Good Morning,

Here's a quick preview of today’s content: Circle shares have exploded after last week’s hot IPO (guess who looks to be buying the local top), Trump’s crypto wallet rumors officially get laid to rest, pump.fun looks to raise a pretty penny, NFT powerhouse Yuga Labs looks to shutter its DAO, UBER mulls the idea of using stablecoins, and much more.

Happy Monday – Let’s dive in.

Market Snapshot

  • Bitcoin traded within a narrow $1,057 range, from $105,043 to $106,101, and is currently hovering at $106,332

    • The price action showed a strong rebound after briefly dipping below $105,100, as buying interest re-emerged around the $105,400 support level

  • Political unrest in Los Angeles failed to dampen market sentiment as traders shrugged off macro risks

    • Over 100 arrests have been reported as clashes continued between protesters and federal agents, prompting President Trump to authorize the deployment of 2,000 National Guard troops

Headline Roundup
The major headlines driving crypto markets

  • Circle stock (CRCL) trades up to $115 after hours on Friday, up over 270% since its $31 IPO price (YF)

  • Winklevoss Twins’ crypto firm Gemini files draft with the SEC For proposed IPO (BM)

  • Uber is weighing using stablecoins to reduce FX costs – see the CEO’s full statements here

  • Remember the Dogecoin millionaire? He’s now the Pepe Millionaire (DC)

  • Metaplanet unveils the “555 Million Plan” aimed at acquiring over 210,000 BTC by the end of 2027 – equivalent to 1% of Bitcoin’s total supply (BM)

  • Pump.fun plans to raise $1B at a $4B valuation via a token sale – indicating loftier goals than building an L1 including a revenue sharing mechanism (BW)

  • Arca unloads Circle shares after scathing IPO letter (CT)

  • Polymarket becomes the official prediction market partner for xAI and X (BK)

  • Yuga Labs, creator of Bored Apes, plans to replace ApeCoin DAO with a new governance entity named ApeCo (BK)

  • Cathie Woods’ Ark Invest bought $373.4M worth of Circle shares on its NYSE debut on Thursday but also offloaded shares in Coinbase and others that you can see here

  • The official Donald Trump meme coin project will not launch its planned Trump-branded crypto wallet, according to President Trump's son, Eric Trump (DC)

  • Tokenized real-world assets surge 260% in 2025 (DF)

  • Publicly traded healthtech firm Know Labs is planning to buy 1,000 Bitcoin (DC)

  • Crypto wallet tied to the defunct dark web marketplace Alphabay reportedly behind the $31M donation of BTC to Silk Road creator Ross Ulbricht (CT)

  • Michael Saylor teases fresh Bitcoin buy after $1B stock offering – see his hinted statement here

  • Tigran Gambaryan, the Binance exec held for months by Nigerian officials before his release in October 2024, announced his formal resignation from the company (CT)

Venture Capital

  • Blockchain platform IOST has raised $21M  from DWF Labs, Presto, and Rollman Management Group to expand the rollout of its real-world asset (RWA) infrastructure across regulated markets (CD)

  • YZi Labs has announced a strategic investment in OneKey, an open-source hardware wallet (BL)

  • EdgeX Labs, a decentralized edge computing company, received an investment from Ryze Labs (FN)

Launches

  • Crypto gaming studio Mythical Games' FIFA game is set to launch and will have Adidas-branded digital items when it does (TB)

Regulation

  • VanEck, 21Shares, and Canary Capital stated are concerned about the SEC’s "recent failure to practice a 'first-to-file' approach," where the SEC prioritizes greenlighting financial products based on the order of arrival (TB)

  • Spain introduces law to acquire crypto exchanges' data, seize digital assets (BT)

  • U.K. financial regulator the Financial Conduct Authority said it will allow consumers access to crypto exchange traded notes (cETNs) (CD)

  • Hashed Research CEO appointed Chief Policy Officer at Korea's Presidential Office (CD)

Cybersecurity

  • Bitcoin DeFi platform Alex Protocol loses $8.3M to exploit (CT)

  • Crypto advocacy groups urge dismissal of case against Bitcoin mixer Samourai (DC)

  • Coinbase CEO says unnecessary account restrictions has reduced by 82% (CS)

Extra Reads

Chart of the Day

The MVRV Ratio compares Bitcoin’s market price to its realized price, essentially the average cost basis for all coins in the network. As of writing, BTC trades around $105,000 while the realized price floats near $47,000, putting the raw MVRV at 2.26. The Z-Score version of MVRV standardizes this ratio based on historical volatility, enabling clearer comparisons across different market cycles.

Check out the rest of the BTC valuation charts (Long term and short term) here

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