Market on pause, Sharplink buys in, and BitGo lays off 15% of staff: digest for June 26
The morning of June 26 finds the crypto market in a state of sideways movement. Key events are unfolding around institutional players: StablecoinX is preparing for a Nasdaq listing, Sharplink resumes Ethereum purchases, and BitGo is undergoing a major restructuring with a focus on artificial intelligence.
Market Picture: Calm Before the Storm?
Bitcoin (BTC) is showing minimal volatility, trading around the $59,881 (₽4,497,821) mark. Over the past day, the asset has fluctuated in the range of $58,269 – $61,868, indicating a lack of a clear trend. Ethereum (ETH) is also stagnant at $1,550 (₽116,336), showing a decline of 4.42% over 24 hours.
In the top 10 by market cap, the best daily performance is from Solana (+0.49%), and the best weekly performance is from Tron (+0.38%). The worst weekly performance is from Dogecoin (-9.89%). Among the top 100, Audiera (+42.09% in a day) and DeXe (+41.13% in a week) stand out, while Mantle loses 15.61%, and MemeCore has crashed by 76.50% over seven days.
Sharplink Returns to ETH: $7.85 Million Purchase
Company Sharplink has acquired 5,000 ETH worth $7.85 million for the first time in eight months. The tokens came from FalconX. The previous purchase dates back to October 2025. As of June 21, Sharplink's portfolio held 876,285 ETH (~$1.3 billion) with an average entry price of $3,609, implying an unrealized loss of about $1.79 billion. Nevertheless, the company remains the second-largest holder of public ETH reserves globally, after Tom Lee's Bitmine Immersion.
StablecoinX Lists on Nasdaq: A New Era for Ethena
Company StablecoinX has completed its merger with SPAC structure TLGY Acquisition Corp and will begin trading on Nasdaq on Friday under the ticker "USDE." This is the first public company building infrastructure for the Ethena ecosystem. The mechanism of the USDe stablecoin is based on a delta-neutral strategy with collateral in BTC and ETH and short positions. The scheme is vulnerable during negative funding rates. Since its October peak, USDe's market cap has fallen by 70% to ~$4.5 billion (sixth place among stablecoins).
BitGo Cuts Staff: Focus on AI
Crypto custodian BitGo is laying off 15% of its employees, refocusing on key areas: security, trading, stablecoins, settlements, and AI-based infrastructure. The layoffs come amid rising losses: first-quarter revenue grew 112.6% year-over-year to $3.8 billion, but net loss increased to $60.7 million from $25.7 million a year earlier. BitGo shares fell 4.76% on Thursday to $4.80. This trend is characteristic of the entire industry — previously, Coinbase (-14% of staff), Dune (-25%), and Jack Dorsey's Block have pivoted to AI.
Analytical Commentary: The market is frozen, awaiting a catalyst. Sharplink's purchase is a positive signal for Ethereum, but the company's unrealized losses indicate high risk. StablecoinX's Nasdaq listing could attract institutional capital to the synthetic stablecoin sector, but the 70% drop in USDe's market cap raises doubts about the model's long-term sustainability. BitGo is further confirmation that crypto companies are forced to optimize expenses, betting on AI as a new growth driver.