Intel Report 28/9

Web3 intelligence sent directly to your inbox everyday.

Analyst Note
For the time being, our intelligence will be delivered through a report-based newsletter, combining LLM systems with human analysis to deliver value-packed web3 reports. Free users can enjoy a lite version, while paid subscribers get full access to daily and seasonal reports. Email us at adam@secret3.com for any feedback! - Adam, Lead Researcher.

---

Summary
GM, The SEC filed settled charges against Mango Markets operators for unregistered token sales, while Tornado Cash developer Roman Storm is set to face trial after a judge denied his motion to dismiss charges. Additionally, Binance founder Changpeng Zhao was released from prison after serving a four-month sentence, sparking discussions about the exchange's future compliance efforts and the broader implications for the crypto industry.

---

News Headlines
💰 US ETF Assets Hit Record $10 Trillion, Boosted by Crypto Inflows

• Total U.S. ETF assets surpassed $10 trillion for the first time, with crypto ETFs contributing nearly 3% of 2024 inflows.

• BlackRock's iShares Bitcoin Trust (IBIT) led with over $21 billion in inflows, followed by Fidelity's FBTC with nearly $10 billion.

🌐 BRICS: Nearly 50 Countries Look to Blockchain System Over US Dollar

• 47 countries are considering adopting BRICS Pay, a blockchain-based payment system alternative to the US dollar.

• The system aims to facilitate economic transactions without reliance on Western currencies.

💼 Hut 8 Launches GPU-as-a-Service Program for AI Developers

• Hut 8, a crypto mining firm, launched a GPU-as-a-service program for AI developers.

• This initiative marks Hut 8's diversification into cloud and AI services amid challenges in Bitcoin mining.

🚀 VanEck Predicts Solana Price Surge to $330, Citing Superior Technology

• VanEck's report predicts Solana's price could reach $330, potentially capturing 50% of Ethereum's market cap.

• The prediction is based on Solana's higher daily active user count and scalability compared to Ethereum.

📊 MicroStrategy S&P 500 Listing 'Probably Not' Coming Despite Performance

• Despite strong market performance, MicroStrategy's inclusion in the S&P 500 is unlikely due to entry requirements.

• Analysts suggest other crypto-focused firms like Coinbase may be more likely S&P 500 candidates.

---

Market Metrics

---

Fundraising & VC
1. Mind Network (Pre Series A, $10M) - FHE Restaking Layer for PoS and AI Networks
2. MeshMapXYZ (Undisclosed, $4M) - Decentralized and open 3D map of the world
3. Initia (Private Token Sale, $2.5M) - Network for interwoven rollups