The REX-Osprey Solana staking ETF (SSK) surpassed $200 million in cumulative flows for the first time on Sept. 11, amid Solana’s (SOL) strong price action.

Trading under ticker SSK, the fund struggled with adoption during its initial months, recording zero activity on four of six trading days through Aug. 8, according to Farside Investors data.

The pattern reflected broader institutional hesitation toward Solana-focused investment products compared to Bitcoin and Ethereum alternatives.

Analysts attributed the slow start to structural complexity rather than demand deficiencies.

Additionally, the fund operates outside standard SEC-registered spot ETF frameworks, incorporating staking mechanisms and offshore ETF allocations that differentiate it from traditional cryptocurrency products.

At 0.75% annually, SSK’s management fee positions at the higher end of crypto ETF expense ratios compared to major Bitcoin and Ethereum funds charging 0.15% to 0.25%.

Shifting tides

However, institutional sentiment shifted in late August, following announcements about corporate Solana treasury strategies.

Galaxy Digital, Multicoin Capital, and Jump Crypto announced they were pursuing $1 billion to assemble a Solana treasury through a public company vehicle, with Cantor Fitzgerald serving as lead banker.

5 Days to Smarter Crypto Moves

Learn how pros avoid bagholding, spot insider front-runs, and capture alpha — before it’s too late.

Brought to you by CryptoSlate

Nice Your first lesson is on the way.

Please add [email protected] to your email whitelist.

The companies committed cash and stablecoins to Forward Industries, which closed a $1.65 billion private placement on Sept. 11.

In addition, SOL Strategies secured Nasdaq approval to begin trading on Sept. 9 as a Solana-first investment vehicle.

Institutional flows

Institutional flows reflected the momentum shift. Solana exchange-traded products (ETPs) registered $177 million in inflows during the week of Aug. 25-29, representing the largest altcoin flow excluding Ethereum.

The first week of the month saw Solana products dominate altcoin flows with $16.1 million, while Ethereum ETPs experienced $912.4 million in outflows. The institutional interest coincided with Solana’s growth in its DeFi ecosystem.

DefiLlama data shows that Solana crossed $13 billion in total value locked for the first time on Sept. 12.

This backdrop provided fundamental support for a price advance that lifted SOL by 20% in September. On Sept. 12, SOL grew 5.5% to reach a $241.84 high, its highest price level since Jan. 30.

Mentioned in this article

The following is a guest post and opinion of Ken Jon Miyachi , Co-Founder of Bitmind.

According to the “Q1 2025 Deepfake Incident Report,” 163 deepfake scammers took more than $200 million from victims in the first four months of 2025. It’s not simply an issue for the rich or famous; it’s impacting regular folks just as much. Deepfake frauds are no longer a little problem.

Deepfakes used to be a fun way to make viral videos, but now criminals use them as weapons. Scammers use artificial intelligence to make phony voices, faces, and sometimes whole video calls that are so convincing they deceive consumers into giving them money or private information.

Surge in Scams

The survey says that 41% of these scams target famous people and politicians, while 34% target regular people. That means that you, your parents, or your neighbor could be next. The emotional damage is worse than the monetary damage. You feel violated, betrayed, or helpless.

For instance, in February 2024, a company lost $25 million in one scam. Using a deepfake video discussion, hackers purported to be the company’s chief financial officer and demanded wire transfers to fake accounts straight away. The worker sent the money since they thought they were doing what they were told.

It wasn’t until they called the corporate office that they realized the call was bogus. This wasn’t simply one thing that took place. Similar techniques have hurt engineering, computer, and even cybersecurity organizations. If smart people can be fooled, how can the rest of us stay safe without better defenses?

Its Impact

The technology used in these scams is quite scary. Scammers may copy someone’s voice with 85% accuracy using only a few seconds of audio, as from a YouTube video or a social media post. It’s much tougher to tell if a video is phony; 68% of individuals can’t tell the difference between fake and actual material.

Criminals search the internet for things to use to make these fakes, and they use our own posts and videos against us. Think about how a scammer may use a recording of your voice to get your family to send them money or a false video of a CEO directing a huge transfer. These things are not just science fiction; they are happening right now.

There is more damage than just money. The survey says that 32% of deepfake cases involved explicit content, and they commonly target people to humiliate or blackmail them. 23% of the crimes are financial fraud, 14% are political manipulation, and 13% are disinformation.

These scams make it hard to believe what we read and hear online. Imagine getting a call from a loved one who needed help, only to find out it was a scam. Or a fake seller who steals all of a small business owner’s money. There are more and more of these stories, and the stakes are getting higher.

So, what can we do? It begins with educating oneself. Companies can show their employees how to spot warning signs, like video conversations that seek money straight away. A fraud can be avoided by basic tests like asking someone to move their head in a certain way or answer a personal question. Companies should also limit how much high-quality media of their CEOs is available to the public and add watermarks to videos to make them harder to misuse.

Everyone’s a Target

It is really important for people to be vigilant. Be careful what you put online. Scammers can use any audio or video recording you post as a weapon. If you get an odd request, don’t do anything immediately. You can either call the person again on a number you trust or check in another method. Efforts to raise public awareness can help stop bad behaviors, especially among groups who are more prone to be affected, such as elders who may not understand the effects. Media literacy isn’t just a trendy word; it’s a shield.

Governments also have a role to play. The Resemble AI study suggests that all countries should have the same laws that define what deepfakes are and how to punish them. New U.S. laws say that social media sites have to take down explicit deepfake content within 48 hours.

First Lady Melania Trump, who has talked about how it affects young people, was one of the persons who pushed for this. But laws by themselves aren’t enough. Scammers operate in a lot of different countries, and it’s not always easy to detect them. It could be a good idea to set worldwide criteria for watermarking and content authentication, but first, IT companies and governments need to agree on them.

There isn’t much time left. By 2027, deepfakes are expected to cost the U.S. $40 billion, with a growth rate of 32% each year. In North America, these scams rose by 1,740% in 2023, and they are still rising. But we can change it.

We can fight back using smart technology—such as systems that can detect deepfakes in real time—as well as better regulations and good practices. It’s about getting back the trust we used to have in the digital world. The next time you get a video call or hear someone you know ask for money, take a big breath and check again. It’s worth it for your peace of mind, your money, and your good name.

At the time of writing, solana

is trading at around $166.28, up 6.23% in the past 24-hour period, according to CoinDesk Research’s technical analysis model.

Upexi (UPXI), a Tampa-based consumer brands company listed on Nasdaq, announced Friday it has secured approximately $200 million in new financing through a combination of equity and convertible note offerings. A portion of the proceeds will support Upexi’s existing operations, while the rest will be used to grow its cryptocurrency treasury, with a specific focus on Solana

.

As part of the equity component, Upexi raised $50 million from accredited and institutional investors, including its CEO Allan Marshall. Shares were sold at $4.00 each, with management purchasing at a premium of $4.94. The company said the equity deal is expected to close around July 14.

Separately, Upexi entered into agreements to issue $150 million in convertible notes to institutional investors. The notes are backed by SOL as collateral and carry a 2% annual interest rate. They are convertible into Upexi stock at a fixed price of $4.25 per share and mature in 24 months. The notes are expected to close around July 16, at which point the associated SOL will be added to the company’s holdings.

In a June 26 press release, Upexi disclosed that it held 735,692 SOL as of June 24, an 8% increase from the 679,677 SOL reported on May 28. Upon closing of the new financing, Upexi expects to more than double its current SOL position.

The offerings were conducted privately and are not registered with the SEC.

Technical Analysis

• SOL demonstrated exceptional resilience throughout the preceding 24-hour period from 10 July 15:00 to 11 July 14:00, progressing from $156.45 to $166.65, constituting a substantial 6.52% appreciation with an aggregate trading range of $10.99 extending from $155.78 to $166.76.
• The price dynamics unveiled distinctive accumulation sequences with considerable volume-backed support materialising at $160.31 during the 21:00 hour advancement, where extraordinary volume of 3.23 million substantially surpassed the 24-hour mean of 1.34 million, corroborating institutional capital deployment.
• Pivotal resistance emerged proximate to $165.30, subjected to multiple examinations between 22:00 and 03:00, whilst the conclusive breakthrough above $166.00 transpired with amplified volume of 2.26 million, intimating persistent bullish conviction.
• The technical architecture suggests SOL has consolidated a superior trading corridor with robust volume validation, establishing foundations for prospective advancement towards the $170.00 psychological threshold.
• Throughout the concluding 60-minute interval from 11 July 13:05 to 14:04, SOL encountered considerable volatility whilst preserving its overarching bullish disposition, oscillating within a $2.90 bandwidth from $164.24 to $166.76 and settling at $165.87, representing a marginal 0.44% contraction from the hour’s commencement at $165.92.
• The period manifested quintessential consolidation attributes encompassing two discrete phases: an initial retreat to $164.28 circa 13:33 accompanied by intensified distribution pressure of 45,017 volume, succeeded by a vigorous recovery commencing at 13:48 where volume escalated to 81,740 during the ascent towards $166.76, validating renewed accumulation interest.
• Fundamental support crystallised near $164.30 with multiple successful examinations, whilst resistance materialised around $166.50-$166.75, establishing a well-delineated trading corridor that suggests constructive price discovery following the antecedent 24-hour advance, positioning SOL for potential continuation of its broader upward trajectory upon completion of this consolidation phase.

Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.

Crypto Journalist

Amin Ayan

Crypto Journalist

Amin Ayan

About Author

Amin Ayan is a crypto journalist with over four years of experience in the industry. He has contributed to leading publications such as Cryptonews, Investing.com, 99Bitcoins, and 24/7 Wall St. He has…

Share

Last updated: 

July 6, 2025

Mercado Bitcoin, one of Latin America’s largest crypto exchanges, announced plans to tokenize $200 million worth of real-world assets (RWAs) on the XRP Ledger.

The move will bring tokenized fixed-income and equity instruments onto XRPL, as the exchange looks to tap into the growing market for digital versions of traditional assets, according to a statement released by Ripple on Friday.

“Mercado Bitcoin’s integration with the XRPL shows how public blockchain infrastructure is being trusted by institutions and is becoming a reliable foundation for bringing regulated financial products to the market,” said Silvio Pegado, Managing Director, LATAM at Ripple.

Push for Tokenization Rules Gains Steam in US Market

Ripple’s announcement follows a Boston Consulting Group report forecasting the tokenized RWA sector to reach a market capitalization of $19 trillion by 2033, underscoring surging interest from both crypto-native and traditional financial players.

The deal highlights momentum across the industry as asset managers and blockchain firms ramp up efforts to secure regulatory frameworks for tokenized assets, especially in the United States.

Earlier this week, Ondo Finance, a decentralized finance protocol, acquired Oasis Pro, a regulated trading platform specializing in digital securities settlements, to deepen its footprint in the RWA market.

Meanwhile, Centrifuge, another blockchain firm focused on real-world assets, unveiled plans to tokenize the S&P 500 index, offering decentralized access to a basket of America’s top publicly listed companies.

The rush into tokenized RWAs has also attracted attention from the biggest names in finance.

In January, BlackRock CEO Larry Fink publicly called on the U.S. Securities and Exchange Commission to approve tokenization of stocks and bonds, arguing it could improve market efficiency.

Last week, SEC Chairman Paul Atkins told CNBC that the “rules have not been clear” when it comes to regulating digital assets in the United States and hinted at the “imminent” boom in tokenization as a whole.

Atkins claimed that tokenization is “the next step” in order to have “much more efficiency” across markets.

Ripple Drops Cross-Appeal Against SEC to Resolve Case

Last month, Ripple CEO Brad Garlinghouse revealed the company will withdraw its cross-appeal against the SEC, adding that the regulator is also expected to drop its own appeal.

The announcement followed a U.S. district court decision rejecting a joint request from Ripple and the SEC to reduce Ripple’s $125 million civil penalty and overturn the ruling that classified Ripple’s institutional XRP sales as securities transactions.

In her ruling, Judge Analisa Torres noted Ripple’s readiness to “push the boundaries” of the earlier summary judgment, suggesting a risk of future violations.

Ripple’s chief legal officer, Stuart Alderoty, said the firm faced a choice between dropping the appeal or continuing to contest the finding.

He emphasized that regardless of the decision, “XRP’s legal status as not a security remains unchanged,” and assured that Ripple’s business operations would continue as usual.

The data was compiled and published by the Russian media outlet RBC, and shows that BitRiver and Intelion alone have cornered over 50% of the market.

Intelion’s growth rate was also notable, with the firm increasing its revenues by RUB 3,948 million ($50,000) compared to 2023 figures.

BitRiver, Intelion Continue to Dominate Russian Market

The media outlet used the country’s top 10 crypto miners’ latest public declarations to compile its data.

This means that the nation’s vast illegal crypto mining sector is still largely unaccounted for. But the data also revealed how much power the country’s top crypto mining players use.

It also reveals information about where the miners have built their biggest data centers and the types of energy mixes they use to power their rigs.

The data shows that BitRiver’s revenue for 2024 was RUB 10.286 billion (over $129 million). The same company used 533 MW of electrical power in 15 data centers.

BitRiver operates more than 175,000 crypto mining rigs and provides hosting and support to B2B clients.

The firm continues to operate centers in Irkutsk Oblast, the nation’s first Bitcoin mining hub. In recent months, mining in Irkutsk has caused major strains on the Siberian grid.

BitRiver also has centers in Krasnoyarsk, Orenburg, Tuva, Buryatia, Khanty-Mansiysk Autonomous Okrug, and the Yamalo-Nenets Autonomous Okrug.

The data also shows that BitRiver is looking at alternatives to conventional power grid-based solutions.

More than 30 MW of its capacity now comes from associated gas extracted at oil drilling sites fitted with turbine generators.

Nuclear Power

Intelion, meanwhile, posted total revenues of RUB 6.218 billion ($78 million) in FY2024, using 298 MW of energy.

The company has built many of its centers outside the more typical BTC mining hubs, operating in the Tula, Nizhny Novgorod, Kemerovo, Samara, and Murmansk regions, as well as the Republic of Khakassia.

Intelion has also partnered with nuclear power providers such as Rosenergoatom, and has a center near the Kalinin Nuclear Power plant in Tver.

The firm has also expanded its gas generation operations and is now working on providing crypto mining hardware for industrial enterprises that have idle power capacities.

The media outlet compiled a top 10 of Russian industrial miners by revenue. Nine of the firms on the list saw revenue growth in FY2024, with Intelion leading in this category.

Smaller Players Also Posting Rapid Growth Rates

Several smaller firms also saw revenues climb last financial year. The most notable of these was third-paced Promminer, with revenues of RUB 4.761 billion ($59.8 million) and a capacity of 90 MW.

Unlike the “big two,” Promminer specializes in mobile data centers, which can be moved around the country as needed.

RBC noted that banks and leasing companies have shown an interest in financing the firm’s activities.

Earlier this year, Promminer announced it had brought a new data center online in the city of Voronezh.

Making up the rest of the list were Location (80 MW), R7miner (33 MW), Stella (120 MW), Mining Cluster (70 MW), CryptoReactor (75 MW), GIS Mining (53 MW), and BitCluster (80 MW).

The latter has revealed that it is developing crypto mining infrastructure in Ethiopia and Paraguay.

Sergey Bezdelov, the Director of the Industrial Mining Association, noted that Russia now “ranks second in the world in terms of mining volume, and first in terms of growth rates.”

The post Russian Crypto Mining Giants BitRiver, Intelion Post Combined $200M Revenue for FY2024 appeared first on Cryptonews.