Bitwise Targets First Hyperliquid ETF as BlackRock Expands Bitcoin Fund Lineup
Plasma Debuts $XPL Mainnet With $2B Stablecoin TVL, SharpLink Tokenizes $SBET on Ethereum, South Park Roasts Prediction Markets, Bitwise Files Hyperliquid ETF as HYPE Falls, BlackRock Pushes Covered Call Bitcoin Fund
Because Bitcoin
September 25, 2025
Plasma Launches Mainnet with $XPL Token $2B Stablecoin TVL and 100+ DeFi Integrations
Stablecoin-focused Layer 1 Plasma has launched its mainnet and native XPL token, debuting with over $2 billion in stablecoin TVL and zero-fee USDT transfers via its PlasmaBFT consensus. The EVM-compatible chain supports more than 100 DeFi integrations, including Aave, Fluid, and Euler, and aims to enable global, fee-free dollar transfers. Plasma’s rollout included a heavily oversubscribed public sale and liquidity campaigns, and it plans to expand consumer access through the upcoming stablecoin-native neobank app Plasma One.
SharpLink Gaming to Tokenize $SBET Shares on Ethereum Holding $3.3B in ETH Amid SEC Digital Asset Push
SharpLink Gaming, a Nasdaq-listed Ethereum treasury firm, will tokenize its SEC-registered common stock (SBET) on the Ethereum blockchain using Superstate’s Opening Bell platform. The move allows shareholders to hold shares in self-custodied wallets while staying regulatory-compliant. SharpLink holds 838,000 ETH worth $3.3 billion, making it one of the largest public Ethereum treasuries. The tokenization aligns with the SEC’s push to modernize digital asset regulation and follows SharpLink’s recent stock buybacks and pivot to crypto treasury operations. Future plans include exploring DeFi integrations for tokenized equities.
South Park Mocks Prediction Market Apps and US Regulators as Season 27 Targets Kalshi and Polymarket
South Park’s 27th season targeted prediction market apps in its latest episode, featuring characters betting on school lunches, geopolitical conflicts, and fictional babies using Kalshi- and Polymarket-style platforms. The episode satirized US regulators, including the CFTC and FCC, and mocked figures like Donald Trump Jr., who joined Polymarket’s advisory board. The show continues its ongoing crypto and blockchain satire amid easing federal scrutiny of prediction markets, highlighted by recent favorable rulings and no-action letters for Kalshi and Polymarket.
Bitwise Files for First Hyperliquid ETF as HYPE Drops 11% to $40.51, SEC Stalls Altcoin Funds, Hashdex Adds XRP and Solana
Bitwise has filed an S-1 with the SEC for the first exchange-traded fund tied to Hyperliquid’s native token HYPE, a Layer 1 blockchain built for DeFi and perpetual futures trading. HYPE, the 21st-largest cryptocurrency with an $11 billion market cap, fell 11% to $40.51 following the news. The filing comes as the SEC continues to delay multiple altcoin ETF proposals, including SUI, PENGU, INJ, SEI, and Avalanche. Meanwhile, Hashdex has expanded its crypto ETF to add XRP and Solana after regulators approved broader listing standards.
BlackRock Files for iShares Bitcoin Premium Income ETF Using Covered Calls, Builds on $60.7B IBIT Success While Skipping Altcoin ETFs
BlackRock has filed to register a Delaware trust company for its proposed iShares Bitcoin Premium Income ETF, a covered call strategy designed to generate yield from Bitcoin futures. The product would complement BlackRock’s existing iShares Bitcoin ETF (IBIT), which has attracted over $60.7 billion in inflows since January 2024. If approved, it would join a small but growing set of yield-generating Bitcoin products in the US. Analysts note that BlackRock is focusing solely on Bitcoin and Ethereum while avoiding the wave of altcoin ETF applications.