Aave’s native cryptocurrency could reach $175 under a one-year base-case scenario as asset managers increasingly apply traditional finance valuation models to decentralized finance (DeFi) tokens, according to a new report by Grayscale Research.

The digital asset manager said Aave could generate about $60 million in net income in 2026 and placed the token’s current fair value at $80 to $100. The analysis used discounted cash flows, earnings multiples and comparisons with banks and fintech companies. Aave traded at $75 on Thursday, according to CoinGecko.

Grayscale said Aave’s revenue rose more than sixfold between 2023 and 2025, while the protocol operates at an estimated 50% margin. It argued that Aave’s lending activity, GHO stablecoin and institutional products could support future earnings growth.

However, protocol revenue alone doesn’t guarantee token value, the research added. Fees may be paid to liquidity providers, used for operating costs or retained by a decentralized autonomous organization, while token holders generally lack legally enforceable claims held by shareholders. 

Grayscale’s analysis applies valuation methods commonly used for equities, banks and fintech companies to a DeFi protocol, reflecting the firm’s view that some crypto assets generate sufficiently measurable revenue and earnings to be evaluated using traditional financial frameworks.

Cumulative DeFi fees. Source: Grayscale Research

CoinShares applies long-term valuation models to HYPE and Ether 

CoinShares has taken a similar approach to Hyperliquid’s HYPE token and Ether (ETH), using protocol fees, buybacks and other economic drivers to create long-term valuation frameworks. The asset manager’s 2031 base case values HYPE at $147 and ETH at $4,935, although most of the projected ETH value comes from the token’s collateral and monetary role rather than cash flows. 

CoinShares described Hyperliquid as a more direct example of token-level value accrual because 99% of protocol fees are used to buy back HYPE through its Assistance Fund. For Ether, it used a sum-of-the-parts framework combining projected cash flows with a larger monetary and collateral premium. 

Related: Botanix to shut down after 4 years, cites weak demand for Bitcoin DeFi

The valuation work by Grayscale and CoinShares comes as some financial institutions forecast stronger growth in DeFi markets.

Standard Chartered forecasts that tokenized assets could lift DeFi assets to $2.7 trillion by 2030. The bank said Uniswap is positioned to become a major venue for tokenized markets, adding that traditional finance partnerships could help Uniswap attract more activity.

Magazine: The end of anon? AI could unmask crypto’s hidden identities

Key Takeaways

• STRC preferred shares closed Wednesday at $89, representing an 11% discount to the $100 par value and marking the lowest point since its July 2025 debut.
• Strategy has suspended its at-the-market issuance program for STRC, which serves as a primary capital source for bitcoin acquisitions.
• The preferred instrument delivers a variable dividend currently yielding 12.9% annually, with monthly adjustments designed to maintain pricing near $100.
• Strategy liquidated 32 bitcoin worth approximately $2.5 million in late May to cover STRC dividend obligations — marking its first BTC sale since 2022.
• MSTR common shares declined approximately 5% Wednesday, settling at $116.52, while bitcoin traded in the $64,000–$65,000 range.

Strategy (MSTR) experienced a significant decline on Wednesday, with shares falling roughly 5% to close at $116.52, coinciding with its STRC preferred stock plummeting to an unprecedented $89 — representing an 11% discount to its $100 par value.

Strategy Inc, MSTR

The Variable Rate Series A Perpetual Stretch Preferred Stock, known as STRC, debuted in July 2025 with a mechanism intended to maintain its price near $100 through a high-yield variable dividend structure. Currently, the dividend rate stands at an effective 12.9% annually, subject to monthly recalibration.

Wednesday saw STRC reach an intraday bottom of $88.50 before recovering slightly to close at $89 — still the lowest recorded closing price since its market introduction. This figure falls beneath the initial public offering price of $90.

The significance extends beyond mere price movement. Strategy‘s bitcoin accumulation strategy relies heavily on STRC performance. The company issues new STRC shares through an at-the-market mechanism when trading exceeds $100, channeling proceeds directly into bitcoin purchases. With shares now trading at a discount, this critical funding channel has ground to a halt.

Wednesday’s trading volume for STRC reached $417.5 million, making it Strategy’s most liquid preferred equity instrument.

Bitcoin Liquidation Linked to Dividend Requirements

The STRC situation created ripple effects beyond fundraising capabilities. Late in May, Strategy executed its first bitcoin sale in years, liquidating 32 BTC for roughly $2.5 million to satisfy STRC dividend payment requirements.

This transaction represented a significant policy shift, given Chairman Michael Saylor’s longstanding commitment never to sell the company’s bitcoin holdings. Though analysts from Benchmark and TD Cowen have dismissed concerns about a potential “death spiral” scenario, the sale nonetheless marked a departure from Strategy’s established approach.

Strategy’s bitcoin treasury currently contains approximately 846,842 bitcoin — representing roughly 4% of bitcoin’s fixed maximum supply — establishing the firm as the world’s largest corporate bitcoin holder.

Last week, Strategy disclosed it had established a dedicated $1.1 billion U.S. dollar reserve specifically allocated for preferred dividend payments and debt service obligations. During the same period, the company continued acquiring bitcoin, adding 1,587 BTC through separate common stock offerings.

Broader Market Dynamics

Bitcoin has maintained a trading range between $64,000 and $65,000 this week, coinciding with newly appointed Federal Reserve Chair Kevin Warsh’s inaugural FOMC meeting. The Federal Reserve opted to maintain current interest rate levels on Wednesday.

While STRC has occasionally dipped below par value during periods of bitcoin price turbulence, Wednesday’s closing price appears to establish a new historical low.

For context, SATA — a competing preferred stock product created by Strive to replicate Strategy’s STRC structure — traded above $99 on Wednesday while offering a 13.69% yield.

Strategy’s preferred stock portfolio also includes Stride (STRD), Strike (STRK), and Strife (STRF). Within the capital structure hierarchy, STRC ranks below STRF but maintains seniority over STRD, STRK, and common MSTR shareholders regarding distribution priority.

When STRC launched last year, Saylor characterized it as the company’s “iPhone moment,” signaling what he considered a transformative capital markets innovation.

As Wednesday’s trading concluded, MSTR common stock stood at $116.52, reflecting approximately a 5% daily decline.

BitGo has appointed Angela Ang as Managing Director of APAC and President of BitGo Singapore. 

The digital asset infrastructure company said in an announcement that Ang cleared all regulatory and fit-and-proper requirements before taking the role.

Ang will lead business growth, market development and operating infrastructure across Asia-Pacific. Her mandate focuses on expanding institutional access to regulated digital asset services, including custody, wallets, trading, financing, settlement, staking and stablecoin infrastructure.

The hire comes as banks, payment firms and crypto platforms place more weight on regulated service providers. BitGo is presenting the appointment as part of its effort to serve institutions that need secure access to digital assets within clear compliance rules.

Regulatory background shapes appointment

Ang joins BitGo from TRM Labs, where she served as Head of APAC Public Policy and Strategic Partnerships. She was part of the blockchain intelligence firm’s founding APAC team and helped support its regional growth.

Before TRM Labs, Ang spent more than a decade at the Monetary Authority of Singapore. BitGo said she led the team that built and operated Singapore’s payments and crypto licensing framework. That background gives BitGo a leader with direct experience in regulation, policy and institutional market building.

Singapore stays central to BitGo strategy

Singapore will remain the base for BitGo’s APAC strategy. BitGo Singapore is regulated by the Monetary Authority of Singapore as a Major Payment Institution. The company said the appointment reflects its continued investment in Singapore and the wider region.

Jody Mettler, BitGo’s Chief Operating Officer and President of BitGo Bank & Trust, said Ang’s experience covers “regulation, market infrastructure, and commercial growth.” He said those areas are relevant as institutions seek trusted partners that can meet the standards of a regulated financial system.

Angela Ang said BitGo has built its reputation around “security, compliance, resilience, and trust.” She added that Singapore has one of the world’s respected digital asset frameworks and that APAC is entering a new phase of institutional market development.

APAC growth follows recent partnerships

The appointment comes as BitGo pushes deeper into regulated infrastructure across Asia. As crypto.news reported earlier, BitGo Singapore’s dtcpay deal focused on custody, settlement, security and payment network support for digital asset markets.

According to an earlier crypto.news report, BitGo’s Moon partnership added support for Bitcoin-linked prepaid card products across Asia. Moon selected BitGo Singapore as the infrastructure layer for the products, which were set to reach Hong Kong retail stores and online buyers.

BitGo also continues to expand beyond Asia. crypto.news previously reported that BitGo weighed an IPO after assets under custody rose to $100 billion in the first half of 2025. The company later became a public company and now trades under the BTGO ticker.

The new APAC role gives BitGo a senior regional leader as institutions look for compliant crypto services. For Singapore, the appointment also shows how former regulators are moving into digital asset firms as the market shifts toward licensed infrastructure.

The appointment places BitGo’s regional growth under a leader with regulatory and commercial experience. It also shows that BitGo wants APAC expansion to move through licensed services, local expertise and institutional-grade infrastructure.

Block, the financial services company led by Jack Dorsey, says it has launched “Builderbot,” an AI-native set of engineering tools designed to handle a meaningful portion of production software changes. The company claims the system can carry out roughly 15% of all production code changes at Block, positioning the rollout as a step beyond traditional AI coding assistants.

In describing Builderbot, Block frames the development as a practical shift: AI systems are moving from suggesting code to coordinating work that can be merged and shipped, while engineers retain responsibility for higher-level judgment and product decisions. Block also linked the announcement to its broader AI push that coincided with a major workforce reduction earlier this year.

Key takeaways

• Block says Builderbot can execute around 15% of its production code changes, turning AI from “assistive” into “operational” in day-to-day engineering.
• The company estimates Builderbot performs over 200,000 operations per day and merges about 1,500 pull requests per week.
• Builderbot is presented as an orchestration layer that coordinates multiple AI agents across Block’s full codebase rather than a single repository.
• Block attributes faster delivery—moving items from backlog to live—on the order of days rather than months, with humans still focused on key decisions.
• The rollout adds new context to Block’s February decision to cut about 40% of staff, which Dorsey said was driven by accelerating AI adoption.

Builderbot aims to bridge AI coding and real engineering

Block introduced Builderbot as a “missing layer” between AI coding tools and how software teams actually operate at scale, according to Brad Axen, head of AI capabilities at the company. Block’s internal metrics, as presented in its announcement, suggest the system is not limited to drafting snippets or generating isolated changes.

Axen said that tasks that previously took months could be completed in days with Builderbot, reflecting an emphasis on throughput and execution speed rather than experimentation alone. The company also claims Builderbot can perform more than 200,000 operations per day and merges approximately 1,500 pull requests per week, figures intended to show tangible productivity impact.

For investors and builders watching AI deployment, the key question is whether these systems can reliably translate intent into production-ready code—without overwhelming reviewers or compromising quality. Block’s decision to describe measurable operational metrics suggests it is aiming to make the case that AI-generated work can fit existing engineering workflows, including review and merging processes.

An orchestration approach across Block’s entire codebase

A central feature of the system, Block says, is that Builderbot understands the broader environment in which software runs. The company describes Builderbot as an orchestration layer that coordinates multiple AI agents across its full codebase—covering services, APIs, and internal conventions—rather than restricting agents to a single repository.

Block contrasts this with the typical approach of coding assistants that operate within one codebase boundary. In its example, an engineer working on Cash App could use Builderbot to make changes in a Square service they have never worked on, because the system allegedly already knows how that service is built and how it fits into Block’s overall architecture.

This matters because production scaling isn’t only about generating more code; it is about making changes that are consistent with system rules, dependencies, and deployment practices. If Builderbot genuinely has awareness of cross-service relationships, it could reduce the “handoff friction” that often slows teams down when changes span multiple systems.

Block adds that the practical outcome is faster iteration: an idea can move from backlog to being available to “millions of customers” in days instead of months, while engineers focus on judgment and product taste rather than repetitive scaffolding.

AI acceleration and workforce restructuring context

Block’s announcement does not arrive in isolation. The company also connected Builderbot to its earlier restructuring, noting that its February layoffs—40% of staff—were attributed by Jack Dorsey to the rapid acceleration of AI at Block.

That linkage highlights a tension that many companies in this space are grappling with: faster engineering cycles can reduce certain forms of manual work, even as firms argue that human roles shift toward oversight, product direction, and quality decisions. Block’s description of engineers remaining responsible for judgment and taste suggests it is positioning Builderbot as augmentation rather than a complete replacement.

Still, the practical question for employees and outside observers remains how responsibilities are redistributed. Metrics like merged pull requests and daily operations can indicate scale, but they don’t alone reveal how the human workload changes—whether review becomes faster, whether engineers spend more time on higher-level design, or whether roles are reduced in practice.

The broader shift toward AI-written code at major tech firms

Block is not the only company exploring AI agents for software development. Other large organizations have publicly discussed how automation is affecting coding and engineering output.

Earlier reporting highlighted that Spotify engineers have used a background coding agent called Honk, which runs a version of a Claude model through Anthropic’s Agent SDK. Separately, Spotify Co-CEO Gustav Söderström said on a February earnings call that the best developers “have not written a single line of code since December,” underscoring how far the conversation has shifted from assistance to execution.

At Google, CEO Sundar Pichai said in April that three-quarters of new code is AI-generated, pointing to a scale where AI output is shaping day-to-day development. Microsoft’s Satya Nadella also described, in 2025, that the company uses AI to write between 20% and 30% of code powering its software, again positioning AI as a meaningful part of the production process rather than a side tool.

Taken together, these examples place Block’s Builderbot announcement in a larger trend: CEOs and engineering leaders are increasingly measuring AI productivity in terms of code volume and delivery timelines. For the crypto industry, this matters indirectly—many crypto projects rely on fast-moving engineering teams, and the same automation patterns could influence how quickly core infrastructure is iterated, audited, and updated.

For readers tracking this space, the next signals to watch are whether systems like Builderbot can maintain reliability as they scale, how quality controls evolve with higher AI throughput, and whether other companies follow Block’s lead in publishing comparable operational metrics rather than only high-level claims.

Ready, a self-custodial crypto wallet and payments company, has reportedly restricted card access for users outside the European Economic Area, according to multiple user reports.

Ready has restricted USDC card functionality for users outside the European Economic Area following a change in its card provider, according to notices shared by users on social media.

Several users shared screenshots of an in-app notice from Ready stating: “Your Ready Card will be deactivated within the next hour,” citing changes affecting users “primarily outside the EEA.”

The reported changes left some users questioning how quickly access to crypto-linked payment cards can be restricted when providers change.

Users question speed of restriction and communication

Several users criticized the short notice period before the changes took effect, saying they lost access to the card within hours.

One user, who uses the X handle TapSatoshi, said in a post that they were frustrated with the company’s product roadmap, citing delayed features such as Apple Pay support and prioritizing the addition of a “Rewards” section.

Source: ngjupeng

Screenshots of Ready’s message also stated that users would receive automatic refunds for any remaining subscription period within 10 business days.

It remains unclear which company will serve as the new card provider for the Ready Card or what prompted the change. The previous issuer-side partner linked to the program was Kulipa, according to publicly available documentation.

Related: BitGo courts crypto firms awaiting MiCA approval amid Binance licensing concerns

Cointelegraph contacted Ready for comment regarding the issue but did not receive a response by publication time.

USDC at the center of the Ready Card

Formerly known as Argent, Ready is a wallet built for the Starknet ecosystem, an Ethereum layer-2 scaling network using zero-knowledge rollups.

While Ready’s wallet supports multiple crypto assets, including Bitcoin (BTC) and Ether (ETH), the Ready Card is primarily built around USDC, which users spend directly from their wallet balance at checkout.

Source: Ready

According to Ready documentation, the system checks a user’s USDC balance in real time when a purchase is made and processes the transaction through Mastercard’s payment network, converting crypto into fiat at the point of sale. The card issuer acts as the bridge between the self-custodial wallet and traditional payment rails.

This structure allows users to retain full control of their assets in the wallet, while the card only provides a spending layer on top of those funds. If card access is restricted, users can still hold and transfer USDC onchain without interruption.

Magazine: The end of anon? AI could unmask crypto’s hidden identities