IRS allows ETPs to stake digital assets; Coinbase launches token issuance platform.

Headlines

▌US Treasury Secretary: Treasury and IRS Issue New Guidance Allowing ETPs to Stake Digital Assets

US Treasury Secretary Bessant stated that the Treasury Department and the IRS have issued new guidance regarding cryptocurrency exchange-traded products. The ETP guidance provides a clear path for holding digital assets and allows ETPs to be used for staking digital assets.

▌Coinbase Launches Digital Token Issuance Platform

According to the Wall Street Journal, Coinbase will launch a token issuance platform for retail investors, with its first ICO project being Monad.

▌Bank of England proposes a £20,000 cap on stablecoin holdings for individuals

The Bank of England has proposed a £20,000 cap on stablecoin holdings for individuals and a £10 million cap for businesses.

Blockchain Applications

▌eToro expects to launch a crypto wallet in the coming quarters

Nasdaq-listed trading and investment platform eToro released its Q3 2025 results, disclosing that October's total cryptocurrency trading volume reached 5 million transactions, an 84% year-on-year increase. eToro added that it is currently advancing the development of a crypto wallet, which is expected to launch in the coming quarters and will support prediction markets, lending, and tokenization activities.

▌Uniswap Team Proposes to Introduce Protocol Fees

Devin Walsh, Executive Director and Co-founder of the Uniswap Foundation, announced that he and Uniswap founder Hayden Adams have jointly proposed a governance proposal to introduce protocol fees and unify the incentive mechanism across the entire Uniswap ecosystem. Walsh stated that the proposal will push Uniswap to become the default decentralized platform for tokenized asset trading.

▌Bakkt's Q3 Profit Reaches $28.7 Million, Up 241% Year-over-Year

According to Bakkt's (stock code BKKT) Q3 earnings report, the company's revenue for the third quarter of 2025 was $402.2 million, a 27% year-over-year increase; EBITDA was $28.7 million, a 241% year-over-year increase. The company successfully spun off its loyalty rewards business and refocused on institutional-grade trading, liquidity, and regulated custody. Earlier this year, Bakkt announced a strategic readjustment around three "high-probability" investment projects to seek market fit. Bakkt launched in 2018 with the backing of Intercontinental Exchange, the operator of the New York Stock Exchange, initially focusing on launching an institutional-grade daily physically settled Bitcoin futures trading platform before beginning to explore tokenizing its corporate rewards points.

▌Coinbase: Token Issuers and Affiliates to be Banned from Selling Tokens for 6 Months

According to US media reports, Coinbase plans to launch a new platform that will allow selected investor groups to gain early access to new cryptocurrencies before they open for trading on its main exchange. The largest US cryptocurrency exchange will use algorithms to determine who can obtain these tokens, aiming to limit the concentration of assets in the hands of large buyers. Individual recipients who sell their tokens within one month of the token's release may receive a reduced allocation in future offerings, while token issuers and their affiliates will be banned from selling their holdings for six months. A Coinbase spokesperson stated that Monad, a crypto project running its own blockchain network, will be the first company to issue tokens through the platform, with the launch scheduled for later in November. The exchange plans to subsequently list all tokens launched on the new platform on its main exchange for trading, with approximately monthly offerings planned.

Strategy purchased 487 Bitcoins last week at approximately $102,557 per Bitcoin, for a total value of approximately $49.9 million, achieving a 26.1% Bitcoin return year-to-date in 2025. As of November 9, 2025, Strategy holds 641,692 Bitcoins, with a total value of approximately $47.54 billion and an average price of approximately $74,079 per Bitcoin.

▌BitMine increased its holdings by 110,000 ETH last week, bringing its total holdings to over 3.5 million ETH

As of 8 PM Eastern Time on November 9th, BitMine's cryptocurrency holdings included: 3,505,723 ETH (an increase of 110,301 ETH from the previous week), worth approximately $13.2 billion at current prices; 192 BTC; $61 million worth of shares in Eightco Holdings (NASDAQ: ORBS); and $398 million in uncollateralized cash.

▌Balancer hackers have exchanged other token assets for 25,300 ETH

According to analyst Ember's monitoring, in the past few days, Balancer hackers have been exchanging ETH LST tokens and other non-ETH tokens for ETH.

Currently, the hacker has essentially completed the asset conversion, holding approximately 25,300 ETH, worth about $91.69 million. BlackRock Deposits 1,271 BTC into Coinbase According to Onchain Lens monitoring, BlackRock's spot ETF address deposited 1,271 Bitcoins into Coinbase yesterday, worth $134.67 million. Republic Discloses $100 Million Raised to Purchase ETH Canadian listed company Republic Technologies announced that it has raised $100 million through a zero-coupon convertible note issuance. The new funds will be used to purchase ETH and expand its staking business. Monad Announces Token Economics: 3.3% to be Airdropped Monad has announced its token economic model, with a total supply of 100 billion tokens. 7.5% of the tokens will be sold at $0.025 per MON, and 3.3% will be airdropped. The remaining 89.2% will be allocated to the ecosystem, the team, investors, and the treasury. Coinbase: Monad Token Sale to Launch on November 17th Coinbase officially announced on social media that the Monad token sale will begin at 22:00 Beijing time on November 17th and end at 10:00 on Sunday, November 23rd.

▌Tether and Circle minted $11.75 billion worth of stablecoins in the past month

According to Lookonchain monitoring, Tether and Circle minted $11.75 billion worth of stablecoins in the past month.

▌Tether Treasury minted an additional 1 billion USDT

According to Whale Alert monitoring, around 01:26 Beijing time today, Tether Treasury minted an additional 1,000,000,000 USDT on the Ethereum blockchain.

▌Jump Crypto Deposits 18.42 Million WLFI to Binance

According to Lookonchain monitoring, Jump Crypto has deposited 18.42 million WLFI (worth approximately $2.9 million) into Binance.

Important Economic Developments

▌Federal Reserve Governor Milan: At Least 25 Basis Point Rate Cut in December, 50 Basis Point Cut is Appropriate

Federal Reserve Governor Milan stated that the potential end of the US government shutdown has not significantly changed the (US economic) outlook. Data since September suggests that the Fed's view should be more dovish than it was in September. At least 25 basis points in December, and a 50 basis point cut is appropriate. ...>