Decentralized finance (DeFi) is undergoing a subtle transformation. While in the past, DeFi experienced a bull market filled with high yields and speculative excitement, the current growth is being driven by...
Decentralized finance (DeFi) is undergoing a subtle transformation. While in the past, DeFi experienced a bull market filled with high yields and speculative excitement, the current growth is being driven by the sector’s role as a backend financial layer for user-facing applications and the increasing participation of institutional investors, according to a recent report by analytics firm Artemis and on-chain yield platform Vaults.fyi.
The total value locked on major DeFi lending protocols, including Aave, Euler, Spark, and Morpho, has exceeded $50 billion and is steadily approaching $60 billion, marking a 60% growth over the past year. This growth is attributed to the rapid institutionalization of the sector and the development of advanced risk management tools.
A key trend highlighted in the report is the integration of DeFi infrastructure into user-facing applications, creating a seamless experience for users. This trend, often referred to as the “DeFi mullet,” involves fintech front-end applications utilizing DeFi backend infrastructure to offer yield or loans. For example, Coinbase users can borrow against their Bitcoin holdings through the DeFi lender Morpho’s infrastructure. Bitget Wallet’s integration with Aave allows users to earn a 5% yield on USDC and USDT holdings within the wallet app, while PayPal is also offering yields on its PYUSD stablecoin without the DeFi element.
DeFi protocols are also introducing tokenized versions of traditional instruments, such as U.S. Treasuries and credit funds, known as real-world assets (RWA). These tokenized assets can serve as collateral, generate direct yield, or be included in more complex strategies. Additionally, investment strategy tokenization is becoming popular, with protocols like Pendle and Ethena managing significant value in tokenized stablecoin yield products.
Another significant trend noted in the report is the emergence of crypto-native asset managers. Firms like Gauntlet, Re7, and Steakhouse Financial are allocating capital across DeFi ecosystems using professionally managed strategies, similar to traditional asset managers. These asset managers are actively involved in DeFi protocol governance, adjusting risk parameters, and investing in structured yield products, tokenized RWAs, and modular lending markets.
Overall, the DeFi sector is experiencing substantial growth and evolving towards a more sophisticated financial ecosystem with various opportunities for users and investors alike.
The rise of cryptocurrencies becoming mainstream is happening at a rapid pace. Deribit, a crypto derivatives exchange, has seen its Deribit Block Request-for-Quote (RFQ) interface achieve a trading volume of over...
The rise of cryptocurrencies becoming mainstream is happening at a rapid pace. Deribit, a crypto derivatives exchange, has seen its Deribit Block Request-for-Quote (RFQ) interface achieve a trading volume of over $23 billion in less than four months since its launch in March.
Deribit is a well-known derivatives exchange that offers the biggest options market for traders of bitcoin BTC, ether ETH, Solana SOL, and XRP XRP. Along with futures and spot trading, the exchange introduced the block RFQ system in March. This system allows participants, usually institutions and high-volume traders, to request pricing for a single instrument trade or a multi-legged strategy involving spot, futures, or options. Market makers then respond with quotes, and the best quote for the bid and ask is provided to the taker, allowing for more efficient execution of large orders outside of the public order book systems.
The CEO of Deribit, Luuk Strijers, explains that the RFQ system caters to the needs of professional and agency trading operations by supporting complex structures and large volumes. The system has handled trades worth $883 million in March, and the trading volume has only increased since then, hitting $9.8 billion in May and surpassing $6 billion in the first half of June.
Furthermore, the percentage of block trades executed via Deribit’s RFQ has increased to 27.5% this month, up from 17% in April and 21% in May. This showcases the growing demand for such systems in the cryptocurrency market.
Anthony Pompliano, a prominent advocate of cryptocurrency and CEO at Professional Capital Management, is slated to take on the role of CEO at ProCapBTC, a new investment entity focused on acquiring...
Anthony Pompliano, a prominent advocate of cryptocurrency and CEO at Professional Capital Management, is slated to take on the role of CEO at ProCapBTC, a new investment entity focused on acquiring substantial amounts of bitcoin BTC. This information was reported by the Financial Times, with input from three sources familiar with the discussions.
As part of the proposed arrangement, ProCapBTC intends to raise $750 million, with $500 million coming from equity and $250 million from convertible debt, through a merger with Columbus Circle Capital 1, a special purpose acquisition company (SPAC) supported by Cohen & Company. While negotiations are ongoing and final terms remain uncertain, an announcement of the deal could be made as soon as next week.
The trend of companies investing in bitcoin for their treasuries has been gaining momentum, with 126 publicly traded companies currently holding nearly 820,000 bitcoin, as per data from BitcoinTreasuries.net. One notable example is Strategy (MSTR), a software company led by Executive Chairman Michael Saylor, which holds $61 billion worth of BTC. If ProCapBTC were to allocate all $750 million towards bitcoin, it would place just outside the top 10 in terms of the largest holders of the cryptocurrency.
This development mirrors the increasing optimism in crypto markets following the election of U.S. President Donald Trump, who recently expressed his support for cryptocurrencies. The administration’s efforts to streamline regulations governing the industry have spurred several companies to consider going public. For instance, stablecoin issuer Circle (CRCL) saw a 168% surge in its stock price on its first day of trading, while Bullish, backed by Peter Thiel, is reportedly eyeing an IPO. Bullish Group, the parent company of both CoinDesk and Bullish Exchange, is involved in this move.
Pompliano, also known for his podcast, refrained from providing a statement to the Financial Times, and Cohen & Company did not respond to requests for comment.
H100 Group, a health and longevity company based in Sweden, recently announced that they have successfully raised $10.5 million (SEK 101 million) from a group of cryptocurrency-focused investors. This includes prominent...
H100 Group, a health and longevity company based in Sweden, recently announced that they have successfully raised $10.5 million (SEK 101 million) from a group of cryptocurrency-focused investors. This includes prominent figures such as Blockstream CEO Adam Back, UTXO Management, and various family offices.
The fundraising initiative involved two share issues totaling SEK 69.65 million and convertible loans amounting to SEK 31.35 million. The share issues attracted a mix of crypto investors and Nordic family offices, while the convertible loans do not accrue interest and have a maturity period of five years. Investors have the option to convert these loans into equity at SEK 1.75 per share.
Following this development, H100 Group’s shares surged by 30% during the Wednesday session, marking an overall increase of nearly 400% since the company’s initial bitcoin purchase on May 22. This fundraising round is just the first step in a larger financial plan that H100 Group had previously announced, with the potential for further growth in subsequent rounds. The company aims to utilize this capital to strengthen its bitcoin treasury strategy.
Under the leadership of CEO Sander Andersen, H100 Group is part of a growing trend among publicly traded companies that are leveraging share and debt issuances to acquire cryptocurrencies for their balance sheets, following a strategy similar to Michael Saylor’s model with MicroStrategy (MSTR).
Everstake, a leading cryptocurrency staking platform, has announced the appointment of David Kinitsky as its new CEO. Kinitsky, a veteran of Grayscale and Fidelity, will be taking over from Sergii Vasylchuk,...
Everstake, a leading cryptocurrency staking platform, has announced the appointment of David Kinitsky as its new CEO. Kinitsky, a veteran of Grayscale and Fidelity, will be taking over from Sergii Vasylchuk, the founder of Everstake who will now serve as the President of the company. This change in leadership signifies Everstake’s move towards catering to institutional and global markets.
Participating in proof-of-stake blockchains to earn yield on crypto assets has become increasingly popular in the industry. With a crypto-friendly administration now in place in the U.S., there is hope for further clarity on staking and its integration into the ETF marketplace.
Kinitsky expressed his vision for Everstake, stating, “As staking becomes central to institutional crypto strategy and an investable asset in its own right, now we’re taking Everstake to the next level.” With his background as the founding general manager of Grayscale Investments and experience at Fidelity Investments, Circle, and Kraken, Kinitsky brings a wealth of knowledge to Everstake.
Everstake has a strong track record, supporting over 85 blockchain networks, bringing in over 735,000 staking users, and securing $6.5 billion in delegated assets. The company is poised for continued growth and expansion in the cryptocurrency staking industry.
By James Van Straten (All times ET unless indicated otherwise) Bitcoin treasury-holding companies are an essential factor driving momentum as the largest cryptocurrency by market cap hovers just below the $110,000...
By James Van Straten (All times ET unless indicated otherwise)
Bitcoin treasury-holding companies are an essential factor driving momentum as the largest cryptocurrency by market cap hovers just below the $110,000 mark, showing a 2% increase in the past 24 hours and standing just 2% away from its previous record high set last month.
Despite this, Bitcoin is lagging behind the broader market, as indicated by the CoinDesk 20 Index, which has grown by 3.4%, and Ethereum (ETH), which has surged by over 6%, according to CoinDesk data.
As per BitcoinTreasuries.net, the number of publicly listed companies holding Bitcoin as a treasury asset has climbed to 126, marking a growth of 22 within a month. Together, these companies possess approximately 819,000 BTC, representing a 3.25% increase during the same timeframe.
Insights from Matthew Sigel, who serves as the head of digital assets research at VanEck, emphasize the escalating institutional interest in Bitcoin. He highlights that companies such as Strategy (MSTR), Cantor Equity Partners (CEP), Asset Entities (ASST), Semler Scientific (SMLR), Kindly (NAKA), and Trump Media & Technology Group (DJT) have a combined capital-raising potential of $76 billion. This sum accounts for 56% of the assets under management of all Bitcoin ETFs and 169% of the total net inflows into these ETFs over the past 16 months.
Further displaying institutional support, BlackRock’s iShares Bitcoin Trust (IBIT) has achieved a significant milestone by becoming the fastest fund to exceed $70 billion in assets under management, achieving this feat in just 341 days. This surpasses the previous record held by SPDR Gold Shares (GLD) which took 1,691 days. IBIT experienced $2.7 billion in trading volume on Monday alone, positioning it as the sixth highest in daily volume among all ETFs.
However, institutional influence is not the only factor impacting Bitcoin. A recent Telegram note from QCP Capital pointed out one-year lows in implied volatility and a trend of subdued price action, highlighting that Bitcoin has been “stuck in a tight range” as the middle of the year approaches. The note mentions that a decisive break below $100,000 or above $110,000 is necessary to reignite broader market interest.
Looking ahead, U.S. Consumer Price Index (CPI) data set to release on Wednesday and any updates from the U.S.-China trade discussions in London may provide clearer market direction. It’s advised to stay vigilant!
In the realm of cryptocurrency, some key events to watch include:
– June 10: U.S. House Financial Services Committee hearing for Markup of Various Measures, including the crypto market structure bill, the Digital Asset Market Clarity (CLARITY) Act.
– June 11: Stratis (STRAX) activates a mainnet hard fork at block 2,587,200 to enable the Masternode Staking protocol.
– June 12: Coinbase’s State of Crypto Summit 2025 (New York). Livestream link available.
– June 16: 21Shares executes a 3-for-1 share split for ARK 21Shares Bitcoin ETF (ARKB), with ticker and NAV remaining unchanged.
– June 16: Brazil’s B3 exchange launches USD-settled ether (0.25 ETH) and solana (5 SOL) futures contracts, approved by Brazil’s securities regulator.
Stay informed and watch out for these upcoming events in the crypto space.
Good Morning, Asia. Here’s what’s making news in the markets: Welcome to Asia Morning Briefing, a daily summary of top stories during U.S. hours and an overview of market moves and...
Good Morning, Asia. Here’s what’s making news in the markets:
Welcome to Asia Morning Briefing, a daily summary of top stories during U.S. hours and an overview of market moves and analysis. For a detailed overview of U.S. markets, see CoinDesk’s Crypto Daybook Americas.
Bitcoin is trading below $110,000, changing hands at $109.7K, as Asia continues its trading week.
The move challenges a prevailing market narrative of summer stagnation, coming on the heels of a note from QCP Capital that emphasized suppressed volatility and a lack of immediate catalysts.
A recent Telegram note from QCP pointed to one-year lows in implied volatility and a pattern of subdued price action, noting that BTC had been “stuck in a tight range” as summer approaches.
A clean break below $100K or above $110K, they wrote, would be needed to “reawaken broader market interest.”
Even so, QCP warned that recent macro developments had failed to spark directional conviction.
“Even as US equities rallied and gold sold off in the wake of Friday’s stronger-than-expected jobs report, BTC remained conspicuously unmoved, caught in the cross-currents without a clear macro anchor,” the note said. “Without a compelling narrative to spark the next leg higher, signs of fatigue are emerging. Perpetual open interest is softening, and spot BTC ETF inflows have started to taper.”
That context makes the current move all the more surprising.
Over the weekend, Bitcoin surged 3.26% from $105,393 to $108,801, with hourly volume spiking to 2.5x the 24-hour average, according to CoinDesk Research’s technical analysis model. BTC broke decisively above $106,500, establishing new support at $107,600, and continued upward into Monday’s session, reaching $110,169.
The breakout coincides with a tense macro backdrop: US-China trade talks in London and a $22 billion U.S. Treasury bond auction later this week have injected uncertainty into global markets. While these events could drive fresh volatility, QCP cautioned that recent headlines have mostly led to “knee-jerk reactions” that quickly fade.
The question now is whether BTC’s move above $110K has true staying power, or whether the rally is running ahead of the fundamentals.
A ‘Massive Shift’ in Institutional Staking May Drive ETH’s Next Rally
Ethereum’s critics have long highlighted centralization risks, but that narrative is fading as institutional adoption accelerates, infrastructure matures, and recent protocol upgrades directly address past limitations.
“Market participants will pay for decentralization because it’s in their economic interest from a security and principal protection standpoint,” Mara Schmiedt, CEO of institutional Ethereum staking platform Alluvial, told CoinDesk. “If you look at [decentralization metrics] all of these things have massively improved over the last couple of years.”
There’s currently $492 million worth of ETH staked by Liquid Collective – a protocol co-founded by Alluvial to facilitate institutional staking
While this figure may appear modest compared to Ethereum’s total staked volume of around $93 billion, what’s interesting is that it originates predominantly from institutional investors.
“We’re really on the cusp of a truly massive shift for Ethereum, driven by regulatory momentum and the ability to unlock the advantages of secure staking,” she noted.
Central to Ethereum’s institutional readiness is the recent Pectra upgrade, a significant development Schmiedt describes as both “massive” and “underappreciated.”
“I think Pectra has been a massive upgrade. I actually think it’s been underappreciated, just in terms of the tremendous amount of change it introduces into the staking mechanics,” Schmiedt said.
Additionally, Execution Layer triggerable withdrawals—a key component of Pectra—provide institutional participants, including ETF issuers, a crucial compatibility upgrade.
This feature enables partial validator exits directly from Ethereum’s execution layer, aligning with institutional operational requirements such as T+1 redemption timelines.
“EL triggerable withdrawals create a much more effective path to exit for large-scale market participants,” Schmiedt added.
Ultimately, Schmiedt said, “I think we’ll see that a lot more [ETH] in institutional portfolios going forward.”
News Roundup
Trump Media May Be the Cheapest Bitcoin Play Among Public Stocks, NYDIG Says
Trump Media (DJT) may be one of the cheapest ways to get bitcoin exposure in public markets, according to a new report from NYDIG, CoinDesk recently reported.
As a growing number of companies adopt MicroStrategy’s strategy of stacking BTC on their balance sheets, analysts are rethinking how to value these so-called bitcoin treasury firms.
While the commonly used modified net asset value (mNAV) metric suggests that investors are paying a premium for BTC exposure, NYDIG’s Greg Cipolaro argues mNAV alone is “woefully deficient.” Instead, he points to the equity premium to NAV, which factors in debt, cash, and enterprise value, as a more accurate gauge.
By that measure, Trump Media and Semler Scientific (SMLR) rank as the most undervalued of eight companies analyzed, trading at equity premiums of -16% and -10% respectively, despite both showing mNAVs above 1.1. In other words, their shares are worth less than the value of the bitcoin they hold.
That’s in stark contrast to MicroStrategy (MSTR), which rose nearly 5% Monday as bitcoin crossed $110,000, while DJT and SMLR remained mostly flat—making them potentially overlooked vehicles for BTC exposure.
Circle Stock Nearly Quadruples Post-IPO as Bitwise and ProShares File Competing ETFs
Two major ETF issuers, Bitwise and ProShares, filed proposals on June 6 to launch exchange-traded funds tied to Circle (CRCL), whose stock has nearly quadrupled since its IPO late last week, CoinDesk previously reported.
ProShares is aiming for a leveraged product that delivers 2x the daily performance of CRCL. At the same time, Bitwise plans a covered call fund that generates income by selling options against held shares, two very different ways to capitalize on the stock’s explosive rise.
CRCL surged another 9% Monday in volatile trading, continuing to draw interest from both traditional finance and crypto investors. The proposed ETFs have an effective date of August 20, pending SEC approval. If approved, they would further blur the lines between crypto and conventional finance, giving investors new tools to play one of the hottest post-IPO names of the year.
Market Movements:
BTC: Bitcoin is trading at $109,795 after a 3.26% breakout fueled by institutional buying, elevated volume, and macro uncertainty from US-China trade talks and an upcoming $22B Treasury auction.
ETH: Ethereum rebounded 4.46% from a low of $2,480 to close at $2,581, with strong buying volume confirming support at $2,580 and setting up a potential breakout above $2,590.
Gold: Gold is trading at $3,314.45, edging up 0.08% as investors watch US-China trade talks in London and a subdued dollar keeps prices attractive.
Nikkei 225: Asia-Pacific markets rose Tuesday, with Japan’s Nikkei 225 up 0.51%, as investors awaited updates from ongoing U.S.-China trade talks.
S&P 500: The S&P 500 closed slightly higher Monday, boosted by Amazon and Alphabet, as investors monitored U.S.-China trade talks.
Michael Saylor’s company, MicroStrategy (MSTR), once again increased its significant bitcoin holdings last week by acquiring an additional 1,045 BTC for $110.2 million. The average purchase price for this latest investment...
Michael Saylor’s company, MicroStrategy (MSTR), once again increased its significant bitcoin holdings last week by acquiring an additional 1,045 BTC for $110.2 million. The average purchase price for this latest investment was $105,426 each, bringing the average purchase price for the company’s total 582,000 coin holdings to $70,086 each. With bitcoin trading around $107,500 on Monday morning, MSTR’s holdings are now valued at approximately $62.5 billion.
The funding for last week’s bitcoin purchases was sourced from the at-the-market sales of MSTR’s STRK and STRF preferred stocks, as stated in an SEC filing. As a result, MSTR’s stock is up by 2% in premarket trading as bitcoin prices have risen from Friday’s closing levels in the $105,000 range.
Metaplanet, a Tokyo-based company specializing in bitcoin BTC investments, has announced a bold plan to purchase more BTC by issuing 555 million shares through stock acquisition rights, totaling $5.3 billion. According...
Metaplanet, a Tokyo-based company specializing in bitcoin BTC investments, has announced a bold plan to purchase more BTC by issuing 555 million shares through stock acquisition rights, totaling $5.3 billion.
According to a statement from Metaplanet, this deal marks the largest-ever issuance of stock warrants in Japan. It is also the first time that strike warrants, where the exercise price adjusts with the market, have been sold at or above current share prices in the country.
This initiative is known as the “555 Million Plan,” building on the success of the company’s previous “21 Million Plan,” which raised $600 million earlier this year. The previous plan helped Metaplanet acquire nearly 9,000 BTC.
The new fundraising round aims to increase the company’s BTC holdings to over 210,000 by 2027, equivalent to approximately 1% of the total bitcoin supply. Metaplanet plans to allocate nearly 96% of the capital raised for direct bitcoin purchases, with the remaining funds designated for bond redemptions and income-generating strategies.
Metaplanet views BTC as a valuable hedge against Japan’s prolonged negative interest rates and a weakening yen. To safeguard shareholders and minimize dilution, the issuance includes a minimum exercise price and provisions for temporary suspension of conversions.
EVO FUND, a Cayman-based fund that has supported Metaplanet’s previous financing initiatives, will acquire the shares. Metaplanet’s shares have seen an impressive 275% increase this year, reflecting investor confidence in the company’s BTC accumulation strategy. The shares closed down by 1.6% in Friday’s trading session.
Circle (CRCL) made its highly anticipated debut on the New York Stock Exchange (NYSE) on Thursday, with shares opening at $69 and surging to over $100 at one point, marking a...
Circle (CRCL) made its highly anticipated debut on the New York Stock Exchange (NYSE) on Thursday, with shares opening at $69 and surging to over $100 at one point, marking a more than 200% increase from the $31 price set the night before.
In its initial public offering, Circle sold approximately 34 million shares, raising $1.1 billion and achieving a valuation of $6.9 billion. This listing comes after previous attempts by the company, including a failed SPAC deal in 2021.
Ark Investment Management, led by Cathie Wood, expressed interest in purchasing up to $150 million worth of Circle shares, while BlackRock also plans to acquire 10% of the shares, as reported by SEC filings and Bloomberg.
Drawing comparisons to Coinbase’s volatile IPO on Nasdaq in 2021, where shares initially traded as high as $430 before dropping to $200 a month later, Circle’s debut was closely watched by investors. Despite this, other crypto-related stocks like Coinbase and MicroStrategy (MSTR) were trading lower on Thursday, along with bitcoin (BTC). Circle’s shares have since stabilized around $80 to $83 per share.
The IPO event occurred amidst a macroeconomic environment filled with uncertainty, with many companies reporting weak outlooks for the next quarter. However, Circle’s core business of issuing the USDC stablecoin has seen increased demand in 2025, partly due to progress in U.S. regulation surrounding stablecoins. Policymakers have been signaling closer steps towards establishing clearer rules, which could help promote and expand the use of stablecoins in mainstream finance.
A recent report by Deutsche Bank predicted that stablecoins are on the brink of becoming mainstream, citing their growing role in digital payments, cross-border settlements, and treasury management, while also reinforcing the dominance of the U.S. dollar globally. Circle’s IPO reflects investor confidence in this shift, betting not just on a crypto company but on stablecoins becoming integral financial infrastructure.
The debut of Circle’s shares on the NYSE signals a significant milestone for the company and the broader crypto industry, showcasing the potential for stablecoins to revolutionize the financial landscape.
