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In 2025, "Crypto Treasury" (DAT) became a sensational new asset allocation trend in the U.S. stock market, with over 200 publicly listed companies announcing plans to include crypto assets on their balance sheets. However, this capital frenzy has sparked widespread concerns about abnormal stock price volatility, asset bubbles, and insider trading. As a result, on September 24, the SEC and FINRA jointly announced investigations into more than 200 related listed companies.

On September 25, the highly anticipated Plasma native token XPL was officially launched, with the opening price once soaring to $1.6. Plasma subsequently initiated a large-scale 7-day liquidity incentive program (lasting until October 2), in collaboration with major DeFi protocols such as Aave, Euler, and Fluid. Users can earn WXPL (Wrapped XPL) rewards by depositing stablecoins (mainly USDT0) into these protocols, with some pools offering an annual percentage rate (APR) exceeding 35%.
- 21:33Canadian billionaire Frank Giustra criticizes Michael Saylor's bitcoin reserve strategyJinse Finance reported that Canadian billionaire Frank Giustra harshly criticized Michael Saylor's suggestion to sell gold in exchange for bitcoin, calling it naive, overly simplistic, and dangerous. Giustra pointed out that over the past 15 years, emerging economies such as China and India have been actively accumulating gold, which makes gold more resilient and globally supported than Saylor believes.
- 20:46The total on-chain holdings of US spot Bitcoin ETFs have surpassed 1.32 million BTC.According to Jinse Finance, Dune data shows that the total on-chain holdings of US spot bitcoin ETFs have surpassed 1.3 million BTC, currently reaching approximately 1.321 million BTC, accounting for 6.62% of the current BTC supply. The on-chain holding value has reached about $134.2 billion.
- 20:37Data: Multiple tokens experience a surge followed by a pullback, DEXE hits a new low todayAccording to ChainCatcher, spot market data from a certain exchange shows significant market fluctuations. OM has dropped 6.39% in the past 24 hours, PIVX has fallen by 8.72%, and DEXE hit a new low today with a decline of 8.51%. In addition, SANTOS has fallen 6.51% in the past 24 hours, API3 is down 8.14%, ARK has dropped 7.45%, and NTRN has fallen 12.21%. On the other hand, ALCX has risen 8.77% in the past 24 hours, showing a rebound after hitting a low.