The transition from June to July 2025 marked another pivotal chapter for digital assets. With BlackRock’s Bitcoin ETF overtaking flagship equity funds in revenue, Ripple inching closer to traditional banking status, and ETF decisions continuing to evolve, the institutionalization of crypto is no longer a theoretical trend; it’s an operating reality.

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1. BlackRock’s Bitcoin ETF Outpaces S&P 500 Fund in Revenue

BlackRock’s IBIT, its spot Bitcoin ETF, has officially generated more revenue year-to-date than the firm’s S&P 500 ETF. This unprecedented crossover highlights the sheer demand for regulated Bitcoin exposure among institutional allocators.

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Impact: This milestone signals a structural shift in portfolio construction. Bitcoin is no longer seen as a fringe hedge but is now outperforming flagship equity products in asset manager revenue, accelerating its role in diversified asset allocation.

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2. Ripple Applies for U.S. Banking License

Ripple filed an application for a U.S. banking license, joining a growing number of crypto-native firms seeking integration with the traditional financial system. If approved, Ripple would gain direct access to the Federal Reserve’s payment rails and banking infrastructure.

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Impact: Banking status would allow Ripple to bypass intermediaries and offer settlement, custody, and lending services directly. It would also mark a major leap toward compliance and legitimacy for crypto-native fintechs in the U.S.

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3. DeFi Development to Raise $100M in Convertible Notes

DeFi Development, formerly Janover, announced plans to raise $100 million in convertible notes maturing in 2030. The proceeds will be used to acquire Solana and repurchase shares, signaling a long-term bet on blockchain infrastructure and internal consolidation.

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Impact: This capital strategy reflects growing investor appetite for blended real-world asset and crypto plays. Leveraging convertible debt to fund crypto asset acquisition shows increasing sophistication in how firms deploy capital into the ecosystem.

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4. ETF Watch: Expansions, Delays, and Breakthroughs

- SEC Approves Grayscale’s Digital Large Cap ETF

The SEC approved the conversion of Grayscale’s Digital Large Cap Fund into an ETF. The fund includes BTC, ETH, XRP, SOL, and ADA, making it one of the most diversified digital asset ETFs in the U.S. market.

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Impact: This is a landmark regulatory moment. The approval of a multi-asset crypto ETF beyond just Bitcoin or Ethereum opens the door for broader index-based products and further legitimizes altcoin exposure.

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- SEC Delays Bitwise Ethereum Staking ETF

The SEC delayed its decision on the Bitwise spot Ethereum ETF with staking, citing the need for further review. The delay was expected but underscores the complexity around staking mechanisms in regulated structures.

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Impact: While delays are routine, the consistent interest from issuers to incorporate staking signals the market’s demand for yield-enhanced ETFs. Approval could be transformative for Ethereum’s institutional footprint.

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- 21Shares Dogecoin ETF Also Delayed

21Shares’ application for a spot Dogecoin ETF was also delayed by the SEC. The product would have offered direct exposure to DOGE, the largest meme asset by market cap.

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Impact: Though not surprising, the delay reflects ongoing regulatory skepticism toward meme-based assets. Still, the filing itself indicates rising institutional curiosity about retail-driven altcoins.

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Closing Outlook

Week 27 was defined by deepening convergence: between crypto-native innovation and traditional financial infrastructure, between institutional capital and decentralized assets, and between regulatory caution and gradual approvals. As BlackRock’s IBIT surpasses legacy funds in profitability and Grayscale's multi-asset ETF gains approval, crypto products are not only growing, they are outperforming. With Ripple seeking a banking license and capital markets leaning into blockchain bets, the line between traditional and digital finance is quickly eroding.

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Disclaimer: This blog is intended solely for informational purposes and is directed at our followers in Switzerland. It does not represent an opinion, legal, or investment advice, nor does it create any obligation or responsibility for FiCAS.