Nasdaq has filed a proposal with the U.S. Securities and Exchange Commission (SEC) to allow for in-kind creation and redemption for the BlackRock iShares Bitcoin Trust (IBIT).

Artificial intelligence (AI) tokens have plunged over the last few hours amid a wider market drawdown that came over the launch of DeepSeek, a popular Chinese startup whose latest AI model manages to compete with ChatGPT, while running on less-advanced chips for a fraction of the cost.

Leading Solana-based decentralized exchange aggregator Jupiter has wrapped up its inaugural conference ‘Castanbul 2025’ with a series of announcements affecting the platform’s native governance token JUP.

Top stories in the Crypto Roundup today:

• Nasdaq Proposes Rule Change to Allow In-Kind Redemptions of BlackRock’s Spot Bitcoin ETF
• AI Token Prices Plummet Over DeepSeek’s Cost-Efficient Model
• Solana-Based DEX Jupiter to Use 50% of Fees on JUP Buybacks

Nasdaq Proposes Rule Change to Allow In-Kind Redemptions of BlackRock’s Spot Bitcoin ETF

Nasdaq has filed a proposal with the U.S. Securities and Exchange Commission (SEC) to allow for in-kind creation and redemption for the BlackRock iShares Bitcoin Trust (IBIT).

The proposed rule change would allow authorized participants (APs), large financial institutions that facilitate trading of the fund, to directly buy and redeem IBIT shares for bitcoin. In-kind redemption is not available for retail investors.

Such a change would eliminate the intermediary step of converting BTC to cash and vice-versa, allowing APs to closely track market demand and react swiftly to fluctuations by buying and selling shares of the fund without the need for cash transfers.

Bitcoin ETFs were approved last year with cash redemption, not in-kind redemption.

AI Token Prices Plummet Over DeepSeek’s Cost-Efficient Model

Artificial intelligence (AI) tokens have plunged over the last few hours amid a wider market drawdown that came over the launch of DeepSeek, a popular Chinese startup whose latest AI model manages to compete with ChatGPT, while running on less-advanced chips for a fraction of the cost.

The model, according to data from DeepSeek posted on Hugging Face, outperforms OpenAI despite using a fraction of the Graphics Processing Units (GPUs) that OpenAI’s model uses.

As a result, AI tokens with exposure to GPUs, including Aether and Nodes.AI, have seen their values plunge over the last 24-hours. The market drawdown affected leading cryptocurrencies as well, with BTC dropping over 5% to $99,000.

Despite the influx of capital into crypto AI projects, they have yet to produce anything as groundbreaking as DeepSeek. A similar situation can be seen in the crypto gaming sector, with projects like Sandbox and GALA seeing major capital inflows, yet struggling to reach the same success as their traditional counterparts.

Solana-Based DEX Jupiter to Use 50% of Fees on JUP Buybacks

Leading Solana-based decentralized exchange aggregator Jupiter has wrapped up its inaugural conference ‘Castanbul 2025’ with a series of announcements affecting the platform’s native governance token JUP.

The protocol’s pseudonymous founder, known as ‘Meow’ has declared his plans to establish JUP as the “most GOATed [greatest of all time] token,” citing the protocol’s dedicated development team and passionate community as drivers of its success.

Meow reminded the event’s crowd of a planned 3 billion JUP token burn in a move meant to “reduce emissions, increase certainty, and reduce FDV.” He also announced that 50% of Jupiter’s protocol fee revenue would henceforth be used to buy back JUP tokens and deposit them into a long-term reserve.

The remaining 50% of fees will be allocated towards “growth, future strategy, and full operational stability.” The price of JUP surged on the announcement.

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