Morgan Stanley Bitcoin ETF Draws in $30.6M on Day One

Traditional assets experienced significant volatility last week due to escalating tensions between Israel and Iran, with the S&P 500 and Nasdaq Composite dropping. In contrast, the cryptocurrency market showed resilience, with Bitcoin climbing despite geopolitical turmoil.

Tron, founded by Justin Sun, plans to debut on Nasdaq through a reverse merger with theme-park merchandise company SRM Entertainment, the Financial Times reported. Dominari Securities, linked to Trump's sons, is facilitating the deal involving the eighth largest cryptocurrency by market value.

The total hashrate of 13 U.S.-listed bitcoin miners increased by 11 exahashes per second (EH/s) since April, led by CleanSpark, Hive Technologies, and Riot Platforms. The network hashrate fell by 10 EH/s in the first two weeks of June, surprising analysts.

Trump Media and Technology Group, in partnership with Yorkville America Digital, filed with the SEC for a joint Bitcoin and Ethereum ETF. The proposed ETF will have a 75% Bitcoin and 25% Ethereum holdings ratio, with Crypto.com as the custodian.

Coinbase faced backlash from the crypto community for sponsoring the US Army's anniversary parade, coinciding with Donald Trump's birthday. Critics found the move contradictory to Coinbase's neutral stance on political causes and its reliance on overseas customer support.

Adam Cochran announced his decision to sell his Coinbase stocks and bonds, opting to keep his assets elsewhere temporarily. Despite being a long-time customer and acknowledging Coinbase's early contributions to the industry, he expressed disagreement with a certain aspect of the company.

Altcoins like Solana and Ethereum surged as traders shifted from Bitcoin after it tested the $106,000 level. Ethereum gained favor due to recent upgrades and a focus on institutional adoption. Market analysts are monitoring if this marks the start of a broader altcoin season.

Strategy has bought another 10,100 BTC for its corporate Bitcoin treasury, at an average purchase price of $104,080 per Bitcoin. To finance the purchase, Strategy completed a 10% Series A Perpetual Stride Preferred Stock issuance, generating $979.7 million in net proceeds.

Vietnam's National Assembly approved legislation legalizing digital assets and providing incentives for semiconductor manufacturing, AI development, and tech startups. The Law on Digital Technology Industry defines digital assets and aims to boost the country's tech sector.

President Donald Trump earned $57.3 million from his crypto venture World Liberty Financial, which raised $550 million through token sales. Despite bipartisan criticism, Trump's crypto ties have generated over $600 million in total income, with his golf empire remaining his financial heavyweight.