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Ethereum Foundation gets new leadership as co-Executive Director Tomasz Stańczak steps down

Stańczak first joined the Ethereum Foundation in 2025, when community members had a litany of grievances against the nonprofit organization tasked with steering the blockchain network.

Sage D. Young

The leadership team at the Ethereum Foundation is changing. 

Tomasz Stańczak, the co-executive director of the nonprofit organization, has announced he’s stepping down from the role and plans to act more as a “hands-on product builder.”

Stańczak’s decision comes less than one year after he joined the foundation as co-executive director during a time when ethereum community members were airing their grievances about the foundation, ranging from fears the network was losing its competitive edge against its peers to the organization’s general absence on social media and conflict of interests between the foundation and developers. 

Stańczak pointed out that during his time as co-executive director, a number of goals for the foundation were completed or are consistently improving, such as speaking to younger generations, supporting founders, communicating more openly on social media, setting up treasury policies, and creating internal transparency around budgets. 

“For Ethereum’s success, the most important meta change that occurred during Tomasz’s tenure is that the modern EF now actually pays attention to the real world,” Ryan Berckmans, an ethereum investor and community member, said on X. 

Ethereum cofounder Vitalik Buterin wrote that Stańczak increased the efficiency in the foundation and made the organization more responsive to the outside world. “He brought fresh new energy to the organization, and as a result of his encouragement and support, the Ethereum Foundation is regularly doing things well outside its previous comfort zone.”

Stańczak said, “While my ability to execute independently at the EF diminishes over time, my time at the organization in 2026 would feel more and more like just staying around to pass the baton.”

As a result of Stańczak’s departure, the foundation’s board appointed Bastian Aue as interim co-executive director, effective immediately. Aue, who sports a Milady NFT as his X profile, has been a core part of the executive team prior to his appointment, focusing on grants, enterprise, and operations, the foundation’s board stated. 

Reactions to Aue’s appointment as interim co-executive director were effusive: 

  • Aya Miyaguchi, president of the Ethereum Foundation, wrote on X, “There is no one more ready to take on this role than Bastian. With his extensive organizational knowledge, and a deep understanding of Ethereum’s roots as well as our principles, I am confident that he will provide steady leadership in navigating this transition, and ensure our mission remains focused while we grow with the garden.”

  • Etherealize cofounder and president Danny Ryan said, “Bastian is the single most thoughtful and wise person I have ever worked with. While at the EF, Bastian was my number one source of counsel on every tough decision I made during that era, and I still regularly seek his perspective.” 

  • Vitalik Buterin stated, “Welcome Bastian! Ethereum is for node runners, UX and product builders, community organizers, forum crews, lurkers, and free software advocates, cyberanarchists, Landian accelerationists, financepunks, femboys, and all others who do not fit into a 280 character limit. Milady.”

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Altcoins have given back the majority of their gains since the Iran war began

While crypto altcoins outperformed for a long stretch after the outbreak of the US war with Iran, the asset class has retraced this past week.

XRP, solana, and ethereum have each dropped more than 6% in the past seven days as the total market capitalization for all of crypto (including bitcoin) has shed roughly $44 billion in the period, per CoinGecko.

Ethereum ETFs have also registered daily consecutive outflows for the past seven days, totaling more than $392.1 million. The last time these investment vehicles had such a streak was in December when ethereum decreased from $3,221 to $2,995, data from SoSoValue shows. 

The Iran war was at first a positioning shock that saw crypto thrive, in part because the asset class was “lightly owned,” according to Fredrick Collins, CEO of crypto analytics platform Velo.xyz

“Now as more concrete and persistent concerns about economic impacts have materialized, it’s not surprising to see crypto struggling as well,” Collins told Sherwood News. “In the face of cyclical (rather than transient) worries for risk assets in general, it’s not realistic to expect crypto to remain unscathed. And so we’ve unfortunately just not seen that initial relative strength in crypto continue to play out.”

Meanwhile, traders are expecting the price of ethereum to decline further this year. Prediction market-implied odds of the cryptocurrency sliding below $1,750 are at 81%, while the probability of the token tumbling under $1,500 stands at 68%, an increase from 52% on Monday. 

(Event contracts are offered through Robinhood Derivatives, LLC — probabilities referenced or sourced from KalshiEx LLC or ForecastEx LLC.)

A drop to $1,457 would liquidate about 162,870 ethereum tokens’ worth of leveraged long positions, worth $323.3 million on Hyperliquid, per CoinGlass.

Slater Santer, a research analyst at trading firm GSR said, "Short term, the market likely remains flow-driven and headline-sensitive. Without a stabilization in ETF flows, a cooling in oil, or a renewed bid in equities, it's hard to argue for a sustained bounce in alts."

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Slater Santer, a research analyst at trading firm GSR said, "Short term, the market likely remains flow-driven and headline-sensitive. Without a stabilization in ETF flows, a cooling in oil, or a renewed bid in equities, it's hard to argue for a sustained bounce in alts."

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For the first time, Fannie Mae will allow mortgages to be backed by crypto

Fannie Mae, the government-backed mortgage finance giant, will start accepting mortgages backed by cryptocurrencies — namely bitcoin and Circle’s stablecoin, USDC. 

Mortgage firm Better Home & Finance and US-based crypto exchange Coinbase Global are rolling out a new product that enables prospective homebuyers to pledge their digital assets as down payment collateral when obtaining a mortgage backed by Fannie Mae, The Wall Street Journal reported

This means homebuyers can secure a standard conforming mortgage without liquidating tokenized assets, which potentially triggers a taxable event.

“If BTC drops in value, the mortgage terms remain unchanged, and no additional collateral is required. Market movements alone never trigger liquidation,” per a joint press release from Better and Coinbase.

“Token-backed mortgages originated by Better are designed in accordance with Fannie Mae guidelines and remain as standard conforming mortgage loans, identical to other conforming mortgages,” the announcement continued.

Max Branzburg, head of consumer and business products at Coinbase, said, “Token-backed mortgages are a major first step to unlocking homeownership for the younger generations that have struggled with barriers to saving for a traditional downpayment.”

The announcement comes more than nine months after William Pulte, the director of the Federal Housing Agency, ordered Fannie Mae and Freddie Mac to prepare a proposal that considers cryptocurrency as a reserve asset in single-family mortgage loan risk assessment. 

This means homebuyers can secure a standard conforming mortgage without liquidating tokenized assets, which potentially triggers a taxable event.

“If BTC drops in value, the mortgage terms remain unchanged, and no additional collateral is required. Market movements alone never trigger liquidation,” per a joint press release from Better and Coinbase.

“Token-backed mortgages originated by Better are designed in accordance with Fannie Mae guidelines and remain as standard conforming mortgage loans, identical to other conforming mortgages,” the announcement continued.

Max Branzburg, head of consumer and business products at Coinbase, said, “Token-backed mortgages are a major first step to unlocking homeownership for the younger generations that have struggled with barriers to saving for a traditional downpayment.”

The announcement comes more than nine months after William Pulte, the director of the Federal Housing Agency, ordered Fannie Mae and Freddie Mac to prepare a proposal that considers cryptocurrency as a reserve asset in single-family mortgage loan risk assessment. 

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GameStop transfers all but 1 bitcoin to Coinbase as collateral

It’s been one year since GameStop added bitcoin as a treasury reserve asset, but the company has since halted its accumulation strategy, joining a fray of companies pivoting away from HODLing the cryptocurrency.

The gaming and collectibles retailer was at one point the 21st-largest bitcoin treasury company, but has since dropped to 190th after pledging all but one of its 4,710 bitcoin as collateral for its covered-call strategy with Coinbase Credit, data from Bitcoin Treasuries shows. Earlier this year, GameStop moved 51% of its bitcoin to Coinbase Prime, triggering speculation that it would offload the asset.

Coinbase Credit has the “right to rehypothecate, commingle, or unilaterally sell the Pledged Bitcoin,” per GameStop’s 10K filing with the SEC on Tuesday. “As a result of these rights, we concluded that control of the Pledged Bitcoin transferred to the counterparty. Accordingly, we derecognized the Pledged Bitcoin as an intangible asset.” That said, GameStop also “recognized digital assets receivable of $368.3 million... representing our contractual right to receive equivalent amount of Bitcoin in the future.”

GameStop sold covered‑call option contracts, which have strike prices ranging from $105,000 to $110,000 and maturities extending through March 2026, to mitigate its exposure to bitcoin’s price volatility and generate incremental yield. 

The move comes as a number of other bitcoin firms have reached a tipping point and sold part of their stockpile. 

  • Empery Digital, the 23rd-largest bitcoin treasury firm, announced in a March press release that it sold $4.2 million worth of BTC to fund share repurchases. DL News also reported that a shareholder who owns 9.8% of Empery Digital demanded the company sell its entire bitcoin stockpile and the immediate resignation of its CEO and entire board of directors. 

  • GD Culture Group approved the sale of an unspecified amount of its 7,500-bitcoin reserve to fund its share repurchase program, according to a press release last month. 

  • Elsewhere, Cango sold 4,451 BTC to reduce its overall finance leverage and strengthen its balance sheet, while Riot Platforms sold around $200 million worth of bitcoin in November and December.

Despite GameStop’s pledge to Coinbase Credit, the company has technically left the door open to resume its bitcoin strategy: the gaming firm said it intends to use net proceeds from its convertible 2030 notes for general corporate purposes, including the acquisition of bitcoin. 

Shares of GameStop are up 2.7% today after posting lackluster Q4 results yesterday.

The move comes as a number of other bitcoin firms have reached a tipping point and sold part of their stockpile. 

  • Empery Digital, the 23rd-largest bitcoin treasury firm, announced in a March press release that it sold $4.2 million worth of BTC to fund share repurchases. DL News also reported that a shareholder who owns 9.8% of Empery Digital demanded the company sell its entire bitcoin stockpile and the immediate resignation of its CEO and entire board of directors. 

  • GD Culture Group approved the sale of an unspecified amount of its 7,500-bitcoin reserve to fund its share repurchase program, according to a press release last month. 

  • Elsewhere, Cango sold 4,451 BTC to reduce its overall finance leverage and strengthen its balance sheet, while Riot Platforms sold around $200 million worth of bitcoin in November and December.

Despite GameStop’s pledge to Coinbase Credit, the company has technically left the door open to resume its bitcoin strategy: the gaming firm said it intends to use net proceeds from its convertible 2030 notes for general corporate purposes, including the acquisition of bitcoin. 

Shares of GameStop are up 2.7% today after posting lackluster Q4 results yesterday.

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Sherwood Media, LLC produces fresh and unique perspectives on topical financial news and is a fully owned subsidiary of Robinhood Markets, Inc., and any views expressed here do not necessarily reflect the views of any other Robinhood affiliate, including Robinhood Markets, Inc., Robinhood Financial LLC, Robinhood Securities, LLC, Robinhood Crypto, LLC, Robinhood Derivatives, LLC, or Robinhood Money, LLC. Futures and event contracts are offered through Robinhood Derivatives, LLC.