Citigroup is reportedly preparing to become one of Wall Street’s first major banks to offer stablecoin payment services, signaling a major step toward mainstream adoption of blockchain-based financial infrastructure.
According to Bloomberg, Citi has partnered with Coinbase to expand its digital asset operations, starting with solutions to streamline fund transfers between fiat currencies and cryptocurrencies.
Debopama Sen, Citi’s head of payments, said that corporate clients increasingly seek faster, programmable, and more efficient payment options available around the clock.
“We’re exploring solutions to enable onchain stablecoin payments for our clients,” Sen said.
“Stablecoins will be another enabler in the digital payment ecosystem and it’ll help grow the space, it’ll help grow functionality for our clients.”
Stablecoins Becoming Central to Wall Street Strategy
The move comes just months after the passage of the U.S. GENIUS Act, which established a legal framework for stablecoin issuance and operations, effective in 2027.
Citi is joining other major financial institutions — including JPMorgan and Bank of America — that are developing or testing their own stablecoin-related services.
Even JPMorgan CEO Jamie Dimon, long critical of cryptocurrencies, recently confirmed that the bank “plans to be involved” in the stablecoin sector.
Citi’s Market Forecast Reflects Rapid Growth
In September, Citigroup sharply raised its projection for the stablecoin industry, forecasting a market size of up to $4 trillion by 2030 — a dramatic increase from the current valuation of around $315 billion.
The stablecoin market’s growth has been explosive, expanding from less than $5 billion in 2020 to more than $315 billion today, according to DefiLlama data.
Investor Enthusiasm Grows After Circle’s IPO
Investor interest in the sector has surged following Circle’s public listing earlier this year.
The USDC issuer’s shares jumped 167% on their debut, pushing its market capitalization to approximately $35 billion.
With regulatory clarity and growing institutional participation, Citigroup’s upcoming stablecoin payment platform could mark the beginning of a new era for global finance — one where traditional banking and blockchain technology converge.
U.S. President Donald Trump is preparing to nominate Michael Selig as the next chair of the Commodity Futures Trading Commission (CFTC), following the withdrawal of Brian Quintenz’s nomination.
Bloomberg first reported the development, citing an unnamed official within the Trump administration.
An official announcement has not yet been made.
Selig’s Crypto Background and Role at SEC
Michael Selig currently serves as chief counsel for the Securities and Exchange Commission’s (SEC) crypto task force and senior adviser to SEC Chair Paul Atkins.
He has earned a reputation as a “pro-crypto” regulator, a label welcomed by many in the digital asset community.
Selig’s potential appointment is being viewed by industry participants as a sign of continuity in Trump’s growing focus on cryptocurrency regulation.
Analysts believe that his experience bridging financial regulation and crypto innovation could help define the next phase of U.S. digital asset policy.
Nomination Shift After Quintenz Withdrawal
The CFTC nomination process has faced delays since September.
Brian Quintenz, Trump’s initial pick, withdrew his name following reported pressure from the Gemini crypto exchange co-founders, Tyler and Cameron Winklevoss.
Quintenz later confirmed he would return to the private sector, ending speculation about his role in the administration.
Trump has considered transferring greater responsibility for cryptocurrency oversight to the CFTC since early 2024.
Under his administration’s “Working Group on Digital Assets,” the CFTC and SEC are expected to share joint responsibility for regulating various types of crypto assets.
Policy Framework for Digital Assets
The Working Group’s July report recommended assigning oversight of spot crypto markets to the CFTC, recognizing most cryptocurrencies as commodities rather than securities.
In contrast, digital assets categorized as securities — such as tokenized bonds or stock-like instruments — will remain under SEC jurisdiction.
This split aims to clarify how different types of tokens are regulated and prevent overlapping mandates.
Joint SEC–CFTC Cooperation Intensifies
In September, the two agencies issued a joint statement pledging to “harmonize” their crypto regulatory frameworks.
Legal experts described the move as a major step toward reducing uncertainty and building a more cohesive approach to U.S. crypto oversight.
The CFTC also launched a “crypto sprint” in August to fast-track policy actions based on the White House Working Group’s recommendations.
These initiatives have fueled speculation that the SEC and CFTC could eventually merge into a single body.
However, SEC Chair Paul Atkins dismissed that notion, clarifying that only Congress or the U.S. president has the authority to merge the agencies.
XRP may be gearing up for a 35% price breakout as technical indicators align with new bullish momentum from Ripple’s expanding institutional strategy.
The token traded around $2.60 on Saturday after rebounding from a key support level, supported by renewed confidence from CEO Brad Garlinghouse.
XRP Holds Key Support Zone
XRP has maintained a strong base at the lower trendline of its long-term ascending triangle — a technical pattern that has historically preceded major rallies.
Earlier in 2025, similar rebounds from this support zone led to price jumps of 70–80%.
The token has climbed more than 8% from its recent low, aligning with the 50-week exponential moving average (EMA) of $2.33.
If momentum holds, XRP could rise toward the triangle’s upper boundary near $3.45 by December — a 35% upside from current levels.
However, a breakdown below support could push the token back toward June lows near $1.65.
Ripple Prime Adds Institutional Strength
Ripple strengthened its market position on Friday by acquiring Hidden Road and rebranding it as Ripple Prime, positioning the firm as the first crypto company to operate a global, multi-asset prime brokerage.
The company said: “Ripple’s foundational digital asset infrastructure across payments, crypto custody and stablecoin, as well as the use of XRP, will complement the services offered within Ripple Prime.”
CEO Brad Garlinghouse called the move “another step toward building an Internet of Value,” adding that “XRP sits at the center of everything Ripple does.”
Market Reaction and Analyst Expectations
Analysts view Ripple Prime as a major step in XRP’s institutional adoption story.
Trader Credibull Crypto said Ripple’s massive XRP holdings give it a strong incentive to drive the token’s success, since higher valuations directly benefit the company’s balance sheet.
Ripple also announced plans to buy $1 billion worth of XRP to create a new treasury fund, which will trade on Nasdaq under the “XRPN” ticker.
Another analyst, Zeiierman Trading, said XRP could surpass $3 in the short term due to the Hidden Road acquisition, noting that “the token is now positioned at the center of institutional adoption.”
With strong technical support and a growing institutional push, XRP could continue its upward trajectory as Ripple expands its global footprint.
Ether (ETH) maintained its rebound toward the $4,000 mark on Friday as bullish traders increased their bets on a breakout, supported by growing confidence in the broader crypto market.
ETH/USD was last trading near $3,940 after reaching an intraday high of $4,025, according to data from Cointelegraph Markets Pro and TradingView.
Key Resistance and Trader Optimism
Analysts say a move above $4,100 would mark a critical turning point.
“To get things going again, you’d want to break back above $4.1K, which has been the cycle high for a long time,” trader Daan Crypto Trades said.
“This is a key area to get back above to turn this recent flush into a big deviation. Possibly followed by a real breakout after.”
Market sentiment remains optimistic ahead of the release of the September Consumer Price Index (CPI), expected to show inflation at 3.1%.
While elevated inflation may raise concerns, most traders expect the Federal Reserve to continue leaning toward interest rate cuts, with odds exceeding 94% according to the CME FedWatch Tool.
Trader’s $131 Million Long Bet Draws Attention
Market watchers took note of one anonymous trader with a 100% win rate who reportedly expanded their long position to 33,270 ETH, worth around $131 million at current prices.
The trader also opened a 4x long on 80 Bitcoin, valued at $8.9 million, with an entry price of $110,900 per BTC.
“In the past two weeks, he’s already pocketed $16M in profit,” said X user Discover, adding, “Looks like he’s betting big on the next Ethereum pump.”
Large-scale Ethereum holders — or “mega whales” — have also been accumulating ETH between 10,000 and 100,000 tokens, further signaling bullish confidence in a breakout beyond $4,000.
Bullish Predictions Strengthen
Several analysts are forecasting significant upside for ETH if the $4,000 resistance level is cleared.
Master of Crypto highlighted that Ethereum’s exchange reserves recently hit their lowest level in years, suggesting a looming supply squeeze.
“More and more ETH is leaving exchanges every day. Exchange reserves just hit their lowest level in years,” he wrote. “People are holding, not selling. When this happens, prices usually explode.”
Another analyst, Crypto Zee, described Ether’s current formation as a “textbook continuation” pattern.
“Look for a steady climb through the $4,250 resistance, followed by the primary goal, the $4,750 Demand Zone,” he said.
Fellow trader Jelle maintained a long-term price target of $10,000 as long as ETH continues to hold its previous highs.
Market data from Cointelegraph also supports the bullish case, showing a potential rally toward $4,500 by the end of October, backed by positive MVRV metrics and a confirmed bull flag breakout.
Fintech giant Revolut has received a Markets in Crypto-Assets Regulation (MiCA) license from the Cyprus Securities and Exchange Commission (CySEC), paving the way for the company to offer regulated crypto services across the European Economic Area (EEA).
The license allows Revolut to operate under a unified regulatory framework, granting access to 30 European markets and strengthening its foothold in the digital asset sector.
“This authorisation enables us to deliver groundbreaking crypto products with enhanced transparency and trust for our growing customer base, while further reiterating our commitment to crypto as an asset class,” said Costas Michael, CEO of Revolut Digital Assets Europe.
Revolut Expands Crypto Ambitions
The move marks a significant step in Revolut’s expansion strategy as it prepares to launch its “Crypto 2.0” platform, designed to enhance trading, staking, and stablecoin services for users.
Revolut, which has more than 65 million customers worldwide — including 40 million in Europe — said the license would help it scale its crypto offerings under MiCA’s investor protection and compliance standards.
The fintech’s upcoming platform, Crypto 2.0, will feature access to more than 280 tokens, zero-fee staking with yields up to 22% annual percentage yield, and instant 1:1 stablecoin-to-dollar conversions without spreads.
Introducing Crypto 2.0 and Revolut X
Revolut said Crypto 2.0 would integrate seamlessly with its Visa and Mastercard crypto-enabled cards and Revolut X exchange, offering low trading fees between 0.00% and 0.09%.
The company aims to provide one of the broadest crypto experiences in Europe by combining on/off-ramping tools with transparent pricing and advanced security measures.
Revolut X, launched last year as a dedicated desktop trading platform, supports over 100 tokens and is now available in 30 EEA markets with mobile access via iOS and Android.
The company said Revolut X has already attracted more than 14 million crypto users globally, underscoring its growing dominance in digital asset services.
Looking Ahead to Crypto Derivatives
Revolut is reportedly exploring expansion into the crypto derivatives market, targeting institutional clients.
A company spokesperson confirmed in June that Revolut is strengthening its crypto division, following reports of plans to enter derivatives trading.
In May, the firm also announced a €1 billion investment in France and revealed intentions to apply for a local banking license — part of its broader European growth strategy.
World, the digital identity project founded by OpenAI CEO Sam Altman and formerly known as Worldcoin, is broadening its reach into the prediction market sector by integrating with Polymarket.
The partnership introduces Polymarket directly into the World App ecosystem, marking a major step in the company’s strategy to merge digital identity, financial tools, and decentralized applications.
World App Adds Polymarket Mini App
World announced on Tuesday that its mobile wallet, World App, which already includes World’s decentralized identity tool, World ID, has integrated the Polymarket Mini App.
“World App users can download and access the new Mini App today in countries where Polymarket’s services are permitted,” the company said in its statement.
The feature allows users to place bets on prediction markets without leaving the World App, using Circle’s USDC stablecoin and World’s native token, WLD.
However, access remains restricted in certain jurisdictions. “Eligibility for Worldcoin tokens is restricted based on geography, age and other factors,” World noted, adding that the token is not available in restricted regions, including New York state.
The company further clarified that “World Assets and World Foundation are not responsible for the availability of WLD on third-party platforms, such as centralized or decentralized exchanges.”
100 Million Mini App Downloads and Growing
The integration comes as World celebrates a significant milestone — surpassing 100 million Mini App downloads earlier this month.
World’s Mini Apps, introduced in October 2024, are web applications built directly into the World App ecosystem.
As of March 2025, the company had at least 150 Mini Apps active on its platform, with over 10 million WLD (valued at around $8.8 million) transacted.
By July, the project had reached 14 million verified human users across 160 countries, and a total user base of 30 million.
Prediction Markets Reach Record Volumes
The timing of the Polymarket integration coincides with a global surge in prediction market activity.
According to data from Dune Analytics, weekly trading volumes across prediction markets surpassed $2 billion for the first time in mid-October, setting a new record.
Polymarket led the sector, accounting for 52.3% of all trading volume, while rival platform Kalshi followed closely with $950 million, or roughly 47% of total activity.
The growth has attracted institutional attention. Earlier this month, Polymarket secured a $2 billion investment from the Intercontinental Exchange, while Kalshi raised $300 million in a round led by Sequoia Capital and Andreessen Horowitz.
As prediction markets continue to expand, World’s integration with Polymarket positions the company at the intersection of digital identity, decentralized finance, and global prediction ecosystems.
Fundstrat’s Tom Lee believes the hype around digital asset treasuries (DATs) may be waning, but his optimism toward Ether remains strong.
According to on-chain data, BitMine Immersion Technologies has purchased around 379,271 Ether (ETH), worth nearly $1.5 billion, since last weekend’s record crypto market crash.
The company’s recent acquisitions were made across three transactions: 202,037 ETH following the crash, 104,336 ETH on Thursday, and another 72,898 ETH on Saturday, as reported by Arkham Intelligence and tracker “BMNR Bullz.” While BitMine has yet to confirm the figures publicly, data indicates the firm has been highly active in accumulating Ether throughout the recent downturn.
BitMine is currently the largest Ether treasury holder globally, possessing over 3 million ETH — equivalent to about 2.5% of the total supply — valued at around $11.7 billion. Having only started buying in July, when ETH traded near $2,500, the company has already reached half its goal of controlling 5% of the supply.
“Ethereum could flip Bitcoin similar to how Wall Street and equities flipped gold post 71,” Lee said during a discussion with ARK Invest CEO Cathie Wood on Thursday.
DAT Valuations Under Pressure
Despite the significant buying, Lee has suggested that the broader DAT market could be showing signs of fatigue.
He noted that several DATs are currently trading below their net asset value (NAV), meaning the market price of these entities is less than the value of the crypto they hold. “If that’s not already a bubble burst… How would that bubble burst?” Lee remarked in an interview with Fortune.
Research firm 10x Research also pointed out that major DATs, including Metaplanet and Strategy, are trading at or below their NAV. However, it added that firms with strong balance sheets and experienced management teams may still be able to “generate meaningful alpha.”
Huobi founder Li Lin has reportedly raised about $1 billion to launch his own Ether-focused treasury, signaling that investor appetite for institutional-level ETH exposure remains intact.
Gold’s Strength Adds Pressure to Crypto
In an interview with CNBC on Friday, Lee explained that many investors are still recovering from the recent market crash, calling it a period where they are “licking their wounds.”
He also said the crypto market is facing a case of “gold envy,” with the precious metal outperforming digital assets this year. “This is not the top of the crypto cycle, but leveraged longs in crypto are near record lows, so I think […] we’re at the basement and working our way back up,” Lee added.
Currently, the broader crypto market is down roughly 15% from its all-time high reached on October 7, while gold prices have declined about 3% from their recent peak.
Cryptocurrency treasury management has become an increasingly important aspect of corporate finance for companies holding digital assets. While traditional treasury functions focus on fiat currencies, corporate crypto treasuries manage large positions in digital assets such as Bitcoin (BTC) and Ethereum (ETH). These companies are navigating uncharted waters, balancing risk management, liquidity needs, and regulatory compliance while leveraging the growth potential of cryptocurrencies.
In this article, we explore BTC and ETH treasury companies, their funding strategies, associated risks, and emerging trends in corporate crypto management.
What Are BTC and ETH Treasury Companies?
BTC and ETH treasury companies are corporations or investment vehicles that maintain substantial holdings in Bitcoin or Ethereum as part of their financial strategy. Unlike typical investment firms that allocate a small percentage of capital to cryptocurrencies, treasury companies treat digital assets as core components of their balance sheets.
Companies like MicroStrategy, Tesla, and Galaxy Digital are examples of entities that have integrated cryptocurrencies into their treasury operations. BTC treasury companies focus primarily on Bitcoin, often positioning it as a store of value, while ETH treasury companies may hold Ethereum to capitalize on its network utility, DeFi applications, and staking rewards.
These treasury holdings are not just for investment purposes; they also serve as tools for strategic capital allocation, liquidity management, and hedging against fiat currency devaluation.
How BTC Treasury Companies Raise Funds
Raising capital for BTC-focused treasuries often involves a combination of traditional and crypto-specific financing methods:
1. Public or Private Equity
Some treasury companies issue equity to raise capital. This can involve selling common stock or preferred shares to institutional or retail investors, allowing them to acquire funds that are then converted into BTC. Companies like MicroStrategy have famously raised billions through equity offerings specifically to purchase Bitcoin.
2. Debt Financing
Corporate bonds or convertible debt are often used to fund crypto acquisitions. Debt financing allows companies to leverage capital without diluting equity. Convertible bonds may include a conversion clause into equity at a future date, making them attractive to investors willing to accept some risk in exchange for potential upside tied to the company’s overall performance and crypto holdings.
3. Revenue-Backed Funding
Some ETH treasury companies generate revenue directly through staking, lending, or operating blockchain infrastructure. Staking ETH on proof-of-stake networks allows companies to earn regular yields, which can then be reinvested into additional ETH purchases. Similarly, lending ETH through DeFi protocols provides liquidity while generating interest income.
4. Institutional Investment
Large institutional investors, such as family offices, hedge funds, or venture capital firms, may provide capital in exchange for a share of treasury holdings. These investors often seek exposure to BTC or ETH without directly buying cryptocurrencies themselves, relying on the company’s expertise in custody and asset management.
5. Strategic Partnerships
Some treasury companies form partnerships with crypto exchanges, fintech companies, or blockchain projects to raise capital or liquidity. These collaborations may involve shared investment vehicles, joint venture funds, or access to specialized crypto lending platforms.
How ETH Treasury Companies Raise Funds
ETH treasury companies often employ strategies similar to BTC treasuries but may leverage Ethereum’s programmable network:
- Staking Rewards: By staking ETH, companies earn yield that can be reinvested or distributed to investors.
- Decentralized Finance (DeFi) Protocols: Lending, liquidity provision, or yield farming generates capital that can fund additional ETH purchases.
- Equity Offerings: Like BTC companies, ETH-focused companies may raise equity in fiat to convert into Ethereum.
- Tokenized Securities: Some ETH treasury companies explore issuing tokenized equity or bonds, allowing investors to participate in crypto-backed corporate treasuries.
These approaches allow ETH treasury companies to generate ongoing revenue streams, unlike BTC treasuries that primarily rely on price appreciation.
Risks Facing BTC and ETH Treasury Companies
While crypto treasuries offer potential upside, they come with significant risks:
1. Market Volatility
Both BTC and ETH are extremely volatile. Prices can swing 10-20% in a single day, impacting the balance sheet of companies holding significant positions. A poorly timed purchase or sale can erode substantial value.
2. Regulatory Risk
Cryptocurrencies remain a gray area in many jurisdictions. Treasury companies face regulatory scrutiny related to reporting, taxes, and compliance. Unexpected regulations can freeze assets, limit transactions, or create legal exposure.
3. Custody and Security Risk
Digital assets require secure storage. Custodial failures, hacks, or loss of private keys can lead to irreversible losses. Companies often invest in multi-signature wallets, institutional custodians, and insurance coverage, but risk cannot be entirely eliminated.
4. Liquidity Risk
Large crypto holdings may be difficult to liquidate quickly without affecting the market price. Treasury companies need careful planning to manage cash flow requirements without triggering price drops.
5. Reputation and Market Perception
Companies holding cryptocurrencies face scrutiny from investors, media, and regulators. Public perception can impact stock prices, partnerships, and funding opportunities, particularly if the market experiences sharp downturns.
6. Operational and Strategic Risk
Managing a crypto treasury requires specialized knowledge in trading, risk management, and blockchain infrastructure. Poor operational decisions, lack of skilled staff, or misaligned strategy can result in financial losses.
Risk Mitigation Strategies
BTC and ETH treasury companies often employ a combination of the following strategies:
- Diversification: Holding a mix of BTC, ETH, and other digital assets to reduce reliance on a single cryptocurrency.
- Hedging: Using options, futures, or other derivatives to protect against price volatility.
- Multi-Signature Custody: Requiring multiple private keys for transactions to reduce security risk.
- Insurance: Purchasing crypto-specific insurance policies against theft or loss.
- Regular Reporting: Maintaining transparency with stakeholders to manage perception and comply with regulations.
Fundraising Considerations and Investor Expectations
Investors in crypto treasury companies often consider:
- Transparency: Detailed reporting of holdings, risk measures, and returns.
- Revenue Streams: For ETH treasuries, yields from staking and lending may attract investors seeking income, not just appreciation.
- Governance: Clear policies for asset management and decision-making.
- Exit Liquidity: The ability to convert holdings into cash or tokens without large losses.
Trends in Corporate Crypto Treasury Management
- Institutionalization: Increasingly, large corporations and hedge funds are professionalizing crypto treasury operations.
- Diversification Across Assets: Combining BTC, ETH, stablecoins, and tokenized securities.
- Integration With Traditional Finance: Using crypto as collateral for loans, or linking treasury strategies to fiat operations.
- Staking and DeFi Revenue Models: ETH treasuries are exploring decentralized finance as a source of consistent income.
These trends indicate that corporate crypto treasuries are evolving from speculative holdings to strategic, revenue-generating operations.
FAQ
Q1: Are BTC treasury companies riskier than ETH treasury companies?
Not inherently, but BTC is generally treated as a store of value with lower utility, while ETH offers staking and DeFi opportunities. ETH treasuries may have more operational complexity, increasing execution risk.
Q2: Can treasury companies lose all their crypto?
Yes, through hacks, loss of keys, or extreme market events. Risk mitigation strategies like multi-signature wallets and insurance help reduce this risk but cannot eliminate it entirely.
Q3: How do treasury companies generate returns aside from price appreciation?
BTC treasuries primarily rely on price appreciation. ETH treasuries can generate staking rewards, lending interest, or DeFi yields. Some companies may also earn transaction fees from network participation.
Q4: Are these companies regulated?
Regulation varies by country. Many operate in legal gray areas, but they are increasingly subject to financial disclosure, anti-money laundering (AML), and taxation rules.
Q5: How do investors participate in these treasuries?
Investors may buy equity in publicly traded companies holding crypto, participate in tokenized securities, or invest through private funds. Transparency and reporting are key considerations.
Q6: Is it better to hold BTC or ETH in a corporate treasury?
It depends on objectives. BTC is often seen as a store of value, similar to gold. ETH provides staking opportunities and exposure to DeFi but may require more active management. Many companies hold both to balance risk and reward.
Q7: What happens if crypto prices crash?
Treasury companies face unrealized losses, which may impact balance sheets and investor confidence. Risk mitigation strategies such as hedging or diversification can soften the impact.
Q8: Are there tax implications?
Yes. Treasury holdings may be subject to capital gains, income from staking, or corporate taxation depending on jurisdiction. Companies must track transactions carefully to ensure compliance.
Q9: Can small businesses implement crypto treasuries?
In theory, yes. But risks are higher due to limited expertise, capital, and access to secure custody solutions. Most treasury management strategies are tailored to institutional or corporate-level operations.
Q10: What is the future of crypto treasuries?
Corporate crypto treasuries are likely to grow as more companies adopt digital assets for liquidity, investment, and operational purposes. Integration with traditional finance, improved regulatory clarity, and innovation in DeFi and staking will shape the next decade.
Spot Bitcoin exchange-traded funds (ETFs) in the United States have endured a challenging week, with more than $1.2 billion in total outflows as Bitcoin’s price slumped.
Data from SoSoValue showed that the 11 US-listed spot Bitcoin ETFs saw a combined outflow of $366.6 million on Friday alone, marking the fifth consecutive day of investor withdrawals.
The biggest losses came from BlackRock’s iShares Bitcoin Trust, which shed $268.6 million. Fidelity’s fund recorded $67.2 million in outflows, while Grayscale’s GBTC lost $25 million. Valkyrie also saw minor outflows, while other funds reported no net movement.
Over the full week, total redemptions reached $1.22 billion — the largest since early summer. The only exception was a modest inflow on Tuesday, which briefly interrupted the otherwise bearish streak.
Bitcoin Price Slides to Four-Month Low
The ETF exodus coincided with a steep decline in Bitcoin’s price.
The leading cryptocurrency plunged more than $10,000 over the week, falling from just over $115,000 on Monday to a low of under $104,000 by Friday.
This marks Bitcoin’s weakest performance in four months, with traders reacting to a combination of macroeconomic concerns and reduced risk appetite among institutions.
Analysts say the correction could test investor confidence in recently approved spot ETFs, which had previously seen steady inflows during Bitcoin’s rally earlier this year.
Schwab Reports Growing Crypto Engagement
Despite the ETF outflows, Charles Schwab remains optimistic about the long-term potential of crypto exchange-traded products (ETPs).
Rick Wurster, CEO of Charles Schwab, told CNBC on Friday that clients at the firm currently hold 20% of all crypto ETPs in the United States.
Crypto ETPs have been “very active,” he noted, adding that traffic to Schwab’s crypto site has risen 90% in the past year.
“It’s a topic that’s of high engagement,” Wurster said.
ETF analyst Nate Geraci highlighted Schwab’s growing presence in the market, commenting that the brokerage — one of the largest in the country — is positioning itself for wider crypto adoption.
Schwab currently provides access to crypto ETFs and Bitcoin futures but plans to launch spot crypto trading for clients in 2026.
October Reverses Bitcoin’s Seasonal Gains
Historically, October has been one of Bitcoin’s strongest months, often referred to by traders as “Uptober.”
According to data from CoinGlass, Bitcoin has recorded gains in ten of the past twelve Octobers. However, this year has bucked the trend, with the cryptocurrency losing around 6% so far this month.
Still, analysts remain hopeful that the second half of October could bring a rebound, as markets anticipate potential Federal Reserve interest rate cuts that may boost risk assets like Bitcoin.
A Florida lawmaker is making a second attempt to let the state invest in digital assets such as Bitcoin and crypto exchange-traded funds (ETFs).
Republican Representative Webster Barnaby filed the new proposal, known as House Bill 183, after his previous bill was withdrawn earlier this year.
Expanding Florida’s Investment Scope
HB 183, introduced Wednesday, would authorize the State Board of Administration and other public entities to invest up to 10% of their portfolios in digital assets.
These could include Bitcoin, crypto securities, exchange-traded products, NFTs, and other blockchain-based investments.
Barnaby’s new version strengthens rules around custody, documentation, and fiduciary duties, ensuring secure management of any digital holdings.
The lawmaker also broadened the scope of eligible assets beyond Bitcoin-only exposure, aiming to give Florida greater flexibility in diversifying its reserve strategy.
If approved, the measure would take effect on July 1, 2026.
Crypto Reserve Bills Face National Challenges
Despite the growing interest in crypto reserves, only three U.S. states — Arizona, New Hampshire, and Texas — have successfully passed similar legislation.
New Hampshire’s HB 302 allows up to 5% of public funds to be invested in digital assets with a market cap above $500 billion, currently limited to Bitcoin.
Texas’ Senate Bill 21 established a Bitcoin-only reserve, while Arizona’s HB 2749 permits digital asset reserves only from unclaimed property.
Barnaby’s Florida proposal would make it the first major state economy to pursue a diversified crypto investment policy.
Additional Bill Targets Stablecoin Regulation
In a related move, Barnaby also filed HB 175 to simplify the regulatory landscape for stablecoin issuers operating in Florida.
The bill specifies that stablecoin providers fully backed by U.S. dollars or Treasury securities should not require separate state licenses.
It also mandates monthly audits to ensure reserves are fully collateralized and publicly verifiable.
Like the crypto reserve bill, HB 175 is scheduled to take effect in July 2026.
California Strengthens Crypto Property Rights
Meanwhile, California Governor Gavin Newsom signed legislation last week protecting unclaimed digital assets from being automatically converted to cash.
Senate Bill 822 ensures that unclaimed crypto holdings remain in their original form under state custody.
The law allows account holders to recover their assets by submitting valid claims with the California State Controller’s Office, further establishing digital property rights in the U.S.