Executive Summary The ICO mania of 2017 and the NFT-lending bubble of 2021 have a 2025 analogue: the “crypto-treasury company” craze. For anyone willing to shoulder outsized risk in exchange for the chance of getting very rich very quickly, these Nasdaq-listed vehicles have become the vehicle of choice. Two deal structures dominate: reverse mergers and SPACs.Reverse-Mergers in Practice A textbook reverse merger starts with a “zombie” micro-cap already listed on Nasdaq: ideally debt-free, with...

Aggressive Expansion in ETH Holdings On August 4, Ethereum treasury strategy firm The Ether Machine (hereafter referred to as ETHM) announced an additional purchase of 10,605 ETH, bringing its total holdings to 345,362 ETH, valued at approximately $1.27 billion. This marks the company’s second major acquisition in less than two weeks since its IPO. As a company focused on Ethereum investments, ETHM announced its Nasdaq listing in July, initially planning to hold 400,000 ETH with a market cap ...

Recently, as the BRC 2.0 upgrade approaches, related assets have sparked a wealth effect, drawing the attention of degens in the market back to the Bitcoin ecosystem. Over the past month, the trading price of Adderrels, the leading NFT project in the BRC 2.0 series, has skyrocketed from 0.0001269 BTC (approximately $15) to 0.019 BTC (around $2,300), delivering over a 100x return on investment. What changes will the BRC 2.0 upgrade bring to the BRC-20 protocol? What are the current peripheral ...

At its core, using Web3 infrastructure to host the time-tested business logic of Web2 models is the same playbook behind some Web3 projects that “back-door list” and the recent wave of U.S. public companies stockpiling crypto assets. Take a look at the projects now favored by primary-market investors and you’ll notice a common thread: they all lean toward hybrid innovation, plugging proven Web2 business logic into Web3 rails. • Lightyear ports the logic of traditional equity ETFs on-chain. • ...

While Bitcoin surged past $120 k this week, the wider Bitcoin-eco narrative has slipped out of the spotlight. Yet builders are still shipping. Merlin, one of the earliest BTCFi pioneers, invited Odaily for a wide-ranging chat with founder Jeff.Why Merlin Jumped Into BTCFi Before Anyone ElseOdaily: Early 2024 was rough—people accused Merlin of faking TVL, copying Ethereum L2s, and using unsafe custody. Why dive in so early? Jeff: Timing. Ordinals and Runes were exploding; holders wanted yield ...

Amidst the global trend of regulating virtual assets, Dubai has emerged as a crucial hub for Real-World Assets (RWA) due to its forward-looking strategies. This article delves deeply into Dubai’s RWA regulatory framework, covering the regulatory frameworks of VARA and DFSA, types of licenses and business scopes, the approval process for ARVA issuance, requirements for reserve assets, disclosure details, and DFSA’s newly launched tokenization regulatory sandbox program. It provides a comprehen...

Catalyzed by Stripe's acquisition of Bridge and progress on the GENIUS Act, headlines about stablecoins have exploded over the past six months. From CEOs of major banks to product managers at payment companies to high-ranking government officials, key decision-makers are increasingly mentioning stablecoins and touting their advantages. Stablecoins are built on four core pillars:Instant settlement (T+0, significantly reducing working capital needs);Ultra-low transaction costs (especially compa...

Project IntroductionPrismaX is an innovative blockchain project dedicated to delivering efficient and transparent decentralized services. Leveraging smart contracts and cross-chain interoperability, it supports diverse digital asset management and financial applications while optimizing transaction efficiency and scalability. Built with a modular architecture, PrismaX prioritizes security and user experience. Its native token, PMX, powers community governance and ecosystem incentives, driving...

PolyHedra (ZKJ) has experienced a shocking downturn, with its token value plummeting from $1.9 to $0.3 in a matter of hours, a staggering drop of over 84%. This dramatic decline has undoubtedly caused widespread panic in the market. The official team attributes this to "abnormal on-chain transactions in the ZKJ/KOGE trading pair." However, the community is rife with skepticism: is this a case of market manipulation, a technical glitch, a team sell-off, or simply a liquidity crisis? PolyHedra ...

Blockchain has given us an immutable ledger, but only the repeated games played by Chaoshan merchants can teach Web3 the way of trust. Trust in Web starts with "immutable code" and ends with infinite repeated games. In the Web3 world, we thought that "immutability" was the ultimate trust. But in fact, that is just the entry-level threshold. For assets themselves, indeed, an honest ledger that cannot lie or be tampered with is sufficient —— Bitcoin's limited supply of 21 million has built conf...