Bitcoin adoption by institutions, banks, merchants, public companies, and state actors surged through 2025, even as the price retraced from its peak. A River report published this week notes that, despite Bitcoin down roughly 50% from its all-time high, adoption is compounding in ways that don’t immediately show up in the price. The study argues that there is no bear market in Bitcoin adoption and that trust in the asset has grown faster than for any other store of value in history. What began as an experimental project is now a globally recognized asset class with adoption patterns approaching those of the internet.

Key takeaways

• Institutions accumulated 829,000 BTC in 2025, spanning businesses, governments, funds, and exchange-traded funds (ETFs).
• Registered investment advisors have been net buyers for eight consecutive quarters, with approximately $1.5 billion funneled into Bitcoin ETFs per quarter over the past two years.
• Approximately 60% of the top US banks are actively building Bitcoin products, aided by a more favorable regulatory environment that allows custody and product offerings.
• Crypto treasury purchases dominated 2025 activity, with corporate buyers increasing exposure as adoption among treasuries grew about 2.5 times last year.
• Merchant adoption accelerated: US merchants accepting Bitcoin tripled, global usage rose 74% in 2025, and the Lightning Network saw a 300% jump in payments, now estimated to process over $1.1 billion in monthly volume.
• Five new nation-states joined the ranks of Bitcoin holders in 2025, including Luxembourg and Saudi Arabia through sovereign funds, and the Czech Republic, Brazil, and Taiwan via central-bank or state-linked channels; total state involvement spans at least 23 countries.

Tickers mentioned: $BTC

Sentiment: Bullish

Price impact: Neutral. Adoption trends have accelerated even as price movements remained subdued, suggesting a decoupling between on-chain demand and spot prices.

Trading idea (Not Financial Advice): Hold. Structural demand from institutions and governments signals a sustained baseline, even if near-term price action remains uneven.

Market context: The 2025 dynamics unfold amid shifting liquidity, evolving risk appetite, and a steadily clearer regulatory framework for institutional crypto activity, including custody and product offerings, complemented by ongoing ETF and sovereign-interest flows.

Why it matters

The breadth of Bitcoin’s institutional footprint is reshaping how investors view the asset. The 829,000 BTC added in 2025 showcases a persistent appetite from a diverse set of players, including governments and large funds, rather than a temporary speculative surge. This level of accumulation intersects with broader questions about Bitcoin’s maturity as a store of value and potential hedge in diversified portfolios. The River analysis highlights that much of the uptake is happening through channels that touch ordinary investors—through brokerage accounts, retirement plans, and corporate balance sheets—underscoring how widespread exposure has become.

On the payments and merchant side, the acceleration is equally notable. The number of merchants accepting Bitcoin in the United States has tripled, while global usage rose by a material margin in 2025. The Lightning Network, a layer-2 solution designed to enable faster microtransactions, grew its activity by about 300% in the year, with monthly volume surpassing an estimated $1.1 billion. These metrics point to a real-world utility trajectory that complements the broader narrative of Bitcoin as a digital money and store of value rather than a purely speculative vehicle.

State participation also expanded meaningfully. In 2025, five new nation-states joined the ranks of Bitcoin holders, including Luxembourg, Saudi Arabia, the Czech Republic, Brazil, and Taiwan. River estimates place the total number of sovereign or state-backed exposures at roughly two dozen countries, illustrating how Bitcoin’s role in public policy and central-bank curiosity is broadening beyond the early-adopter phase. The evolving mix of buyers—from sovereign funds to central banks to corporate treasuries—helps to illustrate why many observers describe Bitcoin as a global, increasingly diversified asset class rather than a niche technology experiment.

“We expect that in the coming years, Bitcoin adoption will not only continue its current trend, but meaningfully accelerate.”

The narrative painted by River aligns with a growing chorus that Bitcoin’s long-run fundamentals are increasingly decoupled from day-to-day volatility. Some market observers argue that as volatility converges toward the range of gold and broad equity indices, the hurdle for more risk-averse institutions lowers, potentially widening the pool of capital that views Bitcoin as a strategic, long-horizon exposure.

For readers seeking a concise anchor, River’s ongoing research emphasizes that Bitcoin is built on trust and, in their view, remains the world’s most credible scarce digital asset. While headlines will continue to swing with price action, the substance of adoption—across institutions, banks, merchants, and states—appears to be widening rather than narrowing.

What to watch next

• Regulatory clarity in the United States regarding custody and Bitcoin-based products offered by banks and financial institutions.
• Continued ETF inflows and any new filings or approvals that broaden access to Bitcoin-related funds for retail and institutional investors.
• Further sovereign or central-bank engagement, including potential expansion of state-backed mining or reserves allocations.
• Development and scaling of the Lightning Network to sustain higher transaction volumes for merchants and payment processors.
• Corporate treasury strategies and a potential uptick in public-company BTC holdings as part of balance-sheet optimization.

Sources & verification

• River, Bitcoin Adoption 2026 report and related materials (river.com/content/bitcoin-adoption-2026).
• River’s data on 2025 BTC accumulation by institutions (River status report linked in the same publication).
• Related coverage on public-company Bitcoin holdings and treasury adoption (Cointelegraph link: cointelegraph.com/news/public-companies-bitcoin-holdings-prices-crypto-dat).
• Lightning Network growth and estimated monthly volume (> $1.1B) referenced in River’s framework and corroborating coverage (cointelegraph.com/news/bitcoin-lightning-network-1b-monthly-volume).
• Context on sovereign and institutional participation as described in River’s analysis (River article and commentary embedded in the 2026 update).

Institutional adoption reshapes Bitcoin’s 2025 narrative

Bitcoin (CRYPTO: BTC) adoption by institutions, banks, merchants, public companies, and state actors accelerated throughout 2025, even as the asset’s price retraced from record levels. A River analysis published in 2025 underscored that the pace of adoption continued to outstrip price movements, signaling a maturation of the ecosystem that extends beyond speculative interest. The report states that “there is no bear market in Bitcoin adoption” and that trust in the asset has expanded at a pace unmatched by any prior store of value, with patterns of usage and ownership increasingly resembling the diffusion of the internet itself. The narrative frames Bitcoin not merely as a volatile crypto asset but as a globally recognized store of value with global reach and an expanding base of mainstream participants.

In terms of on-chain activity, River tallies show that institutions accumulated 829,000 BTC in 2025, spanning purchases by businesses, government entities, funds, and ETFs. The research notes a persistent trend among registered investment advisors, who have been net buyers for eight consecutive quarters, and highlights that Bitcoin ETFs absorbed roughly $1.5 billion in new money per quarter across the last two years. These numbers illuminate a broader trend: exposure is increasingly consolidated through regulated vehicles and diversified ownership channels, moving Bitcoin from a niche asset to a staple element of diversified portfolios.

Layering into custody and product access, the report points to a striking statistic: around six in ten of the top US banks are actively pursuing or developing Bitcoin-related offerings. River emphasizes a favorable regulatory environment in the United States, which has opened the door for banks to custody Bitcoin and to offer related products to retail and institutional clients. The combination of improved access and enhanced custody capability is a potent driver of continued adoption, the analysis argues, even if the immediate price action remains volatile.

Beyond traditional financial players, corporate balance sheets emerged as a major source of demand. The year 2025 saw corporations emerge as the largest buyers of BTC, with a notable share driven by treasury-management strategies. River notes that corporate demand grew roughly 2.5 times year over year, underscoring the strategic role that Bitcoin is playing in reserve management for some companies. The shift from proof-of-concept experiments to real-world treasury deployments marks a meaningful transition in Bitcoin’s evolution as a corporate- and institution-facing asset.

On the payments front, River documented acceleration in merchant adoption and consumer usage. In the United States, the number of merchants accepting Bitcoin rose dramatically—twice on the doorsteps of mainstream commerce—and global usage rose 74% in 2025. The Lightning Network, designed to facilitate faster and cheaper microtransactions, expanded its footprint by approximately 300% in 2025 and is now estimated to process over $1.1 billion in monthly volume. The growth of Lightning is a tangible indicator of the network’s practical utility, moving Bitcoin from a store of value to an on-ramp for everyday payments in a growing number of contexts.

State involvement also expanded meaningfully. River identifies five new nation-states becoming Bitcoin owners in 2025, including Luxembourg and Saudi Arabia via sovereign-backed channels and the Czech Republic, Brazil, and Taiwan through central-bank or state-linked arrangements. While the precise mechanisms vary, the cumulative effect is a broader and more formalized exposure to Bitcoin across sovereign balance sheets. River’s broader estimate places the number of states with some Bitcoin exposure at roughly 23, whether through mining, seizures, or direct holdings.

The broader takeaway is clear: Bitcoin’s volatility is converging toward the realm of traditional assets such as gold and major stock indices, reinforcing the asset’s maturation in the eyes of a growing cohort of risk-conscious investors. The report suggests that as volatility subsides, institutions with more conservative mandates may become comfortable with increasing allocations over time, potentially unlocking additional pools of capital that have historically been wary of crypto markets.

In wrapping up, River frames Bitcoin as a trust-based, scarce digital asset that has evolved from a speculative experiment into a globally recognized instrument with tangible use cases—from corporate treasuries to real-time payments and beyond. While the market will continue to echo a variety of price scenarios, the underlying growth in adoption signals a lasting shift in how Bitcoin is perceived and used on a global scale.

Kash, a social-native prediction market platform, has raised $2 million in pre-seed funding to transform how conviction is expressed online. Built directly into social media, and starting with X, Kash turns everyday posts into live, tradable markets on real-world events, embedding forecasting into the social feed itself.

Backed by leading venture investors including Big Brain Holdings, Spartan Group, Coinbase Ventures, Kosmos Ventures, Halo Capital, MoonRock Capital, Polaris Fund, and Fabric VC, Kash is positioning prediction markets where attention already lives: inside the platforms that shape global conversation.

Rather than debating outcomes in comment threads, users can now express conviction through simple interactions with @kash_bot. No new clunky apps. No complex external trading interfaces. Just scroll, quote-post, predict, and let the market price the truth in real time.

“We’re embedding an entirely new financial vehicle where people already live, and enabling users to place, and even permissionlessly create prediction markets, directly from their feed,” said Lucas Martin Calderon, Founder and CEO of Kash.

“People already hold opinions on elections, macro, sports, and culture. Kash transforms those opinions into tradable positions and rewards those who are right.”

Bridging Institutional Infrastructure and Consumer Attention

Before founding Kash, Lucas worked at the intersection of blockchain security and AI, collaborating with governments and tier-one banks to architect secure on-chain systems. He later worked alongside leading crypto hedge funds on high-frequency trading strategies, gaining firsthand experience in how markets aggregate and price information at scale.

Those experiences pointed to a clear shift: prediction markets are approaching an inflection point. The world has never been more uncertain, and as information accelerates and trust fragments, markets will determine what is credible. Kash brings that mechanism directly into where information spreads fastest.

Posts become markets. Engagement becomes a signal. Every prediction is settled transparently on-chain. Leaderboards, dynamic multipliers, and weekly competitive games make forecasting social and participatory, while the underlying infrastructure ensures trustless execution and automated resolution, which virally grow across social media feeds. 

Kash is also extending its infrastructure beyond its core product, working with several companies to embed prediction markets directly into their own platforms and communities, unlocking new forms of engagement and user acquisition. This is the first time large social media accounts can engage with their audience in an entirely new way, making people have skin-in-the-game around any short-lived narrative. 

“Prediction markets are one of the most robust truth-finding mechanisms in finance. The missing piece has been distribution. Kash solves that by embedding markets natively into X, where the information and opinions already flow.” said Lata Persson from Fabric VC. “We’re excited to back Lucas and the Kash team, who bring a rare combination of deep experience in how institutional markets aggregate information, and a clear-eyed view of where consumer attention lives.” 

Why This Moment Matters

Prediction markets have historically lived on niche trading platforms. Meanwhile, billions of users debate outcomes daily on social media without economic accountability.

Kash sits at the convergence of two forces:

• The financialization of attention
• The growing demand for real-time, trustless information systems

“We’re not building a feature, we’re defining a new behaviour,” said Lucas. “Prediction markets shouldn’t be confined to professional traders. They should be native to how people interact with uncertainty every day.”

To support this evolution, Kash is forming a Prediction Market Council, bringing together researchers, investors, and operators to define standards and guide the responsible expansion of this emerging category.

Kash’s Technology Is Ridiculously Impressive

Kash is the first and only prediction market protocol that enables: 

• permissionless prediction market creation: any user can create any market
• short-lived flash markets: Kash can create markets that last as little as 15 mins to weeks
• leverage: users can trade with leverage, native to the protocol
• natively embeds within social media feeds: leveraging familiar and existing user habits

This is only possible through Kash’s custom Bonding Curve Automated Market Maker mechanism, which Lucas created from scratch, fully adapted to social media dynamics and permissionless flash markets for the first time. 

Furthermore, Kash is pioneering how AI is used in prediction markets when it comes to market creation and resolution. Kash is the first protocol that will commercialise the most advanced multi-agentic high-reasoning LLM Council that trustlessly verifies its outcomes using zero-knowledge proof cryptography. 

Path to Launch

Kash has launched its pre-testnet simulation on X through “Kash Flash: The Sovereign Signal,” a weekly competitive prediction series identifying the platform’s most accurate forecasters. Top performers earn “Signal” Tickets, granting early access, testnet privileges, and enhanced mainnet participation.

With pre-seed capital secured, Kash is scaling infrastructure, expanding its team, and accelerating toward a broader launch.  As social platforms continue to dominate global attention, Kash is building the infrastructure that turns conversation into markets, and markets into signals.

About Kash

Kash is a social-native prediction market platform embedded into X, enabling users to trade on real-world events directly within their feed. Founded by Lucas Martin Calderon, Kash combines institutional-grade infrastructure with social-native design to make forecasting accessible, competitive, and economically meaningful. 

For more information: Visit kash.bot | Announcement on X @kash_bot | Follow @lmc_security

TLDR

• Global financial firms executed the first cross-border intraday repo using tokenized U.K. government bonds on the Canton Network.
• The transaction included a cross-currency exchange involving tokenized gilts and tokenized deposits in a non-sterling currency.
• The repo aimed to demonstrate real-time collateral movement without relying on traditional market cut-off times.
• Participants included LSEG, Euroclear, DTCC, Tradeweb, Citadel Securities, Societe Generale, Archax, and Cumberland DRW.
• TreasurySpring embedded interest and risk terms directly into smart contracts supporting the repo structure.

Global financial firms executed a new cross-border intraday repo using tokenized U.K. bonds on the Canton Network, and the move introduced real-time collateral mobility across markets while expanding access to previously underused assets, and it marked an early step in broader institutional blockchain adoption.

The group carried out the trade with tokenized gilts and tokenized cash, and it validated the network’s ability to support fast settlement across jurisdictions. Furthermore, firms used the platform to complete a cross-currency exchange that involved digital gilts against non-sterling deposits.

Cross-Border Repo Execution

LSEG and Euroclear joined the test to move collateral at intraday speed, and the teams aimed to reduce delays tied to traditional cut-off windows. Furthermore, DTCC and Tradeweb supported the workflow to validate synchronized settlement across regions.

Citadel Securities and Societe Generale joined the exercise to assess faster liquidity access, and digital asset firms Archax and Cumberland DRW handled operational elements. Moreover, TreasurySpring applied smart-contract terms to embed rate and risk features directly into each transaction.

The repo involved tokenized gilts drawn from a $2 trillion market, and the test demonstrated that digital instruments can move with fewer frictions across borders. Likewise, the structure allowed firms to complete intraday financing without waiting for legacy batch settlement processes.

Digital Asset executive Kelly Matheison stated that “only about $28 trillion of high-quality liquid assets are usable as collateral today,” and she argued that timing constraints limit broader deployment. Therefore, she explained that real-time transfer rails could unlock more efficient balance-sheet use.

Tokenization as a Settlement Tool

Digital Asset, the primary developer of the Canton Network, raised support from Goldman Sachs, DRW, BNY, and Nasdaq, and the backing underscored rising institutional interest in shared ledgers. Additionally, the firm said Canton aims to help institutions use assets around the clock rather than within limited windows.

Matheison stated that “timing restricts access to global collateral,” and she emphasized that blockchain-based settlement removes constraints tied to geography and market hours. Consequently, the platform allows ownership transfers to occur in real time.

The firms tested the Canton model to shift collateral faster across regions, and the design allowed intraday repo returns without overnight exposure. Furthermore, the shared ledger enabled both sides to verify movements instantly.

The test also showed that synchronized asset transfers reduce manual steps, and the participants reviewed the workflow to confirm operational reliability. Therefore, the model supports more efficient trading schedules.

Bitcoin price has rebounded slightly after recent selling pressure, yet broader technical signals remain cautious. The crypto king recently broke down from a triangle pattern, raising concerns of further downside. 

While the move may appear to be stabilizing, underlying metrics suggest potential prolonged weakness.

Bitcoin’s Past Might Dictate Hints At Its Future

The Realized Profit/Loss Ratio (90D-SMA) has fallen below 1, signaling Bitcoin’s transition into an excess loss-realization regime. This metric measures whether investors are realizing more profits or losses over a rolling 90-day period. A reading below 1 confirms that losses dominate.

Historically, breaks below this threshold have persisted for six months or longer before recovering. Reclaiming levels above 1 has typically aligned with constructive liquidity returning to the crypto market. Until that shift occurs, sentiment may remain defensive and capital inflows limited.

Want more token insights like this? Sign up for Editor Harsh Notariya’s Daily Crypto Newsletter here.

Supply distribution data reveals notable changes among large Bitcoin holders. Addresses holding between 1,000 and 10,000 BTC have gradually reduced exposure. Over the past 12 days, their share of total supply declined from 21.7% to 21.2%.

This shift represents a reduction of nearly 90,000 BTC, valued at approximately $5.8 billion. Although the pace of selling appears measured, distribution by large holders can weigh on price stability. Persistent offloading may limit upside attempts in the near term.

BTC Price Recovery Unlikely

Bitcoin is trading at $65,475 at the time of writing after bouncing from the $62,525 support level over the past 24 hours. The earlier triangle breakdown projected a potential 14% decline. However, immediate downside momentum appears to be slowing.

If macro bearish signals continue to dominate, Bitcoin could retest the $62,525 support. A decisive break below that level may expose BTC to the psychological $60,000 threshold. Losing this support could intensify panic selling and deepen the correction.

Conversely, renewed buying interest at current levels may shift short-term momentum. A breakout above the $67,394 resistance would invalidate the triangle pattern. Sustained strength beyond that point would signal improving structure for BTC and suggest a temporary bullish recovery despite broader liquidity concerns.

TLDR:

• • Coinbase has fully launched stock trading for all U.S. users, following a limited rollout in December 2025.
    
  • Over 8,000 stocks and ETFs are now available with 24/5 commission-free trading in USD or USDC stablecoins.
    
  • Fractional share trading is supported, allowing U.S. investors to start buying stocks with as little as $1.
  • Coinbase partnered with Yahoo Finance, adding trade buttons to asset pages for 150 million monthly visitors.

Coinbase has fully rolled out stock trading to all U.S. users, following a limited launch in December 2025. The crypto exchange now offers access to over 8,000 stocks and ETFs through its platform.

Trading runs commission-free, 24 hours a day, five days a week. Users can conduct transactions in either USD or the USDC stablecoin. Fractional share trading is also supported, allowing investors to start with as little as $1.

Coinbase Brings Full Stock Trading Access to U.S. Users

Coinbase first introduced stock trading during its “System Update” product showcase in December 2025. At that time, only hundreds of stocks were available to a limited group of users.

With the full release, thousands of assets are now accessible to all eligible U.S. customers. The expansion marks a major step in the platform’s push beyond cryptocurrency trading.

The 24/5 commission-free trading model gives users consistent access throughout the trading week. Supporting both USD and USDC as funding options adds flexibility for crypto-native users.

Fractional shares make the platform more accessible to newer or smaller investors. Together, these features position Coinbase as a direct competitor to fintech platforms like Robinhood.

Users can fund their trades using the USDC stablecoin, which is a feature unique to Coinbase’s offering. This bridges the gap between traditional equities and digital asset investing.

It also reflects Coinbase’s broader strategy of integrating crypto and traditional finance in one place. The platform describes its long-term vision as becoming an “everything exchange.”

Looking further ahead, Coinbase plans to offer tokenized stocks, with details expected in the coming months. The company also intends to expand its stock perpetual products this spring through Coinbase Bermuda Ltd.

That move would give international traders 24/7 exposure to U.S. equities, subject to regulatory approval. Those products will not be available to U.S. persons.

Yahoo Finance Partnership Supports Broader Market Reach

Alongside the full rollout, Coinbase announced a partnership with Yahoo Finance to expand its audience. Yahoo Finance will add a “Trade [asset] on Coinbase” button to stock and crypto asset pages.

The site draws more than 150 million global monthly visitors each month. This gives Coinbase a direct channel to a large base of retail investors.

Yahoo Finance users will receive a one-month free trial of a Coinbase One Basic membership. The membership covers zero trading fees and USDC rewards for new users.

George Leimer, general manager at Yahoo Finance, noted the partnership targets everyday investors. He pointed to a growing trend of investors exploring digital assets alongside traditional securities.

The Yahoo Finance integration is currently focused on the U.S. market at launch. Coinbase has said it plans to expand its equities trading products internationally in the coming months.

A dedicated crypto hub through Yahoo Finance is also in development. That hub will feature news, data, and analysis from more than a dozen publishers.

Separately, Coinbase has partnered with Apex Fintech Solutions to handle clearing, custody, and execution services for its equities offering.

TLDR:

• Canton’s working group completed its fourth transaction round, introducing tokenised Gilts as repo collateral for the first time.
  
• The round featured the first cross-currency intraday repo using tokenised Gilts against non-GBP tokenised deposits on Canton.
  
• Archax joined as a new participant, using its tokenisation engine to create regulated digital representations of traditional Gilts.
  
• The working group plans to expand cross-border collateral mobility across European and global markets throughout all of 2026.

Canton’s industry working group has taken another step forward in advancing cross-border collateral mobility on Canton.

Digital Asset, alongside a consortium of leading financial institutions, completed a fourth set of transactions on the Canton Network on February 24, 2026.

The latest round builds on prior milestones by introducing tokenised Gilts and cross-currency repo activity. Together, these achievements move the industry closer to a scalable, always-on capital markets infrastructure that operates across borders and asset classes.

Working Group Builds on Previous Transaction Rounds

The industry working group has steadily expanded its scope across each successive round of transactions. Following the third set completed in December 2025, which covered multiple asset classes and currencies using tokenised deposits, this fourth round introduced new instruments and cross-currency structures. Each iteration has added complexity while maintaining institutional-grade standards across the board.

This latest round featured the first cross-border intraday repo transaction conducted using tokenised Gilts. It also marked the first cross-currency intraday repo using tokenised Gilts against non-GBP tokenised deposits.

These additions reflect the group’s commitment to broadening the range of assets that can move seamlessly across borders within the Canton ecosystem.

@digitalasset, in collaboration with @CantonNetwork participants, announced the completion of a fourth set of transactions showcasing continued momentum in cross-border intraday repurchase activity.

The group’s approach is methodical, advancing one transaction type at a time while ensuring each new layer meets real market requirements. This measured progression is what gives the working group its credibility across participating institutions.

Expanded Membership Strengthens the Consortium’s Reach

A key feature of this transaction round was the growth in active participation across the working group. Archax, a regulated digital asset exchange, broker, and custodian, joined as a new participant.

Existing members including LSEG, Euroclear, Citadel Securities, TreasurySpring, and IntellectEU also deepened their roles in this round.

Archax supported the transaction by leveraging its broker and custody permissions to hold traditional Gilts on behalf of clients.

It then used its tokenisation engine to create regulated digital representations of those assets. Graham Rodford, CEO and co-founder of Archax, described this function as central to the firm’s broader vision and participation strategy.

The growing membership across custodians, trading venues, clearinghouses, and technology providers adds structural depth to the working group. Participants now span the full transaction lifecycle, from execution to settlement and custody.

This breadth makes the group well-positioned to address production-scale challenges as the initiative moves beyond the pilot stage.

Cross-Border Collateral Mobility Takes Shape Across Currencies

The working group’s focus on cross-border collateral mobility is becoming more concrete with each round. TreasurySpring validated cross-currency intraday repo and reverse repo against UK Gilts, with haircuts and repo interest embedded directly into smart contracts.

Co-Founder Matthew Longhurst stated these transactions reflect real economic and risk terms across an institutional governance framework.

Euroclear UK & International played a central role as the UK’s central securities depository in tokenising Gilts for the transaction.

CEO Chris Elms noted that enabling real-time, cross-border collateral mobility helps unlock new liquidity sources for clients. EUI’s involvement brings regulated post-trade infrastructure directly into the Canton framework.

LSEG’s DiSH network served as the cash leg for the transactions, enabling instantaneous beneficial ownership transfer of commercial bank money across multiple currencies and jurisdictions.

Bud Novin, Head of Payment Systems at LSEG, confirmed that DiSH Cash supported the first tokenised intraday Gilt repo on Canton Network.

He added that LSEG DiSH is positioned as a trusted third-party solution for mobilising networks in tokenised markets.

Industry Players Align Around Scalable On-Chain Market Infrastructure

Beyond the transactions themselves, participants are increasingly focused on what comes next for the working group.

IntellectEU’s Anastasiia Vitmer pointed to how quickly the scope is expanding across assets, infrastructure, and active participants.

Her firm’s Catalyst Suite is being built to support any institutional use case on Canton Network as on-chain markets continue to mature.

DTCC’s Brian Steele reinforced that collaboration across the industry is essential to setting standards and accelerating digital asset adoption.

He added that this cross-border intraday repo use case confirms growing demand for seamless, scalable financial infrastructure. DTCC’s role reflects how traditional market infrastructure providers are engaging directly with on-chain models.

Digital Asset’s Kelly Mathieson stated that greater asset diversity and broader participation are paving the way for more efficient and liquid capital markets.

The working group plans to continue groundbreaking on-chain financing initiatives throughout 2026, with European markets and other key regions in focus.

Cumberland DRW’s Chris Zuehlke added that Canton continues to show how tokenisation can unlock real efficiency gains across an increasingly diverse set of assets and currencies.

TLDR

• Polymarket users increased bets on Meteora as the leading candidate in ZachXBT’s upcoming investigation.
• The contract for Meteora reached a 29 percent probability based on active trading behavior.
• ZachXBT stated that the investigation will expose employees who allegedly used internal data for insider trading.
• Traders wagered more than seven million dollars on which platform would be identified on Thursday.
• The investigation did not clarify whether the alleged insider trading involved stocks or digital assets.

Traders on the prediction platform Polymarket increased wagers on which exchange crypto sleuth ZachXBT will target next, and they pushed one project ahead quickly. The market showed heavy activity as users responded to new hints shared on X. The event drew fresh attention after he teased a “major investigation” linked to insider trading claims.

Polymarket Bets Shift Toward Meteora

As trading continued on Tuesday, users raised the probability that Meteora would be named in the probe. The contract reached 29% and moved past other listed platforms.

Users tracked each update closely, and they adjusted positions after his Monday post. However, the contracts still reflected crowd sentiment rather than privileged information.

He said the investigation would show that several employees at an unnamed exchange misused internal data. He added that they engaged in insider trading “over a prolonged period of time.”

Market participants responded fast, and they assessed which platform fit the description. The contract pool included MEXC, Axiom, and Wintermute.

By Tuesday, users had wagered more than $7 million across the choices. The total rose as traders sought clarity from his updates.

The market did not show whether the alleged insider trading involved stock or digital assets. Traders waited for his Thursday disclosure to confirm the scope.

His comments prompted rapid shifts in odds across the platform. Yet trading patterns continued to follow user guesswork rather than confirmed data.

Analysts tracking the contracts noted that trading volume increased during active discussion periods. Activity often rose within minutes of new social media posts.

The market structure allowed users to adjust quickly to every clue. However, the contract rules limited outcome definitions to his final announcement.

State Pushback and CFTC Position on Prediction Markets

Regulatory pressure increased as state officials clashed with federal regulators over these platforms. The dispute widened after the chair of the Commodity Futures Trading Commission restated federal oversight powers.

He argued that the agency had “exclusive jurisdiction” over prediction markets. He also compared them to derivatives markets.

He warned that any challenge from state authorities would be met in court. He confirmed that the agency had already filed amicus briefs in related disputes.

The platform also contested actions brought by the Massachusetts regulator. It argued that only the federal agency held authority over such markets.

Regulatory actions continued as several states pursued separate cases. These cases centered on claims that the platforms offered unlicensed gambling.

The ongoing jurisdiction conflict added pressure to both regulators and platforms. Yet trading on the platform remained active throughout the debate.

U.S. Senator Richard Blumenthal announced a formal Senate inquiry into Binance after recent news reports revealed that the world’s largest cryptocurrency exchange allegedly facilitated nearly $1.7 billion in transactions tied to sanctioned Iranian entities and Russia’s so-called “shadow fleet” of oil tankers.

Blumenthal demands answers from Binance

The inquiry centers on questions about the company’s compliance practices and its response to internal warnings from compliance staff.

In a letter to Binance CEO Richard Teng, Blumenthal, ranking member of the Senate Permanent Subcommittee on Investigations, demanded documents and records detailing the circumstances surrounding the illicit transfers and why compliance personnel who uncovered the activity were reportedly suspended or dismissed.

Interestingly, the investigation comes as Binance recently said it has sharply reduced its exposure to sanctioned entities, reporting a roughly 96% drop in related activity between early 2024 and mid-2025. The exchange has argued that sanctions-linked transactions now account for a tiny fraction of total trading volume.

According to reporting in the New York Times and Wall Street Journal, Binance internal investigators found over 1,500 accounts accessed from Iran and traced funds sent through intermediaries, including Hexa Whale and Blessed Trust, to entities linked to Iran’s Islamic Revolutionary Guard Corps and payments to personnel on Russian ships evading sanctions.

“Binance is a repeat offender: it has long been aware that the Iranian regime and its terrorist proxies use its cryptocurrency platform as a convenient and reliable means to bypass international sanctions, anti-money laundering controls, and other banking restrictions,” the senator wrote in the letter.

Blumenthal’s letter also accused Binance of ignoring clear warning signs, allowing potentially illicit accounts to operate, and even reportedly providing support to money-laundering entities, despite a 2023 settlement with U.S. authorities that required enhanced anti-money-laundering controls.

The senator’s inquiry also references concerns about the reported firing of internal investigators who flagged the activity, raising questions about corporate compliance culture.

Binance has publicly denied that it knowingly facilitated sanctions evasion or that its compliance staff were punished for raising concerns, saying flagged accounts were offboarded and that it cooperates with regulators.

The Web3 gaming platform the9bit, has surpassed 7 million users while expanding the utility and reach of its native ecosystem token, $9BIT.

$9BIT’s value has skyrocketed sevenfold, driven by the9bit platform surpassing 7 million users and intensified efforts in its AI Game Economy. This period of notable expansion includes major ecosystem enhancements, such as a key alliance with AAA publisher Capcom and a full commitment to accelerating AI Game Development (AIGD). Additionally, the9bit is focused on offering significantly reduced game prices by cutting traditional markups and implementing integrated localized fiat gateways and crypto payment solutions.

Since its launch, $9BIT has experienced significant market growth, reflecting accelerating adoption across the the9bit ecosystem. The token is currently listed on major global exchanges, including KuCoin, MEXC, and BingX, with additional listings under consideration as the ecosystem expands.

But beyond market performance, the real story lies in ecosystem scale.

Bridging Web3 Integration with AAA Partnerships

Launched in August 2025, the9bit is pioneering the convergence of traditional AAA gameplay and Web3 incentives, establishing an interactive digital economy where gaming is rewarded.

As of 24 Feb 2026:

• Over 7 million registered users
• More than 38,000 active gamers and space owners 
• Over 32.8 million $9BIT tokens distributed to ecosystem participants

$9BIT is the essential utility asset, empowering the ecosystem by facilitating governance, reward distribution, creator incentives, and access to premium in-platform services. This model shifts the user experience from passive consumption to active engagement, allowing users to:

• Earn rewards through direct gameplay and engagement.
• Participate in community governance via voting mechanisms.
• Redeem tokens for premium content and ecosystem utilities.

In a major leap for blockchain-integrated gaming, the9bit has secured its position as a main partner with Capcom. This collaboration will align closely with the highly anticipated global release of Resident Evil 9 on February 27, 2026, with more Capcom future works anticipated in the future, demonstrating the9bit’s capacity to bridge traditional gaming giants with Web3 infrastructure.

By partnering with major global releases, the9bit is elevating its platform beyond casual games, offering its community unique tokenized engagement opportunities and unprecedented access to major franchises.

Introducing AIGD: AI-Powered Game Creation

The next big leap forward for the9bit is AIGD (AI Game Development). This new, AI-assisted creation layer will dramatically lower the barrier for anyone to publish a game. Allowing users to turn a great idea into a fully playable game. This capability unlocks a vibrant, self-sustaining loop between creators and players. Builders use powerful AI tools to bring their games to life, players jump in and generate exciting ecosystem activity, and everyone is rewarded with $9BIT.

This whole system creates a fantastic new reward cycle:

1. Creators build games using AI tools, quickly develop and launch their games.

2. Players engage and generate activity which the community jumps in.

3. Engagement translates into rewards distributed across the ecosystem.

4. Creative and great creators directly benefit from the traction.

By aligning incentives between creators and players, the9bit is building a genuinely scalable, self-sustaining gamer-driven economy, a powerful model that puts the value right back into the hands of the people who make the ecosystem thrive.

Backed by Public-Market Infrastructure

According to its whitepaper, the9bit ecosystem allocates 1.9 billion $9BIT tokens to The9 Limited in recognition of its strategic and operational contributions. As of February 24, 2026, 950 million tokens have been delivered, with the remaining allocation expected in the coming months.

The9 Limited, listed on Nasdaq since 2004, brings public-market governance standards and infrastructure experience to the Web3 gaming space, bridging traditional Internet operations with blockchain-enabled economies.

What’s Next

As 2026 unfolds, the9bit plans to:

• Expand AIGD toolkits and AI-assisted publishing capabilities
• Deepen token utility across gameplay layers
• Expand AAA integrations through our main partnership with Capcom
• Accelerate user acquisition across MENA and Southeast Asia
• Strengthen community-driven governance initiatives
• Explore further exchange listings

With user growth accelerating and AI-powered creation lowering barriers for developers worldwide, the9bit is positioning itself at the intersection of gaming, AI, and Web3 infrastructure.

Play Together. Earn Together. Own Together.

About the9bit

the9bit is a Web3-enabled gaming platform that integrates traditional gameplay with tokenized rewards. The platform offers game purchases, mobile top-ups, casual gaming, and community features — while empowering creators through AI-driven development tools.

For more information, visit: the9bit.com

About The9 Limited

The9 Limited (Nasdaq: NCTY) is an Internet company listed on Nasdaq since 2004. The company operates in online gaming, Bitcoin mining, and AI-driven technology investments, with a growing focus on Web3 infrastructure.

Bitcoin’s adoption by institutions, banks, merchants, public companies, and nation-states has boomed in 2025, despite the recent price drawdown, says the financial services company River.

“There is no bear market in Bitcoin adoption,” River said in a report published on Tuesday, which noted that while Bitcoin (BTC) is down 50% from its all-time high, “adoption is compounding in ways that aren’t affecting the price, yet.”

“Trust in Bitcoin has grown faster than that of any asset in history,” it said. “What began as an experiment is now a globally recognized store-of-value, with adoption patterns that rival the internet.”

Institutional, banking and public company adoption

River reported that institutions accumulated 829,000 BTC in 2025, including purchases by businesses, governments, funds, and exchange-traded funds.

Registered investment advisors have been net buying BTC for eight quarters in a row and have invested roughly $1.5 billion in Bitcoin ETFs per quarter over the past two years, River said. 

It noted that these institutions represent “millions of underlying individuals” gaining exposure to Bitcoin for the first time through brokerage accounts, retirement plans, sovereign funds and corporate balance sheets.

Related: Public companies increase Bitcoin holdings despite range-bound prices

Additionally, 60% of the top US banks are building Bitcoin products. “With a favorable regulatory environment in the US, banks can now custody Bitcoin and offer Bitcoin products to their customers,” it stated. 

Businesses were the largest buyers of BTC in 2025, with a majority of purchases driven by crypto treasury companies, whose adoption grew 2.5 times last year.

Merchant adoption and payments accelerate 

Merchant adoption also surged with the number of businesses in the US accepting Bitcoin for payments tripling, while global usage grew by 74% in 2025, it noted. 

Bitcoin payments on the Lightning Network grew by 300% in 2025 and, according to River’s estimations, the network is now processing over $1.1 billion in monthly transaction volume.

Five nation-states became new owners of Bitcoin in 2025, including purchases from two sovereign wealth funds in Luxembourg and Saudi Arabia, and from one central bank in the Czech Republic. The other two were Brazil and Taiwan. 

River estimates that 23 nation-states hold Bitcoin through state-backed mining, seizures, or central bank exposure. 

Bitcoin volatility is in decline 

River said that Bitcoin volatility is also declining, nearing that of gold and the S&P 500, signaling that it is “increasingly viewed as a mature asset class.”

“As volatility falls, the hurdle for more risk-averse investors declines,” it said. “Over time, that opens the door to larger pools of capital.”

River added that Bitcoin is built on trust and claimed it is the world’s “only scarce and incorruptible form of digital money.” 

“We expect that in the coming years, Bitcoin adoption will not only continue its current trend, but meaningfully accelerate.”

Magazine: Bitdeer sells all Bitcoin, Metaplanet rejects misconduct claims: Asia Express