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

Magazine: Bitcoin, the ‘canary in the coal mine,’ XRP transaction demand falls 91.5%: Market Moves

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.

Fomo has raised $75 million in a Series B funding round that values the crypto trading platform at $550 million after attracting more than 625,000 users and generating $4 billion in trading volume within its first year.

According to a June 22 announcement by Fomo, the round was led by Index Ventures with participation from Union Square Ventures and existing investor Benchmark.

The company also received backing from several angel investors, including Zynga co-founder Mark Pincus, Eventbrite co-founder Kevin Hartz, Discord chief executive Humam Sakhnini, and Nexos AI co-founder Tomas Okmanas.

Built around social trading, Fomo allows users to see transactions made by other traders in real time and execute similar trades across multiple blockchains without manually moving assets between networks. The platform said users can access crypto markets using an Apple ID or email account while avoiding the complexity of bridges, gas fees, and wallet management.

The funding arrives as investors continue to back consumer-focused crypto products despite digital asset prices remaining below recent highs. Data from RootData shows crypto startups raised $4.11 billion across 148 funding rounds during the second quarter.

Social trading drives user growth

Alongside details of the funding round, Fomo disclosed that its platform has recorded more than 110 million social interactions since launching a year ago. The company said over 68,000 users purchased cryptocurrency for the first time through Apple Pay, generating roughly $25 million in transaction volume.

Describing the opportunity, Fomo argued that blockchain-based financial products are becoming increasingly accessible as more assets move on-chain. The company compared the current transition to the digitization of stock trading that began in the 1970s, while stating that many consumers still lack simple access to emerging financial products.

Interest in the platform’s social features has also drawn attention from industry researchers. In a December post on X, Delphi Digital said Fomo’s design may be helping attract users by making trading feel “more like scrolling a feed than sitting at a terminal.”

Delphi Digital also noted that Fomo generated more monthly fees than Moonshot during November, despite being a newer product and charging lower fees.

Competition in the social and copy-trading segment remains intense. Exchanges including Binance, Bybit, OKX, Bitget and KuCoin, among others, already offer copy-trading tools that allow users to mirror strategies used by other traders.

Venture funding remains active across crypto and tech

Recent product launches suggest Fomo is expanding beyond spot trading. On June 11, the company introduced perpetual futures powered by Hyperliquid for users outside the U.S.

The latest raise adds to a string of large private-market financings announced in June. Earlier this month, Digital Asset Holdings secured $355 million in a funding round led by Andreessen Horowitz’s flagship crypto fund to support the growth of the Canton Network ecosystem.

Outside the crypto sector, Neura Robotics announced up to $1.4 billion in Series C financing backed by investors that included Tether, Qualcomm, Amazon, Nvidia, Bosch, Schaeffler, and the European Investment Bank. According to the company, the capital will be used to expand the development of humanoid robots and real-world automation systems.

For Fomo, the new funding provides support from firms that previously invested in consumer platforms such as Robinhood, Coinbase, Instagram, Snapchat, and Twitter, according to the company’s announcement.

Against that backdrop, Ethlabs represents what supporters describe as a broader transition toward a “multi-node” development model, where independent organizations share responsibility for advancing the network rather than relying heavily on the Foundation.

“We are now poised to recognize and implement the idea that there should be a number of steward nodes of Ethereum,” Joe Lubin said, “each configured in their unique way to evolve and protect what is sacred about the network and massively grow the world’s appreciation and utilization of it.”

Ethlabs’ initial work will focus on faster transaction settlement, expanding Ethereum’s capacity and improving infrastructure for institutions issuing tokenized assets and stablecoins onchain. Ethereum dominates the $300 billion stablecoin market with a 53% market share and hosts roughly half of the $32 billion tokenized asset market, RWA.xyz data shows.

The initiative also reflects the growing institutional investment in Ethereum. SharpLink and Bitmine have both built sizable ETH treasury strategies, while Ethereum continues to host the majority of stablecoins and tokenized real-world asset issuance.

“Ethereum is at a pivotal moment,” Ansgar Dietrichs, Ethlabs’ executive director, said in a statement. “As blockchain systems move rapidly into mainstream use, the coming years will define the shape of the onchain economy for decades.”

Main Street Finance’s stablecoin msUSD has depegged to $0.27, sparked by a post addressing the “shutdown of [its] third-party proof-of-reserves dashboard.”

The following day, the firm behind the dashboard in question, Accountable, announced it was terminating its asset verification services with msUSD’s issuer.

In classic DeFi fashion, the fallout appears to have led to a bank run on Altura’s USDT vault, leading to the firm deciding to close down the vault.

At least $8.5 million was withdrawn ahead of the announcement and before a sell-off of the AVLT vault token led to an 11% depeg.

The weekend’s depegs come on the back of ongoing troubles for DeFi stablecoins apxUSD and sUSDat, which are backed by Strategy’s struggling STRC.

Read more: Saylor distances himself from STRC-backed DeFi after stablecoin wobble

Main Street Finance: ‘Institutional-grade yield’

Late on Saturday, Main Street Finance published a long post to X reassuring users that it “remains fully backed,” calling the loss of its dashboard a “reporting issue, not a solvency issue.”

By the time of the post, the price of msUSD had already collapsed. It sat at around $0.12 after losing its $1 peg around six hours previously but has since rebounded to around $0.27 from a low of $0.06 in the early hours of Sunday morning (UTC).

The advance reaction led some to believe that “insiders… got the memo that they should take the available liquidity to get out.”

Then, on Sunday, RWA accounting firm Accountable announced that, following Main Street Finance’s failure to provide adequate proof of reserves, it was terminating its contract with the firm.

Others questioned Accountable’s lack of prior action, given that doubts over Main Street’s transparency were publicly raised back in April.

Accountable’s post positions it as “neutral verification infrastructure,” however it also claims it “did not retain an ongoing, source-level view of [Main Street’s] reserves,” raising concerns over the reliability of its data on other clients.