The Daily: BlackRock’s 800,000 BTC haul, PayPay’s 40% stake in Binance Japan, JPMorgan’s modest Solana ETF inflow call, and more

The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.

Happy Thursday! With the U.S. government shutdown entering a second week and key economic data delayed, markets are left to trade on expectations rather than new information. That’s effectively a green light for risk assets, 21Shares’ Matt Mena told The Block.

In today’s newsletter, BlackRock’s IBIT surpasses 800,000 BTC in assets under management, PayPay acquires a 40% stake in Binance Japan, JPMorgan expects low inflows for Solana ETFs in their first year, and more.

Meanwhile, RT Watson takes a look at the Solana Foundation’s many discounted token deals that are fueling the SOL treasury explosion in The Block’s latest feature piece.

Let’s get started!

P.S. CryptoIQ is now available to everyone. Take the test for a chance to win $20,000!

BlackRock’s bitcoin ETF surpasses 800,000 BTC in AUM amid latest $4 billion inflow streak

BlackRock’s spot bitcoin ETF, IBIT, has surged past 800,000 BTC in assets under management less than two years after trading began in January 2024.

• IBIT now holds 802,197.8 BTC ($98 billion), according to its latest fund disclosures, after pulling in $426.2 million worth of net inflows on Wednesday — representing about 3.8% of bitcoin’s total 21 million supply.
• For context, that puts BlackRock’s holdings on behalf of its clients strongly ahead of the leading bitcoin treasury company, Michael Saylor’s Strategy, which holds 640,031 BTC — worth around $78 billion — accounting for 3.1% of total supply.
• The fund is now closing in on the $100 billion AUM milestone — the fastest to do so in ETF history — following its latest $4 billion daily inflow streak.
• The combined U.S. spot bitcoin ETFs attracted another $440.7 million on Wednesday, adding to an eight-day run totaling more than $5.7 billion, according to data compiled by The Block.
• “That’s how hungry the fish are,” Bloomberg Senior ETF Analyst Eric Balchunas said. “Two steps forward mode. Enjoy while it lasts.”

PayPay acquires 40% stake in Binance Japan to bridge crypto and digital payments

PayPay, a SoftBank Corp. group company, has acquired a 40% equity stake in Binance Japan to link crypto assets with everyday digital payments.

• The partnership aims to combine PayPay’s 70 million-user network with Binance’s blockchain infrastructure to expand web3 access across Japan.
• Binance Japan users will soon be able to buy and sell crypto directly using PayPay Money within the Binance app, marking one of the first initiatives between the two firms.
• Executives said the alliance will deliver seamless and secure integration between fiat payments and crypto transactions nationwide.

JPMorgan says Solana ETFs could see low inflows of around $1.5 billion in first year

JPMorgan analysts expect U.S. spot Solana ETFs to gain Securities and Exchange Commission approval soon, but only attract modest inflows of around $1.5 billion in their first year.

• The analysts said they anticipate net inflows at roughly one-seventh the level of Ethereum ETFs, reflecting Solana’s smaller DeFi footprint and weaker investor perception.
• However, JPMorgan also warned that inflows could fall short of that estimate due to investor fatigue, muted onchain activity, and competition from broader crypto index and treasury products.
• The SEC recently simplified the process by introducing generic listing standards, removing the need for token-specific filings — a change that has led to a surge in new crypto ETF proposals.

Kraken expands access to traditional CME contracts like oil and gold

Kraken is expanding access to CME futures beyond crypto to include equity indices, commodities, FX, and metals as part of its all-in-one trading push.

• The exchange will route traders directly to CME markets through its regulated futures commission merchant, Kraken Derivatives US.
• The move follows Kraken’s $1.5 billion acquisition of NinjaTrader and comes as it explores a potential $20 billion IPO.
• Kraken aims to challenge brokerages like Robinhood as well as other crypto and web3 trading platforms that are beginning to expand into traditional asset classes.

Ocean Protocol withdraws from AI token alliance with Fetch.ai and SingularityNET

Ocean Protocol Foundation withdrew from the Artificial Superintelligence Alliance with Fetch.ai and SingularityNET on Thursday morning, effective immediately.

• The move allows the OCEAN token to de-peg from FET and potentially be re-listed separately on major crypto exchanges, after 81% of its supply was previously converted.
• Ocean said its future development funding is secured and that it plans to buy back and burn OCEAN from profits to create a permanent supply reduction.

In the next 24 hours

• U.S. nonfarm payrolls are due at 8:30 a.m. ET on Friday, but the continued U.S. government shutdown could see further delays to data releases.
• Linea, 1inch, and Optimism are set for token unlocks.
• The North American Blockchain Summit concludes in Dallas.

Never miss a beat with The Block’s daily digest of the most influential events happening across the digital asset ecosystem.

© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.