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The manufacturing firm has turned to the asset, adopting the treasury model, citing steep financial losses. It has joined the rising list of Japanese companies adopting this strategy, contributing to the billions of dollars already invested in bitcoin within the country. Changing Strategies Kitabo Co., Ltd, a company that engages in the production and sale of synthetic fiber spun yarns listed on the Tokyo Stock Exchange, announced on Tuesday that it will start accumulating Bitcoin via dollar-cost averaging (DCA). The plan is to purchase ¥800 million ($5.4 million) worth of BTC to stabilize the firm after years of losses and minimal cash flow. The team further noted that “this marks the company’s full-scale entry into the cryptocurrency and real-world asset business.” Kitabo has now joined the ranks of Asian peers that employ the Bitcoin treasury strategy, given its increasing use as a hedge against currency devaluation. The company has been struggling with annual net losses, hemorrhaging ¥115.6 million ($785,000), in fiscal 2024, but hopes to turn the tide around with the treasury implementation. It plans to acquire Bitcoin through local exchanges using funds it raised from its fourth Series of Stock Acquisition Rights. Additionally, it will use the cryptocurrency for cross-border services and partnerships with overseas businesses. Kitabo Co. also intends to generate a yield on its Bitcoin holdings by lending some of what it has accumulated to lending companies in exchange for returns. Not a First for Japan The yarn producer is not the first business in Japan to implement the initially coined “Strategy strategy.” Perhaps the most prominent example is Metaplanet, which transitioned from a hotel business to a Bitcoin treasury entity, currently holding 16,352 BTC, valued at $1.93B at the time of printing, according to data from BitcoinTreasuries. They are currently ranked 7th on the site, trailing Trump Media & Technology Group’s stash of 18,430 Bitcoin and well above Galaxy Digital Holdings’ 12,830 pile, with premiums of $2.18 billion and $1.52 billion, respectively. Video game giant Nexon also turned to the top asset a while back, and they even accept it as a form of payment. They currently hold 1,717 BTC with a current price of $203.21 million. The post Another One: Japan’s Kitabo Turns to Bitcoin for Treasury Reserves appeared first on CryptoPotato .
BitcoinWorld Tether’s Revolutionary Move: US Stablecoin Market Entry Set to Transform Crypto Finance The world of cryptocurrency is in constant flux, a dynamic landscape where innovation and regulation dance a complex tango. At the heart of this evolution lies the stablecoin, a digital asset designed to maintain a stable value, typically pegged to a fiat currency like the US Dollar. Among these, Tether’s USDT has long reigned supreme, dominating the market with its vast liquidity and widespread adoption. Now, a monumental shift is on the horizon: Tether is poised to make a significant entry into the U.S. market with a new, institutionally focused stablecoin. This strategic move, announced by Tether CEO Paolo Ardoino, signals a pivotal moment for the entire crypto ecosystem, particularly for the future of the Tether stablecoin and its role in mainstream finance. What is the Significance of Tether’s U.S. Stablecoin Ambition? Tether’s existing USDT is a cornerstone of the global crypto market, facilitating billions in daily transactions and providing a vital bridge between traditional finance and decentralized applications. However, its operations have historically been global, often navigating various regulatory frameworks without a specific U.S. regulatory anchor. The announcement of a dedicated U.S. institutional Tether stablecoin marks a profound strategic pivot, aiming to tap directly into the world’s largest financial market under a clear regulatory umbrella. Targeting Institutional Adoption: Unlike its existing retail-focused USDT, this new offering is designed specifically for institutional players. This means it will cater to the stringent compliance, reporting, and operational needs of banks, hedge funds, and large corporations looking to engage with digital assets. Regulatory Alignment: The timing is crucial. Tether’s move follows the signing of the GENIUS Act, a landmark piece of legislation that establishes new rules for stablecoin issuers in the U.S. This provides a clearer regulatory pathway, reducing uncertainty and potentially unlocking significant institutional capital. Enhanced Trust and Credibility: Operating under a U.S. regulatory framework could significantly bolster Tether’s credibility and transparency, addressing past concerns and fostering greater trust among traditional financial entities. The GENIUS Act: Paving the Way for a New Era of Stablecoins The passage of the GENIUS Act (Generating Innovative New Ideas for the U.S. Stablecoin Market) is a game-changer. For years, the lack of comprehensive stablecoin regulation in the U.S. created a grey area that deterred many traditional financial institutions. The Act aims to provide: Clearer Definitions: Establishing what constitutes a stablecoin and differentiating between various types. Issuance Requirements: Setting standards for reserves, audits, and operational resilience for stablecoin issuers. Consumer Protection: Implementing safeguards to protect users and ensure market integrity. For Tether, this legislative clarity is not just an opportunity; it’s an invitation. By aligning with these new rules, Tether can offer a product that meets the high standards of U.S. financial regulators, making its new Tether stablecoin a more palatable option for risk-averse institutions. This regulatory embrace could be the key to unlocking the next wave of crypto adoption. Understanding the ‘Institutional’ Stablecoin: A Deeper Dive What exactly differentiates an ‘institutional’ stablecoin from one designed for retail users? It’s more than just a label; it involves fundamental differences in design, compliance, and target audience. Feature Retail Stablecoin (e.g., current USDT) Institutional Stablecoin (Tether’s U.S. plan) Primary Users Individual traders, DeFi users, crypto exchanges Banks, hedge funds, asset managers, corporations Regulatory Oversight Varies by jurisdiction, often less direct Strict U.S. federal or state regulation (e.g., GENIUS Act) Compliance Requirements KYC/AML on exchanges, but less direct for issuer Rigorous KYC/AML, robust audit trails, financial reporting Reserve Management Regular attestations, but often opaque to external bodies Highly transparent, potentially direct oversight by regulators Use Cases Trading, remittances, DeFi lending/borrowing Interbank settlements, corporate treasury management, tokenized assets This institutional focus means a more tightly controlled, transparent, and compliant product designed to integrate seamlessly with existing financial infrastructures, rather than operate alongside them in a less regulated space. The new Tether stablecoin will likely be designed with these specific requirements in mind. Benefits and Potential Impact on the U.S. Financial Landscape Tether’s entry into the U.S. institutional stablecoin market could have far-reaching positive implications: Enhanced Liquidity: Introducing a compliant, institutional-grade stablecoin could inject significant liquidity into the U.S. digital asset ecosystem, making it easier for large entities to move capital in and out of crypto. Bridging TradFi and DeFi: A U.S.-regulated institutional stablecoin can serve as a crucial bridge, allowing traditional financial institutions to access decentralized finance opportunities while adhering to their regulatory obligations. Innovation and Competition: Tether’s move will likely spur further innovation and competition among stablecoin issuers, potentially leading to better products, lower costs, and more robust infrastructure. Global Leadership: By fostering a robust and regulated stablecoin market, the U.S. can solidify its position as a leader in digital asset innovation, attracting investment and talent. Efficient Settlements: Institutional stablecoins can enable faster, cheaper, and more efficient cross-border payments and interbank settlements, reducing reliance on outdated systems. What Challenges Might Tether Face in the U.S. Market? Despite the immense potential, Tether’s U.S. venture is not without its hurdles. The company has faced scrutiny in the past regarding the transparency of its reserves and its banking relationships. While the new U.S. stablecoin will operate under different, stricter rules, public perception and past narratives could still pose challenges. Regulatory Scrutiny: Even with the GENIUS Act, Tether will be under intense scrutiny from U.S. regulators. Compliance will need to be impeccable, and any misstep could lead to significant setbacks. Competition: The U.S. stablecoin market already has established players like Circle (USDC) and Paxos (USDP, BUSD). Tether will need to differentiate its offering and convince institutions of its superior value proposition and reliability. Reputation Management: Overcoming lingering skepticism from past controversies will be crucial. Tether will need to demonstrate unwavering commitment to transparency and compliance to win over a cautious institutional audience. Technological Integration: Seamless integration with existing institutional systems will be key. This requires robust API development, strong security protocols, and reliable infrastructure. Tether’s commitment to not going public, as confirmed by Paolo Ardoino, suggests a long-term strategic focus on building robust infrastructure and trust, rather than chasing short-term market valuations. This could be a significant advantage in navigating the complex institutional landscape. The Future of Stablecoins and Tether’s Role Tether’s bold move into the U.S. institutional market is a strong indicator of the evolving landscape for digital assets. It signifies a maturation of the crypto industry, moving from fringe speculation to integrated financial infrastructure. As regulatory clarity emerges, we can expect to see more traditional financial institutions explore the benefits of stablecoins for various use cases, from wholesale payments to tokenized assets. The success of this new Tether stablecoin could set a precedent for how other global crypto entities engage with regulated markets. It could accelerate the mainstream adoption of digital currencies, not just for trading, but as fundamental building blocks of a more efficient and interconnected global financial system. The coming months will be critical, as the world watches to see how Tether executes this ambitious plan and what ripple effects it creates across the entire crypto economy. In conclusion, Tether’s impending entry into the U.S. market with an institutional stablecoin is a transformative development. Driven by regulatory clarity from the GENIUS Act and a strategic focus on institutional adoption, this move has the potential to reshape the landscape of digital finance. While challenges remain, the benefits of increased liquidity, bridging traditional finance with decentralized systems, and fostering innovation are immense. This pivotal moment could mark a new chapter for stablecoins, solidifying their role as essential components of the future financial infrastructure. Frequently Asked Questions (FAQs) 1. What is an institutional stablecoin, and how is it different from a retail stablecoin? An institutional stablecoin is designed specifically for use by large financial institutions (banks, hedge funds, corporations) and adheres to strict regulatory and compliance standards. It often focuses on high-volume, secure transactions like interbank settlements or corporate treasury management. In contrast, a retail stablecoin (like the current USDT) is primarily used by individual traders and crypto exchanges for everyday trading, remittances, and DeFi activities, often with less direct regulatory oversight on the issuer’s end. 2. How does the GENIUS Act impact Tether’s plans for a U.S. stablecoin? The GENIUS Act provides a much-needed regulatory framework for stablecoin issuers in the U.S., setting clear rules for reserves, audits, and consumer protection. For Tether, this clarity offers a pathway to launch a compliant stablecoin that can operate legally and confidently within the U.S. financial system, attracting institutional clients who require regulatory certainty. 3. What are the main benefits of Tether entering the U.S. institutional stablecoin market? Tether’s entry can bring several benefits, including increased liquidity in the U.S. digital asset market, a stronger bridge between traditional finance and decentralized finance, enhanced competition among stablecoin providers, and potentially more efficient and cheaper financial settlements for institutions. 4. Will Tether’s new U.S. institutional stablecoin replace the existing USDT? No, it is highly unlikely that the new U.S. institutional stablecoin will replace the existing USDT. Tether CEO Paolo Ardoino’s statements suggest this will be a separate product tailored for the U.S. institutional market, coexisting with USDT, which continues to serve a global retail and crypto-native audience across various blockchains. 5. What challenges might Tether face in launching this new stablecoin? Tether faces challenges such as intense regulatory scrutiny from U.S. authorities, stiff competition from established U.S.-regulated stablecoins like USDC, the need to overcome past reputational concerns regarding transparency, and the technical challenge of integrating seamlessly with traditional financial systems. Did you find this article insightful? Share it with your network on social media and let’s discuss the future of stablecoins! To learn more about the latest crypto market trends, explore our article on key developments shaping the digital asset space and its institutional adoption. This post Tether’s Revolutionary Move: US Stablecoin Market Entry Set to Transform Crypto Finance first appeared on BitcoinWorld and is written by Editorial Team
21Shares has filed with the U.S. Securities and Exchange Commission (SEC) to launch a spot ONDO ETF. The company previously registered a trust based on SUI. Both coins are in the portfolio of World Liberty Financial, which is reportedly backed by the Trump family. 21Shares has filed with the U.S. Securities and Exchange Commission (SEC) to create a spot exchange-traded fund based on the Ondo Finance coin. The shares will be issued and redeemed both in-kind and in cash. The product is called 21Shares Ondo Trust. The application emphasizes that the trust will invest directly in Ondo Finance coins, which effectively makes it a spot ETF. The fund structure does not provide for speculative instruments, such as leverage. The issue and redemption of shares will be carried out both in-kind and in cash. Coinbase Custody will act as custodian, and 21Shares will act as sponsor. The exchange on which the shares will be traded, if the trust is approved, has not been specified. Note that ONDO is the native coin of the Ondo Chain network, a Layer-1 blockchain specialized in the tokenization of real-world assets (RWA). Remarkably, ONDO’s price has barely reacted to the news. The asset is trading with a drawdown of more than 5% on the daily chart and with a gain of 15% on the weekly chart, according to TradingView. 21Shares’ choice of Ondo Finance to launch the new ETF may be due to the project's connection with the World Liberty Financial platform, which reportedly has backing from the Trump family. In December 2024, the platform bought $250,000 worth of ONDO coins, after which it further increased its holdings. World Liberty Financial also collaborates with the Sui blockchain team. Shortly after the news, 21Shares filed for a SUI ETF, suggesting the company sees growth potential in projects associated with the Trump family’s business interests.
🚀 Are You Chasing New Coins? Catch the newest crypto opportunities. Be the first to buy, be the first to win! Click here to discover new altcoins! BitMEX co-founder Arthur
🚀 Are You Chasing New Coins? Catch the newest crypto opportunities. Be the first to buy, be the first to win! Click here to discover new altcoins! The high-profile trial
BitcoinWorld Revolutionary LetsBONK Pledges 1% Revenue to Bolster the BONK Ecosystem In the dynamic and often unpredictable world of cryptocurrencies, news of innovative strategies to bolster token value and community trust always captures attention. Today, the spotlight is firmly on LetsBONK, a prominent memecoin launchpad, which has made a groundbreaking commitment that could significantly impact the BONK ecosystem . This move is not just a ripple; it’s a wave designed to enhance the long-term health and stability of one of the most vibrant communities in the crypto space. What is LetsBONK and Its Groundbreaking Pledge for the BONK Ecosystem ? LetsBONK operates as a launchpad specifically tailored for memecoins, providing a platform for new projects to emerge and gain traction within the broader cryptocurrency market. Its role is crucial in fostering innovation and growth within the memecoin sector, offering infrastructure and support for budding digital assets. However, it’s their latest strategic decision that truly sets them apart: a firm commitment to allocate 1% of their total revenue towards weekly token buybacks within the BONK ecosystem . This isn’t just a promise; it’s a mechanism designed to create tangible value for the community. According to a report by The Block, this isn’t a one-off event but a consistent, weekly commitment. The implications are profound, suggesting a proactive approach to managing tokenomics and supporting the underlying assets that contribute to the BONK ecosystem ‘s vitality. For context, Dune Analytics recently revealed that LetsBONK generated an impressive approximately $1.5 million in fee revenue over a mere 24-hour period. This substantial revenue stream means that even 1% translates into significant capital being channeled back into the ecosystem, directly benefiting token holders. Why Are Token Buybacks So Important for the BONK Ecosystem ? Token buybacks are a common strategy in both traditional finance (stock buybacks) and the crypto world, employed by companies and projects to return value to shareholders or token holders. In essence, when a project buys back its own tokens from the open market, it typically achieves several positive outcomes: Increased Scarcity: By removing tokens from circulation (often by burning them or holding them in a treasury), buybacks reduce the total supply, which can, in theory, increase the value of the remaining tokens due to scarcity. Price Support: The act of buying tokens creates consistent buying pressure, which can help stabilize or even increase the token’s price, especially during market downturns. Investor Confidence: A consistent buyback program signals financial health and a commitment to token value, boosting investor and community confidence in the project’s long-term viability. Reduced Volatility: Regular buybacks can help absorb sell pressure, contributing to a more stable trading environment for tokens within the BONK ecosystem . For the BONK ecosystem , this commitment from LetsBONK means a steady, external source of demand for its core tokens. It’s a clear signal that the launchpad is invested in the success of the tokens it helps to foster, creating a virtuous cycle where the launchpad’s success directly contributes to the token’s health. How Does This Impact the Current State of the BONK Ecosystem ? The immediate impact of LetsBONK’s pledge is likely to be a surge in positive sentiment within the BONK ecosystem . Investors and community members often view such initiatives as a strong indicator of a project’s dedication to its token holders. Given the recent revenue figures, the financial capacity to sustain these buybacks is evident, lending credibility to the commitment. Let’s break down the potential implications: Aspect Potential Impact on BONK Ecosystem Market Dynamics Consistent buying pressure can absorb sell orders, potentially leading to a more stable or appreciating token price. Community Morale Increased trust and engagement as the community sees tangible value being returned. This can foster a stronger, more active user base. Project Reputation LetsBONK enhances its reputation as a responsible and value-driven launchpad, potentially attracting more quality projects and users. Long-Term Viability By reducing circulating supply and supporting price, the initiative contributes to the long-term sustainability and attractiveness of tokens within the ecosystem. This move also sets a precedent for other launchpads and projects within the memecoin space. As the market matures, such transparent and value-driven tokenomics become increasingly important for building lasting success beyond initial hype. What Are the Broader Implications for Memecoins and the BONK Ecosystem ? The memecoin market has often been characterized by volatility and speculative trading. While this offers high-risk, high-reward opportunities, it also deters more cautious investors. LetsBONK’s commitment introduces a layer of stability and fundamental value often missing in this segment. This initiative could contribute to a shift in perception, demonstrating that even memecoin-focused platforms can adopt robust tokenomics strategies. It encourages a more mature approach to project development, where revenue generation is linked directly to ecosystem health rather than solely relying on speculative interest. For the broader BONK ecosystem , this means a potential pathway to greater legitimacy and sustained growth, moving beyond mere virality to build a foundation of intrinsic value. Challenges and Considerations for Sustained Growth within the BONK Ecosystem While the buyback pledge is undoubtedly positive, it’s essential to consider potential challenges and factors for its sustained success: Revenue Sustainability: The efficacy of the buyback program heavily relies on LetsBONK’s continued ability to generate significant fee revenue. Market downturns or reduced activity on the launchpad could impact the buyback volume. Market Volatility: Even with buybacks, the broader crypto market’s inherent volatility can still influence token prices. Buybacks act as a support, but not an impenetrable shield. Transparency and Execution: Continued transparency regarding buyback execution and revenue reporting will be crucial for maintaining community trust. Token Utility: While buybacks boost value, ultimately, the long-term success of tokens within the BONK ecosystem will also depend on their utility, adoption, and development within various applications. LetsBONK’s strategy should be viewed as one powerful component of a multi-faceted approach to building a robust and thriving ecosystem. It complements, rather than replaces, the need for continuous innovation, community engagement, and strategic partnerships. Actionable Insights for Those Engaged with the BONK Ecosystem For investors, community members, and developers within the BONK ecosystem , LetsBONK’s announcement provides several key takeaways: Monitor Revenue and Buyback Reports: Keep an eye on LetsBONK’s reported revenues and buyback activities. This data will offer insights into the program’s effectiveness and the launchpad’s ongoing health. Engage with the Community: A strong community is vital. Participate in discussions, provide feedback, and contribute to the ecosystem’s growth. Understand Tokenomics: Deepen your understanding of how tokenomics, including buybacks and burns, influence token value and sustainability. Diversify and Research: While positive, no single initiative guarantees success. Continue to conduct your own research (DYOR) and consider diversification within your crypto portfolio. This commitment from LetsBONK isn’t just about a financial transaction; it’s about building a sustainable model for growth in the memecoin space. It highlights a growing trend towards more mature and responsible practices within a segment of crypto often seen as purely speculative. Conclusion: A New Era for the BONK Ecosystem ? LetsBONK’s pledge to dedicate 1% of its revenue to weekly token buybacks is a significant development for the BONK ecosystem . It represents a proactive and financially sound strategy to foster long-term value, stability, and community confidence. By directly linking the success of the launchpad to the health of the tokens it supports, LetsBONK is setting a commendable standard for transparency and commitment in the memecoin space. While the road ahead in crypto is always dynamic, this move provides a solid foundation for the BONK ecosystem to build upon, potentially ushering in an era where memecoins are not just about fleeting hype, but also about sustainable, community-driven growth. It’s a testament to the evolving sophistication of the crypto market, where even the most playful assets are beginning to adopt serious financial strategies. Frequently Asked Questions (FAQs) Q1: What exactly is LetsBONK’s new pledge? LetsBONK has committed to using 1% of its total revenue to buy back major tokens within the BONK ecosystem on a weekly basis, aiming to support token value and stability. Q2: How much revenue did LetsBONK generate recently? According to Dune Analytics, LetsBONK earned approximately $1.5 million in fee revenue over the past 24 hours, indicating substantial financial capacity for its buyback program. Q3: What are the benefits of token buybacks for the BONK ecosystem ? Token buybacks can increase scarcity, provide price support, boost investor confidence, and reduce volatility by creating consistent buying pressure for tokens within the BONK ecosystem . Q4: Does this guarantee price increases for BONK ecosystem tokens? While buybacks create positive pressure and support, they do not guarantee price increases. The broader crypto market’s volatility and the token’s utility still play significant roles. It’s a supportive measure, not a definitive one. Q5: How does this initiative affect the perception of memecoins? This initiative helps to mature the memecoin space by introducing robust tokenomics and transparent value-creation strategies, potentially attracting more cautious investors and fostering long-term sustainability beyond speculative interest. Q6: Where can I track LetsBONK’s revenue and buyback activities? Information on LetsBONK’s revenue can often be found on analytics platforms like Dune Analytics, and details about buyback activities are typically shared through the project’s official channels and community updates. If you found this article insightful, consider sharing it with your network! Your support helps us bring more crucial insights into the evolving crypto landscape to a wider audience. Let’s spread the word about positive developments in the digital asset space! To learn more about the latest crypto market trends, explore our article on key developments shaping the BONK ecosystem ‘s future price action and institutional adoption. This post Revolutionary LetsBONK Pledges 1% Revenue to Bolster the BONK Ecosystem first appeared on BitcoinWorld and is written by Editorial Team
With the trial of the Tornado Cash co-founder ending its eighth day, a witness testified Roman Storm had control over some of the funds connected to the mixing service.
The developers of Tokyo Beast, a mobile combat game launched on the Ethereum layer-2 network Immutable zkEVM, have announced that the game will go offline on August 24. This is barely a month after its launch on June 9. The producer Naoki Motohashi said, “Due to the difficulty of balancing operational costs, and after extensive discussions with our stakeholders, we have arrived at the painful decision to terminate the service,” he wrote. “To all our supporters, we sincerely apologize and share in your disappointment and regret.” It’s a sudden end for what many saw as one of this year’s most promising web3 games, especially after 4 years in development and a $20 million budget backing the project. The Tokyo Beast store stopped selling things on July 22. BASE, the game’s back-end system, will be shut down on July 31. On August 24, the last games and full game service will end. The form can be filled out for refunds starting August 25 and ending September 30. That date is also when the app will be taken down for good. The compensation criteria The sudden move to shut down the game potentially fuels an unexpected benefit for people who invested in TGT or the game’s associated NFTs. To that end, eligible holders will receive compensation for their assets. Refunds will be paid in USDC, not TGT. This is mainly to avoid price swings and protect future projects tied to the token. Total compensation. Source: TOKYOBEAST blog The team allocated a $350,000 pool, with item values based on their market price as of July 20. Users who own BEAST NFTs will get more than the $200 paid in the main sale. The amount they get back in USDC stablecoin will depend on how rare the assets are and range from $203 to $597. TGT unstaking fees will also be refunded based on user tier. Any lucky ticket NFTs bought from the official shop will get full refunds. Unused in-game GEMs are also fully covered. Tokyo Beast money bumps Tokyo Beast made more than $1 million in its first week, and more than 300,000 copies were downloaded. However, as soon as TGT went on sale in late May, its value dropped sharply. It then fell even further after a short rise around the game’s release. TGT is now worth $0.006, 96% less than its all-time high. It has dropped another 16% in the last 24 hours due to news of the shutdown. The value of the token is now only $897,000. Tokyo Beast had many problems, even though it was very exciting. @vert1dkrn, who makes content for Web3, said that the game gave players easy ways to make money without spending any. In just five days, he made $60 on his own without paying anything. The team also spent a lot of money on advertising. As he said in his tweet, they had a “streamer program with 20 streamers in it,” but most of them didn’t show up. Many small creators with less than 1,000 followers got paid four figures, but bigger influencers were not even mentioned. KEY Difference Wire helps crypto brands break through and dominate headlines fast
The non-fungible token (NFT) collection of rock legend Ozzy Osbourne, CryptoBatz, shot up in value following his death on Tuesday, new data from CoinGecko shows. CryptoBatz Sees Spike in Value According to data from the cryptocurrency performance platform, CryptoBatz skyrocketed by over 400% shortly after Osbourne’s passing was announced on Tuesday. By Wednesday, however, the collection’s average sale price started to cool , dropping 10% to 0.076 ETH between July 22 and July 23. Launched in December 2021, the CryptoBatz website markets the NFTs as a “chance to own a completely unique piece of collectible art created by one of the most legendary rock icons of our lifetime.” The NFT collection’s name is seemingly a nod to a 1982 incident from Osbourne’s tour of his sophomore album, Diary of a Madman, when he accidentally bit off the head of a live bat onstage during a performance in Des Moines, Iowa. RIP to the greatest of all time https://t.co/TZqbwg4LoI — CryptoBatz (@CryptoBatzNFT) July 22, 2025 “Every CryptoBat trait has been creatively directed by Ozzy Osbourne,” the website reads. “Unlike some of Ozzy’s previous bat friends, these ones live safely in the metaverse and are not edible…yet.” Family of Ozzy Osbourne Announces His Passing CryptoBatz faced scrutiny just two days after the NFTs were minted in January 2022, when The Verge published a report alleging that the project had yet to delete X posts, leading users to a Discord server controlled by scammers. According to the report , up to 1,330 users had been listed as members of the Discord at the time. The X posts have since been taken down. News of CryptoBatz’s increase in value came shortly after Osbourne’s family announced his passing on Tuesday at 76 years old. “It is with more sadness than mere words can convey that we have to report that our beloved Ozzy Osbourne has passed away this morning,” the family’s statement read. “He was with his family and surrounded by love.” The post Ozzy Osbourne’s NFT Collection Sees Price Surge After Rock Icon’s Death appeared first on Cryptonews .