Solana's China event cancelled unexpectedly; Strive upsized bitcoin IPO to $630M; Deutsche Bank launching crypto custody; Circle reports $1.4B H1 2026 revenue; Cobo Wallet shutting down December 1.
DeFi & Yields ·
Solana's Shanghai event faced an abrupt cancellation on October 16, with organizers citing local compliance constraints rather than a single failure. Registrations surged overnight to levels exceeding the venue's approved capacity, prompting the Solana Foundation to postpone rather than proceed. Some attendees waited extended periods without gaining entry before receiving an apology email at midday. Foundation President Lily Liu framed the postponement as necessary to meet local authority requirements and serve the community better, while noting that Solana's prominent Shanghai building display had been intended as a gesture toward Chinese users.
In parallel financial developments, Strive expanded its SATS preferred stock offering to 7 million shares, generating approximately $630 million earmarked for bitcoin and bitcoin-focused investments. Meanwhile, Circle reported $1.4 billion in H1 2026 revenue, with 59 percent allocated to USDC distribution partners and transaction expenses. Deutsche Bank announced plans to launch cryptocurrency custody services as part of a broader expansion strategy.
The custody and stablecoin landscape continues shifting as Cobo Wallet announced a shutdown effective December 1, adding to ongoing service consolidations in the sector. The sequence of infrastructure changes—from event logistics to capital raises to platform closures—reflects broader regulatory and operational pressures across major crypto ecosystems and financial institutions.