The world of digital assets continues to evolve at a rapid pace, with major developments spanning regulatory milestones, institutional adoption, blockchain innovation, and strategic investments. From traditional financial institutions embracing tokenization to electric vehicle manufacturers accepting meme coins, the lines between legacy systems and decentralized finance are blurring. This comprehensive update covers the most impactful movements shaping the crypto ecosystem in 2025.
Regulatory and Institutional Advancements
Hong Kong Rebrands "Virtual Assets" to "Digital Assets"
In a significant policy shift, Hong Kong has officially replaced the term “virtual assets” with “digital assets” in its latest Digital Asset Development Policy Declaration 2.0. This rebranding reflects a broader, more inclusive vision that encompasses tokenized traditional financial instruments and positions Hong Kong as a global hub for digital innovation. The updated LEAP framework outlines clear strategic directions for fostering fintech growth, enhancing regulatory clarity, and attracting institutional capital.
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TF Securities Subsidiary Obtains Hong Kong’s Class 3 Digital Asset License
Tianfeng International Securities & Futures Company Limited, a wholly-owned subsidiary of Tianfeng Securities, has secured Hong Kong’s Class 3 digital asset license from the Securities and Futures Commission (SFC). This license permits the firm to provide digital asset trading services through integrated account arrangements. The move underscores growing interest among traditional financial institutions in offering crypto-native services to clients, signaling deeper integration between conventional finance and blockchain-based markets.
GF Securities (Hong Kong) Launches Interest-Bearing Tokenized Securities
Guangfa Securities’ Hong Kong arm has introduced “GF Token,” a suite of tokenized securities denominated in USD, HKD, and offshore RMB. These tokens offer daily interest accrual and redemption, targeting institutional and accredited investors seeking yield on idle capital. Issued on-chain and tradable via licensed exchange Hashkey, GF Token represents one of the first real-world applications of programmable money in Asia’s financial markets.
Market Movements and Strategic Reserves
Bhutan Holds $1.3 Billion in Bitcoin—Nearly 40% of GDP
In a surprising revelation reported by The Wall Street Journal and shared by SatoshiActFund CEO Dennis Porter, Bhutan now holds approximately $1.3 billion in Bitcoin—equivalent to nearly 40% of its GDP. Since initiating Bitcoin mining operations in 2020 using hydropower resources, the Himalayan nation has quietly become the third-largest government holder of BTC. This strategic reserve highlights how smaller nations are leveraging renewable energy to build long-term digital wealth.
U.S. Advances Infrastructure for Strategic Bitcoin Reserve
White House digital asset advisor Bo Hines confirmed that the United States is actively building infrastructure for a potential strategic Bitcoin reserve. While no mandatory disclosure of current holdings was required under President Trump’s March executive order, Hines indicated the administration is “very inclined” toward budget-neutral methods of increasing BTC exposure. This development aligns with growing bipartisan support for treating Bitcoin as a macroeconomic hedge.
India BJP Leader Advocates for Bitcoin Reserve Pilot Program
Pradeep Bhandari, senior spokesperson for India’s ruling Bharatiya Janata Party (BJP), has called for launching a Bitcoin reserve pilot program. Framing it as a step toward economic resilience, Bhandari emphasized the importance of exploring digital assets amid global monetary shifts. Though not official policy yet, such high-level endorsements suggest increasing openness within emerging economies to consider BTC as a treasury asset.
Corporate Adoption and Consumer Access
Mullen Automotive Accepts Bitcoin and $TRUMP for Commercial EVs
U.S.-listed Mullen Automotive announced on June 26 that it will accept Bitcoin and the meme coin $TRUMP for purchases of its commercial electric vehicles under the Mullen and Bollinger brands. This marks one of the first instances where a publicly traded automaker embraces politically themed cryptocurrencies alongside BTC, reflecting both technological openness and alignment with specific market sentiments.
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On-Chain Activity and Institutional Flows
Bitcoin Spot ETFs See 13th Consecutive Day of Inflows
Bitcoin spot ETFs recorded $228 million in net inflows on June 26, extending their streak to 13 consecutive days of positive flows. BlackRock’s IBIT led with $164 million in single-day inflows, bringing its total historical inflow to $52.16 billion. Fidelity’s FBTC added $32.85 million. The total net assets under management now stand at $133.53 billion, representing 6.23% of Bitcoin’s total market cap.
Bit Digital Raises $150 Million to Pivot to Ethereum Staking
Former Bitcoin miner Bit Digital raised $150 million through a public stock offering to transition fully into Ethereum staking operations. The company plans to sell or shut down its Bitcoin mining business and convert its entire BTC holdings into ETH over time. With approximately 24,434 ETH already held as of March 31, this pivot signals a major shift in mining economics post-Bitcoin halving.
Galaxy and Manifold Allocate $30M to HyperLiquid
Institutional interest in emerging derivatives platforms is rising, as evidenced by Galaxy Digital and Manifold Finance depositing $30 million in USDC into HyperLiquid to begin acquiring HYPE tokens. This coordinated move suggests confidence in next-generation perpetual futures protocols with strong on-chain fundamentals.
Project Updates and Ecosystem Growth
Grayscale Adds AVAX and MORPHO to Q3 Top 20 List
Grayscale Research updated its Q3 2025 Top 20 assets list, adding Avalanche (AVAX) and Morpho (MORPHO) while removing Lido (LDO) and Optimism (OP). The adjustment reflects evolving market dynamics and growing recognition of protocols focused on decentralized lending and modular blockchain infrastructure.
Binance Lists Moonveil (MORE) with Alpha Points Airdrop
Binance launched trading for Moonveil (MORE), a new gaming-focused blockchain, on June 27. Users with at least 170 Binance Alpha Points could claim 400 MORE tokens via an opt-in airdrop, consuming 15 points per claim. The campaign highlights Binance’s continued role in driving early-stage project visibility.
Key On-Chain Data Insights
- Vitalik Buterin’s wallet sold 2 trillion DOG tokens for 4.43 ETH (~$10,800), indicating profit-taking after the meme coin surge.
- **A large ETH staker transferred 41,400 ETH (~$100M) to CEXs**, incurring an estimated $28.8 million loss due to price depreciation since staking.
- A whale deposited 1,613 BTC (~$173M) into Binance, sparking speculation about potential short-term selling pressure.
Funding Round Highlights
- OpenRouter, co-founded by an OpenSea veteran, raised $40M in A-round funding led by a16z, valuing the AI model routing platform at $500M.
- Castle, a Bitcoin treasury solution for SMEs, secured $1M pre-seed funding to expand automated BTC payroll integrations.
- Inference Labs closed a $6.3M strategic round for its “Proof of Inference” protocol, enabling verifiable AI decisions via zero-knowledge proofs.
Frequently Asked Questions (FAQ)
Q: What does Hong Kong’s Class 3 digital asset license allow?
A: It permits firms to offer digital asset trading services through integrated accounts, enabling seamless access to crypto markets alongside traditional securities.
Q: Why is Bhutan holding so much Bitcoin?
A: Bhutan leverages its abundant hydropower to mine Bitcoin sustainably, turning clean energy into long-term national reserves—a model gaining attention worldwide.
Q: How are ETF inflows affecting Bitcoin’s price outlook?
A: Sustained institutional demand via spot ETFs increases buy-side pressure, often correlating with upward price momentum and enhanced market maturity.
Q: Is Mullen Automotive’s acceptance of $TRUMP significant?
A: Yes—it reflects growing mainstream tolerance for meme coins as payment methods, especially when tied to cultural or political narratives.
Q: What is the significance of GF Token?
A: GF Token bridges traditional finance with DeFi by offering regulated, interest-bearing digital securities—paving the way for wider tokenized money market funds.
Q: Are more companies expected to follow Bit Digital’s shift to Ethereum?
A: As Ethereum staking yields remain attractive and energy efficiency improves, similar transitions may emerge among miners facing declining BTC block rewards.
Core keywords: Bitcoin ETF, digital asset regulation, institutional adoption, Ethereum staking, tokenized securities, Bitcoin reserve, crypto payments, on-chain analytics
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