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Tim Alper

Author

Tim Alper

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Tim Alper is a British journalist and features writer who has worked at Cryptonews.com since 2018. He has written for media outlets such as the BBC, the Guardian, and Chosun Ilbo. He has also worked…

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September 11, 2025

The crypto exchange Upbit has launched a coin listing spree as a response to its South Korean rival Bithumb’s trading volume growth.

The South Korean newspaper Seoul Kyungjae reported that Upbit has listed seven tokens in the past 10 days.

Upbit Listing Spree: Will It Stop Bithumb’s Surge?

The outlet wrote that on September 9, Bithumb’s domestic market share climbed to 46%, with Upbit’s share standing at 50.6%.

Upbit has dominated the South Korean market since around 2022, enjoying market share dominance above the 80% mark in some months.

This has led some lawmakers to complain that its operator, Dunmau, has become the crypto exchange sector’s de facto monopoly.

But Bithumb has been chipping away at Upbit’s market share in recent months. It has struck a partnership deal with Kookmin Bank, South Korea’s biggest financial player.

And it has also launched a spinoff firm as it looks to become the first domestic exchange to debut on the NASDAQ stock exchange.

Upbit appears to have responded to Bithumb’s resurgence by launching new altcoin pairings and listing a wider range of coins.

An unnamed South Korean exchange official told the media outlet that Upbit is concerned that Bithumb has narrowed the market share gap to less than 5% without resorting to novel promotions. The official opined:

“Upbit cannot help but feel a sense of crisis.”

WLD Listing

The media outlet wrote that Upbit’s response to Worldcoin (WLD) trade volume growth in South Korea has been telling.

When WLD transaction volumes pushed Bithumb’s market share to 46% on September 9, Upbit responded rapidly.

Upbit announced it would be listing WLD at 7 pm KST the same day and completed its listing just two hours later, at 9 pm KST.

Upbit’s latest listing, at 1:30 am KST on September 11, was the Linea (LINEA). The exchange’s September listings tally has already surpassed its total number of listings for the whole of August.

Customers May Suffer, Experts Warn

The market leader has traditionally taken a much more conservative attitude to coin listing than Bithumb, which also continues to add coins to its platform.

Should the two firms become embroiled in a listings war, critics warn, customers could suffer in the long run.

Experts said they were “concerned” that the “fierce competition between exchanges” could lead platform managers to make “hasty decisions” that “compromise the review process.”

The experts noted that while listing frenzies continue, South Korean delisting events are becoming more common.

A combined total of 25 altcoins have been delisted by Bithumb, Upbit, and their closest rivals, Korbit, Coinone, and GOPAX, since July this year.

Several of these coins had only recently been listed on the platforms. An unnamed crypto industry executive suggested that Seoul’s efforts to police the sector may be at fault.

The source said:

“Regulators only allow domestic exchanges to provide spot trading. That means that the only way they can compete with one another is by expanding their listings. It is ironic that regulators’ attempts to police the industry are actually spurring listing competition and weakening investor protection.”

Metaplanet upsized its international share offering from 180 million to 385 million shares, raising approximately $1.4 billion to fund additional Bitcoin (BTC) purchases.

The company announced on Sept. 9 that it had increased the offering by 205 million shares in response to strong investor demand, pricing the shares at 553 yen ($3.75) each with a 9.93% discount from the reference price of 614 yen ($4.16).

The enlarged offering will increase Metaplanet’s total outstanding shares from 755.9 million to 1.14 billion shares. President Simon Gerovich confirmed the finalization on social media.

Metaplanet plans to allocate 183.7 billion yen ($1.25 billion) for Bitcoin purchases and 20.4 billion yen ($138.7 million) for its Bitcoin income generation business between September and December.

The funding supports Metaplanet’s plan to acquire 210,000 Bitcoin by 2027, representing approximately 1% of Bitcoin’s total supply.

Metaplanet currently holds 20,136 Bitcoin valued at over $2.24 billion, making it Asia’s largest corporate Bitcoin holder and the sixth-largest globally, surpassing Riot Platforms.

The company acquired 1,145 BTC in September for approximately $127.2 million.

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Transitioning into a new business model

Metaplanet adopted Bitcoin as its primary treasury reserve asset to hedge against these risks while pursuing long-term capital appreciation.

The company disclosed its transition to Bitcoin treasury management in May 2024 as part of its “Strategic Treasury Transformation and Bitcoin Adoption” policy.

Metaplanet’s Bitcoin income generation business recorded 1.904 million yen (nearly $13 million) in sales revenue during the second quarter of the fiscal year 2025. The result represents the company’s efforts to generate yield from its Bitcoin holdings beyond simple appreciation.

The share offering structure includes underwriter purchase rights for up to 375 million shares, with an additional 180 million shares available through overallotment options. Final settlement and delivery are scheduled between Sept. 16 and 17.

The company’s aggressive Bitcoin accumulation strategy positions it among a growing number of corporations adopting BTC as a treasury asset, following the path established by Strategy and other institutional adopters in the cryptocurrency space.

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American Bitcoin (ABTC), a newly public bitcoin mining and treasury firm backed by Donald Trump Jr. and Eric Trump, opened for trade Wednesday morning after completing its merger with Gryphon Digital Mining (GRYP).

Wasting little time, the company filed for an at-the-market equity raise of up to $2.1 billion with which to continue building its bitcoin (BTC) holdings (which footed to 2,443 coins at the time of the merger).

Shares have rocketed 60% to $11 versus the $6.90 price at the time of the merger Tuesday evening.

Its the latest chapter in American Bitcoin’s rapid formation, which began in March through a combination of the Trump brothers’ American Data Centers and Canadian mining firm Hut 8 (HUT). Hut 8 now holds an 80% ownership stake in the newly listed entity.

American Bitcoin’s business combines bitcoin mining with a corporate treasury approach centered on accumulating the asset. Since its inception earlier this year, the company has amassed 2,443 bitcoin, worth approximately $160 million at current prices. This hybrid model — mining bitcoin while holding it as a balance sheet asset — mirrors strategies used by other high-profile mining firms such as Marathon Digital.

Ripple continues to unveil keynote speakers for the upcoming Ripple Swell event scheduled for November this year, stirring up expectations in the XRP community.

In a recent tweet, Ripple announced Cofounder and Executive Chairman Chris Larsen as a keynote speaker at the event. This is significant as the Ripple cofounder has not been in the public eye much relative to other Ripple executives, hence sparking interest in the XRP community. This is evident as an XRP community X user expressed delight at the announcement, noting that the Ripple executive chairman had not been seen at most events in quite some time.

Adding further speculation is the fact that the Ripple cofounder will share the stage with celebrity Spanish-American chef and restaurateur José Andrés. The duo will share the keynote stage at the Ripple Swell event, sparking anticipation in the XRP community as to what might be ahead as the two industry leaders exchange ideas.

Expectations rising

The Ripple Swell event, a two-day event scheduled for Nov. 4 and 5, will mark the convergence of the most influential voices shaping finance and crypto, allowing industry leaders to exchange innovative ideas.

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At the close of July, Ripple unveiled Nasdaq Chair and Chief Executive Officer, Adena Friedman as a keynote speaker at the upcoming Ripple Swell event.

August remains significant for Ripple as it marked new collaborations as well as the official closure of the Ripple-SEC lawsuit.

In July 2025, Ethereum pulled even further ahead in the NFT market. Its NFT sales rose by 56%, while blockchains like Polygon and BNB Chain struggled. Right now, collectors and creators are choosing to invest where they feel most secure, and that’s Ethereum.

Key Takeaways

• Ethereum dominated with $275.6 million in NFT sales, growing 56% from June.

• Polygon’s sales plummeted by 51.1%, raising concerns about its long-term viability.

• Bitcoin’s NFT ecosystem grew but still couldn’t match Ethereum’s scale.

• Cardano surprised everyone with a 102% sales jump, showing there’s life in niche chains.

• Collectors are focusing on Ethereum’s top collections, leaving smaller chains to fight for attention.

Ethereum Pulls Away from the Pack

Ethereum had a standout July, with $275.6 million in NFT sales, a 56% increase from June. These numbers matter, but the real story is about trust in the platform.

Buyers are increasingly focusing on established collections like CryptoPunks, Pudgy Penguins, and Bored Ape Yacht Club. These are projects with real staying power, and they’re all sitting comfortably on Ethereum. As investors get more cautious, they’re putting their money where they see long-term value.

While Ethereum soared, many alternative blockchains had a rough month. Polygon’s NFT sales dropped by a staggering 51.1%. BNB Chain and Mythos didn’t fare any better, each seeing their volumes slashed by more than half.

These figures reveal more than just sales. Liquidity is fading on platforms that once offered lower costs and faster speeds. With fewer active buyers and sellers, creators are moving to Ethereum, where the market remains active.

Bitcoin’s NFT scene, powered by Ordinals and BRC-20 tokens, did grow by 45.8%. But it’s still a niche market. Bitcoin may be a giant in crypto, but it hasn’t yet cracked the code for mainstream NFT adoption like Ethereum has.

Cardano’s Unexpected Comeback

Not all alternative chains are in freefall. Cardano had an impressive July, with NFT sales doubling to about $7 million. It’s still small compared to Ethereum, but this growth shows there’s demand for ecosystems that offer something different.

Cardano attracts users with its community focus and lower transaction fees. For some creators, especially those working on environmentally friendly projects, this is a strong incentive. Cardano shows that smaller platforms can succeed if they offer something different.

Why Ethereum Became the Safe Bet for NFT Investors

Ethereum’s dominance isn’t an accident. Several factors are working in its favor:

• The biggest NFT collections live on Ethereum. This creates a flywheel of liquidity, where buyers know they can always find sellers.

• Ethereum’s price rally past $3,900 in July gave a boost to NFT valuations.

• Developers continue to build marketplaces, tools, and scaling solutions on Ethereum.

• Ethereum’s NFTs have become digital status symbols. Owning a CryptoPunk or a Bored Ape is now about more than just speculation; it’s a way to show status.

Investors are following the money, and right now, that means anchoring their portfolios in Ethereum-based assets.

Fragmented Market or Flight to Safety?

The NFT market is more unified than it was a year ago. July’s data shows that collectors and serious investors are moving their money into platforms that feel stable and valuable. Right now, Ethereum is earning that trust.

This does not mean alternative chains have no future. Cardano’s recent growth shows there is still interest in niche platforms with unique offerings. However, chains that do not stand out, like Polygon recently, may struggle to keep up.

The trend of quickly moving projects between networks for fast gains is fading. Now, serious participants are looking for depth, reliability, and cultural value. Ethereum is meeting these needs.

The main point is that the NFT market is not shrinking, but maturing. Money is concentrating, collectors are more selective, and only platforms with real value will succeed in this next stage.

Solana meme coin launchpad Pump.fun has lost a significant chunk of its market share to LetsBonk.fun. This comes just ahead of the former’s token generation event, in which the launchpad could raise up to $4 billion. 

Solana’s Pump.fun Loses Dominance To LetsBonk.fun

In an X post, Solana News revealed that Pump.fun has hit a new all-time low with just a 36% market share, while LetsBonk.fun’s market share has surged to 54%. Jup data also confirms this development. At press time, LetsBonk boasts a market share of 48.90%, with a 24-hour trading volume of $539 million. On the other hand, Pump boasts a market share of 39.80%, with a 24-hour trading volume of $438 million. 

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This development comes amid Pump.fun’s proposed public token sale, scheduled for July 12. Well-known Solana influencer Lynk has described this token sale as the “final scam” for the meme coin launchpad. The platform has been under heavy criticism for the amount of money that it has extracted from the Solana ecosystem, without incentivizing community members in any way. 

Some community members had expected Pump.fun to airdrop its token to rewards platform users instead of conducting a public token sale. Lynk shared details of the public sale, with the meme coin launchpad planning to sell the ‘PUMP’ tokens $0.004 each. The token boasts a total supply of 1 trillion, meaning a fully diluted value (FDV) of $4 billion. 

However, Pump.fun plans to raise around $600 million from the public token sale, as only $150 billion tokens will be available. The meme coin launchpad is expected to also conduct a private sale in order to complete its $1 billion capital raise effort, as earlier reported. 

LetsBonk.fun To Keep Dominating Pump.fun

In an X post, crypto influencer Unipcs, also known as ‘Bonk Guy,’ opined that Pump.fun isn’t done, but that LetsBonk.fun will likely continue to be the industry leader. He predicts that this will be the case for the foreseeable future. He outlined several reasons why he believes this would be the case. 

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Firstly, he stated that LetsBonk’s pro-creator, pro-people, pro-Solana ecosystem alignment is a massive strength over Pump.fun. Secondly, Bonk Guy remarked that the strong culture of support within the BONK ecosystem is incredibly hard to replicate by any other platform in a short period. 

Furthermore, the crypto influencer remarked that Pump.fun had a lot of momentum as a tokenless protocol, especially with a token generation event (TGE). However, LetsBonk.fun was able to flip the platform during this period. As such, Bonk Guy believes that it is hard to see Pump.fun sustainably recover the kind of market share it once had after the TGE event. 

He also suggested that a “non-negligible amount of activity on Pump.fun is inorganic with a lot os users farming on the platform, hoping that there was going to be an airdrop. As such, the influencer believes that the traffic will dry up once the TGE is over.

Featured image from Adobe Stock, chart from Tradingview.com