Hi! In today’s edition:
🦄 Standard Chartered says Wall Street adoption could push Uniswap's UNI token up nearly 40x by 2030, one of the most aggressive bank price targets yet for a DeFi token
🟢 Spot HYPE ETFs have neared $900 million in cumulative volume in about a month, with $153 million in net inflows, an early signal of institutional appetite for Hyperliquid
🟠 Michael Saylor's Strategy bought another 1,587 bitcoin for $100 million, pushing total holdings to 846,842 BTC
🔵 Tom Lee's BitMine added $136 million more ether after raising $274 million in a preferred stock sale, lifting its holdings to 5.62 million ETH
Standard Chartered Sees UNI Rising Nearly 40x by 2030
Standard Chartered says Uniswap's UNI token could climb nearly fortyfold to $100 by 2030, outpacing bitcoin and ether as Wall Street moves onchain.
In a Monday note, the bank's global head of digital assets, Geoff Kendrick, argued that Uniswap should be seen less as a retail trading app and more as neutral market infrastructure that traditional finance can plug into as tokenized assets scale. He compared Uniswap to YouTube and Coinbase to Netflix.
Kendrick expects the value of assets in DeFi protocols to reach $2.7 trillion by 2030, giving Uniswap's liquidity pools 37 times more to trade. Its late-2025 fee-switch upgrade burns roughly 1% of UNI supply annually, tightening the float as volume grows. UNI traded around $2.72 Monday, up nearly 10%, far below its $45 peak five years ago.
Spot HYPE ETFs Near $900 Million in Volume
Spot HYPE ETFs have approached $900 million in cumulative trading volume in roughly a month, an early signal of institutional appetite for Hyperliquid.
Three issuers now offer regulated exposure: 21Shares' THYP, Bitwise's BHYP, and Grayscale's HYPG. Combined net inflows have reached about $153 million since launch, with weekly flows staying positive into mid-June. All three hold HYPE directly and pass through staking rewards, currently around 2.25% annually.
What sets HYPE apart is its buyback engine: roughly 97% of Hyperliquid's trading fees flow to its Assistance Fund, tying volume directly to token demand. Some traders are betting on much more upside.
Derive CEO Nick Forster noted options markets imply roughly a 10% to 15% chance of HYPE hitting $100 by the end of July.
Saylor's Strategy Buys Another 1,587 Bitcoin
Michael Saylor's Strategy bought another 1,587 BTC for about $100 million, lifting its total holdings to 846,842 BTC, according to a Monday filing.
The purchase, made between June 8 and June 14 at an average price of $63,024 per coin, came alongside an unusual move: the company also increased its USD Reserve by $100 million, to $1.1 billion, by selling common stock. That reserve, set up in December 2025, exists to cover dividends on preferred shares and interest on debt.
Building the cash cushion while still buying bitcoin signals Strategy is funding both its accumulation and its obligations through equity issuance rather than touching its bitcoin. The firm remains the largest corporate holder of bitcoin, at roughly 4% of the supply that will ever exist, at an average cost of $75,656 per coin.
BitMine Adds $136 Million More Ether After Raise
BitMine Immersion Technologies, the largest ether treasury company, bought another 76,881 ETH worth about $136 million last week, lifting its holdings to 5.62 million ETH.
The purchase followed a $274 million preferred stock sale carrying a 9.5% annual dividend, a financing tool pioneered by Michael Saylor's Strategy. BitMine's Series A Perpetual Preferred shares begin trading on the NYSE under the ticker BMNP on Tuesday, paying weekly cash dividends.
Chairman Tom Lee said BitMine kept buying because the pullback in ether prices does not reflect Ethereum's strengthening fundamentals. He added that the company's projected $219 million in annualized staking rewards provides recurring cash flow to support the preferred dividends. Beyond ether, BitMine holds 204 bitcoin and $502 million in cash, for total holdings of $10.4 billion.
AI Cop Kills Fable: DEX in the City Livestream 🤖⚖️🚫
The US government used export controls to force Anthropic to pull Fable 5 worldwide — citing a narrow jailbreak that other frontier models can already replicate.
Katherine Kirkpatrick Bos, Jessi Brooks, and Vy Le examine the legal authority behind the directive, the due process gaps, and what it means when a regulator can quietly recall a commercial AI product.
Live today at 12pm ET.
🏦 Kraken launched US crypto perpetuals on Kraken Pro, becoming one of the first exchanges to offer CFTC-regulated perpetual futures to American traders. The launch follows the regulator's move this month to approve perps at Kalshi and Coinbase, bringing a product long confined offshore onshore.
🟣 Ventuals is winding down, halting its Hyperliquid-based pre-IPO markets for private companies like OpenAI and Anthropic. The team, which traded more than $650 million in volume, is joining another project in the Hyperliquid ecosystem, and vHYPE holders can withdraw their deposits 1:1 plus staking yield.
🟢 Solana treasury firm Forward Industries keeps trying to acquire rivals, announcing a letter of intent to buy SOL treasury company HSDT. The repeated overtures highlight a wave of attempted consolidation among the digital asset treasury firms that proliferated over the past year.
🔪 One person was indicted over a crypto "wrench attack" in France, where assailants posing as police allegedly assaulted a father to steal his cryptocurrency savings. The case adds to a rise in violent, in-person attacks targeting crypto holders.
🇵🇭 The Philippines' central bank issued stricter crypto listing rules and banned privacy coins from licensed exchanges. The rules tighten oversight days after the regulator flagged Binance and a local partner for operating without licenses.
🇰🇷 South Korean police arrested 23 people in a USDT laundering ring that moved 16.8 billion won ($11.1 million) in proceeds from a Cambodia-based phishing operation. Investigators say the group bought Tether and shuttled it between domestic and overseas exchanges to launder funds tied to 265 fraud cases, and the ringleader remains at large under an Interpol Red Notice.
🌎 Paradigm led a $9 million round in Latin American payments app El Dorado, which has grown to more than 100,000 users across twelve countries. The startup says cross-border payments, powered heavily by stablecoins, account for nearly half its activity.
Blockworks Advisory: Ethena’s Backing Allocation Diversification
