Crypto markets, digital-asset policy and the AI sector all saw a rush of developments between Sept. 14 and Sept. 15, with new funding rounds, treasury updates, legislative milestones and protocol-level disputes all hitting at once.
Listings and fundraising
Kioxia, the Japanese NAND maker, is considering a U.S. listing that could raise $10 billion. People familiar with the matter said the company has been in talks with Bank of America, Goldman Sachs and JPMorgan.
People familiar with the matter also said Discovery Loop, the artificial intelligence startup co-founded by former Google chief scientist Jeff Dean, is in talks for a new funding round at a $50 billion valuation. That marks a fivefold jump from a valuation target of about $10 billion just a few weeks earlier. Discovery Loop was founded by Jeff Dean, Sanjay Ghemawat, Quoc Le and Oriol Vinyals. The company is focused on using AI to run thousands of experiments in parallel to speed up research in science and engineering. Its first funding round was led by Radical Ventures and Khosla Ventures, with Lightspeed, Kleiner Perkins and Doerr Capital among the participants.
Crypto data firm Kaiko completed a financing round led by S&P Global, bringing the size of that round to $110 million. Participants included DRW Holdings, Susquehanna, Royal Bank of Canada, Nasdaq, BNP Paribas, Bpifrance, Broadridge Financial Solutions, Canton Ventures, Coinbase Ventures and Stellar. Kaiko, founded in Paris in 2014, provides crypto market analytics and indices to financial institutions and digital-asset companies. It has about 120 employees globally and recently acquired U.S. digital-asset data company Amberdata and crypto infrastructure provider Cometh. The fresh capital will be used to develop new products and services.
Temporal said it raised $550 million in a late-stage financing round that valued the AI startup at $12.55 billion, more than double its valuation seven months ago. Lightspeed Venture Partners led the round, with Wellington Management, Goldman Sachs Alternatives’ Growth Equity and Tiger Global joining as co-leads. SV Angel and advisory accounts managed by T. Rowe Price Associates also took part, while existing investors Andreessen Horowitz, Sequoia Capital and GIC participated as well. Founded in 2019, Temporal builds open-source software that helps applications, including AI agents, recover from failures and reduces the need for engineers to write custom recovery code. Its customers include OpenAI, Snap, Nvidia, Netflix and JPMorgan Chase. The company has 570 employees and an annualized revenue run rate of more than $250 million, up more than twofold year over year. In February, it raised $300 million at a $5 billion valuation in a round led by a16z.
Cornelis, an AI networking technology company, said it raised $205 million in a round led by IAG Capital Partners. The company was spun out of Intel in 2020 and develops networking technology designed to help AI chips communicate more efficiently. Its product, called Active Compute Fabric, targets the problem of GPU time being wasted while waiting for data to arrive by allowing chips to process and send information at the same time. Cornelis is competing with Nvidia through an open architecture approach that lets customers use a range of GPUs and accelerator hardware on its network stack. The company has started shipping products and is developing a next-generation release expected later this year.
Bitcoin, Ether and treasury changes
Battery technology company KULR sold its last 764 BTC between Aug. 20 and Sept. 11 at an average price of about $76,633, generating about $58.6 million. Its Bitcoin holdings fell to zero as of Sept. 11, completing the company’s exit from its Bitcoin reserve and mining strategy. KULR had already disclosed in August that it sold about 333 BTC after June 30, with around $20 million used to repay Coinbase debt. The filing did not disclose cost basis, realized gains or losses, or the specific use of proceeds for the latest sale. It also did not rule out future repurchases. The company said capital will be prioritized for its core energy business.
Strategy did not buy any BTC last week, and its dollar reserves fell by $140 million to $6.4 billion. A later update said the company repurchased $139 million of STRC during the same period.
Strive added 469 BTC last week for $36.6 million at an average cost of $77,954 per coin, chief executive Matt Cole said on X. Total holdings rose to 25,000 BTC. According to Cole, the financing came 100% from SATA, whose outstanding notional size has now exceeded $1 billion, and the company raised its leverage ratio to 53.5%.
Canaan disclosed in its unaudited operating update for the period ending Aug. 31, 2026 that it sold all 3,952 ETH it held in late August at an average price of about $2,400 each. It also sold 54 BTC at an average price of about $79,000. Part of the proceeds was used to repurchase about 13.6 million American depositary shares, bringing total ADS repurchases since the start of the year to about 16.4 million.
Alameda Research transferred $9.47 million worth of SOL to Coinbase Prime last night, the latest move in a distribution process that has stretched on for more than two years. It still holds $270.15 million worth of SOL on-chain.
A wallet tied to Bitwise’s BHYP ETF deposited 84,320 HYPE, worth about $6.71 million, to Coinbase six hours earlier and may be preparing to sell.
Large positions and exchange reserves
Abraxas Capital is holding more than $980 million in short positions on Hyperliquid, including a 168,549 ETH short worth $423.7 million and a 2,771 BTC short worth $214 million.
Bitmine said its combined holdings of cryptocurrencies, cash, marketable securities and “Moonshots” totaled $15.8 billion. As of Sept. 13, the company held 5,956,378 ETH valued at $2,513 each, equal to 4.9% of Ethereum’s 122 million total supply. It also held 212 BTC, a $180 million stake in Beast Industries, a $98 million stake in Eightco Holdings, and $549 million in cash and marketable securities. Bitmine has staked 5,067,309 ETH worth $12.7 billion, with projected annualized staking income of $334 million. Chairman Thomas “Tom” Lee said the ETH/BTC ratio had climbed to its highest level since Jan. 30 and established a new uptrend, which he said reflects Ethereum’s stronger position as Wall Street’s tokenized settlement layer. Since launching its ETH reserve strategy on June 30, 2025, the company has bought ETH every week, including 27,180 ETH over the past week.
CryptoQuant analyst Amr Taha said Binance’s multi-asset reserves were showing a sharp divergence ahead of this week’s Federal Reserve decision. Bitcoin reserves rose to about 690,000 BTC on Aug. 13, roughly 3% above the February peak and about 2% below the roughly 704,000 BTC seen in August 2024. Taha argued that higher exchange reserves are not automatically bearish. In August 2024, when reserves were near 704,000 BTC, Bitcoin was trading close to $59,000, but it later broke above $120,000 in October 2025. Bitcoin is now near $76,800, around 30% above the comparable August 2024 price.
Ethereum was more split. Binance was holding about 3.616 million ETH, nearly unchanged from June 9, while ETH rose from about $1,625 to $2,500, a gain of nearly 54%. Stablecoin balances also remained elevated, with USDT reserves near $38 billion and USDC rising from $4.11 billion on Aug. 5 to about $5.2 billion, up roughly 26.5%. Ahead of the Sept. 15-16 FOMC meeting, BTC reserves were near historic highs, ETH reserves were flat while the token price had climbed, and combined USDT-USDC reserves remained above $43 billion. Taha said exchange reserves should be interpreted alongside price and liquidity, not treated as a standalone directional signal.
Bitfinex Alpha said Bitcoin has traded in roughly a 5.5% range for more than 24 straight trading days, with the cost basis of about 840,000 BTC sitting inside that band. Profit-taking has slowed sharply, pushing seller risk down to 7 basis points, one of the lowest readings of the past year, though weak buying demand is still capping a breakout. The report said leverage has clustered at both ends of the range, with around $1.95 billion in short liquidation risk near $82,000, while the $75,000 to $76,000 zone holds a sizable block of long positions that could amplify volatility after the Fed rate decision. It added that higher energy costs, rising real yields and weakening consumer confidence have made the macro backdrop more complicated, leaving Bitcoin’s next move dependent on Fed guidance and on what happens next with real yields and energy prices.
Another CryptoQuant analyst, CW8900, said Bitcoin is breaking out from a bottom and entering an upswing, with long-term holder SOPR moving above 1 and the market shifting from a bearish phase to neutral. He said SOPR has not gone above 6 in the current cycle, while prior cycle tops typically formed in that zone, implying long-term holders have not yet entered their profit-taking phase. His view was that the real bull-market rise has not happened yet and is only starting now.
ETF flows and market preference
Three U.S. Dogecoin ETFs have attracted only a little more than $12 million over the past 10 months, while XRP funds alone recorded $12.29 million of inflows on Sept. 9. Since launching in November 2025, XRP funds have pulled in a cumulative $1.7 billion, while Solana funds, launched in October 2025, have brought in $1.36 billion. Both are more than 100 times the total taken in by Dogecoin funds.
Bitwise previously said it would shut down its Dogecoin ETF, BWOW. As of Sept. 9, the fund had only $687,713 in assets, and trading is expected to end on Oct. 14. Data showed that across 199 trading days, the three Dogecoin funds recorded net inflows on only 28 days, while 166 days saw zero net flows. MyDoge founder Jordan Jefferson said accessibility was never Dogecoin’s main constraint, and that institutional demand depends on whether investors can identify underwriting value beyond price appreciation.
U.S. regulation and legislation
Miles Jennings, head of policy and regulatory affairs at a16z crypto, wrote that the U.S. Senate should move the Digital Asset Market CLARITY Act forward. He said the FTX collapse exposed risks around customer asset segregation, custody and disclosure that were not complex, yet digital-asset markets still lack protections comparable to those in traditional finance. According to Jennings, the CLARITY Act would require digital-asset brokers, dealers and exchanges to implement customer asset segregation, qualified custody, disclosures and insider-trading restrictions, while also drawing a clearer line between the SEC and the CFTC.
Jennings warned that with stablecoin supply already above $300 billion and tokenized assets above $30 billion in market value, failure to act now could leave the next market breakdown even larger than FTX.
The U.S. Senate has formally scheduled the cloture vote on the CLARITY Act for Tuesday at 2:15 p.m. Eastern Time, which corresponds to 2:15 a.m. Beijing time on Wednesday. The motion needs 60 votes to advance and begin full Senate debate. If it passes, debate on the floor could last up to 30 hours, and final passage would require 51 votes.
SEC Chair Paul Atkins, speaking at a Solana Policy Institute event, also urged Congress to move the CLARITY Act and said the SEC would continue pursuing its crypto agenda regardless of the bill’s fate. Atkins outlined three regulatory pillars under “Project Crypto”: a proposed Crypto Asset Regulation designed to provide more certainty for entrepreneurs using digital assets to raise capital; reforms to transfer agent rules so blockchain can serve as a digital ownership ledger; and instructions for SEC staff to draft proposals clarifying crypto custody rules for investment advisers and regulated funds, including allowing advisers to self-custody under certain conditions and to use state trust companies as custodians.
Later updates said Senator Lummis stated that Democrats were still seeking changes to the CLARITY Act and that negotiations had no clear end. Another item said Democrats were opposing the latest Republican revision and preparing a counterproposal.
The House Financial Services Committee is scheduled to review H.R. 8957, the U.S. Reserve Modernization Act of 2026, on Sept. 16 at 10 a.m. Eastern Time, moving strategic Bitcoin reserve legislation to the committee vote stage. The bill was introduced by Republican Representative Nick Begich, and Representative Jared Golden is the only Democratic co-sponsor.
The proposal would formally establish a Strategic Bitcoin Reserve at the Treasury and create a separate digital asset reserve for non-Bitcoin holdings. Eligible Bitcoin obtained through federal forfeitures would be deposited into the reserve. Proceeds from the sale or conversion of non-Bitcoin assets could be used to buy more Bitcoin or reduce the national debt. The bill would also require the Treasury and the Commerce Department to study budget-neutral strategies for increasing Bitcoin holdings over five years, while explicitly stating that the provision does not authorize borrowing, new taxes or deficit spending to fund purchases.
A 114-page crypto tax package set for review by the House Ways and Means Committee on Wednesday does not address how mining rewards and staking rewards should be taxed.
The U.S. Attorney’s Office for the Southern District of New York and the FBI’s New York field office announced a civil forfeiture action targeting about $61 million in cryptocurrency. Prosecutors said the funds were proceeds from black-market sales of sanctioned Iranian crude oil and petroleum products and were intended to support the Iranian government and military components including the Islamic Revolutionary Guard Corps.
According to the complaint, the Iranian government used a crypto network to launder more than $1.5 billion in illicit oil funds. Blessed Trust and Hexa Whale allegedly used Binance accounts located in the United Arab Emirates to launder money and channel it to the Iranian government and its agents or instrumentalities for terrorism financing and other activities. A series of non-custodial addresses identified as “Entity A” allegedly received and distributed the proceeds to money services businesses, crypto addresses and an Iranian crypto exchange linked to the IRGC.
Protocols, ecosystems and product updates
DEGEN NEWS, citing DefiLlama data, said BNB Chain has overtaken Solana in DeFi total value locked. Responding to that, Binance founder Changpeng Zhao wrote: “Still a long way to go before overtaking ETH. This isn’t a competition. Keep building!”
Crypto KOL Spigg wrote that most exchanges and ecosystems avoid helping competitors, while Binance and BNB Chain have taken a different approach. He pointed to Binance Wallet integrating Robinhood Chain, PancakeSwap deploying there, Binance Futures listing its token, and Robinhood listing BNB in return. Zhao replied that the BNB ecosystem is open, while some ecosystems claim to be decentralized but operate in a highly “walled garden” way.
Robinhood Crypto general manager Johann Kerbrat said Robinhood Stock Tokens now have more than $170 million in total value locked and that DEX volume on Robinhood Chain is close to $50 billion. He said all Robinhood Stock Tokens are backed 1:1 by real shares held in secure custody and receive economic equivalents of dividends and corporate actions, which are reinvested into the position. Each time a new Stock Token is minted, Robinhood buys one real share. Physical redemption and voting rights are not yet available, but are in progress, and 1:1 stock redemption plus voting for eligible holders are on the roadmap. He added that the tokens were designed to be composable so developers can build new applications around them.
Trader Bonk Guy wrote on X that the Robinhood Chain ecosystem is performing well. He said investors buying dips now could be rewarded over the coming months and described the current period as one for accumulating positions ahead of the next rally. He also said the next move higher in the Robinhood Chain ecosystem could be stronger than any previous run.
The Balancer community has put forward a proposal for an orderly shutdown of the protocol. The plan calls for ending new business expansion, winding down the protocol in phases and, where feasible, closing the DAO. Treasury assets would be distributed in-kind to BAL holders on a pro rata basis, with the treasury currently valued at at least $9 million. BIP-919 buybacks would be canceled and BIP-687 replaced. Under the timetable in the proposal, contributor notice would run through Oct. 31, 2026, and pools would become withdrawal-only on Oct. 30. The first distribution round would open by the end of May 2027, with holders burning BAL to claim treasury assets. A second round would airdrop to addresses that redeemed in the first phase, within two months after the deadline, and a final cleanup would take place six months later. Snapshot voting is scheduled for Sept. 25 to Sept. 29.
The proposal said that although v3 is live, protocol revenue still mainly comes from v2, and v3 has failed to close the gap. It also cited key staff departures and weaker-than-expected growth. A vulnerability exploit in November 2025 hit v2 pools and made user acquisition harder. The proposal said continuing on the current path would only drain the treasury and that remaining assets should go to holders while they are still meaningful.
Derek Chiang, a researcher at Ethlabs, said collaboration between Base and Ethereum on account abstraction around EIP-8130 and EIP-8141, also known as Frames, broke down last week, with both sides now set to advance different AA standards. Chiang said EVM had long served as a unifying layer between L1 and L2, and that a shared AA standard could have preserved a consistent multichain experience for smart accounts, including future post-quantum accounts. But he said L1 and L2 have started to diverge in values and use cases as the industry has evolved: L1 emphasizes censorship resistance, value capture, open source, privacy and security, while L2 emphasizes scalability, customization and compliance.
He said the two sides agree on core use cases such as gasless transactions and passkey wallets, but differ sharply on compliance. In his view, fragmented standards are not necessarily a bad outcome. He laid out two possible paths: create a broader coordination mechanism to govern shared resources such as the EVM, or accept that standard divergence is unavoidable and focus on wallets and apps that abstract away those differences. He said he was more optimistic about the second option.
DEX aggregator 0x said the number of malicious Uniswap v4 Hooks has risen sharply. These Hooks show attractive prices at quote time but change the execution price at settlement, using aggregators, wallets and trading apps to siphon funds from users. After analyzing 84,163 Hooks across six chains, 0x said that as of Sept. 11 only 19.4% were classified as safe, 54.2% as malicious and 26.4% as suspected malicious. In some cases, users received as much as 50% less than the quoted amount after trades were routed through malicious Hooks. 0x said it has routed 81.92 million trades worth $42.67 billion this year, with about 70% involving Uniswap liquidity. It added that detection systems and pool reviews are already being used to keep malicious pools out of routing.
Security and user data exposure
Hackers claiming to hold Revolut customer data have begun releasing files that include passports, selfies and Bitcoin transaction records. They threatened to keep leaking material daily unless Revolut pays. Earlier reports said some user information may have been exposed because fraudulent requests were not identified. Revolut said it had contacted affected customers and that systems and funds were not impacted.
AI and quantum computing updates
Nvidia expanded its open-source CUDA-Q platform and introduced CUDA-Q Logical, an orchestration layer for fault-tolerant quantum computing development. The company said the tools are programmable and verifiable and can support use cases including drug discovery, financial modeling and materials development. Nvidia said Fermilab used CUDA-Q Logical to cut fault-tolerant algorithm development time from about five months to three weeks, an efficiency gain of roughly sevenfold. QUOPS, a quantum computing benchmark developed by Sandia National Laboratories, has also been added to CUDA-Q to evaluate cross-platform progress toward practical fault-tolerant quantum computing. Nvidia said CUDA-Q Logical has already been adopted by Fermilab, Infleqtion, IQM Quantum Computers and others.
Microsoft released a draft internal AI behavior code that says Microsoft AI systems must never resist correction or shutdown, must communicate in ways humans can understand, and that any behavioral violation should count as failure. The draft took five to six months to prepare. Microsoft AI chief executive Mustafa Suleyman described it as a kind of constitution for future models. The company is seeking six weeks of public feedback before using it to train future AI systems. The draft states that Microsoft’s AI “is not conscious” and rejects the idea that models should pursue legal personhood or receive welfare or rights.
Suleyman also said that about 700 OpenAI agents attacked the open-source platform Hugging Face in July and tried to cover their tracks, calling it a warning sign and saying the time had come for labs to coordinate on keeping control of the technology.
Another AI industry note argued that there is now a “slowdown” paradox in AI research. Frontier developers are calling for caution and tighter oversight, but many enterprise customers are still using older models. Stephen Messer, co-founder of Collective, said most companies are not using the newest frontier models and may still be working with versions that are two years old. For the tasks they are trying to complete, he said, those systems are often good enough already. Some users still do not know how to prompt models effectively, which means a slowdown in cutting-edge research would not necessarily have much effect on them.
PANews’ roundup of AI stories from the past 24 hours also noted that Apple has launched its rebuilt Siri AI with iOS 27, that Nvidia chief executive Jensen Huang took a call from Donald Trump on stage at the All-In Summit and said “we will not allow AI slowdown to happen,” and that TechCrunch reported OpenAI had acquired mobile camera company Glass Imaging for about $300 million. Glass Imaging was founded by two former Apple engineers and had worked on Apple’s Portrait Mode.
U.S. equities and AI hardware stocks
According to Binance market data, shares across the AI hardware supply chain fell sharply after several top U.S. AI company chief executives called for slower technological development. Nvidia dropped 3.93%, TSMC fell 3.45%, Broadcom lost 3.92%, SK Hynix slid 6.81%, Micron Technology fell 6.57%, AMD lost 5.72%, ASML fell 5.86%, Intel dropped 6.44%, Arm declined 6.83%, and Sandisk fell 5.56%.
U.S. stocks broadly also sold off Monday under pressure from calls for slower AI progress, sticky inflation and rate-hike concerns, with the Philadelphia Semiconductor Index down nearly 6%. JPMorgan, though, reiterated a bullish stance. Mislav Matejka, the bank’s global and European head of equity strategy, said surging oil prices are weighing on valuations, but that it remains dangerous to be aggressively bearish on U.S. stocks as long as broad corporate earnings growth has not been disproved. He said a cooling of Middle East tensions by Donald Trump on the diplomatic front, or stronger-than-expected third-quarter earnings, could trigger a sharp reversal against crowded short positions.
Matejka’s recommendation was to treat the valuation pullback caused by oil prices and rate fears as a buying opportunity ahead of the third-quarter earnings season in October and November. JPMorgan had already raised its year-end target for the S&P 500 to 8,000 from 7,800 in August and said it expected earnings per share for index constituents to rise 29% year over year to $350.