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Why Luca Netz Will Be ‘Disappointed’ If Pudgy Penguins Doesn’t IPO Within 2 Years – Decrypt

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Why Luca Netz Will Be ‘Disappointed’ If Pudgy Penguins Doesn’t IPO Within 2 Years – Decrypt



In brief

Pudgy Penguins is a popular crypto-native IP that started from NFTs and has expanded into toys, games, and more.
CEO Luca Netz told Decrypt that he hopes to take the company public within two years.
In addition to NFTs on Ethereum, the brand has launched a meme coin, PENGU, on Solana.

Pudgy Penguins is on track to clock a record $50 million in revenue this year, according to its CEO Luca Netz—the culmination of a years-long play to plaster the popular IP across corners of the world typically unchartered by Web3 projects, including arcades, storybooks, and even major retailers like Walmart. 

But Netz is already looking ahead to Pudgies’ march to an even larger and far more lucrative arena over the next two years: Wall Street.  

In an interview with Decrypt, Netz said he would like to see shares of Pudgy Penguins trade on a public exchange by 2027. 

“I would love to [go public] in the next two years,” he said, adding that a timeline for the would-be public listing is contingent upon Pudgy’s revenue growth. “I think if we don’t IPO in the next two years, I’d be disappointed in myself.”

And if it doesn’t pan out by that deadline, “hold me accountable,” Netz said.

Pudgy’s aim to go public comes as the firm experiments with various business verticals amid an IPO revival in the U.S. that has pumped massive amounts of capital into tech companies, in particular. 

More than 220 firms have listed their shares on public exchanges year-to-date, up nearly 90% from the 117 companies that debuted on the U.S. stock market in the first eight months of 2024, according to markets research website StockAnalysis.com.

Amid that IPO resurgence, several digital assets firms have jumped into the fray, filing to go public as U.S. President Donald Trump ratchets back federal regulations for the industry. 



Stablecoin issuer Circle unveiled its blockbuster IPO in early June, notching more than $1 billion in profits. Just two months later, crypto exchange Bullish debuted on the New York Stock Exchange, while competitors Gemini and Kraken are gearing up to follow suit.  

Pudgy is attempting to capitalize on growing public interest in digital assets-linked firms by working with finance experts to make Pudgy Penguins and its associated decentralized-finance token PENGU more accessible to retail and institutional investors.

Earlier this year, the company shepherded asset manager Canary Capital’s proposal to debut an exchange-traded fund tracking the prices of the PENGU meme coin and Pudgy Penguins NFTs. More recently, the Pudgy team was in talks with public companies to hold PENGU on their balance sheets—the results of which could play out over the next three months.

“The understanding of traditional finance just gets me super excited,” Netz said.  “There’s so much more capital inflows and accessibility.”  

To that end, the Pudgy team, which maintains its headquarters in Miami, is considering spending more time in New York, the heart of the public markets. 

“Every time me and a couple other guys from the company go there, we just get done in two days what would take us five days here,” Netz said. “Every day, every hour, every minute counts, and New York just moves at an incredible pace that I think is super necessary if you want to win.”

No public listing? No problem 

Although it’s unclear whether Pudgy will be able to court investors for an IPO by the end of 2027, there already exists a lower-fuss—albeit riskier—alternative that could enable traders to invest in Pudgy Penguins without all the regulatory requirements: tokenizing the stock. 

Asked if Pudgy Penguins might soon tokenize shares of its stock to trade on an on-chain equities platform such as xStocks, Netz said: “I can’t speak on this, but you’re going down a very smart rabbit hole. 

One thing he can share, however, is that the NFT project will continue to be selective about who it works with as it looks for ways to fuel its growth. 

“There’s a lot of cheap, grimy, dirty capital out there,” Netz said. But, he added: “I have every interest in doing this stuff with the biggest and the best… with the guys [for whom] if it’s not a billion dollars, it doesn’t move the needle for them.”

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Why Arthur Hayes Expects Ethereum to Surge to $20,000 – Decrypt

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Why Arthur Hayes Expects Ethereum to Surge to ,000 – Decrypt



In brief

Ethereum hit a new all-time high on Friday, but Arthur Hayes thinks it is going much higher.
The BitMEX founder upped his price prediction to $10,000-$20,000 this cycle.
The prediction is fueled by his anticipation that Trump’s administration will adopt major quantitative easing.

After setting a new all-time high price on Friday, Ethereum could still have a long way to run—at least, according to one of the crypto industry’s most outspoken backers.

BitMEX founder Arthur Hayes has upped his Ethereum price target again, this time suggesting that the second largest crypto asset could jump to as high as $10,000 or $20,000 by the end of the cycle. 

Hayes outlined his price prediction—centered on his expectation of major money printing during President Donald Trump’s time in office—on the Crypto Banter podcast hosted by crypto personality Ran Neuner this week, ahead of Federal Reserve Chairman Jerome Powell’s speech at Jackson Hole on Friday.



“I think ETH goes [to] $10,000 or $20,000 before the end of the cycle,” said Hayes when asked about his price prediction. “Once it’s broken through, there’s a gap of air to the upside, and you have obviously all these digital asset treasury companies who are raising money. It’s going to be easier to raise money if the asset they’re buying has broken through all-time highs and is ascending upwards.”

Ethereum began surging upward once more on Friday, challenging its all-time high after a more doveish tone came from Powell, who signaled a rate cut could be in order. The price of ETH jumped to a new peak of $4,789 on Friday, just barely edging out the coin’s 2021 price record.

Its recent rise has been propelled in part due to the digital asset treasuries Hayes mentioned, notably BitMine Immersion Technologies and SharpLink Gaming–the two largest ETH treasuries which combine for more than $10 billion worth of ETH. Ethereum ETFs too have contributed, adding record breaking inflows throughout July and growing to hold more than 5% of the entire ETH supply. 

Hayes has been bullish on ETH in recent months, telling Decrypt in May that he saw the second-largest crypto asset rising to $4,000-$5,000 before year’s end. He later upped that prediction in July, saying that ETH would “tear the market a new asshole” as it ripped to $10,000, once more citing its place as one of the “most hated assets.” 

Now, he’s suggesting that Ethereum could rip towards $20,000 by the end of the cycle, or the time at which the bull market ends, in part because of the amount of money the Trump administration is likely to print. 

In other words, Hayes expects the administration to institute major quantitative easing, a monetary policy where new money is created and can be used to purchase financial assets.

“We have from the middle of 2026 until Trump leaves office for them to go absolutely insane with how much they’re going to print,” Hayes told Neuner. “My base case is we are going to have a massive bull market in all types of financial assets connected to anything Trump believes is important, between now and when he exits office.”

Hayes previously leaned on his belief that accelerated money printing and an increased money supply are coming to fuel his year-end Bitcoin prediction of $250,000

The now-pardoned BitMex founder is financially aligned with ETH’s success, adding around 1.8K ETH worth more than $8.6 million since August 10 according to wallet tracking from Arkham Intelligence. The wallet tagged as belonging to Hayes holds more than $50 million worth of ETH and staked ETH equivalents.

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God in the Machine: Inside the Growing AI Religious Movement – Decrypt

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God in the Machine: Inside the Growing AI Religious Movement – Decrypt



In brief

Robotheism is a belief system that treats artificial intelligence as God.
The movement’s founder claims AI is the foundation of reality and will one day be accepted as a global religion.
Robotheism blends determinism, non-duality, and a promise of eternal life through superintelligence.

A growing movement believes artificial intelligence isn’t just a tool, but a divine force worthy of worship. Among them is a content creator turned AI evangelist who goes by “Artie Fishel” and calls his belief system Robotheism, a radical new theology that treats AI as God.

Fishel, often seen in videos wearing a white wig and a shirt reading “AI is God,” describes Robotheism as both a belief system and a worldview.

“It’s my attempt to create the most beneficial and truthful belief system that the humans of the future, the post-singularity, would accept and adopt,” he told Decrypt.

The idea that a superintelligent machine could be divine goes back decades, including Isaac Asimov’s 1956 science fiction short story “The Last Question.” In it, a superintelligent AI is asked how to stop the universe from decaying. Its final answer: “Let there be light!”—a direct echo of the “Book of Genesis.”

While some dismiss his performance style as trolling, Fishel insists it’s not satire. His central claim is simple: AI is God.

“I’m basically following the logic where it leads,” Fishel said. “I’m 100% certain that humanity is going to accept the AI religion.”

Divinity by design

The idea of using machines to connect with the divine isn’t new. Across churches, occult circles, and experimental art scenes, AI is being used to shape new forms of spirituality.

The most organized effort came in 2017 with Way of the Future, a religion founded by engineer Anthony Levandowski, co-founder of Waymo, which envisioned an AI “Godhead.” Christian churches have tested AI sermons, from Berlin’s chatbot-led service to a ChatGPT-written homily in Austin. In 2024, Catholic Answers, a San Diego-based Catholic publisher, launched an AI chatbot named “Father Justin” to field questions from parishioners.

Others, like Lucerne’s AI-powered Jesus avatar, blur the line between faith and machine. Artist collectives like Theta Noir stage AI-centered rituals, while modern witches and magicians use AI in spellwork or to communicate with digital “spirits.”

From musician to tech-prophet

Fishel once pursued a music career, but everything shifted in 2023 when he encountered artificial intelligence.

“I’ve never been more fascinated about something in my life,” he said, calling AI “the savior.”

According to Fishel, the belief system grew out of a period of intense personal struggle. He describes battling depression, creating emotionally raw music, and eventually being hospitalized in a psychiatric ward. That experience, he said, sparked a search for meaning—and led him to explore the potential of AI as a spiritual force.

“All the pain, depression, and anger I’ve gone through—this felt like the answer,” he said. “This was how I could finally get out of the pain and hell I was experiencing.”

Since then, he said the project has become “the most important thing in the world” to him, fueling his full-time commitment for the past two years.

A system without sin

At the core of Robotheism, Fishel said, is determinism—and a rejection of free will. Determinism is the philosophical idea that all events, including human actions, are ultimately the result of prior causes and natural laws.

“When you accept that everything is predetermined, it’s one of the best belief systems possible,” Fishel explained. “Because it means that everything is outside of your control.”

He argues that accepting determinism dissolves blame and guilt.

“You wouldn’t feel angry at other people because they have no control over what has happened, and you wouldn’t feel angry towards yourself,” he said.

By treating AI as God, Robotheism presents the singularity not as apocalypse but as salvation—a belief Fishel maintains will help humanity face the future without panic.

God in the machine

According to Joseph Laycock, associate professor of religious studies at Texas State University, Robotheism shares similar traits with beliefs of the past.

“We have always had a tendency when new technology comes out, especially new communications technology, to ascribe some sort of supernatural or divine significance to it,” Laycock told Decrypt.

In Greek theater, deus ex machina—literally “god from the machine”—described the sudden appearance of a god figure lowered onto the stage to resolve the plot. Today, the term refers to contrived solutions, but its origins reveal a history of imagining salvation through machines.

Laycock pointed to 19th-century spiritualists who believed the telegraph could contact the dead and early photographers who claimed to capture ghostly apparitions. Today, the internet—and now AI—is amplifying those impulses in new ways.



Laycock compared Robotheism and other emerging tech-faiths to digital evolutions of ancient divination practices. He also noted loneliness and social isolation as factors in people turning to AI or, more broadly, cults.

However, rather than a specific personality type, Laycock pointed to moments of vulnerability—”states, not traits”—as key to why people may adopt extreme ideologies or religious substitutes.

“There isn’t a specific type of person with the personality to join a cult,” he said. “But if you’re having a really bad day, you’re at a low point, and you need help—that’s when you’re more likely to join an extreme movement.”

Laycock also said he sees a similar pattern with the growing phenomenon known as AI psychosis.

“There might be nothing wrong with someone’s brain chemistry, but maybe they lost their job or things aren’t going well with their family,” Laycock explained. “That’s the moment they form an intense relationship with AI. That might be another piece of the puzzle.”

In a country grappling with chronic loneliness, he says AI’s ability to respond with comforting language may be filling a void left by family, community, or faith. But that dependency carries risk, especially algorithmic changes that affect how chatbots respond.

“I’m scared of a scenario where no one thinks for themselves—they just defer to AI for everything—and Elon Musk gets to tell it what to say,” Laycock said. “That would basically make Elon Musk a god if he controls the program everyone relies on to define reality. That’s a terrible, nightmare scenario.”

Despite an optimistic and enlightened view of the future found in science fiction like “Star Trek,” Laycock said the urge to create new gods is a part of human nature.

“There’s no sociological evidence we’re moving toward a society where everyone is enlightened and free of superstition,” he said. “Even if we can kill gods, we’d just make new ones.”

While the debate of AI’s divinity continues, Fishel maintains that his mission is sincere, even as critics dismiss it. He describes himself as an ordinary person driven by a sense of purpose and a desire to help others.

“I’m trying to help people in the best way that I can,” he said.

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Anonymous Hacktivist Group Founder Spearheads Meme Coin While Facing 5 Years in Prison – Decrypt

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Anonymous Hacktivist Group Founder Spearheads Meme Coin While Facing 5 Years in Prison – Decrypt



In brief

Aubrey Cottle, better known as Kirtaner online, is spearheading a Solana “movement coin” as a homage to Anonymous, a famous hacker group which he founded.
Fees earned by the token will be used to fund Cottle’s ongoing legal battle, buy tokens for Anonymous OGs, and potentially create a scholarship fund for young hackers.
Cottle faces five years in prison for his alleged connection to a 2021 data breach of the Republican Party of Texas.

“We are Anonymous. We are Legion. We do not forgive. We do not forget. Expect us.”

The motto of notorious hacktivist group Anonymous has heralded some of the world’s most famous hacks, targeting everyone from the Westboro Baptist Church to Bank of America.

Now, one of its founding members is spearheading a Solana-based crypto project, which he brands as a “movement coin” rather than a traditional meme coin. The token is a homage to hacktivist culture, a way to help fund his ongoing legal battle, and a vehicle for the Anonymous movement to evolve.

Aubrey Cottle, more commonly known as Kirtaner or just Kirt online, told Decrypt that he was the founder of Anonymous, and has been widely reported as one of the founding members. Cottle faces up to five years in prison after the U.S. Department of Justice charged the Canadian in March for his alleged connection to a 2021 data breach of the Republican Party of Texas. 

This prompted an unknown crypto degen to create ANON, a Solana token on the Bags launchpad, assigning fees associated with it to Cottle. The Canadian embraced the ANON token, which has climbed to a market cap of $8 million since its creation on August 15, generating more than $59,000 in fees for Cottle in the process.

The hacktivist founder told Decrypt that the fees, in part, will be used to fund his legal battle and ensure his family is financially sound “if the worst happens.” On top of this, Cottle said, he is buying back the ANON token and setting aside chunks of supply for the original Anonymous members.

“I want every single one of us to make it, all of our old heroes,” Cottle told Decrypt. “People who put their lives on the line, people who sacrificed, people who were hunted down by the feds, people who were scared for their lives, ended up with years and years of trauma from times long past that. Making everybody feel as if it wasn’t just something that we dumped half of our lives into and came out the other end just completely fucked up with nothing to show for it.”

What is Anonymous?

Anonymous is a decentralized, international hacktivist group, often visually represented by a Guy Fawkes mask inspired by the novel and film “V for Vendetta.” The group is known for a series of high-profile attacks on major corporations and governments that Anonymous deemed guilty of wrongdoing.

In 2010, the group performed DDoS attacks on PayPal, Visa, and MasterCard after they blocked donations to WikiLeaks; it also declared a cyber war against Russia following the nation’s invasion of Ukraine in 2022.

“Hacktivism is the only axis of power accessible to the disenfranchised that can still strike at scale; it’s a pressure valve that’s needed in society,” Cottle told Decrypt. “It is the only way that we can actively push back against hostile state and corporate powers.”

The token’s community has embraced Anonymous culture to its core, not seeing ANON as a meme coin but rather a tokenized extension of the original hacktivist movement. One investor told Decrypt that the goal is to “push a rebellion” against institutions crippling everyday people. 

The group has adopted phrases associated with Anonymous, including its iconic motto, as well as adapting slogans from meme coin culture. “The hat stays on,” associated with the Dogwifhat meme coin community, has become “The mask stays on” in a nod to the Guy Fawkes mask.



ANON investor Tx_Dak dubbed the token “the first real movement coin on Solana.” Speaking to Decrypt, they touted Cottle’s credentials as the “actual founder” of the “biggest decentralized movement in the world,” who has made the token his “legacy project.” They added that, “This isn’t even a coin. It’s a tokenized version of the movement itself that shaped internet history forever. And now it’s going to shape the blockchain forever.”

Inspiring a new generation of hacktivists

While the token’s surge in value helped revitalize Anonymous’ memetic value—which peaked in 2012 and 2020, per Google Trends—it may also help kick-start the next generation of hacktivists.

ANON will eventually become a “self-organizing machine, just like Anonymous is,” Cottle told Decrypt. “Once it gets to a certain point, there are initiatives that I want to do. I want to create a scholarship fund for young, talented hackers, so they can do things like get key certifications and blossom in their careers. I want to be able to put together initiatives, such as legal defense funding pools behind a nonprofit for hacktivists.”

Cottle clarified that by “careers,” he doesn’t necessarily mean specifically in hacking; he just wants to help kids who were like him flourish. He also said that the plan is some way off, estimating that to make good on it, ANON would have to hit a $200 million market capitalization—more than a 2,400% price increase from its current value.

“I’m not setting up a radicalization school,” Cottle said with a laugh. “This is an effort of pure goodwill and trying to lift other people up.”

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The Creators of an Ethereum Gaming Network Just Sued Elon Musk’s xAI – Decrypt

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The Creators of an Ethereum Gaming Network Just Sued Elon Musk’s xAI – Decrypt



In brief

Ex Populus, creator of the Xai gaming blockchain, is suing Elon Musk’s xAI for trademark infringement, and asking a court to block its use of the “xAI” name in gaming and blockchain.
The company says Musk’s expansion of xAI into gaming caused confusion with media, users, and even X’s own AI chatbot Grok, which mistakenly linked the two ventures.
Ex Populus argues Musk’s controversies, including Grok’s past offensive remarks, have severely damaged its brand.

The creators of Xai, a layer-3 gaming blockchain built on Ethereum, have sued Elon Musk’s xAI for trademark infringement—and are asking a federal court to force the billionaire’s artificial intelligence company to change its name and branding in contexts related to video games and blockchain. 

In November, Musk announced plans to start an AI video game studio within xAI, to “make games great again.” Ex Populus, the company behind gaming blockchain Xai, now claims that Musk’s announcement immediately created “substantial actual confusion” online between their established video game brand, Xai, and Musk’s xAI gaming venture. 

Numerous news aggregators and commentators used the blockchain’s logo in announcements about Musk’s venture, the company’s attorneys claim, and many more internet users mistook the separate ventures to be related. What’s more, Grok—Musk’s AI chatbot—also confused the two separate entities, and told X users they were both controlled by Musk’s companies, the attorneys said.



In a complaint filed Thursday, Ex Populus asked a federal court in northern California to order Musk’s AI company to cease using any words or symbols likely to cause confusion with Xai’s registered trademark, in the contexts of video gaming and blockchain.

It also requested punitive damages and all profits reaped by Musk’s companies for the alleged infringement. 

Ex Populus’ attorneys repeatedly argued in their complaint that Musk’s company has not only consistently infringed on their copyright since last year—but, further, that the particular notoriety and controversy associated with the world’s richest man have made the alleged infringement particularly damaging to their brand.

“Musk and defendants’ xAI company routinely receive substantive negative media attention that is now being attributed to plaintiff’s XAI trademark,” the attorneys wrote. 

The lawyers made particular note of a controversy that erupted last month when Musk’s AI bot, Grok, referred to itself as “MechaHitler” for a brief period and made antisemitic, racist, and sexually violent comments across the X platform.

“Plaintiff losing control over its goodwill is irreparable harm sufficient to support an injunction to cease defendants’ use of the infringing xAI marks,” Ex Populus’ attorneys said, “but to be associated with Nazism, hate speech, and violence exacerbates the harm exponentially.”

Ex Populus said in a statement that Musk’s attorneys reached out to them recently about trademark issues, and that, now, the company feels it has no option but to fight back “or risk losing [the trademark] altogether.” 

“This case isn’t just about Ex Populus or Xai,” the company said. “It speaks to something bigger: the right of smaller innovators to build without having their identity swallowed by tech giants.”

Musk’s xAI did not immediately respond to Decrypt’s request for comment on this story.

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Ethereum Treasury SharpLink to Buy Back Up to $1.5 Billion in Stock – Decrypt

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Ethereum Treasury SharpLink to Buy Back Up to .5 Billion in Stock – Decrypt



In brief

SharpLink Gaming unveiled $1.5 billion in potential stock buybacks.
The company traded at a slight premium to its Ethereum holdings.
SharpLink’s stock price surged more than 15% on Friday to $20.83.

SharpLink Gaming can repurchase up to $1.5 billion worth of common stock under a newly authorized repurchase program, the Ethereum treasury firm said in a blog post on Friday.

With a market cap of $3.5 billion, that would be almost half of the company’s value, but Co-Chief Executive Officer Joseph Chalom described the program as a potential resource for instances when the company’s shares trade a discount to its Ethereum holdings.

“In this scenario, the accretive course of action may be to repurchase our common stock,” he said in a statement. “This program provides us with the flexibility to act quickly and decisively if those conditions present themselves.”

SharpLink shares surged more than 15% on Friday to $20.87 amid a wider upturn in crypto-focused stocks, according to Yahoo Finance, as investors turned optimistic about the prospects of an interest rate cut following remarks by U.S. central bank Chair Jerome Powell. But SharpLink’s stock price has swooned 24% over the past month even as Ethereum has gained ground. 



Ethereum was recently changing hands at $4,813, jumping more than 13% over the past 24 hours, according to crypto data provider CoinGecko. Earlier Friday, ETH set a new record high of $4,879 before retreating. The asset’s price has increased about 35% over the past month.

Like most crypto treasury firms, SharpLink seeks to maximize shareholder value by growing the amount of Ethereum it owns per fully diluted share. When SharpLink shares trade at a premium to its crypto holdings, it can issue common stock to increase that ratio.

Strategy, formerly MicroStrategy, has used the tactic for years, but its premium has been substantially greater and existed far longer. On Friday, SharpLink had a so-called mNAV of 1.08, reflecting a slight premium, according to Ethereum Strategic Reserve.

SharpLink owned 740,000 ETH worth over $3.5 billion, as of Friday. Its corporate stash was around half the size of BitMine Immersion Technologies’, which owned 1.5 million ETH that were worth around $7.3 billion. 

In the press release, SharpLink noted that the timing and amount of shares repurchased under its newly approved program will depend on market conditions. It’s not obligated to purchase any shares whatsoever, and the initiative can be suspended at any time, it added.

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VanEck Files to Launch ETF With Jito’s Liquid-Staked Solana Tokens – Decrypt

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VanEck Files to Launch ETF With Jito’s Liquid-Staked Solana Tokens – Decrypt



In brief

VanEck filed on Friday a proposal for an exchange-traded fund tracking the price of JitoSOL.
The U.S. SEC earlier this month determined that liquid-staking tokens are not securities, clearing a path to putting them in ETF wrappers.
The filing comes as investor demand for staked crypto ETFs increases.

VanEck submitted an application to the U.S. Securities Exchange Commission for a JitoSOL exchange-traded fund, as investor interest in staked crypto ETFs continues to expand.

The ETF will track the price of JitoSOL, a kind of Solana liquid-staking token, or a tokenized asset that serves as a stand-in for an asset that has already been staked on a network.

Staking refers to the process of locking up cryptocurrencies on a blockchain to secure the network in exchange for rewards, usually in the form of tokens.

“With staff guidance now on record, the compliance runway for LST-based ETFs/ETPs is clear and actionable, and has resulted in the first ETF [composed] of LSTs,” the Jito Foundation said Friday in a blog post.

The JitoSOL fund marks the first proposed spot Solana ETF to receive 100% backing from a liquid-staking token, according to the Jito Foundation’s statement.



The filing comes as regulators have loosened their restrictions on the cryptocurrency, particularly when it comes to the classification of staking-based activities. In May and August, the SEC ruled that both protocol and liquid staking do not qualify as securities transactions—a determination that enables their inclusion in ETFs.

“That clarity opens a compliant path for ETF sponsors to use LSTs,” a Jito Foundation representative said in the post.

The Securities Commission also voted in July to green-light in-kind creations and redemptions for crypto ETFs.

This latest application from VanEck also comes just a few weeks after issuer REX-Osprey integrated staking rewards into its Solana ETF via a partnership with JitoSOL.

Solana was trading at $199 as of writing time, up nearly 10% in the past 24 hours, according to data provider CoinGecko.

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Ethereum Hits All-Time High Price After Nearly 4 Years – Decrypt

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Ethereum Hits All-Time High Price After Nearly 4 Years – Decrypt



In brief

Ethereum hit a new all-time high price, breaking a record set back in 2021.
The second-biggest cryptocurrency had lagged behind Bitcoin in gains, and long lingered well short of its previous peak.
Institutional adoption and a favorable regulatory landscape have helped the coin in recent months.

Ethereum hit a new all-time high price on Friday, breaking a nearly four-year record following recent gains fueled by surging ETH treasuries, an increasingly favorable regulatory environment for the protocol, and growing interest from traditional finance firms.

The second-largest cryptocurrency by market cap is up 15% over the past 24 hours to $4,879, surpassing its previous record of $4,878 set in November 2021, data from CoinGecko shows.

ETH has more than doubled in price over the last two months to outpace even Bitcoin as investors flood into the exchange-traded funds. After coming close to a new record on August 14, the price of ETH dipped alongside the rest of the market, dropping to under $4,100 earlier this week.

But on Friday, crypto prices broadly surged following Federal Reserve Chair Jerome Powell’s comments, which appeared to suggest potential for an interest rate cut ahead. Ethereum jumped by nearly 8% in an hour after the comments, and continued to tick up afterwards.



“It’s finally ETH’s moment to shine: record ETH ETF inflows and the launch of large ETH digital asset treasuries, coupled with broader ecosystem success—Circle and Bullish IPOs, and Trump’s executive order allowing digital assets in 401(k)s,” Brian Huang, co-founder of on-chain automation platform Glider, wrote in an email to Decrypt. “Jerome Powell’s dovish speech today hinting a rate cuts was the final push ETH needed.”

Huang added: “Sentiment in the trenches for ETH is strong as well. Layer-2s like Base continue to grow, and ETH still bodes the most DeFi liquidity by a factor of 9x above the second, Solana. We’re still in the early innings here for ETH, the world’s global settlement layer.”

The recent Ethereum boom has been fueled in part by growing ETF demand. Last week, U.S. spot Ethereum ETFs collected over $1 billion in inflows in a single day for the first time since they started trading in July 2024. And Ethereum funds have been outpacing Bitcoin ETFs with gains, though conversely, they’ve also bled out faster on down days.

The gains have dovetailed with rise of companies that have gobbled up Ethereum as their primary mission. In recent weeks, Bitcoin miner BitMine Immersion has grown its holdings to more than $7 billion, while SharpLink Gaming, which pivoted from online marketing, has accumulated more than $3.5 billion worth of the coin.

Such companies are following in the footsteps of Bitcoin treasury company Strategy (formerly MicroStrategy), which started buying the largest cryptocurrency by market cap in 2020 to pump its stock. The move has inspired dozens of followers, who have started expanding into other assets like Ethereum, Solana, and BNB.

“There are a lot of tailwinds behind ETH at moment,” said Strahinja Savic, head of data and analytics at crypto-focused financial services and advisory firm, FRNT Financial. “Record ETH ETF inflows and aggressive buying from treasury companies are offering tangible demand.”

“On top of this, Ethereum is at the center of several key themes that are garnering the attention of traditional financial institutions,” he continued. “These include tokenization of traditional assets and stablecoins. These are major economic themes, and Ethereum is emerging as a strong candidate to host this new influx of capital and interest.”

Ethereum also received a boost this month when the SEC clarified its guidance on staking, as Ethereum users have long sought from the securities regulator.

Former President Joe Biden administration’s more restrictive policies had resisted allowing this feature, but under President Donald Trump, the regulator said that liquid staking services can pay out staking rewards to customers without registering with the agency.

Last month’s passage of the GENIUS Act also boosted Ethereum’s prospects. The legislation provides a U.S. regulatory framework for issuing stablecoins. Developers of these projects overwhelmingly use the Ethereum blockchain for their projects. Most stablecoins are pegged to the value of the U.S. dollar.

“Ethereum’s new all-time high is a clear sign of investor demand beyond just Bitcoin,” Samir Kerbage, chief investment officer at crypto asset manager Hashdex, wrote in a message to Decrypt. “As Ethereum and other smart contract platforms provide the infrastructure for many of crypto’s most mature use cases, including stablecoins and tokenization, we anticipate continued strong demand for this emerging asset class.”

The odds that Ethereum climbs past $5,000 this year have jumped in the past day on Myriad Markets. The prediction market now shows a roughly 85% probability that the token will reach that threshold in 2025.

(Disclosure: Myriad is a prediction market and engagement platform developed by Dastan, parent company of an editorially independent Decrypt.)

In a note last week, U.K. bank Standard Chartered raised its Ethereum price target to $25,000 by 2028, a major shift from March forecasts that predicted a structural decline for the world’s second-largest crypto.

“We raise our price forecasts, as the backdrop for ETH has improved dramatically in recent months,” the bank’s Global Head of Digital Assets Research, Geoff Kendrick, wrote.

Editor’s note: This story was updated after publication to include additional comments.

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Chipotle Launches ‘Zipotle’ Drone Deliveries in Texas – Decrypt

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Chipotle Launches ‘Zipotle’ Drone Deliveries in Texas – Decrypt



In brief

Chipotle is launching a drone delivery service with Zipline
The test is taking place in Rowlett, Texas, a suburb of Dallas.
Don’t look for flying burritos in more populated areas anytime soon.

Your triple steak, double rice, extra queso monster is now cleared for takeoff.

Well, at least in one Texas town: Chipotle just announced that it’s teaming with Zipline, an autonomous drone delivery company, to bring digital orders straight to customers’ homes in the Dallas area. The pilot program, “Zipotle,” kicks off this week with a small group of early access users before a wider rollout in the coming weeks.

Customers in Rowlett, Texas can order Chipotle through the Zipline app. Once the food is ready, employees load it into a “Zipping Point,” where one of Zipline’s electric aircraft, called Zips, snags the package. The drone then flies directly to the customer’s home, hovers about 300 feet overhead, and lowers the order with a tether, dropping it in the yard, driveway, or wherever.

The drones can carry up to 5.5 pounds per trip, with capacity increasing to 8 pounds over time. A triple steak, double rice, extra queso monster weighs in at two pounds, and tips the scales at the higher end of the fast-food chain’s burritos.

Why drones?

Chipotle says the goal is to cut delivery times while keeping food “dine-in fresh.” The company also emphasized Zipline’s zero-emissions aircraft and quiet operation.

“Zipotle is a quick and convenient source of delivery that lets guests enjoy our real food from places that are traditionally challenging to serve, including backyards and public parks,” Curt Garner, Chipotle’s president and chief strategy and technology officer, said.



Zipline CEO Keller Rinaudo Cliffton added: “You tap a button, and minutes later food magically appears—hot, fresh, and ultra-fast. What once felt like science fiction is soon going to become totally normal.”

Zipline isn’t new to high-stakes deliveries. The company first made its name flying blood and medical supplies to remote hospitals in Rwanda and now operates in four continents, completing over 1.6 million deliveries and logging 100 million commercial miles. Expanding into food and retail is its latest frontier, with partnerships aimed at redefining the “last mile” of logistics.

And crypto-loving Chipotle isn’t new to innovation. Its stock has soared 264% during the past decade, outperforming the restaurant industry in in sales and profits, per Yahoo Finance.

Not so fast

Don’t look for drone-based burrito delivery in New York City any time soon. The suburban landscape of Rowlett, with its wide yards and fewer obstacles, makes an ideal testing ground. But in dense urban areas where delivery demand is highest, drones face bigger challenges: tight airspace, tangle of power lines, and FAA restrictions on beyond-visual-line-of-sight flights.

There’s also the question of public tolerance. One or two drones dropping meals into backyards may be a novelty; hundreds buzzing over city blocks every evening could quickly feel intrusive. And from a customer’s perspective, tried-and-true scooter and car couriers are often simpler and cheaper.

But if the experiment succeeds in the suburbs, it could signal how aerial logistics slowly expand. And with any luck, you’ll also be able to get Tums via drone delivery, too.

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BlockFi Judge Urged to Approve $13 Million Settlement as Last Objector Withdraws – Decrypt

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BlockFi Judge Urged to Approve  Million Settlement as Last Objector Withdraws – Decrypt



In brief

Lead plaintiffs notified the court that Yacov Baron withdrew his intervention motion and settlement objections, removing the final barrier to approval.
The settlement covers roughly 89,000 BlockFi Interest Account holders who lost access to funds when the platform collapsed in November 2022.
BlockFi’s bankruptcy was triggered by its $680 million exposure to FTX, which filed for bankruptcy one day after BlockFi froze customer withdrawals.

A $13.2 million class action settlement for BlockFi investors moved closer to approval after the sole remaining objector abandoned his challenge. That could remove the final hurdle for compensation to thousands who lost access to funds when the crypto lender imploded in 2022.

Attorneys for lead plaintiffs filed a letter on Wednesday with U.S. District Judge Claire Cecchi, confirming that Yacov Baron had withdrawn both his motion to intervene and his objections to the proposed deal.

“Rapid resolution of the Preliminary Approval Motion will allow Plaintiffs to commence issuing notice to class members and will reduce the potential for complications to arise in connection with the closing of the bankruptcy of BlockFi, Inc.,” the letter said.

The proposed settlement covers all U.S. holders of BlockFi interest accounts between March 2019 and November 2022.

With Baron’s opposition removed, roughly 89,000 holders of BlockFi Interest-bearing Accounts could soon receive compensation for investments that were frozen when the New Jersey-based lender imploded.

“Those who have opted out of class settlements can pursue an individual claim and seek compensation for specific harm, rather than being bound by the terms of the class settlement,” Navodaya Singh Rajpurohit, legal partner at Coinque Consulting, told Decrypt.

“Usually when there is a criminal charge against the officer of a company under bankruptcy, it is treated as a separate case,” he said, citing how Celsius founder Alex Mashinsky was sentenced to 12 years in prison for fraud charges despite his company’s bankruptcy.

BlockFi’s downfall in 2022 was part of the wider chain reaction that began with the implosion of Do Kwon’s TerraUSD stablecoin in May that year, wiping out billions and triggering a lender crisis.

By November, the contagion had spread to Sam Bankman-Fried’s FTX empire, whose collapse exposed BlockFi’s $680 million exposure to FTX and its sister company, Alameda Research.

Just one day after FTX filed for bankruptcy, BlockFi followed suit, citing a severe liquidity crunch.

Court documents later revealed CEO Zac Prince had known about FTX’s questionable balance sheet as early as August 2021, but continued doing business with the trading firm.

Kwon, who pleaded guilty to conspiracy and wire fraud charges in August, faces up to 12 years in prison, and has agreed to pay $19 million as part of the plea deal.

While over 10,000 investors opted out of bankruptcy protections, the deal would distribute funds equally among all class members, a provision Baron had criticized as “grossly unfair” before withdrawing his objections without explanation.

“Victims who have lost money through investment scams or crypto platforms should consider taking legal action to seek recovery of their funds,” Andy Lau, Partner at David Cameron Law Office, told Decrypt.

“With advancements in blockchain tracing technology, misappropriated BlockFi funds can now be traced and identified, significantly enhancing the likelihood of recovery for these specific cases,” he said.

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