Crypto Morning Brief: Ethereum Foundation to sell 10,000 ETH, BGB upgraded to Morph public chain token

Author: TechFlow

Yesterday's Market Developments

U.S. SEC and CFTC issue joint statement allowing registered platforms to conduct spot crypto trading

According to CoinDesk, the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) have issued a joint statement permitting registered trading platforms to conduct spot cryptocurrency trading.

SEC Chair Paul Atkins and CFTC Acting Chair Caroline Pham stated that designated contract markets (DCMs) registered with the CFTC, foreign board of trade (FBOT) entities, and national securities exchanges (NSEs) registered with the SEC may all conduct spot trading of specific crypto assets. Both regulatory agencies will actively engage with trading venues to ensure markets operate fairly and orderly. The move aims to create a pathway for digital assets into the existing financial regulatory framework ahead of congressional passage of crypto market legislation.

Ethereum Foundation: To sell 10,000 ETH to support R&D, grants, and donations

The Ethereum Foundation announced on social media that over the coming weeks it will convert 10,000 ETH via centralized exchanges to sustain ongoing research, development, grant programs, and donation initiatives. These conversions will be executed through multiple small-sized orders rather than one large transaction.

According to Onchain Lens (@OnchainLens), approximately four hours ago, the Ethereum Foundation transferred 10,000 ETH—worth about $43.21 million—to the cryptocurrency exchange Kraken.

BGB upgraded as Morph public chain token, 220 million tokens burned in one go

Bitget has announced an exclusive strategic partnership with consumer-focused public chain Morph to accelerate BGB’s on-chain applications and ecosystem expansion. BGB will become Morph’s gas and governance token. It will continue to serve within partner ecosystems such as exchanges and wallets, including participation in Launchpool and fee discount programs.

Under this collaboration, all BGB tokens governed by the Bitget team will be transferred to the Morph Foundation—totaling 440 million BGB. Of these, 220 million will be immediately burned, while the remaining 220 million will be locked and released at 2% per month to incentivize liquidity, expand use cases, and fund education and outreach efforts. Additionally, the Morph Foundation will update the BGB burn mechanism, linking it to the activity level of the Morph chain, until the total supply of BGB is reduced to 100 million.

As part of the partnership, Bitget and Bitget Wallet will adopt Morph as their payment infrastructure and PayFi settlement layer, helping onboard more stablecoin issuers and global payment solution providers. This also means that Bitget’s 120 million users will integrate into Morph’s decentralized ecosystem, jointly advancing its development.

WLFI team burns 47 million WLFI from unlocked treasury wallet in 6 hours, worth ~$11.34 million

According to on-chain analyst Yujin (@EmberCN), six hours ago the WLFI project burned 47 million WLFI tokens (approximately $11.34 million) from an unlocked treasury wallet. The official stated this action was carried out in accordance with a buyback and burn governance proposal.

In addition, two days after the project launched trading, WLFI used 2 million USD1 to repurchase 6.498 million WLFI tokens at a price of $0.308 each.

Coinbase: To launch “Mag7 + Crypto Index Futures” on September 22

According to TheBlock, cryptocurrency exchange Coinbase has announced a new futures index product. Named the "Mag7 + Crypto Stocks Index Futures," it will officially launch on September 22.

This marks Coinbase’s first multi-asset offering on its U.S. derivatives platform. The new index combines top tech stocks with BlackRock’s spot Bitcoin and Ethereum ETFs, using an equal-weight methodology where each of the ten components holds a 10% weight. The index includes Coinbase stock, Apple, Microsoft, Alphabet (Google’s parent), Amazon, Nvidia, Meta, Tesla, and BlackRock’s Bitcoin and Ethereum ETFs.

Pump.fun launches Project Ascend, introducing dynamic fee mechanism to optimize creator earnings

Pump.fun has announced the launch of Project Ascend, an ecosystem upgrade initiative. This plan introduces a new Dynamic Fees V1 mechanism, implementing a tiered creator fee structure based on token market capitalization, aiming to enhance the sustainability of the ecosystem.

Pump.fun states that the new mechanism will increase creator earnings up to tenfold and accelerate the processing of CTO (community takeover) creator fee requests. Pump Fun says this upgrade will help attract more streamer creators and early-stage projects, further solidifying its position as the leading marketplace for startups, streamers, and communities within the Solana ecosystem.

Venus: Protocol fully restored today, lost funds recovered

According to an official announcement, Venus Protocol was fully restored at 5:58 AM Beijing time (withdrawal and liquidation functions have been reopened), and the lost funds have been successfully recovered under Venus’ protection.

Gemini announces IPO launch with ticker symbol "GEMI"

According to Prnewswire, cryptocurrency platform Gemini has announced the initiation of its initial public offering (IPO), planning to issue approximately 16.67 million Class A ordinary shares, with an expected price range of $17–$19 per share. The company has filed to list on the Nasdaq Global Select Market under the ticker symbol "GEMI." Goldman Sachs and Citigroup are serving as lead bookrunners for the IPO. Founded in 2014 by the Winklevoss twins, Gemini currently provides cryptocurrency services in over 60 countries worldwide.

Market news:Digital Currency Group (DCG) considering ~$500 millionIPO in Hong Kong

According to IFR Asia, Digital Currency Group (DCG) is considering an initial public offering (IPO) in Hong Kong, targeting a fundraising amount of approximately $500 million.

Mastercard Europe executive: Does not rule out possibility of developing own blockchain in future

According to TheBigWhale, Christian Rau, Head of Crypto for Mastercard Europe, said in an interview that the company views crypto assets as potential payment technologies rather than disruptive innovations. Mastercard has already deployed on-off ramp services and cryptocurrency payment card offerings, and is collaborating with institutions such as MetaMask, Bitget, and Moonpay to advance merchant adoption of crypto payments.

Rau noted that although stablecoin transaction volumes have surpassed those of Mastercard, the company sees them as settlement tools rather than threats. Mastercard processes around 5,000 transactions per second, and its value lies not only in speed but also in supporting systems such as anti-fraud, compliance, and chargeback capabilities.

The report states that while Mastercard does not currently have its own public blockchain project, it does not rule out the possibility: "We prefer interoperability with existing solutions. But if none meet our needs, we’ll consider building our own."

Yunfeng Financial: Purchased 10,000 ETH with totalinvestment cost of $44 million

Yunfeng Financial announced that its board has approved the purchase of ETH in the public market as a reserve asset. As of the announcement date, the group has cumulatively purchased 10,000 ETH in the public market, with a total investment cost (including fees and expenses) of $44 million. Funding for the purchase came from the group’s internal cash reserves, and the acquired ETH is classified as investment assets in the group’s financial statements.

Market Data

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