New Ethereum Group Raises Millions For Tokenless Projects

GM. A new Ethereum Community Foundation has raised millions to fund tokenless, immutable projects that “burn ETH,” challenging the main Ethereum foundation’s direction.
Meanwhile, a Trump-backed miner raises $220 million for Bitcoin expansion and the SEC approves a Grayscale Hybrid ETF holding Bitcoin, Ethereum, XRP and Solana.
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New Ethereum Group Raises Millions For Tokenless Projects
A new group called the Ethereum Community Foundation has launched with a mission to push institutional adoption and drive value to ETH. Led by developer Zak Cole, the ECF announced Monday that it has already raised millions in ETH from individual supporters.
“We fund projects that burn ETH. We enforce immutability. We reject token games,” Cole said on X in a fiery address at the Ethereum Community Conference. All funded efforts must be “immutable and tokenless,” with coin voting used to approve grants.
The foundation's first initiative, the Ethereum Validator Association, will assist validators to influence protocol development and fund infrastructure. ECF is especially focused on bringing real-world assets like stocks and bonds onchain through credibly neutral tooling.
Leadership shifts inside the Ethereum Foundation and mounting pressure from faster L1 competitors like Solana are encouraging the foundation to realign its priorities. Cole framed the effort as a “fork in priorities,” criticizing what he sees as the EF’s failure to defend Ethereum’s core values.
Trump-Linked Miner Raises $220 Million For Bitcoin
American Bitcoin, a mining firm backed by Eric Trump and Donald Trump Jr., raised $220 million to buy crypto mining hardware and accumulate Bitcoin. According to filings, the funds came from a private stock placement involving over 11 million shares, including $10 million paid in Bitcoin at a $104,000 exchange rate.
The company stated the capital would support strategic expansion, with $215 million remaining after transaction costs. The venture launched in March through a partnership between Hut 8 and American Data Centers and is expected to go public in late 2025 via a SPAC merger.
American Bitcoin will trade under the ticker ABTC on Nasdaq if the deal closes as planned. The company’s founding aligns with Donald Trump’s broader push to position the US as a digital asset powerhouse.
SEC Approves Grayscale ETF Holding XRP And SOL
The US SEC approved Grayscale’s request to convert its Digital Large Cap Fund into a full exchange-traded product on Tuesday. The ETF is composed of over 80% Bitcoin and 11% Ethereum, with the rest allocated to Solana, XRP, and Cardano, based on the CoinDesk 5 Index. It will trade on NYSE Arca, following previous conversions of Grayscale's Bitcoin and Ethereum trusts.
Analysts expect a series of new ETF launches in the coming months, covering altcoins like Tron, Avalanche, and Dogecoin. The decision comes after Grayscale sued the SEC in 2023 and won a key legal victory challenging ETF rejections. This approval signals growing regulatory comfort with diversified crypto exposure, especially for funds weighted toward top-tier digital assets.
Circle Seeks US Bank License For USDC Custody
Circle has applied for a US national banking license that would allow it to custody crypto reserves, Reuters reported Monday. The application follows the company’s IPO earlier this month, which saw its stock jump 167% on debut and close with a $40 billion market cap. The proposed bank, First National Digital Currency Bank, would not take deposits or issue loans like traditional institutions.
If approved, the license would mark Circle’s biggest move yet to integrate with legacy financial infrastructure, positioning USDC as a regulated reserve-backed stablecoin. Analysts say Circle is poised to become the top issuer under the GENIUS Act, a new federal framework for digital dollars. USDC’s supply currently stands at $61.5 billion, making it the second-largest stablecoin globally.
Data of the Day
The ETH/BTC futures volume ratio has surged to 98%, rebounding from a 2024 low of just 42% and nearing parity for the first time in years. Analysts say the rise reflects growing investor confidence in Ethereum, spurred by increased DeFi activity, broader Layer 2 adoption, and a more focused foundation. The metric tracks trading volume between Ethereum and Bitcoin in derivatives markets, a key indicator of institutional sentiment.
Throughout 2024, Ethereum lagged behind Bitcoin amid high gas fees, network congestion, and ETF-related delays. As those headwinds ease, traders are rotating back toward Ethereum as a higher-upside smart contract platform. With Solana and XRP ETFs potentially on the horizon, Ethereum is expected to maintain dominance thanks to its deep liquidity and developer network.

More Breaking News
- Senator Lummis’s crypto tax amendment was dropped from the Senate bill, but she vowed to keep fighting to fix digital asset tax rules.
- DDC Enterprise closed a $528M financing round to fuel its aggressive Bitcoin accumulation strategy, marking one of NYSE’s largest crypto raises.
- Upbit and Naver Pay are joining forces to launch a KRW stablecoin that could help erase the long-standing “kimchi premium” across Korean markets.
- UniCredit will offer professional clients a new structured product tied to BlackRock’s Bitcoin ETF, with full capital protection at maturity.
- Deutsche Bank plans to launch a crypto custody service in 2026 with infrastructure support from Bitpanda and Taurus, Bloomberg reported Tuesday.
- Paxos launched its MiCA-compliant USDG stablecoin across the EU with backing from Kraken, Robinhood, and Galaxy Digital to meet rising demand.
- MARA Holdings nears the 50,000 BTC milestone after June’s production report, reinforcing its position as the second-largest public Bitcoin holder.
- Maple Finance now supports EtherFi’s weETH as collateral, enabling USDC loans with ETHFI incentives via a time-limited rewards pool.
- Elon Musk’s xAI raised $10B in fresh capital to expand its AI operations, escalating tensions with President Trump over regulatory and fiscal policy.
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Written by
Jed Barker
Editor-in-Chief
Jed, a digital asset analyst since 2015, founded Datawallet to simplify crypto and decentralized finance. His background includes research roles in leading publications and a venture firm, reflecting his commitment to making complex financial concepts accessible.