Good Morning,

Here's a quick preview of today’s content: Financing crypto assets is now possible for JPM clients, Circle finalizes IPO share prices, large corporate bitcoin treasuries continue to be created, Trump may get in the way of a crypto regulation bill, and so much more.

If you’re reading this – you are GMI 🚀 Let’s dive in.

Market Snapshot

Headline Roundup
The major headlines driving crypto markets

  • Circle finalizes IPO shares at $31 a piece giving the firm an $8.1B fully diluted value – all the details of the public offering here

  • JPMorgan Chase to offer clients lending against crypto assets (BM)

  • Pro-crypto candidate Lee Jae-myung elected as South Korean president (CD)

  • Popular Hyperliquid leverage trader James Wynn declares exit from crypto being liquidated of another $25M (TB)

  • 61 publicly listed companies hold over 3% of total Bitcoin supply – a breakdown of this market share here

  • Magic Eden warned by Eric Trump after false news release of Trump Wallet (BW)

  • Elon backs Coinbase CEO about bitcoin potentially replacing the U.S. dollar over spiraling $40T national debt issue (BC)

  • Fortune 500 company $ARW ( ▼ 0.21% ) joins the Hedera Council for governance (BW)

  • Ethereum Foundation marks the next 12 months a ‘pivotal’ for success of the ecosystem (TB)

  • Chinese firm Webus files with SEC for $300M XRP strategic reserve (CD)

  • Spanish coffee chain Vanadi Coffee seeks $1.1B investment for bitcoin treasury strategy (BT)

  • Korea’s K Wave Media is selling $500M of common stock to fund bitcoin reserve (CD)

  • $SMLR ( ▲ 0.51% ) hits 4,449 BTC holdings after $20M purchase (BM)

  • Baanx announces partnership with Exodus Wallet for a crypto debit card that works anywhere MasterCard is accepted (BG)

  • Blockchain foundations rendered ‘useless’ according to A16Z’s General Counsel Miles Jennings (DF)

  • 24 year old suspect in France kidnapping case arrested in Morocco (CD)

Venture Capital

  • UNICEF Venture Fund joins Lido Staking Impact allowing staked ETH to be used as donations (UF)

  • Crypto exchange with on-chain custody Rails secures $14M in private token sale to Kraken, Slow Ventures, and more (CD)

  • Stablecoin-banking startup Limited raises $7M seed funding in round led by North Island Ventures (FS)

  • Crypto credit startup 3Jane emerges from stealth with $5.2M round led by Paradigm (TB)

  • A16Z CSX leads $4M seed round for AI x web3 gaming startup Launcher Capital (LC)

  • Layer-1 Sunrise closes $3M seed round from investors including MH Ventures, Decima, V3V Ventures, and others (CH)

  • Reputation and rewards protocol Shards secures $2M from Animoca Brands, Kyber Ventures, and others (VB)

  • AINX announces $2M seed round led by Alpha Gamma to build decentralized AI compute network (AX)

  • Variational brings in $1.5M in strategic fundraise to build peer-to-peer derivatives platform (FS)

Launches

  • Moscow Exchange launches futures trading for Blackrock’s IBIT spot bitcoin fund (CT)

Regulation

  • CLARITY Act for digital assets faces backlash from House Committee due to controversies related to Trump’s ventures (TB)

  • MoonPay secures BitMoney and money transmitter license from New York Department of Financial Services (DT)

  • California bill includes crypto in unclaimed property for any centralized exchange holdings over 3 years (BC)

  • CBDC data will be used by Brazil’s central bank to determine interest rate decisions (CS)

  • Singapore Court rejects restructuring plan for WazirX following $230M hack in 2024 forcing the firm to relocate to Panama (CS)

Cybersecurity

  • Bybit announces security overhaul after $1.4B hack including comprehensive audits plus wallet and information security (CT)

  • Arkham intelligence platform discovers $40k USDT unofficially seized by the U.S. Government (AM)

  • Four major public DevOps tools are being abused to steal crypto (TR)

  • 145 domains related to cybercrime market BidenCash seized by U.S. and Dutch authorities (HR)

  • Second annual ‘Anti-Scam Month’ campaign started by Bitget (BC)

Extra Reads

Chart of the Day

Hyperliquid trader James Wynn officially liquidated of 240.3 BTC ($25M) position

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