Fink Warms to Bitcoin’s Hedge Role While Monad Prepares MON Airdrop

Metaplanet Now Trading Below Value of Its Bitcoin Holdings as mNAV Falls Under 1

Metaplanet, one of the world’s largest public Bitcoin holders, has entered a rare valuation zone after its market-to-Bitcoin net asset value (mNAV) fell below 1 for the first time. The ratio, which compares the company’s enterprise value to the market value of its BTC holdings, dropped to 0.99 on Tuesday. This means the firm is now trading at a discount to the Bitcoin it owns.

The shift follows a steep 75% drop in Metaplanet’s stock price since mid-June, falling from 1,895 yen ($13) to 482 yen ($3.20), while the firm paused Bitcoin purchases for the past two weeks. Its last acquisition was on September 30.

Metaplanet currently holds 30,823 BTC worth roughly $3.5 billion. The company previously hit an mNAV high of 22.59 in July 2024 after its first major Bitcoin purchase sparked a sharp rally in its stock.

The decline in mNAV may reflect investor concerns about the company’s debt, operating structure, or overall treasury strategy. Analysts like Mark Chadwick of Smartkarma view the broader drop in crypto treasury stocks as the deflation of a bubble, though long-term Bitcoin believers may see the discount as a buying opportunity.

Metaplanet isn’t alone in the downturn. Strategy, the largest public Bitcoin holder with 640,250 BTC, has seen its Class A stock fall about 30% since July.

Larry Fink Says Bitcoin Now Plays Gold-Like Role but Should Remain a Small Portfolio Allocation

BlackRock CEO Larry Fink has continued his shift away from past Bitcoin skepticism, stating in a CBS interview that cryptocurrencies now serve a legitimate purpose in global markets. Fink acknowledged that his perspective has changed since 2017, when he labeled Bitcoin an “index of money laundering.” He said experience has pushed him to re-evaluate old assumptions and now views Bitcoin as an alternative asset comparable to gold.

Still, he emphasized caution, advising that crypto should make up only a small share of a diversified portfolio: “For those looking to diversify, it’s not a bad asset.”

Fink’s evolving views mirror Wall Street’s broader shift. Once dismissed as speculative, digital assets have gained traction as demand grew and regulation matured. Since 2023, Fink has increasingly spoken about crypto’s long-term role in diversification, even as volatility concerns persist.

BlackRock has become a central player in the space. In 2024, it launched the iShares Bitcoin Trust (IBIT), which has since become the world’s largest Bitcoin ETF with over $93.9 billion in assets and more than 804,000 BTC — roughly 3% of total supply. Notably, half of IBIT’s inflows have come from retail investors, three-quarters of whom were new to iShares products.

Institutional adoption has also accelerated following Donald Trump’s re-election in January 2025. Warmer policy sentiment has encouraged asset managers, hedge funds, and public entities to expand their exposure. Public organizations now hold around 358,000 BTC, while major firms like MicroStrategy, Tesla, and Robinhood have accumulated sizable reserves.

Combined, ETFs and public and private firms — including BlackRock’s IBIT, Fidelity’s FBTC, and Grayscale’s GBTC — now control over 1.65 million BTC, about 10% of circulating supply. Experts say institutional involvement could bring greater market stability, though it also raises concerns over centralization in a system originally designed to be decentralized.

Monad Unveils MON Airdrop Details for 230,000 Crypto Users Ahead of Token Launch

Monad, a high-performance layer-1 blockchain aiming to compete with Solana and Ethereum, has released new details about its MON token airdrop. An eligibility checker is now live, with users able to see their allocations as early as October 28. Claims will remain open until November 3, when the token is expected to become claimable.

The airdrop will distribute tokens to 5,500 core Monad community members and nearly 225,000 participants from the broader crypto ecosystem. The goal, according to the Monad Foundation, is to reward people who are deeply active in crypto rather than airdrop farmers.

To prevent sybil activity, Monad used strict screening criteria and focused on several cohorts:

• Active users in major DeFi protocols across chains
• High-value DEX traders
• Long-term holders of top NFT collections such as CryptoPunks, Azuki, Pudgy Penguins, Moonbirds, and Meebits (based on a September 30 snapshot)
• Users of platforms like Pump.fun, Virtuals, and Hyperliquid
• Recent participants in Ethereum DAO governance
• Contributors to crypto education and builders in the Monad ecosystem

Participants can currently view an “airdrop strength level” based on on-chain activity and social media presence. While token allocation values remain unconfirmed, speculation has already begun on X.

Founded in 2022, Monad has raised $225 million to build an EVM-compatible network optimized for speed, cost efficiency, and security. Its testnet launched earlier this year. Pre-market trading on Hyperliquid currently prices MON at around $0.08, with over $7.3 million in 24-hour volume.

S&P Global Brings Stablecoin Risk Ratings Onchain Through Chainlink Partnership

S&P Global has partnered with Chainlink to make its Stablecoin Stability Assessments (SSAs) available directly onchain via Chainlink’s DataLink service. The move allows DeFi platforms, investors, and smart contracts to access real-time risk evaluations of leading stablecoins without building new infrastructure.

Launched in late 2023, the SSA framework ranks stablecoins by their ability to maintain value relative to fiat currencies, evaluating factors such as asset quality, governance, liquidity, and technological risk. S&P currently covers 10 major stablecoins, including USDT, USDC, and DAI.

The integration will debut on Base, Coinbase’s Ethereum Layer 2 network, with expansion to other chains based on demand. Both firms see this as a step toward institutional adoption, enabling risk transparency and automated decision-making across DeFi. Chainlink, already used by major institutions like Swift, JPMorgan, and Mastercard, says the collaboration gives S&P direct reach into digital markets.

Tether Settles Celsius Bankruptcy Claims for $299.5 Million Through BRIC Partnership

Tether has paid $299.5 million to resolve claims from the Celsius Network bankruptcy estate, according to the Blockchain Recovery Investment Consortium (BRIC), a partnership between GXD Labs and VanEck. The settlement resolves an adversary proceeding filed in August 2024 in the U.S. Bankruptcy Court for the Southern District of New York and represents only a fraction of the $4.5 billion Celsius initially sought.

The lawsuit accused Tether of improperly liquidating nearly 39,542 BTC collateral ahead of Celsius’s July 2022 bankruptcy. Tether argued it acted lawfully under a 2022 agreement requiring Celsius to post additional collateral when Bitcoin prices fell and claimed the liquidation covered an $815 million debt. Celsius countered that Tether failed to provide the contractually mandated 10-hour window to deposit collateral.

BRIC, established in 2023 to manage complex crypto bankruptcy recoveries, oversaw the settlement and continues to manage illiquid and litigation assets for Celsius’s estate. Tether CEO Paolo Ardoino confirmed the settlement resolves “all issues” regarding the case.

Celsius co-founder Alex Mashinsky was sentenced in May 2025 to 12 years in prison for securities and commodities fraud and forfeited rights to any bankruptcy claims.