Public Keys: Alt Autumn Arrives, Kindly Investors Leave Bitcoin Stock, and Here Comes the SOL

**Public Keys: Weekly Roundup of Publicly Traded Crypto Companies**

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**Alt Autumn Loading**

The U.S. Securities and Exchange Commission (SEC) recently issued a press release that did not specifically mention altcoins, but crypto ETF hopefuls haven’t wasted any time rushing their funds to the starting line. The regulator has streamlined generic listing standards for commodity-based trust shares, making it easier for applicants who meet the listing standards of the Nasdaq, Cboe BZX, and NYSE Arca exchanges to opt out of applying for a rule change for individual funds. This move differs from the process followed by previous crypto ETF issuers.

However, the rule change did not receive unanimous support. Commissioner Caroline Crenshaw voiced concerns in a Wednesday statement, saying the new rule essentially passes the responsibility of reviewing these proposals and making necessary investor protection findings, favoring a fast track to market for new and arguably unproven products.

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**Rex-Osprey’s Bold Moves**

Rex-Osprey was the first to act, launching its Rex-Osprey XRP ETF and Rex-Osprey DOGE ETF. The company is also working on a leveraged option, the Rex-Osprey DOJE Growth & Income ETF, designed for traders willing to take on big risks for potentially big rewards. While the filing is still early and doesn’t mention fees, the objective is to pay weekly distributions by selling call options and target 1.05 to 1.5 times the daily move of its recently launched DOJE Dogecoin ETF, resetting exposure every day. This product is aimed at short-term traders rather than buy-and-hold investors.

Dogecoin surged to as high as $0.28 earlier in the week on the bullish news, but the gains were short-lived. At the time of writing, DOGE was down over 5% to $0.26.

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**KindlyMD’s Stock Struggles**

KindlyMD CEO David Bailey conducted a pre-flight check on Monday, pointing out the exits to investors uncomfortable with near-term volatility. The company’s shares plummeted 54% to $1.26 that day, and after Friday’s closing bell, the price showed little improvement. Trading on the NasdaqGM under the ticker symbol NAKA, the company’s shares finished the day at $1.40, down 6% for the day and a staggering 87% over the past month.

KindlyMD became a Bitcoin treasury company earlier this year after merging with Nakamoto Holdings, Bailey’s BTC holding company. The newly formed firm kickstarted its Bitcoin treasury vision with a $200 million PIPE deal. However, discounted shares sold during that round were locked until the company filed its S-3 registration with the SEC. Once deemed effective, those $200 million worth of discounted shares created significant sell pressure.

Bailey remains optimistic, stating on X, “One of the unintended consequences of the stock being down is [that] everyone can buy in relatively cheap and ride with us. The past week we’ve put up serious volume, and with one or two more days like yesterday, we’ll have churned and reset the cap table. Then we’ll have our convicted and aligned shareholder base.”

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**Grayscale’s New Listing**

Grayscale also got moving, listing its Digital Large Cap Fund (GDLC) after months of back-and-forth with the SEC. The fund tracks a basket of assets including XRP, Solana, Cardano, Bitcoin, and Ethereum.

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**Bullish Solana Developments**

Solana (SOL) saw major bullish developments with the launch of its first $1 billion treasury company. On the same day Forward Industries crossed the $1 billion mark, Helius announced plans to raise $500 million to build its own Solana treasury.

Two days later, Forward Industries debuted an at-the-market offering to raise another $4 billion to buy more SOL. If successful, this could more than double the $3.1 billion worth of SOL already held by publicly traded companies.

Additionally, former Kraken chief legal officer Marco Santori was named CEO of the newly renamed Solana treasury, Solmate. The company made its debut as a digital asset treasury by announcing a $300 million raise, which sent its stock soaring 500%.

Despite these positives, Solana’s price has not been immune to the broader crypto market slump. At the time of writing, SOL was down 4% from Thursday’s price, trading around $238.

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**Other Key Highlights**

**BitLicense Boost for Bullish:** Newly IPO’d Bullish saw its shares jump following news that it received a BitLicense from the New York State Department of Financial Services. This license allows Bullish to operate in New York as a digital asset trading and custody business, supporting its ambitions to expand its broader U.S. presence.

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Stay tuned for more updates on publicly traded crypto companies in the coming weeks!
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