The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.
Happy Wednesday! Gary Gensler this morning gave his first interview since leaving the SEC — and crypto still seems to be living rent-free in his head, as the former chair told CNBC the industry is "99% or 100%" based on sentiment, not fundamentals.
In today's newsletter, China's local governments sell off their seized crypto, Coinbase Institutional warns of signs that "crypto winter" is coming, Auradine raises $153 million in Series C funding and more.
Meanwhile, the U.S. Secret Service combats a $4.3 million Ethereum "approval phishing" scam with the aid of Canadian officials.
Let's get started.
Chinese local governments are quietly selling off crypto assets seized from illicit activities to raise funds despite a crypto ban on the mainland, according to Reuters.
Coinbase Institutional has flagged signs of a new "crypto winter," or bear market in the traditional world, with most digital assets trading below their 200-day moving averages and the total crypto market cap (excluding bitcoin) falling 41% since December — back to April 2022 levels.
California-based miner manufacturer Auradine raised $153 million in an oversubscribed Series C round to fuel its bitcoin mining and AI infrastructure growth as dominant Chinese players come under pressure from Trump's import tariffs.
Nasdaq-listed healthcare tech firm Semler Scientific has filed with the SEC to raise up to $500 million through one or more securities offerings, with plans to use part of the funds to buy more bitcoin alongside general corporate purposes.
Solana's largest decentralized exchange Raydium has rolled out LaunchLab, a token creation platform directly integrated with its liquidity pools, in a move seen as a direct counter to pump.fun's switch from the DEX to its own PumpSwap AMM last month.
Never miss a beat with The Block's daily digest of the most influential events happening across the digital asset ecosystem.
Disclaimer: This article was produced with the assistance of OpenAI’s ChatGPT 3.5/4 and reviewed and edited by our editorial team.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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