Appold Market Watch - Week ending 12 September 2025
Market Update & Industry News - Week ending 12 September 2025
🔷 Nasdaq has filed a proposal with the U.S. SEC to allow trading of tokenised securities on its exchange, marking a potential first for a major U.S. stock exchange. The initiative aligns with easing digital asset regulations, aiming to integrate tokenised and traditional securities while maintaining existing market protections. If approved, U.S. investors might see initial token-settled trades by the third quarter of 2026.
Appold view: This could be one of the most important institutional announcements of the year. For years, institutional adoption of blockchain has been widely discussed and implemented ad hoc, but this move cements it. Tokenisation is set to become the backbone of our future Financial Market Infrastructure. Now the question is whether Nasdaq can follow through on its proposal.
🔷 BlackRock is preparing to list its iShares Bitcoin ETP on the London Stock Exchange to coincide with an upcoming UK rule change allowing retail investors to access digital asset exchange-traded notes (ETNs) from 8 October. The move follows strong U.S. demand, where BlackRock’s iShares Bitcoin Trust has amassed $84bn since January.
Appold view: BlackRock’s London listing is less about Bitcoin itself and more about the UK’s financial positioning. By reopening retail access, the FCA signals a willingness to modernise, something long overdue. If London embraces digital assets at scale, it could reclaim ground lost to America.
🔷 The U.S. Securities and Exchange Commission (SEC) has postponed decisions on the Bitwise Dogecoin and Grayscale Hedera Exchange-traded Fund (ETF) applications until 12 November. This delay forms part of a growing backlog of altcoin ETF applications, with at least 92 products awaiting SEC review, highlighting the uncertain regulatory environment.
Appold view: The SEC faces a difficult decision. While institutions are increasingly comfortable with Bitcoin and Ethereum, it is far less straightforward to determine whether something like Dogecoin should qualify for an ETF. Whatever stance the SEC takes will set an important precedent for the ecosystem and what can be defined as a financial instrument.
🔷 Cboe Global Markets will launch continuous futures for Bitcoin and Ethereum on its Futures Exchange from 10 November 2025, pending regulatory approval. The contracts, designed as long-dated instruments with 10-year expiries, aim to replicate perpetual-style futures in a U.S. regulated, centrally cleared framework.
Appold view: With the Exchange no longer able to generate roll fees from expiring contracts, something which is lucrative for both exchanges and clearing members, these types of contracts have to be structurally different to capture revenue. The model will most likely shift to daily cash adjustment fees and other new utilisation fees.
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