Coinbase has teamed up with Moov, a financial platform focused on community banking payments, to expand access to stablecoin infrastructure for more than 1,000 community banks and credit unions in Moov’s network. The partnership aims to bring stablecoin payment acceptance, settlement, and real-time funding capabilities to institutions that typically have fewer resources than large national banks.

In a Thursday announcement, Coinbase said the integration will combine its regulated digital asset infrastructure with Moov’s payments platform, enabling consumer stablecoin payments, merchant settlement and payouts, and providing businesses access to Coinbase custodial accounts.

Key takeaways

• Coinbase and Moov plan to deliver stablecoin payment acceptance, settlement, and real-time funding to over 1,000 community banks and credit unions.
• The rollout is designed to support consumer payments as well as merchant settlement and payout workflows.
• Businesses using the infrastructure can also gain access to Coinbase custodial accounts for stablecoin operations.
• The move follows broader momentum among U.S. banks and payments firms testing stablecoin infrastructure.

Stablecoins move deeper into community finance

Community banks in the U.S. generally operate at smaller scale than major institutions; the announcement notes that they typically have less than $10 billion in total assets. That matters because stablecoin infrastructure—especially when paired with compliance and custody—often requires operational and regulatory capabilities that smaller players may not easily build on their own.

By partnering with Moov, Coinbase is effectively positioning its regulated stack as a service layer for these institutions, rather than limiting stablecoin pilots to the biggest banks. For Moov’s customers, the value proposition is practical: integrate stablecoin payments into existing payment acceptance and settlement processes, rather than treating stablecoins as a standalone product.

What the infrastructure is intended to support

According to Coinbase’s announcement, the combined platform is structured around three operational needs: stablecoin payment acceptance, settlement, and real-time funding. The company also said the infrastructure can support multiple use cases, including consumer stablecoin payments, merchant settlement and payouts.

For merchants and businesses, the announcement adds another layer of functionality by pointing to access to Coinbase custodial accounts. Custody is often the missing piece in stablecoin adoption for enterprises that want regulated custody and account infrastructure to sit behind their customer-facing payment flows.

Part of a wider U.S. stablecoin push

Coinbase’s partnership arrives as stablecoin infrastructure continues to attract experimentation from large U.S. banks and payments players. The article notes that some of the biggest institutions have been testing stablecoin-based rails and issuance concepts.

For example, earlier this week the source highlights that U.S. Bank completed a live cross-border payment using its proprietary USBDC stablecoin on the Stellar blockchain. Separately, it points to an effort earlier in the month where 21 financial institutions—including Bank of America, Citi, Goldman Sachs, Deutsche Bank, and UBS—announced plans to form a company intended to issue stablecoins, with a U.S. dollar-denominated stablecoin targeted for the first half of 2027.

While those initiatives are aimed largely at large-scale institutions and networked settlement, the Coinbase–Moov deal targets a different segment: community banks and credit unions. That difference may be important for how stablecoin services eventually spread across the financial system. If community institutions can participate using infrastructure offered by regulated providers, stablecoin payment usage could become less dependent on participation by only the largest players.

Non-bank competition keeps pressure on adoption

The stablecoin ecosystem is also being reshaped by firms outside traditional banking. The source points to Western Union’s August partnership with stablecoin infrastructure provider Rain, which resulted in a digital wallet and a Visa-branded card allowing users to hold and spend a U.S. dollar-backed stablecoin.

This matters because payments demand is often driven by consumer convenience: easy onboarding, straightforward spending, and reliable settlement. As non-bank channels make stablecoin spending more accessible, incumbent financial institutions face increasing expectations—both from customers and from partners—regarding how quickly they can integrate stablecoin functionality into everyday payment experiences.

What to watch next for the partnership

For community banks and credit unions, the key question is execution: how quickly Moov’s network can onboard institutions to the Coinbase-backed stablecoin capabilities and how smoothly those flows integrate with existing payment operations. Readers should also monitor whether this partnership expands beyond payment acceptance and settlement into broader stablecoin services, and how regulatory and market developments in the U.S. continue to shape the pace of mainstream stablecoin infrastructure adoption.

Ethereum price traded near $2,457 on Sep. 11 after recovering from a drop toward $2,400, but resistance around $2,500 continued to limit its advance.

Ethereum price action today

Ethereum (ETH) was trading at $2,457 at the time of writing, below the psychological $2,500 level after failing to hold an intraday recovery.

The daily candle remained up about 0.8%, having opened near $2,438 and reached a high of $2,485. However, the broader short-term chart showed repeated rejection between $2,490 and $2,530, preventing buyers from extending the rebound that began in August.

ETH has consolidated mainly between $2,400 and $2,530 since its sharp rally from below $2,000. The price tested the lower end of that range on Sep. 10 before buyers pushed it back above $2,450.

Persistent outflows from U.S. spot Ethereum exchange-traded funds have reduced one source of institutional demand. Sticky U.S. inflation and expectations that interest rates could stay elevated have also weighed on risk assets by keeping Treasury yields competitive with assets that do not generate fixed income.

Ethereum’s changing supply dynamics add another concern. Lower transaction fees following network upgrades such as Dencun have reduced the amount of ETH burned, weakening the deflationary case that previously supported the asset’s long-term investment narrative.

Ethereum technicals show support at $2,400

The daily Bollinger Bands showed Ethereum trading just below the middle band at $2,464.93. Reclaiming that level would improve the chances of another test of the upper band at $2,530.38.

The lower Bollinger Band stood at $2,399.48, reinforcing $2,400 as the most important nearby support. A daily close below that area could confirm a loss of the current range and expose ETH to a deeper pullback.

The daily relative strength index was 59.28, below its moving average of 63.97. The reading remained above the neutral 50 mark but showed that momentum had cooled since the August advance. ETH was not oversold, meaning the indicator did not yet signal that selling had reached an extreme.

The 4-hour structure offered a firmer signal. The Supertrend remained bullish and marked dynamic support at $2,423.40. ETH would preserve its short-term recovery structure while trading above that line.

Aroon Up stood at 64.29%, compared with Aroon Down at 14.29%. The gap favored buyers and showed that recent highs were more relevant than recent lows, although neither reading pointed to overwhelming momentum.

Liquidation levels frame ETH’s next move

CoinGlass’s three-day Ethereum liquidation heatmap showed concentrated leverage on both sides of the current price.

The nearest large overhead clusters appeared around $2,490 and between approximately $2,525 and $2,540. A move above $2,500 could force short positions to close and draw ETH toward the stronger $2,530 liquidity zone.

The heatmap also showed a substantial downside concentration around $2,390 to $2,405. Losing the 4-hour Supertrend support at $2,423 could therefore pull the price toward $2,400, where leveraged long positions face greater liquidation risk.

Smaller liquidity bands were visible near $2,440 and $2,470. Those levels may keep price action uneven inside the broader $2,400–$2,530 range until either side produces a confirmed breakout.

Liquidity concentrations can attract price because forced position closures add trading volume. They do not guarantee direction, however, and the clusters can change as traders open or close leveraged positions.

Analysts identify $2,400 as the key level

Analyst Ted Pillows said Ethereum was holding up better than Bitcoin after ETH quickly recovered from its fall to $2,400. According to the analyst, buyers remain in control as long as the price stays above that level.

His chart placed current resistance near $2,530 and the next major resistance around $2,800. It also identified support around $2,200, followed by a lower level near $1,955 if the current rebound fails.

Crypto Patel presented a much longer-term setup, arguing that Ethereum was testing a multi-year resistance area for the third time while remaining above an ascending accumulation zone. The analyst listed speculative breakout targets of $5,000, $10,000, and $15,000.

Those targets depend on Ethereum clearing its multi-year resistance and sustaining the breakout. They do not describe the immediate setup, which remains defined by the much narrower range between $2,400 and $2,530.

US data could decide the breakout

U.S. inflation and interest-rate expectations remain important for Ethereum because tighter monetary policy can reduce demand for volatile assets. Higher Treasury yields may also encourage fund managers to retain exposure to fixed-income products instead of increasing crypto allocations.

ETF flows provide another measure of U.S. institutional demand. Continued withdrawals would leave Ethereum more dependent on spot buyers, while a return to net inflows could help the price challenge the $2,500–$2,530 resistance area.

For now, Ethereum retains a mildly bullish short-term structure above $2,423, but buyers still need a daily close above $2,530 to confirm an upside breakout. A loss of $2,400 would invalidate that setup and shift attention toward lower support levels.

Blockstream says it will not negotiate with the parties it describes as hackers behind the recent Liquid Network incident, insisting that the demand for a bounty amounts to theft rather than “responsible disclosure.” In a statement posted Friday, the Bitcoin infrastructure firm said it engaged with the attackers in good faith to recover user funds, but will not comply with their conditions.

The dispute centers on remaining Bitcoin held after the Liquid federation network was disrupted earlier this month. Blockstream argues the actors’ behavior crossed a clear line: taking assets without authorization and withholding their return is a crime, not an attempt to improve security.

Key takeaways

• Blockstream rejects a demanded “bounty” payment and says the remaining funds should be returned voluntarily.
• Following engagement attempts, Blockstream says it will escalate by working with law enforcement, exchanges, service providers, and forensic specialists if funds aren’t returned.
• The incident began after self-described “white-hat” actors withdrew roughly 4,000 BTC from Liquid’s federation wallet.
• After bridge nodes were patched, about 3,400 BTC were returned, leaving approximately 598 BTC outstanding.
• Liquid resumed block production with emergency updates, but transactions and transfers into or out of the network remained suspended at the time of the report.

Blockstream draws a hard line on “bounty” demands

Blockstream’s position is unambiguous: it will not pay to regain assets it says were taken without authorization. The company called the behavior “theft,” adding that it does not qualify as white-hat activity or responsible disclosure.

Blockstream also addressed the timing and intent of its interactions. According to the company, it worked with the hackers in good faith to attempt to recover user funds, but the firm will not accept the attackers’ demands.

Those demands, as described in the reporting, were presented via an onchain message. The message reportedly asked Blockstream to pay a bounty equal to 10% of the requested amount using its own funds, while threatening Liquid holders with a 15% loss if Blockstream did not comply. The onchain appeal was shared publicly by Jan3 CEO and former Blockstream chief strategy officer Samson Mow.

In its response, Blockstream urged the remaining Bitcoin holders to return what’s still at issue without further conditions. If voluntary return does not happen, the firm indicated it will pursue tracing and identification—leveraging cooperation with law enforcement, exchanges, service providers, and forensic specialists.

What happened to Liquid—and what returned so far

Liquid is a Bitcoin sidechain that relies on a federation model. The disruption came after self-described “white-hat” actors removed roughly 4,000 BTC from Liquid’s federation wallet. At the time, the amount was reported as worth about $320 million.

Following that withdrawal, Liquid paused operations. The reported pause reflected the urgency of the situation: bridge-related components and network procedures needed emergency attention before normal activity could resume safely.

Later, after Blockstream said affected bridge nodes were patched, the actors returned 3,400 BTC. That left around 598 BTC still outstanding, according to the subsequent reporting referenced in this article.

Blockstream’s latest statement frames the remaining balance as funds that should never have been withheld in the first place. The company’s escalation plan—moving from engagement to potential investigative and legal coordination—signals that it sees the situation less as a negotiated remediation and more as a recoverable loss that requires external enforcement support.

Liquid network status: resumed block production, suspended transfers

Liquid’s recovery has been partial and operationally cautious. After emergency software updates, the network resumed block production. However, the resumed production produced empty blocks, reflecting that core transaction flows were not fully restored immediately after the fixes.

At the same point in the timeline described in the article, transactions and Bitcoin transfers into and out of Liquid remained suspended. This matters for users because even when a network is “running” again in terms of producing blocks, it may still be functionally limited—particularly if transfers depend on bridge components or other safeguards that require additional validation.

The contrast between resumed block production and ongoing suspension of transfers highlights a common post-incident reality for sidechain and federation-based systems: restoring consensus activity is not the same as restoring end-to-end movement of assets. Users and integrators typically need certainty that both issuance and redemption pathways are secure before reactivating deposit and withdrawal workflows.

Why Blockstream’s refusal to pay changes the dynamic

Refusing to pay a demanded bounty can matter as much for incentives as for outcomes. When attackers attempt to convert exposure into payment, companies must decide whether negotiating sets a precedent that encourages future incidents. Blockstream appears to be choosing the deterrence route—arguing that paying would legitimize unauthorized appropriation as a “disclosure” process.

The firm’s approach also shifts the practical path to resolution. Rather than relying on the attackers to continue responding to pressure, Blockstream is signaling a move toward forensic tracking and coordinated action with third parties that can help identify flows and locate responsible parties. That includes exchanges and service providers that may be able to freeze or trace funds, depending on jurisdiction and access.

There is also a tension in the broader narrative: the attackers previously described the actions as “white-hat,” and a portion of funds has already been returned after technical remediation. But Blockstream’s messaging stresses that returning some assets does not absolve withholding the remainder under a payment threat.

For Liquid users, the key uncertainty remains straightforward: whether the roughly 598 BTC still held in connection with the incident will be returned without further conditions. Even if the network resumes certain functions, asset recovery timelines may depend on the interaction between technical fixes, the ability to trace funds, and any legal or regulatory steps that follow.

Going forward, traders, wallets, and bridge operators should watch for updates on whether Liquid transfers remain suspended, whether additional emergency patches are required, and—most importantly—whether the remaining Bitcoin is returned in line with Blockstream’s demand for voluntary restoration rather than conditional payment.

Metaplanet has cut the potential shares tied to its Series 10 stock acquisition rights by 41.1%, reducing the pool from 319.46 million shares to 188.19 million while imposing new exercise restrictions through 2031.

Metaplanet said in a Sept. 11 Tokyo Stock Exchange disclosure that its board approved another amendment to the Series 10 rights, changing the number of shares underlying each right from 696 to 410. After accounting for rights that have already been exercised, the remaining potential shares will fall 55.5% from 236.64 million to 105.37 million.

The company will use its Sept. 1, 2025 share count as the reference for the revised conversion ratio, replacing the June 30, 2026 reference used in an amendment announced last month. Metaplanet said the new calculation corresponds to a 20% post-exercise dilution rate based on common shares outstanding at the earlier date.

The decision comes after shareholders questioned the size and structure of the Series 10 incentive program. crypto.news previously reported that Metaplanet’s option pool had been fixed at 319.46 million potential shares on Aug. 18 after the company removed a mechanism that automatically increased the number as its fully diluted share count expanded.

Metaplanet cuts Series 10 dilution after shareholder feedback

Metaplanet said it reconsidered the reference period after receiving views from shareholders and capital market participants following the August amendment.

Its board reviewed the company’s previous equity financings using mNAV, BTC Yield and the shareholder value generated from the transactions. Financings through mid-2025 were completed at mNAV levels several times net asset value and made a substantial contribution to Bitcoin per fully diluted share, according to the company.

Metaplanet said the September 2025 international offering and subsequent third-party allotments were completed at more modest premiums to net asset value. Those transactions still increased Bitcoin per fully diluted share, but their contribution to BTC Yield was smaller than earlier financings.

CEO Simon Gerovich described September 2025 as the point when capital raises became less accretive, though they remained accretive. In a letter to shareholders published alongside the disclosure, he said resetting the ratio to 1:410 extinguishes more than $220 million of warrant value.

Gerovich said the adjustment reduces the fully diluted share count and raises Bitcoin per fully diluted share by approximately 8.8%.

Metaplanet’s disclosure showed effective diluted shares outstanding at roughly 1.50 billion as of Sept. 11, compared with 1.63 billion at the end of June. Bitcoin per effective diluted share stood at 0.0286646, while the company’s quarter-to-date BTC Yield was 8.8%.

The calculation uses Metaplanet’s unchanged holding of 43,000 BTC. The company reached that level after it added 2,823 BTC in the second quarter at an average purchase price of 12.7 million yen per Bitcoin. Its overall average acquisition price stood at roughly 15.3 million yen per BTC.

Unvested rights face new exercise restrictions

The amendment changes more than the number of potential shares. Unvested Series 10 rights will now be divided into three equal portions, with the first becoming exercisable on Aug. 18, 2029, followed by further portions on Aug. 18, 2030 and Aug. 18, 2031.

Rights that vested on Feb. 8, 2026 remain exercisable. Shares obtained from exercises, including shares already issued, remain subject to a lock-up through Aug. 17, 2031. The exercise price stays at 10 yen per share.

Two holders have already exercised 119,000 rights at the previous rate of 696 shares per unit and received 82.824 million shares. Metaplanet said those shares will not be returned or canceled because the exercises were valid under the terms in force at the time.

Instead, the adjustment will reduce the shares those holders can receive through future exercises. Under the revised calculation, one director holds rights corresponding to 113.16 million shares, two executive officers account for 57.81 million shares and two employees account for 17.22 million shares. After deducting shares already received, 105.37 million shares remain exercisable.

Gerovich had previously exercised 92,000 Series 10 rights, receiving 64.03 million shares and taking his direct ownership to 79.59 million shares. The transaction had become part of the shareholder scrutiny surrounding the compensation structure.

In his latest letter, Gerovich said he recused himself from the board’s deliberation and vote because he holds Series 10 rights. Metaplanet’s formal filing said all rights holders agreed to the amendment before the board resolution.

Planned employee warrant pool has been withdrawn

Metaplanet has scrapped another part of its August plan that would have transferred up to 90,000 Series 10 rights, equivalent to approximately 20% of the unexercised balance, into a long-term officer and employee incentive vehicle.

Gerovich said the warrants previously earmarked for that pool will not be transferred. Metaplanet plans to design a separate compensation program for new hires with input from a global compensation consultant.

The CEO said the company intends to strengthen board oversight, compensation practices and shareholder communication as its operations expand. Metaplanet currently has a 10-member board, nine of whom are independent, after five new directors were appointed across its 2025 and 2026 annual shareholder meetings.

Its international expansion includes a pending transaction involving Nasdaq-listed Super League Enterprise. Metaplanet agreed in August to invest 2,100 BTC and $2.5 million in the company, a deal structured to give it a 95.7% stake and establish a U.S. Bitcoin treasury platform called Superplanet.

The Series 10 amendment took effect on Sept. 11, with registration planned within two weeks. Metaplanet said the change is expected to have an immaterial impact on its consolidated financial results for the current fiscal year, while the existing Aug. 17, 2031 lock-up date remains unchanged.

Japanese Bitcoin treasury firm Metaplanet says it will again amend the conversion terms of its Series 10 stock acquisition rights, stepping in after shareholder pushback over dilution from an expanded option pool.

According to Metaplanet CEO Simon Gerovich, the company will reduce the number of shares that could be issued upon future exercises of the rights by 131.3 million—lowering the potential share count from 319.464 million to 188.19 million. The adjustment is implemented by resetting the conversion ratio from 1:696 to 1:410, which Gerovich said restores the level used prior to Metaplanet’s September 2025 international share offering.

Key takeaways

• Metaplanet will lower the share supply behind Series 10 conversion rights by resetting the conversion ratio to 1:410.
• Gerovich says the change will extinguish more than $220 million in warrant value while increasing Bitcoin per fully diluted share by about 8.8%.
• The company will not reverse shares already delivered from prior exercises, meaning the reduction applies only to future exercises.
• Metaplanet will drop plans to transfer up to 90,000 rights into an officer/employee incentive vehicle and instead introduce additional exercise restrictions on unvested rights.
• The move follows criticism that the option pool expansion “amplifies the dilution borne by existing shareholders.”

Why Metaplanet changed its Series 10 conversion terms

In a Friday post on X, Gerovich said Metaplanet will further amend its Series 10 stock acquisition rights in response to shareholder concerns. The key mechanical change is the conversion ratio reset—from 1:696 down to 1:410—which reduces how many shares may be delivered when Series 10 rights are exercised going forward.

Gerovich emphasized that shares already delivered through earlier exercises will not be clawed back. In other words, the revision is prospective: it reduces the remaining potential dilution associated with future exercises rather than retroactively altering completed transactions.

Financially, Gerovich said the adjustment would extinguish more than $220 million in warrant value. He also stated it would lift Metaplanet’s Bitcoin per fully diluted share by roughly 8.8%, a metric investors often monitor in crypto-treasury equity structures where the balance sheet is central to valuation.

Dilution backlash and the option pool expansion

The latest amendment follows a dispute that surfaced after Metaplanet expanded an executive stock pool tied to the same Series 10 framework. Earlier reporting and Metaplanet’s disclosures describe a jump in the pool from 46 million shares to 319.5 million shares.

Earlier coverage from Cointelegraph noted the shareholder backlash over dilution, and Metaplanet subsequently acknowledged the core criticism. In a filing referenced in Friday’s reporting, the company stated that expanding the pool “amplifies the dilution borne by existing shareholders.”

Shareholder pressure centered on the additional 273 million potential shares created by the expansion—an increase many investors view as potentially transferring value away from existing holders, particularly in treasury-driven equity models where the market expects a disciplined approach to share issuance.

On Friday, VanEck’s head of digital asset research, Matthew Sigel, characterized Metaplanet’s adjustment as a “meaningful concession,” arguing it better aligns management with shareholders. The sentiment underscores why the company’s conversion-term tweak matters beyond accounting mechanics: it signals how management responds when capital structure decisions affect long-term holders.

What changes for incentives and future vesting

Alongside the conversion-ratio revision, Metaplanet said it will withdraw plans to transfer up to 90,000 rights to a long-term officer and employee incentive vehicle. Instead, the company said it will develop a new compensation program with a “leading global compensation consultant.”

Under the amended approach, all unvested rights will face additional exercise restrictions. Metaplanet stated that one-third of unvested rights would become exercisable in each of 2029, 2030, and 2031—an explicit schedule that constrains when any remaining dilution could materialize.

This matters for investors because delayed or phased exercisability can reduce the near-term risk of sudden increases in the float from option exercises. While future exercises remain possible, the company’s timetable provides holders with clearer visibility into when dilution pressures could peak.

Gerovich’s role and related disclosures

In an Aug. 31 disclosure referenced in the source material, Metaplanet said Gerovich exercised rights to acquire 92,000 shares under the Series 10 pool. Gerovich also said he recused himself from board deliberations and the vote on the adjustment because he is a Series 10 holder.

The recusal point is notable for governance readers because it addresses potential conflicts of interest: management changes to a dilution-linked instrument can affect the incentives and outcomes for holders inside the company, including executives who already hold or are tied to the rights.

Metaplanet’s push beyond treasury holdings

Metaplanet also announced plans to establish an asset management subsidiary in Hong Kong, Metaplanet Asset Management Asia Limited. The firm said the new company will be capitalized with $1 million in initial funding later in September and will trade Bitcoin, equities, and credit products during Asian market hours.

The subsidiary is described as part of “Project Nova,” an effort aimed at building a Bitcoin-focused platform spanning asset management, securities, capital markets, and other financial services. Earlier in 2026, Metaplanet agreed to acquire Siiibo Securities in a deal valued at 2.1 billion yen (about $13.1 million) to form a securities arm—supporting the broader strategy of moving from purely balance-sheet exposure toward operating businesses linked to markets and capital formation.

Investors will likely watch whether this expansion affects future capital allocation and equity structure decisions. For treasury-focused issuers, corporate development can reinforce long-term narratives—but equity instruments tied to compensation and acquisition rights also remain a central pressure point when dilution concerns are raised.

Metaplanet shares reportedly fell 3.8% on Friday, leaving them down 15% over the prior five days, according to Yahoo Finance. The immediate market reaction suggests uncertainty persists even after the concession, so holders should watch how the revised conversion terms are reflected in upcoming filings and whether further changes to the incentive structure follow as the 2029–2031 exercise schedule approaches.

Hunter Biden confirmed on Monday that a memecoin named after his laptop launches on Sept. 9, posting the ticker $LAPTOP and the date to his verified X account at 10:55 a.m. ET alongside a 31-second clip of a Fox News segment about the computer. The post had 250,900 views within an hour.

It went up four minutes after The Wall Street Journal reported the launch, in a story by Vicky Ge Huang headlined “Hunter Biden (and His Laptop) Enter the Cryptosphere With New Meme Coin.” Biden is part of the founding team, according to the report.

The airdrop is the political content of the launch. A fifth of supply goes to airdrops that include wallets holding losses on TRUMP, the memecoin issued in President Trump’s name three days before his second inauguration, which now trades 97% below its record. Biden’s Substack subscribers and a mailing list kept by video journalist Andrew Callaghan also qualify, according to the Journal.

One Billion, Thirty Percent Locked

Total supply is 1 billion tokens. The founding team takes 30%, locked for six months after launch and released over the following two years. Airdrops take 20% across two rounds, and a further 20% covers liquidity, exchange listings and legal costs, according to the Journal’s account of the tokenomics. Up to 30% is earmarked for burns triggered by named events, including bitcoin setting a record and LAPTOP passing TRUMP’s market value.

Biden has not published tokenomics himself. His X post carries no contract address, website or launch venue, and his Substack, where he has written about the laptop since July, has no post on the token. His art site lists bitcoin as a payment option.

Copycats In One Minute

The first token named LAPTOP appeared on Robinhood Chain at 14:50 UTC, roughly a minute before the Journal’s markets account posted the story. Twenty-two more pools followed over the next 53 minutes across Robinhood Chain, Solana, TON and BNB Chain, covering at least 14 distinct tokens, DEX Screener data shows. None is on Base, and none launches on Sept. 9.

They traded $6.9 million between them by 15:45 UTC. The largest, a Robinhood Chain token at 0x76Ed1E spread across ten pools, carried a $535,206 fully diluted valuation and took $5.43 million of volume over 31,878 trades in a single pool paired against SGOV, the tokenized short-dated Treasury ETF. The pairing follows the pattern The Defiant has documented on the chain since July, where memecoins quote against tokenized equities and generate most of the network’s stock-token volume.

A Solana token called Hunter Biden’s Laptop, deployed in January 2024, rose 411% to a $191,541 market capitalization on $932,561 of volume.

The Ticker Is Taken

A token trading as LAPTOP has been live on Base since June 27, up 54% on Monday to a $51,908 market capitalization on $55,602 of volume. Whether the September launch shares the ticker or the contract is unresolved; Biden’s post names neither.

TRUMP At Minus 97%

TRUMP trades at $2.25, down 6.3% over 24 hours and 5% over the week, with a $613.4 million market capitalization on 273.1 million circulating tokens, according to CoinGecko. Its high was $73.43 on Jan. 19, 2025, two days after launch, and its low was $1.37 on Aug. 13 this year. Holders who bought near the top and never sold are the constituency the LAPTOP airdrop addresses.

Base holds $5.67 billion of total value locked and settled $567.2 million of DEX volume over 24 hours, according to DefiLlama. Robinhood Chain, where every copycat with meaningful volume launched, holds $908.7 million of TVL on $1.61 billion of daily DEX volume.

Zcash mining activity has risen more than 2.5 times in 2026 as stronger ZEC prices have pushed estimated revenue per megawatt-hour to about four times the level generated by Bitcoin miners.

Zcash mining returns have outpaced Bitcoin per machine

Grayscale Research Director Zach Pandl said Zcash miners currently generate about $2 million in total revenue each day, compared with approximately $35 million earned across the Bitcoin network.

Bitcoin’s total remains far higher because its mining network contains much more computing power. On an individual-machine basis, however, Grayscale estimated that a Zcash miner earns about twice the daily revenue of a Bitcoin miner.

Power-based comparisons create an even larger gap. Pandl estimated that Zcash mining produces approximately four times as much revenue per megawatt-hour as Bitcoin mining. Under the assumptions used in Grayscale’s analysis, ZEC mining revenue per unit of electricity also exceeds the income offered by some artificial intelligence and high-performance computing cloud services.

Zcash uses a proof-of-work consensus system, so miners compete to process transactions and add blocks to the chain. Successful miners receive newly issued ZEC and transaction fees, making token prices, network difficulty, equipment efficiency and electricity costs central to their earnings.

Unlike Bitcoin miners, Zcash operators use equipment designed for the Equihash mining algorithm. Bitcoin relies on SHA-256 machines, which means operators cannot move the same hardware between the two networks simply because one becomes more profitable.

Grayscale’s estimates compare revenue rather than net profit. Actual earnings for any operator can vary after accounting for power rates, equipment prices, cooling, maintenance, facility costs, and mining-pool fees.

Zcash hash rate has grown more than 2.5 times

Rising ZEC prices have encouraged miners to add computing power, pushing total Zcash mining activity to more than 2.5 times its level at the beginning of the year, according to Pandl.

Hash rate measures the computing power dedicated to mining and securing a proof-of-work chain. As more machines compete, the network gains additional resources for validating blocks, while individual miners face more competition for the same block rewards.

Pandl described the increase as a reinforcing cycle in which a higher ZEC price makes mining more attractive, fresh machines raise the network’s hash rate, and added computing power strengthens the cost of attacking the chain. Grayscale believes improved security can then support investor confidence in the asset, although the cycle depends partly on ZEC retaining enough value to cover miners’ operating expenses.

The economics can change as mining participation rises. Zcash adjusts its mining difficulty to match the computing power on the network, so adding machines eventually makes each unit of hash rate less productive unless ZEC prices or transaction-fee revenue rise at the same time.

Supply issuance also affects the calculation. Zcash follows a Bitcoin-like scarcity model with a maximum supply of 21 million coins and scheduled reductions in block rewards. Lower issuance reduces the number of new tokens available to miners, requiring price gains, fee growth, or more efficient machines to offset the decline.

ZEC’s price rally has changed the mining equation

Improved mining revenue has followed a sharp rise in ZEC’s market value during 2026. On Sep. 4, the token climbed above $1,000 for the first time after gaining 20% in one session, while about $34.5 million in short positions were liquidated over 24 hours.

As crypto.news reported earlier, ZEC had advanced roughly 2,300% year over year from about $42 in September 2025. Trading volume reached $1.2 billion during the move above $1,000, while its market capitalization rose to approximately $16.8 billion.

Price gains directly affect miners because block rewards are paid in ZEC. A miner producing the same number of coins earns more in dollar terms when the token rises, even if its equipment and electricity use remain unchanged.

The rally has also made Zcash mining more sensitive to price reversals. CoinGecko data showed ZEC trading near $1,093 on Sep. 11 after falling close to 11% over 24 hours. Although the level remained far above its price a year earlier, the daily loss showed how quickly the dollar value of mining rewards can change.

Network growth may also reduce revenue per machine if additional hash rate raises mining difficulty faster than prices recover. Grayscale nonetheless considers Zcash mining attractive at its current valuation, according to Pandl, who said the new computing power continues to reinforce network security.

US investors gained ZEC access through ZCSH

American investors received a new route to Zcash exposure on Aug. 25 when Grayscale converted its existing Zcash Trust into an exchange-traded product listed on NYSE Arca under the ticker ZCSH.

The Zcash ETF launch allowed brokerage-account investors to track the value of ZEC without buying the cryptocurrency directly or operating mining equipment. Grayscale set the product’s annual sponsor fee at 2.5% and said fee revenue would support network development, marketing and other Zcash-related work.

ZCSH holds ZEC while its shares trade through the traditional securities market. Grayscale’s regulatory filings provide for authorized participants to create and redeem baskets of shares, a process intended to keep the fund’s market price close to the net asset value of its holdings.

Before the conversion, the product traded on OTCQX as the Grayscale Zcash Trust. The fund held more than $313.5 million in assets shortly before its exchange listing, while Grayscale’s earlier filings identified Coinbase Custody as custodian and BNY Mellon as administrator.

An August filing amendment also disclosed that DCG International Investments, a subsidiary of Grayscale parent Digital Currency Group, was considering an investment tied to approximately 200,000 ZEC. The discussions were nonbinding, and Grayscale said the subsidiary could purchase more shares, fewer shares or none.

The US Securities and Exchange Commission closed an investigation into the Zcash Foundation in January without recommending enforcement action. The inquiry began with an August 2023 subpoena concerning crypto asset offerings, according to the foundation.