Strategy Buys Bitcoin, NEAR ETF Launches, Binance Faces EU Scrutiny

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Crypto markets opened October with major developments across institutional adoption, regulation, infrastructure and security. Strategy expanded its Bitcoin holdings, Bitwise launched the first US spot NEAR ETF, California restricted official-linked memecoins, and OKX moved toward tokenized US stock trading. Meanwhile, regulators targeted Binance’s EU operations and FinCEN abandoned two long-running crypto proposals. Here are the last week’s stories worth watching.

Strategy Buys Bitcoin, NEAR ETF Launches, Binance Faces EU Scrutiny

Strategy Adds 1,665 Bitcoin, Taking Holdings to 847,666 BTC

Strategy purchased another 1,665 Bitcoin between September 21 and September 27, spending approximately $142.7 million as the company continued expanding one of the world’s largest corporate BTC positions.

The company paid an average of $85,681 per Bitcoin for the latest purchase. Following the acquisition, Strategy held 847,666 BTC acquired for about $63.95 billion, including fees and expenses. Its portfolio-wide average acquisition price stood at $75,437 per Bitcoin.

Strategy financed the purchase partly through sales of its Class A common stock. It raised about $246.2 million in net proceeds from selling 1,469,165 shares. Of that amount, $142.7 million went toward Bitcoin and $103.5 million funded repurchases of STRC preferred shares.

The company ultimately repurchased 1,534,530 STRC shares for approximately $151.7 million, using another $48.1 million from its cash balance. The STRC buyback therefore exceeded the Bitcoin purchase by roughly $9 million.

The company’s 847,666 BTC position was valued at roughly $70.6 billion around the publication date.

Bitwise Launches First US Spot NEAR ETF With Staking Strategy

Bitwise launched the first US spot exchange-traded product providing direct exposure to NEAR, bringing the Bitwise NEAR ETF to NYSE Arca under the ticker NRR.

The fund began trading on September 29, 2026, after NYSE Arca certified the listing and registration of its shares. NRR holds spot NEAR rather than using derivatives or other indirect instruments, giving US investors exchange-listed exposure to the token.

Bitwise also intends to stake the fund’s NEAR holdings internally. Staking rewards will not be distributed directly as payments to shareholders. Instead, they are intended to increase the fund’s net asset value.

The asset manager cited an annualized NEAR staking reward rate of approximately 5% as of September 25, although that figure is not a fixed return for ETF investors.

NRR charges a 0.75% management fee. The structure combines direct spot exposure with a staking strategy designed to add rewards to the value of the underlying fund holdings.

California Bans Public Officials From Issuing Memecoins

California Governor Gavin Newsom signed Assembly Bill 2409 on September 27, introducing restrictions on memecoins connected to public officials and creating new obligations for digital-asset platforms serving state residents.

The law prohibits California public officials from issuing memecoins. It also restricts companies from listing qualifying tokens that use the likeness or image of public officials.

From January 1, 2027, digital-asset service providers will face restrictions on listing certain newly issued memecoins for California residents when the token is offered by, or developed in partnership with, a federal, state or local public official.

The measure gives California’s attorney general, district attorneys, city attorneys and county counsels authority to pursue civil enforcement. Available remedies include injunctions and disgorgement.

Newsom presented the legislation as an anti-corruption measure and argued that public officials should not profit from their government positions. His administration also connected the legislation to scrutiny surrounding President Donald Trump’s memecoin activities.

OKX and ICE File for 24/7 Tokenized US Stock Trading Venue

OKXICE, the joint venture between crypto exchange OKX and New York Stock Exchange owner Intercontinental Exchange, filed with the US Securities and Exchange Commission on October 4 to create a round-the-clock tokenized securities venue.

The proposed platform would enable 24/7 trading of blockchain-based securities tied to more than 60 US-listed stocks. A reported initial list contains 63 NYSE-listed companies.

OKXICE plans to operate under the SEC’s innovation exemption for permissioned blockchain-based trading of tokenized securities. The exemption was outlined in a September 17 order.

Issuers included in the reported initial list will have 30 days to opt out before their tokenized shares can begin trading. The filing therefore starts a regulatory process rather than immediately opening the securities for trading.

ICE and OKX first announced their strategic relationship in March 2026. Their plans included giving OKX customers access to ICE futures and tokenized NYSE equities, subject to regulatory approval. SEC clearance and completion of the issuer opt-out process are still required before the proposed venue can begin offering the reported shares.

Chainlink Connects Banks to Swift’s Blockchain Ledger

Chainlink introduced infrastructure allowing financial institutions to connect internal systems and transaction-signing technology to Swift’s blockchain ledger for tokenized deposits.

Chainlink announced the integration on September 28. The setup uses the Chainlink Runtime Environment, or CRE, to coordinate workflows between banks’ own ledgers and Swift’s blockchain system while allowing institutions to retain control over the keys authorizing transactions.

Swift’s ledger is designed to coordinate 24/7 cross-border payment workflows involving bank-issued tokenized deposits. The deposits themselves remain on participating institutions’ ledgers. Final settlement continues through mechanisms agreed by participating parties, including real-time gross settlement systems.

Swift said in July that 17 banks across six continents were preparing live pilots involving tokenized deposits. Its broader messaging network connects more than 11,500 financial institutions and corporations across more than 200 markets.

The latest integration builds on earlier Swift and Chainlink interoperability experiments. In 2023, more than a dozen financial institutions and market infrastructures participated in tests using Chainlink’s Cross-Chain Interoperability Protocol alongside Swift messaging standards.

Blast to Shut Down Ethereum Layer 2 and End Standard Withdrawals October 26

Blast will wind down its Ethereum Layer 2 after concluding that the network’s operating costs exceed the revenue generated by its Layer 2 activity.

The project announced the shutdown on October 2 and instructed users to begin withdrawing assets. Blast’s normal withdrawal interface will remain available through October 26.

After that date, users will still be able to recover assets, but they will need to interact directly with Blast’s Layer 1 bridge contracts on Ethereum mainnet. October 26 therefore marks the end of the regular user-interface withdrawal route rather than the disappearance of all withdrawal functionality.

The process will also include a temporary interruption while Blast unwinds assets held through Lido. The pause is expected to last about one week. Withdrawals are then expected to resume with a 24-hour delay.

Blast described the decision as an economic one, saying it saw no credible route to making the Layer 2 financially sustainable while its operating expenses remained higher than network revenue.

Digital Asset Investor Says XRP Could Eventually Overtake Bitcoin

Crypto commentator Digital Asset Investor has argued that XRP could ultimately rank above Bitcoin as digital assets capture a larger share of global financial markets.

He said he no longer views crypto simply as an asset class that financial advisers might allocate 1% to 5% of a traditional investment portfolio. Instead, he expects digital assets to absorb substantial parts of existing financial markets.

His comparison placed XRP’s approximately $92 billion market capitalization against an estimated $17.5 trillion for gold and $395 trillion for global real estate.

Digital Asset Investor predicts that only around 10 to 30 digital commodities may eventually become major channels for global liquidity, with XRP occupying a leading position.

He has also backed EasyA co-founder Dom Kwok’s long-term projection that XRP could reach $1,000 by 2030. Both describe adoption as following an S-curve, with growth potentially accelerating rapidly once usage reaches critical mass.

The $1,000 target and XRP’s proposed position above Bitcoin remain forecasts rather than current market outcomes.

El Salvador Receives $138 Million IMF Tranche Despite Bitcoin Target Misses

The International Monetary Fund approved the immediate release of approximately $138 million to El Salvador after completing the second and third reviews of the country’s 40-month Extended Fund Facility.

The payment forms part of a $1.4 billion IMF financing program. Some performance requirements were missed, including criteria linked to Bitcoin accumulation, but the IMF granted waivers after citing corrective measures and renewed commitments from the government.

The IMF highlighted progress in financial-sector reforms, fiscal transparency and anti-money-laundering and counter-terrorist-financing measures.

The lender also said majority ownership and operational control of El Salvador’s Chivo Bitcoin wallet had moved to a private operator. The government retains a minority stake and custodial responsibilities.

El Salvador is expected to continue reducing direct state involvement in Bitcoin-related activities while increasing transparency around public-sector crypto holdings.

The IMF said no additional Bitcoin accumulation is envisaged beyond documented donations, drawing a distinction between government-funded purchases and increases in holdings resulting from donated BTC.

Nearly $3.3 Billion in Bitcoin Leaves Binance in 15 Days

Nearly 40,000 BTC worth approximately $3.3 billion left Binance over a 15-day period, pushing the exchange’s Bitcoin reserves sharply lower.

Binance held around 704,800 BTC on September 20. That figure subsequently fell to approximately 663,100 BTC, according to the reported reserve data.

The exchange recorded net outflows of 23,100 BTC during the latest reported week, the highest weekly total since June 2023. Another 14,300 BTC left Binance during a single day, exceeding the 13,800 BTC outflow reported during the previous week.

Bitcoin was trading near $85,000 when the figures were reported.

The movement represents a substantial decline in the amount of BTC held in Binance reserves over a relatively short period, with both the weekly and single-day withdrawal figures contributing to the broader 40,000 BTC reduction since September 20.

Ethereum Raises Sepolia Gas Limit to 200 Million for Glamsterdam Test

Ethereum developers increased the Sepolia testnet’s block gas limit from 60 million to 200 million as part of the Glamsterdam upgrade, prompting Prysm operators to install an urgent client update.

Prysm released version 7.2.1 ahead of the October 6 activation. The update makes the 200 million gas limit the default for validators running the client. Older versions would continue producing blocks capped at 60 million unless operators manually changed their configuration.

Glamsterdam was scheduled to activate on Sepolia at 13:53:36 UTC on October 6. Validators running the updated software will automatically begin proposing blocks with the higher limit.

Developers want to observe how the network and validator infrastructure perform with blocks more than three times larger than Sepolia’s previous setting, including the effect on hardware requirements and operating costs.

The 200 million limit applies only to Sepolia during the test. Ethereum mainnet has not adopted the change. Results from the rehearsal will help developers determine appropriate parameters for future mainnet capacity increases.

FinCEN Drops Self-Hosted Wallet and Crypto Mixer Reporting Proposals

The US Financial Crimes Enforcement Network withdrew two proposed crypto reporting frameworks on October 5, ending rulemaking efforts targeting self-hosted wallets and cryptocurrency mixing transactions.

The first proposal dated back to December 2020. It would have required banks and money services businesses to retain information for certain transactions involving wallets outside regulated financial institutions. Transfers above $3,000 would have triggered recordkeeping obligations, while transactions above $10,000 would have required reports to FinCEN.

FinCEN also withdrew its October 2023 proposal targeting convertible virtual currency mixing. That initiative sought to designate international crypto mixing as a class of transactions of primary money-laundering concern under Section 311 of the USA PATRIOT Act.

Covered institutions would have faced reporting requirements for transactions suspected of involving mixing activity connected with foreign jurisdictions.

FinCEN withdrew both proposals after reviewing public comments and linked the decision to the administration’s deregulatory agenda and an effort to make digital-asset rules more fit for purpose. Existing anti-money-laundering powers covering financial institutions and suspicious crypto transactions continue to apply.

Strategy Estimates $20.91 Billion Q3 Gain From Bitcoin Revaluation

Strategy estimated a $20.91 billion gain on its digital assets for the third quarter of 2026 as higher Bitcoin prices sharply increased the accounting value of its holdings.

The figure is an unaudited management estimate produced under fair-value accounting and does not represent realized profit from Bitcoin sales. Strategy’s Bitcoin carrying value increased from $49.67 billion on June 30 to $70.82 billion on September 30.

Strategy held 847,666 BTC at quarter-end, acquired for approximately $63.95 billion at an average price of $75,436.60. The balance-sheet value of the position stood about $6.87 billion above its total acquisition cost.

The company had reported an estimated $8.32 billion digital-asset loss in Q2. Despite the Q3 turnaround, combining the latest figure with the first-half loss of $22.77 billion leaves an estimated nine-month accounting loss of about $1.86 billion.

Strategy also estimated a $1.88 billion deferred tax charge connected to the Q3 gain.

By October 4, holdings had risen to 848,000 BTC after another 334 BTC purchase costing $28.7 million.

ZachXBT Says Undercover Operation Exposed North Korea-Linked Laundering Network

Blockchain investigator ZachXBT says he spent weeks operating undercover inside a Chinese crypto laundering network that handled funds linked to North Korean hackers, putting $349,700 of his own USDC at risk to establish trust.

The operation began after the February 2025 Bybit hack. ZachXBT alleges that the broader network processed more than $1 billion connected to multiple exploits associated with Lazarus Group. The FBI attributed the approximately $1.5 billion Bybit theft to North Korean actors tracked as TraderTraitor.

ZachXBT identified more than 15 accounts in Telegram and Discord groups and eventually developed a relationship with an operator using the alias “Jimmy Green.”

On March 6, 2025, he funded a new Ethereum address with 349,700 USDC and exchanged funds for USDT on Tron, paying roughly 5% per transaction.

Information obtained through the relationship helped trace more than $12 million in Bybit-linked assets moving through Bitcoin, Ethereum, Solana and Tron. One associated USDT address holding approximately 442,000 USDT was frozen on March 14.

ZachXBT says his DPRK-related investigations have contributed to more than $75 million in asset freezes since 2022.

Bitcoin Falls Below 80,000 Blocks Until Its Fifth Halving

Bitcoin has entered the final 80,000 blocks before its next halving, putting the network on course for its fifth scheduled reduction in miner rewards.

The event is expected around April 2028, although the exact date will change depending on how quickly Bitcoin produces new blocks.

When the halving occurs, the block reward paid to Bitcoin miners will fall from the current 3.125 BTC to 1.5625 BTC.

The countdown is determined by block height rather than a fixed calendar date, which means changes in the pace of block production can move the estimated timing forward or backward. The key programmed consequence is fixed: once the relevant block arrives, miners will receive half as much newly issued Bitcoin for every block they successfully add to the network.

Startale Launches Japan’s First Corporate Bond Settled in JPYSC

Startale Japan launched what it describes as Japan’s first digital corporate bond that pays both interest and principal directly in a yen-denominated stablecoin.

Startale Japan Co., Ltd. is the legal issuer of the Startale Bond. Payments use JPYSC, a trust-type stablecoin issued by SBI Shinsei Trust Bank and designed to track the Japanese yen on a 1:1 basis.

The bond is available exclusively to individual investors and corporate entities in Japan. Overseas investors cannot participate.

JPYSC qualifies as a Type 3 Electronic Payment Instrument under Japan’s Payment Services Act. Startale’s structure integrates the regulated stablecoin with a conventional corporate debt instrument, using JPYSC for scheduled interest payments and repayment of principal.

SBI Shinsei Trust Bank issues JPYSC and manages the trust assets backing it. SBI VC Trade handles issuance and distribution in its role as issuance trustor, while Startale Group supplies the supporting blockchain technology.

Startale Group CEO Sota Watanabe said the company wants to use onchain infrastructure to expand financing and investment options. The group sees the bond as a model that could later be extended to other Japanese businesses.

Evernorth-Armada XRP Treasury Merger Wins Shareholder Approval

Shareholders of Armada Acquisition Corp. II approved its proposed merger with XRP treasury company Evernorth, moving the transaction closer to a potential Nasdaq listing.

The September 30 vote produced approximately 20.51 million votes in favor and 1.36 million against, representing about 94% approval among votes cast. Nearly 69% of all shareholders participated.

The proposed transaction would create a publicly traded company focused on an XRP treasury. Evernorth is expected to place 473 million XRP into its treasury upon completion of the combination.

The SEC had already declared Evernorth’s registration statement effective on August 27, 2026. An October 1 filing detailed shareholder approval of the Business Combination, Merger and Domestication Proposals.

Armada currently has Class A ordinary shares trading under XRPN and warrants under XRPNW. Under the planned combination, the resulting company would trade under the XRPN ticker.

The companies must still complete remaining SEC-related and transaction requirements before a public-market debut. The reported timetable places a possible Nasdaq listing before the end of 2026.

Binance Faces EU Scrutiny Over Reverse Solicitation and MiCA Compliance

European regulators are examining how Binance continues providing services to EU customers without a Markets in Crypto-Assets authorization, focusing particularly on the exchange’s use of the reverse-solicitation exemption.

ESMA and regulators in France, Germany and Greece are reviewing Binance’s arrangements and have requested information from the company.

Unlicensed crypto companies were expected to start winding down EU operations from July 1, 2026, limiting activity to functions necessary for customers to sell or transfer existing assets.

Reverse solicitation permits certain services when a customer approaches a third-country company entirely on their own initiative. ESMA has said the exemption must be interpreted narrowly and cannot be used to bypass MiCA requirements.

Some European customers are reportedly served through Binance’s Abu Dhabi-regulated entity, which has held authorization there since December 2025. That entity does not have MiCA passporting rights in the EU.

Binance previously pursued MiCA authorization through Greece but withdrew its application on June 24. Its French national PSAN registration became void when France’s MiCA transition period ended on July 2.

The exchange says it is working toward MiCA authorization and is reportedly pursuing a licence in France. Regulators could impose fines if its current arrangements fail to meet EU requirements.

MetaMask Exits Ethereum Validators After Staking Infrastructure Security Incident

MetaMask began exiting affected Ethereum validators after discovering a security incident involving part of the infrastructure supporting its non-custodial staking service.

The company disclosed the incident on September 30 and said it had identified no immediate threat to MetaMask wallets. Lido separately stated that MetaMask Staking infrastructure had been compromised.

MetaMask responded by proactively shutting down and exiting affected Ethereum validators. The company emphasized that it does not hold the withdrawal keys for clients’ staked ETH, separating the affected validator infrastructure from users’ withdrawal credentials.

Affected validators were expected to leave Ethereum’s active validator set by October 7.

Lido said MetaMask had taken measures to protect assets associated with validators it operated through the Lido protocol. MetaMask’s affected validators were also being exited from that system.

The company is investigating the scope and cause of the incident. Its disclosures identify the staking infrastructure as the affected area rather than MetaMask’s wallet software or private-key system, while the validator exits serve as a precautionary measure during the investigation.

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