The United Kingdom, while slow to join the race, has some rising players with notable amounts of Bitcoin in their vaults.

A new financial instrument has also emerged as an aftereffect, offering a novel, two-way method of fundraising and accumulation.

The Smarter Web Company

The technology firm specializing in web design and online marketing, listed on the Aquis Stock Exchange (SWC), has announced the launch of a new financial product called “Smarter Convert”, developed in partnership with TOBAM.

This will be an interest-free capital-raising initiative designed as a convertible bond, denominated in Bitcoin. This instrument has been completely subscribed (bought out) by TOBAM, an asset management company that has been engaged with the leading digital asset since 2016, for $21 million.

Smarter Convert’s structure is meant to align incentives for stakeholders while also providing downside protection. The asset manager used three of its funds for the purchase, and it projects that future bonds could be issued to other investors, including TOBAM, at future market prices using the same method.

The “Reference Share Price” for the initial tranche of Smarter Convert is set to £1.95, which is the closing price of the company’s stock as of yesterday. Some key terms for the product include:

• Conversion Share Price: Equity by investors can be converted at a 5% premium to the Reference Share Price, with a 1.3288 GBP/USD conversion rate
• Downside Protection: If bonds are not converted within 1 year, the firm will repay 98% of the value to investors

This instrument provides the opportunity to raise funds at a premium to current market prices, while also enabling the enterprise to increase its BTC holdings. However, the maximum amount attainable via this method will be capped at around 30% of the existing unburdened stash.

The Smarter Web Company has a Bitcoin balance of 2,050 coins, currently valued at $233.31 million, with an average purchasing cost of $110,040. They joined the treasury race around the end of April this year, and are positioned in 27th place on the BitcoinTreasuries site.

Satsuma Technology PLC

The London Stock Exchange-listed (SATS.L) AI-focused software development company, which recently adopted a treasury strategy, has completed its second loan note capital raise, reaching £163.7M ($217.6 million), which is over 63% of its minimum target of £100 million ($133M).

The loan notes obtained from the fundraiser will be converted into ordinary shares of £0.001, subject to shareholder approval and the issuance of a prospectus by the company.

Renowned global fund managers, exchanges, and various institutions, including Kraken, Pantera Capital, DCG, and Borderless Capital, among others, backed the funding, which netted the company 1,097 BTC for which they paid £96.8M ($128 million) in cash.

Some of the proceeds from the raise will be used to expand current operations, further solidifying their focus on AI and DeFi. At the same time, the remainder will be allocated to bolster the Bitcoin coffers.

The company embarked on its treasury journey in mid-July and already holds 1,126 bitcoins, currently valued at $128.54 million, with an average purchase price of $115,149 per coin, according to the most recent data obtained from BitcoinTreasures. They are currently ranked 35th on the site’s leaderboard.

Wi-Fi 7 is barely on the market and we’re already talking about the next version, Wi-Fi 8. To be more specific, the IEEE standards body has completed its first draft of the 802.11bn standard, which is what will be known as Wi-Fi 8 to consumers.

It’s actually a break from the last few 802.11 versions in that it doesn’t really try to improve maximum bandwidth. Instead, nearly all the new features are focused on reliability. The IEEE calls it “802.11bn Ultra High Reliability,” so you know what the priorities are.

Wi-Fi 7 already provides a maximum “in the lab” throughput of up to 46 gigabits per second, and while you’ll never get anywhere close to that in the real world, the best current Wi-Fi 7 routers are already achieving more then 2 Gbps in good conditions, and that will improve over the next few years.

Here’s how Wi-Fi 8 aims to provide a wireless experience more like using a wired connection.

A focus on reliability

Qualcomm never misses an opportunity to promote the next wireless standards, and is usually one of the first to support them (even in draft form) in its chips. The company has a page up about Wi-Fi 8, describing some of its benefits.

The new 802.11bn standard focuses on improving these areas:

Roaming between access points: If you’re in a big gym or office, or an airport or sporting venue, you move from one Wi-Fi access point to another as you walk around. Wi-Fi 8 will bring something called Single Mobility Domains which will keep you connected with continuous low latency as you jump between access points, without the hiccups and interruptions you get today.

Edge reliability: If you’re at the “edge” of your Wi-Fi range today, you know how it’s not just slower, it’s unreliable. There’s lag, dropped packets, disconnects and reconnects. Wi-Fi 8 has a set of enhancements that should make connections at the edge a lot more stable.

Cooperative behavior for dense environments: Wi-Fi in really crowded areas like sporting and music venues or conference centers struggle to deal with the large density of connected devices and multiple access points with overlapping areas. The 802.11bn spec introduces ways for multiple access points to work together cooperatively, dynamically adjusting channels, connections, and power to make sure they don’t get in each other’s way and everyone stays connected.

Getting along with other wireless: Modern devices have Wi-Fi, Bluetooth, and maybe other things like NFC and UWB. These can interfere with each other, especially if they share or have nearby antennas. Wi-Fi 8 is supposed to better handle the interruptions where resources (antennas, radio frequency spectrum, etc.) are used by another technology in the same device.

Power efficiency: Everyone wants their devices to be more power efficient. The 802.11bn standard incorporates new ways to know how much power is being used and is needed to maintain a good connection, so that home access points and portable devices can use less power without compromising the experience.

When will Wi-Fi 8 come to Apple devices?

Wi-Fi 8 uses the same frequency bands (2.4GHz, 5GHz, and 6GHz) as Wi-Fi 7, and the same channel size, modulation, and more. That means a lot of the hardware will look very much like Wi-Fi 7. You’ll need new hardware, but it won’t be a dramatic departure from the Wi-Fi 7 hardware that will be common by 2028.

Apple doesn’t have a history of rushing to incorporate a new draft Wi-Fi standard, but also doesn’t wait very long after the standard is formally adopted. For example, Wi-Fi 7 was formally adopted in early 2024, even though devices supporting the “draft” standard were available the previous year. Apple’s first Wi-Fi 7 devices, the iPhone 16 line, were released in the fall of 2024, but the M4 Macs released in 2025 all support WiFi 6E.

By the time Wi-Fi 8 arrives (estimated to be 2028), Apple will have switched to using its own Wi-Fi and Bluetooth chips in nearly all its products, so there’s no telling if Apple will be among the first to support the new standard or how it will appear. For example, the iPhone 16 models with WiFi 7 are limited to 160MHz bandwidth rather than the maximum 320MHz that the Wi-Fi 7 standard allows, though they do support Wi-Fi 7 in all bands and Multi-Link Operation.

ETH Price Analysis: Key Resistance At $2,600

Ethereum’s price action continues to reflect a tug-of-war between bulls and bears as it hovers around the $2,550 level, just under the critical resistance at $2,600. After reclaiming that level briefly, ETH failed to hold its gains and pulled back slightly, suggesting sellers remain active at this zone. The chart shows Ethereum forming a lower high in the near term, raising short-term caution among traders.

The 50-day and 100-day simple moving averages are now converging around $2,500–$2,530, acting as immediate support. As long as ETH holds above these levels, the medium-term outlook remains constructive. However, any sustained drop below these moving averages could invite additional downside pressure, possibly dragging the price back toward the $2,400 range or even testing the 200-day SMA near $2,180.

Related Reading

Volume has remained moderate, showing that neither side has taken full control. Until ETH decisively breaks above $2,600 and flips it into support, the uptrend remains unconfirmed. The next key resistance sits at $2,700. Conversely, a rejection from current levels could indicate the formation of a range-bound structure or a rising wedge breakdown, as some analysts like Carl Runefelt suggest.

Featured image from Dall-E, chart from TradingView

Local reports indicate that South Korea’s central bank has suspended its central bank digital currency (CBDC) pilot program, pivoting the nation’s focus toward a private, bank-led stablecoin initiative.

The Bank of Korea (BOK) halted its “Project Han River,” following mounting pressure from commercial banking partners who cited prohibitive costs and the absence of a viable business model, as The Korea Herald reported.

The project launched earlier this year was a two-tier system involving a wholesale CBDC for interbank settlement and tokenized deposits for retail use by 100,000 citizens. However, the seven participating banks collectively spent nearly 35 billion won (about $26 million) on the initial three-month phase and were unwilling to proceed without a clear path to profitability.

A last-minute offer from BOK Governor Rhee Chang-yong to cover half the costs for the project’s second phase was rejected, signaling that the banks’ concerns were fundamental to the business case, not just the expense.

In the vacuum left by the state-led project, a consortium of eight major commercial banks, including KB Kookmin, Shinhan, and Woori, has formed to develop a won-pegged stablecoin. This initiative is actively supported by the Korea Financial Telecommunications and Clearings Institute (KFTC) and aims for a public launch in late 2025 or early 2026.

The banks see a clear commercial advantage in issuing their own stablecoins, leveraging their customer base to create new revenue streams and prevent disintermediation from fintech rivals or a state-run currency.

This strategic pivot was enabled by a shift in government policy under President Lee Jae-myung, who campaigned on a pro-crypto platform that included a promise to approve won-pegged stablecoins.

President Lee’s administration is fast-tracking the “Digital Asset Basic Act,” legislation that provides a legal framework for stablecoins. The act notably grants primary regulatory authority to the Financial Services Commission (FSC), not the Bank of Korea, and sets a low capital requirement of ₩500 million (about $370,000) to encourage competition.

The private sector has moved aggressively to secure its position. KB Kookmin, the nation’s largest bank, filed for 17 different trademarks for potential stablecoin tickers like KBKRW, which it called a “preemptive move.” Meanwhile, Shinhan Bank has been preparing for this moment for years, conducting international remittance proofs-of-concept with stablecoins as far back as November 2021.

While BOK Governor Rhee has publicly conceded that won-backed stablecoins are necessary, he and other central bank officials continue to express grave concerns. They warn that a proliferation of private stablecoins could undermine monetary policy, create systemic risk reminiscent of the 2022 Terra/Luna collapse, and accelerate capital flight as users swap won-stablecoins for dollar-pegged alternatives.

The volume of USD-pegged stablecoin transactions in Korea reached ₩56.95 trillion ($41.6 billion) in the first quarter of 2025 alone.

The central bank has advocated for a more cautious rollout, preferring that only highly regulated banks be allowed to issue stablecoins initially before expanding to non-bank entities.

In the meantime, the BOK has framed its suspended CBDC work as a potential “countermeasure to stablecoins,” a public option to be revived if the private market proves too volatile.

ETH Faces Long-Term Resistance

The weekly chart of Ethereum (ETH/USD) shows a strong recovery from the $2,189 low, with ETH currently trading at $2,463 — a 10.5% gain so far this week. This sharp bounce comes after a fakeout below the $2,200 level and suggests renewed buying pressure following recent geopolitical volatility. However, price is now testing a major confluence zone formed by the 50-week ($2,660), 100-week ($2,625), and 200-week ($2,437) simple moving averages.

This cluster of moving averages is acting as resistance, capping ETH’s upside momentum. Historically, when Ethereum breaks through these long-term trend lines, a significant trend continuation follows. But for now, bulls must decisively clear this $2,450–$2,660 zone to confirm a breakout and open the door toward the $3,000 psychological level.

Related Reading

Volume has slightly increased, indicating rising interest, but the rejection wicks from prior weekly candles suggest the market remains indecisive. As long as ETH holds above the 200-week SMA ($2,437), the structure remains constructive, but a breakdown below it would likely reintroduce bearish sentiment.

Featured image from Dall-E, chart from TradingView

Good Morning, Asia. Here’s what’s making news in the markets:

Welcome to Asia Morning Briefing, a daily summary of top stories during U.S. hours and an overview of market moves and analysis. For a detailed overview of U.S. markets, see CoinDesk’s Crypto Daybook Americas.

After a tense weekend that saw the U.S. bomb an Iranian nuclear site, bitcoin has regained its footing, hovering around $106K as Asia begins its Wednesday session and pushing past levels from earlier this month when Israel bombed Iran.

Part of the reason why crypto has recovered alongside traditional markets is just how correlated the two have become.

“Bitcoin’s sensitivity to traditional asset classes and macroeconomic indicators has evolved markedly over the past few market cycles, reflecting its growing integration into the broader macro-financial system,” a recent report from Glassnode and Avenir Group reads. “Institutional infrastructure has reshaped how capital engages with bitcoin. As a result, its market behavior is increasingly governed by structural liquidity, long-horizon positioning, and regulated access points.”

That institutional backbone was visible again this week.

Semir Gabeljic, director of capital formation and investment strategy at Pythagoras Investments, cited ETF flows as a major tailwind: “The huge recent capital inflows in Bitcoin ETFs of $1.1 billion last week and even $350 million today alone” are driving the positive trend.

Spencer Yang, Core Contributor to Fractal Bitcoin, added that one of the reasons why BTC was able to shake off war jitters so quickly is that fundamentally, nothing has changed about the asset class due to the conflict in the Middle East.

All the metrics that investors would look to for BTC are still there, and other bullish market sentiment is possibly on the way.

“We’re seeing continued interest in protocols like BRC-20, especially with the recent upgrade, as well as Runes and Alkanes, which have been getting a lot of attention,” he added. “So overall, on‑chain activity across the board is increasing thanks to these types of assets.”

The takeaway? As bitcoin becomes increasingly defined by institutional demand and macro liquidity cycles, analysts see its price action as less about reacting to headlines and more about long-term capital commitment. This structural shift is what continues to anchor BTC above $100K, despite the noise.

Tim Draper: Bitcoin Is Eating Crypto as Innovation Flocks to BTC

The Bitcoin blockchain is becoming the new home for crypto innovation, absorbing ideas once exclusive to altcoins, just as Microsoft once consolidated the software revolution under its operating system empire, Tim Draper argued in a recent post on X.

Draper pointed to BTC dominance, a metric equivalent to its “market share,” rising over 60%,up from 40% after the 2017 boom-bust cycle and 50% following the 2021 peak, as proof that Bitcoin is reasserting control over the broader crypto ecosystem.

Much like how Microsoft integrated or cloned early success stories like Lotus 1-2-3, WordPerfect, and PowerPoint to form its software suite, Draper says Bitcoin is now incorporating once-altcoin-exclusive innovations: smart contracts, DeFi, ordinals, and low-cost layer 2s.

“All the successful innovations on other platforms are now being ported to Bitcoin,” Draper wrote, calling it an “acceleration” that mirrors Big Tech consolidation. Developers, he said, are increasingly gravitating toward Bitcoin as the most secure and valuable chain.

Draper, who runs a Bitcoin-focused accelerator with Boost VC, said the next generation of entrepreneurs is building on Bitcoin not just for ideological reasons, but because the infrastructure and ecosystem are now ready.

“Smart entrepreneurs are always building on the platform with the strongest gravitational pull,” he wrote. “That platform is Bitcoin.”

WazirX Granted Extension to Present Revised Restructuring Plan

WazirX has received a court-approved extension from the Singapore High Court, allowing it to present further arguments in support of its proposed Scheme of Arrangement. The court also extended the moratorium on creditor actions, which will now remain in place until a ruling is issued on the revised plan.

In a statement released Monday, the exchange said it is awaiting further directions from the court and reiterated its commitment to resolving outstanding claims. The company’s original restructuring plan, rejected by the court last month, as CoinDesk previously reported, sought to reimburse users affected by a $234 million hack in July 2024 through the issuance of recovery tokens and a transfer of operations to a new entity, Zensui Corporation.

More than 93% of creditors had approved the initial plan, but the court cited concerns around governance and transparency.

Without an approved arrangement, WazirX faces the possibility of liquidation under Singapore’s Companies Act, which could lead to extended delays and reduced creditor recoveries. No date has been set for the next court hearing.

Market Movements

• BTC: Bitcoin surged past $106,000 after a ceasefire between Israel and Iran eased geopolitical tensions, triggering a breakout fueled by high-conviction buyers, bullish technical signals, and strong on-chain accumulation, while the broader CD20 index also climbed nearly 1% amid renewed market strength.
• ETH: Ethereum surged 4% to break above $2,450 as Trump’s announcement of an Israel-Iran ceasefire eased global tensions, triggering renewed institutional accumulation and strong on-chain buying momentum.
• Gold: Gold fell as much as 2% to $3,300 after Trump’s surprise Israel-Iran ceasefire announcement eased geopolitical tensions, weakening safe-haven demand even as the metal remains up over 25% year-to-date.
• Nikkei 225: Japan’s Nikkei 225 rose 0.12% as Asia-Pacific markets opened higher Wednesday, buoyed by the Israel-Iran ceasefire and new signals from the U.S. Federal Reserve.
• S&P 500: U.S. stocks surged Tuesday, with the Nasdaq and S&P 500 hitting their highest levels since February as a tech-led rally gained momentum amid growing optimism over a fragile U.S.-brokered Israel-Iran ceasefire.

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