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Solana, Pudgy Penguins ETF Filings Added to SEC’s Crypto To-Do List

by admin June 25, 2025

In brief

A proposed Invesco Galaxy fund would track the performance of Solana.
Multiple issuers have now filed applications for Solana ETFs, including Fidelity, VanEck and Bitwise.
Cboe has filed for a 19b-4 rule change that would enable the listing of a Canary Capital Pengu-based fund.

U.S. regulators on Wednesday added separate filings to their docket for a proposed Solana exchange-traded fund and a rule change that would allow the listing of an investment product tied to Pudgy Penguins tokens.

The Invesco Galaxy Solana ETF joins a list of eight other funds that would track the performance of the sixth-largest crypto by market capitalization.

Meanwhile, a 19b-4 request by Cboe would allow the Canary PENGU ETF to trade on the exchange.

The filings are among the latest developments in an increasingly heated crypto ETF space, which has intensified since the dramatic success of spot Bitcoin and Ethereum funds over the past 18 months, and amid a more receptive political environment for crypto products.

The SEC is weighing more than two dozen applications for altcoin-based ETFs, including not only Solana but XRP, Dogecoin, Cardano, Polkadot, and Hedera.

Earlier this month, seven Solana fund issuers filed amended S-1 forms with the SEC, clarifying language that would enable them to stake the Solana they hold.

Staking refers to the process of pledging tokens to a decentralized network in exchange for yield, or financial rewards.

Its inclusion in ETFs is a point of contention among federal regulators, who previously delayed their decision on staking in Ethereum ETFs due to concerns over the financial and security-related risks posed by the practice.

Solana, XRP, and Litecoin spot ETFs are near locks at 95% odds of approval from the U.S. Securities and Exchange Commission by the end of 2025, according to estimates last week by analysts Eric Balchunas and James Seyffart of Bloomberg.

Dogecoin, Cardano, Polkadot, Hedera, and Avalanche spot ETF applications have a 90% probability of approval by year-end. Such altcoin funds seemed unlikely until the success of the BTC and ETH ETFs, which have generated $47 billion and $4 billion in net investments, respectively.

The Invesco Galaxy Solana ETF will trade under the QSOL ticker. Galaxy Digital Funds will serve as the fund’s execution agent, purchasing and selling SOL on behalf of the fund. Coinbase will serve as the fund’s custodian.

Crypto-focused investment management firm Canary Capital filed for its Pudgy Penguin fund in March, one of several other altcoin ETFs that it has proposed to the SEC.

Solana, the native token of the Solana network, was recently trading at $143, down nearly 1% over the past 24 hours.

It has declined by roughly 18% over the past month, as most altcoins have experienced a downturn. However, it remains a favored blockchain among many developers due to its speed and efficiency.

PENGU was roughly unchanged from Tuesday at the same time and has fallen 22% over the past month.

Edited by Sebastian Sinclair

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June 25, 2025 0 comments

NFT Gaming

Texas Joins Growing List of US States With Bitcoin Reserves

by admin June 23, 2025

In brief

Senate Bill 21 and House Bill 4488 were signed into law, enabling and protecting the Bitcoin reserve fund.
Only digital assets with a 24-month average market cap of $500B qualify, limiting it to Bitcoin for now.
The reserve will be managed by the Comptroller with advisory oversight and strict custody rules.

Texas has officially opened its state-managed fund for Bitcoin, with Governor Greg Abbott signing Senate Bill 21 into law Friday, establishing the state’s Strategic Bitcoin Reserve and joining two other states in the process.

The reserve enhances the state’s financial resilience by serving as a “hedge against inflation and economic volatility,” with its comptroller authorized to buy, sell, hold, or manage any investments in the reserve, its bill reads.

Governor Abbott’s signature comes a month after the Texas House of Representatives passed the legislation on May 21, despite initial opposition to the bill.

The Texas Strategic Bitcoin Reserve will operate under detailed operational guidelines. Digital assets may enter the reserve through multiple pathways: “direct purchase, a fork, an airdrop, or as a donation.” This flexibility allows the state to accumulate Bitcoin through various market mechanisms beyond simple purchases.

However, the legislation requires any eligible digital asset to maintain “an average market capitalization of at least $500 billion for the 24-month period” before acquisition, a threshold only Bitcoin currently meets.

Security measures for reserve assets would adhere to institutional standards, requiring the comptroller to “contract with a qualified custodian or a liquidity provider” for asset storage, thereby ensuring custody arrangements align with industry best practices.

An advisory committee will oversee, but the comptroller retains authority. The bill mandates transparency through status and performance reports, which should be made public and filed twice a year with state leadership.

Public Bitcoin Reserves

While Texas comes in third after New Hampshire and Arizona in exploring crypto frameworks, it is the first U.S. state to commit public funds with explicit legal protections. The reserve cannot be dissolved by future legislatures, either, even if no Bitcoin purchases happen immediately.

New Hampshire was the first to authorize public investment in Bitcoin, but it kept those assets inside the state treasury without creating a separate reserve or long-term legal protections.

Arizona, meanwhile, created a structured fund for managing unclaimed crypto, but it didn’t commit any new public funds or pursue active investment.

The legal protections for the Texas bill fall under House Bill 4488, which enables Senate Bill 21 to work as intended and ensures the Texas Strategic Bitcoin Reserve won’t be automatically abolished at the end of the legislative session, as would normally happen to new state funds.

HB 4488 legally exempts SB21 from the default sweep and protects its dedicated revenue and interest from being redirected into general state funds. In effect, it guarantees the long-term survival and financial independence of the Bitcoin reserve authorized by SB 21.

Edited by Sebastian Sinclair

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June 23, 2025 0 comments

NFT Gaming

Coinbase to List New Cryptocurrencies In Germany: Details

by admin June 21, 2025

Renowned U.S.-based crypto trading platform Coinbase is once again looking to expand its crypto offerings, focusing solely on residents in Germany.

On Friday, the exchange announced via an X post the addition of two new crypto assets for users in the German region.

While the exchange is known for its continued efforts to regularly update its listings, the move aligns with its goal to provide users with an exclusive trading experience and a wide range of crypto options.

Popcat (POPCAT) and Subsquid (SQD) now in Germany

Earlier this month, Coinbase unveiled the listing of three new tokens for users in supported regions. These tokens include PancakeSwap (CAKE), Subsquid (SQD), and Fartcoin (FARTCOIN), which became available on the Coinbase platform and in the Coinbase iOS and Android apps, allowing users to buy, sell, convert, send, receive, or store these assets.

However, it appears not all recently listed tokens were available to German users. The exchange has now announced that Subsquid (SQD) will now be available in Germany.

In addition, Coinbase has added support for Popcat (SOL) (POPCAT). Following the listing of both tokens in Germany, Coinbase users residing in the specified region can log in to buy, sell, convert, send, receive, or store these assets via the official Coinbase website or its iOS and Android apps.

While trading for the newly added tokens might not automatically appear for all users, the exchange encouraged users to refresh their application to access trading services for the new tokens.

Exchanges May Soon List Their Own Tokens

by admin June 21, 2025

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Thailand’s financial regulators are seeking public feedback on proposed updates to the framework governing crypto asset listings on local digital exchanges.

The move, announced Friday by the country’s Securities and Exchange Commission (SEC), comes as Thailand continues to reshape its digital asset policies in response to growing market activity and broader efforts to modernize financial infrastructure.

Revised Rules Target Transparency and Market Surveillance

The proposed rule changes aim to provide crypto exchanges with flexibility while enhancing investor protection and oversight. Notably, one key proposal would allow digital asset platforms to list their own utility tokens or tokens issued by affiliated entities, a practice that is currently restricted.

The public consultation period is open until July 21, after which the SEC will determine whether to proceed with the amendments. Under the updated draft, exchanges listing crypto assets would also be required to disclose the identities of individuals directly involved with the tokens.

These disclosures must be visible to users and accessible through the exchange’s reporting system. Additionally, automated alerts would be integrated into exchange reporting to help the SEC detect suspicious activity, such as insider trading or market manipulation.

If the new rules are enacted, any token currently listed on local platforms would be subject to a retroactive disclosure requirement, mandating exchanges to identify connected parties within 90 days of the rule’s implementation.

This regulatory approach is reportedly seeking to enhance transparency and reduce risks associated with information asymmetry between developers, exchanges, and investors.

Thailand’s Broader Push Toward Crypto Integration

Thailand’s crypto policy developments are part of a broader strategy to position the country as a competitive digital finance hub. Earlier this month, the Thai government approved a five-year tax exemption for income earned from cryptocurrency trading.

The exemption is designed to promote innovation, attract foreign capital, and give local startups more room to scale. Deputy Finance Minister Julapun Amornvivat stated that the government is accelerating efforts to integrate digital assets into the national economy.

This aligns with Thailand’s plan to issue approximately $150 million worth of digital investment tokens this summer. These instruments are aimed at offering more competitive returns than traditional savings accounts and could mark the beginning of more institutional-grade tokenized finance offerings in the region.

The consultation on token listing rules comes as countries across Southeast Asia take varying approaches to crypto regulation. While some jurisdictions have implemented stricter frameworks in response to market volatility and high-profile collapses, Thailand appears to be pursuing a more adaptive strategy focused on risk management and economic opportunity.

The global digital currency market cap value on the 1-day chart. Source: TradingView.com

Featured image created with DALL-E, Chart from TradingView

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June 21, 2025 0 comments

Crypto Trends

Binance CEO Unveils Three To-Do List Items in Crypto Space: Details

by admin June 17, 2025

Richard Teng, Binance CEO, has offered a concise guide to investors in the crypto space that could help them succeed in their investments. He shared the insights on the social media platform X with users in the community.

Reasons Teng’s rules matter on crypto market

According to the update, traders and investors must follow three key steps to success. The first is to “set the rules.” This implies establishing clear principles or guidelines for any asset one intends to engage in the crypto space.

Voice of reason in shifting market

Finally, Teng urged all crypto market participants to “keep emotions out of decision-making.” Notably, reacting impulsively in the industry is dangerous to investment.

Solana-Based Pump.fun Among List of Crypto Trading Platforms Suspended from X

by admin June 17, 2025

In brief

Pump.fun, GMGN, and others have been suspended from X for unspecified violations.
Speculation ties bans to API abuse or mounting concerns over meme coins.
Meme coin launchpads on Solana have faced increasing scrutiny amid extreme stunts.

The X account of Solana-based meme coin launchpad Pump.fun was suspended on Monday, along with a host of other crypto accounts removed from the platform without explanation.

The account now shows the standard message that “X suspends accounts which violate the X Rules,” but no further details were provided. Other affected accounts include trading tools such as BullX and GMGN, as well as the AI agent platform Eliza OS.

Some founders and affiliated team members were also impacted, including Pump.fun co-founder Alon Cohen and ElizaOS founder Shaw Walters.

GMGN, in a message on its Telegram, said it was “actively appealing the decision and working to restore the account as soon as possible.”

“During this time, our operations continue uninterrupted. Our team is conducting a thorough investigation into the matter and remains in close communication with the X to expedite a resolution,” GMGN added.

BullX claimed via Discord on June 13 that its account had been “mass reported.” It was previously under scrutiny after a viral post claimed it was shuttering. BullX said the claims were spread by “certain individuals with ulterior motives.”

Decrypt contacted Pump.fun, GMGN, and Eliza OS. It was unable to find contact information for BullX.

The reasons for the suspensions remain unclear.

Some X users speculated that the affected platforms were using unofficial APIs to scrape X data without paying for its premium developer tools.

Others pointed to a fake post circulating online, alleging that the SEC is investigating Pump.fun, although no such notice has appeared on the regulator’s official account.

Others still welcomed the shutdowns due to growing concern around the Solana meme coin ecosystem, where rug pulls are common, there is little oversight, and a number of projects have engaged in dangerous promotional tactics.

Among them, during live streams promoting meme coins on platforms like Pump.fun, several people have threatened to abuse others, cause self-harm, or commit suicide if their tokens failed to hit specific market caps.

One developer even staged a fake hanging, prompting Pump.fun to ban live streaming for promotions.

In May, Zerebro creator Jeffy Yu faked his suicide in a bid to boost his coin, even posting an obituary online, before local reporters discovered he was hiding out at his mom and dad’s house.

Edited by Sebastian Sinclair

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June 17, 2025 0 comments

A photo of MrBeast against a wall of dollar signs.

Esports

MrBeast, Jake Paul & Charli D’Amelio top list of 2025’s highest-earning creators

by admin June 17, 2025

Forbes has released their list of 2025’s highest-earning content creators, with names like MrBeast, Jake Paul and Charli D’Amelio taking over the top 10.

More kids than ever before want to be influencers rather than doctors or lawyers when they grow up — and after taking a look at how much money the net’s top content creators are making, it’s not hard to see why.

While some influencers flex their bank accounts more than others, it’s common knowledge that big-time personalities like MrBeast, Logan Paul and xQc make the big bucks. (xQc famously penned a $100M contract with Kick in 2023, for instance.)

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Two years later, Forbes has ranked social media’s top 50 stars to see who is really making the most… and some of their findings might surprise you.

Instagram: mrbeastMrBeast became one of the world’s youngest self-made billionaires in 2025.

MrBeast ranks as the world’st highest-earning influencer

Jimmy ‘MrBeast’ Donaldson came in at first place with a projected net worth of $85 million. While he’s got the dough to spend on major projects like his Beast Games Amazon Prime series and viral YouTube videos, he’s also admitted that he’s not very liquid and even had to borrow money from his mom to pay for his wedding.

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Dhar Mann, a creator known for producing ‘life lesson’ style videos, ranks at second place with $56M, having gotten his own ‘Hollywood-style’ production studio to create content.

YouTube star turned boxer Jake Paul weighs in at third place with $50M, likely owing to his purses from major bouts like his Mike Tyson fight and his very own men’s hygiene line, W by Jake Paul.

W by Jake PaulJake Paul is one of the top five highest-earning content creators on the net.

Good Mythical Morning duo Rhett & Link come in fourth place with $36M, followed by Call Her Daddy host Alex Cooper with $32M.

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However, the real shockers come far down in the list. While IShowSpeed and Kai Cenat are arguably some of the most popular figures on the internet, they rank near the bottom; Speed comes in at 42nd place with $20M and Kai Cenat at 28th $8.5M.

The full list of Forbes’ top creators can be viewed below:

1. MrBeast: $85M
2. Dhar Mann: $56M
3. Jake Paul: $50M
4. Rhett & Link: $36M
5. Alex Cooper: $32M
6. Charli D’Amelio: $23.5M
7. Matt Rife: $50M
8. Mark Rober: $25M
9. Druski: $14M
10. Khaby Lame: $20M
11. Steven Bartlett: $29M
12. Dixie D’Amelio: $14.6M
13. Brent Rivera: $11M
14. Dani Austin: $13.6M
15. Logan Paul: $10M
16. Nick DiGiovanni: $10M
17. Marques Brownlee: $10M
18. Emma Chamberlain: $9M
19. Stokes Twins: $20M
20. Ms Rachel: $23M
21. Ryan Kaji: $35M
22. Rebecca Zamolo: $22M
23. Jacksepticeye: $18M
24. Adam W: $16.5M
25. Typical Gamer: $17M
26. Markiplier: $32M
27. Nickmercs: $13M
28. Kai Cenat: $8.5M
29. Bailey Sarian: $9.5M
30. Addison Rae: $5M
31. Devon Rodriguez: $7M
32. Alix Earle: $8M
33. Mikayla Nogueira: $7.8M
34. Erika Kullberg: $7.2M
35. Alan Chikin Chow: $3.8M
36. Haley Kalil: $6.5M
37. Jake Shane: $9M
38. Hannah Stocking: $5M
39. Josh Richards: $6M
40. Lexi Rivera: $5M
41. Livvy Dunne: $4.9M
42. IShowSpeed: $20M
43. Brooke Monk: $2.6M
44. iJustine: $3.5M
45. Drew Afualo: $2.8M
46. Xandra (Alexandra Pohl): $3M
47. Jordan the Stallion Howlett: $11M
48. Wisdom Kaye: $5M
49. Monet McMichael: $7.7M
50. Nara Smith: $9M

We’ve already broken down the net worth of some of the net’s biggest stars, such as MrBeast, who became one of the world’s youngest self-made billionaires earlier this year with a projected salary of $50M per month.

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June 17, 2025 0 comments

NFT Gaming

CoinShares Solana ETF Joins Growing List of Applications for Altcoin-Based Funds

by admin June 16, 2025

In brief

European asset manager CoinShares has filed for a SOL exchange-traded fund.
A number of top asset managers have proposed Solana-based funds.
Altcoin ETFs may get approval this year under the SEC’s new leadership.

European digital asset manager CoinShares became the latest firm to file for a Solana exchange-traded fund, according to a U.S. Securities and Exchange Commission filing on Friday.

The CoinShares Solana ETF would track the price of SOL, the native coin of the Solana network, and trade on the Nasdaq Stock Market, according to the S-1 prospectus.

The application comes less than a week after seven issuers submitted revised SOL ETF applications, clarifying language that would enable them to stake their held SOL. Analysts view such amendments positively for the probability of an approval, although the revised prospectuses do not guarantee a regulatory greenlight.

Earlier this year, Bloomberg Senior ETF Analyst Balchunas penciled in a 70% chance that Solana ETFs receive approval this year, although he could not pinpoint the timing.

Funds from 21Shares, Bitwise, Fidelity, Franklin Templeton, Grayscale, VanEck, and Canary Capital are also aiming to offer investors exposure to Solana and are part of a massive wave of altcoin-based funds proposed in recent months to capture soaring investor interest in crypto-focused products.

U.S. regulators and lawmakers have ratcheted back restrictions on the digital assets industry, creating a more inviting environment for investors.

SOL is the sixth biggest cryptocurrency by market cap. Developers favors Solana blockchain for its speed and efficiency in creating decentralized applications such as crypto exchanges and games.

The price of SOL recently stood at $156.87 after rising by nearly 4% in 24 hours. The coin hit an all-time high of $293.31 back in January, crypto data provider CoinGecko shows.

CoinShares did not immediately respond to Decrypt‘s request for comment.

The SEC last year approved Bitcoin ETFs and later their Ethereum counterparts. Both products have been popular, with Bitcoin funds now managing well over $100 billion in assets.

Last week, BlackRock’s iShares Bitcoin Trust (IBIT) needed just 341 days to reach $70 billion in AUM, faster than any fund in history, according to Bloomberg data.

Ethereum-tracking funds have generated a respectable $3.9 billion in net inflows, according to U.K. asset manager Farside Investors.

Edited by James Rubin

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June 16, 2025 0 comments

Game Reviews

Nintendo fans are compiling a master list of what games run better – or worse – on Switch 2

by admin June 15, 2025

Industrious Switch fans have started compiling a fan-made list that tracks which Switch 1 games have seen an improvement – or a decline – in performance when running on their new Nintendo Switch 2 consoles.

So far, over 350 games have been submitted and over 150 of them comprehensively categorised, recording what performance changes players have identified, regardless of whether or not there has been a formal patch or update deployed by the publisher.

Stellar Blade PC features trailer.Watch on YouTube

For instance, players who have played ARMS on their new Switch systems – for which Nintendo has deployed a free update for all players – believe they see an increased consistency in framerate, both docked and undocked, as well as dynamic resolution scaling in terms of resolution. However, they do not notice much difference in terms of loading times.

By comparison, Diablo 3: Eternal Edition also shows increased consistency in framerates and improved loading times, but that hasn’t been formally patched at all.

Post Your Tested Games – Compatibility or Performance on Switch 2
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As the list owner admits, perceptions of what is or isn’t an improvement can often be subjective, of course, and a handful of the hundreds of commenters have chimed in to say their experiences are different from those listed in the spreadsheet. However, the thread “isn’t meant to decide whether a game is worth buying (now) for you”, but is “purely informational”.

If you’d like to join the effort, head on over to Reddit.

Nintendo recently revealed it has sold 3.5m Switch 2 consoles in its first four days on sale, becoming the fastest-selling piece of Nintendo hardware. It also provided a solution to an issue causing the Switch 2’s battery indicator to display incorrectly.

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June 15, 2025 0 comments

Crypto Trends

SEC Adds Dogecoin, Hedera ETFs to Growing List of Delayed Decisions

by admin June 15, 2025

In brief

The SEC extended review periods for multiple crypto ETF proposals, including Bitwise’s Dogecoin ETF, Grayscale’s Hedera Trust, and Canary Capital’s HBAR ETF.
Four Solana ETF filings and Grayscale’s Cardano ETF also face delayed decisions, with new deadlines set in July.
The regulator said it seeks further public comments and has not made any final determinations on the filings.

The U.S. Securities and Exchange Commission has extended the review periods for multiple crypto ETF applications, including those involving Dogecoin and HBAR, on Wednesday and Thursday.

The SEC instituted formal proceedings on June 11 for the Bitwise Dogecoin ETF and on June 12 for the Grayscale Hedera Trust, extending deadlines while requesting additional public comments. A similar document on Canary Capital’s HBAR ETF was published on June 10.

Four separate Solana ETF proposals from Bitwise, 21Shares, VanEck, and Canary Capital have been postponed to early July 2025. The Grayscale Cardano ETF received a July 15 extension, while Bitwise’s Ethereum staking ETF faces a July 6 deadline.

About 72 crypto-related ETFs are “sitting with the SEC awaiting approval to list or list options,” according to Bloomberg senior ETF analyst Eric Balchunas, following a roundup from earlier in April.

Pushing back the dates for the proceedings is “appropriate at this time in view of the legal and policy issues raised” from the proposed changes, the SEC’s latest filing on Grayscale’s proposal reads.

It’s worth noting that the SEC clarified in writing that the delays do not “indicate that the Commission has reached any conclusions with respect to any of the issues involved.”

Instead, it means that the regulator “seeks and encourages interested persons to provide comments on the proposed rule change.”

When exchanges want to list new ETF products, they must file “proposed rule changes” with the SEC to modify their own listing standards to accommodate the new products.

The “legal and policy issues” the SEC mentions relate to whether these crypto-based ETFs meet the standards to “prevent fraudulent and manipulative acts and practices” and “protect investors and the public interest” as required by Section 6(b)(5) of the Securities Exchange Act.

The SEC then reviews whether these exchange rule modifications comply with federal securities laws.

For the Bitwise Dogecoin ETF, NYSE Arca filed to list and trade the ETF under NYSE Arca Rule 8.201-E (Commodity-Based Trust Shares), with shares designed to track the performance of a specific commodity or derivative, as the exchange maintains fair and transparent trading.

For Grayscale’s proposed Hedera ETF, Nasdaq filed to list the ETF under Nasdaq Rule 5711(d), which shares similar aspects to the NYSE rules, setting a framework for how these trust shares are structured, traded, and monitored.

Canary’s HBAR ETF proposal is also being reviewed under this rule.

Edited by Sebastian Sinclair

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June 15, 2025 0 comments