1. Bloomberg: Metaplanet's market capitalization has fallen below the value of its Bitcoin reserves
According to Bloomberg, Metaplanet Inc., a publicly listed Japanese company, has seen its market capitalization fall below the value of its Bitcoin reserves. The company shifted to a Bitcoin accumulation strategy in April 2024, and at one point, it enjoyed a significant premium to its Bitcoin net asset value. Its stock price hit a record high in mid-June but has since plummeted approximately 70%, causing the company's mNAV to drop to 0.99 as recently as Tuesday.
After the 2.1011 flash crash, Perp DEX holdings plummeted from $26 billion to less than $14 billion
After the 1011 flash crash, Perp DEX's holdings plummeted from $26 billion to less than $14 billion; the lending protocol captured more than $20 million in fees that day, setting a new single-day record; DEX's weekly trading volume exceeded $177 billion last week, setting a record high; the total borrowing of cross-chain lending protocols fell below $50 billion for the first time since August; stETH APY once soared to more than 7%.
3. Citibank plans to launch crypto asset custody services in 2026
Citi plans to launch crypto asset custody services in 2026. The project has been in preparation for two to three years and is currently in the final stages of implementation. Citi is exploring a model that combines in-house technology with third-party solutions, with the goal of directly custodial native crypto assets. Citi is also evaluating the potential of using stablecoins for cross-border payments in regions with underdeveloped banking systems and has invested in BVNK, a stablecoin infrastructure company.
4. Bhutan is migrating its national identity system from Polygon to Ethereum
Bhutan is migrating its self-sovereign identity system from Polygon to Ethereum, allowing nearly 800,000 residents to verify their identities and access government services. Integration with Ethereum is complete, and migration of all residents' credentials is expected to be complete by the first quarter of 2026. Ethereum Foundation Chair Aya Miyaguchi, along with Ethereum co-founder Vitalik Buterin, attended the launch ceremony with Bhutan's Prime Minister Tshering Tobgay and Crown Prince Jigme Namgyel Wangchuk. Miyaguchi stated that this is the world's first national Ethereum identity system integration. Previously, Bhutan ran its national identity system on Polygon starting in August 2024, and previously used Hyperledger Indy.
5. Kenya passes virtual asset bill and plans to build an African crypto investment portal
Kenya's parliament has passed the Virtual Asset Service Providers Bill, which aims to provide a regulatory framework for the digital asset industry, attract investment, and regulate trading practices. The bill authorizes the central bank to license the issuance of stablecoins and other virtual assets, while the capital markets regulator will be responsible for licensing crypto exchage and platforms. The government hopes to attract investment from international platforms such as Binance and Coinbase and establish Kenya as a gateway to Africa's crypto finance sector.
