Early Riders | Open Range Weekly | 10.17.25
Bitcoin dropped more than 3% on the week as earnings season kicked off with some poor bank earnings, causing liquidity concerns.
Early Riders Media
Michael, Brian, and Liam discuss the latest in capital formation, market structure, and bitcoin adoption on this week's podcast.
You can find all our episodes on our podcast website as well as listen on YouTube, Apple, and Spotify.
Industry & Institutional Updates
Bull Bitcoin launched Bull Wallet, a privacy-first Bitcoin wallet now available globally on iOS with built-in self-custody tooling.
Kraken acquired Small Exchange, a CFTC-licensed Designated Contract Market from IG Group for $100 million.
Citi aimed to launch crypto custody in 2026 and explored stablecoin initiatives to serve institutional clients.
Coinbase invested in CoinDCX marking a strategic investment into an exchange as the company deepens its focus on the India and the Middle East markets.
Bitcoin for Signal launched a campaign urging Signal to integrate private bitcoin payments via Cashu ecash, enabling the transfer of ecash tokens inside the popular messaging app.
Canaan piloted its initiative to turn flared gas into computing power in Canada, boosting sustainable mining capacity.
Paxos mistakenly minted 300 trillion tokens due to an error, later addressing the incident.
Bridge (Stripe backed) applied for a national bank trust charter to support its stablecoin and payments roadmap.
Tempo raised $500M in a Series A at a ~$5B valuation, with Greenoaks and Thrive leading the Stripe-incubated payments blockchain’s round.
What We’re Watching
Corporate bitcoin adoption surpassed 1m BTC in Q3, growing over 20% q/q, according to Bitwise. This comes despite the recent decline in DAT performance and analysis of retail investors losing $17B on the industry.
For businesses looking for treasury solutions, check out the newly launched Onramp Business solution, which offers rules based controls, multiple permissions, and read only access built on multi-institution custody.
Chart of the Week
Bitcoin's correlation to gold climbed to 0.85, as investors seek scarce assets as a hedge against upcoming debasement.
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