27th September 2025 > > Spot SOL ETFs & the Britcard.

tl;dr

Spot SOL ETFs will be arriving soon, with staking included. There is only one redeeming feature of the incoming Britcard.

Market Snap

Market Wrap

This recent price action suggests that there is a slim (probably very slim) chance that investors will be able to buy BTC for less than six figures in the coming weeks, which is a delightfully enticing prospect, and a most welcome one, for I had started to believe it would never happen again.

I do look forward to the day when I can write a similar sentence having replaced the word six with the word seven …

Occasional Series – The Global Progress Action Summit

Yeah, nor me either. But we spent a shedload of taxpayers' money hosting this non-event on Thursday.

Careless talk costs cash.

Curious Cryptos’ Commentary – Spot SOL ETFs

Yesterday, several asset managers filed amendments to the S-1s for spot SOL ETFs that include staking:

As a gentle reminder, these are ETFs created under the Securities Act of 1933 and will hold physical SOL. It is true that Rex-Osprey launched a SOL ETF recently, but that was created under the Investment Company Act of 1940. It uses futures and derivatives to mimic the price action of SOL. The two types of ETFs are very different beasts, only one of which has a direct impact on demand for the underlying asset.

This bodes well not only for SOL, but also especially for ETH as the current crop of spot ETH ETFs pivot to staking, increasing the attractiveness of these products to institutions.

Curious Cryptos’ Commentary – The Britcard

Just a few days ago (https://www.curiouscryptos.com/post/23rd-september-2025-the-us-the-uk-link) the CCC warned you that the UK was about to introduce identity cards, confirmed yesterday by the Prime Minister. How did we know? The CCC research team has contacts in the highest echelons of governments worldwide, and across international finance. You always hear it here first.

My objections to the Britcard are two-fold, one philosophical, and one practical.

Just because other countries have id cards doesn’t mean we have to tread that illiberal and anti-progressive route. I do understand the demand that whilst crossing into someone else’s sovereignty, proving one’s identity is important. I do not subscribe to the dystopian vision that we should do that within the UK as a matter of routine, though I concede that is already increasingly the case.

On a practical level, clearly it is going to be a ****-show. Massively over-budget, massively delayed, and full of security holes leading to a massive ramp-up in fraud, for which we will all pay. Is that really the bright, sunlit uplands we aim for?

Another objection occurs to me, one which counters the main narrative for the Britcard.

It will do nothing to stop unscrupulous employers hiring illegal immigrants to work long and arduous hours at less than the minimum wage whilst also avoiding taxes and all employment rights for those workers. They do it now anyway. A Britcard makes zero difference to those with no moral grounding.

…

Someone high up in government, I forget who, said this on social media:

“Ours is a fairer Britain, built on change, not division”.

What is the author trying to say? Can anyone relate to that statement in any meaningful way at all? It is worthy of the keynote speech at The Global Progress Action Summit, attendees of which are the sort who enthusiastically applaud platitudes of this nature that have precisely zero relationship with real-life.

Except … except … it must be a spelling mistake. It was meant to say:

“Ours is a fairer Britain, built on chain, not division”.

Now I get it. The Britcard will be created using blockchain technology. That is one wise man right there.