Why Phantom Said No to Solana DEXes — And Bit Digital Said Yes to ETH

Usually, we kick things off with one headline interview. But this week, we’ve got two can’t-miss conversations to lead the show.

First up: Phantom CEO Brandon Millman joins to explain why the Solana-first wallet is launching perps on Hyperliquid, and not a Solana DEX. He shares why UX, liquidity, and mobile-first design are driving the future of DeFi.

Then. Sam Tabar of Bit Digital breaks down why his former Bitcoin mining firm is pivoting to Ethereum.

And if you’re trading crypto treasury stocks, don’t miss the bonus interview with Steven Ehrlich, who unpacks why PIPE financing could trigger a major selloff in four popular names.

All three interviews are available now on all major audio podcast platforms. 

Listen to the interviews on Apple Podcasts, Spotify, Pods, Fountain, Podcast Addict, Pocket Casts, Amazon Music, or on your favorite podcast platform.

Prefer to watch? You can catch the full video versions on YouTube (links below).

Why Phantom Is Launching Perps + Why Bit Digital Ditched BTC for ETH

Why is a Solana-first wallet launching perps on Hyperliquid, and what does that say about crypto UX?

On Tuesday, Phantom announced it would launch perpetual swaps using Hyperliquid.

It’s a bold move for the Solana-first wallet, and a clear signal about where the team sees the future of DeFi. 

In this episode, Phantom CEO Brandon Millman breaks down why they’re entering the high-leverage world of perps, why Solana DEXes didn’t make the cut, and why wallets (not exchanges) might become the new front door to crypto.

Plus: social features, mobile-first UX, and why Phantom sees itself evolving into a full-on consumer finance platform.

Why This Bitcoin Company Is Going All-In on Ethereum

A bitcoin miner flipped to Ethereum, and it all might have started with a tense chat with Michael Saylor.

In this episode, Sam Tabar, CEO of Bit Digital, joins to explain why the company exited the BTC mining grind, even after becoming one of the largest U.S. miners. 

From a revealing chat with Michael Saylor to a growing conviction in Ethereum’s narrative strength, Sam walks us through the company’s pivot to ETH accumulation, stablecoins, and even AI.

Laura also asked about ETH value accrual, but his answer might surprise you.

How PIPE Deals Could Blow Up Crypto Treasury Stocks

Crypto companies are rushing to raise money via PIPEs, and retail investors may be the ones left holding the bag. Steven Ehrlich explains how dilution, low float, and investor panic could send prices crashing.

Unchained’s executive editor Steven Ehrlich joins Laura to unpack his recent investigation into PIPE-funded crypto treasury companies, and why some of the biggest gainers may now be headed for a steep fall.

Steve explains how four crypto treasury companies raised hundreds of millions via PIPEs, dramatically expanded their share counts, and may now be facing a flood of sell pressure.

He breaks down how PIPE financing works, why it’s popular with treasury firms, and why it can leave retail investors vulnerable. We also discuss Bitmine’s latest SEC filing, why it caused the stock to drop 39% on Wednesday, and what investors should watch for next.

Now, let’s get into this week’s news! In today’s edition:

• 📈 Bitcoin smashes past $118K

• 🧩 Binance quietly backed Trump’s stablecoin project

• 🚀 Solana’s Pump.fun token sale launches after leaks

• 🔍 Florida targets Robinhood Crypto over “lowest cost” trading claims

• 🧥 Polymarket stirs drama over a $237M Zelensky suit bet

• 🏦 Japan’s Metaplanet eyes a digital bank buy with its growing bitcoin stash

• 🤖 Bitcoin miner Core Scientific pivots to AI in $9B CoreWeave deal

• 🔓 Tornado Cash sanctions dropped as co-founder’s trial looms

• 🔁 Circle strikes a revenue-sharing deal with Bybit 

• 🤝 OpenSea and Monad join the M&A wave

• 🚫 TON backtracks after UAE denies link to its crypto visa offer

• 💸 GMX exploited, Brazil banks hacked

Pump.fun to Launch PUMP Token This Weekend

Solana-based memecoin launchpad Pump.fun has confirmed the public sale of its new token, PUMP, beginning July 12 via an ICO. The offering will allocate 150 billion tokens, 15% of the 1 trillion total supply, across major exchanges including Bybit, Kraken, KuCoin, and Gate.io. However, users in the U.S. and the U.K. are excluded due to legal restrictions.

The announcement follows accidental early postings by Bybit and Gate.io, which revealed pricing and allocation details before official confirmation. Tokens are priced at $0.004, implying a fully diluted valuation of $4 billion. Airdrops for users are planned but not yet scheduled.

Meanwhile, trading has already begun on Hyperliquid, where PUMP futures went live July 9 and surged 40% above ICO price, reaching $0.0056. Over $30 million in volume was recorded within 24 hours. Several large traders deposited more than $10 million USDC to hedge allocations, signaling intense demand.

“ICOs have proven to be the best mechanism to quickly distribute tokens,” said Pump.fun co-founder Alon Cohen, calling the move a return to crypto roots.

Polymarket Faces Backlash After Zelensky Suit Bet Resolves to ‘No’

A $237 million prediction market on Polymarket asking whether Ukrainian President Volodymyr Zelensky would wear a suit before July has sparked controversy after resolving to “No.” The market originally settled as “Yes” but was later disputed and overturned by UMA, the decentralized oracle responsible for final outcomes.

UMA’s July 1 ruling cited a lack of “credible reporting consensus,” despite extensive media coverage and photos showing Zelensky in a black jacket, matching trousers, and a collared shirt at a NATO event.

The outcome has reignited scrutiny of UMA’s token-weighted voting system, with concerns that large holders may unduly influence resolutions in high-volume markets. Several community-led proposals to review the decision were rejected, even as users compiled dozens of media references describing the outfit as a suit. Polymarket has not indicated plans to revisit the decision.

Metaplanet Targets Digital Bank as Bitcoin Treasury Strategy Enters Next Phase

Metaplanet, a Japan-based firm that has pivoted from hospitality to Bitcoin investment, is preparing to use its growing crypto holdings to acquire revenue-generating businesses. 

Among the potential targets is a digital bank in Japan, as part of the company’s long-term plan to integrate Bitcoin into broader financial services.

The firm recently added 2,205 BTC—worth roughly $239 million—to its balance sheet, bringing total holdings to 15,555 BTC. It aims to hold over 210,000 BTC by 2027, equal to about 1% of the total Bitcoin supply. 

CEO Simon Gerovich says the strategy’s next step involves using Bitcoin as loan collateral, enabling acquisitions without selling the asset.

CoreWeave to Acquire Core Scientific in $9 Billion AI-Focused Merger

AI infrastructure firm CoreWeave has announced plans to acquire Core Scientific, a leading Bitcoin mining and data center operator, in an all-stock transaction valued at approximately $9 billion. 

The deal, expected to close in the fourth quarter of 2025, would grant CoreWeave ownership of 1.3 gigawatts of data center capacity and eliminate an estimated $10 billion in future lease obligations. Core Scientific shareholders will receive 0.1235 CoreWeave shares per share held, implying a $20.40 valuation and a 66% premium over pre-announcement trading levels.

The acquisition highlights a growing trend in which Bitcoin mining companies are repositioning their infrastructure to support artificial intelligence. Core Scientific, whose mining operations accounted for nearly 90% of its first-quarter revenue, may now convert parts of its fleet to accommodate AI workloads. 

As demand for computing power rises across the AI sector, data centers originally built for crypto mining are increasingly being seen as adaptable assets for high-performance computing.

Tornado Cash Sanctions Dropped as Trial Against Co-Founder Moves Forward

The U.S. Treasury has officially withdrawn its appeal in the Tornado Cash sanctions case, bringing an end to the legal fight over the crypto mixer’s blacklisting. The Eleventh Circuit Court approved a joint motion to vacate the case, effectively nullifying the sanctions and removing Tornado Cash from the U.S. blacklist. The Treasury’s original designation in August 2022 had barred Americans from using the protocol, sparking legal challenges from crypto advocacy groups.

The development comes just days before the criminal trial of Roman Storm, co-founder of Tornado Cash, begins in New York. U.S. District Judge Katherine Polk Failla indicated that the now-repealed sanctions would likely be excluded from the trial. She said it would be inappropriate to suggest guilt based on measures that were later withdrawn.

However, references to North Korea and the Lazarus Group are expected to remain part of the prosecution’s case, which centers on allegations of money laundering and sanctions violations.

Circle Expands USDC Revenue Sharing to Bybit, Sources Say

Circle has entered into a revenue sharing agreement with Bybit, the world’s second-largest crypto exchange, according to sources who spoke with CoinDesk. The deal mirrors Circle’s existing partnerships with Coinbase and Binance, aimed at boosting adoption of its USDC stablecoin by splitting yield from the reserves backing the token.

While the terms of the Bybit agreement remain undisclosed, Circle’s arrangement with Coinbase involves sharing 50% of reserve-generated yield. In its recent pre-IPO filing, Circle also revealed it paid Binance a $60.25 million upfront fee, along with ongoing monthly incentives tied to USDC balances on the exchange.

“Assume any exchange that has some material amount of USDC has an agreement with Circle,” one person familiar with the matter told CoinDesk.

Crypto M&A Heats Up

The Monad Foundation has acquired stablecoin infrastructure project Portal, aiming to position Monad as a leading blockchain for global stablecoin transactions. Portal will continue operating independently, while founder Raj Parekh will now serve as Monad’s Head of Payments and Stablecoins. 

The deal enables the integration of Portal’s wallet and bridging tools with Monad’s blockchain, which is expected to launch its mainnet soon.

Meanwhile, NFT marketplace OpenSea has acquired Rally, the company behind a mobile-first crypto wallet. Rally’s CEO Chris Maddern will take over as OpenSea’s Chief Technology Officer, and co-founder Christine Hall will join as chief of staff. 

The acquisition strengthens OpenSea’s transition into a multi-chain token trading platform with mobile functionality at its core.

TON Foundation Walks Back UAE Golden Visa Claims

The TON Foundation has issued a clarification distancing itself from earlier claims that staking Toncoin could qualify investors for a 10-year UAE Golden Visa. 

The announcement came after multiple UAE authorities, including the Federal Authority for Identity, Citizenship, Customs and Port Security and the Securities and Commodities Authority, denied any affiliation with the offer.

Initially, TON had promoted a program offering residency in exchange for staking $100,000 worth of Toncoin and paying a $35,000 fee, positioning it as a more accessible alternative to traditional visa routes. 

Following swift pushback, the Foundation acknowledged the program was not officially endorsed and said it was still in early development through an independent partnership.

Crypto Ecosystem Rocked by GMX Exploit and Brazil Bank Hack

Decentralized exchange GMX has suffered a $42 million exploit targeting its GLP liquidity pool on Arbitrum and Avalanche. 

The attacker used a flaw in the platform’s pricing mechanism to mint tokens without proper collateral. GMX V1 trading and minting have been suspended, and a 10% white hat bounty has been offered for the return of funds.

Meanwhile, in Brazil, hackers stole approximately $148 million from the central bank reserve accounts of six financial institutions after bribing an IT worker just $2,770. 

While the breach occurred in traditional banking infrastructure, investigators say between $30 million and $40 million was laundered into crypto assets such as Bitcoin and USDT through over-the-counter exchanges. 

Authorities have frozen $50 million in related accounts, and $29.5 million has been recovered.

Watch the weekly recap on YouTube!