BitGo IPO, Dogecoin ETF debut, FTX distributes $1.6b to creditors | Weekly Recap

Bankruptcy recovery efforts accelerated as FTX announced its third creditor distribution totaling $1.6 billion. Meanwhile, institutional cryptocurrency infrastructure expanded through BitGo’s public offering filing.

FTX prepares third creditor payment installment

• The collapsed exchange’s recovery trust announced that four creditor groups will receive $1.6 billion on September 30.
• Payment percentages range from 78% to 120% of the original holdings value when the exchange ceased operations.

BitGo advances toward public market debut

• The cryptocurrency custodian filed its inaugural S-1 registration statement with the SEC.
• The firm plans to list Class A common stock on the New York Stock Exchange under ticker BTGO.
• Financial disclosures revealed the company generated $4.19 billion in revenue during the first half of 2025.

X pursues legal action against bribery network

• The Elon Musk-owned social media platform is taking legal action against banned users, including cryptocurrency scammers, who attempted to bribe employees for account restoration.
• Platform officials connected the bribery activities to broader criminal organizations.

YZi Labs expands Ethena investment position

• Former Binance CEO Changpeng Zhao’s family office increased its stake in Ethena (ENA) Labs, creator of the USDe synthetic dollar stablecoin.
• The investment aligns with Ethena’s plans to expand operations on BNB Chain.

Ethereum developers schedule Fusaka upgrade

• Ethereum (ETH) Core development teams confirmed a tentative December timeline for the network’s next major upgrade during Thursday’s All Core Developers Consensus call.
• The Fusaka upgrade targets blockchain scaling improvements, with subsequent changes planned to more than double blob capacity in following weeks.

America’s first spot Dogecoin ETF begins trading

• The Rex Financial and Osprey Funds jointly managed product went live on Thursday morning on the Cboe BZX exchange under the ticker DOJE.
• This spot fund provides direct exposure to current Dogecoin (DOGE) prices rather than futures or derivative instruments.

Australia approves stablecoin distribution exemption

• The Securities and Investment Commission granted a class exemption allowing licensed intermediaries to distribute stablecoins without individual regulatory approvals.
• This policy addresses exchanges, brokers, and platforms that carry out stablecoin trading without creating the tokens themselves.

SEC streamlines cryptocurrency ETF approval process

• The commission approved new rules Wednesday enabling exchanges to list spot commodity ETPs, including cryptocurrencies, without individual agency review for each product.
• This procedural change removes the lengthy 19(b) rule filing process that previously required up to 240 days and active SEC approval or disapproval.

Circle integrates with Hyperliquid platform

• The stablecoin issuer introduced native USDC support to the largest decentralized derivatives trading platform while making its first HYPE (HYPE) token investment.
• This integration establishes Circle as a “direct stakeholder” in the platform through token ownership.

Google launches AI payment protocol

• The technology giant released an open-source protocol enabling artificial intelligence applications to send and receive payments, including stablecoin support.
• The system accommodates digital tokens pegged to fiat currencies such as the US dollar.

Strategy records minimal Bitcoin acquisition

• The treasury company purchased 525 Bitcoin (BTC) worth $60 million in its smallest monthly acquisition.
• This brings Strategy’s total holdings to approximately 639,000 Bitcoin.

Bitcoin Bottom Day

• Sunday, Sept. 21, is being hyped as a key date for the crypto’s trajectory. Economist Timothy Peterson dubbed it “Bitcoin Bottom Day,” noting the coin typically ends the year higher about 70% of the time after this date, with a median gain of 50%.
• He now sees a 90% chance of upside and almost certainty of higher prices six months out, calling $100,000 a likely permanent floor.
• If Peterson’s thesis holds, Sept. 21 could mark a defining inflection point, setting the stage for Bitcoin’s next major rally.

September 21st is an important day for Bitcoin Performance. It falls on a Sunday this year so I am posting this today.

September 21 marks the date – after which – Bitcoin finishes the year higher 70% of the time. The median gain is over 50%! Call this “Bitcoin Bottom Day.”… pic.twitter.com/IRo0xProvH

— Timothy Peterson (@nsquaredvalue) September 19, 2025