Circle Goes Public, BlackRock Expands Bitcoin Access, and Policy Momentum Builds Across Borders

Stablecoin Giant Circle Raises $1.1B in IPO, Valued at $6.9B Ahead of NYSE Debut

Circle has priced its initial public offering at $31 per share, raising approximately $1.1 billion in an upsized deal that exceeded both initial size and guidance. The offering values the stablecoin issuer at $6.9 billion based on outstanding shares, with a fully diluted valuation of $8.1 billion including options and warrants. The company and selling shareholders sold a total of 34 million shares. Circle initially aimed to sell 24 million shares at $24 to $26. LINK

IMPORTANCE
Circle’s successful IPO is a benchmark event in the institutionalization of crypto infrastructure. This is one of the first times a major stablecoin issuer has gone public with full capital markets visibility. It signals investor appetite for fiat-backed digital assets that straddle both compliance and scalability. The listing may open the door to more stablecoin monetization pathways and deepen integration between public equity markets and blockchain-based payment rails.

BlackRock’s Bitcoin ETF Futures Debut in Moscow

BlackRock’s IBIT Bitcoin ETF futures have started trading on the Moscow Exchange, marking a significant expansion of the U.S.-based financial giant into the Russian crypto derivatives market. The fund has quickly climbed into the top 25 traded ETFs in Russia, despite access being restricted to accredited investors. LINK

IMPORTANCE
This marks a notable development in the global institutionalization of crypto. The entry of a BlackRock ETF derivative into the Russian market despite international financial sanctions demonstrates that demand for Bitcoin exposure persists across fragmented jurisdictions. For institutional players, it reflects the market's adaptability and the strategic expansion of Western financial products into regions with fewer regulatory barriers. Over time, this kind of international ETF activity could reshape liquidity maps and introduce new regional flows that bypass traditional Western gatekeepers.

Standard Chartered-Backed Zodia Custody Starts Safekeeping Tokenized Emeralds

Zodia Custody, the crypto custodian backed by big banks like Standard Chartered and SBI, will handle the safekeeping of tokenized emeralds, through a partnership with GEMx, a Swiss fintech company that specializes in blockchain-based co-ownership of the precious stones. The partnership allows access to the gemstone market through the EmGemX token, a way for institutional investors to receive fractional ownership in a diversified portfolio of high-quality emeralds, according to a press release on Wednesday. LINK

IMPORTANCE
This is not just a novelty play in tokenized luxury assets it's a forward-looking signal about the role traditional custodians are preparing to play in RWA infrastructure. Tokenized commodities like emeralds test operational readiness for more complex instruments such as tokenized credit or sovereign debt. Zodia’s involvement suggests institutional capital is probing tokenization not as a narrative, but as an infrastructure layer. The deeper insight here is strategic alignment: banks are prepping to be neutral rails in tokenized markets, offering custody and compliance while abstracting away the volatility of on-chain primitives.

Memecoin Platform Pump.Fun Pursues $1 Billion Token Sale

A platform dedicated to highly speculative cryptoassets is planning to raise $1 billion by selling tokens, taking advantage of the current wave of positive sentiment buoying digital-asset markets. Pump.Fun, built on the Solana blockchain, has become one of the most widely used platforms in the ecosystem. It allows users to mint and trade tokens with minimal friction and no coding knowledge. The plan taps into the meme mania that has returned to crypto markets this year. LINK

IMPORTANCE
This raise isn’t about fundamentals, it's a liquidity heat check. A $1 billion target from a memecoin protocol highlights the intensity of speculative flows and the return of reflexivity in retail-driven segments. For institutional desks, it’s a cautionary marker: momentum cycles are in full swing and capital is once again flowing into structurally weak assets with strong narrative velocity. That dynamic has implications for volatility regimes, funding market dislocations, and short-term trade setups.

Semler Scientific's Bitcoin Holdings Hit 4,449 BTC With Latest $20 Million Buy

Semler Scientific has purchased another 185 BTC for approximately $20 million at an average price of $107,974 per bitcoin. The move brings the Nasdaq-listed firm’s total holdings to 4,449 BTC. The firm first disclosed Bitcoin as a treasury reserve asset in late May. Shares of Semler rose more than 7% in pre-market trading on the news. LINK

IMPORTANCE
Semler’s continued accumulation reinforces a broader trend: public companies are increasingly positioning Bitcoin as a strategic balance sheet asset. This signals a deepening institutional thesis that Bitcoin is not just a hedge, but a long-duration treasury allocation. For allocators, moves like this reflect a shift in corporate capital strategy where crypto assets are being internalized as part of treasury playbooks, not just speculative exposure. It also highlights a narrowing psychological gap between traditional capital markets and digital store-of-value assets.

Kraken-Backed Startup Launches Hybrid Crypto Exchange With $14M Raise

Rails said its mix of centralized execution and on-chain custody combines exchange-level speed with user control and blockchain transparency. The new exchange model aims to address longstanding trade-offs between performance and self-custody. The company raised $14 million in a round led by Kraken Ventures and other prominent investors. The platform is expected to appeal to traders prioritizing both speed and asset security. LINK

IMPORTANCE
Hybrid exchange models represent a critical architectural evolution for institutional crypto markets. Rails’ blend of CEX efficiency with DeFi custody aligns with what many desks have been seeking: latency-sensitive execution that doesn’t compromise user control. The funding and backers signal growing conviction that hybrid infrastructure can serve both regulatory and performance mandates. This is especially relevant as counterparty risk and custodial exposure remain front-of-mind for allocators navigating post-FTX market dynamics.

How Circle’s IPO Stacks Up Against Other Crypto Market Debuts

Circle stock surged Thursday as the stablecoin issuer began trading on the New York Stock Exchange, marking one of the strongest debuts by a crypto-native firm in recent memory. The offering raised nearly $1.1 billion, giving Circle a closing market capitalization of $18.4 billion, positioning it behind sector giants but ahead of smaller entrants. Trading under the ticker CRCL, Circle listed 34 million shares and quickly attracted investor demand. The stock opened at $69 and peaked at $103.75 intraday, with trading halted multiple times during the session due to volatility. LINK

IMPORTANCE
Circle’s 168% gain was the strongest among recent crypto listings. Fold rose roughly 30% on debut, while Coinbase rose 31%, and eToro rose just 4%. Robinhood, meanwhile, fell more than 8% on its first day. Circle's debut comes as a growing number of crypto companies eye initial public offerings, a trend that has gained traction amid the U.S.’ pro-crypto pivot under U.S. President Donald Trump.

Trump’s Truth Social Takes Next Step in Launching Spot Bitcoin ETF

Trump Media & Technology Group (TMTG), the parent company of Truth Social, has filed an S-1 document with the U.S. Securities and Exchange Commission (SEC) to launch a spot Bitcoin ETF. The ETF, named the "Truth Social Bitcoin ETF," is sponsored by Yorkville America Digital and aims to directly hold Bitcoin. The fund is proposed to be listed on NYSE Arca. The SEC has until January to make a final decision on the proposal. LINK

IMPORTANCE
This filing adds political weight to the U.S. spot Bitcoin ETF narrative. The Trump administration's alignment with pro-crypto sentiment could influence broader regulatory tone and accelerate approvals for retail-accessible products. Strategically, it underscores how digital asset policy is becoming a partisan lever with ETF initiatives reflecting not just market demand but ideological posture. For institutions, the potential for broader retail inflows and political sponsorship may justify renewed attention to spot ETF flows and market structure shifts.

Saylor’s Strategy Upsizes Stock Offering from $250M to $1B

MicroStrategy plans to offer $1 billion worth of Class A common stock, up from a previously announced $250 million offering. The firm intends to use proceeds to purchase more Bitcoin and for general corporate purposes. The move reinforces Michael Saylor's long-term Bitcoin acquisition strategy. The offering will be executed through Cowen and Canaccord Genuity. LINK

IMPORTANCE
MicroStrategy continues to position itself as a de facto Bitcoin ETF proxy, using equity capital to build BTC exposure at scale. This scale-up signals Saylor’s conviction that macro liquidity shifts could push Bitcoin higher and that equity-driven BTC acquisition is still viable in the public markets. For institutional players, the deal is a live case study in how corporate structure can be used to build concentrated crypto exposure under traditional frameworks. The capital raise also pressures short sellers and raises the volatility profile of MSTR as a Bitcoin-leveraged instrument.

US Government Seizes Crypto Funds, 145 Domains Tied to Darknet Marketplace BidenCash

The U.S. Department of Justice has seized cryptocurrencies and 145 domains associated with the darknet marketplace BidenCash. BidenCash operators allegedly used the platform to simplify the process of buying and selling stolen credit cards and personal information. The takedown is part of a broader federal crackdown on cybercrime. Details on the amount of crypto seized have not been disclosed. LINK

IMPORTANCE
This enforcement action underscores the government’s increasing capacity to trace, intercept, and dismantle illicit crypto infrastructure. While the darknet narrative garners attention, the real takeaway for institutions is regulatory signaling: surveillance tools are evolving and crypto’s anonymity layer is narrowing. These operations validate blockchain forensics as a core compliance discipline. For regulated entities, it reinforces the importance of aligning with transparent, auditable protocols and counterparty practices.

Bitcoin Reserve, Stablecoin Regulations Big 2025 Market Catalysts, Says VC

Crypto policy developments may result in a Bitcoin cycle top of over $150,000, according to the head of US at Foresight Ventures. Alice Li emphasized stablecoins as long-term investment plays, amid legislative momentum. She pointed to the GENIUS Act, which aims to establish rules for stablecoin collateral and AML compliance. The bill is awaiting a full Senate vote.

LINK

IMPORTANCE
Institutional market structure is being reshaped not just by product innovation, but by regulatory clarity. The GENIUS Act and discussions of a Bitcoin reserve framework suggest stablecoins and BTC may soon be treated as formal components of sovereign monetary planning. If passed, such policy shifts could institutionalize demand for on-chain assets through compliant gateways. Allocators are watching legislation emerge as the next major catalyst in digital asset integration.

Singapore Court Declines WazirX’s Restructuring Plan Following $230-Million Hack

Crypto exchange WazirX’s restructuring plan to return funds of users following its $230-million hack is now in a limbo as Singapore High Court declined the plan on June 4, the exchange shared on X. The hack, which occurred in 2024, remains one of the largest in the region. The company had proposed a phased recovery roadmap. The legal decision puts that recovery process at risk. LINK

IMPORTANCE
This court decision highlights the legal complexity and jurisdictional friction that still plagues cross-border crypto operations. WazirX’s stalled recovery underscores the need for preemptive legal frameworks for custodial platforms, particularly in high-risk regions. Institutional players evaluating CEX exposure should note that technical risk often gets compounded by legal and governance delays. Recovery planning and regulatory alignment are quickly becoming key due diligence pillars in post-incident scenarios.

EU Aims to Finalize DeFi Regulation Framework by 2026 Under MiCA

European lawmakers have yet to define “decentralization,” even as regulators begin preparing for decentralized finance (DeFi) to become a key focus of crypto policy in 2026. The world’s first comprehensive regulatory framework for the crypto industry, the Markets in Crypto-Assets Regulation (MiCA), went into effect on Dec. 30, 2024. Among its aims are to boost investor protection, prevent fraud and address stablecoin reserve management. Still, as MiCA enters its final implementation phase, policymakers are shifting their attention to regulating DeFi, where many questions remain unresolved, according to Vyara Savova, senior policy lead at the European Crypto Initiative (EUCI). LINK

IMPORTANCE
Starting around mid-2026, authorities in the bloc will start interpreting how to legally define decentralization. The initial MiCA framework received significant criticism for its gaps regarding decentralized protocols, as it required DeFi platforms to adhere to the same licensing and Know Your Customer (KYC) requirements as traditional financial services firms. However, a provision to the bill, Recital 22, mentioned that fully decentralized crypto-asset service providers “should not fall within the scope of this Regulation.” While MiCA’s final implementation went live at the end of 2024, lawmakers are still conducting revisions every 12 to 18 months related to potential gaps in the regulation.

Bitcoin nears $105K as Donald Trump demands 'full point' Fed rate cut

Bitcoin manages to shake off a US nonfarm payrolls beat, defying typical macro pressures, as former President Donald Trump once again calls for an aggressive interest rate cut from the Federal Reserve. Despite strong labor market data that would normally dampen rate cut expectations, Trump is pushing for a full percentage point reduction — putting added pressure on Chair Jerome Powell as markets recalibrate around a politicized monetary narrative. LINK

IMPORTANCE
US President Donald Trump shifts his macro focus from Elon Musk to Fed Chair Jerome Powell, publicly calling for an aggressive “full point” rate cut. This political pressure adds a volatile layer to already complex rate expectations. Despite strong employment data, Bitcoin’s continued rally reflects traders front-running potential liquidity pivots — signaling heightened sensitivity to dovish narratives. Institutional desks should note that BTC’s path above $105K is no longer just a function of ETF flows or structural adoption. It’s now tethered to rate optics, policy rhetoric, and perceived inflation fatigue, making the macro overlay more consequential than ever.

South Korea Elects Pro-Bitcoin President, Spot Crypto ETFs on the Way?

Lee Jae-myung took the South Korean presidential oath on Wednesday, after winning with 49.42% of the votes. The pro-crypto president made several vows, including the country’s economic renewal and recovery after the martial law crisis. His administration is expected to support pro-Bitcoin policies. This could potentially pave the way for the approval of spot crypto ETFs in South Korea. LINK

IMPORTANCE
This is a major political tailwind for digital asset markets in Asia. A pro-Bitcoin president in South Korea could accelerate regulatory clarity and institutional product rollout in one of the region’s most active trading hubs. If spot crypto ETFs materialize, it would unlock capital from both retail and institutional segments under a regulated framework. Strategically, South Korea could emerge as a bellwether for crypto adoption at the sovereign level balancing innovation with regulatory structure.

15. Switzerland to Automatically Share Crypto Holdings Data With 74 Countries

Switzerland is moving forward with plans to automatically share crypto-related data with 74 partner countries, including the United Kingdom and all European Union member states. The Federal Council, the government of Switzerland, has adopted a bill to enable the automatic exchange of information (AEOI) on crypto with partner countries, the council announced on June 6. The proposal also suggests sharing the data with most G20 countries. The measure excludes the United States, Saudi Arabia and China, according to an X post by the Swiss Federal Government. LINK

IMPORTANCE
The bill is currently under discussion in Parliament and, if approved, the AEOI framework for crypto assets would take effect on Jan. 1, 2026. The first exchange of crypto data is expected in 2027. Prior to the actual exchange of data on crypto assets, the Federal Council proposed to review whether the partner states with which the AEOI has been activated continue to fulfil the standard’s requirements. The council noted that the EU will implement the AEOI on crypto assets as part of the eighth update of the Directive on Administrative Cooperation, or DAC 8.

See you at the top!
The Kvants Team