Jump Trading Appoints Startup Founder to Lead Its Hash Rate Trading Department

According to official data, the synthetic perpetual protocol Papertrade built on HyperEVM has exceeded $1 trillion in cumulative notional trading volume, with its total value locked (TVL) standing at $61.8 million. Open interest (OI) is approximately $664 million, and the margin amount corresponding to all existing positions is around $13.28 million. Papertrade is a fully on-chain synthetic perpetual trading platform deployed on HyperEVM, which retrieves prices from the best bid/offer (BBO) mid-price of Hyperliquid’s order book. Users trade directly against the protocol’s liquidity providers (LPs) rather than traditional order book matching. The protocol features high leverage, zero slippage, and no funding fees. Its native token PAPER has an initial supply of zero, with no pre-mining, team, or venture capital (VC) allocations; the only minting source is user losses or liquidations. During its initial launch phase, the token is non-transferable and is primarily used for staking.

BlackRock’s Q3 financial results show its digital asset funds attracted $7.9 billion in inflows during the third quarter, reversing roughly $2.2 billion in outflows recorded in the first half of the year. As of the end of September, the firm’s digital assets under management stood at $79.6 billion, up $30.8 billion from $48.8 billion at the end of June, representing a 63% increase; $22.9 billion of this growth was attributed to rising cryptocurrency prices. Despite this rebound, BlackRock’s digital asset holdings remain 23% lower than they were a year ago.

Nasdaq-listed company SkyAI, which centers its digital asset reserves on Solana, previously held over 2 million SOL tokens. Since October, the firm has transferred around 1.57 million SOL, valued at roughly $175 million; SkyAI disclosed it recently sold 1 million SOL for approximately $107 million, and noted it may continue selling. On-chain data shows its average purchase price was around $194, with an unrealized loss of over $160 million based on recent prices. A Form 8-K filed on October 13 revealed the company’s SOL holdings had dropped to roughly 600,000 tokens, a nearly 70% reduction from the "over 2 million" figure cited in mid-September. The timing of the sales, average transaction price, and approval process were not fully disclosed to shareholders previously. Major shareholder Bastion Trading, which holds approximately 9.99% of outstanding common shares, issued a statement today expressing serious concerns over SkyAI’s cash tender offer announced on October 11, stating it will not participate until its concerns are adequately addressed. The firm demanded immediate full disclosure of SOL disposal details, an independent review, a board restructuring, and an increase of the tender offer price from $3.00 per share to at least $3.50 per share, among other requests. Bastion Trading also noted that at the 2026 annual general meeting, all five incumbent directors received far more abstentions than votes in favor, with some ratios approaching 3-to-1, questioning whether the current board, having lost shareholder confidence, still leads the sale of core reserves and the tender offer.

Nasdaq-listed company SkyAI, with core holdings centered on Solana digital assets, previously held over 2 million SOL. Since October, the firm has transferred roughly 1.57 million SOL, valued at approximately $175 million. SkyAI recently disclosed selling 1 million SOL for about $107 million, and noted it may continue selling. On-chain data shows its average purchase price is around $194, translating to an unrealized loss of over $160 million based on current prices. A Form 8-K filed on October 13 revealed SkyAI’s SOL holdings have dropped to roughly 600,000 tokens, a nearly 70% decrease from the "over 2 million" figure cited in mid-September. The sales timing, average transaction price and approval process were not fully disclosed to shareholders beforehand. Bastion Trading, a major shareholder holding approximately 9.99% of outstanding common shares, issued a statement today expressing serious concern over SkyAI’s cash tender offer announced on October 11. Bastion said it will not participate in the offer until its concerns are properly addressed, and demanded immediate full disclosure of SOL disposal details, an independent review, a board restructure, and an increase in the tender offer price from $3.00 per share to at least $3.50. Bastion also noted that at the 2026 annual general meeting, all five incumbent directors received far more abstentions than votes in favor—some with a nearly 3-to-1 ratio—questioning the current board, which has lost shareholder trust, for still leading the sale of core reserves and advancing the tender offer.

U.S.-listed fintech firm Perpetuals com (ticker: PDC) has filed a notice to operate a tokenized securities trading venue under the U.S. SEC’s five-year "Innovation Exemption" framework, with operations to be run by its Delaware subsidiary Kephas Corporation. Trading will take place via permissioned Automated Market Maker (AMM) liquidity pools, initially deployed on the company’s Ethereum-compatible Layer 2 chain Kronos X Public, where tokenized U.S. equities will pair with stablecoin USDC. Per the SEC’s 30-day post-notice rule, trading could launch as early as mid-November, pending completion of compliance, market data, and smart contract security preparations. The "Innovation Exemption" allows certain venues to trade U.S. stocks on public blockchains without registering as a traditional securities trading platform, requiring tokens to carry the same shareholder rights as regular stocks—including dividends and voting rights—with relevant listed companies allowed to raise objections within 30 days. Perpetuals com is thus the second firm to launch a tokenized U.S. equities market under this framework, following OKXICE. Its CEO Patrick Gruhn co-founded Swiss tokenization firm Digital Assets AG, which assisted trading platforms in launching stock-linked tokens for names like Tesla and Coinbase before being acquired by FTX; Gruhn previously led FTX Europe.

According to HTX market data, Bitcoin has fallen below $82,000, with a 1.4% decline in the past 24 hours.