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

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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. 

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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.

Latest developments: Digital credit products tied to Strategy’s bitcoin-backed ecosystem suffered steep declines last week before partially recovering.

• Strategy’s preferred stock funding vehicle STRC fell as low as $82.53 on Thursday before rebounding to roughly $90.50, according to Strive Chief Risk Officer Jeff Walton.
• Strive’s SATA dropped into the low $90 range before recovering to about $98.59.
• Walton attributed the move to leverage liquidations and heavy selling pressure rather than deterioration in the underlying credit quality.
• CEO Matt Cole previously described the episode as a “leverage liquidation event, not a credit failure.”
• CoinDesk’s Jennifer Sanasie interviewed Strive Chief Risk Officer, Jeff Walton on Public Keys.

What happened: Strive’s analysis points to forced selling rather than a breakdown in decentralized finance markets.

• Walton said trading data suggests holders sold the instruments, triggering liquidations elsewhere in traditional financial markets.
• He said the event did not appear to originate from DeFi protocols.
• The selloff occurred amid unusually large trading volumes across both securities.
• Walton characterized the volatility as part of the maturation process for a new asset class.

The liquidity story: Strive argues the market’s ability to absorb large trading volumes is a positive signal.

Key takeaways

• Bitcoin (BTC), Ethereum (ETH), and XRP are starting the week on a more stable footing after last week’s declines.
• BTC is trading above $64,000 but remains below major moving averages, keeping the broader trend bearish.

Crypto market opens new weekly candle with signs of stability

Bitcoin, Ethereum, and XRP are showing resilience at the start of the week after experiencing notable declines during the previous trading period.

Bitcoin fell nearly 4% last week, while Ethereum and XRP dropped approximately 2% and 6%, respectively. 

Despite the weakness, all three assets have stabilized, with Bitcoin trading above $64,000, Ethereum holding the critical $1,700 support level, and XRP consolidating near $1.13.

For Bitcoin, traders are closely watching technical indicators for clues about whether the recent recovery can develop into a broader rebound.

Bitcoin remains below major resistance levels

Bitcoin is currently trading around $64,000, but the broader technical outlook remains cautious. BTC continues to trade below its key moving averages, 50-day EMA: approximately $69,106, 100-day EMA: approximately $72,123, and 200-day EMA: approximately $77,748.

The fact that Bitcoin remains below all three indicators suggests that sellers still maintain control of the broader trend.

Adding to the bearish outlook, BTC recently broke below a rising trendline that had previously supported the market. That trendline, now acting as resistance near $74,238, reinforces the view that Bitcoin remains in a corrective phase.

Although the overall trend remains weak, some technical indicators suggest that downside momentum may be slowing.

The Relative Strength Index (RSI) has rebounded from deeply oversold levels and is currently hovering in the high-40 range.

This improvement indicates that selling pressure has eased, but the indicator remains around the neutral 50 mark, meaning a clear bullish reversal has not yet been confirmed.

The Moving Average Convergence Divergence (MACD) indicator remains in positive territory, which is generally supportive for prices.

For Bitcoin to regain bullish momentum, buyers must overcome several resistance zones, including $69,106 (50-day EMA), $72,123 (100-day EMA), and $77,748 (200-day EMA).

A move above these levels would significantly improve the technical outlook and potentially signal the end of the current correction.

On the downside, the first major support level remains at $64,005.A decisive break below this area could expose Bitcoin to further losses and extend the existing downtrend.

Strategy President and CEO Phong Le has invested $1 million in the company’s STRC preferred stock as shares continue trading below their intended $100 par value.

In a June 22 X post, Le said he purchased $1 million worth of STRC and plans to hold the position until the stock returns to par value, adding that he may continue holding it beyond that point.

The purchase arrived as STRC remains under pressure following a sharp decline that recently pushed the preferred stock below $83. After Le disclosed the investment, STRC recovered from session lows and rose 1.46% to $89.88 before settling at $89.20 at press time.

His investment comes at a sensitive time for Strategy, as STRC plays a central role in the company’s Bitcoin acquisition model. When the preferred stock trades above its $100 par value, Strategy can issue additional shares through its at-the-market program and direct the proceeds toward Bitcoin purchases. With the stock trading below par, that funding channel has become less effective.

Strategy points to reserves as concerns grow

Recent debate around STRC intensified after investors questioned whether Strategy’s financing structure could continue operating smoothly if pressure on the preferred stock persists.

Earlier on June 20, Strategy Executive Chairman Michael Saylor defended the company’s Bitcoin-backed capital model after criticism emerged following STRC’s decline. According to Saylor, Strategy’s Bitcoin and cash holdings exceed its outstanding debt by roughly $48 billion.

Saylor also stated that the company has raised more than $60 billion in capital since 2022 and used those funds to acquire Bitcoin.

More recently, Strategy disclosed steps intended to strengthen confidence in its balance sheet. In a regulatory filing released Monday, the company reported that its U.S. dollar reserve had increased to $1.4 billion, roughly $300 million higher than previous levels. Strategy said the reserve is intended to support the credit quality of its Digital Credit securities while helping meet future dividend and debt obligations.

The same filing showed that Strategy sold 2.71 million MSTR shares during the previous week, generating nearly $335.5 million in proceeds.

Critics continue questioning the capital structure

While company executives have defended the model, several market participants have raised concerns about STRC and the sustainability of the broader financing strategy.

Long-time Bitcoin critic Peter Schiff argued that investors could potentially pursue legal action against Strategy and Saylor. Schiff also claimed that Saylor may have violated SEC marketing rules through the way the preferred stock offering was promoted.

Separate concerns have focused on Strategy’s ability to maintain dividend payments tied to its preferred securities. Market maker QCP previously estimated that the company’s available liquidity could cover preferred dividend obligations for approximately seven and a half months.

Additional criticism came from Arca Chief Investment Officer Jeff Dorman, who suggested Strategy may eventually need to sell between $3 billion and $4 billion worth of Bitcoin to reduce pressure on its capital structure and support STRC holders. Analyst Ali Martinez also drew comparisons between aspects of STRC’s structure and Terra’s former LUNA ecosystem.

Meanwhile, Strategy has continued adding to its Bitcoin position. Saylor recently disclosed the purchase of 520 BTC for approximately $35 million at an average price of $67,068 per coin. Following the acquisition, the company reported total holdings of 847,363 Bitcoin.

Pressure on STRC also follows Strategy’s only disclosed Bitcoin sale this year. As crypto.news reported, the company sold 32 BTC for roughly $2.5 million at the end of May to help fund obligations associated with STRC dividends.