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A web3 cybersecurity firm gets hacked, crypto influencer Pomp announces massive crypto fund, a decentralized exchange has now launched hidden orders, the creator of the Pepe the Frog meme his significant hurdles with his NFT project, Coinbase expands to Luxembourg, and much more

Happy Monday – Let’s dive in.

Market Snapshot

  • Bitcoin fell below $100,000 on Sunday, its lowest point since May, amid concerns over Iran potentially blocking the Strait of Hormuz

    • XRP slipped to its lowest since early April, with ether dropping to the levels seen in early May

    • Altcoin prices saw the largest declines, while the top 30 cryptocurrencies by market capitalization held up best

  • The Strait of Hormuz is a critical passage for global oil trade, handling about 20% of the world's oil supply

    • If the straight is shut down for an extended period of time oil could surge to $120-$130 per barrel in that scenario per JPMorgan

Headline Roundup
The major headlines driving crypto markets

  • Texas governor Greg Abbott signs strategic Bitcoin reserve bill into law (TB)

  • Barron Trump may have made millions from family’s lucrative crypto firm – here’s how

  • FTX lawyers argue 3AC’s $1.5B claim is illogical and should be dismissed (TB)

  • AQR’s Cliff Asness sides with Jim Chanos in criticism of Michael Saylor’s aggressive Bitcoin strategy – see his statements here

  • Gold bug Peter Schiff endorses Bitcoin but not USD‑pegged stablecoins, floats gold‑backed token plan (CD)

  • On‑chain gold trading volume reaches record highs amid growing demand (TD)

  • Jupiter DAO pauses voting after backlash over team’s disproportionate voting power (TD)

  • Teen in $245M Bitcoin heist loses bond after new $2M crypto theft charges emerge (TB)

  • ARK Invest dumps $1.463B more Circle shares after meteoric 670% IPO surge (CD)

  • Nakamoto Holdings raises $51.5M as publicly traded Bitcoin treasury (DE)

  • Norway to temporarily ban new Bitcoin and crypto mining centers to conserve energy (BM)

  • Parataxis Holdings to create South Korea’s first Bitcoin treasury company (BM)

  • Former SpaceX manager urges users to prioritize safety with 4.2M crypto Stackup (DE)

  • Stablecoin market cap reaches record highs after U.S. Senate passes supportive legislation (RE)

  • Launchcoin tumbles as Believe App revenue plunges 94% from May peak (TD)

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M&A Announcements

  • Bitcoin holding company Nakamoto and Utah-based KindlyMD added $51.5M to their private investment in public equity (PIPE) package, raising their planned bitcoin treasury strategy to $763M, pending merger approval (TB)

Venture Capital

  • Anthony Pompliano’s latest venture targets $750M to build Bitcoin investment strategy (CO)

  • Seongnam-based Bridge Biotherapeutics has received $183.3M USD backing from crypto investment firm Parataxis, with which it will build a BTC treasury (CD)

  • Decentralized AI infrastructure startup Gradient raised a $10M seed round led by Pantera Capital and Multicoin Capital (CP)

  • Crypto operations startup Stackup raised a $4.2M seed round led by 1kx (FX)

  • YieldClub, a mobile app for high-yield crypto savings, raised a $2.5M pre-seed round led by Pharsalus, Flex Capital, The House Fund, and Superlayer (PRN)

Launches

  • Aster DEX launches hidden orders feature following CZ’s call for dark‑pool perpetuals trading (TD)

  • Zora introduces new token system to reward social content creators (TD)

  • Kraken to launch a Bitcoin staking service through its integration with the decentralized finance protocol Babylon (TD)

  • BitBox announces BitBox02 Nova, its next-gen hardware wallet for Bitcoin (BM)

  • OKX launches 1:1 Bitcoin‑backed xBTC on Solana with 250K reward program via Kamino Finance and Orca (TD)

Regulation

  • Arizona Senate revives bill to reserve seized crypto funds for the state (TB)

  • Coinbase wins MiCA license in Luxembourg to expand crypto services in Europe (CD)

  • South Korean authorities submit detailed roadmap for spot crypto ETF approvals (TB)

Cybersecurity

  • Web3 cybersecurity firm Hacken’s native token $HAI dropped around $5.5M after an attacker minted massive amounts of the token on Friday, crashing its value (TB)

  • Matt Furie, the creator of the Pepe the Frog meme, NFT project crater drops 97% following mint exploit (TD)

  • France hit by 10th crypto ‘wrench’ attack of 2025 as kidnappers target 23‑year‑old near Paris (TB)

Extra Reads

Chart of the Day

The market capitalization of stablecoins hit an all-time high of $251.7B, up 22% so far this year.

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