After lying dormant for 9 years, three early Ethereum wallets deposited 2,903 ETH to Coinbase, yielding a 250x return on investment.

Franklin Templeton held discussions with staff from the U.S. Securities and Exchange Commission (SEC)’s Cryptocurrency Task Force yesterday on regulatory issues for tokenized fund transactions, exploring whether regulatory exemptions can be secured to allow tokenized money market funds and ETFs to trade on blockchain trading platforms and liquidity pools. Discussion topics include: whether investors can exchange tokenized money market fund shares for tokenized stocks or ETFs via trading pairs; whether liquidity providers may charge service fees; and whether relevant liquidity pools need exemptions from provisions of the Investment Company Act, Securities Act, and Securities Exchange Act. Existing rules set clear requirements for the trading price, pricing timing, and trading venues of fund shares, which may limit such on-chain transaction models. The SEC rolled out its Innovation Exemption Mechanism on September 17, permitting eligible blockchain platforms to conduct limited tokenized stock transactions provided they meet conditions including trading volume limits, shareholder rights protection, and smart contract audits. Franklin Templeton’s latest exploration extends regulatory discussions to tokenized fund shares and on-chain liquidity pools, though the relevant exemptions have not yet been approved.

After expanding its stock repurchase authorization to $235 billion, NVIDIA has begun emphasizing returning cash to shareholders using free cash flow (FCF) net of "strategic uses"—meaning external equity investments will also eat into cash available for buybacks and dividends. However, NVIDIA has not formally revised its traditional FCF calculation formula. Data shows that in the first half of its fiscal year ending July 26, NVIDIA posted a net cash outflow of $35.2 billion from equity investments, plus an additional $4.5 billion in cash withholding taxes related to employee stock vesting, and roughly $9 billion in buybacks used to offset share dilution from equity incentives. If these expenses are factored in, its FCF would drop from the official figure of $69.9 billion to around $21.7 billion, a reduction of roughly 69%. Over the same period, NVIDIA added $24.9 billion in long-term debt, which partially funded additional stock repurchases. While Wall Street projects its fiscal 2028 FCF will exceed $330 billion, if strategic investments continue to expand, the actual cash available for shareholder returns could be significantly lower than what the traditional metric suggests. NVIDIA’s investments in AI firms like OpenAI and Anthropic also create a circular flow of funds with its chip sales, sparking market concerns about the sustainability of the AI investment boom.

According to market sources, Pump.fun is developing perpetual contract trading powered by Hyperliquid.

Beating AI Express News, according to a Bloomberg report, OpenAI and Anthropic have significant differences in their revenue accounting standards, making the annualized revenue figures released by the two AI giants difficult to compare directly, and intensifying investors’ concerns about the growth prospects of the AI industry. The report notes that Anthropic includes total sales generated through cloud service partners such as Amazon in its revenue, while OpenAI only recognizes the net revenue share it receives from partners like Microsoft. Since neither company has published standardized financial statements, investors currently struggle to accurately assess their actual business scales. Annualized revenue (ARR) also has limitations. Sources familiar with the matter revealed that OpenAI expects its full-year 2026 actual revenue to be around $35 billion, roughly half of its annualized revenue target of $700 billion by the end of the year. Meanwhile, documents reviewed by Bloomberg show that Anthropic’s actual 2025 revenue was approximately $4.6 billion, while its then-reported annualized revenue exceeded $9 billion. Analysts point out that annualized revenue is typically extrapolated from short-term performance or contract values, and cannot be equated to actual full-year recognized revenue. Against the backdrop of high valuations for AI giants and tech stocks trading at elevated levels, uncertainties surrounding revenue growth rates and accounting standards may further impact the market’s judgment of AI investment returns.

3 wallets (possibly belonging to the same whale) deposited 2,903 $ETH ($7.22M) into #Coinbase after over 9 years of inactivity. When these wallets received the $ETH 9 years ago, the price was only $9.9. They are now sitting on a $7.19M profit, with a 250x return.

Per monitoring by Ai Yi, F2Pool co-founder Wang Chun has recently shown greater optimism toward ETH’s trend. Yesterday, he swapped 235.51 WBTC for 7,848.53 ETH, a transaction worth roughly $19 million, executed at an ETH/BTC exchange rate of approximately 0.03. Over the past seven hours, he withdrew 5,173.41 ETH from Binance, valued at around $12.86 million, with an average withdrawal price of $2,485.89. Data shows that since October, the ETH/BTC exchange rate has continued to decline, falling from 0.03212 to 0.03013.