Key takeaways

• Kadena Organization has ceased operations, citing current market conditions as the catalyst.
• Its token KDA has tanked 60% in the last 24 hours and could drop further. 

Kadena Organization ceases operations

The organization behind the Kadena blockchain announced on Tuesday that it is no longer able to continue business operations and is now winding down.

In an X post, the team stated that they are unable to continue to promote and support the adoption of this unique decentralized offering due to the current market conditions. 

Kadena is a proof-of-work blockchain, and the team added that it will remain in operation until miners and maintainers depart. However, the team will cease all business activity and active maintenance immediately. 

KADENA PUBLIC ANNOUNCEMENT

We regret to announce that the Kadena organization is no longer able to continue business operations and will be ceasing all business activity and active maintenance of the Kadena blockchain immediately.

We are tremendously grateful to everybody who…

— Kadena (@kadena_io) October 21, 2025

There are roughly 566 million KDA tokens still to be distributed as mining rewards, and it will continue until 2139. Kadena has been around since 2019 after it was launched by two U.S. Securities and Exchange Commission and JPMorgan alums, Stuart Popejoy and William Martino. The two had previously helped launch the predecessor to JPMorgan Chase’s Kinexys blockchain.

KDA dips by 60%, could suffer further losses

The KDA/USDT 4H chart is extremely bearish, thanks to the token losing 60% of its value in the last 24 hours. It was trading at $0.24 on Tuesday but fell sharply to $0.087 after the Kadena Organization announced its discontinuation.

The technical indicators are extremely bearish, with sellers in control. The RSI off 35 shows that KDA is currently bearish and could enter the oversold region soon. The MACD lines are also within the negative region, indicating a bearish trend.

If the selloff continues, KDA could drop below the October 10 low of $0.057 over the next few hours. The token is down 99% from the all-time high of $28 recorded in November 2021. With no team in place, KDA could struggle to record gains in the medium to long term.

• ETP mirrors bitcoin price and trades via the London Stock Exchange.
• UK aims to become a global hub for regulated digital-asset products.
• FCA allows tokenisation of investment funds using blockchain technology.

The investment giant BlackRock has launched its first bitcoin-linked exchange-traded product (ETP) in the United Kingdom, signalling a major step in bridging traditional finance with the crypto sector.

The move follows the Financial Conduct Authority’s (FCA) decision to ease restrictions on crypto investment vehicles, allowing investors to gain exposure to bitcoin without directly holding it.

The launch not only widens access to digital assets for UK investors but also highlights a growing convergence between global asset managers and regulators in adapting to the evolution of financial markets.

BlackRock’s bitcoin ETP debuts on the London Stock Exchange

The iShares Bitcoin ETP, now listed on the London Stock Exchange, is designed to mirror the price of bitcoin and offer exposure within a regulated structure.

The product allows investors to buy fractions of bitcoin through units starting at about $11, making participation in the asset class more accessible.

Unlike holding bitcoin directly, investors can trade the ETP through standard brokerage accounts, bypassing the complexities of digital wallets or private key management.

The product’s underlying assets are securely held by regulated custodians, ensuring compliance and oversight under the UK’s financial rules.

BlackRock’s UK-listed ETP builds on the firm’s earlier success with its bitcoin exchange-traded fund (ETF) in the United States, which has accumulated over $85 billion in net assets.

It also adds to its European range, complementing listings in Switzerland, Paris, Amsterdam, and Frankfurt.

FCA’s easing of crypto investment restrictions

The launch comes shortly after the FCA lifted its four-year ban on crypto exchange-traded notes (ETNs) on 9 October 2025.

The regulator stated that UK investors could now access such products through approved exchanges, reflecting a broader acceptance of crypto-linked investment options.

The decision marks a turning point for crypto regulation in the UK.

It suggests a shift from outright restrictions to a more measured approach that balances investor protection with innovation.

The FCA’s announcement followed months of consultation with industry players and international regulators.

Expanding opportunities for asset managers and investors

BlackRock’s move is expected to encourage other global asset managers to follow suit, as the UK repositions itself as a hub for financial innovation post-Brexit.

The FCA’s approval has opened the door for firms such as VanEck, DWS, and WisdomTree to explore similar launches.

For retail investors, the product offers exposure to bitcoin’s price movements through a traditional investment wrapper.

It eliminates the need for managing crypto wallets and navigating unregulated exchanges, while allowing investment through familiar platforms.

The regulator’s decision also aligns with the UK Treasury’s ambition to make the country a global centre for digital assets.

It supports ongoing efforts to integrate blockchain into traditional finance, paving the way for tokenised funds and blockchain-based asset management in the future.

Crypto risks and the future of tokenisation in the UK

Despite the easing of rules, the FCA maintained that its ban on crypto derivatives for retail investors will remain.

While the ETP operates under a regulated structure, exposure to Bitcoin still carries the same volatility and market risks associated with the underlying asset.

In parallel, the UK is exploring broader blockchain adoption across financial services.

On 14 October 2025, the FCA announced new provisions allowing asset managers to use distributed ledger technology for fund tokenisation.

The move is intended to foster innovation and efficiency, signalling that the regulator sees long-term potential in blockchain applications beyond cryptocurrencies.

By facilitating regulated access to bitcoin and promoting tokenisation, the UK is gradually laying the groundwork for a digital financial ecosystem where traditional and decentralised finance coexist.

BlackRock’s ETP marks a key milestone in this transition, setting the stage for more institutional crypto products in one of the world’s leading financial markets.