Products
Trading Strategies
Markets
© 2025 Edgen Powered by
Ask AI About BTC
No Data Yet
## Executive Summary WEEX, established in 2018 and backed by $100 million from a Singaporean blockchain investment company, has rapidly grown to serve over 6.2 million users across more than 130 countries. The platform specializes in spot, futures, and OTC trading, emphasizing security with features like a 1000 BTC protection fund and regulatory compliance through MSB licenses in the U.S. and Canada, alongside an SVGFSA license. Concurrently, **Hyperliquid**, a decentralized finance (DeFi) trading platform led by a team from top institutions, has emerged as a significant player, aiming to combine centralized exchange efficiency with DeFi transparency through its custom L1 blockchain. This dynamic between a robust centralized exchange (CEX) and an innovative decentralized exchange (DEX) is fostering competition and collaboration in the rapidly evolving crypto derivatives market. ## The Event in Detail **WEEX** has invested heavily in technical infrastructure to achieve industry-leading performance. This includes full in-memory operations, sharding, and a transaction processing capability reaching millions of transactions per second (TPS) with a latency of 6 milliseconds. The exchange offers extensive asset support with over 1,700 trading pairs and more than 600 perpetual futures markets, allowing up to 400x leverage on pairs such as BTC/USDT. Security is a cornerstone of WEEX's operations, featuring institutional-grade cold wallet security, a publicly transparent 1000 BTC protection fund, two-factor authentication (2FA), and email/phone verification. The platform also allows no-KYC withdrawals of up to 10,000 USDT daily. WEEX maintains regulatory compliance with Money Service Business (MSB) licenses in the United States and Canada, in addition to a license from the SVGFSA, and has established its headquarters in Dubai to support international expansion. In contrast, **Hyperliquid** operates as a fully decentralized trading platform built on its own custom L1 blockchain, designed for high performance and on-chain liquidity. The platform features a median latency of 0.2 seconds and processes up to 200,000 transactions per second, handling over $100 billion in daily trading volume. Hyperliquid Labs, the team behind the platform, began as a crypto market maker before pivoting to DeFi, self-funding its development to ensure full decentralization while maintaining high speed. Technical breakthroughs include HIP-1 and HIP-2 token standards and EVM compatibility. Hyperliquid also facilitates asset bridging across blockchains like Ethereum and Solana via its HyBridge tool. The platform has gained attention for its community-driven approach, including a successful airdrop, social trading features, and a rewards system that incentivizes user engagement. Despite their architectural differences, WEEX views its relationship with DEXs like Hyperliquid as collaborative, focusing on jointly expanding the overall market size rather than direct competition. ## Market Implications The ongoing evolution between centralized and decentralized trading platforms carries significant implications for the crypto derivatives market. Centralized exchanges like WEEX continue to hold advantages in terms of stability, user-friendly interfaces, and comprehensive customer support. Their off-chain order matching engines facilitate high-speed, high-volume transactions, mirroring traditional financial markets. Additionally, CEXs often provide advanced trading tools, margin trading, and futures, alongside compliance with Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations, and sometimes insurance coverage for certain losses. Conversely, decentralized exchanges like Hyperliquid offer the benefits of full decentralization, transparency, and reduced counterparty risk. Their on-chain liquidity and community-driven features appeal to users seeking greater control and direct participation in the ecosystem. The technical advancements by both types of platforms, such as WEEX's millions of TPS and Hyperliquid's 200,000 TPS and 0.2-second latency, underscore a competitive drive to enhance performance and user experience. This dynamic is expected to drive further innovation across the crypto derivatives landscape, pushing platforms to optimize security, liquidity, and accessibility. The growing diversity of offerings, from high-leverage CEX products to fully on-chain DEX solutions, is likely to expand the overall market by catering to a wider range of trader preferences and risk appetites. ## Broader Context The competition and cooperative strategies between CEXs and DEXs represent a maturing phase in the Web3 ecosystem. While centralized platforms like WEEX focus on regulatory compliance, robust security measures, and high-performance infrastructure to attract a broad user base, decentralized platforms like Hyperliquid are pushing the boundaries of on-chain trading efficiency and community governance. This trend suggests a bifurcation of user preferences, where some prioritize the accessibility and institutional-grade features of CEXs, while others prefer the transparency and self-custody aspects inherent in DEXs. The overall impact on investor sentiment is likely positive, as continuous innovation from both centralized and decentralized entities leads to more resilient, secure, and efficient trading environments. Corporate adoption trends may also be influenced, with institutions potentially favoring regulated CEXs for larger, more traditional engagements, while the broader Web3 developer community and crypto-native users continue to drive growth and experimentation on DEXs. The market's expansion is a direct result of these diverse offerings, making the crypto derivatives space more accessible and robust for a global audience.
## Executive Summary Shareholder Terry Tran has initiated legal action to block the proposed merger between **Semler Scientific**, a healthcare technology firm that adopted **Bitcoin** as its primary treasury reserve, and **Strive**, an asset manager also focused on **Bitcoin** treasury. The lawsuit, filed in the U.S. District Court for the Northern District of Illinois, alleges that **Semler Scientific** and its board of directors provided misleading and incomplete proxy disclosures, violating Sections 14(a) and 20(a) of the Securities Exchange Act of 1934. The complaint contends that the registration statement fails to adequately detail the financial implications and fairness of the proposed transaction for shareholders. ## The Event in Detail Plaintiff **Terry Tran** has filed a lawsuit against **Semler Scientific** and its board, including CEO **Douglas Murphy-Chutorian** and directors **Eric Semler**, **William Chang**, and **Daniel Messina**. The legal action claims the board failed to provide sufficient details regarding the financial fairness of the merger and its implications for shareholders. The lawsuit specifically cites Sections 14(a) and 20(a) of the Securities Exchange Act of 1934, which prohibit misleading materials related to shareholder votes and hold company leaders accountable for such violations. The complaint argues that the registration statement is materially incomplete and misleading concerning the financial impacts of the proposed transaction on the combined company and the financial fairness of the deal. The plaintiff seeks an injunction to halt the shareholder vote or any further steps toward completing the merger until corrective disclosures are issued. If the merger has already been executed, the lawsuit seeks to cancel the deal or obtain monetary damages. The case is being managed by **Ademi & Fruchter**, a securities litigation firm. ## Financial Mechanics and Strategic Alignment The merger, announced in September, involves **Strive** acquiring **Semler Scientific** through an all-stock transaction. Under the terms, **Semler Scientific** shareholders would receive 21.05 shares of **Strive Class A** common stock for each **Semler Scientific** share they own. This exchange ratio represented an approximate 210% premium based on September 19 closing prices, valuing **Semler** shares at roughly $90.52 each. Prior to the merger's completion, **Strive** notably acquired 5,816 additional **Bitcoin** at an average price of $116,047 per token, bringing its total holdings to 5,886 **Bitcoin**. The combined entity is projected to hold over 10,900 **Bitcoin**, valued at approximately $1.2 billion. The strategic rationale articulated by **Strive** leadership, including Chairman and CEO **Matt Cole**, is to cement its position as a leading **Bitcoin** treasury company and operate with a "preferred equity only" leverage model, mitigating debt maturity risks. The companies also plan to explore monetizing **Semler's** historically profitable diagnostics business separately. **Semler Scientific** was the second U.S. public company to adopt **Bitcoin** as its primary treasury reserve asset, strategically accumulating tokens through equity raises, debt financing, and operational cash flows. The combined entity aims to become a fast-growing corporate **Bitcoin** holder through alpha-seeking strategies, with the capital structure designed to outperform **Bitcoin** over extended periods through per-share growth. ## Market Implications The legal challenge could significantly delay the **Semler Scientific**-**Strive** merger, creating uncertainty for both companies and their shareholders. An injunction, if granted, would underscore the increasing scrutiny on corporate disclosures, particularly in transactions involving emerging asset classes like **Bitcoin**. This event could establish precedents for future merger and acquisition activities involving companies with substantial cryptocurrency holdings under U.S. securities law, potentially influencing how corporate **Bitcoin** treasury strategies are disclosed and evaluated. The outcome may also impact investor confidence in the transparency of such deals within the broader Web3 ecosystem, potentially leading to more rigorous due diligence and disclosure requirements for similar transactions. ## Broader Context and Regulatory Scrutiny This lawsuit aligns with a broader trend of increased legal scrutiny on companies operating in the cryptocurrency and emerging technology sectors. The first half of 2025 has seen a rise in securities class action filings related to cryptocurrencies, with six such filings compared to seven in all of 2024. These lawsuits often allege that companies overstate profitability or fail to disclose risks associated with **Bitcoin** volatility. The market has demonstrated notable responses to cryptocurrency-related statements, contributing to stock price volatility. The case highlights the ongoing challenges companies face in navigating regulatory landscapes and ensuring comprehensive public disclosures in the rapidly evolving digital asset space. **Strive** and **Semler Scientific** rank 17th and 20th, respectively, among public **Bitcoin** treasury holders. These rankings place them among notable corporate holders such as **MicroStrategy**, with 640,250 **BTC**, **MARA Holdings** with 53,250 **BTC**, and **Twenty One Capital** with 43,514 **BTC**, emphasizing the growing corporate interest in **Bitcoin** as a treasury asset amidst evolving legal and regulatory environments. The merger, if successful, would create a scaled platform combining two pioneering **Bitcoin** treasury companies, but the legal challenge underscores the importance of clear and compliant communication in such innovative transactions.
## Executive Summary Coinsilium Group, a UK-based Bitcoin treasury firm, secured $22.78 million in financing, enabling an aggressive expansion of its Bitcoin holdings and reinforcing institutional confidence in digital asset strategies. ## The Event in Detail Coinsilium Group, operating under the ticker COIN.AQ, successfully completed a financing round raising approximately $22.78 million. This funding, equivalent to roughly £17 million before costs, occurred between May and August 2025. The capital infusion is specifically allocated to bolster the company's balance sheet and support its strategic growth initiatives, particularly within its wholly-owned subsidiary, **Forza Gibraltar Limited**. **Forza Gibraltar** is dedicated to **Bitcoin-based treasury activities** and currently manages a digital asset treasury of **182 Bitcoin**. This holding was valued at approximately **$20 million** (£15.25 million) based on a market price of around **$112,000 per Bitcoin** during the reported period. ## Deconstructing Financial Mechanics The **$22.78 million** financing includes a specific **£1.25 million** gross raise executed through a broker-led placing in May 2025. This placing involved the issuance of **41,666,657 new ordinary shares** at a price of **3 pence per share**. The demand for these shares resulted in the placing being oversubscribed. The net proceeds from this specific share issuance, alongside other funding streams comprising the larger **£17 million** total, are designated for the development of **Forza Gibraltar Limited**, to fund further investments in digital assets, and for general working capital. This financial structure directly supports **Coinsilium**'s stated objective of an aggressive and structurally managed accumulation strategy for **Bitcoin**. ## Business Strategy and Market Positioning **Coinsilium Group** views **Bitcoin** not merely as an investment, but as a long-term treasury asset aimed at strengthening its financial and operational resilience. Its **Bitcoin treasury strategy**, implemented through **Forza Gibraltar**, involves an active and growth-oriented mandate designed to align with institutional and fund-level requirements for accelerating **Bitcoin** acquisitions. This approach positions **Coinsilium** within a growing trend of corporate **Bitcoin** adoption, mirroring strategies seen in larger entities like **Strategy** (formerly **MicroStrategy**), which holds over **640,250 BTC**. By consistently expanding its **digital asset portfolio** and enhancing its financial base, **Coinsilium** aims to solidify its footprint across the **blockchain**, **Web3**, and broader **digital asset investment markets**. ## Broader Market Implications **Coinsilium Group**'s successful funding round is indicative of broader trends within the **digital asset market**, particularly concerning corporate **Bitcoin** adoption. Data from **BitcoinTreasuries.NET** indicates significant expansion in corporate and institutional **Bitcoin** holdings, with 48 public companies adding **Bitcoin** to their balance sheets in the third quarter of 2025 alone. This increased the number of public firms holding **Bitcoin** by 38%, from 124 to 172. Total corporate **Bitcoin** holdings now exceed **$117 billion**, representing over **1 million BTC**, or approximately **4.87%** of **Bitcoin**'s total circulating supply. This accumulation by mid-sized firms, often facilitated through over-the-counter (OTC) deals, reduces sell-side liquidity and signals increasing mainstream acceptance of **digital assets** as a strategic treasury tool. While risks such as regulatory uncertainty and inherent **Bitcoin volatility** remain, the acceleration of corporate adoption underscores a long-term strategic play rather than short-term speculation, fostering enhanced legitimacy for **crypto** in traditional finance.
## Executive Summary **Ethereum** emerged as the leader in blockchain developer activity during the first three quarters of 2025, according to data from Electric Capital. The ecosystem attracted 16,181 new developers and maintained a base of 31,869 active developers. **Solana** ranked second, drawing 11,534 new developers and engaging 17,708 active contributors. **Bitcoin** followed with 7,494 new developers and 11,036 active developers. ## The Event in Detail Between January and September 2025, **Ethereum** showcased its continued dominance in attracting and retaining blockchain development talent. The network's 16,181 new developers and 31,869 active developers, encompassing both Layer 1 and Layer 2 networks, underscore a robust and expanding ecosystem. **Solana** demonstrated substantial growth, securing the second position with 11,534 new developers and 17,708 active developers, largely driven by its high-performance DeFi and consumer application activity. **Bitcoin** solidified its third-place standing with 7,494 new developers and 11,036 active contributors. Other notable chains for new developers included **Polygon** (3,681), **Stacks** (3,246), and **Sui** (3,179). For active developers, **Polygon** recorded 6,411, **Sui** 4,807, **BNB Chain** 4,073, and **Polkadot Network** 4,062. This sustained growth in 2025 follows a period of shifts in the broader developer landscape. In 2024, the overall number of new developers exploring crypto declined to 39,148, from 45,580 in 2023. The **Ethereum** ecosystem specifically experienced a 17% decline in monthly active developers, decreasing from 7,487 in 2023 to 6,244 in 2024, with 79% of those departing identified as part-time or one-time contributors. However, it continued to attract over 400 new developers monthly. In a notable shift for 2024, **Solana** onboarded 7,625 new blockchain developers, briefly leading all ecosystems for new developer acquisition in that year, surpassing **Ethereum's** 6,456 new developers. The **Ethereum** mainnet itself had 13,745 developers contributing open-source code in 2024. Within **Ethereum Layer 2** networks in 2024, **Base** led with 4,287 developers, followed by **Arbitrum**, **Starknet**, and **Optimism**, each with over 2,000 developers. Geographically, Asia leads in crypto developer share, with the United States as the single largest country, and India exhibiting the fastest-growing developer base. ## Market Implications The consistent growth in developer engagement, particularly within **Ethereum** and **Solana**, suggests a strong foundation for innovation, security, and utility across these ecosystems. This sustained activity is expected to attract further capital, projects, and users, contributing to long-term value appreciation and reinforcing their market positions. The concentration of nearly half of all active blockchain developers globally within **Ethereum** and **Solana** underscores their combined influence on the industry's trajectory. The close relationship between these two networks extends to market trends, with a price correlation coefficient of 0.96 between **Ethereum** and **Solana**, indicating nearly identical market movements and investor sentiment. Conversely, projects experiencing stagnant or declining developer activity may face challenges in maintaining relevance and competitive advantage. ## Expert Commentary Market analysts emphasize the critical role of developer activity in the long-term viability and success of blockchain networks. "Developers are the brains behind innovations on every blockchain network. They write smart contracts, build dApps, and design protocols that drive adoption and unlock use cases," according to an industry report. The report further notes that "tracking the number of developers committing to a blockchain ecosystem is important because it strongly indicates future value creation. After all, a blockchain without builders is likely to stagnate — or grow at a significantly slower pace." This perspective highlights that robust developer communities are a direct precursor to technological advancement and ecosystem expansion. ## Broader Context As of October 2025, **Ethereum** maintains its position as a cornerstone of the blockchain ecosystem, commanding 18.7% of the total crypto market cap and processing 1.65 million daily transactions. Its dominance is further supported by innovations within **Layer 2** solutions like **Arbitrum** and **Polygon**, alongside ongoing upgrades such as **Fusaka**, aimed at enhancing scalability and efficiency. **Solana**, trading around $196 in October 2025, continues to lead in high-performance blockchain, capable of handling 65,000 transactions per second at sub-cent costs. Its **Alpenglow** upgrade is set to enhance cross-chain capabilities and support surging institutional adoption. Within the **Ethereum Layer 2** ecosystem, solutions like Linea, a zkEVM rollup, are gaining traction. By late 2025, Linea's Total Value Locked (TVL) had reached approximately $2.3 billion, positioning it among the top **Ethereum** rollups. Notably, **SWIFT** is piloting new infrastructure on Linea for cross-border payments, demonstrating increasing institutional interest in scalable blockchain solutions. This highlights a trend where advanced Layer 2 technologies are bridging decentralized finance with traditional banking systems, facilitating more efficient and secure financial operations.