The world’s largest publicly-traded Solana treasury company has lost roughly $1 billion holding SOL despite earning 6.7% staking yields. 

Forward Industries launched its Solana treasury strategy on September 8, 2025 — months after the crypto treasury bubble had already popped — with a $1.65 billion private placement led by Galaxy Digital, Jump Crypto, and Multicoin Capital.

Multicoin co-founder Kyle Samani personally added $25 million and became chairman. 

“Our strategy to build an active Solana treasury program underscores our conviction in the long-term potential of SOL,” the company proclaimed at the onset. That day, SOL was trading at $206.

SOL trades at $91 today. Forward Industries currently holds 6,979,967 SOL.

Consider Forward Industries’ 10-Q for the quarter ended December 31, 2025, when the company reported a $585.65 million net loss. The same quarter a year earlier also produced a loss, albeit a less embarrassing $708,000.

Of that loss, $560.2 million was attributable to an unrealized loss on digital assets, i.e. the disastrous performance of SOL. The company also had a $33 million impairment on fwdSOL, its own liquid-staking token, which tracks the price of SOL. 

All of those losses were offset by just $17.4 million in staking revenue.

That $17.4 million is the value of the 5-7% variable staking rewards that often dominate the company’s marketing materials about the value of its so-called treasury strategy.

That strategy is bleeding investor confidence. The company’s stock, as high as $46 per share on September 12, 2025 after its PIPE fundraise, is now trading at $4.71.

Forward Industries’ $955 million loss on SOL, plus expenses

The company’s 7 million SOL have an average cost basis near $232 and are now worth approximately $635 million, delivering roughly $955 million in unrealized losses beneath the initial $1.59 billion cost basis.

Because the company’s holdings haven’t increased substantially since the initial buy in September 2025, a chart of its holdings roughly traces the price chart of SOL itself.

That is, unfortunately, a chart that’s trended in one direction: down.

By February, CoinGecko reminded investors of their mark-to-market 64% loss. Despite 6% staking APY on its holdings, investors’ losses haven’t improved much since.

Year to date, SOL has lost 27%, including a 48% decline over the past 12 months. Over that same time period, the company’s stock price has lost 28% and 42%.

With Forward Industries’ losses mirroring that chart, investors seem to have no more confidence in its management than in SOL itself.

Forward Industries’ market cap-to-Net Asset Value (mNAV) multiple has collapsed to 0.62x, meaning that investors are willing to pay even less for company than the SOL it holds. 

In fact, depending on whether someone uses fully diluted or market cap as a valuation metric, the market values the entire company at 17% or 38% less than its SOL, respectively.

Vietnam is moving toward a formal, supervised crypto asset market, with the possibility of the first official activity as early as the third quarter of 2026. Deputy Minister of Finance Nguyen Duc Chi announced the timeline at the Digital Trust in Finance 2026 forum, signaling a milestone in Hanoi’s plan to regulate the sector within a safety-first framework.

Chi’s remarks, reported by VnEconomy, indicate that the initial onshore activities would operate under a framework designed to ensure safety and transparency, aligning with Vietnam’s broader strategy to channel crypto activity domestically and under formal oversight.

We believe that, as early as the third quarter, Vietnam could witness the first official activities of its crypto asset market, operating under a framework designed to ensure safety and transparency.

According to VnEconomy, the remarks were delivered during the Digital Trust in Finance 2026 forum.

Vietnam’s regulatory push includes opening a licensing pathway for domestic crypto asset trading platforms earlier this year. As Cointelegraph reported, five Vietnamese companies passed the initial qualification round in March, comprising affiliates of Techcombank, VPBank and LPBank, alongside stockbroker VIX Securities and conglomerate Sun Group. This development marks a substantive step toward a formal onshore market.

In February, Vietnam drafted a tax framework that would treat crypto transactions similarly to traditional securities trading, proposing a 0.1% individual tax on each crypto transaction processed through a licensed provider.

Cointelegraph contacted Vietnam’s Ministry of Finance for comment but did not receive a response by publication.

Related: Vietnam’s five-year crypto pilot with strict controls

Key takeaways

• Vietnam expects the first official onshore activity in its regulated crypto asset market by Q3 2026, operating under a safety-and-transparency framework, per Deputy Minister Nguyen Duc Chi.
• A licensing pathway for domestic crypto asset trading platforms was opened earlier this year; five Vietnamese firms reportedly advanced through the initial qualification round in March, including affiliates of Techcombank, VPBank, LPBank, plus VIX Securities and Sun Group.
• A proposed 0.1% tax on individual crypto trades conducted via licensed providers would align crypto taxation with securities-like treatment, pending formal adoption.
• Vietnam ranks among the world’s most active crypto markets, with Chainalysis placing it fourth in the 2025 Global Crypto Adoption Index; onchain value received reached about $200 billion over the 12 months to June 2025, though offshore exchanges remain prominent.
• To domesticate activity, a five-year pilot began in September 2025 requiring all transactions to be settled in Vietnamese dong through locally registered entities.

Regulatory trajectory toward a formal onshore market

The statements from Hanoi’s finance leadership reflect a deliberate shift from exploratory measures to formal supervision of crypto assets. By signaling a near-term window for official market activities, authorities aim to establish clear licensing criteria, ongoing supervision, and enforceable standards designed to safeguard investors and maintain financial stability. The licensing pathway previously opened for domestic platforms signals the government’s preference for onshore activity and greater visibility into trading volumes, enforcement actions, and tax receipts.

Industry observers note that the onshore framework will hinge on robust compliance requirements, including AML/KYC controls, consumer protections, cybersecurity standards, and transparent reporting. The progression from pilot licensing to full-fledged regulated exchanges also suggests potential cross-border policy considerations, as regional regulators assess harmonization opportunities and risk-sharing mechanisms for the swiftly evolving crypto landscape.

As reported by Cointelegraph, the March qualification wave underscored a tangible pipeline of local operators seeking licensed status, reinforcing expectations that regulatory licensing could become the gatekeeper for regulated market participation rather than a purely permissive environment.

Taxation, licensing, and market structure implications

The February tax framework proposal would levy a 0.1% tax on each crypto transaction processed through a licensed provider, aligning crypto trading with securities-style taxation and expanding the state’s visibility into market activity. If enacted, the tax regime would intersect with licensing requirements, AML/KYC standards, and consumer protections that regulators intend to apply to onshore platforms. The tax design also signals a broader shift toward integrating crypto trading activity into formal fiscal reporting and compliance channels.

The five-year pilot, announced in tandem with the broader licensing push, requires all domestic crypto trades to be executed in Vietnamese dong through locally registered companies. This regime aims to improve traceability, curtail capital flight, and align trading activity with domestic supervisory frameworks. For financial institutions and service providers seeking licenses, the new requirements will place emphasis on risk management, vendor oversight, and data-driven compliance programs that support supervisory objectives and consumer safeguards.

These developments arrive within a broader context of regulatory oversight for digital assets, where institutions—banks, exchanges, and intermediaries—will need to navigate licensing timelines, capital and liquidity expectations, and mandatory AML/KYC standards. The onshore shift could also influence cross-border liquidity, correspondent banking considerations, and the banking sector’s readiness to accommodate crypto-related activity under enhanced risk controls.

Adoption landscape and policy context

Vietnam’s crypto market footprint remains substantial, reflecting its status as a regional hub for digital asset activity. Chainalysis’ 2025 Global Crypto Adoption Index places Vietnam fourth globally, underscoring robust user engagement and transactional activity. The country also ranked third in onchain value received, with an estimated $200 billion in transactions over the 12 months through June 2025, behind only India and South Korea. These metrics illustrate a mature level of activity that regulatory reforms aim to channel more effectively onshore.

Despite strong onchain activity, a sizeable portion of Vietnamese trading has historically occurred on offshore exchanges, including major platforms like Binance, OKX, and Bybit. The five-year dong-denominated pilot and the licensing pathway are designed to pivot a significant share of this activity onto domestically supervised venues, thereby increasing regulatory visibility, enabling tax collection, and strengthening consumer protections. The broader policy context includes Vietnam’s ambition to expand its digital economy—encompassing a target for digital transactions to account for a substantial portion of GDP by 2030 and a reduction in cash reliance—creating a coherent framework for market development and financial innovation within a regulated structure.

Looking ahead, the realization of a regulated onshore crypto market will depend on timely licensing outcomes, coherent regulatory guidelines, and the evolution of tax and AML/KYC regimes. Institutions should monitor the pace of regulatory implementation, enforcement actions, and cross-border policy alignment as Vietnam’s crypto market matures.

Roni Cohen-Pavon, the former chief revenue officer of defunct cryptocurrency lending platform Celsius, will likely turn over more than $1 million as part of a forfeiture order by US authorities ahead of his sentencing hearing.

In a Tuesday court filing, US Attorney for the Southern District of New York Jay Clayton said that Cohen-Pavon had consented to a $1,070,000 judgment “representing the amount of proceeds traceable” to the former Celsius executive’s crimes. Clayton said that Cohen-Pavon would receive credit for any funds, in cash or crypto that he had on Celsius, paid as part of the platform’s bankruptcy case.

Source: PACER

Cohen-Pavon pleaded guilty to fraud and conspiracy to commit price manipulation related to Celsius’s CEL token in September 2023. Clayton did not recommend a specific sentence for the Celsius executive, instead asking the judge to consider the guidelines for an “appropriate sentencing reduction for a defendant who has rendered substantial assistance.” He is scheduled to appear for sentencing in the US District Court for the Southern District of New York on Thursday.

The collapse of Celsius was one of the most significant bankruptcies in the crypto industry in 2022, possibly precipitated by the downfall of the Terra ecosystem and leading to large exchanges including FTX filing for Chapter 11 in the US. Former Celsius CEO Alex Mashinsky was sentenced to 12 years in prison in May 2025 after pleading guilty to commodities and securities fraud and agreed to a forfeiture of more than $48 million.

Related: Celsius founder Alex Mashinsky settles FTC case with $10M payment

In April, Cohen-Pavon’s lawyers asked that he be sentenced to time served, citing his cooperation agreement with the government and potential role in Mashinsky’s guilty plea. They said that the Celsius executive took “full responsibility for his conduct.”

“I pleaded guilty because I am guilty,” said Cohen-Pavon in a letter to Judge John Koeltl. “I participated in the manipulation of the CEL token. I did not stop it when I should have, and I did not leave when I could have. I take full responsibility for that.”

Judge orders $10 million added to judgment of former FTX CEO

On Thursday, SDNY Judge Lewis Kaplan ordered that $10 million in assets connected to Sam “SBF” Bankman-Fried be used toward the former FTX CEO’s forfeiture agreement. Bankman-Fried was sentenced to 25 years in prison and ordered to pay more than $11 billion as part of his role in defrauding FTX users and investors.

In April, Kaplan denied Bankman-Fried’s motion for a new trial, with the former CEO claiming that the judge showed “manifest prejudice” during his time in court in 2023. His appeal to overturn his conviction and sentence with the Second Circuit was still pending as of Wednesday.

Magazine: eToro founder timed Bitcoin top perfectly due to belief in 4 year cycles

Bitcoin (BTC) traders expected a quick move toward $90,000 after the upcoming CLARITY Act vote on Thursday, as improving market conditions and easing short-term sell pressure support an upside move.  

Bitcoin market signals potential breakout above $80,000

Bitcoin has traded around the $80,000 level over the past week, while the 200-day exponential moving average (EMA) remains key overhead resistance. More than $3 billion in leveraged long positions are clustered between $79,000 and $78,000, suggesting BTC could briefly retest that range before attempting another breakout above the 200-day EMA. 

BTC/USDT, one-day chart. Source: Cointelegraph/TradingView

MN Capital founder Michaël van de Poppe remained bullish and said,

“If this continues to grind upwards, with the upcoming CLARITY Act tomorrow, I would assume we might see a fast move to $90K in a matter of days for Bitcoin.”

Onchain data also points to improving market conditions. Bitcoin researcher Axel Adler Jr. said short-term holder loss pressure has remained at zero percent for five straight days. This metric measures whether recent Bitcoin buyers are holding BTC below their purchase price.

Adler Jr. also noted that the share of Bitcoin supply held by short-term traders dropped to 22.2%, its lowest level in 90 days. This suggests that less recently bought BTC is being sold, which could boost the chances of a breakout.

Bitcoin STH loss pressure (%). Source: Axel Adler Jr.

However, crypto trader Zord warns that Bitcoin could face resistance between $83,400 and $84,600 after reclaiming the 50% Fibonacci retracement level near $78,983. 

According to the chart, the $83,400–$84,600 range is the next Fibonacci resistance zone of 0.618-0.65, where traders may begin taking profits and slow Bitcoin’s rebound.

BTC/USD one-day chart analysis by Zord. Source: X

Related: Bitcoin to $100K in Q2? Strategy’s STRC unlocks potential to buy 3K BTC in two days

CLARITY ACT vote draws market attention

The CLARITY Act is a proposed US bill that would set clearer rules for how regulators oversee the crypto market and stablecoins. 

As Cointelegraph reported, members of the US Senate Banking Committee submitted more than 100 amendments to the bill ahead of Thursday’s discussion. Most of the proposed changes focus on stablecoins, crypto developers, and ethics-related concerns.

A version of the bill leaked on Monday suggests that crypto exchanges and other platforms may no longer be allowed to offer stablecoin rewards that work like interest from a traditional savings account.

Crypto research firm XWIN Japan said the proposal appears aimed at separating stablecoins used for payments from products that behave more like bank deposits.

Stablecoin ERC20 active addresses. Source: CryptoQuant

Meanwhile, stablecoin activity and adoption have continued to rise across crypto networks. For example, ERC-20 stablecoin active addresses have been seeing parabolic growth in recent years.

XWIN Japan added that stablecoins remain the main source of money moving through crypto markets, and wider adoption of stablecoins and blockchain-based financial products could support more long-term investment in Bitcoin.

Strategy’s perpetual preferred stock STRC may be playing an increasingly important role in shaping Bitcoin’s mid-month liquidity dynamics, according to K33 Research director Vetle Lunde

According to reports, STRC’s structure creates predictable capital flow behavior, with dividends paid at the end of each month and an ex-dividend date around the 15th. This timing, combined with Strategy’s at-the-market (ATM) issuance mechanism, may indirectly generate recurring Bitcoin buying pressure during mid-month periods.

When STRC trades above its $100 par value, Strategy can issue additional shares through ATM offerings and deploy the proceeds into Bitcoin purchases. This creates a feedback loop where STRC demand can translate into BTC accumulation.

Structured equity flows increasingly tied to Bitcoin demand cycles

According to the data cited, Strategy’s STRC-linked Bitcoin purchases have grown significantly in scale throughout 2026, rising from 4,467 BTC in January to approximately 46,872 BTC in April.

Over the same period, Strategy’s total Bitcoin holdings have climbed to 818,869 BTC, worth about $6.57 billion at current valuations referenced in the report.

The implication is that Bitcoin demand is no longer purely spot- or ETF-driven, but also partially influenced by structured equity products that convert investor demand in traditional markets into direct BTC purchases.

This creates a hybrid liquidity channel where traditional financial instruments indirectly influence crypto market flows through corporate treasury accumulation strategies.

However, K33 also noted that STRC momentum may be cooling. The speed at which the instrument has returned to par value this month has slowed, with only about 1 BTC added through the mechanism recently, suggesting weakening demand and a possible plateau in this specific flow-driven buying pressure.

Bitcoin liquidity increasingly shaped by institutional mechanisms

The STRC dynamic highlights how Bitcoin’s market structure has evolved beyond retail speculation and spot ETF flows into more complex institutional feedback systems.

Corporate accumulation strategies, particularly those pioneered by Strategy, now act as periodic demand engines that can reinforce price stability during specific calendar windows. This introduces a level of predictability into BTC flows that previously did not exist in earlier market cycles.

At the same time, broader macro conditions continue to influence whether these flows translate into sustained upside. Inflation expectations, liquidity conditions and risk sentiment across equities remain key drivers of whether institutional BTC accumulation is amplified or offset.

In a previous crypto.news story, large-scale deleveraging events showed how quickly macro shocks can disrupt structured crypto flows, even when underlying accumulation mechanisms remain active.

Mentions of Bitcoin continue to reflect a growing intersection between traditional capital markets and digital asset supply dynamics, where instruments like STRC, ETFs and corporate balance sheet strategies increasingly shape intramonth volatility patterns.

If STRC-driven demand continues to slow as K33 suggests, Bitcoin may become more sensitive again to spot-driven liquidity and macro catalysts rather than structured institutional purchase cycles — potentially reducing the predictability of mid-month strength observed earlier this year.

Consensys, the Ethereum development firm led by Joe Lubin, has pushed back its potential U.S. public offering until fall at the earliest due to poor market conditions, according to two people familiar with the situation.

The MetaMask wallet builder had reportedly engaged bankers from JPMorgan and Goldman Sachs last year to lead the process.

Consensys had been aiming to file a draft S-1 registration statement with the Securities and Exchange Commission (SEC) around the end of February this year, according to a third person. A confidential filing is typically the first formal step in the IPO process.

Crypto markets turned sharply lower in February 2026 as investors pulled back from risk assets amid macroeconomic uncertainty, tariff concerns, slowing expectations for interest-rate cuts and heavy outflows from bitcoin BTC$80,949.32 exchange-traded funds (ETFs), triggering a wave of leveraged liquidations across digital assets. Against that backdrop, Consensys’ decision to delay its IPO plans was hardly surprising.

A spokeswoman for Consensys said: “As a matter of policy, we don’t comment on market speculation.”

Improved regulatory clarity in the U.S. prompted several crypto firms to outline plans for going public this year. But a prolonged market downturn has seen large companies such as exchange giant Kraken and crypto wallet maker Ledger pause their IPO plans.

BitGo (BTGO), the only crypto-native company to go public in 2026, raised about $213 million in its January IPO, pricing shares above the marketed range at $18 and jumping more than 20% in its New York Stock Exchange (NYSE) debut.

But the rally quickly faded, highlighting volatile investor sentiment toward crypto listings, with the stock now trading about 36% below its IPO price.

In early 2022, Consensys raised a hefty $450 million Series D round, valuing the company at $7 billion.

Read more: Crypto wallet provider Ledger puts U.S. IPO plans on hold due to market conditions

Fidelity International is expanding the tokenization frontier in public markets with the launch of the Fidelity USD Digital Liquidity Fund (FILQ). The fund, described as a tokenized liquidity vehicle, has been rated AAA-mf by Moody’s Ratings—a designation that signals high credit quality and robust liquidity for money-market-like assets. FILQ is issued on blockchain infrastructure connected to Chainlink and rolled out via Sygnum Bank’s tokenization platform, illustrating how traditional cash-equivalent instruments can move on-chain within a regulated framework.

According to Sygnum, the fund’s AAA-mf rating from Moody’s Ratings marks an important milestone for the on-chain money-market space. The rating distinguishes FILQ as a highly liquid, credit-worthy option suitable for institutional investors seeking yield-bearing liquidity while maintaining risk controls associated with regulated money-market products. Fatmire Bekiri, Sygnum’s head of tokenization, described the development as a meaningful step in bringing regulated, high-quality liquidity onto the blockchain.)

Fidelity International did not immediately respond to requests for comment at publication, while Fidelity Investments and Fidelity International operate as separate entities in different jurisdictions. The move sits within a broader push by large asset managers to tokenize cash and near-cash products, offering traditional yields with on-chain settlement and visibility.

Chainlink expands role in tokenized real-world assets

FILQ’s architecture relies on Chainlink’s data network to deliver on-chain net asset value (NAV) and distribution metrics. By providing verifiable, real-time NAV and payout data on-chain, the fund aims to give international investors a transparent, auditable view of value and income—addressing one of the core challenges in tokenized real-world assets: ensuring data integrity and timely information for fund investors. Fernando Vazquez, president of capital markets at Chainlink Labs, framed the approach as a crucial bridge between traditional finance and the on-chain economy, emphasizing tamper-proof transparency as a foundation for digital liquidity products.

In addition to Chainlink’s data feeds, JPMorgan is slated to contribute approved daily NAV data for FILQ, reinforcing the model of established market players supplying regulated inputs to a tokenized funds structure. The collaboration between Fidelity International, Sygnum, and Chainlink builds on prior production use cases that align NAV and distribution data with on-chain fund representations, including earlier deployments involving Fidelity International and Sygnum for NAV data integration in 2024.

Chainlink’s involvement underscores a broader industry trend: real-world assets are increasingly being connected to blockchains through standardized data feeds and governance models that aim to preserve regulatory compliance while enabling on-chain liquidity and settlement. This approach addresses one of the most persistent barriers to mainstream adoption of tokenized funds: ensuring data verifiability, accuracy, and timeliness in a decentralized environment.

Tokenized funds: a broader industry shift

The FILQ launch adds momentum to a wave of tokenized money-market and liquidity products emerging from major asset managers. In recent years, venerable players such as BlackRock and Franklin Templeton have introduced tokenized money-market offerings aimed at converting cash-like assets into on-chain formats that still route through traditional risk controls and counterparties. The trend is driven by the desire to provide stable yields with greater liquidity, while leveraging blockchain rails for settlement efficiency and transparency.

Industry watchers note that the growing interest in tokenized liquidity comes with a set of practical considerations. For one, real-time NAV data and transparent payout scheduling can improve governance and investor confidence, but participants must navigate custodial arrangements, regulated disclosure requirements, and the interplay between on-chain activity and existing financial-market infrastructure. The involvement of Moody’s Ratings, Chainlink, and JPMorgan signals a collective effort to embed credible, regulated data streams into tokenized funds, rather than relying on unvetted on-chain information alone.

Within Fidelity’s broader ecosystem, the firm has previously explored tokenized money-market constructs, including Fidelity Digital Interest Token (FDIT) and related initiatives anchored by traditional cash-management strategies. The on-chain fund model seeks to keep reserves aligned with fiat currency exposure while offering near real-time visibility to investors and managers. As the market tests these approaches, observers will be watching how regulators respond to tokenized money-market products, particularly with respect to liquidity buffers, reserve backing, and disclosure standards.

What this means for investors and the on-chain promise

For investors, FILQ represents a concrete instance of how regulated, high-quality liquidity can be tokenized without sacrificing the governance and credit safeguards associated with traditional money-market funds. The AAA-mf rating provides a signal of credit quality and liquidity that may appeal to institutions exploring on-chain cash equivalents as part of liquidity management, treasury operations, or cross-border funding programs.

For builders and developers in the on-chain finance space, the FILQ case highlights two enduring requirements: robust data integrity and interoperable market infrastructure. On-chain NAV data, verified by established market participants, helps reduce information asymmetry between on-chain and off-chain counterparts. At the same time, the collaboration among Fidelity International, Sygnum, Chainlink, and JPMorgan demonstrates a practical model for multi-party governance around tokenized assets—one that leverages regulated involvement to raise on-chain legitimacy and scalability.

Still, the emergence of tokenized liquidity products also invites scrutiny of regulatory boundaries and operational risk. While the involvement of Moody’s, a trusted rating agency, and JPMorgan’s data inputs provides guardrails, the on-chain settlement of money-market instruments must align with applicable securities, banking, and cross-border rules. Market participants will likely watch how supervisory approaches evolve as more large asset managers bring tokenized liquidity funds to market, and how custody, settlement, and disclosure standards adapt to a hybrid asset class that sits between traditional finance and blockchain networks.

Closing perspective

FILQ marks a notable inflection point in the ongoing experiment of tokenized liquidity. As more traditional managers pilot on-chain cash products with formal ratings, standardized data feeds, and reputable custodial partners, the industry gains a clearer template for combining regulatory discipline with the efficiency and transparency of blockchain rails. The coming months will reveal how scalable this model proves to be, how regulators respond to broader adoption, and which other fund families may follow suit into tokenized money-market instruments.

Watch for further details on how FILQ performs relative to its on-chain NAV feeds, and for additional updates on how JPMorgan’s daily NAV inputs integrate with the fund’s distribution schedule. The collaboration among Fidelity International, Sygnum, Chainlink, and JPMorgan may well set a precedent for next-generation tokenized liquidity offerings across the sector.

TLDR

• Grayscale filed a Form S-3 with the SEC to convert its Zcash Trust into a spot ETF.
• The proposed Zcash ETF would trade on NYSE Arca under the ticker ZCSH.
• The fund plans to hold actual ZEC tokens and track the CoinDesk Zcash Price Index.
• Grayscale appointed Coinbase Custody as custodian and prime broker for the proposed ETF.
• Bank of New York Mellon would serve as the administrator for the fund.

Grayscale Investments has filed a Form S-3 with the US Securities and Exchange Commission to convert its Zcash Trust into a spot exchange-traded fund. The proposed product would list on NYSE Arca under the ticker ZCSH. The filing positions the fund as the first US spot ETF tied to a privacy-focused cryptocurrency.

Grayscale Advances Plan for Zcash ETF Conversion

Grayscale seeks to transform its closed-end Zcash Trust into an open-ended ETF structure. The existing trust manages more than $200 million in assets. The firm stated that the ETF would hold actual ZEC tokens.

The proposed Zcash ETF would track the CoinDesk Zcash Price Index. Therefore, the fund would reflect the market price of ZEC. Investors would gain regulated exposure without managing wallets or private keys.

Grayscale appointed Coinbase Custody as custodian and prime broker for the fund. The Bank of New York Mellon would act as administrator. These arrangements outline the operational framework described in the filing.

Closed-end trusts often trade at discounts or premiums to net asset value. However, an ETF allows authorized participants to create and redeem shares. This mechanism keeps the share price aligned with the underlying asset.

Regulatory Context and Market Response to Zcash ETF Proposal

The SEC recently ended a review related to privacy coins. The agency did not announce enforcement actions or issue public warnings. This development forms part of the backdrop to the filing.

Zcash differs from other privacy coins in its design. It allows both transparent and shielded transactions. In contrast, some privacy coins enforce privacy for every transfer.

Zcash uses zk-SNARKs technology to validate transactions. The term stands for zero-knowledge succinct non-interactive arguments of knowledge. This method proves validity without revealing the sender, receiver, or transaction amount.

Following the filing, ZEC traded above $550. Market data showed Bitcoin trading above $80,800 during the same period. Traders linked broader crypto strength to price momentum in altcoins.

The filing states that the SEC may approve or reject the proposal. It also outlines that regulators could impose conditions on the product. The review process will determine whether the Zcash ETF can proceed to listing on NYSE Arca.

• Ethena’s native token, ENA, saw its price decline as Bitcoin slid below $79,000
• The slight dip happened despite ENA notching a 5-week high in whale activity.
• Prices could fall further, but a rebound for BTC could boost ENA.

Ethena (ENA) price faced downward pressure today, dropping nearly 4% to intraday lows of $0.11 as Bitcoin grappled with renewed selling amid macroeconomic headwinds.

This decline unfolded even as on-chain metrics signaled robust interest from large holders.

Analysts say the move highlights a disconnect between whale behavior and short-term price action.

Ethena hits 5-week high in whale activity

On-chain data shows Ethena’s ecosystem has managed notable momentum.

For one, the network just hit its largest daily network growth in over three months.

The platform did not just see a surge in new wallet creations, but had ENA whale activity surging to a five-week peak, with this aligning with heightened interest bolstered by several bullish catalysts.

📈 Ethena has just seen its largest day of network growth (new wallets created) in over 3 months. Additionally, $ENA whale activity has just hit a 5-week high. Why? There has been a series of high-impact events that converged in the days leading up to May 12th:

🎯 Grayscale… pic.twitter.com/ZMZf0BZgkN

— Santiment Intelligence (@SantimentData) May 13, 2026

According to Santiment, one of the key drivers was Grayscale’s decision on May 7 to incorporate ENA into its DeFi Fund.

Ethena also recently saw a massive $310 million USDC transfer, a transaction that injected fresh liquidity and drew widespread attention.

Santiment has also highlighted that the spotlight on ENA increased further when LayerZero announced a temporary bridge suspension on May 9, keeping Ethena at the forefront of DeFi discussions.

Adding to the optimism, the Ethena Foundation recently affirmed that all conditions outlined by its Risk Committee for activating the “fee switch” have been satisfied.

This mechanism, designed to distribute protocol fees to stakers, awaits a governance vote from ENA holders in the coming days.

The whale positioning ahead of the pivotal vote helped ENA price pump to highs of $0.14 on May 10.

Why’s ENA price down?

Despite the positive catalysts, ENA’s price succumbed to broader market dynamics.

Both RSI and MACD on the 4-hour chart suggest prices could fall further.

On May 13, crypto sentiment soured following the release of U.S. Producer Price Index (PPI) data.

This came in hotter-than-expected and exacerbated fears of persistent inflation and delayed rate cuts.

US stocks slid, and Bitcoin, the crypto sector’s bellwether, tumbled below $79,000 during intraday trading.

Declines meant bulls retreated to levels seen following Tuesday’s Consumer Price Index (CPI) report.

BTC prices had earlier bounced to above $81,000.

This macro-driven risk-off mood rippled across altcoins, with Ethereum down near $2,250, Solana slipping to $90, and XRP capped under $1.50.

Many DeFi tokens mirrored the weakness, including ENA, which traded from intraday highs of $0.12.

The profit-taking could extend losses to support at $0.10.

While the dip impacts ENA’s short-term outlook, network fundamentals and overall market outlook could position the token for potential recovery.