“Most Crypto Tokens Are Not Securities”

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💵 Weekly Crypto Fundraises & Deals

Here are all the crypto fundraises we heard about this week, ranked by size…

1. Figure, a blockchain technology startup that offers loan origination, equity management, and payments services using the Provenance Blockchain, has raised $787.5M in an IPO, led by multiple investors

2. Gemini, a Crypto exchange, has raise $425M through its initial public offering by selling 15.18M Class A shares for $28 each, led by multiple investors

3. Gemini, building crypto products that are simple, elegant, and secure, has raised $50M in a strategic funding round, led by Nasdaq

4. ChatterPay,a Web3 wallet integrated into WhatsApp, enabling users to easily send, receive, and manage cryptocurrency through simple chat messages, has raised an undisclosed amount in a strategic funding round, led by Scroll

5. Intuition, the world's first token-curated knowledge graph functioning as a native chain for information finance and a general-purpose oracle, has raised an undisclosed amount in a Public token sale, led by multiple investors

🗞️ Crypto News Recap: The Top 5 Stories

Welcome back to This Week in Crypto… everything you need to know in one scannable format. Here are the top 5 stories of the week…

1. 👨‍⚖️ SEC Chair Atkins says onchain capital raising should come 'without endless legal uncertainty': In a keynote speech to the Organization for Economic Co-operation and Development, new U.S. Securities and Exchange Commission Chair Paul Atkins reaffirmed that "most crypto tokens are not securities" as the agency continues to draft guidelines to benefit the industry.

   

2. ⚖️ SEC delays decisions on several ETFs tied to staking and altcoins: The Securities and Exchange Commission (SEC) delayed decisions on three crypto exchange-traded funds (ETFs) on Sept. 10.

3. ✍️ SEC, Winklevoss-led Gemini reach 'resolution in principle' over years long lawsuit involving Gemini Earn:The U.S. Securities and Exchange Commission and Gemini have reached "a resolution in principle," after the agency accused the crypto exchange of not following its rules when it launched a crypto lending program.

4. 🚀 London Stock Exchange Group rolls out blockchain platform for tokenized private funds: The London Stock Exchange Group has launched a blockchain-based platform to help private funds issue and settle tokenized assets as traditional finance increasingly adopts onchain technology.

5. 📈 Spot bitcoin ETFs log $553 million in daily inflows: Spot bitcoin exchange-traded funds in the U.S. saw a total daily net inflow of $552.78 million on Thursday as institutional investors rotate back to bitcoin with renewed confidence.

💬 Tweet of the Week

📊 Key Stats of the Week

Here are the most important and interesting stats in crypto this week...

1. JitoSOL leverages a novel onchain programmatic stake delegation protocol: StakeNet stores key validator history, and the Steward Program rebalances stake across ~200 validators based on validator history and criteria that optimizes higher performance and low commissions. This improves Solana's performance and decentralization, increases the amount of revenue distributed to stakers, automatically and transparently diversifying delegation risks across a set of highly qualified validators.

2. Ether.fi continues to lead the liquid restaking sector (LRT) sector with dominant ecosystem traction. Currently, its flagship LRT, weETH/eETH, saw supply reach almost 2.9M ETH, reinforcing its role as a prominent staked ETH collateral. Over 230K wallets hold Ether.fi products across chains. Ethereum leads with over 130K wallets. Arbitrum is next with 64K wallets. And Linea has almost 18K wallets holding Ether.fi tokens.

3. Liquid Collective is an institutional-grade liquid staking protocol designed for enterprise compliance and security, a focus which has positioned it to capture significant inbound stake from the emerging corporate treasury sector. Digital Asset Treasury (DAT) inflows have contributed to a 231% surge in LsETH’s TVL over the last six months, as companies adopt LsETH for a liquid, multi-operator, onchain staking solution to make their ETH holdings productive.

4. JupSOL is Jupiter's liquid staking token. With 5.1M circulating JupSOL, the circulating supply has increased by 106% year-over-year and market cap has grown 274% along with SOL price appreciation. With these metrics, JupSOL has rapidly ascended to become the third ranking LST on Solana following JitoSOL and bnSOL. Despite a significant market cap gap with the top 2 LSTs, JupSOL's growth signals strong adoption momentum.

5. Benqi, Avalanche's premier liquid staking protocol, has achieved record-breaking growth in the last two months, pushing the total liquid-staked AVAX (sAVAX) to its all-time high. This surge has resulted in a net total of over 16.6M AVAX ($423M) being secured by the platform. Backed by a solid 5.05% APR, the average staking volume in July-August 2025 has been 3-4 times higher than any previous period, signaling a massive new wave of capital inflow.

📝 Highlights from the Top Crypto Reports

Here are the top highlights from the best crypto research reports this week…

ON-369: Liquid Staking 💧

About the Author: OurNetwork, aims to help you understand crypto like never before by harnessing the power of onchain data & analytics. This is an excerpt from the full article, which you can find here.

📝 Editor’s Note:

Welcome to OurNetwork's latest. This issue focuses on the liquid staking space and covers some of its most significant protocols. A big shoutout to mar1na, Hayden Tsutsui, Chaos Labs, Melissa Nelson, Seoul Data Labs, YASMIN, and Eduardo Rigon for contributing.

Let's get into it.

– ON Editorial Team

📈 Lido Dominates Ethereum Staking Market Despite Eroding Share

Amid weakening dominance in the staking sector, Lido still remains Ethereum’s juggernaut. It leads the LST space with 8.7M ETH staked, and is head to head with Aave (9M ETH locked) in the battle to be the top DeFi protocol. Yet a changing staking space and growing staked ETH outflows have contributed to market share loss for Lido, down from 26% to 24% in the past 3 months. This is an ongoing downtrend since late 2023, after Lido had brushed close to the critical threshold of one third staked ETH and roused urgent centralization concerns.

Participation in Lido underwent a shock in July. An ETH liquidity crunch impaired a popular Lido stETH earn strategy on Aave. stETH faced a selloff and temporary depeg, and a spike in unstake volume that increased the withdrawal wait by a factor of 20. Neither Lido’s nor overall Ethereum unstake queue fully recovered.

In search of diversity, the past six months saw growing staking competition. Ether.fi, Binance (wBETH), Kiln and Figment showed 20-60% respective gains in staked ETH for this period. Lido made competitive bids in return, from cost cutting, to innovation including Lido Earn and the upcoming V3 release.

🎧 Top Crypto Podcasts of The Week

Here are the crypto podcasts that are worth listening to this week...

1. Bankless - How to Invest in The Debasement Era

2. The Defiant - J.P. Morgan’s Nightmare: How Stablecoins Let You Be Your Own Bank | Reeve Collins

3. Coin Bureau - Global Debt Is Now at $324T! Why YOU Should Be Paying Attention

4. Forward Guidance: The Data Is Screaming Two-Speed Economy | Weekly Roundup

5. Unchained: Hyperliquid’s USDH: Vibes, Validators & Stablecoins - The Chopping Block

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💬 Join The Coinstack Telegram Community

Join our Telegram Channel here to chat with our community, ask questions, and learn more about the future of money as we move to a decentralized internet and the creation of a new open global monetary system that works for everyone.

💬 The People We’re Following Closely on Twitter

1. Vitalik Buterin

2. Justin Drake

3. Hayden Adams

4. Hasu

5. Ryan Adams

6. Vance Spencer

7. Camila Russo

8. Ryan Selkis

9. Anthony Sassano

10. Lyn Alden

11. Gavin Wood

12. Cathy Wood

13. Beniamin Mincu

14. Barry Silbert

15. David Hoffman

16. Preston Pysh

17. Willy Woo

18. Ultra Sound Money List

19. Polkadot Ecosystem List

📚 How To Get Started With Crypto Learning

1. Crypto: Explain It Like I’m 5 (Article)

2. The Infinite Machine by Camila Russo (Book)

3. Crypto Theses for 2021 by Messari (PDF)

4. Bankless - The DeFi community (Substack + Podcast + Discord)

5. Understanding Polkadot - The Next Generation Blockchain Tech (Website)

6. The Ethereum 2.0 Report from Messari (PDF)

7. Blockgeeks Video Tutorials (Video)

8. The Coinstack Website (Website)

9. 2008 Bitcoin Whitepaper (PDF)

10. 2013 Ethereum Whitepaper (PDF)

📰 The Coinstack Newsletter:

Tracking the most important blockchain stories of the 2020s, including a decentralized internet and the creation of a new open global monetary system that works for everyone. As always, published for informational purposes only. Please do your own research. Just our opinions. Not intended as financial advice as we are not financial advisors. We may own some of the digital assets we write about as we believe strongly in the sector. Please do your own research. Published and written weekly by Ryan Allis and Mike Gavela.

Coinstack is a news and analysis newsletter for the digital asset industry. None of the information here is a recommendation to invest in any securities or other types of investments. Past performance is no guarantee of future results. Any historical returns, expected returns, or probability projections may not reflect actual future performance. All investments involve risk and may result in loss.

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