USDTradFi-Crypto Ties This Week: JPMorgan Bet, IPO Frenzy, ETF Moves
JPMorgan to Allow Crypto as Loan Collateral for Select ETFs, Expanding Client Offerings
JPMorgan Chase plans to enhance its crypto offerings by allowing clients to use cryptocurrency as loan collateral for specific exchange-traded funds (ETFs), including BlackRock’s iShares Bitcoin Trust (IBIT). This move marks a shift from case-by-case approvals to a more standardized process, incorporating clients’ crypto holdings into their net worth assessments. With $69 billion in assets, IBIT represents 78% of the spot Bitcoin ETF market share. The bank's CEO, Jamie Dimon, previously indicated that clients could buy Bitcoin, although JPMorgan will not hold the asset. This aligns with a broader expansion of crypto services as regulations evolve.
Apple, X, Airbnb, and Google Explore Stablecoin Adoption Amid Growing Market Interest
Apple, X, Airbnb, and Google are exploring stablecoin adoption to reduce transaction costs and facilitate cheaper international payments, as reported by Fortune Crypto. They join Meta and Uber in this initiative amid a favorable regulatory environment and growing interest in dollar-pegged assets. Notably, Circle's USDC recently went public, with its stock surging nearly 200% above the IPO price. Stablecoins reached a record market capitalization of $250 billion in June 2025, while Ethereum-based stablecoin on-chain volume hit $1.42 trillion in May, with USDC representing 41.5% of that volume at approximately $589 billion.
Circle's IPO Soars 168%, Draws Criticism from Early Crypto Backers
Circle's IPO on June 5, 2025, achieved a historic 168% debut surge, closing at $108 after opening at $69, with a market cap soaring to between $16.7 billion and $18.4 billion, far exceeding its IPO valuation of $6.8 billion. Initially set to issue 24 million shares, the offering expanded to 34 million, raising $1.05 billion amid 20 times demand. While applauded for its regulatory focus and institutional interest, criticisms arose from early crypto-backers like Arca, which felt sidelined. Circle’s success highlights its dual challenge of catering to institutional investors while maintaining legacy crypto-community support.
Gemini Files S-1 for IPO After Circle's $1 Billion NYSE Debut
Gemini has filed a draft S-1 registration statement with the US SEC for its imminent IPO, following Circle's recent successful NYSE debut, which raised over $1 billion. The crypto exchange has not yet specified the number of Class A common stock shares or their price range, with the IPO anticipated to happen after the SEC's review. This filing emphasizes the strong interest in cryptocurrency firms, particularly from Wall Street. Founders Tyler and Cameron Winklevoss have not publicly commented on the IPO, and the timeline for the SEC's review remains uncertain.
Tether and Bitfinex Transfer $2.7B in Bitcoin to Launch Twenty One Capital
On June 3, 2025, Tether and Bitfinex transferred 25,812 Bitcoin (BTC), valued at $2.7 billion, to support the launch of Twenty One Capital. Tether contributed 18,812 BTC, while Bitfinex added 7,000 BTC. This strategic transfer, orchestrated by Paolo Ardoino, highlights Bitcoin’s rising status as a key asset for institutional investors. Rumored ties to crypto figure Jack Mallers add intrigue. The move signals a significant consolidation of digital assets, propelling Twenty One Capital into the upper tier of Bitcoin holders. It also suggests a growing acceptance of Bitcoin as a legitimate corporate asset, potentially attracting regulatory scrutiny.
Robinhood Acquires Bitstamp for $200 Million, Expanding Global Crypto Presence
On June 3, 2025, Robinhood acquired the European exchange Bitstamp for $200 million, marking a significant step in its global crypto expansion. Bitstamp serves over 5,000 institutional clients and reported $95 million in revenue over the past year. This acquisition enhances Robinhood's regulatory presence and operational licenses across markets. Additionally, Robinhood's crypto division generated $252 million in revenue in Q1 2025, showcasing its growth potential. The firm aims to explore tokenization of real assets and, alongside its recent purchase of WonderFi, positions itself as a prominent player against industry giants like Binance and Coinbase.
Kraken Launches Kraken Prime: A Premier Brokerage Platform for Institutional Crypto Investors
On June 3, 2025, Kraken launched Kraken Prime, a unified platform for institutional digital asset investors, offering trading, custodial, and financing services. The platform promises liquidity for over 90% of the digital asset market, supporting asset-backed lending and T+1 facilities, with an in-house smart order routing system. This initiative responds to growing mainstream demand from asset managers and hedge funds. Kraken's co-CEO, David Ripley, emphasized the platform's focus on execution quality and reliability in volatile markets. The launch follows Kraken’s partnership with Alpaca and the acquisition of NinjaTrader to enhance services further.
Consensys Leads $425 Million Funding for SharpLink's Ethereum Treasury Plans Amid Stock Drop
Consensys has spearheaded a $425 million private placement for SharpLink to establish the largest Ethereum treasury among publicly traded companies. The funds will be utilized for acquiring ETH as a reserve asset, along with engaging in staking and decentralized finance (DeFi), in collaboration with asset management partners ParaFi and Galaxy. Following the investment, Ethereum co-founder and Consensys CEO Joseph Lubin has joined SharpLink's board as chairman. Despite this significant investment, SharpLink's stock (SBET) plummeted over 37% on Monday, resulting in a market capitalization of $34 million, indicating potential investor concerns despite the funding boost.
Tether Blocked from Juventus Capital Raise Despite Increased Investment
Tether CEO Paolo Ardoino revealed that the company is barred from participating in Juventus Football Club's ongoing capital raise, which commenced in April 2025 and aims to generate between €15 million and €110 million. Despite increasing its stake in Juventus to 10.12% and expressing a desire to help the club regain competitiveness after a fourth-place Serie A finish, Tether lacks formal approval for investment. Ardoino noted a significant market cap growth for Tether's USDT, which increased over $5 billion recently, bringing its total to over $153 billion, outperforming USDC, which stands at $60.9 billion.
IG Group Becomes First UK-Listed Firm to Launch Crypto Trading for Retail Investors
UK financial giant IG Group, a prominent FTSE 250 trading platform, is the first UK-listed company to launch cryptocurrency trading for retail investors. Customers can buy, sell, and hold major digital currencies such as Bitcoin and Ethereum with a flat transaction fee of 1.49%. In partnership with Uphold, IG enables easy transfers between crypto and traditional investment accounts, with Uphold managing execution and pricing. This move comes as traditional banks like Chase UK limit access to crypto exchanges, positioning IG as a secure, regulated entry point that aligns with forthcoming UK compliance measures for retail trading in cryptocurrencies.
21X Integrates Circle's USDC for Tokenized Securities Trading in Europe
Frankfurt-based 21X has integrated Circle’s USDC stablecoin as a key settlement currency on its regulated trading platform for tokenized securities. This move aims to create a multi-currency, MiCA-aligned environment for institutional trading. With USDC, users can benefit from wallet-based, atomic settlement of various tokenized instruments, including equities and bonds, all denominated in USD. Circle's commitment to regulated infrastructure is expected to enhance trust and transparency in digital asset markets. This integration positions 21X as Europe’s first DLT exchange, promoting the adoption of on-chain finance and improving capital market efficiency.
Moscow Exchange Launches Bitcoin ETF Futures as Russia Embraces Crypto Derivatives
On June 4, 2025, the Moscow Exchange initiated futures trading for BlackRock's iShares Bitcoin Trust ETF following the Central Bank of Russia's legalization of crypto derivatives. Sberbank has also issued structured bonds linked to Bitcoin, and Finam plans to offer derivatives on various cryptocurrencies exclusively for highly qualified investors. The bonds enable gains from Bitcoin's U.S. dollar valuation and ruble fluctuations. Other banks like VTB and Alfa-Bank are entering the market with crypto-linked offerings. Despite the excitement around these products, retail investors have expressed disappointment, finding them less appealing than direct cryptocurrency trading alternatives.
This article has been refined and enhanced by ChatGPT.
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