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Prediction market platform Kalshi has completed a $185 million investment round, pushing its valuation toward $2 billion. According to The Wall Street Journal, the raise was led by crypto investment firm Paradigm, with additional participation from Sequoia Capital, Multicoin Capital, and other venture capitalists.

Kalshi co-founder and CEO Tarek Mansour confirmed that the funds will be used to expand the company’s technology team and connect its market to additional brokerages. The Kalshi contracts are currently available on Robinhood Markets and Webull platforms and are expected to be available on more retail platforms.

“In the past year alone, the platform has increased volume by 100x, users by 10x, active markets by 5x — all while securing multiple important licenses and legal victories, including a historic victory in federal court that enabled Americans to trade on the outcome of elections for the first time in over 100 years,” the firm said.

Kalshi ends CFTC dispute, opens path to extension

The platform was launched in 2018 by Mansour and Luana Lopes Lara. Kalshi had already secured $156 million, including its 2021 Series A, $30 million, and short-term loans last year. This latest round is an indication of renewed confidence by investors in event-related financial products, especially those that follow a regulated framework. The funding comes after its regulatory issues.

In May 2025, the U.S. Commodity Futures Trading Commission (CFTC) dismissed its appeal of a court decision that had permitted Kalshi to continue trading political prediction contracts. The case was over the question of whether these contracts were illegal gambling under commodities law. The dismissal eliminates one of the main legal impediments to Kalshi and provides a firmer establishment of political event markets in the US.

Mansour celebrated the decision, citing that what previously had been considered unachievable is now inevitable due to the Kalshi team and community bringing prediction markets into the mainstream. During the 2024 U.S. presidential election, political markets on Kalshi reported a trading volume in excess of 875 million, further strengthening the platform’s appeal. According to Kalshi’s website, the platform also saw over 16 million trades during the New York City Mayoral Primary election.

Kalshi’s chief competitor, Polymarket, is also said to be raising capital by $200 million at a $1 billion valuation. Although Polymarket has taken the edge in open interest, with slightly below 600 million in active markets, Kalshi now has more active markets, based on third-party information aggregated by Polymarket Analytics. Polymarket has gained notable popularity because of its massive election-focused pools aimed at predicting elections, including its U.S. presidential market, which exceeds $3 billion in volume.

Kalshi, on the other hand, has further integrated into the crypto ecosystem through a new integration with ZeroHash, allowing it to make deposits in Bitcoin, Solana, Worldcoin, and USDC. The move to accept digital assets stands to make the platform address networks of crypto-native traders. In yet another high-profile move, Donald Trump Jr. joined Kalshi as a senior advisor in January.

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United States President Donald Trump has said the country will make Spain pay double in its ongoing trade talks after Madrid rejected the new NATO defense spending target of 5% of GDP. The threat came hours after NATO leaders agreed to an increase that Trump had pushed for. Spain, on the other hand, publicly refused to meet the target, saying it could fulfill its obligation without crossing the 5% line.

“I think their decision is very terrible,” Trump said. “We’re negotiating with Spain on a trade deal. We’re going to make them pay twice as much.” The statement, reported by Reuters, caused concerns because EU members including Spain do not make individual trade deals with the United States.

The European Commission handles those negotiations, representing all 27 member states. It means if Trump wants to carry out this punishment, he’d need to insert that language into a broader agreement with the entire European Union—something that would likely face major opposition.

Donald Trump defends himself at NATO

While speaking about Spain’s refusal, Trump spent a better part of the summit praising his impact on the alliance. “They said, ‘You did it, sir, you did it,’” Trump said. “Well, I don’t know if I did it, but I think I did.” When asked about NATO Secretary General Mark Rutte calling him “daddy,” Trump said it was “very affectionately.”

This summit was also calmer than the ones Donald Trump attended in his first term. Back then, meetings were tense, with European leaders uncertain about his loyalty to NATO’s collective defense clause. But on Wednesday, Trump said he no longer believed the alliance was a scam. “I left here differently,” he said. “I left here saying that these people really love their countries. It’s not a rip off, and we’re here to help them protect their country.”

Still, not everyone was pleased with everything that happened at the summit. After the summit, French President Emmanuel Macron called out Trump’s trade threats. “We cannot, among allies, say that we must spend more…and wage a trade war,” Macron said. He added, “It is very important that we can return to what should be the rule within a group of allies…a true trade peace.” Macron was also the only leader who criticized Trump over his decision to hit Iran last week.

At the press conference, Trump also talked about the United States military strikes on Iran, calling them “very, very successful—total obliteration.” He said media outlets like CNN and The New York Times had “demeaned” US troops with their coverage. He added that intelligence reports backed the attack’s effectiveness. “We think we hit ‘em so hard and so fast, they didn’t get to move,” Trump said. “We destroyed the nuclear. It’s blown up…to kingdom come.”

He even compared the strikes to the nuclear bombings of Hiroshima and Nagasaki in 1945. “That ended the war, too. This ended a war differently, but it was so devastating,” he said. He claimed that bunker-buster bombs were used and insisted this cleared a path to peace in the Middle East. Finally, Trump was asked why he believed the latest ceasefire between Iran and Israel would hold. “They’re both tired, exhausted,” he said. “They were both satisfied to go home and get out.”

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SEC Commissioner Hester Peirce has indicated that in-kind redemptions for crypto ETFs could soon become a reality. Speaking during a panel discussion, Peirce said the mechanism is on the horizon, though she emphasized that no official commitments have been made.

In-kind redemptions allow ETF issuers to create and redeem fund shares using crypto assets directly instead of relying on cash. This process could improve efficiency and reduce operational costs. In January, Nasdaq filed a Form 19b-4 on behalf of BlackRock, requesting approval from the U.S. Securities and Exchange Commission to allow such redemptions for its spot Bitcoin ETF.

BREAKING: US SEC COMMISSIONER PIERCE SAYS IN-KIND US #BITCOIN ETFS ARE COMING ETFs DELIVERING REAL BTC. MASSIVE pic.twitter.com/2XNlw5qvh7

— The Bitcoin Historian (@pete_rizzo_) June 25, 2025

In-Kind system could offer more flexibility

Commissioner Peirce explained that shifting to an in-kind model would enable investors to receive Bitcoin directly when redeeming ETF shares. This would allow investors the option to self-custody their assets instead of converting to cash. According to Peirce, this change would benefit participants who are familiar with crypto transactions by reducing friction.

Currently, the SEC mandates a cash-based process, requiring issuers to convert crypto assets into cash for redemptions. This system was enforced when the initial batch of spot Bitcoin ETFs gained approval in January 2024. However, a revised in-kind model proposed by BlackRock may offer more flexibility for issuers and investors. Under this structure, assets are transferred as Bitcoin but can still be converted into cash through broker-dealers.

The conception was backed by a professor of finance, Vivian Fang, who claimed that the strategy is similar to how the asset managers deal with redemptions historically. She pointed out that although still in a position to obtain cash, the in-kind model streamlines internal fund operations as well as decouples asset value and direct market price.

SEC actively reviewing submissions and public feedback

SEC has been on the move seeking proposals relating to in-kind transactions. Animosity occurred in February when the agency held a comment period to solicit people’s views regarding this proposed rule change of Nasdaq regarding the ETF by BlackRock. The official review period started when the change of the rule was published in the Federal Register in February and proceeded to May. On May 13, the SEC officially began proceedings under the Securities Exchange Act to assess whether the proposed model complies with regulatory standards. Other issuers such as VanEck and Cboe have also submitted similar filings requesting permission to adopt in-kind mechanisms for their ETFs.

Discussions continue as industry waits for a decision

In April, BlackRock officials met with the SEC’s Crypto Task Force to clarify elements of their proposed model. While the review is ongoing, industry analysts maintain that in-kind processes could improve overall fund performance. Despite the optimism, Peirce stressed that any potential change remains under regulatory review.

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Uber Technologies Inc. rolled out its driverless Waymo rides in Atlanta on Tuesday, making it the second partnership with the autonomous vehicle company since its Austin launch. The service is expected to cover 65 square miles and run from downtown through Buckhead to Capitol View. The company plans to extend the range as more Waymo self-driving cars arrive on the platform.

Earlier this year, Uber added an option in their rides to allow users to show interest in autonomous rides. Even after choosing driverless rides, users are allowed to switch their options at any point before the trip begins. Uber and Waymo first teamed up in Phoenix in 2023 to offer both passenger trips and deliveries. In Phoenix, San Francisco, and Los Angeles, Waymo also runs a direct-to-consumer app.

However, in Austin and now Atlanta, Uber is the exclusive way to summon Waymo’s all-electric SUVs. Outside the U.S., Uber also partners with China’s WeRide Inc. in Abu Dhabi, helping it reach an annual pace of about 1.5 million driverless trips for both riders and deliveries. Riders there have given Waymo trips an average score of 4.9 out of 5 stars, reflecting smooth pick-ups and safe drop-offs according to user reviews.

Uber is testing its potential with the Waymo partnership

Shares of Uber rose on Tuesday after the Waymo robotaxi service was launched in Atlanta. For Uber, the success of this Atlanta launch could shift investor opinion. The company has forged more than a dozen autonomous vehicle alliances around the globe. Uber also said its popular app and its skill at matching riders with cars will bring in enough customers and money to cover the cost of self-driving cars.

Waymo currently has about 1,500 self-driving cars, but it is expected that it will take time before the figures rival those of human drivers. Some analysts worry that if Waymo does not expand beyond Austin and Atlanta, Uber’s ambitions in the autonomous space could stall. Presently, around 100 Waymo vehicles are active on Uber in Austin. The companies expect to scale up to several hundred robotaxis serving both Austin and Atlanta over the next few years.

This robotaxis competition is rising in Atlanta. Lyft Inc. plans to start its autonomous service, with safety operators onboard, in partnership with Toyota-backed May Mobility Inc. as soon as this summer. Amazon’s Zoox Inc. has also been testing driverless vehicles around downtown streets. Tesla also opened its self-driving taxi service in Austin on Sunday, charging a flat fee of $4.20 per trip. Each ride included an employee onboard for safety.

Promoted heavily by CEO Elon Musk, the service is limited for now but marks Tesla’s entry into robotaxi hailing. Tesla’s stock jumped on the launch, climbing as much as 11% in Monday trading before closing up 8% at $348.68, trimming its losses for the year to just under 7%. Moreover, the launch has added $19 billion to Musk’s net worth, making him top the billionaires list.

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The House of Representatives in Arizona has passed the Bitcoin Reserve bill, HB2324, in a 34-22 vote, moving the bill to Governor Katie Hobbs’ desk to sign the proposal that intends to allow the state to build a reserve of seized digital assets, including Bitcoin. The bill is expected to give the state of Arizona the authority to set up a Bitcoin and Digital Assets Reserve Fund using digital assets seized from illegal activities and individuals.

Once signed into law, this bill would become the second state-level measure in Arizona to establish a crypto-based state reserve. HB 2324 was initially voted down in the House during its third reading on May 7. However, the state Senate agreed on Thursday to revive the bill after Republican Senator Jane Shamp, who had voted against it, filed a motion to reconsider. The reconsideration vote in the Senate was along party lines, with Republican Jake Hoffman as the lone GOP member opposing the bill. At that time, it passed the Senate in a 16-14 vote.

Arizona bill will allow the state to claim abandoned digital assets

Under the terms of the bill, the first $300,000 in digital assets seized during a criminal forfeiture would go to the Attorney General’s office. Any value beyond that threshold would be divided so that 50 percent continues to the Attorney General, 25 percent moves into the state general fund, and the remaining 25 percent is deposited into the new reserve fund.

The bill, sponsored by Republican Senator Jeff Weninger, also broadens Arizona’s forfeiture statutes to cover digital assets. It lays out rules for seizing, storing, and allocating these assets. The state of Arizona can also claim digital assets from deceased individuals, deported, have fled, have gained immunity, or have abandoned it.

In these cases, officials will have to prove that there is no known owner, that they made diligent efforts to find one, and that no one else has stepped forward to claim it. Earlier this month, on May 7, Governor Hobbs also signed HB 2749 into law. That measure similarly permits Arizona to retain unclaimed cryptocurrency and form a Bitcoin reserve fund without tapping taxpayer dollars or state funds.

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Senator Adam Schiff has proposed the Curbing Officials Income and Nondisclosure (COIN) Act that will prohibit the president, and vice president and any immediate family member of both positions to engage in any cryptocurrency venture during the serving period in their office. This proposal comes after the incitement of former President Donald Trump in the crypto industry, and his increasing presences bring about ethical and legal concerns among the critics.

The COIN Act prohibits sitting officials from launching, backing, or promoting any form of digital assets, including stablecoins, NFTs, and meme tokens. It also requires disclosure of digital asset sales exceeding $1,000 and enforces penalties that include prison terms of up to five years.

Donald Trump and other senior administration officials have made a fortune off of crypto schemes. Today, I'm introducing the COIN Act to put a stop to this corruption in plain sight. pic.twitter.com/8wieNSCPgC

— Adam Schiff (@SenAdamSchiff) June 23, 2025

Ethical concerns tied to Trump’s crypto activities

Schiff said the bill directly responds to Trump’s financial ties to crypto projects that have emerged since his return to public office. He stated that the former president has used his position to enrich himself and his family through ventures in digital currencies. Trump and his administration have also been accused of shaping policy to favor crypto-friendly regulation.

In a video posted Monday, Schiff criticized what he described as unchecked profiteering and said public officials should be prohibited from leveraging their influence for personal gain in crypto markets. He emphasized the need for transparency and safeguards to prevent political figures from exploiting their positions through digital asset ventures.

Democrats push for Stronger oversight

The COIN Act arrives only a few days after Schiff supported the GENIUS Act which was a bill seeking to put a system of regulative framework into stablecoin. Even though, that legislation withholds the issuance of stablecoins by some officials, it does not involve the president and the vice president. In previous years, Democrats had pushed to use fiercer language against presidential clashes in crypto policy but succumbed to the pressure to sign the bill.

The COIN Act has nine co-sponsors who are all Democratic senators, and seven of them also support the GENIUS Act. In addition to the COIN Act, other bills seeking to tackle Trump on the use of cryptocurrencies have been brought forward such as MEME Act and the Stop TRUMP in Crypto Act.

Trump’s crypto empire draws further scrutiny

Trump and his sons have built a significant presence in digital assets through their firm World Liberty Financial. The company launched a stablecoin and plans a $390 million token sale in 2025. Trump also launched his memecoin TRUMP in January, followed by Melania Trump’s token.

The family’s ventures in Bitcoin mining and tokenized assets have prompted investigations. Senator Richard Blumenthal has opened a probe into Trump’s crypto dealings and related digital platforms, citing concerns about potential conflicts of interest and improper influence.

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The crypto market is positioning itself for an imminent launch of a Solana ETF. The activities of Futures on CME are currently its busiest, showing that it is ready for mainstream trading. Despite the recent slide in SOL prices, the mainstream markets are showing signs of preparing for an imminent launch of a Solana ETF.

After the latest round of S-1 form updates, Solana futures volumes rose on the CME, reaching their highest level since the launch in March. Analysts also suggested the higher volumes may be indicating a readiness for ETF approval in the coming months. A total of seven ETFs may be approved soon, of which one will include SOL staking for an innovative product combining mainstream investment with crypto-native income.

The CME futures show that a mix of smaller traders and institutional investors is involved. Over the last few days, the CME noted that institutions were increasing their share of trading, making up 10% of blocks traded in May. Since the launch, 106K contracts have been traded, with a volume of $3B. While the CME market remains smaller compared to overall SOL activity, the products show awareness and mainstream interest. The exchange also posted peak daily open interest as of July 17, retaining the trend of growing activity.

Solana markets show signs of increased ETF probability

During the ETF preview period, Solana showed price weakness after dropping under $130. The speculation in the futures market pressures Solana, attempting to liquidate long positions. However, mainstream investors are positioning themselves with more readiness for ETF trading. One of the recent signs of readiness was the listing of VanEck’s VSOL ticker with the Depository Trust & Clearing Corporation (DTCC). The listing does not mean a launch is imminent, but in the past, VanEck’s Ethereum ETF took six weeks to launch after receiving a ticker.

Searches for SOL ETF and ‘Solana ETF’ also rose in June, showing increasing mainstream interest. The launch of a bigger, high-profile Solana ETF may boost interest in the asset. For now, the existing GSOL ETP by Grayscale has risen to a higher baseline activity, trading on par with the crypto market. GSOL traded at $10.80 with 0.07 SOL per share, the equivalent of around $138 per SOL.

SOL has shown it has the potential to rebound to the $180-$200 range. Currently, influencers and crypto-native traders are positioning themselves for a ‘Solana summer’, with increased on-chain activity, token launches, and two successful quarters of fee generation. An ETF approval may re-spark demand and exuberance for SOL, leading to another repricing. In the short term, SOL moved back closer to the $140 range, potentially repricing to a higher level.

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Circle is performing better than the expectations on Wall Street, with its numbers getting harder to ignore. The crypto firm launched on the New York Stock Exchange 17 days ago with an initial market cap of around $6.8 billion. By June 23, its share price had increased to $299, taking its valuation to $72 billion before dropping back to $64 billion.

Circle’s IPO was loaded with demand to the extent that it was 25 times oversubscribed. That interest level is unheard of in 2025, especially for a company tied so tightly to crypto. Investors didn’t just buy in — they chased the stock to a level that now has traditional finance guys like Jimmy Cramer calling it dangerous. After its valuation hit $10, Cramer told the market that “Circle is too hot,” and now, it is three times that size with no plans of cooling.

Circle sees massive growth, dwarfs fintech rivals

One thing that made Circle’s run so spectacular was how quickly it happened. Most crypto-linked IPOs take time before they hit these numbers. Coinbase got to $78 billion and Robinhood reached $68 billion, but it took both of them far longer. Circle bulldozed its way to $70 billion in just 17 days. It didn’t SPAC its way there or trickle up through public hype. It jumped the fence, and now everyone’s looking around, asking what just happened.

The company’s rise has been compared to past IPOs, but even those don’t match. Circle’s 168% gain on its first trading day puts it in the same class as Beyond Meat’s 163% pop in 2019, though it still trails the 606% jump seen with TheGlobe.com back in 1998 and the 698% explosion of VA Linux in 1999. But those were from a different time, the dot-com bubble days, when any stock with “.com” in the name had a potential for a jump.

Even Snowflake matched Circle’s current valuation on day one. But see, this isn’t just about size, it’s about speed, and the fact that Circle operates in crypto, a sector still crawling out from under layers of skepticism, regulation, and very recent disasters. Critics say the company mispriced the IPO, and instead of capturing the real value for itself, it handed it over to Wall Street. And now that investors have seen the aftermath, the conversation has shifted to whether Circle’s valuation can hold or if a correction is coming fast.

Meanwhile, the market was dealing with another thing entirely, the open conflict between Israel, Iran, and the United States as a mediator. On Monday, the Dow gained 374.96 points, closing at 42,581.78. The S&P 500 went up 0.96% to end at 6,025.17, and the Nasdaq Composite rose 0.94% to 19,630.97. Stocks rose after fears over an escalation faded. Iran’s military confirmed it fired missiles at Al Udeid Air Base in Qatar, a US military hub housing roughly 10,000 troops, in retaliation for US strikes on nuclear sites in Fordo, Isfahan, and Natanz over the weekend. But Qatari defense systems intercepted the missiles, and there were no casualties.

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Israel ordered immediate military action against Iran following what it claims was a breach of the recently announced ceasefire. The move came after missile attacks on Be’er Sheba killed three civilians, prompting the Israeli government to accuse Tehran of launching fresh strikes despite the truce declared by the United States.

Defense Minister Israel Katz confirmed that Israeli forces were instructed to target Iranian regime assets and terror infrastructure. The strikes reportedly followed four volleys of missiles early Tuesday, hours after President Donald Trump had announced a ceasefire agreement between the two sides. Iran denied any missile launches after the ceasefire, with the denial published by ISNA, a student-run Iranian outlet.

Israel responds as tensions escalate

Prime Minister Benjamin Netanyahu backed Katz’s directive, stating that previous airstrikes carried out on June 13 had already met their intended objectives. He emphasized that Israel’s defense actions aimed to dismantle Iran’s nuclear program and missile infrastructure. Netanyahu also thanked President Trump and the United States for their continued support in ensuring national security.

Despite the renewed violence, global markets reacted positively, seemingly pricing in Trump’s earlier ceasefire announcement before the latest escalation was reported. The situation remains fluid, with Israel confirming ongoing military operations targeting Tehran.

Markets rally despite Middle East conflict

Global stock indices rose sharply on Tuesday even as news of fresh missile attacks emerged. In Europe, the Stoxx Europe Travel and Leisure Index jumped by 4 percent. Airline and hotel shares led the charge, with EasyJet gaining 6.5 percent, InterContinental Hotels up 3.3 percent, and Carnival rising 5.9 percent.

Asian markets mirrored this upward trend. Japan’s Nikkei 225 advanced 1.17 percent, South Korea’s Kospi gained 2.71 percent, and Australia’s S&P/ASX 200 increased by 1 percent. Hong Kong’s Hang Seng Index rose 1.91 percent, while the CSI 300 climbed 1.13 percent. In the United States, the Dow Jones added 374.96 points, closing 0.89 percent higher. The S&P 500 rose 0.96 percent, and the Nasdaq Composite ended the session up 0.94 percent.

Currencies shift as oil declines and crypto surges

Oil prices fell, allowing several currencies to strengthen. The US dollar dropped 0.75 percent against the yen, while the euro gained 0.27 percent. The Australian and New Zealand dollars also rose. Meanwhile, the Israeli shekel strengthened by 1.5 percent. Bitcoin climbed 2 percent to $105,832, and ether jumped 3.2 percent to $2,425. US crude dropped to $66.9 per barrel, and Brent crude settled at $69.87.

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BNB looks to be the next token to attract corporate entities to build a treasury. The digital asset has long had a track record as one of the blue-chip assets, and now it is joining the trend of Altcoin treasuries. Former Coral Capital executives are launching a BNB coin strategy, with the goal of raising $100M for initial purchases.

A group of crypto hedge fund experts such as Patrick Horsman, Joshua Kruger, and Johnathan Pasch are behind the plan to create a BNB treasury company. According to reports, the entity will be the first of its kind, offering mainstream exposure to BNB with the potential for future purchases financed by equity. To achieve that goal, the group aims for a reverse buyback of an unidentified Nasdaq-listed company. The company will then be renamed to Build&Build Corporation to reflect the Binance ecosystem ethos.

After the acquisition, the company is expected to seek a $100 million financing round, repeating the model adopted by Strategy and other public firms announcing the accumulation of Bitcoin, Ethereum, or other assets. Former Binance boss Changpeng Zhao has stated that Binance is not directly affiliated with the strategy plan. However, he sent out a generally favorable message on having a BNB ‘Strategy’, raising demand for the token.

Changpeng Zhao praises BNB treasury idea

According to Zhao, BNB is the token of a public blockchain and is not linked or controlled by Binance. Following the news, BNB rose by 2.4% to $624.46. The asset has been trading with relative stability for months, as it has encouraged long-term holding and staking. BNB is also among the assets shortlisted for a potential ETF, though still facing a long process of approval.

Treasury companies have achieved short-term stock growth. This time, the buyers have not announced the Nasdaq-listed firm to serve as the shell company. Crypto purchases are also used as a pivot for companies with distressed stock, in a bid to renew their activity and tap growth from the crypto market.

DEX activity causes growth in popularity

BNB also became one of the most sought-after tokens as Binance ended its legal battle with US regulators. The exchange is still a key hub for both centralized and decentralized activity, airdrops, and token sales, boosting the value of BNB. BNB Chain and BNB Smart Chain recently posted record activity levels, carrying over 42% of on-chain transactions compared to all other chains.

The network is mostly reflecting the usage of Binance Wallet, a direct hub for decentralized swaps. The asset has always been seen as a store of value and on-chain liquidity. BNB Smart Chain locks in over $5.7 billion, developing its ecosystem of lending protocols, DAO, and other treasuries. Holders of BNB also earn staking rewards, as well as the potential to participate in token airdrops.

BNB is a utility token, raising the potential that both ETF and treasuries will not just sit idly in a wallet, but could earn passive income. Around 21% of the BNB supply is currently staked, and treasuries may take a while before making a dent in circulating tokens. Up to 50% of BNB tokens are already held in whale or exchange wallets, as well as early ICO buyers.

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Tether has minted $2 billion worth of USDT on the Tron blockchain to boost its reserves in anticipation of higher demand. The minting occurred in two steps, with the company’s CEO, Paolo Ardoino, confirming that $1 billion worth of the stablecoins was first minted before the second.

According to reports, the latest $1 billion USDT mint at Tether’s Treasury address was first brought to the public’s notice by Whale Alert on X. Paolo Ardoino explained that the USDT is “authorized but not issued”. Tether holds it in reserve for future use, like customer redemptions or moving tokens between blockchains. The decision to mint the $2 billion USDT on the Tron blockchain comes after the company minted $1 billion USDT on Ethereum on June 18 before the Federal Reserve’s FOMC meeting.

Tether prepares for rising USDT demands

According to blockchain analytics firm Lookonchain, the company is preparing in advance for expected demand because it is issuing large amounts of USDT without putting it directly into circulation. Stablecoins like USDT also lack the volatility of regular cryptocurrencies. They are common in market trends that Tether’s minting behavior follows, such as when investors increase their activity or when trading volumes spike on major exchanges.

Popular crypto investor and commentator Lark Davis said the minting meant that “dry powder” was entering the system. This means that there is still capital and it will be used once favorable market conditions arise. His comments show hope of an upcoming shift to a more risk-on investment environment if the Fed leans toward cutting interest rates or signaling continued support for financial markets. Tether continues to grow its reserves to support the stability and trust behind its popular stablecoin tied to the value of the U.S. dollar, USDT.

Reserves on the rise to keep USDT stable

According to previous records, minting more tokens and holding them in reserve gives users confidence that they can always redeem their USDT for dollars if needed because it proves each USDT in circulation is fully supported by assets of equal value. The most recent $2 billion minting happened on the Tron blockchain because Tron offers fast and low-cost transfers for users who need to move large amounts of money quickly and affordably.

Tether is also providing users with more ways to use the token and allowing exchanges and crypto to choose the network that best suits their needs in terms of speed and transaction fees by spreading USDT across multiple blockchains like Tron, Ethereum, and others. Tether’s CEO, Paolo Ardoino, said the newly minted USDT allows the company to respond faster to future demands from exchanges, institutional clients, or users who want to swap USDT between blockchains. This is because they are created in advance and held in Tether’s treasury as inventory.

The company also mentioned that it issues new tokens to ensure that its services are smooth, and not to influence or predict price movements in the crypto industry. However, there are still traders who believe that these mints happen before a major rise in the price of Bitcoin and Ethereum. Going by this logic, it means the assets could witness new rallies in the next few days.

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Texas Governor Greg Abbott has signed Senate Bill 21 into law, creating the Texas Strategic Bitcoin Reserve and making Texas the third U.S. state to do so.

Gov. Abbott received SB 21 on June 1, 2025, and had until June 22, 2025, to sign or veto it. Under the Texas Constitution, a bill left unsigned by that date becomes law automatically. With SB 21 now signed, Texas has now become the third state to approve a Strategic Bitcoin Reserve after Arizona and New Hampshire.

Under SB 21, the Texas Comptroller of Public Accounts will manage a fund kept outside the state treasury. It will be funded by legislative appropriations, dedicated fees, investment returns, and voluntary cryptocurrency gifts. The law sets rules on how the comptroller can buy, hold, and sell digital assets. Supporters say it will help guard against inflation, boost the state’s financial strength, and keep Texas ahead in digital asset use.

Texas Bitcoin reserve will focus on the market cap threshold

According to reports, the law only lets the fund invest in cryptocurrencies that have had an average market cap of at least $500 billion in the past 12 months. That rule is meant to keep the fund focused on large, stablecoins—currently, that is mainly Bitcoin.

Since its first draft, SB 21 was revised in the House Committee on Delivery of Government Efficiency. The most recent version adds clearer guidelines, and new risk controls, and limits the comptroller’s power over speculative spending of public money.

Earlier, Texas also approved House Bill 4488. That law prevents any funds set aside for a future Bitcoin reserve from being swept into the general revenue fund. It created the legal basis for holding digital assets under state law.

While HB 4488 protects the reserve funds, SB 21 is the law that lets the state create the reserve. It allows the comptroller to use surplus general revenue to buy digital assets with a market value of at least $600 billion, a threshold met only by Bitcoin today.

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Russia has seen its crypto holdings blow past 2 trillion rubles, worth more than $25.4 billion as of June 2025. The information was delivered by Vasily Girya, CEO of GIS Mining while speaking at the St. Petersburg International Economic Forum (SPIEF 2025). Russian firms are making big mining orders, meaning that more capital is flowing into the country’s crypto infrastructure.

The SPIEF 2025 event ran from June 18 to 21 in St. Petersburg, with the theme: “Shared Values: The Foundation of Growth in a Multipolar World.” It was designed to push Russia’s global narrative, with the forum running multiple sessions. There was an SME Forum, where small and medium businesses showcased their services, and the Creative Industries Forum, built to support artists and media startups. Youth and future development had their slot with the Day of the Future International Youth Economic Forum.

In terms of policy, there was the Drug Security Forum and the Roscongress Urban Hub, a place for cities and planners to talk about policy and development. Outside these panels, there were events like the Petersburg Seasons festival and the SPIEF Sports Games to pad the cultural program. The Roscongress Foundation put the whole thing together, while TASS handled the information logistics.

Russia increases its crypto balance as Putin warns of conflicts and targeting

During one of the forum’s headline sessions, President Vladimir Putin said that Russia’s economy is still on the rise despite the sanctions. He said the country now ranks fourth in the world by GDP, and now number one in Europe. “Russia is already ranking fourth in the world in terms of gross domestic product. And it is Europe’s first. These are very significant indices,” Vladimir said at the event.

The discussion also took a global twist when Putin was asked about the rising conflicts in the world. The moderator specifically asked about the recent 80th anniversary of World War II, asking if another war could happen in recent days. “It worries me,” Putin said. “I am speaking without any sarcasm, without joking, of course, there is a lot of conflict potential, it is growing.” He pointed directly to Ukraine and the Middle East, saying the problems are happening “right under our noses.”

In the same forum, Maria Zakharova, the Foreign Ministry’s spokeswoman, said the real aim of Western economic aggression wasn’t just Russia, it was the European Union. “I am sure that one of the goals of this hybrid warfare is not only Russia but also the countries of the European Union,” Maria said. “The EU has grown too strong, and the euro is too secure. The euro is secure; the dollar is not. It was necessary to influence it somehow.” She also pointed to Asia’s economic rise, saying Western nations are falling behind and won’t catch up.

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Trump called on Iran to make peace just hours after U.S. forces bombed three of the country’s key nuclear facilities on Saturday night. In a televised statement from the White House, the former president warned Iran that future U.S. strikes would be much stronger if Tehran decided to retaliate.

He did not clarify what peace terms he expected from Iran but made it clear that continued aggression would result in more military action. The U.S. targeted Iran’s Fordow, Natanz, and Isfahan nuclear sites, marking a major escalation in tensions after weeks of diplomatic uncertainty.

Iran responds with Missile attacks on Israel

In retaliation to U.S airstikes, Iran fired missiles on Israel intensifying the situation into a global crisis. According to Tasnim News Agency, which is owned by the state of Iran, the attack was a formal response of the military, making it a sign that there will be no immediate solution in terms of diplomacy.

Trump had earlier expressed interest in negotiating a new nuclear deal with Iran, even after Israel’s initial involvement. However, his tone shifted early in the week. He publicly ruled out a ceasefire, demanding a permanent resolution. He later posted “UNCONDITIONAL SURRENDER” in all capital letters on Truth Social, signaling a hard-line stance.

By the end of the week, Trump set a two-week deadline to decide on military action. That window closed on Saturday night when U.S. warplanes struck Iran, drawing American forces into yet another Middle East conflict.

Cryptocurrency markets rebound after initial drop

The emergence of military activities triggered sharp replies in the world of cryptocurrencies. Bitcoin fell to below the 100,000-mark soon after information about the attack broke, and SOL, Ether, and XRP fell with a rapid descent, as well. SOL touched the level of 121 dollars, Ether dropped to 2300 dollars and XRP crashed to 2.09 dollars. The market settled after a few hours even after the initial shock. Bitcoin rose back above the $102000 mark, and the rest of the big assets regained the larger portion of their losses. This rapid recovery indicated that people in the stock market do not perceive the fall as something serious and long-term.

Iran condemns strikes and appeals to global institutions

Iran’s foreign ministry condemned the U.S. strikes, calling them an act of war. In a statement, the government accused Washington of abandoning diplomacy and violating international law. It described Israel as lawless and warned of severe consequences.

Iran called on the UN and the International Atomic Energy Agency to intervene and requested an emergency meeting of the UN Security Council to address the situation.

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Bitcoin is set to hit $21 million per coin by 2046, according to Michael Saylor, the founder of Strategy and a long-time Bitcoin advocate. Saylor shared his latest forecast during the BTC Prague 2025 event, aligning the target with the cryptocurrency’s total supply and marking it as a symbolic milestone in Bitcoin’s timeline.

The prediction builds on Saylor’s earlier estimate made at the 2024 Bitcoin conference in Nashville, where he projected Bitcoin to reach $13 million

 by 2045. He now believes a 21-year outlook aligns with a $21 million valuation, driven by significant shifts in geopolitics, adoption trends, and regulatory changes.

Geopolitical and regulatory shifts shape outlook

Saylor attributed his bullish revision to unexpected political and regulatory changes. He noted that Donald Trump’s presidential win in 2024 and the current administration’s pro-Bitcoin stance have accelerated interest and adoption. Saylor pointed to the formation of a national Bitcoin reserve and the introduction of new laws such as the Genius Act, the Bitcoin Act, and the Digital Asset Market Clarity Act.

He said these developments were not anticipated a year ago. He emphasized that several U.S. states have begun embracing Bitcoin, signaling growing mainstream support for the asset.

Volatility ahead but long-term growth expected

While Saylor remains firm on Bitcoin’s long-term potential, he acknowledged the high price volatility that could mark the road to $21 million. He predicted significant fluctuations but expects the market to stabilize over time. According to his outlook, Bitcoin could deliver a steady 21% compound annual growth rate through 2046, potentially outperforming the S&P 500 consistently each year.

He underscored that although Bitcoin may face turbulence, its fundamentals, rising institutional support, and increasing adoption could sustain long-term gains.

Strategy’s Bitcoin holdings and custody stance

Strategy recently added $1 billion worth of Bitcoin, raising its total holdings to approximately 592,100 BTC as of June 15, 2025. Despite its large stash, the firm has not disclosed where it stores its Bitcoin. Saylor has previously rejected the idea of proof-of-reserves, arguing that it compromises the security of custodians, exchanges, and investors.

He also criticized self-custody in the past but has since shifted his stance, now supporting it for individuals capable of managing it securely. At the BTC Prague event, self-custody was a major topic among attendees, many of whom supported the principle of financial independence.

The post Bitcoin to Reach $21 Million by 2046, Says Michael Saylor first appeared on Coinfea.

Meta Platforms reportedly held private talks with artificial intelligence firm Perplexity AI about a possible investment before moving ahead to invest in Scale AI. People familiar with the matter told CNBC that those discussions ended without a deal, and Perplexity chose not to pursue the offer.

The negotiations did not reach financial terms, and both companies declined to comment. Perplexity, valued at about $14 billion in its latest funding round, closed that financing shortly before Meta began exploring an acquisition. This outreach fits into CEO Mark Zuckerberg’s wider push to ramp up the company’s AI work.

Meta ramps up AI moves with Scale AI investment

As part of its AI strategy, the company agreed to take a 49% stake in Scale AI in exchange for its multibillion-dollar investment. Although the company will hold no voting rights, Scale AI founder Alexandr Wang and a small group of his colleagues will join Meta to work directly on AI projects.

Earlier this year, the parent company of Facebook and Instagram also pursued Safe Superintelligence, a research firm that raised funds valuing it at $32 billion in April. Under the deal, Daniel Gross, Safe’s chief executive, and Nat Friedman, former head of GitHub, would come aboard Meta’s new “superintelligence” division led by Wang. Gross and Friedman jointly run a venture firm called NFDG; Meta will secure a stake in that venture as part of the arrangement.

The firm made a move to hire Perplexity CEO

According to Bloomberg, Meta tried to hire Perplexity CEO Aravind Srinivas for its superintelligence team. Those talks occurred before Meta finalized its deal with Scale AI. Perplexity, founded in 2022, has quickly become known for using generative AI to change how people search the web. Its tool summarizes results, cites sources, and helps users refine queries for clearer answers. The company is now working on an AI-powered web browser to challenge services from Google and others.

Zuckerberg’s push has already drawn key figures to Meta. Alongside Wang, the company has hired leading researchers formerly at Google DeepMind and the startup Sesame AI. Yet, not every approach has paid off. Some top experts have declined, including OpenAI staffers, despite the hefty proposals. The company has also discussed providing computing infrastructure to Safe Superintelligence, offering the use of its data centers for the lab’s work.

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Japan has halted a meeting with the United States after the US government increased its demand for defense spending without prior notification. The summit was supposed to take place on July 1 in Washington and was part of the annual “2+2” talks between top officials from both countries.

Secretary of State Marco Rubio and Defense Secretary Pete Hegseth were supposed to attend the meeting with Japan’s Defense Minister Gen Nakatani and Foreign Minister Takeshi Iwaya, but Japan canceled. The entire thing blew up when Elbridge Colby, the third-most senior official at the Pentagon, pushed a new demand for Japan to increase its defense budget to 3.5% of GDP. Just weeks ago, the number was 3%. People close to the talks said the demand crossed a line.

Japan cancels meeting before key election as tensions grow

The Upper House elections, which are set to take place on July 20, are another factor. A senior official in Japan said the ruling Liberal Democratic Party is already bracing for seat losses, and the leadership didn’t want to deal with a public defense clash with Washington just weeks before voters hit the polls. Canceling the 2+2 meeting was seen as less risky than walking into it with a US delegation pressing for more military spending.

Christopher Johnstone, a former US government official who worked on Japan policy, said Japan sees these meetings as a top priority. “They provide politically valuable opportunities to showcase the strength of the US-Japan alliance,” he said. But this time, he said they felt “the political risk of a meeting before the election was higher than the potential gain.” Johnstone now works as a partner at The Asia Group, a strategic advisory firm.

The defense drama comes as the Trump administration pressures both Europe and Asia to increase military budgets. Speaking at the Shangri-La Dialogue in Singapore last month, Pete told a room full of defense ministers and military leaders that America expects its allies to “follow the newfound example” of European nations stepping up. He pointed at China and North Korea as reasons for raising defense spending in the Pacific.

Elbridge has been leading the talks. During his Senate confirmation hearing in March, he called on Japan to raise its budget. That didn’t sit well with Prime Minister Shigeru Ishiba. Ishiba said budget decisions will be made by Japan, not the Pentagon. Not only did that moment get attention in Tokyo, but it also set the tone for how the rest of this relationship had gone.

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Taiwan has raised fresh concerns over the growing risks tied to US sovereign debt. Speaking on Saturday, Central Bank Governor Yang Chin-long pointed to America’s increasing borrowing and fiscal policies under President Donald Trump as a threat to long-standing confidence in US Treasury bonds. With Taiwan holding $593 billion in foreign reserves—over 80 percent of which are in Treasuries—the warning carries weight in global financial circles.

Trump policies trigger investor hesitation

Yang criticized Trump’s economic direction, highlighting the strain from expanded spending and trade measures. He cited Trump’s massive budget proposal, dubbed the “One Big Beautiful Bill Act,” which is projected to push the US federal deficit higher by $2.8 trillion over the next decade. According to the Congressional Budget Office, while short-term growth may occur, the long-term financial impact could erode trust in US debt markets.

The governor also warned that Trump’s approach to trade, including renewed tariffs, has caused concern among global investors. New tariffs have targeted several nations, including Taiwan, further straining relationships. Although a temporary 90-day pause was issued in April, Yang noted that this move does not address deeper trade imbalances. He said the policy threatens the US economy and could harm global economic stability.

Bond holdings show signs of decline

Taiwan’s concerns are not isolated. Recent data shows that foreign interest in US bonds is fading. In the past week alone, central banks and sovereign wealth funds reduced their holdings stored at the New York Federal Reserve by $17 billion. Since late March, the total decline has reached $48 billion, aligning with the start of Trump’s renewed trade actions.

Currently, foreign investors hold about 30 percent of the US Treasury market. Analysts have flagged a clear drop in demand, with experts like Torsten Sløk at Apollo and Katie Craig at BofA pointing to weakening foreign appetite for US debt. The Treasury Department is expected to release updated figures soon, which may show a deeper selloff.

Shift in reserve storage practices

Foreign banks typically use the New York Fed’s reverse repurchase facility to park cash after selling Treasuries. However, since March, foreign use of this facility has dropped by $15 billion. Altogether, US assets held by foreign institutions at the Fed have declined by $63 billion over two months.Taiwan’s central bank still regards US bonds as stable, but rising debt and aggressive policies may change that view.

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The expectations of the altcoin season have clashed with investors’ behavior. According to data, altcoins are currently seeing selling pressure as investors are washing their hands away from the tokens. According to the data, the altcoin season is nowhere near, despite evidence in previous years highlighting a rally in June.

Currently, Bitcoin is still close to its peak levels, with no signs of change in sight. Some of the demand for altcoins has also shifted into short ‘degen seasons’ centered around meme tokens. The last true altcoin season was in 2021 when older assets managed to reach new all-time peaks. This time around, an entire array of liquid coins are still drifting sideways, as investors become more selective. Altcoins, excluding Ethereum (ETH), only dominate under 20% of the crypto market capitalization.

CryptoQuant data shows selling pressure since January 2025

According to data from CryptoQuant, altcoins have been experiencing selling pressures since January 2025. While the market is not as low as the last two crypto winter years in 2023 and 2024, there can be no Altcoin shift until there is proper demand to back it up. Competition also comes from another airdrop season and high-profile token sales, where users compete for potential new assets with the chance of rapid gains.

The metric of centralized exchange of buying vs selling shows traders have liquidated $36B from altcoins. Any remaining gains from the late 2024 rally were erased in the first half of 2025, as traders aimed to abandon some of the long-term dead coins. The mix of VC-backed tokens and new, more liquid trading pairs for memes continued to drive down demand. Additionally, some of the activity switched directly to decentralized pairs, with no waiting times for listings.

The altcoin season index remains near lows

According to the altcoin season index, Bitcoin is having its season. The index is at 20 points, meaning even the top 100 coins and tokens are not performing remarkably. Previously, altcoin seasons lasted for weeks or even months. Currently, altcoin rallies are still happening, though within a much shorter time frame. In 2025, there have been calls to rethink what constitutes an altcoin season, and if traders would rush into all assets. Some legacy coins had separate rallies, while others recovered based on utility.

Presently, some of the top performers included Aave (AAVE), trading at $260.22, showing increased demand for DeFi lending. Other projects like Avalanche (AVAX) show increased activity, but their tokens still trade below the 2024 peak. AVAX returned to $17.95, despite near-record daily activity linked to new Web3 games. Bitcoin Cash (BCH) is also breaking out of the pack, trading near a three-month peak at $459.12. The token is seen as risky, potentially erasing its gains.

However, BCH buyers are betting on an asymmetric rally, as the coin is once again regaining its reputation as a Bitcoin alternative. In the longer run, ETF launches are also tracking legacy coins, potentially bringing external demand. Some categories, such as exchange tokens, are often outpacing the market, with outsized rallies in the case of HYPE and WBT.

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OKX and Consensys have announced a partnership that will increase the DEX-trading feature of the OKX Web3 wallet. According to reports, the partnership will include OKX sharing its features on the MetaMask wallet while ensuring users are protected against MEV. The SERVO solution developed by Consensys will ensure that retail traders are not exploited by bots that front-run transactions.

“We’re glad to be working together on advancing practical user protections at scale. MEV remains a complex challenge for users and developers, and OKX’s integration of Consensys SERVO reflects a strong commitment to user safety and protocol-aligned innovation,” said Consensys chief strategy officer Jason Linehan.

OKX set to increase DEX trading capabilities with Consensys partnership

The partnership was announced at a time when wallet-based DEX activity is rising, mostly inside the Binance ecosystem. Other exchanges without their chain have also been looking to compete while aggregating DEX trades from multiple networks. Binance not only dominates in terms of centralized trading but also wallet-based swaps through decentralized pairs.

The OKX DEX wallet carries around $140M in daily decentralized trades and is one of the most used for token swaps. MetaMask swaps are rare, with just around $7M in daily volumes. Nearly 75K daily traders use the OKX Web3 wallet. Currently, Binance Wallet remains the leading venue due to incentives and point farming, but OKX remains one of the most active hubs to mix centralized and decentralized trading.

OKX also joined the trend of boosting DEX availability to its users, as traders rarely want to wait for a listing. While the OKX DEX has relatively small volumes, the aggregated swaps have been on the rise since the beginning of 2025, as more traders seek direct actions through an intuitive wallet.

OKX and Consensys partners to improve Web3 infrastructure

OKX has been one of the firms driving competition with its native Web3 wallet. The partnership will improve the abilities of MetaMask to aggregate swaps and access the best liquidity pairs. Currently, MetaMask in-wallet swaps are still relatively expensive when using the wallet’s native routing. OKX aggregates over 500 DEXs with response times under 100 ms, tapping all available sources of liquidity.

According to the firms, end users will enjoy expanded access to the DEX will bring deeper liquidity and cross-chain capabilities. “While MetaMask users will immediately benefit from faster and more cost-efficient trading, that’s just the beginning. I’m particularly excited about our work to further enhance and create new experiences across the Linea ecosystem,” OKX ventures founder Jeff Ren said.

He also added that both firms will come together to create a Web3 experience that users can enjoy, removing barriers for old and new traders. OKX will also be one of the first major exchanges to adopt the SERVO technology for MEV protection. MEV bots remain a challenge on multiple networks and Consensys aims to improve the general Web3 infrastructure.

As the DEXs to CEXs ratio stands at 28.4%, OKX and Consensys will be among the first to secure a more intuitive and safe ecosystem. DEX trading has taken over both spot demand and derivatives due to the permissionless access to exchanges and the quick inflow of new trading pairs.

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