Michael Saylor’s Strategy, the world’s largest public holder of Bitcoin, made another major investment in the asset during the past week as BTC surged to new historic highs of $118,000.
Strategy acquired 4,225 Bitcoin for $472.5 million last week, the company announced in a US Securities and Exchange Commission filing on Monday.
Strategy’s new Bitcoin buy averaged $111,827 per coin, with BTC surging from about $108,000 on July 7 to $118,000 by the end of the week, according to CoinGecko.
Biotech Firm Sonnet To Form $888mn HYPE Treasury.
Nasdaq-listed biotech company Sonnet BioTherapeutics announced a strategic pivot into crypto, unveiling an $888 million entity to launch a Hyperliquid digital asset treasury.
On Monday, Sonnet said it formed a business combination with the newly created Rorschach to launch a treasury strategy focused on the HYPE token, the native crypto token of the fast-growing Hyperliquid ecosystem.
The deal includes transforming Sonnet into Hyperliquid Strategies Inc, which is expected to be the largest United States-listed public company holding the HYPE token on its balance sheet. The company aimed to hold 12.6 million HYPE tokens, worth about $583 million when the agreement was made.
Grayscale Submits Confidential IPO Filing With SEC.
Cryptocurrency-focused asset manager and exchange-traded fund issuer Grayscale said on Monday that it had filed to list its company shares with the Securities and Exchange Commission under a new clause that enables confidential filings ahead of a final public offering.
Entering public markets would enable Grayscale to seek more funding opportunities through strategies such as public stock offerings, which was leveraged by Michael Saylor’s Strategy, or convertible note offerings, such as GameStop’s $2.25 billion offering from June 13.
Grayscale’s filing comes over a month after Circle, the issuer of the world’s second-largest stablecoin USDC, upsized its IPO to over $1.05 billion and debuted on the New York Stock Exchange on June 5.
Crypto Exchange Coinbase Hits Record $100bn Valuation.
The biggest crypto exchange platform, Coinbase, was at a pivotal crossroads during Monday’s trading session just after Bitcoin sailed to record price heights over the weekend.
According to data from sources, Coinbase’s stock ended up 1.8% at $394.01 per share on the day. At the same time, shares hit a peak of $398.50.
At Monday’s closing price, Coinbase has a market cap of nearly $100.36 billion, the highest market cap the crypto exchange has recorded in history.
Bitwise CIO anticipates Coinbase becoming a trillion-dollar company at some point
Gemini Brings Wall Street To The EU With 14 Tokenized Stocks.
Crypto exchange Gemini is introducing 14 tokenized stocks to its European Union investors. On Monday, on its “List-a-Thon” livestream, the platform announced it will be adding stocks of major US companies like Nike, McDonald’s, Starbucks, Coca-Cola, Uber, and Yum Brands.
The platform now offers 37 equities to EU users following its earlier launches of tokenized stocks in late June and July 3.
The platform included 21 new equities on July 3, like Apple, Tesla, Amazon, Microsoft, Nvidia, and crypto companies such as Coinbase and Marathon Digital Holdings.
BitMine Immersion Surges 40% After Revealing $500mn ETH Treasury.
BitMine Immersion Technologies, the ether strategy firm led by Fundstrat’s Tom Lee, moved quickly to turn dollars into cryptocurrency.
The Las Vegas-based company’s share rose as much as 40% after it said it now holds 163,142 ETH, worth about $500 million, up from the $250 million it raised in a private placement on July 9.
Tom Lee likened the approach to Strategy’s well-known bitcoin play, arguing that that company’s large BTC holdings make the company attractive as a “sovereign put.” Lee said Strategy was an attractive bet “if a nation ever wanted to acquire 5% of the Bitcoin network.”
Mercurity Fintech Launches $500mn DeFi Basket Treasury.
Mercurity Fintech Holding Inc. has filed a Form K-6 with the U.S. Securities and Exchange Commission confirming the launch of its $500 million DeFi Basket Treasury. The company says the treasury will focus on Solana and also include other digital assets like Ethereum, Cardano, Ripple and BNB.
According to the filing, the goal is to improve on-chain returns and create a more balanced digital asset portfolio.
The DeFi Basket marks a new step in Mercurity Fintech’s strategy to move deeper into the world of decentralised finance.
SharpLink Buys Another $73mn In ETH.
SharpLink Gaming saw its stock jump 10.3% on Monday, after adding another $73 million worth of Ethereum to its growing crypto treasury. The company acquired 24,371 ETH via Coinbase Prime, according to Arkham Intelligence data.
This marks SharpLink’s third major ETH purchase in just four days. The firm previously bought 16,374 ETH on Sunday and 21,487 ETH on Friday. Altogether, SharpLink has added 62,232 ETH, worth around $186.4 million, in less than a week.
Since launching its ETH treasury strategy in late May, the company has reportedly accumulated around 294,000 ETH, with 74,464 ETH staked, according to EmberCN.
The Blockchain Group Aims To Raise $7mn To Boost Bitcoin Asset Management Strategy.
The Blockchain Group has announced intentions to secure around $7 million in funding to bolster its Bitcoin asset management initiatives.
This capital injection aims to enhance the firm’s strategic capabilities in managing digital assets, reflecting growing institutional interest in cryptocurrency portfolios.
By expanding its asset management framework, the company seeks to optimize returns while maintaining robust risk controls in the volatile Bitcoin market.
The planned fundraising underscores a broader trend of increased capital allocation towards crypto asset management solutions, highlighting the sector’s maturation and investor demand for professional-grade services.
SEC Approves ProShares XRP ETF; Launch Imminent.
The US Securities and Exchange Commission has approved the listing of the ProShares Ultra XRP ETF on NYSE Arca.
According to a filing dated July 14, the leveraged futures-based fund will trade under the ticker UXRP. Trading is expected to begin by the end of this week.
The ETF has also been added to the Depository Trust & Clearing Corporation eligibility list, a key step before trading. While a product page is already live, the fund was not yet trading at the time of publication.
Meanwhile, ProShares Ultra XRP ETF aims to deliver 2x the daily performance of an XRP index. Rather than owning the token directly, the fund intermediates it through derivative products, namely futures contracts and swap agreements.
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