Bitcoin Treasuries and Robinhood’s Mini Futures

This week’s recap showcases pivotal events, including Vitalik Buterin’s critique of Worldcoin’s aspirations in digital identity and the resolution of the Ripple-SEC legal battle. Robinhood has generated buzz by launching micro crypto futures, and state governments alongside treasury firms are progressively investing in Bitcoin.

With regulatory changes, technological advances, and institutional movements taking place, the crypto landscape is evolving swiftly. Here’s a brief overview of the key stories you should know.

Buterin voices concerns about World’s digital identity efforts

• Vitalik Buterin, co-founder of Ethereum (ETH), expressed his apprehensions in a Saturday post regarding digital identity initiatives like World, claiming it has over 13 million verified “unique humans”.
• He highlighted the potential risks and rewards associated with digital ID projects utilizing zero-knowledge proofs, cautioning that platforms like World, supported by Sam Altman, could erode the pseudonymity cherished by many internet users—particularly within the cryptocurrency community.

Ripple and SEC conclude long-lasting legal conflict

• Ripple CEO Brad Garlinghouse announced that the company will abandon its cross-appeal, with the SEC expected to do the same as previously suggested.
• Garlinghouse indicated on X that Ripple is “closing this chapter once and for all, focusing on what truly matters—building the Internet of Value.”

Robinhood launches micro cryptocurrency futures

• The digital brokerage introduced micro XRP (XRP) and Solana (SOL) futures on its platform this past Friday.
• Additionally, the company has rolled out a micro version of its existing Bitcoin (BTC) futures, catering to retail investors by providing smaller position sizes.

Bakkt files for $1 billion securities offering

• Bakkt Holdings has notified the SEC about its intention to raise up to $1 billion through securities sales to potentially expand its Bitcoin treasury.
• The S-3 filing submitted on Thursday outlines a flexible array of securities, including common and preferred stock, debt securities, warrants, and bundled stock units, available for market use as conditions become favorable.

Metaplanet executes the third-largest Bitcoin acquisition

• The Japan-based Bitcoin treasury firm has acquired an additional 1,234 Bitcoin, valued at nearly $132 million.
• The purchase price was 15,617,281 yen per token, equivalent to around $108,129 at current exchange rates.

Kraken expands with a new payments app and EU license

• On Thursday, the San Francisco-based exchange launched Krak, a peer-to-peer payments app, aiming to compete with platforms like CashApp and Venmo.
• Moreover, Kraken has obtained authorization to operate in Ireland under the EU’s Markets in Crypto Assets (MiCA) regulations.

SoFi to resume cryptocurrency trading

• The San Francisco-based financial services firm announced on Wednesday that it will reintroduce cryptocurrency trading and custody services later this year.
• Users will have the capability to trade and hold major cryptocurrencies including Bitcoin and Ethereum via SoFi’s platform.

RippleX announces significant network upgrade

• The XRP Ledger development team has rolled out version 2.5.0 of “rippled,” the network’s reference implementation.
• The modifications are open for voting through the XRP Ledger’s amendment process, requiring two weeks of support from over 80% of trustworthy validators for protocol changes.

SharpLink Gaming continues its Ethereum acquisition strategy

• The Minnesota-based affiliate marketing firm made its second ETH purchase between June 16-20, acquiring 12,207 ETH for approximately $30.7 million.

Ledger secures major professional sports sponsorship

• Ledger has entered into a multi-year sponsorship agreement with the San Antonio Spurs, marking its inaugural professional sports uniform sponsorship.
• Beginning this week, Ledger’s logo patch will be displayed on the team’s jersey during the NBA Draft.

Pompliano’s Procap acquires initial Bitcoin assets

• Anthony Pompliano’s newly established Bitcoin treasury company, Procap, has procured its first 3,724 BTC at a time-weighted average price of $103,785 per coin.
• This purchase was valued at roughly $385 million, with the company aiming for a total Bitcoin accumulation of $1 billion.

Strategy makes a modest Bitcoin purchase

• The largest publicly listed Bitcoin holding firm acquired an additional 245 BTC for $26 million.
• This recent acquisition raises Strategy’s total holdings to 592,345 BTC.

Texas establishes state Bitcoin reserve

• Governor Greg Abbott signed Senate Bill 21 into law on Friday, officially creating Texas’s Strategic Bitcoin Reserve, making it the third U.S. state to implement such a program.
• The reserve aims to serve as a strategy to guard against inflation and economic fluctuations, allowing the state comptroller to buy, sell, hold, or manage investments within the reserve.