September 2026 Recap September was a big month. We expanded our regulatory footprint with VASP approval from the British Virgin Islands, refreshed our brand and website, and continued publishing research and insights. Here's the TL;DR. Company Announcements Regulatory Updates We announced our approval as a Virtual Asset Service Provider (VASP) by the British Virgin Islands Financial Services Commission, thereby expanding our regulated footprint for institutional clients. @ag_dwf and Heng Yu Lee represented DWF Labs at the third meeting of the National Council for the Development of the Virtual Assets and Blockchain Technologies Sphere in the Kyrgyz Republic. The council brought together ministers, state agency heads, and international experts to discuss the region's approach to digital assets. Thank you to President Sadyr Zhaparov (@sadyrzhaparovkg) and Mr. Farkhat A. Iminov (@GEWORTRA), Head of the National Agency for Virtual Assets and Blockchain Technologies, for hosting. For the Markets of Tomorrow Still here, still liquid. Our updated website breaks down where we stand today; → Who we are: a market-tested investor, ecosystem facilitator, and market maker → What we do: liquidity, investment and incubation, ecosystem development, and OTC and structured markets → The proof: 80+ exchanges, 1,000+ blockchain companies supported, and our VASP approval from the BVI Financial Services Commission Same team, same work, refreshed website and a better articulated vision. Read more. Thought Leadership & Media @ag_dwf, Managing Partner, published an op-ed on what a thousand investments have taught DWF Labs about backing the right founders ran in the @Forbes Finance Council. Read in full. @themlpx, Content & Market Insights Lead's thoughts on the Fed's first rate hike since 2023 were featured in @Cointelegraph. His read: a renewed hawkish stance, with higher-for-longer rates, would push risk-on assets to reprice. Read more. Martin's commentary also made the @DefiantNews regarding August payrolls and their effects on the price of Bitcoin. Read more. Heng Lee, Partner & MD, was quoted in @Euronews on the Anthropic pre-IPO market, covering pricing and demand. Research Eyes on the Market Vol. 22 - "Sustained Inflows," covered how BTC and ETH ETFs continued their inflow streaks and what steady institutional demand signals for positioning ahead. Vol. 23 - "Risk-Off Ahead of Decisions" covered how positioning tightened as markets braced for the September FOMC meeting. Vol. 24 - "Shrugging Off Bad News," examined the effects of macro headwinds on the crypto market. Vol. 25 - "Settling Into a New Regime," covered the shift in market structure post-FOMC and what it signals for the rest of Q4. The Bright Side We launched The Bright Side, a new research content series focusing on areas of growth and which areas of the market continue to thrive. S-Curve Breakdowns Vol. 2 covered the history and current state of perpetual futures: on May 13, 2016, BitMEX launched XBTUSD, the first Bitcoin derivative offering up to 100x leverage. Ten years later, perpetual futures are the dominant instrument in crypto. DWF Ventures @DWFVentures published a deep dive on proprietary AMMs, examining the differences between PropAMMs and Traditional AMMs, and what sector of the market each model serves. @DWFVentures also published a deep dive on Digital Asset Treasuries (DATs), covering the operating strategy and capital structure behind various DAT models. Events We're returning as Platinum Sponsor to @TOKEN2049 Singapore, with our team on the ground throughout the week: @Lingersj (Partner), @0x_andrew_ (Head of BD), @jz_euphoria (BD Senior Associate), @0xSing00 (BD Associate), Angus Chung (Head of BD), and @0xSeanSS (Head of BD). @ag_dwf will also take the stage for his keynote, "The Power of Vision." Reach out to discuss partnerships, or read more on our Singapore plans. We hosted DWF Labs Haus alongside @falconfinance during @kbwofficial, bringing together builders, investors, and partners. Thank you to everyone who attended. @ag_dwf also spoke at @Cointelegraph Connect during KBW covering on-chain markets, perp DEXs, and trends in the Asian markets. See you next month 🛠️