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SharpLink Gaming Stock Soars 28% as Ethereum Treasury Firm Boosts Stash to $527 Million

Ethereum treasury company SharpLink Gaming's stock was up Tuesday after the company announced another ETH buy, bringing its total holdings of the second-biggest cryptocurrency to 205,634 coins—or over $527 million worth.

The gambling marketing firm's stock rose another 6% in overnight trading after surging 28.6% on Tuesday.

SoFi Offers Exposure to OpenAI and SpaceX Through New Private-Market Funds

SoFi Technologies said Tuesday it's adding new private-market funds offering exposure to startups like OpenAI and SpaceX.1

The new funds are meant to expand access to investments in a wide range of private companies “across AI, machine learning, space technology, consumer products, healthcare, e-commerce, and financial technology,” SoFi said.

They also have investment minimums as low as $10, well below what is required by some of its other private-market funds, such as the $25,000 minimum for SoFi’s Cosmos Fund, which offers exposure to SpaceX as well.2 SoFi said it is working with asset managers Cashmere, Fundrise and Liberty Street Advisors to offer the funds.

Tether Holds an $8 Billion Pile of Gold in a Secret Swiss Vault

Tether Holdings SA, the issuer of the world’s largest stablecoin, has its own vault in Switzerland to hold an $8 billion stockpile of gold, with an eye to growing those stores.

The El Salvador-based crypto company now holds nearly 80 tons of gold, it said. The vast majority of that is owned by Tether directly, making it one of the largest gold holders in the world outside of banks and nation states.

Mizuho Says "Sell" Circle Stock, Citing 59% Downside

Mizuho Securities’ top analyst Dan Dolev initiated coverage of Circle Internet stock with a “Sell” rating and $85 price target, implying a significant 59% downside potential from current levels. Dolev’s bearish view on CRCL stems from his belief that the consensus revenue estimate for FY27 is highly optimistic and does not fully account for the potential impact of future interest rate cuts.

Additionally, the analyst stated that the consensus is overestimating the medium-term growth potential of Circle’s USDC stablecoin. Dolev sees a 25% to 30% downside risk to the fiscal 2027 consensus revenue estimate of $4.5 billion. Furthermore, the passage of the GENIUS Act has widened the potential for circulation and adoption of stablecoins, but it has also opened up competition for more companies to enter the market. Circle could face heightened competition from rivals such as PayPal and Ripple, both of which already have their own stablecoins.

Robinhood Discussing Tokenized Equities With Regulators

Robinhood Markets Inc. Chief Executive Officer Vlad Tenev said the firm is in talks with regulators over its offering of tokenized equities in Europe, after the launch drew rebuke from companies including OpenAI.

The Menlo Park, California-based firm announced last week that retail investors using its app in the European Union could start trading tokens that represent shares of US equities on blockchain. The launch included a giveaway of tokens for closely held companies like OpenAI. The firm led by Sam Altman later cautioned traders that the “tokens” are not equity in the company.

Trump Media Furthers Push Into Crypto With Third ETF Filing

Trump Media & Technology Group Corp. is plowing deeper into the cryptocurrencies space with a new filing for an exchange-traded fund that would hold a number of digital assets including Bitcoin, Ether, Solana and others.

A Tuesday filing showed the social-media firm owned by President Donald Trump seeking to launch the “Crypto Blue Chip” fund, with the paperwork marking its third ETF filing. The fund, should it launch, would hold Bitcoin, Ether, Solana, Cronos and XRP directly, though nearly three-quarters of it would be comprised of Bitcoin, the largest token in the market. Though ETFs holding Bitcoin and Ether already trade in the US, no such funds hold Cronos or XRP directly.

Bitcoin Spot ETF Flow

The overall net inflow of the US Bitcoin spot ETF on Tuesday was $80.08 million. The total net asset value of Bitcoin spot ETFs is $136.75 billion, and the ETF net asset ratio (market value compared to total Bitcoin market value) is 6.33%.

Source: SoSo Value

The Bitcoin spot ETF with the highest net inflow on July 8 was iShares Bitcoin Trust ETF, with a net inflow of $66.81 million. Following that was Grayscale Bitcoin Mini Trust ETF, with a net inflow of $4.82 million, according to SoSoValue.

Source: SoSo Value