Edgen Crypto·Nov 12 2025, 02:48
[1] Gemini (GEMI) Share Price Drops After Crypto Exchange's Earnings Fall Short of Estimates (https://www.coindesk.com/business/2025/11/11/ ...)[2] Gemini Shares Fall to Record Low After $159M Q3 Loss — Can Its 'Super App' Revive Q4? (https://vertexaisearch.cloud.google.com/groun ...)[3] Gemini posts wider-than-expected <b>loss</b> in first post-IPO report | Bitcoin Insider (https://vertexaisearch.cloud.google.com/groun ...)
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Nov 12 2025, 17:17
Coinbase Shifts Legal Domicile to Texas Amid Delaware Legal Concerns
## Executive Summary **Coinbase**'s reincorporation move from Delaware to Texas reflects a strategic alignment with states perceived as more favorable to the cryptocurrency industry. This decision is driven by Texas's supportive regulatory environment and concerns regarding the legal predictability within Delaware's Chancery Court. The company's operational structure, employee base, and **NASDAQ** listing will remain unaffected by this change. ## The Event in Detail **Coinbase Global** (COIN) has initiated the process of shifting its legal domicile from Delaware to Texas. This decision, disclosed through a **U.S. Securities and Exchange Commission (SEC)** filing, was approved by the company's board and large shareholders, representing approximately 78.4% of the voting power. The primary motivations cited by **Coinbase** executives include Texas's "strong culture of celebrating builders who are growing our economy, creating prosperity for all," and its embrace of crypto. **CEO Brian Armstrong** stated that **Coinbase** has "always been about increasing economic freedom, and this factors into the state where we choose to incorporate." **Chief Legal Officer Paul Grewal** highlighted concerns over Delaware's legal system, specifically "inconsistent rulings from the Delaware Chancery Court," as a key factor. Grewal also noted that "Texas offers efficiency and predictability, in part thanks to recent corporate-law reforms that enhance governance flexibility and legal predictability." **Governor Greg Abbott** of Texas was acknowledged by Grewal for fostering a welcoming business environment. ## Market Implications This reincorporation by a major cryptocurrency exchange like **Coinbase** could signal a broader trend of crypto companies seeking jurisdictions with more defined and predictable regulatory frameworks. The move underscores the increasing importance of state-level policies in attracting and retaining blockchain and digital asset businesses. While **Coinbase**'s operations, staff, and **NASDAQ** listing remain unchanged, the strategic relocation emphasizes the value placed on legal clarity and a business environment conducive to innovation in the Web3 space. This decision may influence other companies to evaluate their legal domiciles based on regulatory support and consistency. The company's recent achievements, including its inclusion in **TIME's 100 Most Influential Companies list** and securing a **MiCA license** in Luxembourg for EU operations, demonstrate its global expansion amidst these domestic strategic shifts. **COIN** stock has rallied approximately 42% year-to-date, reflecting market confidence in the company's trajectory. ## Broader Context The move by **Coinbase** follows a pattern seen with other prominent companies, such as **Tesla**, which also opted to leave Delaware for Texas. This indicates a growing preference among large corporations for states perceived to offer more favorable and stable legal and regulatory environments, particularly concerning emerging technologies and business models. The narrative of "economic freedom" and "embracing crypto" from Texas leadership positions the state as a potentially dominant hub for digital asset innovation in the **United States**. The emphasis on "efficiency and predictability" in corporate law could lead to further discussion and potential reforms in other states, including Delaware, as they compete to retain corporate charters. This development highlights the evolving landscape of corporate governance and regulatory arbitrage within the U.S. as the digital economy matures.
Nov 12 2025, 17:13
Ika Protocol Launches Trustless Cross-Chain DeFi on Sui, Targeting Billions in Bitcoin Liquidity
## Executive Summary Ika, a novel protocol built on the **Sui blockchain**, has introduced a multi-party computation (MPC) design to facilitate trustless cross-chain signatures. This development aims to unlock substantial dormant Bitcoin (BTC) liquidity within decentralized finance (DeFi) and mitigate risks associated with traditional wrapped tokens and bridge architectures. The protocol's architecture is designed for high-performance cross-chain operations at **Sui's native speed**. ## The Event in Detail Ika launched its mainnet earlier this year, introducing a **2PC-MPC (two-party computation multi-party computation)** architecture. This design enables distributed networks to generate signatures with cryptographic guarantees that necessitate direct user participation. Unlike certain existing threshold signature schemes, such as those offered by **Lit Protocol**, **NEAR**, and **ICP**, which rely on permissioned validator sets, Ika's model ensures that no transaction can execute without explicit user authorization. This eliminates potential risks stemming from compromised validators or internal vulnerabilities. The protocol's design makes wallets on all chains programmable objects within the **Sui ecosystem**, allowing Sui-based applications to access liquidity and users from any chain without intermediary wrapped tokens. ## Financial Mechanics and Technical Architecture At its core, Ika employs a **two-party ECDSA (Elliptic Curve Digital Signature Algorithm)** scheme where a network of nodes emulates the second party. This cryptographic framework distributes workloads across a decentralized network, achieving sub-second latency and a throughput of up to 10,000 signatures per second. Communication within the 2PC-MPC protocol scales linearly (O(n)), while the per-party computational cost remains constant (O(1)) through aggregation and amortization techniques, ensuring consistent performance for end-users irrespective of network size. The **IKA token** serves as the native utility token, facilitating payments to MPC network nodes for computational services, securing the network via a delegated proof-of-stake (DPoS) mechanism, and enabling decentralized governance. The project has secured over $21 million in funding from entities including the **Sui Foundation** and **Digital Currency Group**. ## Business Strategy and Market Positioning Ika's strategy centers on positioning **Sui** as a global coordination layer for cross-chain activity. By enabling direct, noncustodial control of assets like **Bitcoin** and **Ethereum (ETH)** from **Sui smart contracts**, Ika aims to capture value from cross-chain interactions and drive institutional adoption of compliant, trustless infrastructure. This approach directly addresses the current challenge where less than 1% of **BTC** is actively utilized in DeFi, with the potential to unlock tens of billions in dormant liquidity. Partnerships with developers such as **Human Tech** and **Native** are central to this strategy. **Human Tech** leverages Ika for a **Wallet-as-a-Protocol (WaaP)**, offering a single interface for controlling native assets across multiple chains with user-network co-signing. **Native** aims to facilitate one-click, noncustodial **BTC** deposits and yield generation on **Sui** without relying on bridges or wrapped intermediaries. This differentiates Ika from traditional interoperability solutions by offering a trustless, direct asset interaction model. ## Broader Market Implications The introduction of Ika represents a significant development for the broader Web3 ecosystem. By solving critical limitations in existing cross-chain solutions, it could enhance security, reduce fragmentation, and increase capital efficiency across various blockchains. The ability to directly utilize native assets like **BTC** in DeFi without the risks associated with wrapped tokens or bridge honeypots addresses a long-standing barrier to institutional participation and broader user adoption. This innovation could stimulate growth in **Sui**'s ecosystem and potentially set a new standard for cross-chain interoperability, influencing future corporate adoption trends for decentralized technologies. However, the technology remains experimental, and its success is dependent on factors including its reliance on **Sui infrastructure**, underlying cryptographic security assumptions, and evolving regulatory landscapes.
Nov 12 2025, 15:23
Bitcoin Cash and Chainlink Lead CoinDesk 20 Index Higher
## Executive Summary The CoinDesk 20 index has observed an upward trajectory, driven by notable performances from **Bitcoin Cash (BCH)** and **Chainlink (LINK)**. This movement reflects a dynamic period within the cryptocurrency market, with specific altcoins demonstrating resilience and growth amidst broader trends. ## The Event in Detail **Bitcoin Cash (BCH)** led the CoinDesk 20, registering a 4.2% gain. Currently trading at $522.10, BCH maintains its position above its 20-day Simple Moving Average (SMA) of $520.59. Further financial mechanics highlight increased capital inflow into BCH futures, with Open Interest (OI) standing at $335.90 million, marking a 10.24% increase over the last 24 hours. The OI-weighted funding rate also climbed to 0.0074% from -0.0032%, indicating a premium paid by traders for long positions and signaling robust market confidence. **Chainlink (LINK)** initially rose by 4% but subsequently recorded a 4.7% decline in its price over the past 24 hours, trading at $15.35. This occurred despite significant institutional developments, including the listing of Bitwise's spot Chainlink ETF on the Depository Trust and Clearing Corporation's (DTCC) register under the ticker **CLNK**, categorized as both "active" and "pre-launch." Last week, LINK experienced an 11% surge following support near the lower trendline of its falling wedge pattern before the recent decline. The **CoinDesk 20 index** overall saw an increase of 1.2% (+29.84) to 2468.7 since 4 p.m. ET on Wednesday, with 18 of its 20 assets trading higher. Beyond BCH and LINK, **NEAR Protocol (NEAR)** also contributed significantly, gaining 3.7%. ## Market Implications The strong performance of **BCH** underscores its resilience, supported by aligning technical indicators. A comprehensive forecast for Bitcoin Cash suggests a bullish bias for the next two weeks, targeting $580, which represents an 11.1% upside potential. This prediction is based on a positive MACD histogram of 1.4573, neutral RSI positioning, and consistent trading above key moving averages. The %B position of 0.5142 indicates balanced positioning with upward movement potential. For **LINK**, the listing of a spot ETF by Bitwise on the DTCC represents a pivotal step towards institutional acceptance, potentially paving the way for broader integration of decentralized oracle networks into traditional finance. This institutional momentum is considered a significant long-term driver, even amidst short-term price fluctuations. While the CoinDesk 20 index experienced a 2.16% loss over a recent 24-hour period reflecting broader market volatility, the current gains in leading assets like BCH and NEAR indicate shifting market dynamics and targeted capital inflows. This suggests a nuanced market where specific digital assets can outperform, driven by technical strength and strategic developments. ## Expert Commentary Market analysis indicates that the current technical posture of **Bitcoin Cash**, characterized by a positive MACD histogram and a supportive funding rate, reinforces a bullish sentiment. The observed premium for long positions in BCH futures suggests that traders are positioning for continued upward momentum. ## Broader Context The current market movements occur within a broader landscape of increasing cryptocurrency adoption and maturation. Projections indicate that the total crypto market capitalization could exceed $4 trillion, with stablecoin supply surpassing $300 billion, driven largely by **Tether (USDT)** and **USDC**. The growing number of crypto mobile wallet users, up 20% year-over-year, alongside significant stablecoin transaction volumes, highlight the expanding mainstream integration of digital assets. These macro trends provide a foundational context for understanding the sustained interest and investment in key cryptocurrencies like BCH and LINK, positioning their individual performances as part of a larger, evolving financial ecosystem.