TL;DR

BlackRock, GameStop, and Strategy ramp up BTC buys; U.S. stablecoin/digital asset bills advance; ETH futures, ETFs hit records.

Highlights

• BlackRock , Fidelity, and Bitwise added a combined $362M in Bitcoin , with BlackRock now holding ~666,000 BTC and spending $570M on Ethereum in two weeks 1.
• GameStop acquired 4,710 BTC (~$500M) and announced a $1.75B zero-coupon convertible notes offering, with proceeds eligible for further Bitcoin purchases 2.
• Strategy (formerly MicroStrategy ) bought 1,045 BTC ($110M), raising its holdings to 582,000 BTC 16.
• The Blockchain Group secured approval to raise over €10B after a €300M capital raise, aiming to expand its Bitcoin treasury 14.
• Ukraine introduced a bill to create a national Bitcoin reserve, potentially making BTC a sovereign asset 15.
• U.S. Senate advanced the GENIUS stablecoin bill; House panels progressed the CLARITY Act for digital asset regulation 49.
• Bank of America confirmed it is developing a fully dollar-backed stablecoin 3.
• SEC is reviewing Solana ETF proposals with staking, and acknowledged Nasdaq’s 21Shares Sui ETF application 5.
• Ethereum futures open interest hit a record $40B 6; spot ETH ETFs attracted $843M in 4 weeks 19; staked ETH reached 34.65M (nearly 30% of supply) 19.
• Aave surpassed $40B TVL and launched on Sony-backed Soneium Layer 2, expanding DeFi reach 8.
• Hyperliquid’s $HYPE token hit all-time highs above $43.6, with $1.75B in futures open interest 7.
• PEPE memecoin market cap exceeded $5B, surpassing DOGE in volume amid Fed rate cut optimism 10.
• Solana memecoin $AURA surged 4,132% in 24 hours to $83M market cap; other Solana memecoins also rallied 11.
• Stripe agreed to acquire crypto wallet firm Privy, following its earlier stablecoin infrastructure acquisition 12.
• Ondo Finance listed tokenized U.S. Treasuries on XRP Ledger using Ripple’s RLUSD , as the tokenized RWA market grew 260% YTD to $23B 1720.
• Bullish crypto exchange (Peter Thiel-backed) confidentially filed for a U.S. IPO 13.
• Upbit listed Axelar’s AXL token, which jumped over 70% on the news 18.

Commentary

Institutional accumulation remains a dominant theme: BlackRock , GameStop , Strategy (formerly MicroStrategy ), and The Blockchain Group all executed sizable Bitcoin purchases or capital raises 121416, while Ukraine’s legislative move could add a sovereign dimension to BTC demand 15. This sustained institutional activity is tightening available supply and reinforcing Bitcoin’s position as a treasury asset for both corporates and, potentially, nation-states.

U.S. regulatory progress is accelerating. The Senate’s GENIUS Act and House’s CLARITY Act both advanced, signaling that stablecoin and digital asset frameworks may soon provide long-awaited clarity for issuers and investors 49. Bank of America ’s stablecoin project 3 and Stripe’s ongoing crypto infrastructure acquisitions 12 reflect major incumbents preparing for a regulated, on-chain payments environment.

Market structure is evolving rapidly. The SEC’s review of Solana and Sui ETF proposals, including potential staking rewards, points to a broader set of regulated crypto investment vehicles on the horizon 5. Ethereum continues to attract capital, with record futures open interest 6, strong ETF inflows 19, and a new high in staked ETH 19, while DeFi protocols like Aave are expanding TVL and user reach via new Layer 2 integrations 8.

Altcoin and memecoin activity is robust. Hyperliquid’s $HYPE , Solana’s $AURA, and PEPE all posted outsized gains 71011, reflecting heightened retail and speculative interest, particularly as traders anticipate a more accommodative Fed. Meanwhile, the tokenized real-world asset sector is scaling quickly, with Ondo’s expansion to the XRP Ledger and $23B now tokenized on-chain 1720, driven by institutional adoption and regulatory support.

Traders should monitor continued institutional inflows, U.S. legislative developments, and ETF approvals as key catalysts. Volatility in altcoins and memecoins remains elevated, while DeFi and RWA segments are seeing strong growth in both liquidity and product innovation.