Dearest Readers,
The past week in cryptocurrency has been yet another whirlwind of events, and we are always here for it! Here are notable updates:

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Corporate Treasury Moves

Companies are increasingly allocating funds to digital assets:

• Figma, a design platform, disclosed $69.5 million in spot Bitcoin ETFs in its IPO filing with the SEC and received board approval to purchase an additional $30 million in Bitcoin.
• Nano Labs, a Nasdaq-listed company, acquired $50 million in BNB tokens, boosting its digital asset reserves to $160 million.
• Swedish health firm H100 Group, added 47.33 Bitcoin to its treasury, bringing its total to 247.54 Bitcoin.
• Bitcoin miner Cango now holds 4,000 Bitcoin, while public gold miner Hamak Limited announced plans to include Bitcoin in its corporate treasury.
• China’s Addentax Group signed a $1.3 billion term sheet to acquire up to 12,000 Bitcoin, up from an initial 8,000.

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ETF Investments
Spot cryptocurrency ETFs are gaining remarkable traction:

• BlackRock’s Bitcoin ETF added $3.85 billion in Bitcoin in June, with a $112 million inflow on June 30, now generating more revenue than its S&P 500 ETF.
• BlackRock’s spot Ethereum ETF purchased 22,060 ETH ($54.8 million) on July 1 and 33,240 ETH ($85.4 million) on July 3.
• Fidelity’s spot Ethereum ETF acquired 10,730 ETH ($25.8 million) on July 2, while Fidelity sold 1,630 Bitcoin ($170 million) from its holdings.
• The first Solana Staking ETF ($SSK) debuted on July 3 with $33 million in trading volume, outperforming Solana and XRP futures ETFs but trailing Bitcoin and ETH spot ETFs.

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Banking and Financial Services

Traditional institutions are embracing crypto, including:

• Europe’s UniCredit will offer professional clients a BlackRock Bitcoin ETF-linked product with 100% capital protection at maturity.
• Belgium’s KBC Bank plans to provide Bitcoin and Ethereum trading for retail clients.
• Spain’s BBVA launched Bitcoin and Ethereum trading and custody for retail customers via its mobile app, compliant with EU MiCA regulations.

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U.S. Regulatory Scene

• The SEC released new guidance on disclosure requirements for crypto Exchange-Traded Products (ETPs), detailing the information issuers must include in filings. It is considering a simplified listing process for crypto ETFs, potentially allowing issuers to bypass the lengthy 19b-4 application and list within 75 days.
• The SEC also paused Grayscale’s Digital Large Cap Fund conversion into an ETF covering Bitcoin, Ethereum, XRP, Solana, and Cardano for further review.
• Senator Cynthia Lummis proposed a crypto tax bill with a $300 de minimis rule, eliminating double taxation on mining/staking and aligning digital assets with traditional finance.
• The Senate Banking Committee will hold a hearing on crypto market structure on July 9, 2025, featuring Ripple CEO Brad Garlinghouse and other industry leaders.

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Global Regulatory Moves

• Arizona Governor Katie Hobbs vetoed a digital assets reserve fund bill (HB2324), citing concerns about limiting local law enforcement’s ability to seize digital assets.
• Brazil introduced a 15–22.5% crypto tax, impacting small investors and foreign exchange profits.
• The IMF rejected Pakistan’s plan to use subsidized electricity for Bitcoin mining, warning of energy market instability.
• SIFMA urged the SEC to reject exemptive relief for crypto tokenized equities trading, advocating for a formal notice and comment process.

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Stablecoin Launches

• The Global Dollar stablecoin ($USDG), backed by Kraken, Robinhood, and Mastercard, launched in the EU with full MiCA compliance, serving over 450 million consumers across 30 countries.
• Ripple partnered with OpenPayd to deliver its $RLUSD stablecoin and payment infrastructure for enterprises.
• Deutsche Bank’s DWS, Galaxy, and Flow Traders will launch a Germany-regulated euro stablecoin under MiCA rules.
• Circle minted 500 million $USDC on Solana (250 million on July 3 and 250 million on July 4).
• Tether minted $1 billion in $USDT on July 3 and holds an $8 billion gold stockpile in a Swiss vault, making it one of the largest non-bank holders.

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Infrastructure Developments

• Bybit launched Bybit.eu, a MiCA-compliant platform for European users, serving 450 million EEA residents across 29 countries.
• Ripple applied for a U.S. National Bank License to expand its financial services.
• Coinbase acquired Liquifi, a token management platform, to enhance tools for token distribution, vesting, and tax handling.
• Japan’s Minna Bank partnered with Solana and Fireblocks to test stablecoin functionality.
• Tether invested in Crystal Intelligence to improve on-chain crime tracking and fraud detection.

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Large-Scale Transactions

• A 14-year-old Bitcoin wallet, inactive since 2011, transferred 10,000 Bitcoin (worth $1.09 billion, originally purchased at $0.78 each).
• An Ethereum ICO participant sold 14,394 ETH ($50.11 million) since April 2021, retaining a $55 million profit from an initial $5,000 investment.