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Bitcoin Surpasses $105,000 with a Narrowed 1.43% Decrease in 24 Hours

Bitcoin has crossed the $105,000 benchmark and is now trading at $105,467, with a narrowed 1.43% decrease in 24 hours.

Senate Passes Stablecoin Bill in Win for Crypto, Trump

The US Senate passed stablecoin legislation setting up regulatory rules for cryptocurrencies pegged to the dollar, in a landmark win for the ascendant crypto industry and President Donald Trump.

The 68-30 vote on Tuesday evening marked a rare moment of bipartisanship in the deeply divided Senate, despite Republicans blocking Democratic efforts to bar Trump from profiting from his many crypto ventures while in office.

A Trump-affiliated stablecoin already has a $2 billion market value.

Coinbase Reportedly Seeking to Offer Stock Trading Via Blockchain

Coinbase Global, Inc. is seeking permission to offer "tokenized equities" to its customers, according to a media report on Tuesday. If approved, the move would allow its customers to trade stocks on the blockchain, effectively bringing the crypto exchange into direct competition with online brokers, such as Robinhood and Charles Schwab.

Coinbase Chief Legal Officer Paul Grewal called the initiative a "huge priority," Reuters reported on Tuesday. Similar to crypto trading, investors would hold tokens that represent ownership in the securities, instead of directly owning the securities.

Tron Inc. Gains Control of SRM Entertainment in $100 Million Deal

SEC filings reveal that Sun Weike, father of Justin Sun, has acquired control of the publicly listed company SRM Entertainment through a $100 million TRX token PIPE transaction. The company will be renamed Tron Inc. The deal was arranged by Dominari Securities, which is associated with the Trump family. Following the transaction, Sun Weike will become the chairman of the board, and Tron executives will join the audit, compensation, and nomination committees. Although the transaction does not directly involve Tron DAO, it is seen as an arrangement led by its core management. The newly formed company plans to emulate MicroStrategy by holding up to $210 million in TRX as a strategic asset.

JPMorgan to Pilot Deposit Token JPMD on Coinbase-Linked Blockchain

JPMorgan Chase will launch a pilot for a token called JPMD that represents dollar deposits at the world’s biggest bank, as financial institutions deepen their push into the digital-asset sector.

In a transaction expected to take place within days, JPMorgan will move a fixed amount worth of JPMD from the bank’s digital wallet to the biggest US crypto exchange, Coinbase Global, Inc., Naveen Mallela, global co-head of the bank’s blockchain division Kinexys by JPMorgan, said in an interview.

Marshall Wace Books $700 Million Gain on Circle’s Hot IPO

An early investment in stablecoin issuer Circle Internet Corp. has turned into one of the most profitable trades ever for Marshall Wace, netting a roughly $700 million profit from crypto firm’s stellar initial public offering.

Marshall Wace’s XO Digital Finance Fund, in which its flagship Eureka hedge fund is the principal investor, recorded an estimated 47% internal rate of return on its investment, according to a person familiar with the deal. A spokesperson for Marshall Wace declined to comment.

The fund participated in a $400 million funding round for Circle, the issuer of USDC, in 2022, according to a press release at the time. The fund retains a long position following Circle’s IPO, the person said, asking not to be identified as the details aren’t public.

Elon Musk's xAI Invests Heavily in AI Development Amid Funding Efforts

Elon Musk's artificial intelligence company, xAI, is investing $1 billion monthly in the development of its AI models. The company is seeking to raise $9.3 billion through debt and equity financing, with plans to spend more than half of this amount within the next three months. Despite these significant investments, xAI has informed investors that it expects to generate only $500 million in revenue this year.

In an effort to compete with rivals like OpenAI, xAI is rapidly constructing a high-cost supercomputing center in Tennessee. Some investors believe xAI holds a competitive edge due to its merger with Musk's social media platform, X, which allows access to user-generated news, posts, and other information for training its AI models.

Bitcoin Spot ETF Flow

The overall net inflow of the US Bitcoin spot ETF on Tuesday was $216.48 million. The total net asset value of Bitcoin spot ETFs is $128.18 billion, and the ETF net asset ratio (market value compared to total Bitcoin market value) is 6.18%.

The Bitcoin spot ETF with the highest net inflow on Jun. 17 was iShares Bitcoin Trust ETF, with a net inflow of $639.19 million, according to SoSoValue.

SoSoValue