Good Morning,

Here's a quick preview of today’s content: Circle’s IPO crushes investor expectations, Trump’s WLFI sends out a cease-and-desist, a solo bitcoin miner scores big, crypto ATM company looks for $1B sale, and our favorite headline today: a man live streamed the birth of his child on pump.fun… is that a cycle top signal???

What a monumental week for crypto. “Slowly. Then all at once.”

Let’s dive in.

Market Snapshot

  • The cryptocurrency market takes another slight hit yesterday as U.S. President Donald Trump and Elon Musk display public feud via X

    • Bitcoin slips near $100,400 during the day on Thursday while Ethereum slides below $2,400 (again)

    • The public fallout between Trump & Musk sees related token price impact, with TRUMP token dropping 10% to $9.42, while Dogecoin falls nearly 20% below $0.17

Headline Roundup
The major headlines driving crypto markets

  • Circle sees share prices 3x from IPO price in first trading day (BW)

  • Circle’s IPO trashed in letter written by the Chief Investment Officer of one of it’s earliest backers, Arca (CT)

  • Magic Eden hit by cease-and-desist from Trump Family over falsely reported wallet news (CD)

  • Ethereum Foundation updates treasury policy around amid org restructuring (CD)

  • Institutional bitcoin interest is on the rise as suggested by record high CME bitcoin traders (TB)

  • A solo bitcoin miner mined 3.151 BTC for $326k (DT)

  • Uber looks to utilize stablecoins for faster global payment settlement and lower operational costs (CS)

  • Meanwhile, a bitcoin life insurance company, publishes audited financials denominated in bitcoin (BM)

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M&A Announcements

  • Zebec Network acquires compliance firm Gatenox ahead of MiCA regulatory push (CT)

  • CoinFlip seeks $1B sale price for it’s 5,600+ global crypto ATMs (TB)

Venture Capital

  • Decentralized mining startup HashPower secures $4M backing from Hashkey Capital, Hailstone Labs and others (CP)

  • M31 Capital leads $3M round alongside Coinbase Ventures and MH Ventures for HeyElsa (AC)

  • Yzi Labs makes strategic investment into hardware wallet startup Onekey (AI)

  • Stable exits stealth with backing from Bitfinex and USDT0 for new Layer 1 (SB)

  • Tether expands presence in Africa’s digital ecosystem with undisclosed investment in Shiga Digital (TE)

  • Sui DEX Momentum raises strategic funding round led by OKX Ventures at $100M valuation (DT)

Launches

  • A man live streamed the birth of his child on Pump.fun – he named the child ‘Solana’ and launched a memecoin PREGOWIFE

  • Cudis Ring announces launch of $CUDIS token for health tracking and rewards (CW)

  • Genesis mainnet officially launched by Plume for asset-backed defi (CD)

  • Botanix Labs launches federated sidechain on bitcoin testnet with 16 members (BM)

Regulation

  • Democrats likely to reach bipartisan decision on senate stablecoin bill (CD)

  • Crypto groups are rallying around Blockchain Regulatory Certainty Act to protect developers (BL)

  • White House Crypto Executive meets with El Salvador President to discuss the future of bitcoin (CD)

  • Hong Kong prepares for web3 adoption push with attempt to legalize crypto derivatives (CS)

Cybersecurity

  • U.S. Department of Justice files to seize $7.7M of crypto and NFTs reportedly tied to North Korea laundering scheme (CT)

  • AML firm Global Ledger identifies $15M from Garantex on the move despite Tether freeze (CT)

  • Ukrainian authorities arrest person behind hacking of 5,000 accounts to mine crypto (TH)

  • Funnull Technologies sanctioned for facilitating pig butchering schemes (CD)

  • Crypto hack roundup – review what went down this week

Extra Reads

Chart of the Day

More Americans own Bitcoin (46.9M) than Gold (36.7M) and on average own 9x the amount

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