Welcome to our 236th issue of State of the Market, where we provide an overview of crypto market activity from August 28 – September 3, 2025.
This week in crypto markets:
- The total crypto market cap held mostly flat at $3.86T, with Bitcoin trading around $109K as spot volumes eased to $51B.
- Galaxy Digital partnered with Superstate to tokenize GLXY stock on Solana, while Ondo Finance launched Ondo Global Markets to offer tokenized U.S. equities and ETFs to non-U.S. investors on Ethereum.
- Gemini filed for a Nasdaq IPO under the ticker GEMI, targeting up to $317M in proceeds and a $2.22B valuation.
- Solana’s Alpenglow upgrade passed governance with 98% approval, introducing faster consensus with ~150ms finality and reduced validator latency.
- The CFTC granted a no-action letter clearing Polymarket to relaunch in the U.S., a milestone for regulated onchain prediction markets.
- The SEC and CFTC issued a joint statement allowing registered exchanges to offer certain spot crypto products.
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