Ibiza Final Boss

Approximately $8.7T are held in 401(k)s and could potentially flow into crypto with Trump’s new executive orde

Good Morning,

Here's a quick preview of today’s content: A viral video of an Ibiza partygoer has gone ultra viral sending a coin along with it, Open AI’s GPT-5 launches, Trump fights against crypto debanking, markets rebound on new bullishness, Dubai dives into options, Dorsey’s Block reports eanrings, and so much more

Happy Friday - Let’s dive in 🚀

Market Snapshot

  • Crypto markets are rebounding, with major altcoins Ethereum, XRP, and Solana all seeing notable gains

  • Bitcoin ETFs pull In $91.6M, snapping four-day outflow streak (DC)

  • Approximately $8.7T are held in 401(k)s and could potentially flow into crypto with Trump’s new executive order (more on that below)

Market Predictions

  • Bettors on Kalshi are predicting how high will Bitcoin get this year?

  • 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

  • A viral tiktok of a man dancing nicknamed the 'Ibiza Final Boss' went so viral that the meme coin 'BOSS' 40x’d in a single day (YF)

  • U.S. President Donald Trump has signed an executive order to allow crypto investments in 401(k) retirement plans (CD)

  • Jack Dorsey's Block Inc. reports 14% YoY income growth in Q2, stock jumps in extended trading - full earnings breakdown here

  • Trump to allow crypto in 401(k) plans for US workers (CT)

  • Winklevoss twins deepen ties to Trump family with Bitcoin mining investment (CT)

  • China’s central bank is preparing to approve the country’s first renminbi-backed stablecoins (TD)

  • Chainlink launches on-chain reserve to buy back LINK tokens (TD)

  • Salomon Brothers say it has completed process of notifying 'abandoned' crypto wallets (CD)

  • New York's financial regulator fined Paxos $26.5M for compliance failures linked to its past partnership with Binance (DC)

  • Greenidge Generation has agreed to sell its Mississippi Bitcoin mining facility amid financial strain and Trump's latest tariff overhaul (TB)

  • Standard Chartered favours ETH treasury stocks over U.S. Spot ETFs (TD)

  • Ethereum daily transactions hit new high (BK)

  • Bitcoin miner CleanSpark reports record revenue in ‘most successful’ quarter ever (CT)

Venture Capital

  • DeFi project BOB (Build on Bitcoin) raises $21.1M from Castle Island Ventures, Ledger Cathay Fund, RockawayX, and others.

  • Scenius Capital raises $20M for new fund of emerging crypto VC funds (BW)

  • Tether acquires a minority equity stake in Spanish crypto exchange Bit2Me and is leading a $32.7M funding round (TB)

  • Cosmos Health, a Nasdaq-listed healthcare firm, said it has secured up to $300M in financing to launch an Ethereum treasury strategy (TB)

  • DL Holdings plans to raise roughly $83.2M through share placements to support its blockchain and crypto asset initiatives (TB)

M&A Announcements

  • Ripple to acquire Galaxy-backed stablecoin firm Rail for $200M (TB)

Launches

  • Sam Altman's OpenAI GPT-5 drops (WI)

  • Animoca Brands, a Web3 investment firm, is co-developing a real-world asset marketplace in partnership with Provenance Blockchain Labs (TD)

  • PancakeSwap launches a new “Stock Perpetuals” category that lets users trade on-chain futures linked to Apple, Amazon and Tesla shares with up to 25x leverage (TD)

Regulation

  • Trump signs executive order prohibiting debanking of crypto industry (DC)

  • Dubai grants first license for retail Bitcoin options (TD)

  • Dubai and UAE move to align crypto frameworks under new partnership (CT)

Cybersecurity

  • Australian regulators charge four in moving scam proceeds to crypto exchanges (DC)

  • Crypto user loses 3M USDT in phishing attack (TD)

  • The co-founders of the defunct crypto mining service HashFlare asked a US judge to spare them additional prison time after admitting to wire fraud (CT)

Extra Reads

Chart of the Day

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