Key Takeaways

• Google Finance has completed its beta phase and is now available worldwide following initial testing that started in August 2025.
• The platform debuts a standalone Android application featuring real-time market information, customizable watchlists, breaking financial news, and AI-driven explanations for stock price movements.
• Investors can now aggregate their entire investment portfolio into one unified dashboard through the web interface.
• A new AI-powered research assistant enables users to ask portfolio-related questions using everyday language.
• The iOS application will arrive later in 2026, with mobile versions of portfolio and automated task features rolling out progressively.

At the time of Thursday’s announcement, GOOG shares were down 1.21% to $340.85, while GOOGL declined 1.20% to $341.15.

Alphabet Inc., GOOGL

Google Finance has officially graduated from beta status, bringing with it a substantial suite of enhancements beyond simple cosmetic updates.

The revamped platform unveiled its standalone Android application on Thursday, accompanied by numerous new capabilities for desktop users — all accessible globally from launch day.

The Android application provides users with live market information, personalized watchlists, continuous financial news updates, and an AI-powered feature dubbed “Key Moments” that breaks down the reasons behind specific stock movements in real time.

This represents a direct challenge to established competitors like Yahoo Finance and trading platforms such as Robinhood, positioning Google directly within an increasingly competitive but high-demand market segment.

The company plans to release an iOS version before the end of this year.

Comprehensive Portfolio Management Arrives on the Web

The standout addition to the web platform is comprehensive portfolio management. Investors can now consolidate all their investment holdings in a centralized location, complete with performance metrics and detailed asset allocation visualizations in one streamlined dashboard.

Current Google Finance portfolio data will automatically transfer to the new system. Users can create new portfolios by importing CSV files, PDF documents, or screenshots — or alternatively by verbally describing their investments to the AI assistant.

After configuration, the built-in AI research assistant allows investors to pose questions such as “which market sectors am I lacking exposure in?” or “what impact would increasing my bond allocation have on my portfolio’s long-term performance?”

This represents a significant advancement beyond the rudimentary watchlist capabilities that most users previously relied upon.

Automated AI Briefings and Scheduled Tasks

Google Finance has also introduced an automated task system that operates continuously to provide scheduled market intelligence briefings.

Users configure these tasks using conversational language — such as “deliver a daily pre-market summary focused on technology stocks.” The system then compiles the requested information and sends the digest through the Google app or web interface according to the user’s specified timing preferences.

While seemingly modest, this feature offers practical value for investors seeking curated market intelligence without actively searching for information.

The web-based versions of these portfolio and automated task capabilities are currently available. Mobile applications will receive these features within the next several months, according to Google’s announcement.

Google initially launched testing of the redesigned AI-powered Finance platform in the United States during August 2025, subsequently expanding access to over 100 countries in April 2026 with localized language options.

Thursday’s announcement signifies the conclusion of the testing phase and represents the complete worldwide deployment of the enhanced platform.

TLDR:

• MemeCore $M token dropped 75% in one day, falling from $2.92 to $0.51 with no hack or exploit.
• Arkham data showed zero transfers above $50,000 on its native chain for over two weeks prior.
• Over 90% of $M supply was held by insiders, letting a small float set the price for billions. 
• Spot listings on Kraken and Bitget plus futures on Binance and Bybit extended the price distortion. 

The MemeCore $M token collapsed 75% in a single day, dropping from $2.92 to $0.51. The crash erased nearly $3 billion in value.

No hack, exploit, or announcement preceded the fall. On-chain data had been flashing warning signs for weeks, and blockchain investigator ZachXBT had flagged concerns as early as April.

A $14 Billion Valuation Built on $100,000 in Liquidity

The MemeCore $M token carried a fully diluted valuation of roughly $14 billion at its peak. Against that figure, Dexscreener recorded under $100,000 in real on-chain liquidity.

Arkham Intelligence showed zero transfers above $50,000 on its native chain for over two weeks. That gap between stated value and actual activity is what analysts call a ghost market cap.

A ghost market cap forms when insiders hold most of the token supply. ZachXBT reported that over 90% of $M supply was concentrated among insiders.

The tiny fraction available for trading set the price for the entire supply. A few parties trading at $3 marked billions in holdings at that same price.

The mechanism is straightforward. When illiquid tokens are priced off a tiny traded float, the market cap becomes theoretical.

Insiders could never sell their positions into a market that small without collapsing the price immediately. The valuation exists on paper but has no corresponding market depth to support it.

This structure is not unique to MemeCore. It is a recurring feature in tokens where teams retain the overwhelming majority of supply. The price remains stable only as long as no one tries to exit at scale. When that changes, the collapse is fast.

Exchange Listings Amplified the Gap Between Price and Reality

MemeCore secured spot listings on Kraken and Bitget before the crash. It also gained perpetual futures markets on Binance and Bybit, where leverage trading was available.

These listings gave the $M token credibility it may not have earned through organic on-chain activity. Centralized order books then became the dominant price-discovery venue.

Once a token trades on major exchanges, the on-chain liquidity becomes secondary. The order book sets the price, and traders reference that figure without examining what sits underneath. That dynamic held until it did not, and the exchange price was eventually dragged toward its on-chain reality.

ZachXBT noted after the crash that the red flags had simply caught up with the token. The warning signs were present for months before the price broke. The question, as he framed it, was only a matter of timing, not outcome.

The MemeCore $M token collapse illustrates how supply concentration and thin liquidity combine to create fragile valuations.

Exchange listings extend the lifespan of such structures but do not resolve the underlying mismatch. When price finally meets on-chain reality, the correction tends to be severe and swift.

1. Power over tokens: Why AI is changing crypto valuations

For a long time, the value of crypto companies was closely tied to traditional indicators such as trading volumes, digital asset holdings, mining income and assets under management.

Investors generally judged these firms by their exposure to Bitcoin, Ether and the broader growth of blockchain technology.

That view now appears to be changing.

In June 2026, shares of Galaxy Digital rose sharply as investors focused on a different part of the business: artificial intelligence infrastructure. The rally drew attention to a pattern taking shape in public markets. Some crypto companies are finding that Wall Street may value their access to power, land and data centers more than their traditional crypto activities.

This shift points to a bigger change in financial markets. As demand for artificial intelligence grows, the infrastructure needed to support AI models has become one of the world’s most valuable resources. In some cases, crypto firms already control the exact assets that AI companies want.

2. The Galaxy Digital rally that caught crypto investors off guard

Galaxy Digital has long been a major player in digital assets, with businesses across trading, asset management, venture investments and blockchain infrastructure.

Yet the driver of its recent share price increase was not Bitcoin prices, ETF inflows or wider crypto trading activity.

Instead, investors focused on the company’s Helios campus in Texas. The site is a major data center project being developed for artificial intelligence and high-performance computing.

Comments from Galaxy Digital’s management suggested that Helios could eventually make up a meaningful share of the company’s total value. Market observers appeared to agree. Instead of viewing Galaxy Digital only as a crypto firm, investors began to assess it as an AI infrastructure company.

The rally showed a clear change in how investors value some crypto businesses. A company built on digital assets suddenly gained market attention for its possible role in the AI sector.

Did you know? Bitcoin miners once competed for cheap electricity. Now AI companies are competing for the same resource. In many regions, access to power has become more valuable than access to graphics processing units (GPUs) themselves. Some utilities have reported years-long waiting lists for large AI data center projects seeking grid connections.

3. Why AI infrastructure is now so valuable

The rapid growth of artificial intelligence has created a new bottleneck. The main challenge is no longer just building more advanced AI models. It is also securing enough computing capacity to train and run them.

Modern AI systems need large numbers of GPUs, specialized networking equipment, advanced cooling systems and huge amounts of electricity. Building the sites that house this equipment is now one of the most expensive projects in the technology sector.

As a result, investors are paying more attention to the companies that provide this core infrastructure, not just the companies building AI applications.

Data centers have become essential tools for AI growth.

This explains the strong investor interest in infrastructure-focused companies. Businesses that control power supplies, grid connections and large computing sites hold assets that are difficult and expensive to copy.

To Wall Street, those qualities often point to long-term revenue potential and more stable financial returns.

4. Why some crypto companies are well positioned

Some crypto companies are well positioned because they already share key infrastructure needs with the AI sector.

At first glance, crypto operations and artificial intelligence may seem like completely different fields. Yet both depend on one essential resource: massive computing capacity.

Over time, Bitcoin mining operations and other crypto infrastructure businesses invested heavily in sites built for high power demand. They acquired suitable land, secured power supply agreements, installed advanced cooling systems and connected directly to electrical grids.

These same resources are now attracting interest from AI companies.

An AI data center is not the same as a crypto mining operation. Still, the two share several core requirements, including high electricity use, large physical sites and enough space for specialized equipment. This overlap has created an unexpected opportunity.

In some cases, AI operators can work with existing facilities that were first built for crypto. That can help them avoid the cost and delay of building new sites from scratch.

As a result, some crypto firms now hold valuable assets in the growing AI infrastructure market.

5. Helios and Galaxy Digital’s changing strategy

Galaxy Digital’s Helios campus shows how infrastructure originally tied to Bitcoin mining can be redirected toward AI computing. After acquiring the site from Argo Blockchain in 2022, Galaxy Digital began shifting Helios toward high-performance computing and AI data center services.  

That strategy gained more support when AI cloud provider CoreWeave entered into agreements tied to the site. Those deals suggested that major AI companies saw strategic value in the infrastructure. 

Long-term AI infrastructure agreements can create steady revenue streams that are easier to forecast than income from crypto trading. Instead of relying on sharp market swings, companies can secure cash flow through multi-year contracts.

That level of stability is attractive to public market investors.

Did you know? Training and running advanced AI models requires huge computing resources. That is pushing developers to search globally for locations with abundant and reliable energy.

6. The rise of crypto-AI hybrid companies

Galaxy Digital’s Helios strategy is not an isolated case. Across parts of North America, several crypto mining and digital infrastructure companies have started pursuing opportunities in AI hosting, cloud services and high-performance data center operations.

This points to a wider change in how financial markets classify these businesses. In the past, crypto companies were often viewed as high-risk businesses tied closely to digital asset prices.

Now, some investors are separating infrastructure assets from direct crypto exposure.

A company that controls hundreds of megawatts of power capacity may attract a different valuation approach than one that depends mainly on trading revenue. This has created a new type of business: the crypto-AI hybrid.

These companies remain active in digital assets, while more of their value comes from infrastructure that can support several industries.

7. Why Wall Street favors AI revenue

The market’s preference becomes clearer when looking at the economics of the two areas. Crypto revenues often vary sharply over time.

Trading volumes rise and fall with overall market sentiment. Asset management fees move with crypto valuations. Mining profits change based on network difficulty and token prices. By comparison, AI infrastructure revenue can look more like revenue from traditional utility or real estate businesses.

Companies sign multi-year contracts. Income becomes easier to predict. Financial forecasts become simpler to prepare. Institutional investors usually value this kind of consistency.

A long-term lease with an AI client often carries lower perceived risk than relying on future crypto market momentum. As a result, businesses tied to AI infrastructure can command higher valuation multiples.

This does not mean investors have turned away from crypto. Instead, they may see AI infrastructure as a more reliable base for future income.

8. Could the market be getting ahead of itself?

Even with the current optimism, there are still reasons to be cautious. The rise of AI infrastructure has created strong excitement, leading some analysts to question whether too much capacity could eventually be built.

Past technology booms offer many examples of early overinvestment. Railroads, telecommunications networks and early internet infrastructure all went through periods of excess development before demand caught up with supply.

AI infrastructure could face a similar risk if capacity grows faster than demand.

If demand grows more slowly than expected, some data center projects may struggle to reach the occupancy levels investors are now expecting.

Execution risks also remain. Converting facilities originally built for crypto into AI-ready sites requires major capital spending and specialized expertise. Not every company will manage that transition well.

Investors must therefore balance real opportunities against the risk of overexcitement.

Did you know? Companies building AI infrastructure are increasingly negotiating energy contracts directly with utilities, renewable power developers and even nuclear operators to secure long-term electricity supplies.

9. What this means for crypto investors

The impact reaches well beyond Galaxy Digital. Investors assessing crypto-related stocks may need to look beyond digital asset exposure.

Factors that once centered mainly on crypto now include infrastructure questions:

• How much power capacity does the company control?
• Does it own land in strategic locations?
• Can its facilities support AI workloads?
• Are major technology firms interested in leasing its infrastructure?
• How diversified are its revenue sources?

In some cases, these factors may matter as much as Bitcoin holdings or trading volumes.

This points to a changing valuation approach, where physical infrastructure carries more weight than digital assets alone.

10. The new reality: Power may matter more than crypto

Galaxy Digital’s share price increase highlighted a clear change in the market.

Wall Street is placing serious value on the infrastructure needed to power artificial intelligence. Data centers, reliable electricity supplies and computing resources have become strategically important assets.

Some crypto companies already control these resources after spending years building them for mining and blockchain operations. As AI demand grows, investors may begin to see these assets as more valuable than traditional crypto businesses.

For companies like Galaxy Digital, the path ahead may no longer depend only on Bitcoin, trading operations or asset management. The bigger source of value could be something more physical: access to power, land and the computing infrastructure needed to support the next wave of artificial intelligence.

StablecoinX has completed its merger with TLGY Acquisition Corp., giving the Ethena-focused stablecoin infrastructure firm a Nasdaq listing under the ticker USDE. 

The company said its public warrants will trade under USDEW from Friday, June 26, after the business combination closed a day earlier. The move turns a private Ethena infrastructure bet into a listed equity trade for public investors this week.

The listing gives public-market investors a direct route into StablecoinX’s Ethena strategy. 

“We believe Ethena has emerged as one of the most important platforms powering the next generation of digital dollars,” said CEO and chairman Edward Chen.

The company now enters public markets while demand for Ethena’s main synthetic dollar has cooled from last year’s peak.

ENA treasury anchors the plan

StablecoinX said it holds about 3.029b Ethena governance tokens, worth about $275m based on the 30-day ENA average used before closing. The holding represents about 20% of ENA’s total supply. The company also has about 24m publicly traded Class A shares outstanding after the transaction.

As previously reported, StablecoinX first outlined a $360m ENA treasury strategy in 2025. The plan later grew through more private financing, making ENA exposure central to the company’s story. That structure ties StablecoinX’s market value closely to Ethena adoption, ENA pricing and demand for USDe-related services.

USDe supply drop tests timing

USDe is Ethena’s synthetic dollar. It aims to hold a $1 value through crypto collateral and hedged futures positions, rather than cash reserves alone. The model can generate yield, but it depends on market conditions. When futures funding rates weaken or turn negative, the return engine can face pressure.

That pressure is visible in supply data. USDe circulating supply has fallen about 70% from its October peak above $14b to roughly $4.5b. Previously, crypto.news explored how USDe saw $1.1b in net outflows as the broader stablecoin market kept growing. The fall gives StablecoinX a tougher opening setup than the one Ethena had during last year’s expansion.

Infrastructure and regulation remain in focus

StablecoinX says its business has three parts. Its live decentralized verifier node checks cross-chain messages for Ethena across supported networks. It is also building Stablecoin Harness, a middleware stack for payment routing, bridging, liquidity access, treasury tools, reporting and compliance needs. Distribution services for institutions are also in development.

In a previous article, crypto.news discussed Coinbase Ventures buying ENA on the open market as Coinbase and Ethena prepared on-chain finance and savings products. As crypto.news reported, Jupiter Lend also added a USDe lending market with Bitwise. These links show Ethena is still building distribution, even as USDe supply has dropped.

StablecoinX’s debut also lands during a wider policy fight over stablecoin yield in the U.S. Yield-bearing stablecoins sit in a different legal area from plain payment stablecoins because they pass returns to holders. In our last update, crypto.news examined how yield-bearing stablecoins work and why the source of yield matters.

The company is entering Nasdaq with a clear Ethena bet, a large ENA reserve and several products still being built. Its early public trading may show whether investors want exposure to stablecoin infrastructure when USDe supply is lower, ENA remains far below its 2024 high and crypto market appetite remains weak.

TLDR:

• Polymarket hack stemmed from a compromised third-party vendor that injected malicious JavaScript into the platform’s frontend.
• Over 11 wallets lost PUSD on Polygon; stolen funds were bridged to Ethereum and swapped into 1,893 ETH.
• Polymarket confirmed the breach within 15 minutes of the first public report and removed the affected dependency.
• Polymarket pledged full refunds to all impacted users while on-chain investigators continue tracking the stolen ETH.

A supply-chain attack hit Polymarket on June 25, 2026, draining close to $3 million from user wallets. Attackers compromised a third-party vendor to inject malicious code into the platform’s frontend.

The script targeted PUSD, Polymarket’s native collateral token on Polygon. At least 11 wallets lost funds before the platform contained the breach.

Polymarket has since removed the affected dependency and pledged full refunds to all impacted users.

How the Attack Reached Polymarket Users

The attack did not target Polymarket’s smart contracts. Instead, attackers breached a third-party vendor that supplied code to the platform’s frontend. That vendor became the entry point for malicious JavaScript delivered directly to users’ browsers.

When affected users connected their wallets, the injected script activated. It prompted them to sign or approve transactions without raising obvious suspicion. Those approvals handed over control of their PUSD holdings to the attacker.

On-chain investigator Specter was the first to flag the activity publicly. His report identified losses of roughly $2.94 million across more than 11 victim wallets. He also named the primary consolidation address: 0xe65b1C586757c5510B60F998Eebb14C1eF71E1eD.

Polymarket confirmed the breach about 15 minutes after Specter’s report. The platform’s public statement read: “This morning we discovered a 3rd party vendor had been compromised, injecting a malicious script into our frontend for some users. We’ve contained it & removed the affected dependency. We’re contacting impacted users & refunding them in full.”

Following the Stolen Funds On-Chain

After the wallets were drained, the attacker moved quickly to obscure the trail. The stolen PUSD was bridged from Polygon to Ethereum shortly after the theft. That cross-chain move is a common step in crypto laundering flows.

Once on Ethereum, the funds were swapped into approximately 1,893 ETH. PeckShield confirmed this detail after amplifying Specter’s initial report. The ETH was then consolidated into the primary wallet flagged by investigators.

Several staging wallets were also identified during the fund movement. These included addresses such as 0xC771A30a, 0xC44F2Ca6, 0x10366AdB, and 0x7BCECe0d. Each one played a role in routing the stolen assets before consolidation.

Despite the volume of stolen PUSD, the token held its peg throughout. CoinGecko data showed it trading near $0.9998 on Polygon after the incident. The theft hit individual wallets rather than the underlying token backing.

What Comes Next for Polymarket

Polymarket has committed to reimbursing every affected user in full. The platform says it is already contacting impacted wallets directly. That pledge covers the losses tied to the supply-chain breach.

This is not the platform’s first perimeter-level security event. In May 2026, a compromised internal ops wallet drained roughly $500,000, though user funds were not touched. Earlier in 2025, comment-section phishing also cost some users funds.

Each of these cases showed that the protocol itself remained intact. The weak points have consistently appeared in the surrounding infrastructure. The June 25 incident follows that same pattern.

The stolen ETH remains traceable on-chain, keeping recovery possible. Investigators continue monitoring the consolidation wallet. The identity of the compromised vendor and the final victim count have not yet been disclosed publicly.

TLDR:

• Rosen Law Firm has launched a securities investigation into MicroStrategy over alleged misleading STRC claims by Michael Saylor.
• STRC preferred stock has dropped over 22% from its $100 par value, trading as low as the low $80s in June 2026.
• Strategy’s annualized STRC dividend rate has climbed to 11.50%, adding tens of millions in additional annual payout obligations.
• Strategy sold 32 BTC in late May 2026 to cover dividends, marking its first disclosed net Bitcoin disposal in years.

Rosen Law Firm has opened a formal investigation into MicroStrategy, now rebranded as Strategy Inc., over potential securities claims tied to STRC preferred stock.

The probe follows allegations that co-founder Michael Saylor made misleading promises of guaranteed returns to investors.

STRC has since dropped over 25% from its $100 par value. Shareholders holding MSTR common stock and preferred securities: STRF, STRC, STRK, and STRD are covered under the investigation.

Rosen Law Firm Targets Saylor’s Alleged Misleading Promises to STRC Investors

Rosen Law Firm is preparing a class action to recover losses for affected Strategy investors. The investigation centers on whether Saylor’s public statements on STRC constituted materially misleading business information.

Investors who purchased Strategy securities may be entitled to compensation through a contingency fee arrangement, with no out-of-pocket costs required.

The firm directed affected investors to take immediate action. “To join the prospective class action, go to rosenlegal.com/cases/strategy-inc/join or call Phillip Kim, Esq. toll-free at 866-767-3653 or email case@rosenlegal.com for information on the class action,” the firm stated in its announcement.

Rosen Law Firm has a documented track record in securities class action litigation. The firm ranked No. 1 by ISS Securities Class Action Services for the number of settlements in 2017 and has remained in the top four each year since 2013. It has recovered hundreds of millions of dollars for investors globally, securing over $438 million in 2019 alone.

The investigation comes as MSTR common shares have fallen to a 28-month low in June 2026. Losses on MSTR have far exceeded Bitcoin’s own drawdown over the same period.

This widening gap has drawn fresh scrutiny toward the company’s leveraged Bitcoin acquisition model and Saylor’s public representations to investors.

STRC Preferred Stock Collapse Raises Questions on Strategy’s Sustainability

STRC has traded as low as the low $75s in recent sessions, down more than 25% from its $100 par value target. The preferred stock was originally structured to provide stable, low-cost funding for Bitcoin purchases. That structure has since deteriorated under sustained market pressure throughout June 2026.

Source: YahooFinance

The firm underlined the importance of selecting experienced legal counsel for affected investors. “We encourage investors to select qualified counsel with a track record of success in leadership roles,” Rosen Law Firm noted, adding that many firms issuing similar notices lack comparable experience or meaningful peer recognition.

Under STRC’s contractual terms, when the stock falls below the $95 threshold, the dividend rate increases by 0.5% increments.

The annualized rate currently sits at 11.50%, with effective yields climbing higher due to the discounted trading price. Additional annual payout obligations are now estimated in the tens of millions of dollars.

Strategy’s cash cushion supporting these dividends has narrowed sharply from multi-year coverage to roughly 14 months in some analyst estimates.

The company also sold 32 BTC in late May 2026 to help cover dividend payments: the first disclosed net Bitcoin disposal in years.

Unrealized paper losses on Strategy’s Bitcoin holdings are reported to exceed $10 billion, as questions around capital sustainability and the company’s broader Bitcoin development narrative continue to grow.

Sharplink, the Ethereum treasury company, has made its first Ether purchase in eight months as ETH slid to the lowest level seen this year. The move highlights how corporate balance-sheet strategies can continue even when broader market momentum weakens.

According to on-chain data tracked by Arkham, a wallet associated with Sharplink received 5,000 ETH on Thursday via crypto prime brokerage FalconX. Arkham data places the transaction at roughly $7.85 million. FalconX was last recorded supplying Sharplink with ETH on Oct. 26, when the company bought $78.3 million worth of Ether.

Key takeaways

• Sharplink bought 5,000 ETH on Thursday, marking its first Ether acquisition in about eight months.
• The purchase comes as Ether fell to $1,537—its lowest price level reported for 2026.
• Arkham’s on-chain records show FalconX was also the execution partner on Sharplink’s previous reported ETH buy on Oct. 26.
• Sharplink’s Ether strategy is tied to a multi-factor thesis that includes US stablecoin/crypto regulatory progress and continued real-world asset tokenization.
• The company is also expected to be added to the Russell 2000 and Russell 3000 indexes, a development investors may watch for potential capital-market spillovers.

A corporate buy at ETH’s 2026 low

Ether’s decline to $1,537 on Thursday provides the immediate backdrop for Sharplink’s latest treasury action. While the broader market reaction is typically measured by price and volatility, the company’s decision points to a different lens: steady accumulation even during softer conditions.

Bitrue Research Institute’s Andri Fauzan Adziima characterized the behavior as evidence of ongoing corporate conviction. “I’m seeing genuine corporate accumulation conviction holding strong amid subdued price action,” Adziima told Cointelegraph.

In other words, the purchase aligns with a pattern that treasury operators often follow—building positions when liquidity is available and valuations are comparatively depressed—rather than waiting for a market uptrend to begin. Traders may therefore interpret Thursday’s on-chain activity as a signal that Sharplink sees more than just short-term price pressure in its Ether holdings.

What Sharplink has previously pointed to

The latest buy also fits with remarks made by Sharplink CEO Joseph Chalom earlier this year. In May, he outlined three catalysts he believed could support Ether’s outlook.

First, Chalom pointed to the US CLARITY Act. Second, he connected potential upside to a renewed appetite for market risk, which he said would depend on easing geopolitical tensions and a cooling of the “artificial intelligence investment thesis.” Third, he emphasized continued expansion in real-world asset (RWA) tokenization.

That regulatory and tokenization framework remains a central uncertainty. While the Senate has not yet voted on its version of the CLARITY Act, the House Financial Services Committee said it plans to hold a hearing on July 17.

The political and market assumptions around these catalysts are also moving targets. The article notes that the US and Iran are working toward a final peace agreement to end months of conflict. Separately, tokenized real-world assets have reportedly reached a distributed asset value of $31.55 billion, approaching what the source describes as the highest level seen this year.

Sharplink’s Ether position and rivals’ momentum

Sharplink’s latest transaction comes as it continues to build a sizable Ether balance. Founded in 2019 as an affiliate marketing service provider for sports betting and gambling industries, the company pivoted to become an Ethereum treasury business in June 2025. Consensys co-founder and CEO Joe Lubin was named chairman at that time.

At its peak, Sharplink was described as the largest publicly traded corporate holder of ETH, though it later lost that top position to Bitmine in August—just two months after Bitmine launched its own Ether buying strategy.

The company now holds 876,285 ETH and ETH equivalents accumulated through a combination of active purchases and staking rewards, the source reports. Bitmine, by comparison, is reported to hold 5.67 million ETH after acquiring an additional 52,203 ETH last week.

Bitmine chairman Tom Lee added context around the broader timing of accumulation, saying the company “continue[s] to maintain a steady pace of accumulation throughout 2026” and that it believes “we are in the early stages of crypto spring.”

Corporate treasury strategy meets public-market access

Beyond the on-chain buy, Sharplink is approaching a different milestone: its expected inclusion in the Russell 2000 and Russell 3000 indexes on Monday. Index additions are often viewed as meaningful because many passive and active funds—including exchange-traded funds—tend to rebalance holdings around such changes.

In May, Chalom said joining the Russell indexes would broaden Sharplink’s shareholder base and strengthen access to capital markets. For investors, the combination of a continuing treasury accumulation plan and wider index-driven visibility could matter, particularly for those tracking how crypto-linked equities integrate into mainstream portfolios.

Looking ahead, readers should watch whether Sharplink’s renewed buying pace persists beyond this single reported transaction—especially as US regulatory timelines around the CLARITY Act and shifting macro conditions influence risk appetite. The next on-chain confirmations and how the market responds to index inclusion may offer additional clues about whether this “accumulation conviction” translates into a sustained corporate bid for Ether.

Stablecoin infrastructure company StablecoinX has completed its merger with TLGY Acquisition Corp, a publicly traded special purpose acquisition company, allowing it to begin trading on Nasdaq on Friday.

StablecoinX is the first public stablecoin infrastructure company focused on supporting the Ethena ecosystem through decentralized verifier nodes and software infrastructure, and will trade under the symbol “USDE,” according to a statement on Thursday.

“We believe Ethena has emerged as one of the most important platforms powering the next generation of digital dollars,” said Edward Chen, CEO and Chairman of StablecoinX.  

The Nasdaq debut is a big bet that stablecoins are becoming the plumbing of global finance, and comes despite a broader crypto bear market and Ethena’s relatively small 1.4% market share of the stablecoin market compared with those offered by its competitors, such as Tether and Circle.

Ethena’s USDe is a yield-bearing synthetic dollar-pegged stablecoin. Unlike USDt (USDT) or USDC (USDC), which are backed by actual dollars, USDe (USDE) maintains its $1 peg through a derivatives strategy. 

It is backed by crypto collateral in Bitcoin and Ether and short futures positions on those same assets, enabling the long and short positions to cancel out the price volatility, helping to keep its value at approximately $1.

Ethena’s delta-neutral strategy works well in normal markets but is vulnerable during periods when futures funding rates go negative. 

USDe supply falls

While stablecoin circulation has grown in recent years, USDe market capitalization has declined by 70% since its peak in October to around $4.5 billion today, ranking it sixth among stablecoins.  

USDe supply has fallen since the bull market peak. Source: CoinGecko

StablecoinX’s treasury also holds approximately 3 billion Ethena governance tokens (ENA), or around 20% of the total supply, valued at approximately $275 million. The company announced a $360 million capital raise to purchase ENA on Sunday.

However, the asset is currently trading at $0.08, down 94% from its April 2024 all-time high. 

Related: Yield-bearing stablecoins surge as Washington fights over yield

The company has three business lines: a decentralized verifier node (DVN) serving as a cross-chain message verifier for the Ethena ecosystem, a middleware software stack called “Stablecoin Harness” and distribution services, which are currently in development. 

The company says the three businesses reinforce one another, though the broader crypto bear market presents a challenging backdrop for its Nasdaq debut. 

Crypto SPACs and crypto treasuries have had a tough time this year as the broader market has tanked 52%, with $2.3 trillion leaving the space since October and crypto falling out of favor among investors. 

Pre-merger TLGY fell 6.93% on Thursday on OTC markets to end the day trading at $9.40, according to Google Finance data. 

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