TLDR Index
TLDR Crypto

TLDR CRYPTO 2025-09-17

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01GENERAL

some companies are doing things differently.

Take Revolut. In 2016, 433 regular people invested an average of $2,730. Today? They got a 400X buyout offer from the company, as Revolut's valuation increased 89,900%.

invest.pacaso.com

this opportunity ends.

_This is a paid advertisement for Pacaso's Regulation A offering. Please read the offering circular at invest.pacaso.com. Reserving the ticker symbol is not a guarantee that the company will go public. Listing on the Nasdaq is subject to approvals. Comparisons to other companies are for informational purposes only. Past performance is not indicative of future results. _

invest.pacaso.com

02MARKETS & BUSINESS

SOLANA TREASURY FIRM HELIUS RAISES $500M, STOCK SOARS 200%

Helius Medical Technologies has raised over $500 million in a private financing round led by Pantera Capital and Summer Capital to create a Solana-focused treasury company. Shares surged over 200% above $24 in pre-market trading following the announcement. The vehicle will hold SOL as its reserve asset and aims to expand to more than $1.25 billion through stock warrants. It will directly compete with recently launched Forward Industries, which has already purchased 6.8 million SOL tokens for roughly $1.58 billion last week from its $1.65 billion war chest backed by Galaxy Digital. Helius plans to leverage Solana's yield-bearing design to generate income through staking rewards of around 7% and DeFi lending opportunities. Incoming executive chairman Joseph Chee will lead the digital asset strategy alongside Pantera's Cosmo Jiang and Dan Morehead.

coindesk.com4 min read

DOGECOIN ETF TO LAUNCH THIS WEEK

The Rex Shares-Osprey Dogecoin ETF (DOJE) could debut Thursday, potentially becoming the first US ETF centered on a memecoin. There have been multiple delays. Bloomberg ETF analysts Eric Balchunas and James Seyffart say Thursday is the most likely launch date, although they have cautioned that nothing is certain. DOJE will offer futures-based exposure to DOGE via a Cayman subsidiary rather than direct token ownership, structured more like a mutual fund under the Investment Company Act of 1940 rather than the Securities Act framework used for bitcoin ETFs. Several firms have already filed applications for spot DOGE ETFs that would hold the actual token, currently under SEC review. DOGE has outperformed over the past month with 15% gains ahead of the potential ETF debut.

coindesk.com5 min read

03INNOVATION & LAUNCHES

GOOGLE AND COINBASE BRINGING STABLECOINS TO AI AGENTS VIA X402

Google has launched an open-source protocol that enables AI agents to send and receive payments, including stablecoins, through partnerships with Coinbase, the Ethereum Foundation, and over 60 organizations, including Salesforce, American Express, and Etsy. The initiative builds on Google's April protocol for standardizing agent-to-agent communication, now extending into financial transactions to ensure payments are secure, interoperable, and executed with human user intent as AI agents potentially handle complex tasks like negotiating mortgages or shopping autonomously. Coinbase contributed x402 – its AI-integrated payments standard – to the collaboration. The broader partnership aims to cover both crypto and traditional finance use cases across the ecosystem.

coindesk.com4 min read

BASE ANNOUNCES NEW BRIDGE BETWEEN BASE AND SOLANA BRIDGE

Base is launching a bridge to Solana, enabling seamless interaction across both ecosystems. The bridge will allow users to deposit and use SOL in Base apps, import Solana SPL tokens into Base, and export Base-created tokens back to Solana. This marks a major step toward cross-chain interoperability, expanding developer and user access to liquidity and applications across two of crypto's most active ecosystems.

threadreaderapp.com2 min read

04GUIDES & TUTORIALS

WALL STREET NEEDS ETHEREUM

Global finance is at an inflection point as legacy infrastructure (designed for paper and T+2 settlement) is too slow, costly, and fragmented for a 24/7 digital economy. Ethereum is the inevitable foundation for institutional adoption, already securing ~$1T in assets and hosting 80% of tokenized RWAs. With frameworks like the GENIUS Act, CLARITY Act, and MiCA, regulation is aligning globally, and institutions like BlackRock, Fidelity, Apollo, and JPMorgan are already in production on Ethereum. The window for strategic positioning is closing fast. Those who adopt Ethereum today can shape standards, capture liquidity, and build competitive advantage, while late movers risk permanent disadvantage.

drive.google.com6 min read

A16Z ON NETWORK TOKENS

Network tokens derive their value from the functioning of blockchains and smart contract protocols. These tokens often embed economic mechanisms like buybacks, burns, or dividends, and can bootstrap new networks while decentralizing control. Under frameworks like the SEC's 2019 guidance and FIT21, tokens like BTC, ETH, SOL, and UNI may avoid securities classification when decentralization ensures systems operate without human control.

threadreaderapp.com2 min read

05MISCELLANEOUS

THE STATE OF ONCHAIN YIELD

Galaxy Digital shared a comprehensive framework for evaluating onchain yield opportunities across five core engines: policy rate pass-through in tokenized cash, protocol rewards from staking and restaking, credit spreads in pooled lending, market microstructure fees from automated market makers, and structured wrappers that package or leverage these flows. The analysis progresses from zero-yield stablecoins like USDT (where Tether has earned approximately $12.6 billion in interest income over three years without passing any to holders) through increasingly complex strategies, including staked stablecoins, native staking, liquid restaking, lending markets, and activity-generated yield from liquidity provision. Galaxy's risk-adjusted efficiency analysis reveals that cash-like instruments score highest on return per unit of risk and complexity, with tokenized cash and fixed-income products like Pendle PT retaining strong efficiency, while active AMM liquidity provision shows the lowest efficiency due to path dependence and inventory effects. Every headline yield number should be evaluated through two critical lenses: what you earn for the risk taken, and what remains after accounting for the operational complexity involved.

galaxy.com30 min read

FINANCIALIZATION OF PRIVATE EQUITY

Private equity represents the last major financial sector to undergo financialization, with current secondary markets suffering from heavy illiquidity, outdated orderbook technology from the 1600s, and premium-heavy structures requiring 10% broker fees. Street aims to introduce spot prices, futures, hedging, options, and money markets into private equity, addressing the five dimensions of liquidity: tightness, depth, immediacy, breadth, and resiliency that directly impact investor costs and capital issuer pricing. Research shows investors demand higher returns for illiquid securities, with the illiquidity premium representing compensation for execution, inventory, and funding risks that compound during market stress, as demonstrated during events like the March 2020 "dash for cash" when even Treasury liquidity evaporated. Street's approach builds on regulatory frameworks established since the 1933 Act, including recent expansions through Regulation Crowdfunding and Regulation A that have enabled $1.3 billion in retail fundraising despite wealth screens that limit private placement access to approximately 12-13% of US households with qualifying net worth thresholds.

x.com15 min read