Latest developments: Edelman argues investor sentiment and industry fundamentals are moving in opposite directions.

• Bitcoin ETF investors have pulled billions from funds in recent days, while market fears have risen amid concerns about Mt. Gox wallet movements and regulatory uncertainty, Edelman said.
• Debate around the CLARITY Act has added to uncertainty, with lawmakers including Sen. Bernie Sanders and Sen. Elizabeth Warren pushing for additional provisions related to crypto oversight, according to Edelman.
• The result is a market focused on negative headlines even as major financial institutions continue expanding crypto-related initiatives.
• Edelman joined CoinDesk’s Jennifer Sanasie on Public Keys.

The contrast: Wall Street firms are increasing their involvement despite weak market sentiment.

• BlackRock, JPMorgan, Morgan Stanley, Franklin Templeton, Fidelity, State Street and Invesco are all advancing tokenization efforts, Edelman said.
• Tokenization is expanding beyond crypto assets into equities, cash and ETFs, according to Edelman.
• Institutional investors are showing growing interest in crypto exposure, with many firms planning first-time allocations or increasing existing positions, he said.

Worth watching: The fate of the CLARITY Act could shape crypto markets in the months ahead.

Franklin Templeton has completed its acquisition of crypto asset manager 250 Digital, adding new cryptocurrency investment strategies to its platform as the firm manages $1.78 trillion in assets worldwide.

According to Franklin Templeton, the deal has resulted in the creation of a new division called Franklin Crypto, which combines the investment team and crypto strategies previously operated by 250 Digital with Franklin Templeton’s existing digital asset capabilities.

Former 250 Digital executives Christopher Perkins and Seth Ginns will lead the unit alongside Franklin Templeton digital assets executive Tony Pecore. The financial terms of the transaction were not disclosed.

The acquisition closes a transaction first announced in April and comes after CoinFund spun out its liquid strategies business into 250 Digital earlier this year as the investment firm concentrated on venture-focused activities.

Franklin Crypto expands institutional investment offerings

Within the newly established division, Franklin Templeton said institutional investors will gain access to actively managed cryptocurrency strategies supported by the former 250 Digital team and the asset manager’s global distribution network.

Alongside the acquisition, Franklin Templeton continues to add crypto-related products across several parts of its business.

Earlier this month, the company integrated its BENJI tokenized money market fund with MoonPay Trade, allowing institutional clients to exchange stablecoins such as USDC and USDT for BENJI through MoonPay’s on-chain trading infrastructure.

Days later, Franklin Templeton filed to launch two exchange-traded funds that would automatically direct stock dividend income into Bitcoin-linked investments, according to previous crypto.news reporting.

Those developments follow several initiatives announced this year. In February, Franklin Templeton unveiled a partnership with Binance that enables institutional investors to use tokenized money market fund shares as collateral for cryptocurrency trading while maintaining regulated custody of the underlying assets.

Soon after, the company partnered with Ondo Finance to make tokenized exchange-traded funds available on blockchain networks, extending access to selected investment products beyond traditional brokerage platforms.

Tokenized asset growth accelerates across the market

Growth in Franklin Templeton’s tokenization business has accompanied its expansion into crypto investing.

According to data from RWA.xyz, the firm’s tokenized assets have increased from roughly $768 million in June 2025 to more than $2.5 billion today, more than tripling over the past year.

Industry-wide figures reported by RWA.xyz show similar momentum. The value of on-chain real-world assets has climbed from approximately $11.8 billion a year ago to $32.2 billion, highlighting continued adoption of tokenized financial products across blockchain networks.

Existing digital asset operations remain an important part of Franklin Templeton’s strategy. Beyond launching investment products, the company maintains a dedicated digital assets unit focused on research, portfolio construction, and institutional risk management.

Operating in more than 35 countries, Franklin Templeton said the addition of 250 Digital strengthens its ability to serve institutional clients seeking cryptocurrency exposure while expanding the range of digital asset products available through its platform.

Market forecasts have ballooned in recent years. Citi has estimated tokenized assets could reach a $5 trillion market capitalization by 2030, while a report from Boston Consulting Group and Ripple projected a market worth $18.9 trillion by 2033.

Patent battle over tokenization infrastructure

At the center of the dispute are patents covering compliance systems for tokenized securities, digital asset issuance and redemption technology and blockchain-based trading infrastructure.

tZERO said its investigation concluded that products including Securitize’s DS Protocol and Vault Registrar infringe patents covering self-enforcing compliance controls for security tokens and crypto integration systems.

The company said it is also investigating potential infringement by at least six other firms across tokenization, institutional crypto infrastructure and decentralized finance.

Securitize rejected the claims.

“tZERO’s allegations are without merit and run counter to the spirit of fair play that defines our industry at its best,” the company said in a statement posted on X.

Early pioneers clash amid growing stakes

The dispute pits two pioneers of tokenization against each other.

tZERO launched in 2014 and has spent more than a decade building technology for regulated digital asset markets and says it holds 105 patents globally across 23 patent families related to tokenized capital markets. NYSE parent Intercontinental Exchange made a strategic investment in the company in 2022, and tZERO unveiled plans last year to go public.

Solana (SOL) captured 95% of all tokenized equity trading activity across blockchains last week, setting a new record with $1.29 billion in trading volume. The surge comes as SOL trades more than 75% below its all-time high near $295, leaving SOL traders divided on whether the asset is nearing a cycle bottom.

SOL onchain activity continues to expand across several metrics, even as a SOL price reversal remains the central focus for market traders.

Tokenized equities on Solana hit record activity

Data shows Solana generated $21 million in weekly app revenue, ahead of Ethereum, Hyperliquid, and Base. Over the past month, Solana applications produced $82.84 million in revenue, compared with $67.43 million on Hyperliquid and roughly $51 million on Ethereum.

App revenue generated by chains. Source: DefiLlama

Solana has also led the charge for tokenized equity trading on its chain. Independent reporting from Solana Floor noted that the network recorded its largest week on record for tokenized stock trading, with $1.29 billion in volume, accounting for 95% of activity across all chains.

According to Solana Floor, last week’s volume exceeded the total for the entire previous month, driven largely by the release of SpaceX’s IPO token, SPCX. 

At the same time, the total value locked (TVL) on Solana stands near $5.7 billion. TVL measures the value of assets deposited across decentralized finance applications and serves as a gauge of onchain capital participation.

Solana’s TVL chart. Source: DefiLlama

That figure sits well below Solana’s all-time high TVL of roughly $13 billion from September 2025, showing that capital committed to DeFi applications has not returned to peak-cycle levels despite strong transaction activity and revenue generation.

Related: These XRP price charts hint at potential 25% relief rally in July

SOL traders remain split on accumulation timing

Market analysts and traders remain divided on whether SOL has already entered a durable bottoming phase.

Crypto trader Ardi said Solana is approaching the area that attracts the trader’s attention for the next bull cycle. Ardi noted that SOL has already fallen about 77% to $60, from its cycle peak near $295. 

Drawing on historical drawdown compression seen in Bitcoin and Ether, Ardi said an 80%–85% decline would place SOL in the $45-$60 range, the most attractive accumulation zone.

SOL/USD, one-week analysis by Ardi. Source: X

Crypto trader Bluntz took a more constructive view, arguing that the price forming a weekly bullish divergence with respect to the relative strength index (RSI) following an 80% drawdown often appears near the market lows. The trader implied that SOL could trend higher sooner rather than later based on this setup. 

Meanwhile, crypto trader Dyme urged caution, noting that Solana spent roughly 500 days from May 2022 to October 2023, building a base before its last major recovery. The comparison suggests that SOL may require a longer period of sideways trading before a durable bottom forms. 

SOL/USD, one-week chart analysis by Dyme. Source: X

Trading Stable founder Ryan Clark also questioned the recent optimism, noting that SOL continues to trade below the key weekly 50-period and 200-period simple moving averages. The analyst, popularly known as HORSE, said that a move back above the $90 region would provide a stronger technical signal. 

For now, the debate centers on whether demand SOL can build higher before the price reaches the $45-$60. 

Related: Altcoin selling tops $266B as capital rotates out of crypto: Is altseason extinct?

Political action committees (PACs) backed by cryptocurrency companies and aligned interest groups have bet more than $8 million to support candidates in Tuesday’s primaries across three US states, which could impact the makeup of the country’s Congress in 2027.

As of Monday, the Protect Progress PAC, an affiliate of Fairshake that supports Democratic candidates, reported spending more than $516,000 on media for April McClain Delaney, running in Maryland’s 6th congressional district. However, much of the PAC’s attention has been focused on two races in Maryland and New York, where it reported combined expenditures of more than $5.5 million and $1.4 million, respectively, for primary races in the states’ 5th and 15th congressional districts, for Adrian Boafo and Ritchie Torres.

Filings with the Federal Election Commission (FEC) showed that Protect Progress had spent about $24,000 on ads to oppose Quincy Bareebe and $74,000 for media opposing Harry Dunn, both running against Boafo in Maryland’s 5th district. Dunn and Bareebe, along with Rushern Baker, who is running in the same primary, issued a statement on June 15 against what they called the “influence of dark money and special interests” in the race: 

“We are calling on Governor Moore, Senator Alsobrooks, and Congressman Hoyer to answer directly: Do you support nearly $8 million in outside spending from crypto billionaires and AIPAC in a Maryland Democratic primary? If not, they should say so publicly and call on Adrian Boafo to reject it.”

Defend American Jobs, another Fairshake affiliate, reported spending more than $400,000 on Republican Blake Moore’s primary in Utah’s 2nd congressional district. All expenditures followed what a Fairshake spokesperson called the “biggest spend of the cycle” in last week’s Alabama primary runoff, resulting in a win for Republican Barry Moore after the PAC spent more than $12 million on ads.

Source: FEC

Related: NYSE owner ICE to launch oil-linked futures with OKX

The Fellowship PAC, another committee backed by $11 million from Cantor Fitzgerald and Anchorage, disclosed $300,000 in spending to support Torres’ New York run.

Are Colorado and Arizona next?

With the three US state primaries to be decided on Tuesday, many expect Fairshake and other crypto-aligned PACs to turn their attention to Colorado and Arizona, which are scheduled to hold primaries on June 30 and July 21, respectively.

As of Monday, none of the PACs had disclosed significant spending in any congressional races in the two US states. However, in 2024, Fairshake and its affiliates poured more than $10 million into media to support Ruben Gallego’s Senate race in Arizona and $2.1 million for Democratic Representative Yadira Caraveo in Colorado’s 8th district.

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Crypto-backed political action committees have spent more than $8 million supporting candidates in congressional primary races across three U.S. states ahead of Tuesday’s elections.

According to filings with the U.S. Federal Election Commission, much of the spending has come from political groups linked to Fairshake, the crypto industry-backed PAC that has emerged as one of the most active players in the 2026 election cycle.

Protect Progress, a Fairshake affiliate that supports Democratic candidates, has directed the largest share of its spending toward races in Maryland and New York.

FEC records show the PAC spent more than $5.5 million backing Maryland state Delegate Adrian Boafo in the Democratic primary for the state’s 5th Congressional District. In New York’s 15th District, the group reported more than $1.4 million in expenditures supporting incumbent Representative Ritchie Torres.

Additional spending has targeted other contests. Protect Progress reported more than $516,000 in media expenditures supporting April McClain Delaney, who is seeking the Democratic nomination in Maryland’s 6th Congressional District.

Fairshake affiliates concentrate resources on key races

While much of the money has been directed toward boosting preferred candidates, FEC filings also show spending against rivals. Protect Progress disclosed roughly $24,000 in advertising opposing Quincy Bareebe and another $74,000 in media spending targeting Harry Dunn, both of whom are competing against Boafo in Maryland.

Political opposition to the spending has surfaced during the final stretch of the campaign. In a June 15 joint statement, Democratic candidates Harry Dunn, Quincy Bareebe, and Rushern Baker criticized what they described as the growing role of outside money in the race.

The candidates called on Maryland Governor Wes Moore, Senator Angela Alsobrooks, and Representative Steny Hoyer to publicly address whether they supported millions of dollars in spending from crypto industry donors and other outside groups backing Boafo’s campaign.

Elsewhere, Defend American Jobs, another Fairshake-affiliated PAC, reported spending more than $400,000 in support of Republican Representative Blake Moore as he seeks renomination in Utah’s 2nd Congressional District.

The latest expenditures follow what a Fairshake spokesperson previously described as the “biggest spend of the cycle” during Alabama’s Republican primary runoff. According to campaign finance disclosures, Fairshake-backed groups spent more than $12 million on advertising in that contest before Republican Barry Moore secured victory.

Colorado and Arizona emerge as the next battlegrounds

Attention is already turning to upcoming primaries in other states as Tuesday’s contests conclude.

Campaign finance records reviewed on Monday showed no major spending by Fairshake-linked groups in Colorado or Arizona, where congressional primaries are scheduled for June 30 and July 21, respectively. Even so, previous election cycles suggest both states could become targets for future investment.

During the 2024 election cycle, Fairshake and affiliated committees spent more than $10 million supporting Ruben Gallego’s successful Senate campaign in Arizona. The organization also invested approximately $2.1 million in backing Democratic Representative Yadira Caraveo in Colorado’s 8th Congressional District.

Separate disclosures also highlight activity from other crypto-aligned political organizations. Fellowship PAC, a committee backed by roughly $11 million in funding from Cantor Fitzgerald and Anchorage Digital, reported spending $300,000 to support Torres in New York’s primary race.

With several competitive congressional contests still ahead on the election calendar, spending by crypto-backed political groups remains concentrated on races where outside money could influence closely fought primaries.

Global asset manager Franklin Templeton has completed its acquisition of crypto asset manager 250 Digital, closing a deal first announced in April and expanding its digital asset business with a new division focused on cryptocurrency investing.

As part of the transaction, Franklin Templeton absorbed 250 Digital’s investment team and cryptocurrency strategies into a newly created division called Franklin Crypto. The unit will be led by former 250 Digital executives Christopher Perkins and Seth Ginns alongside Franklin Templeton digital assets executive Tony Pecore.

The acquisition follows CoinFund’s decision earlier this year to spin out its liquid strategies business into 250 Digital as the crypto investment firm sharpened its focus on venture investing.

Franklin Templeton said Franklin Crypto will offer institutional investors actively managed cryptocurrency strategies, combining the investment capabilities of the former 250 Digital team with the asset manager’s global distribution network. The company did not disclose the financial terms of the acquisition.

The new division builds on the asset manager’s existing digital asset business, which includes a dedicated unit focused on digital asset research, portfolio construction and institutional risk management. Franklin Templeton manages approximately $1.78 trillion in assets and operates in more than 35 countries, according to the company. 

Related: Blockworks acquires Messari in crypto data consolidation push

Franklin Templeton broadens crypto and tokenization efforts

The acquisition is the latest in a series of moves by Franklin Templeton to expand its digital asset business across cryptocurrency investing and tokenized financial products.

In February, the company announced a partnership with Binance that lets institutional investors use tokenized money market fund shares as collateral for cryptocurrency trading. Under the framework, the tokenized fund shares remained in regulated custody while their collateral value is reflected within Binance’s trading system.

In March, Franklin Templeton partnered with Ondo Finance to offer tokenized exchange-traded funds (ETFs) on blockchain networks, expanding access to its investment products beyond traditional brokerage accounts. Last week, the firm also proposed two ETFs that would reinvest stock dividends into Bitcoin-linked investments, creating a hybrid strategy spanning equities and digital assets.

RWA.xyz data shows Franklin Templeton’s tokenized assets have more than tripled over the past year, rising from about $768 million in June 2025 to more than $2.5 billion today.

The broader tokenized asset market has also expanded rapidly, with onchain RWA value rising from about $11.8 billion to $32.2 billion over the past year.

The value of Franklin Templeton’s tokenized assets. Source: RWA.xyz

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Solana’s blockchain is making a strong case for “real” activity even as its native token, SOL, struggles to regain momentum. Last week, Solana accounted for 95% of all tokenized equity trading volume across blockchains, reaching a record $1.29 billion in activity, according to reporting cited from Solana Floor.

At the same time, investors are split on whether SOL’s recent drawdown is nearing a sustained bottom. The token is currently down more than 75% from its all-time high near $295—leaving traders to debate whether the next leg up is already forming or still requires more time to confirm.

Key takeaways

• Solana recorded $1.29B in tokenized equity trading volume last week, representing 95% of cross-chain activity.
• Solana’s weekly app revenue hit $21M, and its last-month revenue rose to $82.84M, per DefiLlama data.
• Despite growth in trading and revenue, Solana’s TVL is about $5.7B—far below its prior all-time high near $13B.
• SOL traders are divided between “near-term bottom” expectations and a longer consolidation window.

Tokenized equities drive Solana’s weekly record

While mainstream crypto markets continue to fixate on price action, Solana’s onchain business metrics offer a different headline. DefiLlama data shows Solana generated roughly $21 million in weekly app revenue, placing it ahead of other ecosystems including Ethereum, Hyperliquid, and Base. Over the past month, Solana apps produced about $82.84 million in revenue, compared with approximately $67.43 million on Hyperliquid and around $51 million on Ethereum.

Beyond broader application revenue, Solana Floor’s reporting highlights a more specific catalyst: tokenized stock trading. According to Solana Floor, Solana logged its largest week on record for tokenized stock activity, with $1.29 billion in volume. That figure represented 95% of the total tokenized equity trading activity across all chains tracked.

Solana Floor also attributed much of that acceleration to the release of SpaceX’s IPO token, SPCX. In practical terms, that matters because tokenized equity narratives often bring new participants who may not otherwise engage with standard DeFi markets—potentially boosting both volume and downstream ecosystem usage.

Revenue climbs, but TVL remains well below peak-cycle levels

Transaction activity and app revenue can rise even when broader capital exposure remains muted, and Solana’s latest snapshot reflects that tension. DefiLlama indicates Solana’s total value locked (TVL) stands near $5.7 billion. TVL is commonly used to gauge how much capital is parked across decentralized finance applications.

However, Solana’s current TVL is still well under its all-time high TVL of roughly $13 billion from September 2025. The gap suggests that while more trading is occurring—particularly in tokenized equities—capital committed to the wider DeFi stack has not fully returned to the levels seen during peak cycle conditions.

For investors, this distinction matters. Rising trading volume can attract attention, but the strength and sustainability of the broader ecosystem often becomes clearer when TVL re-expands—especially after major catalysts fade. The question now is whether tokenized equity demand can translate into more persistent liquidity across Solana’s DeFi venues.

SOL price debate: bottoming zone vs. “still too early”

Price remains the battleground, and traders are not aligned on the timing of any durable bottom. Crypto trader Ardi argued that SOL is approaching an area he associates with accumulation for the next bull cycle. Ardi noted that SOL has fallen roughly 77% to around $60 from a cycle peak near $295.

Building on historical drawdown patterns seen in Bitcoin and Ether, Ardi suggested that an additional 80%–85% decline from earlier reference points could place SOL in a $45–$60 accumulation band.

Not everyone is waiting for that deeper move. Bluntz took a more constructive view, pointing to a weekly bullish divergence using the relative strength index (RSI) after an 80% drawdown—an arrangement that the trader said often appears near market lows. The implication is that SOL might start trending higher sooner rather than after further capitulation.

Meanwhile, Dyme urged caution by emphasizing how long Solana previously spent constructing a base. The trader noted that SOL traded sideways for roughly 500 days from May 2022 to October 2023 before its last major recovery. The comparison suggests that if history is any guide, SOL may need a prolonged period of consolidation to confirm a durable bottom rather than a quick rebound.

Technical levels also remain a key reference point. Trading Stable founder Ryan Clark (popularly known as HORSE) questioned recent optimism, noting SOL is still trading below key weekly simple moving averages—specifically the 50-period and 200-period. In his view, a return above the $90 area would provide a stronger technical signal.

For now, the crux of the disagreement is straightforward: can market demand start lifting SOL before it reaches a potential $45–$60 zone, or will SOL require more time—and possibly more downside—before buyers step in with enough consistency?

What to watch next: whether activity converts into sustained capital

Solana’s record tokenized equity volumes show that parts of its ecosystem are attracting attention and participation, and the revenue figures reinforce that activity is translating into measurable value. The open issue is whether that momentum will be reflected in broader liquidity, as TVL remains below prior peak levels. Traders watching SOL’s charts will likely focus on whether price can reclaim important moving-average territory, while ecosystem observers should watch for any follow-through in TVL that indicates capital is broadening beyond isolated catalysts.