Good Morning,

Here's a quick preview of today’s content: Guernsey seizes $11.4M tied to ‘Cryptoqueen’ fraud, Vietnam opens crypto licensing with $400M capital barrier, Galaxy launches $100M crypto hedge fund, Steak 'n Shake pays 'Bitcoin Bonus' to employees, Trump hopes to sign crypto market structure bill 'very soon', and so much more

Happy Thursday - Let’s dive in.

Market Snapshot

Click here to learn more about the Gannon’s portfolios and subscribe to the strategies on Autopilot.* Since inception (7/7/25), Gannon’s Crypto Portfolio is up +22.04%

• Crypto whipsaws as tariff drama and bond turmoil drive volatility

  • BTC whipsawed between $88K-$90K, briefly spiking on Trump’s tariff delays before sliding again

  • Liquidations topped $1B as sharp moves erased most of bitcoin’s year-to-date gains

  • ETF flows turned negative, with $713M exiting spot BTC and ETH ETFs

  • Altcoins sold off, with ETH, SOL, and ADA down -5%, though ETH briefly reclaimed $3K

• Macro stress dominated, as Japan’s bond market turmoil raised liquidity concerns and outweighed Trump’s tone on Greenland and Europe tariffs

Prediction Markets

• Bettors on Polymarket are predicting will Silver hit 100 or Bitcoin hit 100k first?

• Track and trade live odds on any event, only on Polymarket

Headline Roundup
^{_{The major headlines driving crypto markets}}

• Trump vows to make US the crypto capital of the world (CD)

• Trump hopes to sign crypto market structure bill 'very soon' (DC)

• Native American tribes claim Kalshi siphons money from casinos (DC)

• Steak 'n Shake pays 'Bitcoin Bonus' to employees (DC)

• Ethereum's Vitalik Buterin goes all-in on Farcaster (DC)

• FTX-fraudster Caroline Ellison scheduled for release (TB)

• Younger Americans back crypto as Boomers favor banks (CT)

• Interactive Brokers onboards institutions on prediction markets (BL)

• Galaxy launches $100M crypto hedge fund (DC)

• Grayscale files to convert NEAR Trust into spot ETF (TB)

• Ark Invest says tokenized assets could surpass $11T (TB)

• YouTube plans AI expansion in 2026 (DC)

• Prediction markets hit TVL high as Polymarket tops $330M (TD)

• Coinbase CEO spars with France over ‘bitcoin standard’ (CD)

• Bitcoin search and social chatter slumps in 2025 (CT)

• F/m Investments becomes first ETF issuer to tokenize shares (TB)

• Winklevoss twins donate $1.2M ZEC to Zcash development (TB)

• Crypto VCs split as hype around DePIN fades (TD)

• UN receives Circle grant to upgrade refugee aid (CT)

• Figure takes operational role at Provenance Blockchain (TB)

• Zcash Foundation adds seeder to improve network reliability (CD)

Venture Capital

• Vivek Ramaswamy's Strive looks to raise $150M in secondary stock offering (TB)

• Crypto platform Finst raises $9.3M Series A led by Endeit Capital, with participation from Eelko van Kooten and DEGIRO co-founder Mark Fransen (FN)

• a16z CSX and Road Capital lead $5.5M seed round for Cork, a startup focusing on tokenized risk (TB)

• DeFi startup Bitway raises $4.4M seed round led by TRON DAO with participation from HTX Ventures and other strategic investors (CR)

Access the complete VC deal flow on Fundable.

M&A Announcements

• Iran's Central Bank acquires $507M in Tether’s USDT stablecoin (DC)

• Haun-backed Neynar acquires Farcaster after founders pivot to wallet app (TB)

Launches

• Claude Code fuels new token launch frenzy (TB)

• Solana Mobile launches SKR token airdrop (TB)

• Ondo brings 200+ tokenized stocks and ETFs to Solana (CD)

• Former FTX president expands crypto-style perpetual futures (TB)

• Bitpanda launches stock and ETF trading (TB)

• Binance adds Ripple’s stablecoin on Ethereum (CD)

• Chainlink launches 24/5 equities data streams (CT)

• Nansen rolls out AI-powered trading solution (TB)

• VerifiedX debuts ‘Venmo-for crypto’ payment app (CD)

• Noble blockchain launches its own EVM chain (CT)

• CoinStats expands perp DEX tracking with Aster (CD)

Regulation

• Senate releases updated market structure bill draft (CT)

• Vietnam opens crypto licensing with $400M capital barrier (TB)

• Trump's crypto advisor urges quick passage of market structure bill (TB)

• Solana Institute pushes for software dev protections (TB)

• Hong Kong issues first stablecoin licenses (DC)

Cybersecurity

• Guernsey seizes $11.4M tied to ‘Cryptoqueen’ fraud (DC)

• SlowMist flags Linux attack targeting crypto seed phrases (CT)

Extra Reads

• Maple Finance CEO Sidney Powell said blockchain’s biggest opportunity isn’t tokenized Treasury bills or funds, it’s bringing opaque, illiquid private credit markets onchain - Here’s why private credit may be the breakout use case for tokenization

• The crypto industry assumes institutions discover products the way retail traders do: stumbling across them on Twitter, experimenting quickly, and iterating in public - Here’s why crypto's distribution strategy must mature

Chart of the Day

Bitcoin pulls back and erases all 2026 gains

Meme Dump

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*DISCLAIMER: Investment advice provided by Autopilot advisers LLC, an SEC registered investment advisor. Past performance does not guarantee future results. Investing carries risks including the risk of the loss of principal. Performance doesn’t include fees. See more here.