In the Arena | October 1, 2025

“3 observations and a chart” on the latest in the digital assets sector

Galaxy Digital launches first SEC registered equity on a blockchain – next-gen markets are here

Galaxy Digital Inc. (GLXY) has become the first U.S. public company to issue SEC-registered equity directly on a public blockchain. Partnering with Superstate, the firm tokenized its Class A shares on Solana, enabling investors to hold actual GLXY stock onchain rather than through synthetic wrappers or derivatives. The tokenized shares preserve all shareholder rights while gaining the advantages of blockchain infrastructure—24/7 trading, near-instant settlement, and real-time registry updates. They are also expected to integrate into decentralized finance platforms, which enhances liquidity for both issuers and investors. We highlight this next step in the entire stock market going onchain.

Google pushes deeper into blockchain with stablecoin-enabled payments protocol – the world’s largest technology companies are using blockchain 

Google has introduced an open-source payments protocol that allows AI agents to transact using both traditional card networks and U.S. dollar–backed stablecoins. Developed with Coinbase and more than 60 partners—including Salesforce, American Express, and Etsy—the protocol incorporates user consent, compliance guardrails, and settlement across both conventional and blockchain rails. The launch builds on Google Cloud’s Universal Ledger pilot and highlights how one of the world’s largest technology companies is actively integrating blockchain into mainstream financial infrastructure. We highlight how Google and other large software companies are now competing to define the financial layer of the AI economy using blockchain solutions in their product offerings…the incumbents are here.

SEC fast tracks crypto ETFs with new listing standards – investor access to rapidly broaden

The SEC has approved generic listing standards for crypto ETFs, reducing the approval window to just 75 days from the previous 240. The new framework allows Nasdaq, NYSE Arca, and Cboe BZX to list and trade crypto funds that meet the criteria—such as tracking an asset with a listed futures contract trading for at least six months—without submitting separate 19b-4 filings. SEC Chair Paul Atkins emphasized that the change “maximizes investor choice and fosters innovation” by streamlining access to digital asset products in regulated markets. We view this as a significant step toward broadening investor access to digital assets through trusted ETF structures.

Chart of the Month – 4 Year Resistance Line Broken…Bullish signal for digital assets…

Arena Digital Capital Partners is a liquid evergreen fund open to monthly subscriptions. We are always happy to discuss further with you or investors you think may have an interest in the sector. Please reach out to Bill Cline at williamc@arenadigital.capital.

Sincerely,

The Arena Digital Capital Management Team

Michael Schwartz, Michael Prober & William Cline

www.arenadigital.capital

Arena Digital Capital Management was founded in January 2022 by three experienced traditional finance hedge fund professionals who have been deploying personal capital in the digital asset ecosystem since 2018. The team has managed billions of dollars of capital for high net worth individuals, family offices, and institutions ranging from pension plans and endowments to sovereign wealth funds. We have worked closely with institutional consultants, RIAs, and other advisors in serving their clients.

In May 2022 we launched Arena Digital Capital Partners, with the goal of providing a multi-strategy investment vehicle to access the digital asset ecosystem. Our mandate is to offer broad exposure across the growing digital asset and blockchain sector with an appropriate level of diversification, professional oversight, and manager selection. Our collection of skill sets and our history in the business allows us to understand, assess, and engage with the practitioners of this nascent asset class with a level of diligence required to be responsible stewards of capital. We are happy to periodically share our observations with you.

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