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

• 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

• On June 17, the Senate passed the Genius Act, a sensible regulatory road map for stablecoins - WSJ report on why this is such a crucial moment for crypto legislation
  

• Public companies are buying more Bitcoin than ETFs for the third quarter in a row - A full breakdown of 'who owns what'

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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