U.S. Government Shutdown: 800,000 workers at risk, Friday’s NFP likely to be delayed
The U.S. federal government officially shut down at 12:01 a.m. ET after failing to reach a short-term budget agreement. Approximately 800,000 public employees face the risk of pay cuts/unpaid leave; the release of the September non-farm payroll (NFP) report will likely be delayed. With the labor market weakening throughout the summer, this data gap will complicate investors’ and economists’ outlook calibration.
Treasury: Corporate crypto tax rules may be relaxed (CAMT)
The Treasury is reportedly preparing to soften its draft plan to tax companies’ unrealized crypto gains under the minimum corporate tax (CAMT). This could prevent billions of dollars in paper profits on the balance sheets of MicroStrategy and similar companies from being taxed. Companies had argued that the unrealized gains tax would create selling pressure and put them at a disadvantage in global competition.
Dollar weakening: Shutdown duration is key
The DXY has seen consecutive declines due to the US government shutdown; option market risk reversal indicators point to further downside in the coming month. According to Jefferies, pressure on the dollar could increase as the shutdown drags on. In the short term, data flow and policy uncertainty will keep FX volatility high.
Metaplanet is the 4th largest Bitcoin treasury among public companies
Japan’s Metaplanet surpassed Bitcoin Standard Treasury with 30,823 BTC, rising to 4th place behind Strategy, MARA, and XXI. The company’s aggressive buying strategy signals deepening BTC balance sheet allocations among Japanese institutions. This move also reflects institutional efforts to hedge against regional currency volatility.
With the acquisition of London-based Bastion Asset Management, CoinShares is preparing to launch an actively managed crypto ETF in the US. Relying on systematic alpha strategies rather than passive tracking, the structure seeks differentiation in the new regulatory landscape. The transaction is subject to FCA approval.
Melanion Capital raises €50 million for private Bitcoin reserve model
Paris-based Melanion will leverage the flexibility of its private company status to create a Bitcoin reserve on its balance sheet. The goal is to move Bitcoin from passive holding to a performance driver through treasury optimization and active management. The model positions itself as a regulated private “BTOC” example in Europe.
BoE Governor Bailey: Stablecoins could be transformative in the financial architecture
Bailey stated that stablecoins could accelerate innovation in domestic/international payment systems. However, he emphasized the need for strict standards in areas such as reserve quality, operational/cyber risks, insurance, and resolution frameworks. The BoE will open its systemic stablecoin regulation plans for consultation towards the end of the year.
WLFI announces new crypto card
World Liberty Financial (WLFI), linked to the Trump family, is launching a debit card that links crypto assets to daily spending. The company is also evaluating options for tokenizing asset classes such as real estate and oil/gas. The product aims to accelerate user adoption in the crypto → fiat gateway.
Institutional accumulation on Solana
18 Solana treasury entities hold a total of 20.921M SOL (≈3.64% of supply), 59.6% of which is staked. This ratio reflects long-term commitment and contribution to network security. Across the network, institutions appear to be optimizing the “stake + remain liquid” balance.
Ethena x Hyperliquid: New stablecoin plan (1M HYPE lock)
Ethena will collaborate with Liminal on a new stablecoin with USDH-like discounts on Hyperliquid. The launch includes a 1,000,000 HYPE lock requirement; BTC/ETH/SOL collateral support and USDe-like yields are targeted. The ecosystem also notes that the HIP-3 joint listing initiative will accelerate.
Senior Appointment at TON Foundation
Former Apple and Nike executive Gerardo Carucci has been appointed as TON Foundation’s new CMO. The role involves creative/strategic marketing to grow TON adoption within the Telegram ecosystem. Corporate brand experience could be critical in bridging Web2 → Web3.
