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Home Blog Page 134

Hyperliquid Treasury Merger Vote Delayed, Postponing $888 Million Deal

By
Paul Ugbede Godwin
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0

The shareholder vote on a proposed merger to create Hyperliquid Strategies—a digital asset treasury (DAT) focused on accumulating and holding HYPE tokens, the native asset of the Hyperliquid decentralized perpetuals exchange—has been postponed by two weeks.

The delay, stems from insufficient voter turnout despite strong support from those who have participated. The deal, first revealed in July 2025, involves Nasdaq-listed Sonnet BioTherapeutics merging with Rorschach I LLC an entity tied to Atlas Merchant Capital and Paradigm to form Hyperliquid Strategies Inc.

The new entity would hold approximately 12.6 million HYPE tokens valued at around $583 million, plus $305 million in cash, for a total estimated value of $888 million at announcement. The firm aims to raise up to $1 billion and trade on Nasdaq under a new ticker, providing public market exposure to HYPE.

Over 95% of votes cast so far favor the merger, but it requires more than 50% of all outstanding Sonnet shares to approve. David Schamis, CEO of Hyperliquid Strategies and co-founder of Atlas Merchant Capital, expressed confidence in reaching the threshold by the new deadline of December 2, 2025, and urged shareholders to vote promptly.

This comes amid a cooling DAT trend, where new treasury announcements have slowed. Backers include major players like Paradigm, Galaxy Digital, Pantera Capital, and D1 Capital. Post-merger leadership would feature Bob Diamond (Atlas co-founder) as chairman and Schamis as CEO, with additional board members like former Boston Fed president Eric Rosengren.

A successful close would mark one of the largest publicly traded crypto treasuries centered on a single DEX token, blending traditional finance with DeFi. However, recent HYPE price dips have slightly eroded the deal’s perceived value.

Schamis shared the update on X, noting the frustration but optimism: “Annoyingly we have to delay the shareholder vote for two weeks… We are confident that we will be able to achieve this by the December 2 date.”

Standard Chartered Says Bitcoin Sell-Off Likely Over, Eyes Year-End Rally

In a research note dated November 18, 2025, Standard Chartered’s head of digital asset research, Geoffrey Kendrick, declared that Bitcoin’s recent 30% correction—dropping BTC below $90,000 from its October high above $126,000—is likely complete.

He views this as the third major pullback since the U.S. spot BTC ETF launch last year, mirroring prior patterns, and anticipates a rebound as the base case. Kendrick points to capitulation signals, including: MicroStrategy’s modified net asset value (mNAV) ratio hitting 1.0 parity between market cap and BTC holdings value, a “zero” level indicating seller exhaustion.

On-chain data showing realized BTC loss margins at -16% below the typical -12% capitulation threshold. Technicals like the RSI at 26 deeply oversold, the lowest since BTC’s $76,000 bottom earlier in the cycle.

A year-end rally remains the baseline scenario, potentially disproving persistent halving-cycle theories. Kendrick previously forecasted $200,000 by end-2025 but declined to reaffirm it amid the dip. He emphasized blockchain adoption trends, predicting all global transactions will eventually settle on-chain.

The sell-off intensified on-chain stress and ETF outflows, with $335 million in BTC derivatives liquidated in a single day. Trading volume doubled, but Kendrick sees these as exhaustion rather than further downside. Analysts note BTC must reclaim $95,000–$100,000 to avoid structural weakness.

Policy shifts or deeper corrections could delay recovery, though seasonal Q4 strength in crypto supports optimism. This bullish take contrasts with recent volatility but aligns with historical post-correction rallies, offering hope for investors eyeing December gains.

OpenLedger Launches OPEN Mainnet to Revolutionize AI Data Attribution and Creator Compensation

By
Paul Ugbede Godwin
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0

OpenLedger—a blockchain infrastructure project backed by Polychain Capital—officially launched its OPEN Mainnet, marking a significant step toward addressing one of AI’s most pressing issues.

The lack of fair attribution and compensation for data contributors. This launch introduces a decentralized network designed to trace AI data lineage on-chain, ensuring creators, researchers, and domain experts are automatically rewarded based on how their contributions are used in AI models and outputs.

The move comes amid growing debates over AI “data theft,” where training datasets are often scraped without credit or payment, and positions OpenLedger as a foundational layer for “Payable AI.”

OpenLedger was founded in 2024 by Pryce Adade-Yebesi, Ashtyn Bell, and Ram Kumar with prior exits including Utopia Labs, acquired by Coinbase, OpenLedger is an EVM-compatible Layer 2 blockchain tailored for AI development.

It combines blockchain’s transparency with AI’s computational needs to create a “Data-as-a-Shared-Service” ecosystem. Key components include Permissionless, domain-specific datasets curated by community nodes for specialized AI training.

AI Studio and OpenLoRA: Tools for building and serving models with up to 99% cost reduction compared to traditional methods.

ZK-Verifiable Execution: Ensures secure, tamper-proof computations with sub-second finality.

The project raised $8 million in seed funding in July 2024, led by Polychain Capital and Borderless Capital, with participation from HashKey Capital and angels like Balaji Srinivasan and Sandeep Nailwal.

This capital has fueled rapid development, including an incentivized testnet that ran from December 2024 to February 2025, attracting over 6 million nodes, 25 million transactions, and 20,000+ models deployed.

At the heart of OPEN Mainnet is the Proof of Attribution (PoA) system, a blockchain-based mechanism that logs the entire “lineage” of AI assets—datasets, models, and agents—on-chain. This creates an immutable trail for every AI output, allowing it to be traced back to its original contributors.

When an AI model generates content— a story inspired by a writer’s uploaded work, PoA quantifies the influence (e.g., 30% attribution) and triggers automated payouts via smart contracts. Rewards are distributed in $OPEN tokens based on verified usage, eliminating intermediaries.

Payable AI Model: Inspired by platforms like YouTube, this enables passive earnings for data providers. For instance, a researcher uploading domain-specific data earns royalties every time it’s used in an AI agent’s inference, fostering a fairer AI supply chain.

This addresses AI’s “attribution crisis,” where contributors receive no upside from the $1 trillion+ AI economy projected by 2030. By decentralizing data custody and infrastructure, developers can build AI agents without managing servers or provenance, while complying with emerging regulations like GDPR.

The native $OPEN token powers the ecosystem, serving as the medium for rewards, staking, and fees. 40% to contributors/ecosystem; deflationary via inference ffeesl. Attribution payouts, staking 20-50% APY based on network load, governance.

Increased AI usage ? more on-chain attribution ? higher $OPEN consumption for payouts. $OPEN launched without a traditional TGE, prioritizing network stability. It’s listed on major exchanges like Binance.

With community speculation pointing to strong upside potential—comparable projects like Render ($RNDR) achieved 100x gains on narrower utility, while Bittensor ($TAO) trades at a 60x higher valuation despite similar architecture.

The mainnet rollout has generated buzz in crypto and AI circles, 27 products built, $15M in early revenue, and seamless migration of 6M nodes to the live explorer. Partnerships with Cambridge for a $5M decentralized AI research fund; integrations with KaitoAI for rewards 250K $OPEN in a “YAPENING” leaderboard challenge.

X discussions highlight its asymmetry as an “AI infra play,” with users noting the shift from hype-driven agents to fundamental attribution tech. Early adopters can participate via the AI Studio for model deployment or Datanets for data contributions, earning $OPEN through PoA.

With 50+ dApps in development and grants totaling $25M, OpenLedger is positioning itself as the go-to layer for AI x Web3, potentially bridging ecosystems like Base and MegaETH. This launch isn’t just another token drop—it’s a structural fix for AI’s inequities, turning contributors into stakeholders in the intelligence economy.

As AI lawsuits mount and ethical sourcing becomes mandatory, OpenLedger’s verifiable, on-chain model could become a regulatory moat. At its current valuation, it’s an asymmetric bet on the convergence of AI and blockchain, with real-world utility already proven.

EU Court Rejects Amazon’s Bid to Escape Strict “Very Large Online Platform” Rules Under Digital Services Act

By
Samuel Nwite
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0

The European Union’s General Court on Wednesday rejected Amazon’s attempt to overturn its designation as a “Very Large Online Platform” (VLOP) under the bloc’s Digital Services Act (DSA), reinforcing the EU’s power to impose its toughest obligations on the world’s biggest digital companies.

Amazon had asked the court to nullify the provision that places platforms with more than 45 million users in the highest-risk category. This classification triggers extensive compliance demands, including stepped-up efforts to curb illegal and harmful content, stronger consumer safeguards, robust reporting systems, and heightened oversight of marketplace risks.

The court dismissed the request in full, ruling that the European Commission had acted within its authority by including Amazon among the platforms required to follow the stricter rules. Judges said that even though Amazon is not a social media network and does not distribute opinions or news, it still has the capacity to expose millions of consumers to illicit or unsafe products, risks the DSA specifically aims to address.

The court emphasized that online marketplaces can “pose a risk to society” through the “dissemination of illegal content or infringing fundamental rights, including consumer protection.” It added that the obligations imposed are justified, even if they “entail significant financial burdens” for companies of Amazon’s scale.

Amazon criticized the decision and signaled plans to appeal to the EU Court of Justice.

“The Very Large Online Platform status was designed to address systemic risks posed by very large companies with advertising as their primary revenue and that distribute speech and information,” the company said. “The Amazon Store, as an online marketplace, does not pose any such systemic risks; it only sells goods, and it doesn’t disseminate or amplify information, views or opinions.”

That argument failed to sway the judges, who wrote that consumer-facing risks fall squarely within the purpose of the DSA. As long as a platform’s scale enables illegal listings, unsafe products, or deceptive commercial practices to reach users on a massive level, regulators may intervene, the ruling said.

The court also reviewed and dismissed all of Amazon’s remaining objections, leaving the company fully bound by the DSA’s strictest requirements.

The decision sits within a much wider regulatory push in Brussels that has been steadily tightening rules for dominant digital companies, many of which are headquartered in the United States. Over the past decade, the EU has launched high-profile investigations, competition cases, and data-protection actions against several U.S. firms, prompting recurring claims in Washington and Silicon Valley that Europe is disproportionately targeting American tech companies.

The DSA — alongside the EU’s Digital Markets Act, GDPR enforcement, and a series of competition rulings — has deepened that perception. European officials deny any bias, arguing that their focus is on market power, risk management, and consumer safety rather than nationality. Still, the pattern is hard to ignore: the vast majority of companies designated under the EU’s newest digital rulebooks are based in the United States.

Wednesday’s judgment reinforces that trajectory. It confirms that Brussels intends to hold online marketplaces to the same high standard as social media platforms and search engines, especially when their scale gives them influence over the goods that flow through the digital economy.

Amazon must now continue complying with enhanced obligations while it prepares its next legal challenge. Meanwhile, the ruling strengthens the Commission’s hand as it continues reshaping how the biggest global tech firms operate across Europe — and signals that any further attempts to push back on the DSA are likely to face difficult odds.

Bullish Q3 2025 Earnings Record Profits Amid Stock Dip

By
Paul Ugbede Godwin
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0

Bullish Inc, the crypto exchange backed by Peter Thiel and parent company of CoinDesk, reported its strongest quarter since going public in August 2025.

For Q3 2025, the firm swung to a net income of $18.5 million, a dramatic turnaround from a $67.3 million loss in the prior-year period. This equated to earnings per share (EPS) of $0.10, aligning with analyst estimates.

Adjusted revenue: $76.5 million, up 72% year-over-year from $44.6 million, fueled by the launch of U.S. spot markets and crypto options trading. Adjusted EBITDA: $28.6 million, a 271% increase.

Options trading milestone surpassed $1 billion in volume shortly after launch. Assets under management: Grew to $49 billion tied to Bullish indices, up from $41 billion. Despite these positives, BLSH shares fell 3.5% to 8% on November 19, 2025, trading around $36.42—below its $37 IPO price.

The stock has declined nearly 40% over the past month, reflecting broader caution toward newly public crypto firms. Analysts like Cantor Fitzgerald maintained an “overweight” rating but trimmed the price target to $56 from $59, citing sector-wide multiple compression.

Investor reaction may stem from a slight dip in adjusted transaction revenue to $26.7 million from $32.9 million due to lighter trading volumes, even as institutional adoption grew. CEO Tom Farley emphasized momentum:

We launched our crypto options trading and U.S. spot trading businesses, signed notable institutional clients, and expanded our liquidity services.

Looking ahead, Q4 guidance projects subscriptions, services, and other revenue (SS&O) between $47–$53 million, with adjusted operating expenses at $48–$50 million. Notably, Cathie Wood’s ARK Invest added $10.2 million in BLSH shares across three ETFs just days prior.

Bitcoin Miner Fees Hit 12-Month Low: Spotlight on Subsidy Dependence

Bitcoin transaction fees for miners have plunged to a 12-month low of about $300,000 per day as of mid-November 2025, accounting for less than 1% of total miner revenue.

This underscores the network’s ongoing heavy reliance on block subsidies, which currently provide ~$45 million daily based on 3.125 BTC per block at prevailing prices. Bitcoin’s reward structure splits miner income between: Block subsidy: Newly minted BTC halved to 3.125 BTC post-2024 halving, set to continue declining until zero issuance around 2140.

Transaction fees: Paid by users for block inclusion, which fluctuate with network demand. Historically, fees spiked during high-activity periods—like 2023–2024 Ordinals and Runes hype—peaking at over 40% of revenue.

But with calmer on-chain usage primarily as a monetary transfer layer rather than app platform, fees now contribute minimally. Post-halving, subsidies dominate even more, raising long-term questions about fee growth to sustain security as subsidies fade.

This isn’t an immediate crisis—the next halving isn’t until 2028, and aggregate miner revenue remains robust ~$1 billion+ monthly. Solutions could include rising Bitcoin prices boosting subsidy value in fiat terms, broader adoption for fee-generating transactions, or innovations like Layer-2 scaling.

Still, it highlights the need for organic demand growth to transition toward a fee-dominant model without compromising hash rate or network integrity.

The $18.5 M profit and 72% revenue growth were already priced in after the IPO hype and ARK Invest buying. Investors focused on the sequential drop in transaction revenue and broader de-rating of public crypto stocks.

BLSH still trades with relatively low float and high short interest ~18%. Any negative headline triggers outsized moves. The dip reinforces that newly public crypto companies Bullish, Circle, Kraken if it lists are trading more like high-beta growth stocks than stable financials, highly sensitive to BTC price and macro liquidity.

Bullish is proving it can generate real earnings from institutional flow options, custody, indices rather than just retail spot trading. This is a differentiator vs. Coinbase, which still derives ~70–80% from retail transaction fees.

If Bullish keeps hitting $25–30 M quarterly EBITDA while trading at ~8× EV/EBITDA current levels, it becomes an attractive takeover target for traditional exchanges Nasdaq, CME, ICE or banks wanting regulated crypto exposure.

Cathie Wood/ARK adding shares signals belief that regulated, U.S.-focused crypto infrastructure will compound as Trump administration eases enforcement. At ~$70k–$100k BTC, the 3.125 BTC subsidy is worth ~$220k–$310k per block. Even with tiny fees, daily revenue per block is still $230k–$320k—plenty to keep most efficient miners profitable.

Hash-rate growth will slow or stall in 2026–2027 as marginal miners older-gen machines get squeezed post-halving profitability cliff. The 2028 halving to 1.5625 BTC will cut subsidy revenue another 50%. If BTC price doesn’t at least double from the halving price and fees remain <10% of revenue, a large portion of current hash rate becomes unprofitable.

Security budget debate re-ignited: Bitcoin’s long-term economic security ultimately depends on transaction fee volume growing 10–20× from today’s levels. Current data shows the opposite trend outside of periodic meme-coin/Ordinals spikes.

Higher BTC price linearly increases subsidy value in USD, buying another 4–8 years of breathing room. Organic fee market growth: Requires widespread adoption of Bitcoin as a settlement layer (Lightning, Ark, statechains, BitVM apps, stablecoins on Bitcoin, etc.).

Tail emission or protocol change: Extremely unlikely and politically toxic in the core community. Hash rate centralization: Less efficient miners shut off ? surviving large industrial players like Marathon, Riot, CleanSpark, Bitfarms capture more share ? higher geographic and corporate concentration risk.

Bullish’s earnings prove institutions are willing to pay premium fees on regulated venues ? potential fee upside for Bitcoin if similar institutional activity migrates on-chain or via Layer-2. But today’s fee collapse shows retail-driven hype cycles are not sticky enough to replace subsidies yet.

Bitcoin’s economic security remains a 2030–2040 problem, not a 2025–2027 problem, as long as price trends upward every cycle. The Bullish result is mildly bullish for that thesis—regulated venues can extract healthy fees from institutions, hinting at what a mature fee market could eventually look like.

Zeeh Africa Unveils Enhanced Direct Debit Feature to Tackle Loan Repayment Challenges in Nigeria

By
Ojukwu Emmanuel
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0

Zeeh Africa, a Tekedia portfolio company that unlocks value in financial data for people and businesses in Africa, has relaunched its Direct Debit feature.

The update aims to tackle one of Nigeria’s digital lending sector’s biggest challenges, ensuring timely loan repayments from borrowers.

The revamped Direct Debit solution enables users to access secure, automated direct debit payments for seamless collections, helping lenders easily manage recurring payments and minimize collection risks.

Highlighting the urgency of the solution, Zeeh Africa CEO David Adeleke said,

“The irony of Nigeria’s fintech boom is that while we’ve made it incredibly easy to disburse loans, we’ve remained inefficient at collecting repayments. Manual follow-ups, failed bank transfers, and unreliable payment promises create a cycle where good borrowers get lumped with bad ones.”

Key Features of the Direct Debit Solution Include;

Automated Payment Collections

Businesses can automate recurring payments and gain access to detailed transaction records, offering insights into user spending and payment patterns.

Reduced Payment Defaults

The system helps minimize missed payments through secure, reliable direct debit processes that support consistent loan repayment.

Secure and Efficient Transactions

Direct debit enhances transaction security, reduces fraud exposure, and ensures smoother payment flows for businesses.

Fixed Recurring Payments

Enables the collection of consistent payment amounts spread across predetermined intervals.

Enhanced Security

Mandate setup requires customer authorization and consent, ensuring secure and compliant transactions.

Swift Mandate Setup and Authorization

Mandates can be created in under five minutes, enabling faster onboarding and payment processing.

Multi-Institutional Support

The platform supports mandate setup across more than 30 Nigerian commercial banks, broadening payment collection options.

The launch of this feature comes at a strategic time, following the Central Bank of Nigeria’s (CBN) Q3 2025 Credit Conditions Survey, which revealed an interesting shift in the country’s lending landscape. According to the report, lenders recorded a decrease in default rates for unsecured lending, while default rates for secured lending increased during the review quarter.

The rise in default rates highlights growing pressure on asset-backed borrowers. Secured loans, such as mortgages, auto loans, and business loans backed by collateral, are usually seen as safer for lenders. However, the Q3 data indicates that borrowers are struggling to meet repayment obligations.

Zeeh Africa, founded in 2022 by Adeleke and Frank Uwajeh, has positioned itself as a leading AI-powered cross-border financial identity and credit data infrastructure provider, trusted by financial institutions, digital banks, and fintechs to verify users, assess risk, and power inclusive credit decisions.

The company’s infrastructure grants access to real-time insights and financial data drawn from over 85 million financial records. Through secure APIs and no-code tools, Zeeh aggregates financial data, behavioral analytics, and verified identity records including NIN, BVN, and facial match into actionable intelligence.

These capabilities help partners onboard customers faster, reduce fraud, and extend credit confidently, even to thin-file or previously unbanked users.

In just a few years, the fintech company has become a key player in Africa’s open finance evolution, serving more than 65 financial institutions across Nigeria, Ghana, and Kenya, and influencing over $15.5 million in credit decisions.

As the company expands into new regions including Canada and diaspora corridors, it remains committed to unlocking financial identity for everyone, everywhere.

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