Digest of market developments: xStocks launches on HyperCore, three Solana trading platforms wind down, Coinbase opens tokenization hub in Abu Dhabi, Keel exits US Bitcoin mining, and Strategy liquidates 1,690 BTC.
DeFi & Yields ·
Three Solana-based trading platforms announced closures in mid-August: Trepa, a prediction market; Flash Trade, a perpetuals protocol; and Fireplace, which is winding down operations with a September 30 deadline for users to withdraw funds and close positions. Elsewhere, xStocks went live on HyperCore, enabling stock trading on the platform, while Coinbase established a tokenization hub in Abu Dhabi following financial services approval from local regulators.
In mining and corporate action, Keel, the rebranded Bitfarms, shuttered all US Bitcoin mining operations as part of a broader pivot toward artificial intelligence. Separately, Strategy liquidated 1,690 BTC, generating $108.6 million at an average price of $64,262 per unit according to SEC filings.
The cluster reflects concurrent pressures across crypto infrastructure: consolidation in Solana trading venues, geographic expansion of institutional players into the Middle East, and portfolio reallocations among large holders. It remains unclear whether the three Solana platform shutdowns signal broader market stress or reflect individual business decisions.