September 2025 brought both warnings and progress to the crypto market.
Klever Wallet now supports Stellar Blockchain. Hackers attempted to exploit the NPM supply chain to divert funds in Ethereum and Solana, but failed — an episode analyzed by Ledger’s CTO that reinforced the need for stronger vigilance in open-source projects.
In the market, Bitcoin surpassed $115,000, supported by expectations of US interest rate cuts, while a comparison with the price of the iPhone highlighted BTC’s historic appreciation in just over a decade. Solana reached its highest price in seven months, with analysts forecasting a sharp rally by the end of the year.
On the institutional front, Gemini debuted on Nasdaq with strong demand, Figure Technology achieved a multibillion-dollar valuation in its IPO, and Itaú launched its first crypto-dedicated division.
These developments show how security, valuation, and institutional integration are shaping the crypto market. In this article, you’ll find a detailed breakdown of each event and its impact.
Klever Wallet Integrates Stellar Blockchain
On September 8, 2025, Klever Wallet announced the full integration of the Stellar Blockchain, expanding its multi-chain ecosystem.
This integration combines Klever’s security with Stellar’s low-cost and fast transactions, opening new possibilities for global payments and DeFi.
Why Stellar Blockchain Matters for Users of Klever Wallet
The integration goes beyond adding another blockchain — it provides practical benefits for users:
- Ultra-Low Fees: Stellar transactions cost fractions of a cent, perfect for micropayments and remittances.
- Fast Settlement: Payments confirm in seconds, improving user experience for everyday use.
- Growing Ecosystem: Stellar processed over 94.6 million transactions in Q1 2025 and reached 11.28 million accounts, proving its relevance in payments and DeFi.
- Global Utility: Ideal for cross-border transfers, remittances, and stablecoin payments.
- Swap function: Now, you can swap XLM directly in Klever Wallet.
NPM Attack: Ledger’s CTO Explains Why the Supply Chain Exploit Failed
In September 2025, hackers targeted the NPM (Node Package Manager) supply chain, one of the key tools in the JavaScript ecosystem.
The attackers used phishing to steal developer credentials.
With the stolen access, they published malicious packages that altered cryptocurrency wallet addresses on networks such as Ethereum and Solana.
The goal was to redirect user funds to wallets controlled by the criminals.
This type of threat is known as a supply chain attack, where the target is not the company itself but the widely used software dependencies.
Warning for the Future of Blockchain Security
The NPM supply chain attack highlights how the weakest link can be exploited by hackers.
Even though this attempt failed, the episode reinforced the need for:
- Greater vigilance within the open-source community.
- Continuous review of packages and dependencies.
- Stronger cybersecurity education for developers and crypto users.
What the iPhone Comparison Reveals About Bitcoin’s Appreciation
Source: X
In 2010, when Apple launched the iPhone 4, the device cost about $599. At the time, that amount was equivalent to roughly 2,842 BTC.
Bitcoin was still in its early years of existence.
Few believed in its potential as a store of value.
BTC’s purchasing power was extremely low, used mostly in experiments such as the famous 10,000 BTC pizza transaction.
Fast forward to 2025: the newly released iPhone 17 costs around $799 (about R$4,300).
At today’s market rate, that price equals only 0.0072 BTC.
In just over a decade, Bitcoin went from being a virtually unused currency to an asset capable of buying one of the world’s most desired electronics with just a tiny fraction.
What This Comparison Shows About Bitcoin’s Growth
The difference between 2,842 BTC (2010) and 0.0072 BTC (2025) clearly illustrates:
- The massive historical appreciation of Bitcoin against the dollar and other assets.
- How BTC evolved from a digital curiosity into a recognized store of value — often called “digital gold.”
- That despite its volatility, Bitcoin has become one of the best-performing assets in history.
Lessons on BTC’s Purchasing Power
Those who bought and held Bitcoin early saw unimaginable gains in purchasing power.
The iPhone case is symbolic, but it reflects a shift in perception: today, instead of spending thousands of BTC on consumer goods, just a fraction is enough.
This reinforces the importance of HODLing and a long-term vision.
The iPhone vs. Bitcoin comparison is more than a historical curiosity — it’s a simple way to visualize BTC’s growth as a global asset.
With fewer and fewer units needed to purchase high-value goods, Bitcoin strengthens its role as a store of value and continues to attract new investors.
Gemini Debuts on Nasdaq with $28 IPO and High Market Expectations
Source: Crypto Economy
The cryptocurrency exchange Gemini, founded by the Winklevoss twins, made its debut on Nasdaq this Friday (Sept 12) under the ticker GEMI.
The IPO’s initial price was set at $28 per share, above the estimated range of $17–19.
The strong demand reflects the growing interest of traditional markets in the crypto sector.
Details of Gemini’s IPO on Nasdaq
In addition to the primary offering, underwriters have 30 days to purchase up to 758,929 additional shares.
This extra portion is a secondary sale and does not generate direct revenue for the company.
The offering is expected to close on September 15, 2025, subject to market conditions.
Gemini’s Revenue and Losses
Despite the market’s enthusiasm, the numbers reveal challenges:
- 2024 revenue: $142.2 million, with nearly 70% coming from trading fees.
- 2024 net loss: $158.5 million.
- Net loss in H1 2025: $282.5 million.
In other words, Gemini is growing in users and trading volume but has not yet achieved profitability.
Regulatory and Reputation Challenges
In 2022, Gemini was sued by the CFTC over allegedly misleading statements about Bitcoin futures.
The case was settled in 2025 with a $5 million payment, without admission of guilt.
The exchange has also faced controversies involving public criticism of regulators by its founders.
What Gemini’s IPO Means for the Crypto Market
- Institutional validation: Listing on Nasdaq reinforces Wall Street’s confidence in crypto exchanges.
- Attention to risks: Investors must weigh both growth potential and ongoing losses.
- Sector impact: A successful debut could pave the way for more crypto companies to go public.
Gemini’s Nasdaq debut marks a milestone for the digital asset industry.
Even with financial and regulatory hurdles, the strong demand for its IPO shows that the crypto market is becoming increasingly integrated with traditional finance.
Solana Hits Highest Price in 7 Months as Analysts Predict “Epic Rally” by End of 2025
Source: CoinMarketCap
Solana (SOL) gained 25% over the past month, reaching $224 on September 10 — its highest price since February 2025.
After the surge, the token pulled back slightly to $222.
This performance highlights strong market interest, driven by both institutional investors and corporate treasuries.
Why Solana Could See an “Epic Rally” by Year-End
According to Matt Hougan, Chief Investment Officer at Bitwise, Solana is well positioned for a major rally heading into December.
Key factors include:
- Corporate Treasury Accumulation
- Companies like Upexi and DeFi Development Corp. each purchased over $400 million in SOL.
- Forward Industries, which raised $1.65 billion through a PIPE deal, may allocate part of those funds to build a massive Solana treasury.
- Companies like Upexi and DeFi Development Corp. each purchased over $400 million in SOL.
- High Sensitivity to Inflows
- Unlike Bitcoin and Ethereum, Solana has a smaller market cap.
- This means even relatively modest inflows can trigger significant price movements.
- Unlike Bitcoin and Ethereum, Solana has a smaller market cap.
Solana ETFs: The Next Catalysts
Asset managers such as Bitwise, Canary Funds, and 21Shares have already filed applications with the SEC for spot Solana ETFs.
Analysts claim approval in 2025 is “almost certain,” which could bring:
- Greater liquidity for the token.
- Stronger institutional capital inflows.
- Recognition of Solana as a credible alternative beyond Bitcoin and Ethereum.
Price Swings: Ethereum, XRP, and Altcoins
The crypto market saw sharp swings during the second week of September, led by Ethereum (ETH) and XRP, along with notable gains in smaller altcoins.
The movement was driven by the US macroeconomic outlook, especially expectations around a potential Federal Reserve interest rate cut.
Ethereum (ETH) Above $4,400
Ethereum rallied to $4,419, breaking through the $4,400 resistance.
- Support: $4,200–4,300
- Resistance: $4,500
If ETH breaks this barrier, the next target could be in the $4,800–5,000 range.
Another factor fueling optimism was whale activity, with purchases exceeding $200 million in ETH, alongside rising interest in Ethereum ETFs.
XRP Records the Strongest Altcoin Rally
XRP delivered an even stronger performance, reaching $3.00, up about 4% in a single day.
- Support: $2.88–2.90
- Resistance: $2.99–3.00
Optimism is supported by two key drivers:
- 99% odds of a Fed rate cut, boosting risk assets.
- Speculation on XRP ETF approval, which could cement its institutional use.
Altcoins: Small Caps in the Spotlight
While Bitcoin, Ethereum, and XRP dominated headlines, some small-cap altcoins also stood out with solid gains:
- MNT: +8%
- HASH: +11%
This trend shows investors are seeking alternative tokens with high upside potential, fueled by the liquidity generated from macroeconomic optimism.
Institutional Investments and IPOs in the Crypto Market
This week brought two landmark events in crypto-related finance: the IPO of Figure Technology, a blockchain company, and the IPO of the Gemini exchange, founded by the Winklevoss twins. Both highlight the growing presence of institutional investors in the sector.
Figure Technology: Billion-Dollar IPO on Nasdaq
Figure Technology, a fintech created in 2018 by Mike Cagney (ex-SoFi), made its Nasdaq debut on September 11, 2025, with strong results.
- Initial valuation: $7.62 billion
- Offering price: $25 per share (above the $20–22 projected range)
- Capital raised: $787.5 million from the sale of 31.5 million shares
- Day 1 performance: +44%
The company uses its proprietary blockchain, Provenance, to originate mortgage loans and other financial services. In the past 12 months (through June 2025), it originated about $6 billion in credit, up 29% from the previous year.
Gemini: IPO Oversubscribed 20x
Gemini, the crypto exchange founded by Cameron and Tyler Winklevoss, went public on September 10, 2025, drawing attention for its overwhelming demand.
- Demand: IPO oversubscribed more than 20x
- Capital raised: $425 million (with an imposed cap on the offering)
- Adjusted price range: $24–26 per share (previously $17–19)
- Estimated valuation: over $3 billion
- Institutional support: Nasdaq itself invested $50 million through a private placement
Despite recent losses, the strong demand reflected investor confidence in Gemini’s business model, which emphasizes regulation and security to expand its global market share.
Impact on the Cryptocurrency Market
The two IPOs confirm institutional appetite for crypto ecosystem companies, not just tokens. This signals:
- Greater maturity in the crypto market
- Diversified investment opportunities for those seeking exposure without directly buying cryptocurrencies
Strengthening of business models based on blockchain applied to traditional finance (Figure) and crypto trading infrastructure (Gemini)
