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Coinbase Stock Hits New All-Time Closing High, Surging 40% over the Past Month

Shares of Coinbase Global closed Thursday's session at their highest level since hitting the public markets in April 2021. The stock closed at $375.07 per share, up 5.5%.

Shares have been on fire lately, rising nearly 24% over the past five sessions alone and 40% over the past month. Coinbase's previous all-time high closing price was $357.39, set in November 2021. The company's market cap has ballooned to $89 billion.

Coinbase shares have received a significant boost from the presence of Circle Internet's debut on the market. The company behind the world's second-largest stablecoin began trading on June 4 at $31 a share and has surged 500% since then. Circle's stock closed Thursday's session at $213.63.

SEC, Ripple Wants to Settle Crypto Lawsuit, but US Judge Rebuffs Them

A federal judge on Thursday rejected an unusual joint motion by Ripple Labs and the U.S. Securities and Exchange Commission to endorse the cryptocurrency company's reduced $50 million fine to settle a civil lawsuit over the sale of unregistered securities.

U.S. District Judge Analisa Torres in Manhattan chastised both sides for claiming that their settlement in March should excuse Ripple from honoring her permanent injunction against violating the law.

Ripple's chief legal officer Stuart Alderoty posted on X that the company has not decided its next legal steps. An SEC spokesman had no immediate comment.

The case concerned sales of the XRP token, and has been one of the SEC's highest-profile cryptocurrency cases.

Bitcoin Options Market Faces a Large Expiry With $15 Billion Set to Expire Soon

Bitcoin faces one of its largest monthly options expiries this year with $15 billion worth of contracts set to expire Friday out of $40 billion in open interest.

The max pain point is $102,000, where the most contracts would expire worthless, with traders showing only slight pessimism based on a 0.73 put-to-call ratio.

Bitcoin's implied volatility has dropped to its lowest level since October 2023 at 38.29%, suggesting limited expectations for sharp price movements.

Key U.S. Senator Tells White House Crypto Market Structure Bill Will Be Done by Sept. 30

U.S. Senator Tim Scott, the chairman of the Senate Banking Committee, told a White House crypto adviser on Thursday that legislation establishing rules for the U.S. crypto markets will be finished by September 30 — later than President Donald Trump had in mind, but earlier than the year-end prediction from one of the leading lawmakers crafting the bill.

At a Thursday press event in his committee's hearing room, Scott told Trump crypto adviser Bo Hines that the new deadline is possible for the legislation, and expressed agreement with Trump that the U.S. House of Representatives should also quickly sign off on the stablecoin bill the Senate passed last week.

Scott, whose committee recently shared some guidelines for how some senior Republicans want the markets regulations to look, said he intends a timeline "seeing market structure completed before the end of September. I think that is a realistic expectation."

Bakkt Looks to Raise $1 Billion to Fund Bitcoin and Digital Asset Treasury Play

Bakkt, the publicly traded crypto custody and loyalty rewards company, is looking to raise up to $1 billion through equity and debt offerings to fund a Bitcoin acquisition strategy, according to a prospectus filed with the U.S. Securities and Exchange Commission on Thursday. The shelf offering could include sales of Bakkt's Class A common stock, preferred stock, warrants, and debt securities.

On June 10, Bakkt announced an updated investment policy "to allocate capital into Bitcoin and other digital assets as part of its broader treasury and corporate strategy." The firm has not yet made any crypto purchases, according to the SEC filing.

Metaplanet Boosts Bitcoin Stash Above $1.3 Billion With 1,234 BTC Buy

Bitcoin treasury firm Metaplanet has amassed an additional 1,234 Bitcoin worth nearly $132 million, based on the current price, marking its third-largest BTC buy to date, according to a disclosure released by the firm on Thursday.

The Japan-based firm purchased the Bitcoins for 15,617,281 yen per token, or around $108,129 at the current conversation rate, the filing shows. The purchase date remains unclear.

This latest acquisition brings Metaplanet’s Bitcoin holdings to 12,345 BTC, worth more than $1.32 billion at the current price. The company recently announced that it is looking to accumulate 100,000 Bitcoin by 2026.

Bitcoin Spot ETF Flow

The overall net inflow of the US Bitcoin spot ETF on Thursday was $228.15 million. The total net asset value of Bitcoin spot ETFs is $133.53 billion, and the ETF net asset ratio (market value compared to total Bitcoin market value) is 5.75%.

Source: SoSoValue

The Bitcoin spot ETF with the highest net inflow on June 26 was iShares Bitcoin Trust ETF (IBIT), with a net inflow of $163.72 million. Following that was Fidelity Wise Origin Bitcoin Fund (FBTC), with a net inflow of 32.85 million, according to SoSoValue.

Source: SoSoValue