The Daily Crypto Brief!
All major crypto news headline at one place
Hello readers. Cryptocappy is back to deliver you the latest headlines from crypto world. Let’s begin!
Metaplanet Expands Bitcoin Holdings to 8,888 BTC After Latest Purchase
Japanese company Metaplanet, which focuses on Bitcoin investments, has added 1,088 BTC to its reserves, spending $117.3 million on the purchase. As the only Japanese company dedicated to holding Bitcoin in its treasury, Metaplanet has reached a market value of $3.82 billion, ranking 3,217th globally. To fund its Bitcoin purchases, it has raised money through stock and bond sales, most recently issuing $71 million in bonds on May 28 and 29.
Experts believe that moves like Metaplanet’s will boost Bitcoin’s value and benefit retail investors in the long run.
SharpLink Gaming Stock Plummets After Ethereum Treasury Shift
SharpLink Gaming, a company involved in gambling marketing and affiliate networks, saw its stock price drop by 38% after the market opened, despite securing funds to buy up to $425 million worth of Ethereum.
Last week, the company announced plans to create an Ethereum-based treasury, causing its shares to skyrocket from $6 to a peak of $124. However, after closing at $76.70 on Friday, its stock is now trading at $47.16, marking a 62% drop from last week's high.
Despite the recent decline, SharpLink's stock has still gained 1,162% over the past month, showing massive overall growth.
Singapore to Block Offshore Crypto Services Without Proper Licensing
Singapore's financial regulator, MAS, has tightened crypto rules.
From June 30, overseas crypto firms must get a license to serve Singapore customers or shut down. The move aims to fight financial crime and prevent loopholes in regulations.
Companies will need $185,000 in base capital, fresh customer checks, and strong tech security. Even freelancers or consultants working for foreign crypto firms may need a license if they operate from Singapore.
Elon Musk Unveils XChat with ‘Bitcoin-Level’ Encryption for Secure Messaging
Elon Musk announced that XChat, a new messaging feature for X, is coming soon. It will include encrypted chats, disappearing messages, file sharing, and voice/video calls.
However, his description of its security raised eyebrows. Musk said XChat is built on Rust with "Bitcoin-style encryption," but several Bitcoin experts quickly pointed out that Bitcoin doesn’t actually use encryption.
Bitcoin Core developer Luke Dashjr and Samson Mow, CEO of JAN3 and Pixelmatic, both disagreed with Musk’s wording, stating that Bitcoin is not encrypted. This led to confusion and debate among crypto and security experts.
Circle Raises IPO Target to $896M as BlackRock Interest Surges
The company and its investors will now sell 32 million shares (instead of the earlier planned 24 million) at a price range of $27 to $28 per share. If priced at the higher end, Circle could raise $896 million and be valued at over $6 billion.
Bloomberg reported that demand for Circle’s shares already exceeds supply, showing strong interest from big investors. However, Circle has not commented on the new pricing.
Circle issues USDC, a popular dollar-backed stablecoin with a $60 billion market cap. The IPO comes as U.S. capital markets regain momentum after a slowdown earlier this year.
Thats all for today folks! Catch you tomorrow with more updates from crypto. Have a great day!
