Grayscale Secures Spot ETF Approval for Digital Large Cap Fund Circle Aims to Become U.S. National Trust Bank Figma Invests $69.5 Million in Bitcoin ETFs Crypto Hacks Surpass $2.47 Billion in First Half of 2025

Grayscale has secured approval from U.S. regulators to convert its Digital Large Cap Fund into a spot exchange-traded fund (ETF). The new ETF, tied to the CoinDesk 5 Index, will hold bitcoin, ether, XRP, solana, and cardano, giving investors a way to trade exposure to several major cryptocurrencies under one ticker. Around 80% of the fund’s weight remains allocated to bitcoin, with the rest split among the other four tokens. The fund currently manages about $755 million in assets and charges a 2.5% annual fee.

Circle Internet Group, the company behind the $60 billion USDC stablecoin, is aiming to become a U.S. national trust bank. This move is significant as it would allow Circle to offer a broader range of financial services and potentially increase the adoption of its stablecoin.

Design software company Figma has unveiled a significant bet on bitcoin as it gears up for a public listing. In a filing with the U.S. Securities and Exchange Commission, the firm revealed it owns $69.5 million worth of bitcoin exchange-traded funds (ETFs) and has set aside $30 million in stablecoins for additional bitcoin purchases. Figma invested $55 million into the Bitwise Bitcoin ETF (BITB) on March 3, 2024. As of March 31, the stake had grown to $69.5 million, netting the company an unrealized gain of about 26%. The company also revealed it holds $30 million in USDC intended for future bitcoin purchases. “The Company intends to re-invest its stablecoin holdings into Bitcoin at a later date,” Figma’s filing stated. The board approved the bitcoin allocation in May.

Hackers stole more than $2.47 billion in cryptocurrency during the first half of 2025, surpassing last year’s total losses. Two large breaches, a hack at crypto exchange Bybit and an exploit targeting Cetus Protocol, accounted for a combined $1.78 billion of the total losses. Wallet compromises were the leading cause of losses, draining $1.7 billion from investors. Phishing attacks, where scammers trick victims into revealing private keys or login credentials, accounted for $410 million stolen across 132 separate incidents. Despite the massive headline numbers, the pace of losses slowed as the year progressed. Hacks and scams dropped 52% in value in the second quarter compared to the first, with $801 million lost between April and June. Most incidents occurred on Ethereum, where $1.5 billion were stolen over 164 cases. Bitcoin followed, with $373 million being stolen in 10 incidents.

In summary, the crypto market saw significant developments with Grayscale's approval for a spot ETF, Circle's ambition to become a national trust bank, and Figma's substantial investment in bitcoin. Additionally, the first half of 2025 witnessed a surge in crypto hacks and scams, highlighting the ongoing security challenges in the industry. These events underscore the dynamic nature of the crypto landscape, with both opportunities and risks for investors and companies alike.