The US regulatory and treasury model is strong and the financial report is strong. On the first day after the interest rate cut, the currency circle

# Crypto Market Surges on Fed's First Rate Cut Day; Bitcoin Tops $117k

Written by: Dong Jing  

Source: Wall Street Insights  

On the first day of the Federal Reserve's interest rate cut, the cryptocurrency market saw a broad rally: stocks of digital asset exchanges soared, and Bitcoin broke through the $117,000 mark. Analysts stated that behind this strong performance, three factors—shifts in U.S. regulatory policies, inflows of funds into treasury-style models, and strong financial report data—have formed a "triple resonance," driving the crypto sector to a boom where "both crypto and related stocks rise."  

On Thursday (September 18), shares of the newly listed Bullish Exchange surged by over 20%, Coinbase jumped more than 7%, and Bitcoin miner CleanSpark soared nearly 18%. Meanwhile, Bitcoin’s price rose 1.5% to above $117,500, with a year-to-date gain of 26%. The market generally attributes this rally to factors such as stimulus from the Fed’s rate cut and improvements in the regulatory environment.  

## SEC’s New Rules Open the Floodgates for ETFs, Speeding Up Approval by 75%  

As previously mentioned in Wall Street Insights’ articles, the SEC voted on Wednesday to approve rule change proposals from three major national stock exchanges, removing key barriers to the full opening of the digital asset ETF market. The new rules establish universal listing standards, completely overhauling the cumbersome prior process of case-by-case review.  

Under the new standards, asset managers and exchanges can now apply for new spot crypto ETFs based on unified criteria, with the approval time drastically reduced from the previous 240 days (or longer) to a maximum of 75 days. This change is regarded by the industry as a watershed moment in the U.S. regulatory approach to digital assets.  

Teddy Fusaro, President of Bitwise Asset Management, said: “This reverses a precedent that has stood for more than a decade since the first Bitcoin ETF application in 2013.” Steve Feinour, a partner at law firm Stradley Ronon, expects the first batch of products to launch as early as October.  

The market widely anticipates that ETFs tracking Solana and XRP will be the first to be approved under the new rules. Asset managers submitted applications for these products to the SEC over a year ago, but the regulator had previously only approved spot ETFs for Bitcoin and Ethereum. This aligns closely with the Trump administration’s policy direction of promoting the mainstream adoption of digital assets.  

Just on Thursday, the Rex-Osprey Dogecoin ETF began trading. In addition to the Dogecoin ETF, Rex Financial and Osprey Funds will also launch the first U.S.-based XRP ETF simultaneously, and have applied to issue the $TRUMP ETF—an ETF investing in Trump’s personal meme coin. The management fee for the Dogecoin ETF is 1.5%, while that for the XRP fund is 0.75%, and both funds will be listed on the Cboe Exchange. Currently, 90 to 100 crypto ETF applications are pending review, and analysts expect all of them to be approved.  

## Cathie Wood Bets $300M on Solana’s Treasury Model  

As reported by Wall Street Insights, renowned investor Cathie Wood (affectionately known as "Mujie" in Chinese financial circles) has joined forces with the UAE to inject $300 million into Nasdaq-listed Brera Holdings. The company will transform into a treasury firm dedicated to hoarding Solana (SOL) tokens and rename itself Solmate. Following the announcement, the company’s stock price surged by as much as 592% intraday, and closed with a still-impressive gain of 225%.  

To fuel its transformation, Solmate has assembled a high-profile executive team. Marco Santori, a legal pioneer in the crypto industry, will serve as CEO, and economist Arthur Laffer—famous for the "Laffer Curve" theory—will join the board of directors. Reports indicate that after Laffer confirmed his participation, Cathie Wood quickly decided to invest in Solmate.  

Despite the increasingly crowded track, Solmate is seeking a competitive edge through in-depth collaboration with the Solana Foundation. The Solana Foundation will sell some tokens to Solmate at a discounted price and secure two seats on Solmate’s board. In return, Solmate will partner with the Foundation on projects in the UAE and share related revenues.  

This business model essentially follows the successful precedent of MicroStrategy’s transformation into a "Bitcoin treasury company." By issuing stocks or bonds to accumulate cryptocurrencies, these firms aim to drive their stock prices to rise faster than the value of the crypto assets they hold. Statistics show that over 100 companies have already adopted this strategy.  

## Bullish Turns Profitable, Secures U.S. Operating License  

As previously noted in Wall Street Insights’ articles, Bullish— a crypto exchange that just listed on the New York Stock Exchange (NYSE)—has released its first earnings report as a public company, posting a net profit of $108.3 million. This marks a sharp contrast to the $116.4 million net loss it reported in the same period last year. Meanwhile, Bullish has obtained the New York State BitLicense, removing the final barrier to entering the U.S. market.  

CEO Tom Farley stated that the New York BitLicense is the "last key item" for the company to launch its U.S. operations. Bullish expects adjusted earnings for the third quarter to range from $12 million to $17 million, with adjusted revenue between $69 million and $76 million.  

Bullish’s ambitions extend beyond exchange operations. Farley has clearly defined the strategic positioning of its CoinDesk brand—to become the "MSCI of the cryptocurrency sector." A trust product co-developed with Grayscale and based on the CoinDesk 5 Index has already received SEC approval to convert into an ETF. As of June 30, the assets under management (AUM) linked to CoinDesk indices had reached $41 billion.  

## Disclaimer  

The market is risky, and investment requires caution. This article does not constitute investment advice. Users should consider whether any opinion, view, or conclusion in this article is consistent with their specific circumstances. Investors shall bear their own risks for any investments made based on this article.