Blockchain.com explores SPAC listing Ethena plans to launch new products

Headlines

▌Blockchain.com is in talks to go public in the U.S. through a SPAC

Blockchain.com has recently been in discussions to go public in the U.S. through a special purpose acquisition company (SPAC). According to insiders, the company has hired Cohen & Company Capital Markets to provide advisory services for a potential SPAC deal, but it is currently unclear whether the negotiations are still ongoing. Blockchain.com’s valuation has fluctuated significantly in recent years due to market volatility. In March 2021, the company raised $300 million at a post-money valuation of $5.2 billion, with its valuation climbing to $14 billion the following year. However, by November 2023, its valuation had fallen to $7 billion in a $110 million funding round.

▌Ethena Founder: Ethena plans to launch two new products comparable in scale to USDe within three months

Guy Young, the founder and CEO of Ethena, stated on social media, “Over the past 2 years, the number of contributors to Ethena has remained around 20-25. We have made a meaningful expansion of the team for the first time, adding 10 positions in engineering and product areas, covering two brand new business lines and products that will be launched in the next 3 months. Both initiatives have the potential to scale to the level of USDe.”

Market

As of the time of writing, according to data from CoinGecko:

The price of BTC is $110,738, with a 24-hour change of +1.8%;

The price of ETH is $3,980.42, with a 24-hour change of -0.2%;

The price of BNB is $1,100.85, with a 24-hour change of -0.8%;

The price of SOL is $190.35, with a 24-hour change of +1.4%;

The price of DOGE is $0.2, with a 24-hour change of +2.3%;

The price of XRP is $2.49, with a 24-hour change of +4.1%;

The TRX price is $0.3228, with a 24-hour change of +0.7%;

The price of WLFI is $0.132, with a 24-hour change of +0.2%;

The HYPE price is $38.04, with a 24-hour change of +1.2%.

Policy

▌U.S. Senate crypto market legislation stalls, crypto industry executives to meet with Democrats this week to push for progress

The progress of the most important market structure legislation for the U.S. 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, among others, will meet with several Democratic senators this week to promote negotiations on contentious provisions and maintain communication within the industry. Executives from Kraken, Galaxy Digital, a16z Crypto, and Circle will also participate. Both the House and Senate had previously been optimistic about completing the legislation, but Senate negotiations have slowed down due to disputes and budget issues, with industry insiders generally expecting that the bill may not be finalized until next year.

▌Federal Reserve's Barr Expresses Concerns Over Bitcoin-Backed Stablecoins

Michael Barr, a member of the Federal Reserve, expressed his concerns that under the newly passed GENIUS Act, stablecoins might use Bitcoin as a reserve asset, which could threaten the stability of these digital payment tools. Barr acknowledged the potential advantages of stablecoins in international remittances, cross-border trade, and corporate financial management, but emphasized that there are significant gaps in current regulation. Although the GENIUS Act does not directly endorse using Bitcoin as a reserve, it allows for holding 'any medium of exchange authorized or adopted by a foreign government' as a reserve asset. Barr pointed out that El Salvador had previously adopted Bitcoin as legal tender and still allows voluntary transactions, thus issuers might claim that Bitcoin repurchases could qualify as reserve assets for stablecoins.

▌Coinbase urges the U.S. Treasury to reform anti-money laundering rules with AI and blockchain innovation

Coinbase urges the U.S. Treasury to update outdated anti-money laundering regulations centered around the Bank Secrecy Act of 1970, advocating for enhanced compliance efficiency through technological innovations such as AI and blockchain analysis. Chief Legal Officer Paul Grewal stated, “Bad actors will innovate, and good actors must also innovate.” The company suggests establishing a regulatory “safe harbor,” recognizing new customer verification methods such as decentralized identities and zero-knowledge proofs, and promoting regulatory sandboxes to test new compliance models. This move contrasts with the recent strict regulatory proposals in the Senate regarding decentralized finance (DeFi), with Coinbase emphasizing innovation collaboration over strengthened enforcement.

▌Chairman of the Financial Services Commission of South Korea: The stablecoin bill will be announced within the year

The South Korean Financial Services Commission stated that it will determine the legislative proposal for the “Virtual Asset User Protection Act (Phase Two)” which includes a regulatory framework for stablecoins within this year and submit it to the National Assembly for review. To expedite the legalization process of stablecoins, it plans to advance the submission of the proposal and the preparation of implementation guidelines simultaneously. During the national government review held on October 20, Chairman Lee Eo-ryeon responded to Democratic Party member Ryu Dong-soo's inquiry about the timing of the submission of the Phase Two virtual asset legislation, stating that it is currently in the final coordination stage with relevant departments and is expected to be submitted by the end of the year.

Blockchain Applications

▌Solana co-founder Toly may be building a Perp DEX platform

According to GitHub information, Solana co-founder Toly may be building a decentralized perpetual contract trading platform on the Solana network.

▌Cryptocurrency company Evernorth announces plans to go public on Nasdaq and raise $1 billion

According to Reuters, the cryptocurrency company Evernorth, supported by Ripple, announced that it will go public on Nasdaq through a merger with Armada Acquisition Corp II (AACI.O), expected to raise over $1 billion. The company plans to become the largest XRP liquidity pool and the publicly traded company holding the most 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 Financing

Predictive market Limitless announced the completion of a $10 million seed round 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: Last week, digital asset investment products saw outflows of $513 million

According to the latest weekly report from CoinShares, a total of $513 million flowed out of digital asset investment products last week, with significant volatility in the digital asset market following the liquidity event at Binance on October 10, 2025. The total net outflow since this event has now reached $668 million, indicating that investors in the ETP space were not greatly affected by this incident, while on-chain investors are more pessimistic. This week, ETP trading volume remains high at $51 billion, nearly twice the weekly average for this year. Bitcoin is the main focus, being the only major asset to experience outflows, with a total outflow of $946 million last week. Year-to-date inflows amount to $29.3 billion, down from $41.7 billion in 2024. Investors view the weak price of Ethereum as a buying opportunity, with inflows reaching $205 million, of which the largest weekly inflow was from the 2x leveraged ETP, totaling $457 million, highlighting investor confidence. The hype surrounding the launch of Solana and XRP ETPs brought in inflows of $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 government of the Kingdom of Bhutan has transferred 108.8 bitcoins and currently holds 6262 bitcoins

According to monitoring by Arkham, the government of Bhutan has transferred out 108.8 bitcoins (approximately 12.06 million USD) and currently holds 6,262 bitcoins (approximately 694 million USD).

▌BitMine increased its holdings by 203,800 ETH last week, bringing the total holdings to 3.24 million ETH

As of 6:30 PM Eastern Time on October 19, BitMine's cryptocurrency holdings include 3,236,014 ETH (an increase of 203,826 ETH from last week), accounting for 2.7% of the total ETH supply, 192 Bitcoins (BTC), $119 million in Eightco Holdings (NASDAQ: ORBS) shares (“moonshots”), and $219 million in unallocated cash.

▌BlackRock's Bitcoin ETP begins trading on the London Stock Exchange

According to market news: After the UK's Financial Conduct Authority (FCA) relaxed the ban on cryptocurrencies, BlackRock's Bitcoin ETP began trading on the London Stock Exchange.

▌BlackRock deposits 12,000 ETH into Coinbase Prime, approximately 48.6 million USD

According to on-chain analyst Onchain Lens, BlackRock deposited 12,000 ETH into Coinbase Prime yesterday, worth approximately $48.6 million.

▌Strategy acquired 168 BTC for approximately 18.8 million USD last week

Strategy acquired 168 BTC for approximately $18.8 million last week, with each Bitcoin priced at around $112,051, achieving a BTC return of 26.0% year-to-date as of 2025. As of October 19, 2025, Strategy holds 640,418 BTC, acquired for about $47.4 billion, with each Bitcoin priced at around $74,010.

▌An independent miner successfully mined block 919923, earning 3.126 BTC

According to Bitcoin Magazine, an independent miner successfully mined a Bitcoin block 919923, receiving a reward of 3.126 BTC, valued at approximately $347,758.

▌VanEck Submits Lido Staked Ethereum ETF Application

VanEck announced that it has submitted an S-1 registration form to the U.S. Securities and Exchange Commission (SEC) for a Lido Staked Ethereum ETF (VanEck Lido Staked ETH ETF) application.

▌Greenlane Holdings announces a $110 million private placement to launch its BERA financial strategy

Greenlane Holdings announced a $110 million private placement to initiate its financial strategy for Berachain (BERA), aiming to become one of the largest publicly traded holders of BERA.

▌21Shares has submitted a new INJ ETF application

According to Injective's disclosure on platform X, 21Shares has just submitted a new application for the INJ ETF.

▌Binance Alpha and Binance Futures will launch Bluwhale (BLUAI) on October 21

According to the official announcement, Binance Alpha and Binance Futures will launch Bluwhale (BLUAI) on October 21.

Important Economic Dynamics

▌Hassett: There is a possibility of progress on the government shutdown issue this week

According to CNBC: Larry Kudlow, the director of the National Economic Council at the White House, stated that there is a possibility of progress on the government shutdown issue this week. He also mentioned that it is up to the Senate to resolve this. He indicated that if it does not work out, the White House will seriously consider taking stronger measures to encourage Democrats to participate in negotiations.

▌The U.S. Senate's 11th vote on the appropriation bill has still not passed, and the government “shutdown” continues

The U.S. Senate held its 11th vote on the government funding bill on October 20, local time, but it still did not pass. As a result, the “shutdown” of the U.S. government, which began on October 1, continues. The bill was originally intended to extend government funding until November 21 but ultimately failed to reach the required threshold of 60 votes, with 50 in favor and 43 against. ( CCTV News )

▌The probability of the Federal Reserve lowering interest rates by 25 basis points in October is 99.4%

According to CME's “FedWatch”: The probability of the Federal Reserve cutting interest rates by 25 basis points in October is 99.4%, while the probability of maintaining the current rate is 0.6%. The probability of a total cut of 50 basis points by December is 98.6%, and the probability of a total cut of 75 basis points is 0.9%.

Golden Encyclopedia

▌What is agent-based artificial intelligence?

Agent-based artificial intelligence refers to a type of AI designed to act on its own behalf, possessing a certain degree of independence and decision-making capability. This type of AI does not merely process data or respond to commands; rather, it can set goals and make decisions to achieve those goals, often mimicking human behavior. This is akin to endowing AI with a sense of purpose and the ability to achieve that purpose with minimal human intervention. This distinguishes it from traditional artificial intelligence, which typically requires human input or predefined rules to operate. Agent-based AI is self-directed, meaning it can make real-time decisions based on its environment and objectives.

Agent-based artificial intelligence works by combining advanced machine learning techniques, decision algorithms, and continuous feedback loops.

You can 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 way: 1. Goal Setting: Agent-based AI determines objectives based on initial programming or continuous environmental input. It may be set to complete specific tasks, such as optimizing supply chains or increasing user engagement; 2. Decision Making: It then analyzes data and uses algorithms to decide on the best course of action to achieve its goals; 3. Learning and Adapting: Like all AI systems, agent-based AI learns from successes and failures. It continuously adjusts strategies and optimizes decision-making processes. The key here is that AI can set its own course of action based on real-time input, making it more autonomous than traditional AI systems.