Key Highlights ARK Invest purchased 233,482 shares of Rocket Lab valued at approximately $16.4 million on October 1. The investment firm offloaded 20,805 Palantir shares valued at around $4 million during the same trading session. Additional purchases included BWX Technologies, Intellia Therapeutics, and Veracyte stocks. ARK reduced holdings in Alphabet and liquidated a minor Zillow stake. Analysts assign Rocket Lab a Strong Buy consensus with 56% potential upside, compared to Palantir’s Moderate Buy rating with 6% upside potential. Cathie Wood’s ARK Invest executed multiple strategic stock transactions on Thursday, October 1, according to the firm’s publicly disclosed trading activity. The moves included significant acquisitions and strategic exits across several positions.
The investment management company acquired 233,482 shares of Rocket Lab distributed across three different ARK funds. This combined purchase represented an investment totaling approximately $16.4 million.
Rocket Lab USA, Inc., RKLB
Simultaneously, ARK divested 20,805 shares of Palantir Technologies. This divestment generated proceeds valued at nearly $4 million.
Year-to-date performance shows Rocket Lab shares climbing roughly 1%. Meanwhile, Palantir has posted gains of approximately 7% over the identical timeframe.
Rocket Lab Secures Major Launch Agreement and Expands Revenue Rocket Lab achieved a milestone by securing its most substantial commercial contract for the Electron launch vehicle. The agreement encompasses 20 additional launches for Japanese firm Synspective.
This expansion brings Synspective’s total mission count with Rocket Lab to 47. The robust pipeline provides enhanced revenue visibility for the aerospace company.
Rocket Lab delivered second-quarter revenue of $234 million, representing a 62% year-over-year increase compared to the prior-year period.
Development continues on the company’s Neutron launch vehicle. Additionally, Rocket Lab is pursuing the proposed acquisition of satellite communications provider Iridium Communications.
Wall Street sentiment toward Rocket Lab remains predominantly bullish. Among 16 covering analysts, 14 maintain Buy ratings while 2 assign Hold recommendations.
The consensus price target stands at $110.07 for Rocket Lab shares, implying 56% upside potential from present trading levels.
Palantir Demonstrates Robust Commercial Revenue Acceleration Palantir posted second-quarter revenue of $1.94 billion, marking a 93% surge versus the year-ago quarter. U.S. commercial revenue specifically jumped 149% to $764 million.
The data analytics platform provider executed 220 contracts valued at $1 million or higher throughout the quarter, demonstrating sustained enterprise demand for its software solutions.
Strategic partnerships have expanded Palantir’s ecosystem, including collaborative agreements with Nebius, PwC, and Armada.
Analyst sentiment on Palantir remains favorable, albeit with less enthusiasm than Rocket Lab receives. Out of 22 analysts tracking the stock, 16 recommend Buy, 4 suggest Hold, and 2 advise Sell.
Palantir’s consensus price target registers at $201.74, representing approximately 6% appreciation from current valuation levels.
ARK’s trading activity extended beyond these two positions. The firm acquired shares in BWX Technologies, which manufactures nuclear energy components, totaling roughly $13.6 million in value.
The investment manager also expanded its holdings in Intellia Therapeutics, a biotechnology company focused on gene editing. This transaction was valued at approximately $5 million.
ARK added shares of Veracyte, a company specializing in genomic diagnostic testing, with purchases exceeding $7.3 million.
Regarding divestments, ARK decreased its Alphabet position by selling 101 shares. The firm also eliminated a minor Zillow position valued at roughly $20,000.
These transactions form part of ARK’s standard practice of publishing daily trade disclosures across all its actively managed exchange-traded funds.
ARK Invest tokenizovala svůj ARK Venture Fund na Ethereu. Fond má čistá aktiva v hodnotě 1,3 miliardy USD a zpřístupňuje podíly v OpenAI, Anthropic a Stripe vybraným investorům.
ARK Invest, a prominent US asset management firm led by Cathie Wood, has brought its flagship venture capital strategy onto the blockchain by tokenizing the ARK Venture Fund on Ethereum. Collaborating with Securitize, ARK Invest is enabling certain investors to access private market holdings like OpenAI, Anthropic, and Stripe via blockchain-powered channels. This initiative, announced on September 24, marks the company’s first move into fund tokenization and is considered one of the largest such efforts in the venture space to date.
Fund structure and blockchain integrationInstead of directly tokenizing shares in the underlying portfolio companies, the ARK Venture Fund provides a regulated, blockchain-based tokenized interest in the fund itself. This approach leverages public blockchains for fund administration and broadens access to private technology firms that have attracted rising investor demand, especially in the artificial intelligence sector.
The fund’s tokenized share class, ARKVX, trades on Securitize’s platform. Ethereum functions as the settlement network for ARK Venture Fund’s $1.3 billion portfolio, making on-chain proof of ownership possible for select investors via digital tokens.
ARK Venture Fund operates as an actively managed closed-end interval fund. As of August 31, 2026, net assets stood at $1.3 billion. The portfolio typically holds between 25 and 50 assets, blending private positions—such as OpenAI (5.26%), Anthropic (3.86%), and Stripe—with public equities including Tesla and Coinbase. Notable allocations also include SpaceX at 7.54%, alongside Databricks and Figure AI.
For eligible investors, access is limited to the ARK Venture Fund itself and does not represent direct equity in portfolio companies like OpenAI or Anthropic. Securitize, which manages over $5 billion in tokenized real-world assets, serves as the issuer and administrator for ARKVX. Subscriptions are accepted in USDC, with a minimum investment of $500, and tokens are distributed following net asset value determination. The offering remains restricted to qualified investors and is not open to the general public.
Mini dictionary: Securitize, a digital asset securities platform, specializes in tokenizing traditional investment funds and private company shares for compliant blockchain trading and administration.
Regulatory developments and trading mechanicsOn September 21, the US Securities and Exchange Commission issued a modified order for the ARK Venture Fund, permitting ARKVX holdings to be tracked using a distributed ledger and to trade through regulated alternative trading systems and quotation facilities.
Given the interval fund structure, share repurchases only occur periodically through scheduled offers that may be oversubscribed. Currently, Securitize does not expect a secondary trading market for ARKVX in the near future. This setup distinguishes ARK Venture Fund from tokenized money market funds such as BlackRock’s BUIDL, which offers daily liquidity, anchoring it instead in a model typical of private-market infrastructure where blockchain use centers on administrative transparency rather than on immediate tradability.
FundSubscriptionLiquidityPlatformARK Venture Fund (ARKVX)USDC, $500 minimumPeriodic buybacks onlySecuritize (Ethereum)BlackRock BUIDLRegular cash investmentsDaily redemptionVarious (private blockchains)Leadership perspectives and industry implicationsCathie Wood, CEO of ARK Invest, emphasized that trading the ARK Venture Fund token exemplifies a tangible step forward for blockchain adoption in capital markets. Securitize CEO Carlos Domingo commented that the fund’s on-chain launch showcases how established fund managers are embracing new technologies. The partnership between ARK Invest and Securitize was strengthened after ARK Invest participated in a funding round for Securitize in October 2025, underpinning their cooperation on ARKVX issuance.
Trading the ARK Venture Fund token demonstrates how established managers are able to place existing investment products onto blockchain rails, offering streamlined access and transparent ownership registration.
Broader impact on private markets and tokenization trendsIn the broader cryptocurrency ecosystem, ARK Invest’s initiative cements Ethereum’s status as a preferred settlement network for compliant real-world asset tokenization. Securitize has previously supported offerings for large institutions such as BlackRock and Hamilton Lane, but the ARK Venture Fund brings tokenization into the traditionally inaccessible realm of venture capital, where operational hurdles once discouraged broader institutional participation.
For eligible buyers, the fund’s structure removes some obstacles to investing in private artificial intelligence companies previously limited to specialist venture capital vehicles. Industry observers are watching whether Securitize will eventually migrate ARKVX to other chains, whether alternative trading systems will list the token for secondary trading, and whether investor demand will hold up as on-chain share repurchase programs become available.
While the fund’s interval structure may restrict liquidity, ARK Venture Fund’s tokenization may serve as a prototype for other venture funds seeking to expand investor access, combining private technology exposure with blockchain-based recordkeeping and administration.
ARK Invest a Securitize spustily 24. září tokenizovanou třídu podílů fondu ARK Venture Fund, ARKVX, která se bude vypořádávat a převádět na síti Ethereum. Jde o podíl v regulovaném fondu, ne o přímé vlastnictví firem v portfoliu.
ARK Invest and Securitize announced the launch of the ARK Venture Fund’s tokenized share class, ARKVX, on September 24. This initiative will see shares of the fund issued and managed through Securitize’s regulated tokenization platform, bringing its exposure to blockchain through Ethereum.
The ARK Venture Fund is managed by ARK Invest, an asset manager known for focusing on disruptive innovation and technology investments. With the new tokenized share class, investors do not hold tokens representing direct equity in SpaceX, OpenAI, Anthropic, or other portfolio companies. Instead, ARKVX represents a fractional interest in the regulated fund itself, which in turn holds stakes in these private and public technology firms.
Current portfolio data from ARK Invest show SpaceX makes up 7.54% of the fund, OpenAI accounts for 5.26%, and Anthropic stands at 3.86%. Other notable companies in the fund include Stripe, Crusoe, and Figure AI among a mix of private and listed technology ventures.
The new structure allows investors to buy tokenized interests in a regulated fund with exposure to high-growth technology companies, but not in the underlying companies themselves.
Eligible investors must participate through Securitize’s official platform, which provides the technical and regulatory infrastructure to facilitate compliant onchain issuance and transfers.
Mini dictionary: Securitize is a US-based digital asset securities firm specializing in the compliant issuance and management of tokenized securities, providing regulated infrastructure for onchain asset management.
Ethereum as the Settlement LayerSecuritize has stated that the ARKVX share class will settle and transfer on Ethereum’s blockchain, taking advantage of its smart contract capabilities for record keeping and transaction validation. However, the fundamental structure and investment framework of the ARK Venture Fund remain unchanged. As a closed-end interval fund, it continues to be actively managed, focusing on disruptive private and public market investments.
Interval funds are a specific category of investment vehicles that offer periodic repurchase opportunities, rather than continuous secondary market trading. This means holders of ARKVX retain exposure to technological growth but must participate in scheduled liquidity windows, as opposed to instant tradability sometimes associated with blockchain-based assets.
Fund AttributeTraditional StructureTokenized ARKVXOwnership RecordOffchain (Registrar)Onchain (Ethereum)LiquidityPeriodic RepurchasePeriodic RepurchaseUnderlying AssetsPrivate & Public Tech CompaniesPrivate & Public Tech CompaniesInvestor AccessTraditional PlatformSecuritize PlatformThe tokenization adds a new digital rail but does not affect the fund’s core liquidity or access to underlying company equity. ARK Invest emphasized that while trading onchain can sound more liquid, the interval fund format means liquidity remains governed by official repurchase periods.
Moving tokenized funds onchain updates ownership and settlement processes, but it leaves the fundamental investment and redemption structures intact.
Growth in Tokenized Real-World AssetsARK Invest has advocated for the continued growth of tokenized real-world assets (RWA) within traditional finance. The firm believes tokenization could expand market access and potentially unlock a multi-trillion-dollar segment for investors seeking exposure to disruptive technology.
This launch aligns with a broader industry shift as funds and securities increasingly leverage blockchain for efficiency, transparency, and broader investor reach.
ARK Invest tokenizuje svůj ARK Venture Fund prostřednictvím Securitize a zpřístupní ho na blockchainu Ethereum. Fond tak nabídne blockchainový přístup k soukromým i veřejným podílům.
ARK Invest, the investment manager founded by Cathie Wood, has tapped Securitize to tokenize its ARK Venture Fund (ARKVX), giving eligible investors blockchain-based access to its private and public holdings.
Through the move, the companies deepen their existing relationship and continue to share the view that tokenization can modernize the access to finance and investment products.
ARKVX is a closed-end interval fund focused on long-term capital growth through investments in private and public companies associated with disruptive innovation. Its portfolio includes OpenAI, Anthropic, Stripe and Databricks, among other companies, with holdings subject to change.
At launch, the tokenized version of the fund will be available on Ethereum, while Securitize will provide the infrastructure for onchain issuance and the investor experience.
Wood said tokenizing ARKVX puts ARK’s view on the potential transformation of capital markets into practice and represents an extension of its goal of broadening access to technology-driven innovation.
Securitize CEO Carlos Domingo said the launch shows how established investment products can be moved onto modern, blockchain-based capital markets infrastructure.
ARK Invest’s collaboration with Securitize follows its strategic investment in the company announced in October 2025. At the time, the companies committed to supporting wider institutional adoption of tokenized securities, increasing access to regulated investment products and developing infrastructure for tokenized capital markets.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Americké spotové bitcoinové ETF ve středu zaznamenaly čistý odliv 120,2 milionu USD. Největší odliv zaznamenal ARK 21Shares Bitcoin ETF (ARKB) s 78 miliony USD.
US-listed spot Bitcoin ETFs experienced significant outflows on Wednesday, recording a net withdrawal of $120.2 million, according to data from Farside Investors. This brings the two-day total for the holiday-shortened week to $166.8 million in outflows.
Key ETF withdrawals and inflowsAmong the funds, the ARK 21Shares Bitcoin ETF (ARKB) saw the largest single-day withdrawal, losing $78 million. Grayscale’s Bitcoin Trust ETF (GBTC) followed with $27.2 million in outflows, while BlackRock’s iShares Bitcoin Trust ETF (IBIT) registered $19.5 million in net redemptions.
Morgan Stanley’s Bitcoin Trust (MSBT) stood out as the only spot Bitcoin ETF reporting inflows on Wednesday, adding $4.5 million.
Mini dictionary: Farside Investors, a financial analytics firm, tracks and reports on the net flows of cryptocurrency exchange-traded funds across major markets, providing data for institutional and retail investors.
The midweek outflows followed $46.6 million in net redemptions from Tuesday, marking the first consecutive days of outflows for US spot Bitcoin ETFs since a three-day streak ended on August 14. Over the two sessions, GBTC lost a total of $92.7 million, while ARKB posted $69.9 million in redemptions and IBIT reported $8.8 million in net withdrawals.
ETFNet Flow (Wednesday)2-Day Net FlowARK 21Shares Bitcoin ETF (ARKB)-$78 million-$69.9 millionGrayscale Bitcoin Trust ETF (GBTC)-$27.2 million-$92.7 millionBlackRock iShares Bitcoin Trust (IBIT)-$19.5 million-$8.8 millionMorgan Stanley Bitcoin Trust (MSBT)+$4.5 millionN/AImpact on cumulative fund flowsThe two-day decline erased around 4.4% of the $3.8 billion net inflow accumulated during the ETFs’ strongest three-week period of 2026. While total cumulative net inflows for Bitcoin ETFs now stand at approximately $55 billion since launch, aggregate net flows for 2026 show an outflow of about $1.07 billion.
Ether and Solana ETF activityIn contrast to the Bitcoin ETF pullback, US spot Ether ETFs rebounded with $34.7 million in net inflows on Wednesday, offsetting Tuesday’s $24.3 million in outflows and resulting in $10.4 million in weekly net inflows. BlackRock’s ETHB led the pack, attracting $22.9 million, with its ETHA fund following at $9.7 million. The 21Shares TETH fund added $2.1 million, and other Ether ETFs recorded no notable flows.
Spot Solana ETFs also reversed course, bouncing back from a $700,000 outflow on Tuesday to post $11.2 million in inflows on Wednesday. This pushed their two-day net inflow to $10.5 million, entirely led by Bitwise’s BSOL fund.
Meanwhile, Hyperliquid ETFs logged their second consecutive day of withdrawals, losing $5.3 million Wednesday after a $13 million outflow on Tuesday, for a total net outflow of $18.3 million for the week.
Cryptocurrency price trendsAs ETF flow trends fluctuated, Bitcoin traded near $78,000 on Thursday, down from about $79,700 when the previous three-week net inflow data was reported. Ether was priced around $2,470, while Solana traded close to $101, according to CoinGecko figures.
US spot Bitcoin ETFs saw $120.2 million in outflows on Wednesday, with ARK 21Shares, Grayscale, and BlackRock funds all experiencing significant withdrawals. Morgan Stanley’s Bitcoin Trust remained the only ETF to attract new investments during the session.
ARK Invest prodalo 19 491 akcií AMD a 38 395 akcií Palantir. Zároveň nakoupilo 93 290 akcií Cerebras za 17,2 milionu USD a 575 700 akcií Archer Aviation za 3,4 milionu USD.
Key Highlights ARK Invest divested 19,491 Advanced Micro Devices shares valued at approximately $9.9 million via its flagship ARKK ETF The investment firm acquired 575,700 Archer Aviation shares for $3.4 million, demonstrating confidence in electric vertical takeoff aircraft ARK purchased 93,290 Cerebras Systems shares totaling $17.2 million even as the stock declined 32.4% from its May peak The AI chipmaker delivered impressive Q2 results with 103% revenue expansion reaching $209.9 million, while cloud segment surged 287% Palantir Technologies shares valued at $6.5 million were offloaded while ARK increased holdings in Beam Therapeutics and CRISPR Therapeutics ARK Invest, led by Cathie Wood, executed several notable portfolio adjustments on September 9, 2026, moving away from established technology stocks while amplifying exposure to artificial intelligence infrastructure and biotechnology companies.
The most substantial divestment involved Advanced Micro Devices. The firm liquidated 19,491 shares via its ARKK ETF, representing a transaction value approaching $9.9 million. This move extends ARK’s recent trend of decreasing its AMD stake throughout the previous week.
Advanced Micro Devices, Inc., AMD
Additionally, ARK divested 38,395 Palantir Technologies shares generating $6.5 million in proceeds and reduced its Tempus AI exposure through the sale of 68,759 shares valued at $4.4 million.
Regarding acquisitions, ARK secured 575,700 Archer Aviation shares in a $3.4 million transaction. Archer specializes in electric vertical takeoff and landing vehicles, and this investment strengthens ARK’s commitment to the emerging urban air mobility sector.
Cerebras Becomes Major Focus for ARK The most significant acquisition involves ARK’s persistent accumulation of Cerebras Systems shares. On August 25, the firm acquired 93,290 shares distributed across two exchange-traded funds, representing approximately $17.2 million in value at execution.
Cerebras stock has experienced sustained downward pressure. The shares declined 8% over the preceding month and have retreated 32.4% since their May 14 market introduction. The decline intensified following the company’s August 18 Supernova presentation, when shareholders realized gains.
Nevertheless, Wood apparently identifies substantial long-term opportunity. Cerebras delivered second quarter revenue of $209.9 million, representing a remarkable 103% increase compared to the prior year period. Cloud segment revenue specifically reached $127.7 million, climbing 287% year-over-year.
Profitability metrics have raised questions among observers. Core gross margin registered 40.6% in Q2, declining from 46.5% recorded in Q1. Executive leadership attributes this compression to temporary factors, specifically rental costs for systems leased back from cloud partners at premium rates.
Company guidance anticipates margin recovery by the fourth quarter as additional company-owned infrastructure becomes operational. Over the longer horizon, management projects achieving core gross margins exceeding 60%.
Financial Position and Street Sentiment on Cerebras Cerebras concluded the second quarter holding more than $8.6 billion across cash, restricted cash, and marketable securities. The company maintains access to an untapped $850 million revolving credit line.
The organization has committed to over 600 megawatts of data center infrastructure, either currently operational or scheduled for activation by the close of 2027. Production capacity has expanded fourfold relative to the first half of 2025.
Within ARK’s portfolio construction, Cerebras represents 2.68% of the ARK Innovation ETF holdings and 2.73% of the ARK Next Generation Internet ETF composition.
Among Wall Street research analysts, 8 out of 11 assign Strong Buy recommendations to Cerebras. The consensus price objective of $283.91 indicates potential appreciation of 35.1%, whereas the most optimistic forecast of $330 suggests possible gains reaching 57.1% within a twelve-month timeframe.
During the identical trading session, ARK also accumulated shares of Beam Therapeutics, CRISPR Therapeutics, and Robinhood Markets, while simultaneously disposing of positions in Twist Bioscience and 10X Genomics.
ARK Investment Management požádala SEC o povolení tokenizované třídy podílových jednotek fondu ARK Venture Fund, jejíž vlastnictví by bylo vedeno na blockchainu a s níž by se mohlo obchodovat na ATS. SEC stanovila lhůtu pro žádosti o slyšení na 18. září.
A pending exemptive application would let ARK Venture Fund record ownership of a new share class using distributed ledger technology and trade it on registered ATS venues. Hearing requests are due Sept. 18.
ARK Investment Management has asked the U.S. Securities and Exchange Commission for permission to issue a share class of its venture fund whose ownership is recorded using distributed ledger technology, according to an application on file with the agency. The SEC published notice of the request on Aug. 24 and set a Sept. 18 deadline for hearing requests, after which it can grant an order.
ARK is pursuing the tokenized class through the standard exemptive application route rather than waiting on the tokenization relief the SEC has signaled but not issued. The application asks for no relief on the blockchain mechanics themselves, stating in a footnote that the applicants "are not seeking exemptive relief with respect to whether or how distributed ledger technology is used by a Fund to maintain a record of its shareholders."
The applicant is ARK Venture Fund, a continuously offered closed-end interval fund that held $562 million in total assets as of Jan. 31, according to its semi-annual report. Its existing Class D, Class S and Class U shares priced at $49.83, $49.69 and $49.70 as of May 15, for an aggregate non-affiliate market value of about $912.6 million. The fund is separate from the $6.55 billion ARK Innovation ETF, which sits in another registrant, ARK ETF Trust.
Two New ClassesARK and the fund filed the application on May 20 and amended it on June 11 and Aug. 7 under file number 812-16031. It would amend a prior order granted in November 2025 that permitted multiple share classes. The application for that order, ARK writes, "included a representation that '[s]hares of the Funds will not be listed on any securities exchange, nor quoted on any quotation medium.'"
The amended order would create two classes. An Exchange Class would list on a national securities exchange. A Tokenized Class would have ownership "recorded using distributed ledger technology" and could trade on alternative trading systems registered under Regulation ATS, on other quotation mediums, or through peer-to-peer transfers between whitelisted wallets. ARK is not seeking relief to list or quote the tokenized shares on decentralized finance platforms.
Tokenized Class shares would be issued through the fund's subscription process at net asset value, sold without a sales load, and distributed either by registered broker-dealers or directly by the fund's transfer agent. The class would carry its own costs, including transaction fees on share sales, repurchases and dividend distributions. ARK seeks relief under sections 6(c), 18 and 17(d) of the Investment Company Act and under Rules 23c-3 and 17d-1. Dechert is counsel on the application.
No Vendor NamedThe application does not name a tokenization provider, a transfer agent or a blockchain, referring only to "tokenization agents" and "the Fund's transfer agent" as expense categories. The Bank of New York Mellon is the fund's current transfer agent, administrator and custodian, according to the semi-annual report.
ARK Venture Fund holds equity in Securitize, which went public on the NYSE in July, alongside a $10 million convertible note at 5% due September 2028 that it acquired on Sept. 30, 2025. Securitize is the transfer agent for BlackRock's tokenized BUIDL fund and has signed tokenization deals across registered products.
Rules Still PendingThe regulatory framework ARK's tokenized class would operate under remains unfinished. The SEC has not adopted or formally proposed the tokenization "innovation exemption" that industry has expected, and The Defiant has reported on repeated delays to it. Chair Paul Atkins' Regulation Crypto Assets proposal of Aug. 18 covers offering exemptions for crypto asset issuers, not tokenized fund share classes, and is open for comment until Oct. 20.
The SEC on Sept. 1 also proposed its first overhaul of transfer agent rules in roughly four decades, citing the use of "blockchain technology in connection with securities offerings and the transfer of shares." That proposal, which The Defiant covered on publication, takes comments until Nov. 3.
ARK a Glassnode uvedly, že Bitcoin je podle studie nejdecentralizovanější sítí ze sledovaných tří. Ethereum skončilo uprostřed, Solana měla nejvyšší Nakamoto coefficient 19.
ARK Invest and Glassnode published a joint study on Sept. 1 that found three entities could cross the measured block-production thresholds for both Bitcoin and Ethereum, while Solana required 19.
Summary
Bitcoin reaches its 51% hash-rate threshold through three mining pools, according to the joint report. Ethereum requires three staking entities to exceed 33%, although pooled delegation complicates direct control assumptions. Solana’s Nakamoto coefficient is 19, but nearly all measured infrastructure operates inside commercial data centers. Bitcoin’s infrastructure is comparatively dispersed, with 63% of measured nodes operating anonymously through Tor networks. Ethereum hosts roughly 49% of execution-layer nodes in clouds, including 20% through Amazon Web Services. The 32-page report, titled The Decentralization Spectrum: Design Tradeoffs in Digital Assets, compares the networks across ownership, exit fluidity, verification costs, critical resilience, reconstruction costs and infrastructure distribution.
The findings do not mean three companies control Bitcoin or Ethereum. The metric counts mining pools and staking platforms as entities, even when the underlying hardware, stake or node operators belong to separate participants who may withdraw or redirect their resources.
Bitcoin’s three-pool threshold does not equal ownership The report applied a 51% hash-rate threshold to Bitcoin. Foundry USA represented 27.27% of the measured hash rate, followed by AntPool at 17.06% and F2Pool at 16.96%. Together, the three pools exceeded 61%.
This produced a Nakamoto coefficient of three, defined as the minimum number of measured entities needed to cross a network’s critical production threshold. ViaBTC controlled another 9.50%, while SpiderPool represented 5.82%.
Mining pools coordinate block construction and distribute rewards, but they do not necessarily own the machines producing their hash rate. Independent miners connect to pools to receive steadier income and can redirect their computing power elsewhere.
That mobility limits how closely pool concentration can be equated with permanent control. The report estimated a Bitcoin miner could switch a 1% hash-rate position in approximately 29 seconds. A coordinated attack or censorship attempt could prompt participants to leave the responsible pools.
Pools still influence transaction inclusion and ordering because they usually provide the block templates miners use. Pool concentration therefore represents an operational risk, even if it overstates the concentration of underlying mining ownership.
The issue is not new. Earlier crypto.news reporting found that two mining pools produced a majority of sampled Bitcoin blocks in late 2022. Pool shares have changed since then, but production continues to be concentrated among several large coordinators.
Ethereum crosses a lower threshold through pooled stake ARK and Glassnode applied a 33% stake threshold to Ethereum because participants controlling one-third of staked ETH can disrupt finality. This differs from Bitcoin’s 51% majority threshold, so the two coefficients do not describe identical powers.
Lido represented 23.04% of staked ETH in the report’s July data. Binance controlled 8.88%, and Kraken held 6.91%. Those three entities collectively represented approximately 38.8%, taking Ethereum above the selected threshold.
Lido is not a single validator. It distributes stake among multiple node operators, although those operators participate through a common protocol and governance framework. The report therefore treats Lido as shared infrastructure that aggregates economic weight rather than one machine or company directly controlling every validator.
Ethereum’s exit mechanics also restrict validator mobility. The report estimated that exiting a 1% position would take around 14.6 days under current conditions and as long as 55.6 days under heavy congestion. That is much slower than redirecting Bitcoin hash rate.
Client diversity provides another layer of resilience. The study placed Geth’s execution-client share at 34.88%, followed by Nethermind at 26.96% and Reth at 18.98%. Lighthouse represented 54.16% of consensus clients.
Different clients independently implement Ethereum’s rules, reducing the portion of the network exposed to one software defect. The relationship between Ethereum nodes and their software clients means validator concentration alone cannot describe the network’s full failure risk.
Solana’s 19-validator result comes with infrastructure costs Solana recorded the highest Nakamoto coefficient for the selected block-production threshold. The report found that 19 validators were needed to control more than 33% of delegated stake.
Figment was the largest individual validator at 3.78%, followed by Helius at 3.69%, Jupiter at 2.91%, Binance Staking at 2.81% and Ledger by Figment at 2.16%. The remaining 84.65% was spread across other validators.
One passage in the report says Solana requires 20 entities, but its chart, comparison table and published Glassnode summary all report a coefficient of 19. The table also says the figure increased from 18 in March 2026.
Solana’s validator distribution performed well on this particular measure, but its physical infrastructure was more concentrated. Approximately 100% of the infrastructure measured by the researchers operated in commercial data centers. About 68% was in Europe, while 21% was in North America.
TeraSwitch hosted 30.23% of measured stake, and the top two hosting companies served around 35.7%. Common infrastructure can create correlated failures even when the validator set contains many separate operators.
That risk became visible in August when 102 of 699 Solana validators stopped voting during a TeraSwitch routing problem. Solana continued processing transactions, but the episode showed how one infrastructure failure can affect multiple otherwise independent validators.
The report used Solana geographic data from November 2024, while most Bitcoin and Ethereum infrastructure data came from July 2026. That timing difference limits direct comparisons and leaves room for Solana’s distribution to have changed.
Bitcoin leads infrastructure resilience and auditability Bitcoin had the least expensive verification requirements in the study. The researchers estimated hardware for a full node at $289, compared with $730 for Ethereum and $21,478 for a Solana RPC node or validator-class configuration.
Its measured full-chain storage requirement was 753 gigabytes. Ethereum required approximately two terabytes for a full archive setup, while reconstructing Solana’s history was estimated at 480 terabytes because historical data is commonly offloaded to external providers.
Bitcoin also had the most distributed hosting profile. Only 16% of measured infrastructure operated in data centers, while 63% of nodes used Tor. Another 15% was residential or self-hosted.
Ethereum placed approximately 49% of execution-layer nodes in cloud environments and 45% in self-hosted settings. AWS alone hosted around 20%, while the top two providers accounted for approximately 27%.
Solana’s higher hardware and bandwidth demands reflect its focus on throughput. The tradeoff is that fewer ordinary users can independently recreate or verify the full network history using consumer equipment.
No single score settles blockchain decentralization The report ultimately ranked Bitcoin as the most decentralized of the three networks overall, followed by Ethereum and Solana. Bitcoin led in ownership distribution, auditability and geographic resilience.
Ethereum generally occupied the middle across the six dimensions. Solana scored strongly for its critical resilience threshold and validator participation but ranked lower for ownership distribution, verification accessibility and infrastructure diversity.
The methodology remains sensitive to how entities are grouped. Exchanges can hold tokens for many customers, mining pools aggregate independent miners, and staking protocols coordinate multiple operators. Wallet-size bands can likewise combine custodial assets belonging to thousands of users.
The comparison is therefore more useful as a map of separate concentration risks than as a definitive ranking. A network may distribute block production broadly while relying heavily on several hosting companies, software clients or governance organizations.
Future editions could improve comparability by using synchronized data dates, separating pools from underlying resource owners and distinguishing censorship thresholds from thresholds capable of rewriting finalized history.
FAQs Do three entities control Bitcoin? No. Three measured mining pools exceeded 51% of hash rate, but independent miners supply much of that computing power and can change pools.
Can three Ethereum platforms rewrite the blockchain? The report’s three-entity figure concerns the 33% stake threshold associated with disrupting finality. It does not represent the stronger two-thirds threshold needed for other consensus actions.
Why does Solana score 19? The 19 figure is the minimum number of validators whose combined delegated stake exceeds the report’s 33% threshold.
Which blockchain did the report rank as most decentralized? Bitcoin ranked highest overall due to its accessible verification, dispersed ownership and comparatively resilient geographic infrastructure.
Spotové Bitcoin ETF a digitální trusty nyní drží 12,2 % celkové nabídky Bitcoinu. ARK Invest zároveň uvádí, že její krypto aktiva v ETF přesáhla 2,15 miliardy USD.
Cathie Wood’s ARK Invest is sounding the institutional alarm on crypto, and for once, the data backs up the enthusiasm. The firm’s latest research shows that spot Bitcoin ETFs and digital asset trusts now control 12.2% of Bitcoin’s total supply, a figure that would have seemed absurd just two years ago when the SEC was still playing keep-away with spot ETF applications.
ARK’s own crypto-linked assets across its suite of ETFs have surpassed $2.15 billion as of November 2025.
The numbers behind the narrative ARK’s flagship fintech ETF, ARKF, has allocated approximately 29% of its portfolio to digital assets. The fund’s holdings span major crypto-adjacent companies like Coinbase and Circle, alongside ARK’s own ARKB Bitcoin ETF, creating a layered exposure strategy that gives investors multiple entry points into the digital asset ecosystem.
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The firm has also continued purchasing crypto-related equities during market dips throughout 2025 and into 2026.
From retail frenzy to institutional infrastructure ARK has reinforced its commitment to broadening access by filing for two crypto index ETFs tied to the CoinDesk 20 in December 2025. One fund would include Bitcoin exposure, while the other would exclude it via futures, essentially letting investors choose whether they want the flagship asset in their broader crypto basket.
The CoinDesk 20 index covers the largest digital assets by market capitalization, so these ETFs would give traditional investors a diversified crypto portfolio through a single ticker.
What the bear market thesis means ARK’s research points to a transition from retail to institutional demand for Bitcoin through regulated vehicles like spot ETFs. On-chain data can reveal patterns invisible in price charts alone, such as whether long-term holders are accumulating or distributing, and whether network usage is growing independent of speculative trading volume.
ARK’s filing for CoinDesk 20 index ETFs also signals something about competitive positioning. The firm isn’t content to compete solely on Bitcoin exposure, where BlackRock’s iShares Bitcoin Trust has dominated flows. By moving into broader crypto index products, ARK is carving out territory in a segment where fewer incumbents have established themselves.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
THENA spouští iniciativu ARK a mění rozdělení poplatků i emisí THE. Zároveň nadace po dalším přezkumu upustila od dříve zvažované dodatečné emise 10 % THE kvůli obavám z ředění.
PANews August 7 news, THENA released “The ARK Initiative” proposal, proposing integrated adjustments to protocol fee distribution, token emissions and resource framework. According to the plan, spot trading fees are proposed to be distributed 40% to veTHE voters, 60% to the protocol treasury, and the distribution of trading fees to theNFT under the original structure will be suspended.
THE emissions are proposed to be adjusted to: 77.5% for LP incentives (previously 67.5%), 15% for veTHE rebase (previously 30%), 2.5% to developer wallets, and 5% to the protocol treasury. The protocol treasury, under the supervision of the foundation, will be used for product development, security, ecosystem activities, TVL growth, marketing, partnerships, and potential protocol value accumulation initiatives.
THENA stated that the foundation previously assessed funding the transformation through an additional 10% THE issuance, but after further review, it believed this could cause unnecessary dilution and affect community alignment, so it decided not to proceed. This proposal has not minted any tokens, and the ARK initiative will not introduce this additional supply. The initiative is currently in the community discussion phase and will later enter governance voting.
Po odhalení chyby ve starších peněženkách Coldcard přiteklo do spotových Bitcoin ETF celkem 620 milionů USD denně. Bitcoin přitom klesl jen asi o 3 % a pak se stabilizoval.
When hardware security fails, money moves. That appears to be the lesson from a significant vulnerability disclosed in older Coldcard hardware wallets in late July 2026, which sent a wave of capital flowing into spot Bitcoin ETFs including $IBIT, $FBTC, $BITC, $ARKB, and $MSBT, with combined daily inflows totaling $620 million following the breach.
What actually happened with Coldcard On July 30, 2026, Coinkite, the Canadian company behind the Coldcard hardware wallet, disclosed a firmware vulnerability affecting older models, including the Mk3 series.
The flaw was not about someone physically stealing a device. It was subtler and, in some ways, scarier. The vulnerability reduced the entropy used during seed phrase generation to approximately 40 bits. In English: the randomness baked into creating a wallet’s master key was dramatically weaker than it should have been, making it mathematically feasible for an attacker to reconstruct private keys from scratch.
Galaxy Research estimated that between 1,367 and 1,816 BTC were drained from over 5,200 wallet addresses in the days following the exploit’s discovery. At prices prevailing around the time of the breach, that translates to roughly $89 million to $116 million in losses.
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The thefts moved fast. Most of the damage occurred between late July and early August 2026, with Galaxy Research pinpointing approximately 1,367 BTC drained from 4,585 affected addresses by the time early tallies were published. Coinkite CEO Rodolfo Novak responded publicly on July 31, advising users whose seed phrases were generated on affected devices to transfer their funds immediately.
Newer Coldcard models experienced a lesser degree of exposure. The entropy reduction was partial rather than complete on more recent hardware, which limited but did not eliminate their vulnerability relative to older units.
Bitcoin’s price shrugged. ETF flows did not. Bitcoin’s price reaction was notably muted. Despite a breach that wiped out tens of millions of dollars for thousands of wallet holders, the broader market registered only a minor dip of approximately 3% before stabilizing close to prior levels.
The more interesting signal came from ETF flows. Spot Bitcoin ETFs recorded a combined $620 million in daily inflows during the period following the Coldcard disclosure, across tickers including the iShares Bitcoin Trust, Fidelity Wise Origin Bitcoin Fund, ARK 21Shares Bitcoin ETF, and others. Individual session inflows within that window ranged from $91.84 million on the lower end to totals in the $170 million to $244 million range on stronger days.
The research notes that reports of a direct correlation between the hack and the $620 million inflows into Bitcoin ETFs remain unratified, though the timing suggests a potential flight to safety among investors aware of the risks posed by hardware vulnerabilities. The $620 million figure spans multiple products, which means this was not a single-fund anomaly driven by one large institutional ticket.
What this means for the self-custody debate A firmware flaw that compromises entropy generation does not just affect the people who lost funds. It introduces doubt into the broader population of hardware wallet users who have no idea whether their own seed phrase was generated with sufficient randomness.
For investors currently holding Bitcoin in self-custody on older hardware, the immediate practical question is whether their seed phrase was generated on a device or firmware version affected by the reduced entropy flaw.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
ARK Invest Cathie Wood nakoupil další akcie Circle poté, co NYDFS udělil Circle Internet Trust Company LLC (Circle New York Trust) omezenou trustovou chartu. Nákup za téměř 6,83 milionu USD zahrnoval 109 129 akcií CRCL.
Cathie Wood’s ARK Invest bought more Circle Internet Group (NYSE:CRCL) shares. The buy move follows the stablecoin issuer’s major regulatory breakthrough in New York.
Cathie Wood’s ARK Snaps Up Circle Stock Circle stock closed at $62.61, down $1.63, or 2.54%, on Friday, July 31. Nearly $6.83 million in nearly 109,129 Circle shares were acquired by ARK based on the closing price. The stock purchases were made through ARKK, ARKW and ARKF with 77,103, 22,238 and 9,788 shares of CRCL stock bought respectively.
Cathie Wood’s CRCL stock purchase came on the heels of the New York Department of Financial Services (NYDFS) granting a limited-purpose trust charter to Circle Internet Trust Company LLC (Circle New York Trust).
Besides Circle shares, ARK bought 298,243 CoreWeave shares, 12,512 shares of the 3iQ Solana Staking ETF, 7,500 Pony AI shares, and 2,700 Kodiak AI shares. The Cathie Wood-led firm also cut down its stakes in Shopify, Cloudflare, CrowdStrike, Snowflake, 10x Genomics, Komatsu, Brera Holdings, Iridium Communications, and Figma.
Earlier, Cathie Wood raked in millions worth of SpaceX and Tesla shares alongside Circle.
About The NYDFS License For USDC The new charter enhances Circle’s regulatory framework. It merges state regulation of the issuance of USDCs with the federal trust powers the company acquired earlier this month from the U.S. Department of the Treasury’s Office of the Comptroller of the Currency (OCC).
Moreover, Chief Executive Officer Jeremy Allaire called the approval a long-held goal. It helps put USDC within a “strong, respected framework as digital dollars become central to the global financial system,” Allaire remarked.
The New York trust company will be given fiduciary power, Circle said. It will also be permitted to use New York banking law to engage in virtual currency business. The company intends to slowly transition to the USDC issuance on the company’s New York entity. It will retain the custody and collateral trustee services via its federally chartered national trust bank.
Moreover, the approval from NYDFS follows Circle’s final OCC authorization. The previous approval saw a 10% rise in CRCL shares on July 10. However, the stock has witnessed a significant decline since then.
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Strategy, ARK Invest, BlackRock a další spustily Bitcoin Security Consortium s cílem posílit dlouhodobou bezpečnost Bitcoinu. Skupina slíbila 15 milionů USD na podporu vývojářů a výzkumníků proti kvantovým hrozbám během následujících tří let.
Michael Saylor’s Strategy and eight financial firms, including ARK Invest, BlackRock, and Coinbase, have launched the Bitcoin Security Consortium to support the network’s long-term security. The founding members have also pledged $15 million to support Bitcoin developers as they seek to address quantum threats.
Strategy Announces Launch of Bitcoin Security Consortium In a press release, the Bitcoin treasury firm announced the launch of the Consortium to support the Bitcoin network’s long-term security, with members pledging an aggregate of $15 million over the next three years.
Founding members of the Bitcoin Security Consortium include Strategy alongside Anchorage Digital, ARK Invest, BlackRock, Block, Blockstream, Coinbase, Fidelity Digital Assets, and Galaxy Digital. The Bitcoin treasury firm noted that these are a cross-section of the institutional BTC ecosystem.
BlackRock, Fidelity, and ARK Invest are notably Bitcoin ETF issuers; Anchorage Digital and the top crypto exchange Coinbase offer custody services to these ETF issuers. Meanwhile, Block, Blockstream, and Galaxy offer Bitcoin-related services.
Strategy revealed that Mike Schmidt, Executive Director of Brink, will coordinate the day-to-day work in a volunteer capacity. Schmidt also confirmed in an X post that he is receiving no compensation from the Bitcoin Security Consortium.
Today nine institutions including BlackRock, Fidelity, Coinbase, and Strategy announced the Bitcoin Security Consortium (@BTCconsortium), pledging $15M toward Bitcoin security work over the next three years. I’ve agreed to help coordinate the group’s work as a volunteer.
I said…
— Mike Schmidt (@bitschmidty) July 23, 2026
“I continue to run Brink, independent of any Consortium member. I’ve committed to a year in this role, maybe I’d do two, but ultimately I see it as a seat that should rotate to other participants over time. My commitment is to Bitcoin, and that doesn’t change,” he said.
How The $15 Million Funding Will Work The Bitcoin Security Consortium will fund and support developers and researchers already working on Bitcoin’s security. This will include the long-term work of securing the network against potential quantum threats.
Strategy also revealed that each founding member will direct its own funding independently to the developers, researchers, and organizations it chooses. Schmidt mentioned in his X post that there will be no Consortium positions on protocol changes.
He also noted that Quantum is the first focus but that if the Bitcoin Security Consortium works out well, there is room to support other security efforts too. Data from the top crypto prediction platform Polymarket shows that there is only a 14% chance that Quantum Computing breaks Bitcoin by December 2027.
Bitmine Immersion Technologies drží 5,54 až 5,77 milionu ETH a je asi 507 000 ETH od cíle vlastnit 5 % celé obíhající nabídky Ethereum. Společnost plánuje tempo nákupů zpomalit, jak se k této hranici blíží.
Bitmine Immersion Technologies is within striking distance of a goal that sounded almost absurd when it was first announced: owning 5% of all circulating Ethereum. The NYSE-listed company (ticker: BMNR) currently holds between 5.54 million and 5.77 million ETH, representing approximately 4.59% to 4.78% of the estimated 120.7 million ETH in circulation. That leaves roughly 507,000 ETH between Bitmine and its target of 6.035 million ETH.
From Bitcoin mining to Ethereum treasury Bitmine’s journey here is one of the more dramatic corporate pivots in recent crypto history. The company originally focused on Bitcoin mining, and at some point leadership decided the better play was accumulating ETH as a primary reserve asset rather than mining BTC.
Chairman Tom Lee has been the architect of what the company calls the “alchemy of 5%.” The underlying strategy is straightforward: buy a lot of Ethereum, then buy more, then stake it for yield while continuing to buy.
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The company’s total crypto and cash holdings now sit between $9.6 billion and $11.3 billion. Bitmine’s stock has become one of the most actively traded equities in the US market, with daily volumes reaching into the hundreds of millions and sometimes billions of shares.
The institutional backing tells a story The company has attracted institutional backing from ARK Invest, led by Cathie Wood, alongside Founders Fund and Pantera Capital.
Staking as an income engine In 2026, the company launched its Made-in-America Validator Network, or MAVAN, a staking infrastructure designed to generate yield on its holdings. The reported 7-day staking yield sits at 2.99%, which on a base of roughly 5.5 million ETH translates to a meaningful income stream.
What this means for investors and the ETH market Chairman Tom Lee has indicated that Bitmine plans to moderate its purchasing pace as it approaches the 5% threshold. For the broader Ethereum market, Bitmine’s accumulation raises questions about supply concentration: when a single corporate entity holds nearly 5% of a network’s circulating supply, a locked-up, staked treasury of that size effectively removes a substantial portion of supply from active circulation. If ETH’s price drops significantly, the staking yield provides some cushion, but 2.99% doesn’t fix a 40% drawdown.
Investors watching BMNR should pay close attention to the pace of remaining purchases, any changes in staking yield as the validator network scales, and whether the institutional backers maintain or increase their positions as Bitmine closes in on its target.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Bitcoin ETF po několikaměsíčních odlivech otočily do plusu a za poslední dva týdny přilákaly čisté přílivy 264,4 mil. USD. Tah vedly Fidelity, ARK a BlackRock.
The quiet reversal is the one that often gets ignored until it isn’t. After a grinding multi-month stretch of outflows that bled through May and June, Bitcoin ETFs have flipped back to positive territory, registering $264.4 million in net inflows over the past two weeks as BTC reclaimed the $64,000 level. The Santiment update shows the demand shift is not just a headline number—it’s spread across multiple issuers, making the turnaround harder to dismiss as a one-off event.
The post-outflow tape had been defined by apathy. Daily redemptions chipped away at assets, and the narrative that ETF demand had peaked in March was cementing into conventional wisdom. That assumption now looks premature. The two-week figure includes some of the largest single-day flows since early summer, and the fund-level breakdown points to buyers easing back in rather than front-running.
A Two-Week Turnaround Led by Major Issuers Fidelity’s FBTC did the heaviest lifting early on, drawing roughly $166 million as July’s reversal began. ARKB added about $91.8 million, and BlackRock’s IBIT later stepped in with a $138.9 million day that anchored a $181.1 million total Bitcoin ETF inflow session. The distribution matters: when massive flows concentrate in a single fund, the market often treats it as tactical positioning. A spread across Fidelity, ARK, and BlackRock suggests broader re-engagement, not a single mandate.
The multi-fund pattern also weakens the argument that these inflows are merely mechanical—say, rebalancing or basis trades. While basis trade flows can still be part of the mix, genuine spot demand appears to be returning alongside a more forgiving macro backdrop. The timing is consistent with traders who had been waiting on the sidelines for inflation signals to clear.
Macro Tailwinds and Policy Hopes The macro picture provided the spark. Encouraging CPI data softened rate expectations and renewed traders’ risk appetite, while the Fed’s tone cemented a faint but real pivot narrative. On the policy side, a sense of incremental optimism around Washington’s approach to crypto added another reason for sidelined capital to move. Banks are trying to kill the biggest crypto bill in US history four days before the Senate vote, and that fight itself has forced a conversation about what a clearer regulatory framework could look like—whether or not the bill passes immediately.
What remains uncertain is whether this flow trend can persist beyond a short macro window. A single CPI print and a softer Fed do not guarantee sustained buying, and Bitcoin’s price still needs to clear proven resistance zones for conviction to solidify. The ETF market has shown it can generate large daily inflows that vanish just as quickly when risk sentiment sours. The next critical test is weekly fund flow data throughout the rest of July: if the positive streak extends, the narrative could shift from “dead cat bounce” to a genuine demand recovery.
For now, the data point is tangible: Bitcoin ETF flows are positive, the selling pressure that defined the spring has paused, and the buyers are not concentrated in one vehicle. That alone is enough to force a reassessment of the institutional demand story.
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Solmate Infrastructure od pivotu k Solana treasury ztratila přes 98 % tržní hodnoty po financování za 300 milionů USD spojeném s plánem Solana treasury a podporou ARK Invest a Abu Dhabi-based Pulsar Group. Firma zároveň čelí žalobě kvůli údajnému self-dealingu před valnou hromadou.
Solmate Infrastructure has lost about 98% of its market value since ARK Invest and Abu Dhabi-based Pulsar Group backed a $300m financing tied to its Solana treasury plan.
Summary
Solmate shares collapsed after its football-to-Solana pivot tied public equity value closely to SOL prices. RockawayX-linked RBCH claims directors diluted shareholders while Solmate says the claims are retaliatory and false. The case lands before Solmate’s AGM where disputed shares may affect board voting power control. The Nasdaq-listed company, formerly Brera Holdings, traded near $4.72 on Friday after its sharp post-pivot selloff.
The company had run a football holding business with stakes across Italy, North Macedonia, Mozambique and Mongolia. It changed course in 2025, raising capital to build a Solana treasury and crypto infrastructure business in the United Arab Emirates.
As previously reported, Solmate launched with $300m to establish a Solana treasury in the UAE with backing from ARK Invest, Pulsar Group, RockawayX and the Solana Foundation.
Solmate Shares Drop Over 98% After $300M Financing and Solana Treasury Pivot
Cathie Wood-backed Solmate has fallen more than 98% since completing a $300 million financing and pivoting to a Solana treasury strategy. Formerly known as Brera Holdings, Solmate announced its… pic.twitter.com/czn5GnosKc
— Wu Blockchain (@WuBlockchain) June 26, 2026 Lawsuit adds pressure before AGM RBCH Ltd., an entity linked to RockawayX founder Viktor Fischer, filed a derivative lawsuit against Solmate’s officers and directors in New York. The complaint accuses the board of breach of fiduciary duty, shareholder oppression and self-dealing. RBCH says it owns more than 10% of Solmate and wants the court to block recently issued shares from being voted.
The lawsuit centers on share deals involving CEO Ron Sade and board member Keren Maimon. RBCH claims they bought about 2.3m new shares at $4.97 each, diluting shareholders by about 20%. It also says the deal came before the board rejected a Forward Industries proposal that valued Solmate at $7.19 per share.
Solmate rejects RockawayX claims Solmate has denied RBCH’s claims and framed the dispute as part of a failed business transaction. The company said it is trying to protect shareholders from what it called “a fraudulent campaign” linked to Fischer and RockawayX. RBCH later said Solmate’s response was “false, misleading, and a retaliatory response” to its lawsuit.
The fight comes ahead of Solmate’s June 26 annual general meeting in Abu Dhabi. RBCH wants shareholders to withhold support from Sade and Maimon. It also wants the court to reverse the disputed share transaction and review advisory and pay arrangements tied to directors. The case also follows leadership changes, including the departure of former CEO Marco Santori.
Football exits and treasury risks Solmate has also reduced its legacy football operations. Its teams in Mozambique and Mongolia were discontinued, while its stake in Italian club Juve Stabia was sold for €1 plus liabilities. The company reported a net loss of about €378,000 in 2025 and completed a one-for-ten reverse stock split in May to meet Nasdaq’s minimum bid price rule.
The company’s Solana strategy has faced the same pressure hitting other listed crypto treasury firms. SOL trades near $68, far below levels seen during the prior market cycle. As crypto.news reported, Solmate raised $11.4m in a premium stock offering in May as it kept building its treasury plan.
Previously, crypto.news explored how the crypto treasury boom split as Solana treasury firms faced losses. In a previous article, crypto.news discussed Forward Industries nearing a $1b Solana paper loss. Solmate now faces both market pressure and a boardroom dispute at the same time.
Americké spotové Bitcoin ETF zakončily den v minusu 68,18 milionu USD, protože odlivy z IBIT a GBTC převážily silné nákupy ARKB a FBTC. ARK a Fidelity přesto dohromady přilákaly 121,38 milionu USD.
On June 22, 2026, the US spot Bitcoin ETF market recorded net outflows of $68.18 million. This decline is explained by massive redemptions on BlackRock’s IBIT and Grayscale’s GBTC. These outflows completely overshadowed the positive performance of Ark Invest (+$64 million) and Fidelity (+$57.38 million). Above all, it reflects a strong polarization among institutional investors.
In Brief Bitcoin ETFs show a net loss of $68.18 million during the June 22, 2026 session. Ark Invest (ARKB) and Fidelity (FBTC) nonetheless attracted a combined inflow of $121.38 million, proving continued buying demand. Ethereum funds also recorded a decline of $66.38 million, while Bitwise’s XRP gained $5.31 million. The total net assets under management of Bitcoin ETFs reach $80.22 billion, confirming the structural anchoring of these products in institutional portfolios. Bitcoin ETFs Remain Under Pressure Despite Some Positive Signs At first glance, the session on June 22, 2026, in the US spot Bitcoin ETF market looks like an ordinarily bearish day. Analysts also reveal a record withdrawal of $6.35 billion over 30 days. However, SoSoValue’s data highlights a more complex reality: never before has a day in negative territory hidden so many active institutional purchases.
ARK & 21Shares lead the charge with $64 million in net inflows into their ARKB fund, closely followed by Fidelity’s Bitcoin ETF, which captured $57.38 million. Together, these two issuers have absorbed over $121 million in spot bitcoin.
Chart showing the evolution of Bitcoin ETF flows (Source: SoSoValue) Additional inflows include:
Grayscale Bitcoin Mini Trust: +$48.14 million Morgan Stanley’s MSBT: +$8.11 million Franklin Templeton’s EZBC: +$3.72 million WisdomTree’s BTCW: +$3.40 million In total, the aggregated demand from six ETF issuers exceeded $228 million. This represents one of the largest coordinated buying days in several weeks.
The Weight of BlackRock and Grayscale Tips the Bitcoin ETF Market Certainly, the buyer base remains solid. However, the Bitcoin ETF market was overwhelmed by extreme concentration of outflows on two specific investment vehicles.
The main culprit of this institutional Black Monday is BlackRock’s IBIT (iShares Bitcoin Trust). The asset management giant suffered massive outflows of $171.96 million in a single session. It had just launched the first-ever yield-bearing Bitcoin ETF.
Meanwhile, the GBTC (Grayscale Bitcoin Trust) records a disinvestment of $80.96 million. The manager tries to offset these losses through its Mini Trust. However, the historically high management fees of GBTC structurally encourage early investors to migrate to more competitive structures or take profits.
Beyond Bitcoin: Ethereum Stumbles, While XRP Surprises The spot Ethereum ETFs had an even tougher day. The data reveal a net loss of $66.38 million, almost entirely attributable to BlackRock’s ETHA fund. The only positive inflow on Ethereum that day came from 21Shares’ TETH, with $346,070 of inflows. The total net assets of Ethereum ETFs stand at $9.44 billion, with a daily volume of $433.10 million.
For crypto assets alternative to bitcoin, the XRP ETFs are the only source of color in an overall red picture. Bitwise captured $5.31 million, bringing the total net assets of the XRP category to $993.29 million. This represents a symbolic drop of $7 million from the billion-dollar mark. A threshold to watch in the coming sessions!
The Solana and HYPE ETFs remained completely inactive on this day. Solana’s assets stand at $836.09 million, and HYPE’s at $219.58 million.
In any case, this trading session highlights the end of the homogeneity of institutional flows on cryptocurrencies. Upcoming flow reports and US monetary policy decisions will be crucial to determine whether this phase of weakness marks a simple pause or the beginning of a new cycle for Bitcoin ETFs. Stay tuned…
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Ariela R.
My name is Ariela, and I am 31 years old. I have been working in the field of web writing for 7 years now. I only discovered trading and cryptocurrency a few years ago, but it is a universe that greatly interests me. The topics covered on the platform allow me to learn more. A singer in my spare time, I also cultivate a great passion for music and reading (and animals!)
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The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.
