Good Morning,

Here's a quick preview of today’s content: BlackRock’s BTC ETF passes its flagship fund, OpenAI wags its finger at Robinhood over the token stocks, Coinbase acquires a crypto company that acquired a crypto company pretty much in the same day, the first cyrpto staking ETF had a huge launch day, Peter Thiel backs Anduril founder’s new crypt bank

Happy Almost Friday – Let’s dive in.

Market Snapshot

  • Bitcoin, Ether, and other cryptocurrencies saw gains on Thursday morning, driven by increased liquidity and positive tariff news from the U.S

    • As of 1:30 a.m. ET, Bitcoin added +2.5% in the past day to trade above $109,600 reaching levels last seen on June 12

    • ETH also rallied +5.58% to $2,564, with XRP, Solana, and Dogecoin posting gains as well

  • One analyst said Bitcoin would need a ‘sustained catalyst’ for a new record high price, such as a clearer interest rate direction from the Federal Reserve

Prediction Markets

  • Bettors on Kalshi are predicting if JPOW will cut rats or not in July

  • Trade your predictions on a range of events, only on Kalshi. Sign up with code LIT and get a $20 bonus when you trade $100

Headline Roundup
The major headlines driving crypto markets

  • Anduril co founder Palmer Luckey, Peter Thiel, and several other tech billionaires are banding together to spin up a crypto bank to fill the shoes of the ill-fated, crypto-linked SVB (DC)

  • OpenAI warns tokenized equity sale on Robinhood is unauthorized – full statements here

  • Ripple applies for US national bank charter (RT)

  • BlackRock’s Bitcoin ETF now out-earns Its flagship S&P 500 fund (CD)

  • Bitcoin volatility hit a two-year low (BBG)

  • Tokenized equities face pushback from financial industry group urging SEC rejections (TB)

  • Crypto billionaire loses finger in attempted kidnap attack (DE)

  • PancakeSwap hits record $325B in monthly trading volume (TD)

  • Plume taps Trump‑linked WLFI stablecoin with $1 token to power RWA ecosystem (TD)

  • Genius Group adds 20 Bitcoin, targeting 1k BTC within six months (CD)

  • H100 Group increases Bitcoin holdings with newest purchase (BM)

  • Crypto game 'Raini Lords Light' on Avalanche shutting down operations (DE)

  • Bit Digital share offering includes Ethereum treasury plan (TB)

  • Bitcoin miner Hut 8 signs 5‑year capacity contracts with Ontario gas‑fired plants (TB)

Venture Capital

  • Trump family reportedly saw $620M from crypto venture proceeds in recent months (TB)

  • CryptoSwift raises €510K to tackle EU’s looming crypto compliance challenge (TE)

  • Solana treasury firm Defi Development raises convertible notes for SOL purchases (TB)

M&A Announcements

  • Crypto exchange Coinbase acquired token management platform Liquifi in its fourth acquisition this year (LBC)

  • Bitcoin-focused venture studio Thesis* acquired Bitcoin rewards platform Lolli (TB)

Launches

  • The REX-Osprey Solana + Staking ETF (SSK), the first US listed crypto staking ETF, launched with $33M in volume, outperforming recent Solana and XRP futures ETF debuts (CD)

Regulation

  • Arizona governor rejects Bitcoin reserve funded by seized crypto (DE)

Cybersecurity

  • OFAC sanctions Russian hosting provider linked to crypto theft (DE)

  • Scammer posed as Trump-Vance Official to steal $250K in crypto (DC)

Extra Reads

Chart of the Day

Despite the surge in corporate adoption, ETFs remain the largest entity holders of Bitcoin, controlling more than 1.4M BTC—about 6.8% of the fixed supply cap 

Public companies now hold around 855,000 BTC, or 4%.

Meme Dump

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