The Daily: JPMorgan Chase closes Strike CEO’s accounts, Monad launches mainnet, Grayscale debuts DOGE and XRP ETFs, plus more

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

Happy Monday! Bitcoin has bounced back above $88,000 after last week’s flush, but analysts say the rebound remains fragile with sentiment in extreme fear and BTC likely to churn between $85,000 and $90,000.

In today’s newsletter, JPMorgan Chase closes the Strike CEO’s personal bank accounts, Monad launches on mainnet, Grayscale rolls out spot DOGE and XRP ETFs, plus more.

Meanwhile, Japan’s asset managers mull crypto investment offerings ahead of major rule changes.

P.S. Don’t forget to check out The Funding, a biweekly rundown of crypto VC trends. It’s a great read — and just like The Daily, it’s free to subscribe!

JPMorgan Chase closes Strike CEO Jack Mallers’ accounts, spurring renewed crypto debanking concerns

JPMorgan Chase abruptly closed Strike CEO Jack Mallers’ personal accounts last month, citing “concerning activity” and offering no further explanation, the longtime bitcoiner said Sunday.

• When Mallers inquired exactly why his accounts were closed, he said the bank’s only response was: “We aren’t allowed to tell you,” prompting him to publish the closure letter on X and accuse JPMorgan of debanking him.
• “We are committed to regulatory compliance and ensuring the security and integrity of the financial system,” the letter said. “Because of this commitment, we may not be able to open new accounts for you in the future.”
• The incident reignited claims that “Operation Chokepoint 2.0” — an alleged coordinated Biden-era effort to restrict crypto firms’ banking access — is still active.
• Mallers previously claimed that Chase closed Strike’s business account during the Biden administration, and said on Monday that the bank has also been rejecting some user deposits to Strike, telling customers that the business “participates in fraudulent activities.”
• The debate comes despite President Trump signing an executive order in August penalizing firms that debank crypto-related businesses.
• Trump’s Working Group on Digital Asset Markets has insisted the administration already ended any Operation Chokepoint-style pressure on crypto.

Monad launches on mainnet

Monad launched its high-throughput, EVM-compatible blockchain on mainnet after completing a public token sale that raised about $269 million from more than 85,000 participants on Coinbase’s new ICO platform.

• The project locked 50.7% of the total MON supply upon launch — including allocations for the team, investors, and treasury — with vesting set to ramp up quarterly from 2026 through 2029.
• Initial circulating supply includes roughly 38.5 billion MON tokens for ecosystem development, alongside a separate 3.3 billion MON community airdrop allocation, and 7.5 billion MON from the token sale.
• The price of MON briefly fell below the token sale price of $0.025 following the launch, and is currently trading just above that level.

Grayscale rolls out spot DOGE and XRP ETFs

Grayscale pushed two new crypto assets into the spot ETF arena on Monday, debuting GDOG and GXRP on NYSE Arca, converting both products from closed-end trusts previously offered via private placement.

• The Dogecoin ETF launch helps cement its journey from memecoin to mainstream asset, though it comes amid a muted market backdrop for DOGE, which has retreated sharply from last year’s U.S. election surge.
• The XRP ETF launch follows Ripple’s long-running SEC battle, which finally wrapped up this year, clearing a path for broader institutional access to the asset.
• Meanwhile, Franklin Templeton also debuted XRPZ on Monday, following Grayscale, Canary Capital, and Bitwise in launching spot XRP ETFs in the U.S.

South Korea’s Upbit eyes Nasdaq listing after merger with tech giant Naver

Dunamu-operated Upbit is preparing to pursue a Nasdaq IPO after its planned merger with tech giant Naver, marking a potential landmark U.S. listing for South Korea’s largest crypto exchange.

• The merger, executed through a stock-swap, would fold Upbit under Naver’s corporate umbrella and streamline Dunamu’s ownership structure.
• The IPO chatter lands as rival exchange Bithumb also explores a U.S. listing, highlighting rising public-market ambitions among South Korea’s major trading platforms.
• Dunamu’s recent strong financials — including 85% year-over-year profit growth — add momentum to Upbit’s potential U.S. market debut.

Global crypto ETPs see $1.9 billion in weekly outflows, adding to third-worst run since 2018

Investors pulled $1.9 billion from global crypto ETPs last week, extending a four-week outflow streak to $4.9 billion — the third-worst run since 2018, according to a report from asset manager CoinShares.

• U.S. products drove the redemptions with $1.69 billion in outflows, while Bitcoin-based ETPs led in terms of the underlying asset, with $1.27 billion exiting the funds last week.
• Nevertheless, year-to-date net inflows remain high at $44.4 billion, CoinShares Head of Research James Butterfill noted, highlighting that Friday signaled “tentative signs of a turnaround in sentiment,” as the crypto investment products brought in $258 million following seven consecutive days of net outflows.

Next 24 hours

• U.S. PPI data are due at 8:30 a.m. ET on Tuesday.
• Plasma and AltLayer are among the crypto projects set for token unlocks.

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