Crypto Daily | Ether-Holding Company Shares Drop As ETH Drops to $4,000, BTCS down 6%, SBET and BMNR down 4%; A $500 Billion Tether Would Make Chairman Richer Than Buffett

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Bitcoin(BTC) Drops Below $112,000 with a Narrowed 0.7% Decrease in 24 Hours

Bitcoin has dropped below $112,000 and is now trading at $111,843, with a narrowed 0.7% decrease in 24 hours.

Ethereum(ETH) Drops to $4,000 with a 3.8% Decrease in 24 Hours

Ethereum has dropped to $4,000 and is now trading at $4,010, with a narrowed 3.8% decrease in 24 hours.

Ether-holding company shares fell in overnight trading. BTCS Inc. fell 6%; SharpLink Gaming, BitMine Immersion Technologies Inc. fell 4%; Upexi, Inc. fell 3%.

Naver Shares Surge on Reports of Top Crypto Exchange Takeover

Naver shares jumped as much as 11% after a report that the company’s fintech unit is pursuing a takeover of the operator of South Korea’s biggest crypto exchange.

Internet giant Naver’s fintech arm and Dunamu Inc., which runs the crypto exchange Upbit, are in talks over potential collaborations, including a share swap, that go beyond stablecoins and unlisted-share trading, though no agreements have been finalized, Naver said in a regulatory filing.

Dunamu said in a text message it’s discussing cooperation with Naver while stressing no forms of cooperation has been finalized.

A $500 Billion Tether Would Make Chairman Richer Than Buffett

A deal under discussion that would make stablecoin-issuer Tether Holdings one of the world’s most valuable private companies would also vault its owners’ wealth into the stratosphere.

The company’s chairman, Giancarlo Devasini, would be worth almost $224 billion if Tether successfully reaches a half-trillion-dollar valuation, according to calculations by the Bloomberg Billionaires Index. That would make him the world’s fifth-richest person, behind only Elon Musk, Larry Ellison, Mark Zuckerberg and Jeff Bezos, and several spots ahead of Berkshire Hathaway Inc.’s Warren Buffett.

Senate Finance Committee to Hold Crypto Taxation Hearing Next Month

The U.S. Senate Committee on Finance will be holding a hearing to assess the taxation of digital assets on Oct. 1, Chairman Mike Crapo said in a statement Wednesday.

The hearing comes as the Trump administration moves ahead with its efforts to make the U.S. a more pro-crypto regulatory environment, with stricter, Biden-era rules getting scrapped and replaced with friendlier ones.

Earlier in the month, the New York State Department of Financial Services recently issued new guidance on the use of blockchain analytics tools for banks weighing or already pursuing crypto-linked activities.

Circle Ventures and Crossmint Collaborate to Expand USDC Stablecoin

Circle Ventures, the venture capital arm of stablecoin company Circle, has partnered with crypto infrastructure firm Crossmint to enhance the reach of the USDC stablecoin across various blockchain platforms. This collaboration aims to extend USDC's accessibility to billions of users, including AI agents. Crossmint highlighted that by integrating its wallets and APIs for stablecoin onramps, orchestration, and agentic payments with USDC, they are setting the stage for a new financial era characterized by near-instant money transfers, global access, and systems designed for both humans and machines.

ETH Spot ETF Flow

The overall net outflow of the US ETH spot ETF on Wednesday was $79.36 million. The total net asset value of ETH spot ETFs is $25.71 billion, and the ETF net asset ratio (market value compared to total ETH market value) is 5.45%.

The ETH spot ETF with the highest net outflow on Sep. 24 was Fidelity Ethereum Fund, with a net outflow of $33.26 million. Followed by iShares Ethereum Trust ETF, with a net outflow of 26.47 million, according to SoSoValue.