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Top 10 Apps Fueling This 🐂 Cycle
In today’s edition: 📉 Hedge funds are short BTC, 📀 Martin Shkreli sued by a DAO, and more!
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Robinhood has been in the spotlight for its $200 million acquisition of European crypto exchange Bitstamp. The TradFi app’s venture into crypto is paying off: its recent earnings showed that revenue is growing substantially, and the Bitstamp acquisition is just one way the company will grow the pie.
Johann Kerbrat, general manager of Robinhood Crypto, came on the show to discuss the acquisition, Robinhood’s plans for expanding its crypto business internationally and into the institutional market, the company’s approach to listing crypto assets, how regulation has affected its business decisions, and its efforts to bridge traditional finance and decentralized finance.
Listen to the episode on Apple Podcasts, Spotify, Pods, Fountain, Overcast, Podcast Addict, Pocket Casts, Castbox, Amazon Music, or on your favorite podcast platform. Or watch it on YouTube.
What’s Poppin’?
by Sage Young and Sam Sriram
Farcaster, Jito, Ethena, Pendle Finance, Pump.Fun are among the ten crypto projects that have attracted substantial attention from users.
Analysts at Glassnode have found that hedge funds are building up an increasingly large net short position for bitcoin.
The court has granted PleasrDAO’s request for a temporary restraining order, which means Martin Shkreli is barred from streaming or disseminating the Wu-Tang Clan album that the DAO acquired for $4.75 million.
Daily Bits… ✍️✍️✍️
🔍 FTX debtors seek to authorize a second phase of investigation into the collapse of FTX US, focusing on Sullivan & Cromwell's involvement, former shareholders of Ledger Holdings, and balance sheet discrepancies. The investigation is estimated to take 10 weeks and cost $3 million.
💸 Tether plans to invest over $1 billion in financial infrastructure, AI, and biotech deals in the next year, focusing on technology that reduces reliance on traditional finance.
🔒 Lido partnered with Symbiotic and Mellow Finance to launch "restaking vaults," aiming to maintain its dominance in Ethereum DeFi amid rising competition from EigenLayer.
🔧 Polygon unveiled a new community grants program, unlocking 1 billion POL tokens over 10 years to support developers in its ecosystem, starting with 35 million tokens.
🇪🇺 The EU's Markets in Crypto-Assets (MiCA) regulation faces a key deadline on June 30 that affects crypto asset service providers and stablecoin issuers, requiring them to meet strict regulatory requirements or face penalties.
🦊 MetaMask added "pooled staking" to make Ethereum validation cheaper and more accessible, eliminating the need for a full validator node investment.
Today in Crypto Adoption...
🇿🇼 Zimbabwe seeks public comments on crypto to help establish industry policy, following similar moves by other nations.
The $$$ Corner…
💰 CMT Digital aims to raise $150 million for its fourth crypto fund, focusing on long-term investments, particularly in decentralized physical infrastructure and stablecoins.
What Do You Meme?
📈 Your Market Update 📉
BTC is up 1.5%, trading at $67,887
ETH is up 0.4%, trading at $3,540
BTC dominance: 51.48%
Crypto market cap: $2.6T
*All data as of today, 06:54 am ET. Source: CoinGecko
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