Vanguard Eyes Crypto ETF Access as Swift Tests Onchain Messaging

Kraken Targets $15 Billion IPO With Arjun Sethi Driving Expansion Into Tokenized Assets and Global Growth

Arjun Sethi, co-CEO of Kraken, runs the crypto exchange out of his Menlo Park home as the company prepares for a 2026 IPO. Kraken, founded in 2011, has long been respected by traders but overshadowed by Coinbase. Under Sethi’s leadership, it has expanded through acquisitions like the $1.5 billion purchase of NinjaTrader and the launch of tokenized assets such as xStocks. Despite strong financials, a $15 billion valuation, and global growth, Kraken faces investor pressure due to executive turnover and delayed IPO timing. Sethi’s vision is for Kraken to bridge traditional finance and crypto, positioning it for long-term success even if market conditions shift.

Cipher Mining Upsizes Convertible Note Offering to $1.1 Billion to Fund Data Centers and HPC Expansion

Cipher Mining upsized its private offering of convertible senior notes to $1.1 billion from $800 million, with settlement set for September 30, 2025. The zero-coupon notes, maturing in 2031, carry an initial conversion price of $16.03 per share, a 37.5% premium over Cipher’s last close. Proceeds are expected to reach $1.08 billion, earmarked for data center construction, HPC expansion, site development, and capped call transactions to limit dilution. The deal includes an option for purchasers to buy an additional $200 million in notes, potentially raising proceeds to $1.27 billion.

Aster Compensates Traders After $XPL Price Glitch as Plasma Launches With $2 Billion TVL and $15 Billion ASTER Valuation

Aster, the decentralized perpetuals exchange backed by YZi Labs, reimbursed traders after an abnormal spike in its XPL perpetual contract briefly drove the token’s price from $1.30 to over $4. The incident, which occurred during the transition from pre-launch to live trading, triggered liquidations that were later compensated in USDT within hours, including trading fees. While users speculated the cause was a misalignment in price safeguards, Aster has not confirmed details and continues to investigate. The event came on the same day Plasma launched its mainnet with $2 billion in stablecoin TVL and its XPL token debuting at a $12 billion FDV. Despite the setback, Aster has rapidly grown, surpassing Hyperliquid in daily perpetuals volume and reaching a $15 billion FDV for its ASTER token, driven in part by unique features like hidden orders.

Vanguard Plans Access to Third-Party Crypto ETFs as Regulatory Tailwinds Boost Digital Asset Adoption

Vanguard is preparing to offer its brokerage clients access to third-party crypto ETFs, responding to growing demand and a shifting regulatory environment. The firm, which manages $10 trillion in assets, is not planning to launch its own crypto products but is exploring selective ETF access. This move follows SEC approvals easing crypto ETF listings and comes under CEO Salim Ramji, who previously oversaw BlackRock’s successful Bitcoin ETF. Regulatory coordination between the SEC and CFTC is improving, though a permanent pro-crypto CFTC chair is still pending confirmation, leaving future crypto market oversight in flux.

Swift Tests Ethereum Layer 2 Linea for Onchain Messaging With BNP Paribas and BNY Mellon Involved

Swift is piloting an onchain version of its global financial messaging system using Ethereum Layer 2 Linea, according to a report from The Big Whale. More than a dozen major financial institutions, including BNP Paribas and BNY Mellon, are participating. The project, expected to take several months, aims to modernize cross-border payments and interbank communication with advanced cryptography and zk-rollup scalability. Swift has previously explored tokenized value transfers and live digital asset transaction trials, highlighting blockchain’s growing role in global finance.