Coinbase Will Launch Options Trading, Tokenized Stocks, and Borrowing Against Staked Solana

JPMorgan analysts believe Strategy's future now depends on its cash reserves, as recent Bitcoin sales have impacted investor confidence. Despite a symbolic sale of 32 BTC, the company's stockpile remains substantial at $53.3 billion, with plans to manage debt and dividends.

Zcash's market cap recovered to $7.5 billion after a proposal for the "Ironwood" upgrade was introduced to address a critical bug. The upgrade aims to verify the circulating supply and strengthen security measures for the privacy coin.

BitMine Immersion Technologies recently made its largest ETH purchase of 126,971 ETH, worth around $214 million. The firm sees a strengthening case for Ethereum after a vulnerability was discovered in Zcash. BitMine's treasury now holds 5,543,872 ETH, valued at $9.3 billion.

FTX co-founder Sam Bankman-Fried, currently serving a 25-year prison sentence for fraud and money laundering, has applied for a pardon from President Trump. The pardon application was reported by Bloomberg News and comes after Trump pardoned hundreds of individuals, including many convicted of financial crimes.

Strategy purchased 1,550 BTC for $101 million, increasing its stockpile to 845,256 Bitcoin worth $53.3 billion. Despite a recent 24% drop in shares, the firm rebounded with a 3.4% increase following the purchase. The company also bolstered its cash reserves by $80 million for managing dividend payments and debt obligations.

CME recently introduced Bitcoin volatility index futures, allowing traders to speculate on price turbulence directly. DV Chain and Monarq Asset Management initiated the first block trades, marking the beginning of trading in these contracts. This new offering enables investors to hedge against Bitcoin volatility over a four-week period.

Securitize, backed by BlackRock, received SEC approval for its merger with a SPAC, moving closer to becoming a publicly traded company. The deal is set for a shareholder vote on June 29, with the combined entity expected to trade on NYSE as "SECZ."

Bitcoin dropped below $60,000, down 6% in a day and 18.5% in a week. Ethereum and Solana also experienced significant losses, with Ethereum down 23% and Solana falling 22% in the last seven days.

During a House hearing, U.S. Rep. Brad Sherman criticized the idea of government stablecoin payments, arguing they could enable tax evasion. National Credit Union Administration Chairman Kyle Hauptman proposed using stablecoins for federal payments to improve efficiency and security. The issue of stablecoin yield and regulatory oversight were also discussed during the hearing.

Sen. Angela Alsobrooks has linked her support for the Clarity Act to the resolution of ethics provisions and other outstanding issues. She defended stablecoin yield language criticized by JPMorgan Chase CEO Jamie Dimon and the banking industry.