Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnSquareMore
The Daily: FalconX acquires 21Shares, Kadena shuts down, MegaETH launches public sale, and more

The Daily: FalconX acquires 21Shares, Kadena shuts down, MegaETH launches public sale, and more

The BlockThe Block2025/10/21 16:00
By:By Daniel Kuhn

Quick Take FalconX, a U.S.-based institutional crypto prime broker, has agreed to acquire major crypto ETF issuer 21Shares, The Wall Street Journal reported. Ethereum scaling solution MegaETH will sell 5% of its total token supply in a three-day English auction. beginning Oct. 27, using the crypto crowdfunding platform Sonar, which was recently acquired by Coinbase.

The Daily: FalconX acquires 21Shares, Kadena shuts down, MegaETH launches public sale, and more image 0

The following article is adapted from The Block’s newsletter,  The Daily , which comes out on weekday afternoons.

Happy Wednesday! Bitcoin's fall below $100,000 by this weekend "seems inevitable," at least according to Standard Chartered’s Geoffrey Kendrick.

In today's newsletter, crypto prime broker FalconX will acquire 21Shares, the SEC and CFTC are pushing to get crypto initiatives done before the end of the year, and more.

Meanwhile, institution-focused Layer 1 Kadena is winding down operations.

Let's get started!

P.S. CryptoIQ is now available to everyone. Take the test for a chance to win $20,000!

Prime broker FalconX to buy 21Shares amid crypto M&A spree: report

  • FalconX, a U.S.-based institutional crypto prime broker, has agreed to acquire 21Shares, one of the largest managers of exchange-traded products for digital assets, The Wall Street Journal reported on Wednesday.
  • 21Shares is known for its broad suite of ETPs and single-asset products, including over $11 billion in assets across bitcoin and ether ETPs and other token-specific and basket offerings in Europe, the U.S., and other jurisdictions.
  • FalconX’s acquisition comes on the heels of the firm's push into institutional derivatives last month, beginning with its 24/7 over-the-counter options platform supporting Bitcoin, Ethereum, Solana, and other tokens.
  • The combined company will focus on derivatives and structured crypto funds, leveraging 21Shares’ distribution and ETP expertise with FalconX’s trading and prime-brokerage infrastructure.

Kadena winds down operations, KDA token drops 60%

  • The organization behind the Kadena blockchain is winding down, effective immediately, as it is "no longer able to continue business operations" due to market conditions, the team announced Tuesday.
  • "We are tremendously grateful to everybody who has participated in this journey with us. We regret that because of market conditions, we are unable to continue to promote and support the adoption of this unique decentralized offering," the Kadena team said on X.
  • Kadena’s native KDA token dropped over 59% immediately following the announcement and is currently trading at $0.068, down significantly from an all-time high above $27 in late 2021.
  • The blockchain was created in 2019 by two U.S. Securities and Exchange Commission and JPMorgan alums, Stuart Popejoy and William Martino, with the aim of attracting institutional interest.

SEC, CFTC target end-of-year milestones for crypto oversight amid government shutdown

  • The Commodity Futures Trading Commission and Securities and Exchange Commission are pushing to complete their end-of-year crypto goals, particularly priorities set out in a report released by the White House over the summer.
  • These priorities include SEC-enforced safe-harbors for crypto and the establishment of "fit-for-purpose" registration exemptions for securities distributions, while granting the CFTC the authority to "regulate spot markets in non-security digital assets."
  • Additionally, CFTC Acting Chair Pham said the agency is prioritizing crypto trading and "tokenized collateral" by the end of 2025.
  • The move comes as lawmakers in Washington D.C., work to draft and advance market structure legislation that would write rules for crypto at large, including designations for what parts of the industry will fall under CFTC or SEC remit.

'Total land rush': Bitcoin, Solana lead the way with over 150 crypto ETF filings awaiting review

  • There are 155 cryptocurrency-based exchange-traded product filings awaiting SEC review, according to Bloomberg.
    As of Oct. 20, this includes 23 products tracking Bitcoin and Solana, 20 tracking XRP, and 16 tracking Ethereum.
  • Although the U.S. government shutdown that began on Oct. 1 has slowed the SEC's review process, experts are optimistic that approval is imminent.

Never miss a beat with The Block's  daily digest  of the most influential events happening across the digital asset ecosystem.


0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Earn new token airdrops
Lock your assets and earn 10%+ APR
Lock now!

You may also like

$8.8 billion outflow countdown: MSTR is becoming the abandoned child of global index funds

The final result will be revealed on January 15, 2026, and the market has already started to vote with its feet.

深潮2025/11/22 11:59
$8.8 billion outflow countdown: MSTR is becoming the abandoned child of global index funds

Deconstructing DAT: Beyond mNAV, How to Identify "Real vs. Fake HODLing"?

There is only one iron rule for investing in DAT: ignore premium bubbles and only invest in those with a genuine flywheel of continuously increasing "crypto per share."

BlockBeats2025/11/22 11:24
Deconstructing DAT: Beyond mNAV, How to Identify "Real vs. Fake HODLing"?

Empowered by AI Avatars, How Does TwinX Create Immersive Interaction and a Value Closed Loop?

1. **Challenges in the Creator Economy**: Web2 content platforms suffer from issues such as opaque algorithms, non-transparent distribution, unclear commission rates, and high costs for fan migration, making it difficult for creators to control their own data and earnings. 2. **Integration of AI and Web3**: The development of AI technology, especially AI Avatar technology, combined with Web3's exploration of the creator economy, offers new solutions aimed at breaking the control of centralized platforms and reconstructing content production and value distribution. 3. **Positioning of the TwinX Platform**: TwinX is an AI-driven Web3 short video social platform that aims to reconstruct content, interaction, and value distribution through AI avatars, immersive interactions, and a decentralized value system, enabling creators to own their data and income. 4. **Core Features of TwinX**: These include AI avatar technology, which allows creators to generate a learnable, configurable, and sustainably operable "second persona", as well as a closed-loop commercialization pathway that integrates content creation, interaction, and monetization. 5. **Web3 Characteristics**: TwinX embodies the assetization and co-governance features of Web3. It utilizes blockchain to confirm and record interactive behaviors, turning user activities into traceable assets, and enables participants to engage in platform governance through tokens, thus integrating the creator economy with community governance.

BlockBeats2025/11/22 11:23
Empowered by AI Avatars, How Does TwinX Create Immersive Interaction and a Value Closed Loop?

Aster CEO explains in detail the vision of Aster privacy L1 chain, reshaping the decentralized trading experience

Aster is set to launch a privacy-focused Layer 1 (L1) public chain, along with detailed plans for token empowerment, global market expansion, and liquidity strategies.

BlockBeats2025/11/22 11:22
Aster CEO explains in detail the vision of Aster privacy L1 chain, reshaping the decentralized trading experience