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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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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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Circle plunges on report of proposal prohibiting platforms from offering yield payments

Circle, the firm behind the second-largest stablecoin, USDC, sank over 18.5% after journalist Eleanor Terrett posted on X that lawmakers are considering a proposal that would prohibit platforms such as exchanges and brokers from offering yield payments for holding stablecoins. Shares of US-based crypto exchange Coinbase, which has benefited from its ties to Circle and holds a minority interest in the stablecoin issuer, also fell on the report.

Stablecoin competitor Tether also announced signing a “Big Four” accounting firm to complete a full independent financial statement audit today, aimed at providing assurance that USDT is fully backed and highly liquid, the company’s press release said. The firm has never before allowed an independent audit, which has long plagued the company as investors questioned whether USDT is actually backed by its reserves.

The amount of Circle’s USDC in circulation sits at $81 billion, less than half the figure of the industry leader, Tether, whose USDT stablecoin sits at $184.2 billion, data from blockchain analytics firm Artemis shows

Stablecoin competitor Tether also announced signing a “Big Four” accounting firm to complete a full independent financial statement audit today, aimed at providing assurance that USDT is fully backed and highly liquid, the company’s press release said. The firm has never before allowed an independent audit, which has long plagued the company as investors questioned whether USDT is actually backed by its reserves.

The amount of Circle’s USDC in circulation sits at $81 billion, less than half the figure of the industry leader, Tether, whose USDT stablecoin sits at $184.2 billion, data from blockchain analytics firm Artemis shows

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NYSE teams up with Securitize to create 24/7 tokenized securities market

Securitize, known for bringing real-world assets onto blockchain rails, has signed a memorandum of understanding with the New York Stock Exchange to develop 24/7 tokenized securities markets. 

The tokenization company will become NYSE’s first digital transfer agent, enabling it to mint digital tokens native on a blockchain that represent shares for stocks and ETFs, The Wall Street Journal reports

“This is about building tokenization in a way that works within real market structure, with the protections, controls, and operational integrity required for public securities,” Securitize cofounder and CEO Carlos Domingo said in a statement. 

The news comes after Securitize, backed by BlackRock and Ark Invest, announced plans last year to go public through a SPAC deal with Cantor Equity Partners at a $1.25 billion valuation. 

The partnership between Securitize and the NYSE makes the tokenization ecosystem increasingly crowded — crypto exchange Kraken is working with Nasdaq to offer tokenized stocks and other exchange-traded products, while S&P Dow Jones announced last week licensing the S&P 500 for a derivative contract on perpetual blockchain network Hyperliquid

Tokenization refers to the process of representing financial assets, such as stocks and private credit, through digital tokens that live on blockchain networks. The global market for tokenization stands at $26.5 billion, multiples higher from one year ago, when the figure sat at $7.8 billion, per data from analytics platform rwa.xyz.

“This is about building tokenization in a way that works within real market structure, with the protections, controls, and operational integrity required for public securities,” Securitize cofounder and CEO Carlos Domingo said in a statement. 

The news comes after Securitize, backed by BlackRock and Ark Invest, announced plans last year to go public through a SPAC deal with Cantor Equity Partners at a $1.25 billion valuation. 

The partnership between Securitize and the NYSE makes the tokenization ecosystem increasingly crowded — crypto exchange Kraken is working with Nasdaq to offer tokenized stocks and other exchange-traded products, while S&P Dow Jones announced last week licensing the S&P 500 for a derivative contract on perpetual blockchain network Hyperliquid

Tokenization refers to the process of representing financial assets, such as stocks and private credit, through digital tokens that live on blockchain networks. The global market for tokenization stands at $26.5 billion, multiples higher from one year ago, when the figure sat at $7.8 billion, per data from analytics platform rwa.xyz.

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