🐳 Daily Edition: New ATH for Bitcoin as Biggest Token Launch Approaches

With Bitcoin briefly touching $112k today we’ve officially broken the previous all-time high, however I’m not sure we can really call it that given it hit only $150 higher than the previous ATH. The strength however is certainly encouraging, and it doesn’t look like it’s ready to stop any time soon. We’ve also seen some life in Ethereum, prompting the market to once again pay attention to Ethereum treasury company Sharplink Gaming (SBET), headed up by founder and CEO of ConsenSys Joseph Lubin. After the announcement of their shift to an ETH strategy the stock hit highs of $120, it quickly dropped to as low as $8 as investors realized the financing for this endeavor would come from the sale of freshly-issued shares. It now trades at $18 with a market cap of $1.1B which puts it at parity with Solana memecoin Fartcoin, but I’m not sure if that says more about SBET or Fartcoin.

Pump.fun has now also officially confirmed the launch of their ICO this Saturday, with the details of the raise matching what we reported in Monday’s Beluga Brief. Their announcement today emphasized their plan to compete with major streaming platforms, primarily Twitch and Kick, by rewarding content creators in an outsized manner. Rumors are also circulating that they’ll be using 25% of platform revenue for token buybacks, linking platform success to token success. I’m unsure how long a rewards system predicated on coins associated with streams can really last, but a fresh $600M warchest on top of the $800M in revenue they’ve already done can go a long way. Keep an eye on BONK and its ecosystem as the ICO goes live, as for the first itme this week their token launchpad actually passed pump.fun in total coin graduations. Crypto is in the public mind more than it’s ever been, and now is the time to push for normie adoption on our largest apps.

Incredible promo video from pump.fun, crypto is finally stepping up its marketing game

The Beluga intern has been hard at work gathering all the most important crypto news stories so you have them in one place!

The Majors

• Bitcoin sets new record, briefly breaking above $112,000 as policy outlook shifts

• Bitcoin ETF AUM nears $150 billion amid treasury allocations, staking products, and new filings

Alt Coins and Stocks

• Pump.fun plans 25% revenue share with token holders: Sources

Regulatory

• SEC’s Hester Peirce: ‘Tokenized securities are still securities’ as companies ramp up efforts

• Trump ally compares crypto industry writing its own rules to spilled ‘urine sample’

Random

• Justin Sun commits to buying $100 million in TRUMP memecoins

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