Blockchain.com is in talks to go public in the US via a special purpose acquisition company (SPAC). Blockchain.com has recently been in talks to go public in the US via a special purpose acquisition company (SPAC). According to people familiar with the matter, the company has hired Cohen & Company Capital Markets to advise on a potential SPAC transaction, but it is unclear whether the talks are still ongoing. Blockchain.com's valuation has fluctuated significantly over the past few years due to market fluctuations. In March 2021, the company raised $300 million at a post-money valuation of $5.2 billion, and the following year its valuation climbed to $14 billion. However, by November 2023, its valuation had fallen back to $7 billion following a $110 million funding round.
▌Ethena founder: Ethena plans to launch two new products of the same scale as USDe within three months
Ethena founder and CEO Guy Young said on social media, "Over the past two years, the number of Ethena contributors has remained at around 20-25. For the first time, we have made a meaningful expansion of the team, adding 10 new positions in engineering and product areas, covering two new business lines and products that will be launched in the next three months. Both initiatives have the potential to reach the scale of USDe."
Market
As of press time, according to Coingecko data:
The price of BTC is US$110,738, with a 24-hour change of 80);">+1.8%；
ETH price is $3,980.42, 24-hour increase or decrease-0.2%；
BNB price is $1,100.85, 24-hour increase or decrease-0.8%；
SOL price is $190.35, 24-hour increase or decrease+1.4%；
DOGE price is $0.2, 24-hour increase or decrease+2.3%；
XRP price is $2.49, up and down +4.1% in 24 hours；
TRX price is $0.3228, up and down +0.7% in 24 hours；
WLFI price is $0.132, up and down +0.2% in 24 hours；
HYPE price is $38.04, up and down +0.6% in 24 hours +1.2%. Crypto market legislation stalls in the US Senate; crypto industry executives will meet with Democrats this week to advance progress. Progress on the most important market structure legislation for the US crypto industry is slow and may be delayed until next year. Coinbase CEO Brian Armstrong, Chainlink co-founder Sergey Nazarov, Uniswap's Hayden Adams, and Solana Policy Institute President Kristin Smith will meet with several Democratic senators this week to advance negotiations on contentious provisions and maintain industry communication. Executives from Kraken, Galaxy Digital, a16z Crypto, and Circle will also participate. Both the House and Senate were optimistic about the legislation's completion, but negotiations in the Senate have been slowed by controversy and budget issues, leading to widespread industry expectations that the bill may not be finalized until next year. Fed Governor Michael Barr expressed concern about Bitcoin-backed stablecoins. Federal Reserve Governor Michael Barr expressed concern that under the newly passed GENIUS Act, stablecoins could use Bitcoin as a reserve asset, potentially threatening the stability of these digital payment instruments. Barr acknowledged the potential advantages of stablecoins in international remittances, cross-border trade, and corporate financial management, but emphasized significant loopholes in current regulations. While the GENIUS Act does not directly support the use of Bitcoin as a reserve asset, it does allow for the holding of "any medium of exchange authorized or adopted by a foreign government" as a reserve asset. Barr noted that El Salvador once used Bitcoin as legal tender and currently allows voluntary trading, suggesting that issuers could argue that Bitcoin repurchases qualify as a stablecoin reserve asset. Coinbase urges the U.S. Treasury to update outdated anti-money laundering regulations centered on the Bank Secrecy Act of 1970, advocating for improved compliance efficiency through technological innovations such as AI and blockchain analysis. Chief Legal Officer Paul Grewal stated, "Bad guys innovate, and good guys must innovate too." The company recommends establishing a regulatory "safe harbor," recognizing new customer verification methods such as decentralized identity and zero-knowledge proofs, and promoting a regulatory sandbox to test new compliance models. This move contrasts with the Senate's recent proposal for strict regulation of decentralized finance (DeFi). Coinbase emphasizes innovative collaboration over strengthened law enforcement.
▌Chairman of the Financial Services Commission of South Korea: Stablecoin Bill to be Announced This Year
The Financial Services Commission of South Korea stated that it will finalize the "Virtual Asset User Protection Act (Phase II)" legislation, which will include a stablecoin regulatory system, within this year and submit it to the National Assembly for deliberation. To accelerate the legalization of stablecoins, it plans to simultaneously advance the submission of the bill and the preparation of implementation details. During the National Affairs Committee's review of state affairs held on October 20, Chairman Lee Ee-won responded to a question from Democratic Party member Yoo Dong-soo about the timing of submitting the second-phase virtual asset legislation, stating that the bill has entered the final coordination stage with relevant departments and is expected to be submitted before the end of the year.
Blockchain Applications
▌Solana co-founder Toly may be building the Perp DEX platform
According to github information, Solana co-founder Toly may be building a decentralized perpetual contract trading platform on the Solana network.
▌Crypto company Evernorth announced that it will be listed on Nasdaq and raise $1 billion
According to Reuters, Evernorth, a cryptocurrency company backed by Ripple, announced that it will be listed on Nasdaq through a merger with Armada Acquisition Corp II (AACI.O), and is expected to raise more than $1 billion. The company plans to become the largest XRP fund pool and become the US-listed company with the largest holdings of XRP. It is reported that the transaction is expected to be completed in the first quarter of 2026.
▌Prediction Market Limitless Completes $10 Million Seed Round
Prediction Market Limitless announced the completion of a $10 million seed round of financing, led by 1confirmation, with participation from Collider Ventures, DCG, Node Capital, Arrington Capital, Coinbase Ventures, F-Prime, Flyer One Ventures, and SID Venture Partners.
Cryptocurrency
▌CoinShares: Digital Asset Investment Products Seed Outflow of $513 Million Last Week
According to CoinShares' latest weekly data, digital asset investment products saw a total outflow of $513 million last week. The digital asset market fluctuated significantly after the Binance liquidity event on October 10, 2025. Net outflows following the event have now reached $668 million, indicating that investors in the ETP space haven't been significantly impacted by the incident, while on-chain investors are more pessimistic. ETP trading volume remained high at $51 billion this week, nearly double the weekly average for the year. Bitcoin was the primary focus, the only major asset to experience outflows, totaling $946 million last week. Year-to-date, inflows are $29.3 billion, down from $41.7 billion in 2024. Investors saw Ethereum's price weakness as a buying opportunity, with inflows reaching $205 million. The largest weekly inflow, $457 million, was in 2x leveraged ETPs, highlighting investor confidence. The hype surrounding the Solana and XRP ETP launches brought in $156 million and $73.9 million, respectively.
▌CZ: Bitcoin will eventually replace gold
Binance founder CZ posted on social media: "Bitcoin will eventually replace gold, I don’t know exactly when. It may take some time, but it will happen."
▌The Royal Government of Bhutan transferred out 108.8 bitcoins and still holds 6,262 bitcoins
According to Arkham monitoring, the Royal Government of Bhutan transferred out 108.8 bitcoins (approximately US$12.06 million) and still holds 6,262 bitcoins (approximately US$694 million).
▌BitMine increased its holdings by 203,800 ETH last week, bringing its total holdings to 3.24 million ETH
As of 6:30 PM EST on October 19th, BitMine's cryptocurrency holdings included 3,236,014 ETH (an increase of 203,826 ETH from the previous week), representing 2.7% of the total ETH supply; 192 Bitcoins (BTC); $119 million in Eightco Holdings (NASDAQ: ORBS) shares ("moonshots"); and $219 million in unused cash.
▌BlackRock UK Bitcoin ETP Begins Trading on the London Stock Exchange
According to market news: BlackRock UK Bitcoin ETP began trading on the London Stock Exchange after the UK Financial Conduct Authority (FCA) relaxed its cryptocurrency ban.
▌BlackRock deposited 12,000 ETH, approximately $48.6 million, into Coinbase Prime
According to on-chain analyst Onchain Lens, BlackRock deposited 12,000 ETH, worth approximately $48.6 million, into Coinbase Prime yesterday.
▌Strategy acquired 168 BTC for approximately $18.8 million last week
Strategy acquired 168 BTC for approximately $18.8 million last week, at a price of approximately $112,051 per Bitcoin, and achieved a BTC return of 26.0% so far in 2025. As of October 19, 2025, Strategy holds 640,418 BTC, acquired for approximately $47.4 billion, at a price of approximately $74,010 per Bitcoin. An independent miner successfully mined block 919923 and received a reward of 3.126 BTC, worth approximately $347,758.
▌VanEck submits application for Lido-collateralized Ethereum ETF
VanEck announced that it has filed an S-1 registration form with the U.S. Securities and Exchange Commission (SEC) for the VanEck Lido Staked ETH ETF.
▌Greenlane Holdings announced a $110 million private placement to launch the BERA financial strategy
Greenlane Holdings announced a $110 million private placement to launch the Berachain (BERA) financial strategy, aiming to become one of the largest publicly traded BERA holders. 21Shares has submitted a new INJ ETF application, according to Injective's disclosure on the X platform. Binance Alpha and Binance Futures will list Bluwhale (BLUAI) on October 21st. According to the official announcement, Binance Alpha and Binance Futures will list Bluwhale (BLUAI) on October 21st.
Important Economic Developments
▌Hassett: There's a chance of progress on the government shutdown this week
According to CNBC: Hassett, Director of the White House National Economic Council, said there's a chance of progress on the government shutdown this week. He also said it's up to the Senate to resolve the issue. He said if that doesn't work, the White House will seriously consider taking stronger measures to encourage Democrats to engage in negotiations.
▌The US Senate failed to pass the appropriations bill after its 11th vote, and the government shutdown continues
The US Senate voted on the government appropriations bill for the 11th time on October 20 local time, but still failed to pass it, continuing the US government shutdown that began on October 1. The bill, originally intended to extend government funding until November 21st, ultimately fell short of the 60-vote threshold required for passage, with a vote of 50 in favor and 43 against. (CCTV News) The probability of a 25 basis point Fed rate cut in October is 99.4%. According to CME's "Fed Watch," the probability of a 25 basis point Fed rate cut in October is 99.4%, while the probability of keeping rates unchanged is 0.6%. The probability of a cumulative 50 basis point rate cut by the Fed in December is 98.6%, and the probability of a cumulative 75 basis point rate cut is 0.9%. What is Agent-Based AI? Agent-based AI refers to artificial intelligence designed to act on its own behalf, possessing a certain degree of independence and decision-making capabilities. This type of AI doesn't just process data or respond to commands; instead, it can set goals and make decisions to achieve them, often in a human-like manner. This gives AI a sense of purpose and the ability to achieve it with minimal human intervention. This distinguishes it from traditional AI, which typically requires human input or predefined rules to function. Agent-based AI is self-directed, meaning it can make decisions in real time based on its environment and goals. Agent-based AI works by combining advanced machine learning techniques, decision-making algorithms, and a continuous feedback loop. Think of it as a robot that learns from experience and then uses that knowledge to influence its future actions. It typically works in the following manner: 1. Goal Setting: The agent-based AI determines a goal based on initial programming or ongoing environmental input. It might be set to complete a specific task, such as optimizing a supply chain or increasing customer engagement. 2. Decision Making: It then analyzes data and uses algorithms to determine the best course of action to achieve its goal. 3. Learning and Adaptation: Like all AI systems, agent-based AI learns from both successes and failures. It continuously adjusts its strategies and optimizes its decision-making process. The key here is that AI is able to set its own course of action based on real-time input, making it more autonomous than traditional AI systems.
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