This crypto market review covers the main events of the morning of June 26: Sharplink bought Ethereum again after an eight-month pause, StablecoinX is preparing to start trading on Nasdaq, and BitGo is cutting its team and betting on infrastructure with AI elements.
- Sharplink bought Ethereum for the first time in eight months: 5,000 ETH for $7.85 million.
- StablecoinX completed its merger with TLGY Acquisition Corp and is debuting on Nasdaq under the ticker USDE.
- BitGo is cutting 15% of its staff and shifting its focus to security, trading, stablecoins, settlements, and AI infrastructure.
Market Capitalization: How the Largest Cryptocurrencies Are Behaving
Bitcoin started the day without strong directional movement. According to TradingView, as of 07:46 Moscow time, the coin was trading around $59,881. In rubles, one token was valued at about 4,497,821. Over the past 24 hours, Bitcoin’s low was $58,269, and the high reached $61,868.
Bitcoin remains the main benchmark for the market, so its sideways dynamics held back activity in other major coins. For the near future, this leaves the market with a scenario of cautious sideways trading: without a clear trend, investors react more quickly to company news, large deals, and sharp moves in individual tokens.
Ethereum, the second-largest cryptocurrency by market capitalization, also started the day moving sideways. At the time of preparing this review, the coin was trading around $1,550, which was about 116,336 rubles per token.
The picture for the most notable moves looked like this:
- Solana — 24 hours — +0.49%.
- Tron — week — +0.38%.
- Ethereum — 24 hours — -4.42%.
- Dogecoin — week — -9.89%.
- Audiera — 24 hours — +42.09%.
- DeXe — week — +41.13%.
- Mantle — 24 hours — -15.61%.
- MemeCore — week — -76.50%.
Such moves are easy to track through:
- Binance.
- TradingView.
- Other major platforms and price tracking services.
With high volatility, even a single asset on a company’s or fund’s balance sheet can noticeably change the portfolio’s valuation.
Sharplink Returns to Buying Ethereum
Sharplink has bought Ethereum again for the first time since October 2025. The company purchased 5,000 ETH for $7.85 million. The tokens came from FalconX, but Sharplink itself has not yet publicly confirmed the deal.
As of June 21, Sharplink held 876,285 ETH on its balance sheet, with a total value of about $1.3 billion. The average entry price is estimated at $3,609 per ETH. At current prices, this means an unrealized loss of about $1.79 billion.
Despite the drawdown, Sharplink remains the second-largest public company in the world by Ethereum reserves. Only Tom Lee’s Bitmine Immersion is above it.
StablecoinX Begins Its Journey on Nasdaq
StablecoinX has completed its merger with the SPAC structure TLGY Acquisition Corp and will begin trading on Nasdaq under the ticker USDE on Friday. The company positions itself as the first public structure building infrastructure for the Ethena ecosystem.
The key part of StablecoinX’s plan is related to decentralized validator nodes and software. This should support the development of infrastructure around Ethena and its stablecoin USDe.
USDe maintains its peg to the US dollar not through a bank transaction and not by direct backing with real dollars. Instead, a delta-neutral strategy is used: collateral in Bitcoin and Ethereum is combined with short positions.
This scheme has a weak point: it becomes vulnerable when funding rates are negative. Since the October high, USDe’s capitalization has dropped by 70% and now stands at about $4.5 billion. Among stablecoins, this is sixth place.
BitGo Cuts 15% of Employees and Strengthens AI Direction
Crypto custodian BitGo is laying off 15% of its employees. The company intends to focus on areas it considers key: security, trading, stablecoins, settlements, and AI-based infrastructure.
The decision comes amid growing losses. In the first quarter, BitGo’s revenue increased by 112.6% year over year to $3.8 billion. At the same time, net loss rose to $60.7 million versus $25.7 million a year earlier.
BitGo is not the only company changing its strategy because of AI. Similar steps have already been taken by:
- Coinbase — cut 14% of employees.
- Dune — cut 25% of employees.
- Jack Dorsey’s Block — changed its strategy.
On the stock market, BitGo’s shares as a financial instrument reacted by falling: on Thursday, the stock lost 4.76% and dropped to $4.80. Against this backdrop, market participants are also watching OpenAI, which may postpone its IPO after the SpaceX incident.
{
“@context”: “https://schema.org”,
“@type”: “Article”,
“about”: [
{
“@type”: “Thing”,
“name”: “bitcoin”
},
{
“@type”: “Thing”,
“name”: “ethereum”
},
{
“@type”: “Organization”,
“name”: “Binance”
},
{
“@type”: “Thing”,
“name”: “market capitalization”
},
{
“@type”: “Thing”,
“name”: “US dollar”
}
]
}
