchange for Parsons. Clark, a staple of the Packers defense since entering the league in 2016, was hardly a throw-in. His contract was attractive — Green Bay had already paid him the bulk of his 2025 deal, so the Cowboys would pay him just $2 million this season, and $20 million unguaranteed next season. A two-year, $22 million deal for a high-level player was viewed as a win for a Dallas team that sees the 29-year-old Clark as a multiyear solution, and there would also be no dead money if the Cowboys chose to release him after the season.

“From our perspective, it had to include Kenny Clark,” a source close to Jones said. “The only way it worked for us, we need something that helps us now and helps us in the future.”

That Green Bay — the opponent that had knocked three of the best Cowboys teams of the past 11 years (2014, 2016, 2023) out of the playoffs — was the trade partner was apparently not a deterrent to getting the deal done.

As for Parsons’ new contract, while the Cowboys had been unwilling to deal with Mulugheta, the agent’s communication with the Packers was smooth, according to a source close to Parsons. Past deals for clients Jordan Love and Xavier McKinney offered familiarity between the parties, so hammering out an agreement took some time but was not painful according to the source. Had the deal fallen apart, at least three other teams were interested, and the Cowboys would not have traded Parsons within the division. One team told ESPN it wasn’t interested because it felt the price was too high for a player who might turn out to be a headache. Another believed Dallas wouldn’t trade Parsons until next spring and indicated they might be interested then.

Green Bay knew the deal would be costly and didn’t fight that reality, with a source familiar with negotiations saying the contract was “transparent and fast,” for the most part. The move to a deal gained steam in the hour or so before 5 p.m. ET on Thursday, once Mulugheta had laid out the trade terms and Parsons had signed off. Parsons’ four-year, $188 million deal included $120 million fully guaranteed at signing and $136 million in total guarantees, making him the highest-paid nonquarterback in NFL history.

The Packers have reached the playoffs five times in seven seasons under Gutekunst but have not made a Super Bowl during that time. Less than a year after Gutekunst was promoted to GM in 2018, then-team president Mark Murphy fired Mike McCarthy as coach with four games left in that season. In 2019, Murphy hired Matt LaFleur, who took Green Bay to two straight NFC title games, but the team hasn’t been back since. Both Gutekunst and LaFleur are under contract through the 2026 season, and both report to new team president Ed Policy, who took over in July after Murphy retired.

Several Packers sources said Gutekunst thought all along a trade for Parsons was a long shot. He thought that when push came to shove, Jerry Jones would not part ways with a star player in the prime of his career — an idea Gutekunst confirmed Friday in Parsons’ unveiling in Green Bay.

“The chances of these things [blockbuster trades] happening are pretty slim, and I think that was my mindset the whole time, was keep the conversations going because of the uniqueness of the player,” Gutekunst said. “But I don’t think it was really until the last few days that I actually thought, ‘Hey, there’s an opportunity here to close this thing out.'”

When doing their homework on Parsons, Gutekunst and the Packers reached out to people that had worked with, played with or coached Parsons in college and in Dallas.

He wouldn’t name names, but league sources said Gutekunst and McCarthy, who coached the Packers from 2006 to 2018 and Cowboys from 2020 to 2024, maintained a good relationship. Parsons and McCarthy had a solid connection — the edge rusher said in January that Dallas’ decision to part ways with his former coach was “devastating.”

One Packers source said the possibility of landing Parsons started to feel real about a week before the deal, which lines up with Dallas’ timeline of when the Cowboys got serious.

By late afternoon Thursday, LaFleur spoke directly with Parsons about their new partnership, with his assistant coaches coming in and out of LaFleur’s office to high-five and celebrate.

As to which team got the better end of the deal, opinions varied, though the most forceful reaction came in the form of criticism leveled at the polarizing Jerry Jones. Two NFL executives questioned why the Cowboys didn’t get more in return after the trade went down.

“Very bad for Dallas in that they received little compensation in comparison to other superstar prime trades,” a separate NFC executive said. “It’s OK for Green Bay in that their interests are to get beyond the first or second round. I think [Parsons is] a very productive regular season player. I think when teams start running heavy in the playoffs, he becomes less scary.”

In a news conference following the trade, one in which Jerry Jones repeatedly referred to Parsons as “Michael,” the owner justified the move.

“It takes more than one [player to win a championship] and so you do have to allocate your resources, whether it be draft picks or whether it be finances, you have to allocate those resources,” Jones said. “There was no question in our mind that [Micah] could bring us a lot of resources on a trade.”

As Jones took heat for the deal in some corners, others in the league were more conciliatory toward Dallas, especially when noting the increased salary cap flexibility and how it could impact the Cowboys’ negotiations with other core players.

“[Filling a] DT need and two 1s is a good haul, honestly,” an AFC executive said. “Plus, not paying another max contract. That’s a big part of this.”

The Joneses expressed a belief that they would end up with another three to five players out of the deal, in addition to taking care of Smith and Bland.

The end of the Parsons era in Dallas, perhaps fittingly, came in the form of another tweet — this one a farewell. While expressing his appreciation to Cowboys fans and vowing that North Texas would continue to be his offseason home, Parsons acknowledged the fractious negotiations that had reached a tipping point with that much-debated meeting with Jerry Jones.

“I never wanted this chapter to end, but not everything was in my control. My heart has always been here, and it still is. Through it all, I never made any demands,” Parsons said, not acknowledging his trade request. “I never asked for anything more than fairness. I only asked that the person I trust to negotiate my contract be part of the process.”

Parsons made his first appearance in Green Bay the next day, meeting the local media and expressing relief at his situation’s resolution. He dismissed his back problem — revealed on Monday to be an L4/L5 facet joint sprain for which the Cowboys had prescribed a five-day plan of an anti-inflammatory corticosteroid and a physical therapy program — as something that would be a major issue, reinforcing the belief that his contract, not health, was at the core of his limited summer participation. Parsons practiced with the Packers on Monday.

“I think physically, you know, I’m great,” Parsons said. “I think I can contribute a lot. I’m going to team up with the doctors in creating a plan. We already talked about how we can ramp things up and get me into a flow where they feel comfortable and I feel comfortable.”

Parsons will return to Dallas with his new team on Sept. 28, for a Sunday night, Week 4 showdown against the Cowboys. His final appearance at AT&T Stadium as a Cowboy will be remembered for the sight of Parsons splayed across a training table. His next one, wearing a Packers uniform, figures to restore the vision of how Parsons became one of the elite defensive players of his generation in the first place. Parsons himself noted the stakes of what comes next.

“They didn’t give up what they gave up for me to sit on the sidelines.”



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September 2, 2025 0 comments
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Strategy’s Preferred Shares Form a Bullish Circle Around BTC
NFT Gaming

MSTR Qualifies for S&P 500, Inclusion Decision Awaits Friday

by admin September 1, 2025



MicroStrategy, now doing business as Strategy (MSTR), has officially qualified for potential inclusion in the S&P 500 after posting one of the strongest quarters in its history.

In the second quarter of 2025, the company reported $14 billion in operating income and $10 billion in net income, equal to $32.6 in diluted earnings per share. Quarterly revenue came in at $114.5 million, a modest 2.7% increase year-over-year, with subscription services rising nearly 70%.

The results mark a dramatic turnaround from prior years, when impairment charges tied to bitcoin BTC$109,276.44 depressed reported earnings. The adoption of new fair-value accounting standards in January 2025 allowed Strategy to recognize unrealized gains on its digital asset holdings, directly boosting profitability. With bitcoin trading above $100,000 during the period, the company booked massive paper gains that transformed its balance sheet.

As of June 30, Strategy held 597,325 bitcoin. The firm highlighted a BTC Yield of 19.7% year-to-date, a key performance indicator measuring the percentage change in the ratio between its bitcoin count and assumed diluted shares outstanding.

Management raised guidance for full-year 2025 to $34 billion in operating income, $24 billion in net income, and $80 in diluted EPS, assuming a year-end bitcoin price of $150,000.

With consistent profitability now established, Strategy meets all S&P 500 requirements: U.S. listing, market capitalization far above the $8.2 billion threshold, daily trading volumes exceeding 250,000 shares, more than 50% public float, and positive earnings both in the latest quarter and on a trailing twelve-month basis.

The next potential window for inclusion is the September 2025 rebalance, with announcements expected Sept. 5 and changes taking effect Sept. 19. While the S&P Dow Jones Indices committee retains discretion, Strategy’s qualification underscores the growing role of bitcoin in mainstream financial markets.

If admitted, it would be the first bitcoin-treasury company to enter the benchmark index, symbolizing a landmark moment for the integration of digital assets into U.S. equities.

Read more: Bitcoin Hovers Around $107K as Weakest Month for Crypto Begins



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September 1, 2025 0 comments
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SEC delays decision on WisdomTree ETF
NFT Gaming

SEC delays decision on WisdomTree ETF

by admin August 26, 2025



In the latest XRP news, the U.S. Securities and Exchange Commission has delayed its decision on the WisdomTree XRP spot exchange-traded fund.

Summary

  • SEC has pushed its decision on the WisdomTree XRP ETF to a later date.
  • New deadline now October 24, 2025.

The wait for another spot crypto exchange-traded fund in the United States goes on as the Securities and Exchange Commission once again delays its decision on another XRP (XRP) ETF.

XRP price hovered near $2.96, largely unaffected by the news.

SEC pushes WisdomTree XRP ETF date

The SEC announced its decision to postpone issuing an approval or rejection of the WisdomTree XRP Fund on Aug. 25.

As noted in the SEC filing, the new deadline for a decision is October 24, 2025.

The SEC officially began reviewing the WisdomTree XRP Trust, which hit the market as the first filing for a U.S. spot XRP ETF, in May.

While the law allows the regulator up to 240 days to either approve or reject an application, the SEC has initiated efforts aimed at significantly cutting this timeline. So far, the securities watchdog pegs its process on the guidelines in the U.S. securities laws.

The delay comes a few days after several XRP ETF issuers updated their filings, with Bloomberg ETF expert James Sayffert terming the move a “good sign.”

What does it mean for XRP?

The XRP spot ETF is one of the most anticipated crypto spot funds in the market.

As a top altcoin, the Ripple cryptocurrency boasts one of the biggest and most ardent communities in the space.

The XRP Army, as it is known, may therefore witness some sentiment dip amid this announcement. Analysts note a potential injection of volatility in XRP prices, with this short-term movement building fresh momentum into the final decision.

This outlook is down to the SEC’s move not being a final verdict on the WisdomTree XRP ETF, but a postponement, as the regulator takes time to have a better look at the filing.



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August 26, 2025 0 comments
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Sec Delays Wisdomtree Xrp Etf Decision To October 2025
GameFi Guides

SEC Delays WisdomTree XRP ETF Decision to October 2025

by admin August 25, 2025



The U.S. Securities and Exchange Commission has delayed its decision on the WisdomTree XRP exchange-traded fund, and has now moved the deadline to October 24, 2025.

The application was filed by Cboe BZX Exchange, which asked for a rule change that would allow it to list and trade shares of the WisdomTree XRP ETF.

This decision means the SEC has now postponed rulings on all pending spot XRP ETFs except Franklin Templeton’s, according to the filing. Franklin Templeton’s fund faces its third deadline next month, while its final deadline is expected in November. The SEC said it needed more time to carefully review the applications before making a final call.

The first major deadline is October 18, when the Commission must either approve or reject Grayscale’s XRP ETF filing. Other XRP ETF filings have deadlines following quickly after Grayscale’s.

Analyst Predict 95% Chance of Approval

Bloomberg analysts Eric Balchunas and James Seyffart said there is a “95% chance” that the SEC will approve these XRP ETFs this year. Both also explained that the SEC might approve them all together, just as it did with Bitcoin and Ethereum ETFs earlier.

Ahead of these deadlines, all XRP ETF issuers have updated their S-1 filings. Grayscale even submitted a new registration statement for its planned XRP Trust ETF. James Seyffart said these changes were “almost certainly due to feedback from the SEC,” calling it a good sign even though it was widely expected.

Bunch of XRP ETF filings being updated by issuers today. Almost certainly due to feedback from SEC. Good sign, but also mostly expected pic.twitter.com/GiSL1kc6lt

— James Seyffart (@JSeyff) August 22, 2025

The SEC explained that extensions like this are normal in the process of reviewing digital asset funds. The Commission said delays help it properly study market risks, and other issues before making a decision. 

The SEC also gave updates on other crypto-related filings. It asked for comments on Canary Capital’s staked TRX ETF and extended its review of Canary’s PENGU ETF, which is tied to meme coins like Dogecoin.

Canary further filed for an “American-made Crypto ETF” to give investors exposure to cryptocurrencies linked to the U.S. by their creation, minting, or operations. XRP fits into this category, so it could be included in the new fund.

Also Read: Global Exchanges Warn Tokenised Stocks Could Threaten Market Trust





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August 25, 2025 0 comments
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