US regulations, strong treasury model, robust financial reports—on the first day after the rate cut, both crypto and stocks rise together.

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On the first day of the Federal Reserve’s rate cut, the cryptocurrency market saw a comprehensive surge, with digital asset exchange stocks soaring and Bitcoin breaking through the $117,000 mark. Analysts say that behind this strong performance, a combination of shifting US regulatory policies, an influx of treasury model funds, and stellar financial reports has created a triple resonance, driving the crypto market into a "rally in both coins and stocks".

On Thursday (September 18), shares of the newly listed Bullish exchange skyrocketed over 20%, Coinbase jumped more than 7%, and Bitcoin mining company CleanSpark surged nearly 18%. Meanwhile, the price of Bitcoin rose 1.5% to above $117,500, with a 26% increase so far this year. The market generally attributes this round of gains to the stimulus from the Fed rate cut and improvements in the regulatory environment.

On Wednesday, the SEC approved new rules to establish universal listing standards for digital asset ETFs, shortening the approval time from the previous 240 days to a maximum of 75 days. This milestone change is expected to pave the way for more crypto ETFs such as for Solana and XRP, further boosting institutional allocation demand.

Meanwhile, the treasury model represented by Solana has gained attention from star investors. Cathie Wood joined forces with the UAE to inject $300 million into a Nasdaq-listed company to transform it into a SOL token-holding entity. The newly listed Bullish exchange reported a turnaround to profitability after obtaining New York regulatory approval.

Analysts point out that a series of favorable factors—such as expectations of monetary easing from the Fed’s rate cut and regulatory shifts—have combined to drive a revaluation of the entire digital asset ecosystem.

SEC’s New Rules Open the ETF Floodgates, Approval Time Cut by 75%

According to a previous article by Jianshi, the SEC voted on Wednesday to approve rule changes for three major national securities exchanges, removing key barriers for full access to the digital asset ETF market. The new regulations create universal listing standards, completely changing the previous cumbersome case-by-case approval process.

Under the new standards, asset management companies and exchanges can now apply for new spot crypto ETFs based on unified standards, with approval time dramatically shortened from the previous 240 days or more to a maximum of 75 days. The industry sees this as a watershed moment for US digital asset regulation.

Teddy Fusaro, President of Bitwise Asset Management, said: "This overturns more than a decade of precedent since the first bitcoin ETF application in 2013." Steve Feinour, partner at law firm Stradley Ronon, predicts that the first products could be listed as early as October.

The market widely expects that ETFs tracking Solana and XRP will be among the first products approved under the new rules. Asset management companies began submitting these applications to the SEC over a year ago, but regulators had only approved bitcoin and ethereum spot ETFs until now. This aligns closely with Trump Administration policies to mainstream digital assets.

Just on Thursday, the Rex-Osprey Dogecoin ETF has already begun trading. In addition to the Dogecoin ETF, Rex Financial and Osprey Funds will also launch the first US XRP ETF, and have applied to issue a $TRUMP ETF investing in Trump-themed meme coins. The Dogecoin ETF charges a 1.5% management fee, while the XRP fund charges 0.75%; both will be listed on Cboe. Currently, there are 90 to 100 crypto ETF applications awaiting approval, and analysts expect all of them to be approved.

Cathie Wood Bets $300 Million on Solana Treasury Model

According to the article, noted investor Cathie Wood teamed up with the UAE to inject $300 million into Nasdaq-listed Brera Holdings, which will transform into a treasury company specializing in Solana tokens and be renamed Solmate. After the news was released, the company's stock price once soared 592% and closed up 225%.

To fuel its transformation, Solmate assembled an eye-catching executive team. Crypto legal pioneer Marco Santori will become CEO, and economist Arthur Laffer—famous for the "Laffer Curve"—will join the board. Reportedly, after Laffer confirmed his involvement, Cathie Wood quickly decided to invest in Solmate.

Although competition is intensifying, Solmate seeks a differentiated edge through deep cooperation with the Solana Foundation. The Solana Foundation will sell some tokens to Solmate at a discount and gain two board seats. In return, Solmate will cooperate with the foundation on projects in the UAE and share related revenues.

This business model essentially emulates the successful precedent of MicroStrategy’s transformation into a "bitcoin treasury company". By issuing shares or bonds to accumulate cryptocurrencies, these companies aim to drive stock price appreciation beyond the value of their crypto assets. Statistics show that over 100 companies have already adopted this strategy.

Bullish Turns a Profit, Approved for US Business License

According to a previous article, the newly NYSE-listed crypto exchange Bullish delivered its first financial report as a public company, achieving a net profit of $108.3 million, in sharp contrast to a net loss of $116.4 million in the same period last year. At the same time, it obtained New York State BitLicense approval, removing the last barrier to entering the US market.

CEO Tom Farley commented, New York's BitLicense is the company’s "last major project" for launching US operations. The company expects adjusted earnings for Q3 to range from $12 million to $17 million, with adjusted revenues between $69 million and $76 million.

Bullish’s ambitions go beyond exchange business. Farley clarified the strategic positioning of the company’s CoinDesk brand as "the MSCI of crypto". In cooperation with Grayscale, trust products based on the CoinDesk 5 Index have been approved by the SEC to convert to ETFs. As of June 30, assets under management linked to CoinDesk indices had reached $41 billion.

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