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The Daily: Ripple leads $1 billion XRP treasury raise, MegaETH buys back portion of pre-seed stake, and more

The Daily: Ripple leads $1 billion XRP treasury raise, MegaETH buys back portion of pre-seed stake, and more

The BlockThe Block2025/10/16 16:00
By:By James Hunt

Quick Take Ripple is leading a $1 billion raise to create a new XRP digital asset treasury, Bloomberg reported, citing sources familiar with the matter. MegaETH repurchased 4.75% of its equity and token warrants from pre-seed investors ahead of its mainnet and token launch later this year, though the terms of the deal were not disclosed.

The Daily: Ripple leads $1 billion XRP treasury raise, MegaETH buys back portion of pre-seed stake, and more image 0

The following article is adapted from The Block’s newsletter,  The Daily , which comes out on weekday afternoons.

Happy Friday! Bitcoin briefly slid below $104,000 this morning as " extreme fear " grips markets, with concerns over U.S. regional banks and renewed China trade tensions weighing on sentiment.

In today's newsletter, Ripple is reportedly leading an effort to raise $1 billion for a new XRP treasury company, MegaETH buys back 4.75% of equity and token warrants from pre-seed investors, Bitcoin ETFs see their largest daily outflows since August, and more.

Let's get started!

P.S. CryptoIQ is now available to everyone. Take the test for a chance to win $20,000!

Ripple leads $1 billion raise for new XRP treasury

Ripple is leading a $1 billion raise to create a new XRP digital asset treasury , Bloomberg reported, citing sources familiar with the matter.

  • The fundraising is expected to occur via a special purpose acquisition company (SPAC), with Ripple contributing part of its own (substantial) XRP holdings.
  • The details of the raise and the transaction structure are still being discussed and remain subject to change, but if completed, the new entity could become the largest XRP-focused DAT to date.
  • The move comes amid cooling sentiment around DAT firms like Strategy, Metaplanet, and BitMine, as some begin to trade at market caps below their net crypto asset values.
  • In June, Singapore-based Trident Digital announced plans to raise $500 million to build an XRP treasury.
  • XRP , the world's fifth-largest cryptocurrency, fell 5.8% in the past 24 hours to trade at $2.27 amid the broader market downturn.

MegaETH buys back equity and token warrants from pre-seed investors

MegaETH repurchased 4.75% of its equity and token warrants from pre-seed investors ahead of its mainnet and token launch later this year, though the terms of the deal were not disclosed.

  • However, co-founder Shuyao Kong said the buyback, approved by key stakeholders including Dragonfly and Echo, was completed above its $20 million seed-round valuation of "9-figures."
  • Kong explained that some investors exited after shutting down their funds, and because MegaETH bans secondary sales, its team was the only permitted buyer.
  • MegaETH said the buyback reflects its commitment to aligned ownership and tight governance as it readies a public token sale on Cobie's Sonar platform.

Spot Bitcoin ETFs see largest daily outflows since August, worth $536 million

Spot Bitcoin ETFs saw $536 million in net outflows on Thursday — their largest single-day withdrawal since Aug. 1, led by Ark Invest's ARKB and Fidelity's FBTC.

  • The exodus reflects rising investor risk aversion amid U.S.-China trade tensions and a broader crypto market deleveraging, LVRG Research Director Nick Ruck said.
  • Ruck noted that ETF outflows signal increased market fragility in the near-term, and suggested that prices may face further downward pressure.
  • Meanwhile, spot Ethereum ETFs also reversed course with $56.9 million in net outflows on Oct. 16 after two days of gains.

Arthur Hayes' family office, Maelstrom, targets $250 million for new private equity fund

Arthur Hayes' family office, Maelstrom, is seeking to raise more than $250 million for a new private equity fund targeting up to six mid-sized crypto firms, according to Bloomberg.

  • Managing Partner Akshat Vaidya said the fund will focus on blockchain service providers, including trading infrastructure and analytics startups, investing between $40 million and $75 million annually.
  • Each acquisition will be structured through a special purpose vehicle targeting cash-generating businesses, Vaidya said.
    The raise comes amid a surge in crypto M&A activity this year, with Ripple, Coinbase, and Stripe among those striking major deals.

FIFA's World Cup NFT platform faces criminal complaint from Swiss gambling regulator

Swiss gambling regulator GESPA filed a criminal complaint against FIFA , alleging its World Cup NFT platform operates illegal, unlicensed gambling services.

  • The investigation found that FIFA Collect's competitions involve monetary stakes, cash prizes, and chance-based outcomes qualifying as lotteries or sports betting.
  • FIFA's NFT collections, initially built on Algorand and later migrated to Polygon, are now set to move to its own Avalanche-based "FIFA Blockchain."

Looking ahead to next week

  • UK CPI inflation data are due on Wednesday. U.S. CPI numbers are scheduled for release on Friday.
  • ECB President Christine Lagarde speaks on Tuesday and Wednesday.
  • Melania Meme, Layer Zero, KAITO, and Scroll are among the crypto projects set for token unlocks .
  • Zebu Live kicks off in London. Blockchain Africa Conference and Lugano Plan ₿ Forum also get underway.

Never miss a beat with The Block's  daily digest  of the most influential events happening across the digital asset ecosystem.


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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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