TLDR:

• Ripple Prime joins 50+ firms in DTCC’s tokenization working group, including BlackRock and JPMorgan.
  
• DTCC plans limited live production trades in July 2026, with a full service rollout set for October 2026.
  
• The SEC issued a No-Action Letter in December 2025, authorizing DTC’s tokenization service for three years.
  
• Ripple Prime gains access to DTCC clearing rails, helping link tokenized securities with XRP Ledger liquidity.
  

Ripple Prime has joined the Depository Trust & Clearing Corporation’s (DTCC) tokenization initiative alongside BlackRock, JPMorgan, and more than 50 other institutions.

The service targets tokenized equities, ETFs, and U.S. Treasuries, with limited production trades set for July 2026 and a full rollout planned for October 2026.

The move places Ripple Prime at the center of one of the most closely watched developments in institutional finance this year.

Ripple Prime Steps Into a Historic Institutional Push

More than 50 organizations are collaborating within DTCC’s Industry Working Group to help shape the service, representing a broad cross-section of the financial sector.

Major participants include JPMorgan, Bank of America, Citadel Securities, Invesco, HSBC, Charles Schwab, BlackRock, Nasdaq, NYSE, Robinhood, and Wells Fargo.

Ripple Prime is the prime brokerage born from the $1.25 billion Hidden Road acquisition. Its presence in the working group puts it directly alongside institutions that collectively manage trillions in assets. That positioning carries weight well beyond the digital asset sector.

From the digital assets sector, Ripple Prime joins USDC issuer Circle, digital asset infrastructure firm Fireblocks, tokenization leader Ondo Finance, and exchanges Kraken and Backpack.

Together, these firms represent the crypto-native layer of what is otherwise a largely traditional financial initiative.

Social media reactions followed quickly after the announcement. Account @InvestWithD noted that Ripple Prime is helping test, validate, and shape institutional infrastructure alongside Wall Street’s biggest players.

The post also clarified that Stellar is separately positioned as the public blockchain for DTCC’s multi-chain strategy — a point that had caused confusion among many observers.

What the DTCC Initiative Means for Ripple Prime

DTCC is working to connect traditional clearing and settlement rails with blockchain-based representations of real-world assets.

Rather than building separate systems, the goal is to embed tokenization directly within existing post-trade infrastructure.

The target assets are those already held inside its subsidiary, The Depository Trust Company — Russell 1000 equities, major ETFs, and U.S. Treasuries.

The SEC issued a No-Action Letter in December 2025 authorizing DTC to operate a defined tokenization service for three years.

That ruling provided the regulatory foundation institutions needed to participate openly. It also signaled broader federal comfort with tokenized securities operating within established financial systems.

Ripple Prime’s participation grants it access to DTCC clearing rails as a prime broker, a direct view into how tokenized securities will be issued and settled, and the ability to design products linking DTCC-based assets with XRP Ledger-based collateral and liquidity. Those capabilities stand to strengthen Ripple Prime’s offering across institutional markets.

For Ripple Prime, securing a seat alongside JPMorgan, BlackRock, Bank of America, and Goldman Sachs elevates its credibility massively across institutional markets.

Whether XRP plays a direct settlement role remains an open question, but Ripple’s formal place in this process is now confirmed.

Strategy, the billion-dollar holder of Bitcoin in the corporate treasury space, is once again sparking investor intrigue as a pivotal proxy vote on its STRC dividend schedule nears. Executive chairman Michael Saylor used social media to hint at forthcoming news regarding the company’s BTC holdings, posting a chart that tracks Strategy’s Bitcoin purchases over nearly six years. The message, paired with a broader push from the firm’s leadership, arrives just days before shareholders vote on whether STRC dividends should switch from a monthly cadence to a semi-monthly one.

Market context matters here. Strategy is reported to own 843,706 BTC, with an average cost basis of about $75,701 per coin. Bitcoin itself traded around $62,150 during the reporting window, having declined roughly 16.6% over the past week. The numbers underscore a contrast between a large, patient holder and the near-term price volatility that can accompany major treasury moves.

Last week, Strategy paused new Bitcoin accumulation after repurchasing some corporate debt, a move that briefly unsettled traders who feared potential liquidity needs could force BTC sales. The interplay between debt management, treasury buybacks, and the proposed dividend change forms the core of the current investor dialogue.

Key takeaways

• Michael Saylor signaled potential news on Strategy’s Bitcoin holdings through a social post and a tracking chart, suggesting upcoming disclosure or activity ahead of the STRC dividend vote.
• Strategy reportedly holds 843,706 BTC with an average purchase price near $75,701 per Bitcoin, while BTC traded near $62,150 amid a weekly price drop of about 16.6% (CoinMarketCap data).
• The STRC dividend proposal would shift from monthly to semi-monthly payments, aiming to reduce reinvestment lag, improve liquidity, and enhance market efficiency, pending approval by 50% of outstanding shares as of a set date.
• A recent debt repurchase pause raised concerns about funding flexibility and potential BTC selling, highlighting the delicate balance Strategy must maintain between liquidity needs and its Bitcoin accumulation strategy.
• Retail proxy-voting participation remains modest relative to institutions, a dynamic that could influence the outcome of the STRC vote regardless of the underlying fundamentals.

Hints of renewed BTC activity as the vote approaches

In a highly anticipated sequence of moves, Saylor’s X post—“A good time to add more dots”—was accompanied by a link to a chart tracking Strategy’s Bitcoin purchases since the firm began accumulating BTC. The chart, maintained by StrategyTracker.com (an Iceland-registered tracker used by the investor community), has become a recurring preface to any news about new BTC activity from Strategy. The cadence and visibility of these posts have underlined Saylor’s appetite for transparency around Strategy’s Bitcoin treasury, even as the voting process unfolds.

Phonemically echoing the same theme, Strategy’s CEO Phong Le amplified the message, stating that the company’s corporate strategy is to increase net Bitcoin and Bitcoin per share over time. “Rumors otherwise are just rumors,” he said in a follow-up post, reinforcing the leadership’s stance that the treasury strategy remains intentional and forward-looking.

For investors, the implications hinge on whether Strategy uses any new purchases to support an expanding BTC stack or to reinforce the existing position’s cost basis amid a volatile price backdrop. The average cost of 75,701 per BTC provides a rough guide for evaluating near-term purchases against current price levels, though market dynamics and funding considerations will ultimately shape execution if and when purchases are announced.

BTC’s price context matters too. The firm’s holdings sit against a broader market where Bitcoin traded around $62,000, after a pronounced weekly drop. Such price action can influence decisions on timing and size of any new acquisitions, particularly for a publicly traded vehicle with a stated objective of growing BTC exposure per share.

Readers may recall that last week’s debt repurchase move temporarily paused additional Bitcoin accumulation. In the immediate aftermath, traders weighed the possibility that the company could be compelled to liquidate some BTC to finance buybacks. While there is no public indication that such a sale is imminent, the episode underscores the tension between liquidity management and ongoing accumulation goals.

STRC dividend cadence: what the proxy asks for and why it matters

The current ballot asks Strategy’s shareholders to approve a change in the way STRC dividends are paid—from a traditional monthly cadence to semi-monthly installments. Management argues that semi-monthly payments could reduce reinvestment lag, improve market liquidity, increase price stability, and narrow spreads by offering more frequent entry and exit points for investors. In a keynote tied to the Synergy26 conference for registered investment advisers, Saylor described the potential impact as a reduction in volatility and an improvement to the Sharpe ratio, noting that while thousands of companies pay quarterly dividends and a subset pays monthly, Strategy would be among the few to pay twice monthly if approved.

The mechanics of passage are clear: the amendment requires the support of 50% of all STRC shares outstanding as of April 17, 2026, which totals 85 million shares. The final decision is expected to land at Monday’s shareholder meeting, pending any last-minute developments. In practice, the voting dynamic could hinge on how many retail holders participate. A Harvard Law School Forum on Corporate Governance acknowledgment of voting patterns shows retail investors historically casting around 29% of their shares, compared with 77% by institutional holders, a gap that could influence outcomes that depend as much on participation as on price signals.

In parallel coverage, market observers have also noted Strategy’s leverage-facing dynamics in its broader Bitcoin model, with discussions of stress tests and the resilience of a treasury-driven approach in the face of volatility. While such analyses provide important context, the STRC vote remains the decisive lever for governance-related changes to the company’s dividend policy and liquidity management framework.

For reference, the STRC-vote story sits within a larger ecosystem of corporate treasury strategies and how, in practice, large BTC holders navigate liquidity, leverage, and governance risk. Related coverage on Strategy’s leveraged Bitcoin approach has highlighted the stress-testing dimensions that accompany a treasury-led model, underscoring that even well-capitalized programs must adapt to market conditions and shareholder expectations.

What comes next and what to watch

The next days will clarify whether Strategy moves forward with new BTC activity and how the STRC dividend change is received by the market. Investors should watch for any formal disclosures of additional Bitcoin purchases, as indicated by Saylor’s public signals and the StrategyTracker channel, alongside updates from Strategy’s proxy solicitations and voting results as the Monday meeting concludes.

In the broader context, the vote reinforces ongoing debates about how corporate treasuries should balance growth objectives with liquidity and governance norms. As Strategy contends with market volatility and a changing dividend landscape, readers should monitor how the outcome could affect correlations between Bitcoin holdings and shareholder value, especially for investors tracking how treasury policy translates into market behavior and risk-adjusted returns.

Next steps will hinge on the voting outcome, potential new BTC activity, and how the market perceives the balance between Strategy’s treasury strategy and the evolving needs of its investors. If the semi-monthly dividend shift passes, expect increased attention on how the company times reinvestments and how liquidity management shapes future BTC accumulation decisions.

TLDR:

• Solana recorded $716M in real-world asset net inflows in May, the highest figure across all blockchains.
• Mastercard launched always-on USDC stablecoin settlement on Solana, linking traditional finance to the network.
• Backpack Securities introduced a U.S.-regulated brokerage merging traditional stocks with Solana-native tokenization.
• Solana captured roughly 60% of total onchain collectibles volume while Solana Mobile crossed 1,000 dApp Store apps.

The Solana ecosystem recorded a wave of institutional and developer activity in May, even as SOL traded near $65. Mastercard launched always-on USDC settlement on the network.

Backpack introduced a regulated brokerage for tokenized stocks. Real-world asset inflows hit $716 million — the highest across all chains.

Meanwhile, builders shipped payments tools, DeFi protocols, cross-chain bridges, and onchain games at a steady pace.

Institutions Drive Real-World Asset Growth on Solana

The Solana ecosystem attracted $716 million in real-world asset net capital inflows during May. That figure surpassed every competing blockchain, marking a clear institutional preference for the network. The milestone reflects growing confidence in Solana’s speed, cost efficiency, and settlement reliability.

Mastercard’s move added further weight to that trend. The payments giant introduced always-on stablecoin settlement directly on Solana, using USDC. That integration connects traditional financial infrastructure to a public blockchain in a live, operational capacity.

Backpack followed by announcing Backpack Securities, a U.S.-regulated brokerage built on Solana. The platform merges standard brokerage functions with native onchain tokenization.

Raydium separately crossed $2 billion in cumulative trading volume for tokenized equities, showing that demand for onchain real-world assets is already active and growing.

Builders Launch Payments, DeFi, and Cross-Chain Tools

Beyond institutions, the Solana ecosystem saw a broad wave of new product launches throughout May. MoonPay released the MoonAgents Desktop App, which connects ChatGPT or Claude so AI agents can execute onchain payments. Axelar went live on Solana to support cross-chain messaging and programmable asset transfers.

The Solana Foundation also announced native Subscriptions and Allowances, enabling delegated spending and recurring billing on the network.

PAJ Cash debuted v2 of its payment platform, which allows account-based Web3 off-ramps. Lava Card launched a zero-annual-fee Visa debit card tied to Solana, further connecting onchain assets to everyday spending.

On the DeFi side, Kamino’s xStocks market surpassed $30 million in total market size. Zodial shipped a portfolio-margin lending protocol.

Sunrise DeFi, Meteora, and Bedrock Foundation teamed up to launch Dynamic Assets. The Solana Foundation also opened dedicated support for teams building onchain perpetuals infrastructure.

Collectibles, Gaming, and Community Milestones Add Momentum

The Solana ecosystem also led onchain collectibles markets during May, capturing roughly 60% of total volume across all chains.

Moonshot released Moonshot Packs, bringing a physical trading card experience to the blockchain. Jailed, an onchain prison simulator game, also launched on Solana during the period.

Solana Mobile crossed 1,000 live apps on its dApp Store, a community milestone that reflects steady developer growth.

Helium Mobile, the consumer carrier running on Solana’s network, was acquired by Andrew Yang’s Noble Mobile. That acquisition extends the network’s reach into consumer telecom.

KAST won Best Digital Assets Fintech at the BeInCrypto Institutional 100 Awards. MonkeyFoundry opened Cohort 2 applications, closing June 12.

BitRobot Network announced applications for its robotics laboratory program. Together, these developments show that builder and community activity within the Solana ecosystem remained active regardless of short-term price movement.

Bitcoin (BTC) traders said that BTC holding above the $60,000 psychological support over the weekend was important as it recovered 6.5% from a local low near $59,100 to an intraday high of around $62,950 on Sunday.

Key takeaways:

• BTC is eyeing a rally toward $92,630 if it continues to hold above a key moving-average support.
• Nasdaq technicals hint at a potential decline of over 10% in the short term.

BTC may rise above $90,000 if Nasdaq underperforms

Bitcoin’s rebound stood out as the tech-heavy Nasdaq Composite (IXIC) plunged more than 4% on Friday, its steepest one-day drop since April 2025. This has raised hopes that risk capital may return to BTC markets.

BTC/USD vs. IXIC daily performance chart. Source: TradingView

Technical commentary shared by veteran analyst Filbfilb offered some hope for the Bitcoin bulls.

In a Sunday post, the analyst highlighted Bitcoin holding strong above its 200-week simple moving average (200-week SMA, the blue line) at around $61,880. This level has helped form the bottom in 2020, 2018, and 2015.

BTC/USD weekly chart. Source: TradingView

In other words, traders may view the dip below $60,000 as a shakeout if BTC holds the 200-week SMA, with the 50-week SMA (red) near $92,630 becoming the next major upside target.

At the same time, the Nasdaq appears to be correcting toward its 20-week SMA, the green line near 22,905 points, after its weekly relative strength index (RSI) fell to 62.46 from around 74.75.

Every major Nasdaq weekly RSI drop from above 70 (overbought) to below 70 since 2021 has led the index back toward its 20-week moving average.

IXIC weekly chart. Source: TradingView

The Nasdaq could fall toward 22,905 if the fractal repeats, implying a further decline of about 10.75% from current levels in June or by July.

That said, Bitcoin could be setting up for a sharp mean-reversion rebound if it holds its long-term floor while the Nasdaq continues to cool off.

Bitcoin-Nasdaq ratio supports BTC rebound scenario

Bitcoin’s ratio against the Nasdaq has again reached a record oversold zone, according to its daily RSI readings.

Related: Bitcoin most oversold since 2020 crash: Can BTC rebound to $70K next?

On Saturday, the RSI dropped to 14.70, the lowest in history. The previous record was 14.88, set in February, ahead of a 30%-plus recovery in BTC prices.

BTC/IXIC vs. BTC/USD daily chart. Source: TradingView

In simple terms, Bitcoin had become too cheap relative to the Nasdaq, and buyers stepped in. The same setup is appearing again, reiterating a potential rebound in BTC prices in the coming weeks.

The House Ways and Means Committee circulated seven draft bills ahead of this week’s hearing on crypto tax policy, signaling what the industry can expect.

You’re reading State of Crypto, a CoinDesk newsletter looking at the intersection of cryptocurrency and government. Click here to sign up for future editions.

The narrative

The House Ways and Means Committee is the group of lawmakers tasked with writing laws governing taxes. While we’ve seen draft bills addressing taxes already, it’s this committee that’s really going to handle a hefty part of the work of drafting crypto tax legislation and shepherding it through the legislative process.

Why it matters

The fact that the committee is at the point of discussing draft legislation in a hearing shows progress on this front, and it’s likely the provisions will eventually become law in the coming years, whether as part of a tax-specific legislative package or as part of some other, broader bill.

Breaking it down

Staking and mining, de minimis and stablecoin transactions are all covered in the draft bills circulated late Thursday by the House Ways and Means Committee, among various other issues.

It’s unclear how much progress will be made in terms of actually turning these bills into law in the 2026 calendar year. The House — and Senate, for that matter — has a number of other priorities that are more advanced and require floor time, as CoinDesk has covered before. Still, the existence of the draft bills and a hearing are important steps.

Alison Mangiero, the head of industry affairs and U.S. policy at the Crypto Council for Innovation, an industry trade group, said in a statement that the group of bills was an “important first step.”

“The Ways & Means Committee’s decision to release seven bills and follow with a full committee legislative hearing on June 9 is significant on procedural grounds alone,” she said. “This format, where members work through specific legislation with expert witnesses before any markup, is one the Committee has not used in years. That kind of deliberate, structured engagement represents the unique focus from the Committee on this important work.”

Mangiero called the bills the third leg in the metaphorical three-legged stool of crypto legislation, with the other legs including the stablecoin-focused GENIUS Act and the market structure-focused Clarity Act (the latter of which, as we all know, is still elbow-deep in the legislative process).

“Several provisions in this package reflect priorities we have long advanced: sensible tax treatment for GENIUS-compliant stablecoins that allows them to function as the payments instruments they are; a de minimis exception for routine network transaction fees, a relief we have long advocated for, and believe should be further broadened as the process continues; parity provisions extending securities lending, mark-to-market, and charitable deduction treatment to widely traded digital assets; and clear rules for the taxation of mining and staking rewards,” she said.

In semi-related news, the Financial Accounting Standards Board’s Investor Advisory Committee also met late last month to discuss, among other issues, whether stablecoins qualify to be treated as cash equivalents.

The committee believes there needs to be a “high threshold” to establish something as a cash equivalent, according to a summary of the meeting shared with CoinDesk. The members of the committee did not come to a consensus about what kind of information would be useful for investors.

Possible disclosure information includes how reserves are structured, the type of stablecoin, who the issuer is, where funds are held, disaggregated information about cash equivalents and currency risk and even whether disclosed information was made on an interim basis.

The committee will meet again in November.

Tuesday

• 18:00 UTC (2:00 p.m. ET): The House Ways and Means Committee will hold a hearing to discuss crypto tax policy.

If you’ve got thoughts or questions on what I should discuss next week or any other feedback you’d like to share, feel free to email me at nik@coindesk.com or find me on Bluesky @nikhileshde.bsky.social.

You can also join the group conversation on Telegram.

See ya’ll next week!

Strategy watchers were not disappointed on Sunday as executive chairman Michael Saylor took to social media to signal pending news on changes in the company’s Bitcoin holdings, hours ahead of the final tally of shareholder votes on a proxy measure that would see the company pay dividends twice a month on its preferred STRC shares.

“A good time to add more dots,” was the message Saylor posted on X.com along with a bubble chart tracking Strategy’s Bitcoin (BTC) purchases over the past nearly six years. That chart, from Iceland-registered StrategyTracker.com, has been consistently posted by Saylor in the days ahead of news of a purchase by the biggest publicly traded Bitcoin holder.

By mid-afternoon on Sunday, Michael Saylor’s X post had 2.3 million views. Source: Michael Saylor on X.com

CEO Phong Le shared Saylor’s tweet with his own message, “Our corporate @Strategy is to increase net Bitcoin and Bitcoin per share over time. Rumors otherwise are just rumors.”

Should any purchases be announced in the coming days, they will likely reflect that the Bitcoin treasury company bought at or below the average cost of previous BTC purchases. That average cost of Strategy’s current holdings of 843,706 Bitcoin is $75,701 apiece. However, the biggest cryptocurrency by market cap has lost 16.6%% of its value in the past seven days, trading at about $62,153 at the time of publication, according to CoinMarketCap data.

Last week, Strategy announced that it has repurchased some corporate debt, temporarily pausing its Bitcoin accumulation. That sent a chill to the market as traders feared that the company could be forced to liquidate some of its BTC holdings to fund the buybacks. 

Related: Strategy’s leveraged Bitcoin model has faced its first stress test: Grayscale

Down to wire on STRC dividend change proxy vote

Strategy shareholders have been asked to approve a change in dividend payments on STRC, to semi-monthly instead of monthly. The company claims that if approved and adopted, it will lead to reduced reinvestment lag, enhanced liquidity, market efficiency and increased price stability.

“We think that it should decrease the volatility, should cut the volatility by some decent factor. It should increase the Sharpe ratio. It provides more entry and exit points. There’s 24,000 companies that pay a quarterly dividend. 176 pay monthly. We’ll be paying twice a month. And so that’s, it’s an interesting thing. It all will start in June. In July,” Saylor said at last week’s Synergy26 conference for registered investment advisors.

Chart showing proposed change to dividend cadence.
Source: Strategy SEC filing

The amendment for STRC to pay semi-monthly dividends needs 50% of all 85 million shares outstanding as of April 17, 2026, to pass, according to the company.

The decision will likely be reached at Monday’s Strategy shareholder meeting. Cointelegraph requested information on the number of shareholders who had voted as of June 7, in an email to proxy solicitor Alliance Advisors. An immediate reply was not received.

Retail investors have shown limited interest in casting proxy votes. A November research note from The Harvard Law School Forum on Corporate Governance revealed data that showed retail investors have consistently voted only about 29% of their owned shares during the past five proxy voting seasons. Institutional holders have voted about 77%.

Magazine: Bitcoin miners are pivoting to AI, so why is the hashrate near ATHs?

TLDR:

• JPMorgan shifted from a positive crypto stance to caution amid regulatory and market concerns.
• The bank expects institutional investors to remain the primary source of future crypto inflows.
• Analysts estimate less than a 50% chance of the Clarity Act passing before key elections.
• JPMorgan still sees long-term Bitcoin upside despite current weak sentiment and price pressure.

JPMorgan analysts have turned cautious on cryptocurrency markets for 2026, reversing their earlier overweight and positive stance as regulatory uncertainty and market-specific concerns weigh on sentiment.

The analysts, led by Nikolaos Panigirtzoglou, said several developments must occur for crypto markets to regain momentum during the second half of the year.

Despite the downgrade, they noted that current weak sentiment could eventually become a bullish contrarian signal.

According to the report, a stronger market recovery would depend on improved confidence around Strategy, formerly MicroStrategy, and progress on U.S. crypto legislation. The analysts also cited concerns about token oversupply and declining investor enthusiasm.

Strategy Concerns Remain a Key Focus

JPMorgan said renewed confidence in Strategy could help support broader cryptocurrency markets. Analysts believe the company needs to rebuild its dollar reserves to reduce concerns about potential future bitcoin sales.

The report also pointed to questions surrounding Strategy’s ability to meet approximately $1.7 billion in annual dividend obligations. Analysts said greater clarity on the company’s plans could ease investor concerns.

JPMorgan highlighted Strategy’s large exposure to Bitcoin and noted that uncertainty surrounding its financial position has become an important market consideration. The bank said resolving those concerns could improve sentiment across the digital asset sector.

Regulatory Outlook Clouds Market Expectations

The analysts also lowered expectations for regulatory progress in the United States. JPMorgan now estimates that the probability of the Clarity Act passing this year is below 50%.

According to the report, the legislative window has narrowed ahead of upcoming midterm elections. That reduced timeline has lowered confidence that lawmakers will approve the bill in the near term.

While the bank remains cautious, it did not abandon its longer-term constructive view on digital assets. JPMorgan said current market weakness and negative sentiment may eventually serve as a bullish contrarian signal if key concerns surrounding regulation and institutional confidence are addressed.

The report reflects a shift from the bank’s earlier optimism. However, analysts said improvements in regulatory clarity and confidence around major market participants could still support a stronger second half for crypto markets.