Good Morning,

Here's a quick preview of today’s content: More crypto companies line up to IPO, Saylor pushes the orange button again, KFC in a way helped the GENIUS act pass, Pudgy Penguins CEO is more bullish on web3 than ever before, Tron founder wants to go to space, the British government is thinking about selling billions worth of seized BTC, and so much more

Happy Tuesday - Let’s dive in.

Market Snapshot

• On Monday Bitcoin traded steadily between $118,400 and $119,200, holding recent gains with low volatility.

  • Ethereum pushed above $3,800 before stabilizing around $3,760, ending the day with a near +5% increase and continuing its strong weekly performance

  • XRP reached a new all-time high above $3.60, while BNB, Solana, and other large-cap altcoins posted gains of +2–3%

Market Predictions

• Bettors on Kalshi are predicting on wha the Fed decision will be 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}}

• JPMorgan plans to launch crypto-backed loans (CD)

• Trump Media’s Bitcoin and Bitcoin‑related holdings total an estimated $2B (TB)

• Institutions are driving Ethereum's 'comeback' (CD)

• Robinhood CEO defends OpenAI and crypto stock tokenization, says firm is doubling down on strategy - full statements here

• Apollo and Securitize partnered to offer crypto-native investors blockchain-based access to one of its private credit strategies (BBG)

• Pudgy Penguins CEO Luca Netz says Igloo Inc. is on track to make $50M in revenue in 2025 (BW)

• TRON founder Justin Sun to fly on Blue Origin after bidding $30M for seat years ago (TB)

• Strategy buys 6,220 BTC at $122K ATH in latest major treasury move (CT)

• UK Chancellor weighs selling $7.2B bitcoin stash to cover national deficit (DE)

• Jito upgrades Solana’s block assembly marketplace to optimize MEV revenue distribution (BW)

• Ethereum “Avengers” build $1.5B ETH stockpile across top crypto firms (DE)

• BitGo files for IPO, joining Circle in prepping massive public market debut (DE)

• NFT market cap tops $6B as digital collectibles gain fresh momentum (TB)

• Mercurity Fintech to build $200M SOL treasury with backing from Solana Ventures (TB)

• Conflux unveils plans for offshore yuan stablecoin as China’s CBDC momentum stalls (TB)

• DeFi Development Corp grows Solana treasury to 999,999 SOL in record accumulation pace (TB)

• Ether Machine dubbed largest institutional ETH yield fund as it readies public debut (CT)

• Tornado Cash trial data reveals protocol had relatively low criminal usage compared to public perception (BM)

• Volcon confirms $500M raise to build out bitcoin treasury strategy (TB)

• StablecoinX to go public via SPAC merger with $ENA treasury from Ethena protocol (CT)

Venture Capital

• AI-powered web3 data provider Kaito unveils Capital Launchpad, a Web3 crowdfunding platform launching this week (TB)

• The Ether Machine secures $1.5B to go public in SPAC deal, targeting institutional ETH yield (TD)

• TLGY Acquisition Corp. announces business combination and ~$360M PIPE financing to form StablecoinX, a stablecoin-focused treasury company (BBG)

M&A Announcements

• Polymarket acquires derivatives exchange Qcex to bolster prediction market liquidity and allows the company to re-enter the US market (BW)

• Sequans acquires 1,264 more BTC, bringing its total Bitcoin holdings above 2,300 BTC (BM)

• Gamesquare adds 8,351 ETH to treasury with approval for $150M crypto allocation (TB)

• Bit Origin buys millions in DOGE following $500M raise to establish treasury holdings (DE)

Launches

• MoonPay launches TRON wallet for seamless USDT and TRX onramp access (CS)

Regulation

• Thailand’s SEC tightens ICO rules and adds mandatory investor testing requirements (DE)

Cybersecurity

• CoinDCX confirms $44M stolen in recent hack, marks India’s largest crypto breach to date (TC)

• UK Chancellor Rachel Reeves mulls £5B Bitcoin sale from 2018 Ponzi seizure (TD)

Extra Reads

• The GENIUS Act, now signed into law, gives stablecoin issuers a clear regulatory path - What the GENIUS Act Means for XRP Investors

• Crypto Week, in the end, was a roaring success - How KFC franchisees pushed the GENIUS bill forward

Chart of the Day

The Ethereum network settles over $14T annually, anchors more than $130B in stablecoins, and secures most DeFi activity across the crypto ecosystem.

Meme Dump

Pls send us crypto memes to be featured in the newsletter 🤝

🐦 Follow Us: Visit our X account for daily updates on all things web3, DeFi, & crypto.

💵 Litquidity Ventures: Accredited investors & qualified purchasers within the Litquidity community can gain access to alternative investments such as venture, late-stage growth, and private equity through Litquidity Ventures. Interested? Fill out this form.

☎️ Book a call with Lit: Want to pick Litquidity’s brain on business advice, insights, or just chat to say what’s up? Buy his time here.

📧 Launch your own newsletter: Have great content ideas and looking to launch your own publication? We highly recommend Beehiiv to get started.