🐳 Daily Edition: Robinhood's New Product Adds $120B to Crypto Market Cap

The crypto market gained almost $120B in value today as it seems investors are taking note of what tokenized stocks and Robinhood’s announcements from yesterday mean for the industry. Ethereum helped lead the charge sitting up 8% on the day which of course brought the alt sector with it as Crypto Twitter’s favorite coin Hyperliquid breaches the $40 mark once again. At its current valuation, Hyperliquid is about 1/7 the size of incumbent Robinhood, who has now doubled down on their crypto business eyeing the massive revenue opportunity that crypto perpetual trading offers. Now more than ever, the competition is on between native decentralized solutions and their centralized counterparts — the latter excels at distribution above all else, which is something crypto has always struggled with.

Crypto stocks continue to perform well, as we slowly transition from the “crypto treasury” model to seeing more legitimate companies adopt the sector for their balance sheets. One of these is Figma, which disclosed their $70M BTC holdings in their IPO filing yesterday — while treasury companies are great in the short term for buying pressure, I predict very few of them will be around a few years from now, which means they’ll have to sell at some point whether its for profit or not. Crypto assets being included in a basket of other investments, however, is much longer-term focused. If this becomes a widespread trend, it’s a huge win for the industry.

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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 headed for ‘best ever’ second half of the year: Standard Chartered

Alt Coins and Stocks

• Ripple applies for US banking license following Circle

• OpenAI does not ‘endorse’ Robinhood tokenizing its private shares, AI studio says

• Solana’s first ETF goes live as crypto analysts predict surge of new altcoin funds

Regulatory

• Judge says $4 billion Celsius lawsuit against Tether can proceed

Random

• Crypto Billionaire bit off attacker’s finger in attempted kidnapping

• Trump family saw $620 million from crypto venture proceeds in recent months

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