Wall Street boosts Bitmine stakes as DeFi lenders buckle on liquidity: Finance Redefined

Large organization investors continued to adhd vulnerability to crypto treasury companies implicit the past week, adjacent arsenic bear-market illiquidity forced different circular of shakeouts crossed decentralized concern (DeFi).

The biggest firm shareholders of Bitmine Immersion Technologies, including Morgan Stanley and Bank of America, accrued vulnerability to the Ether (ETH) treasury institution during Q4 2025 contempt a broader marketplace sell-off.

Still, ongoing bear-market illiquidity is forcing immoderate protocols to upwind down operations, with DeFi lender ZeroLend shutting down. Crypto analytics level Parsec has besides shuttered, citing crypto marketplace volatility arsenic the main reason.

Meanwhile, Bitcoin (BTC) and ETH each roseate astir 2.6% during the past week, amid mounting outflows from US spot Bitcoin exchange-traded funds (ETFs), which logged 3 consecutive days of selling starring up to Thursday’s $165 cardinal outflow, Farside Investors data shows.

Ether ETFs started the week with $48 cardinal successful inflows connected Tuesday, but reversed to log 2 successive days of outflows, including $41 cardinal successful outflows connected Wednesday and $130 cardinal connected Thursday.

Bitcoin ETF Flow, USD million. Source: Farside Investors

Morgan Stanley, different apical holders adhd Bitmine vulnerability amid sell-off

The largest shareholders of Bitmine Immersion Technologies (BMNR) banal accrued their investments successful the starring Ethereum treasury institution successful the 4th fourth of 2025 contempt a wider crypto marketplace clang and mediocre banal terms performance.

Morgan Stanley, the apical reported holder, accrued its presumption by astir 26% to much than 12.1 cardinal shares, valued astatine $331 cardinal astatine the quarter’s end, according to its Form 13F filing with the US Securities and Exchange Commission. ARK Investment Management, the second-biggest holder, accrued its involvement by astir 27% to much than 9.4 cardinal shares worthy $256 million, its filing shows.

Morgan Stanley BMNR stock holdings during 2025, 13F-HR filing. Source: 13f.info

Several different apical organization holders besides accrued exposure. BlackRock accrued its BMNR holdings by 166%, Goldman Sachs by 588%, Vanguard by 66% and Bank of America by 1,668%.

Wall Street adds BMNR vulnerability contempt 48% banal slide

Each of the apical 11 largest shareholders accrued vulnerability to BMNR during Q4 of 2025, including Charles Schwab, Van Eck, Royal Bank of Canada, Citigroup and the Bank of New York Mellon Corporation, according to authoritative filings compiled by crypto capitalist Collin.

Source: Collin

The accumulation came contempt a crisp driblet successful Bitmine’s stock price. BMNR fell astir 48% successful the 4th fourth of 2025 and astir 60% implicit the past six months, trading adjacent $19.90 successful premarket enactment Thursday, according to Google Finance.

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DeFi lender ZeroLend shuts down, blames illiquid chains

Decentralized lending protocol ZeroLend said it is shutting down wholly aft the blockchains it operates connected suffered from debased idiosyncratic numbers and liquidity.

“After 3 years of gathering and operating the protocol, we person made the hard determination to upwind down operations,” ZeroLend’s founder, known lone arsenic “Ryker,” said successful a station the protocol shared to X connected Monday.

“Despite the team’s continued efforts, it has go wide that the protocol is nary longer sustainable successful its existent form,” helium added.

ZeroLend focused its services connected Ethereum layer-2 blockchains, erstwhile touted by Ethereum co-founder Vitalik Buterin arsenic a cardinal portion of the network’s program to standard and stay competitive.

However, Buterin said earlier this month that his imaginativeness for scaling with furniture 2s “no longer makes sense,” that galore person failed to decently follow Ethereum’s security, and that scaling should progressively travel from the mainnet and autochthonal rollups.

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DerivaDEX debuts Bermuda-licensed derivatives DEX

DerivaDEX has launched a Bermuda-licensed crypto derivatives platform, becoming what it says is the archetypal DAO-governed decentralized speech to run nether ceremonial regulatory approval.

According to a statement from the platform, the speech received a T licence from the Bermuda Monetary Authority and has begun offering crypto perpetual swaps trading to a constricted fig of precocious retail and organization participants.

The BMA’s T, oregon trial license, is issued for a integer plus concern seeking to trial a impervious of concept.

At launch, DerivaDEX supports large crypto perpetual products and said it plans to grow into further markets, including prediction markets and accepted securities. The institution said the level combines offchain bid matching with onchain colony to Ethereum, portion allowing users to clasp non-custodial power of funds.

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Parsec shuts down amid ongoing crypto marketplace volatility

Onchain analytics institution Parsec is closing down aft 5 years, arsenic crypto trader flows and onchain enactment nary longer lucifer their past configurations.

“Parsec is shutting down,” the institution said successful an X station connected Thursday, portion its CEO, Will Sheehan, said the “market zigged portion we zagged a fewer excessively galore times.”

Sheehan added that Parsec’s superior absorption connected decentralized concern and non-fungible tokens (NFTs) fell retired of measurement with wherever the manufacture has present headed.

“Post FTX DeFi spot lending leverage ne'er truly came backmost successful the aforesaid way, it changed, morphed into thing we understood less,” helium said, adding that onchain enactment changed successful a mode helium ne'er understood.

NFT income reached astir $5.63 cardinal successful 2025, a 37% drawdown from the $8.9 cardinal recorded successful 2024. Average merchantability prices besides declined year-on-year, falling to $96 from $124, according to CryptoSlam data.

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Kraken’s xStocks tops $25 cardinal successful measurement with much than 80,000 onchain holders

Kraken’s tokenized equities platform, xStocks, has surpassed $25 cardinal successful full transaction measurement little than 8 months aft launch, underscoring accelerating adoption arsenic tokenization gains traction among mainstream investors.

Kraken disclosed Thursday that the $25 cardinal fig includes trading crossed centralized exchanges and decentralized exchanges, arsenic good arsenic minting and redemption activity. The milestone represents a 150% summation since November, erstwhile xStocks crossed $10 billion successful cumulative transaction volume.

The xStocks tokens are issued by Backed Finance, a regulated plus supplier that creates 1:1 backed tokenized representations of publically traded equities and exchange-traded funds. Kraken serves arsenic a superior organisation and trading venue, portion Backed is liable for structuring and issuing the tokenized instruments.

When xStocks debuted successful 2025, it offered much than 60 tokenized equities, including shares tied to large US exertion companies similar Amazon, Meta Platforms, Nvidia and Tesla.

Source: xStocks

Kraken said onchain enactment has been a cardinal maturation operator since launch, with xStocks generating $3.5 cardinal successful onchain trading measurement and surpassing 80,000 unsocial onchain holders.

Unlike trading that occurs solely wrong centralized exchanges’ interior bid books, onchain enactment takes spot straight connected nationalist blockchains, wherever transactions are transparent and wallets tin self-custody assets. 

Growing onchain information suggests users are not lone trading tokenized equities but besides integrating them into broader decentralized concern (DeFi) ecosystems.

Kraken said that 8 of the 11 largest tokenized equities by unsocial holder number are present portion of the xStocks ecosystem, signaling accrued marketplace stock successful the emerging tokenized equities sector.

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DeFi marketplace overview

According to information from Cointelegraph Markets Pro and TradingView, astir of the 100 largest cryptocurrencies by marketplace capitalization ended the week successful the green.

The layer-1 blockchain Kite (KITE) token roseate 38% arsenic the biggest gainer successful the apical 100, followed by stablecoin outgo ecosystem token Stable (STABLE), up implicit 30% during the past week.

Total worth locked successful DeFi. Source: DefiLlama

Thanks for speechmaking our summary of this week’s astir impactful DeFi developments. Join america adjacent Friday for much stories, insights and acquisition regarding this dynamically advancing space.