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Nearly a quarter of recorded inflows into US spot ethereum ETFs happened this week

Meanwhile, Ronin Network, known for the blockchain game “Axie Infinity,” announced plans to launch an ethereum layer 2 network.

Sage D. Young

Ethereum is trading around the $4,500 level as US spot ETFs continue to attract investors. The funds saw $639.6 million of inflows on Thursday, led by BlackRock’s iShares Ethereum Trust ETF with $519.7 million. So far, inflows for the week stand at more than $2.9 billion, representing nearly 23% of the cumulative total for the investment vehicles, data from SoSoValue shows. 

Yesterday, the Ronin Network announced plans to roll out an ethereum-aligned layer 2 blockchain with the goal to become “the gamification engine” for the network. “This cycle has been the institutional adoption cycle for crypto. So far, gaming has yet to lean into this,” a blog post said.

Ronin is known for its game “Axie Infinity,” which lost over $600 million in crypto in a 2022 hack.

Meanwhile, several public companies focused on accumulating ethereum released their Q2 earning reports: 

  • BTCS, which has 70,140 ethereum, recorded about $2.8 million in quarterly revenue, representing a 394% increase from Q2 2024 and a 64% jump from Q1 2025. However, the firm announced a net loss of $13.4 million during the past six months, driven by “unrealized depreciation on retained crypto assets” and “realized losses from the strategic divestiture of non-Ethereum crypto assets,” according to a press release.  

  • Bit Digital, which holds 121,076 ethereum, saw $25.7 million in total revenue for Q2 2025, an 11.7% decrease from Q2 2024 “driven by a decrease in digital asset mining revenue as the Company focused on Ethereum-native treasury and staking strategies,” per a Thursday press release. Bit Digital CEO Sam Tabar said in a statement, “Our objective is to build one of the largest on-chain ETH balance sheets in the public markets and to generate attractive staking yields for shareholders.”

  • SharpLink Gaming, the second-largest ethereum treasury company, holding 728,804 ethereum, reported a $103.4 million loss as the result of a noncash impairment loss and noncash stock-based compensation.

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Payward, parent company of crypto exchange Kraken, puts plans for IPO on hold

Payward, crypto exchange Kraken’s parent company, has paused its plans for an initial public offering until market conditions improve, according to a report from CoinDesk that cited two people with knowledge of the matter. 

Since the firm announced in November its preparation for an IPO of its common stock, the total market capitalization of the crypto industry has shed around $652.2 billion, from $3.2 trillion to $2.5 trillion as of Wednesday, data from CoinGecko shows. 

The news comes two weeks after Kraken received approval for a master account from the Federal Reserve Bank of Kansas City, allowing the crypto exchange to connect to the Fed’s payment infrastructure used by traditional banks and credit unions. 

Last year, Kraken raised $800 million at a $20 billion valuation from institutional investors such as Jane Street and Citadel Securities.

Payward, parent of crypto exchange Kraken, has put its IPO plans on hold

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The news comes two weeks after Kraken received approval for a master account from the Federal Reserve Bank of Kansas City, allowing the crypto exchange to connect to the Fed’s payment infrastructure used by traditional banks and credit unions. 

Last year, Kraken raised $800 million at a $20 billion valuation from institutional investors such as Jane Street and Citadel Securities.

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SEC and CFTC issue new guidance on how securities laws apply to crypto assets

On Tuesday, the US Securities and Exchange Commission, together with the Commodity Futures Trading Commission, issued an interpretation clarifying how federal securities law applies to crypto assets, a first step toward developing a clearer regulatory framework. 

The interpretive guidance introduces a token taxonomy for different types of cryptocurrencies, with SEC Chairman Paul S. Atkins adding that “most crypto assets are not themselves securities.”

Examples of a digital commodity, “a crypto asset that is intrinsically linked to and derives its value from the programmatic operation of a crypto system that is ‘functional,’” include:

The guidance also includes definitions of digital collectibles (such as NFTs), stablecoins, digital tools, and digital securities (such as tokenized real-world assets and stocks).

This is a monumental step in the mainstream adoption of the industry and clears a hurdle in how crypto can operate going forward, according to David Pakman, head of venture investments at CoinFund. “This will allow new token designs with the confidence that their existence does not require registration with the SEC, etc.,” Pakman told Sherwood News.

Despite the clarification efforts from the two organizations, the market capitalization of the crypto industry has dropped about 2% in the last 24 hours as each of the tokens mentioned in the guidance are trading lower in the period, data from CoinGecko shows.

The joint agency action also complements congressional efforts to turn a crypto market structure framework into law. With the goal of providing regulations on the offer and sale of digital commodities, the CLARITY Act passed the House of Representatives last year and is now sitting in the Senate.

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