Night crypto market digest: StablecoinX lists on Nasdaq, BitGo reduces headcount, and Sharplink buys Ethereum again
The digital asset market greeted the morning of June 26 with mixed sentiment. Bitcoin (BTC) is showing sideways movement, trading near the $59,881 mark (approximately 4,497,821 rubles per coin). Over the past 24 hours, the asset's minimum was $58,269, and the maximum was $61,868. Ether (ETH) also shows no pronounced dynamics, holding steady at the $1,550 level (approximately 116,336 rubles).
Leaders and Laggards by Market Cap
Among the top 10 coins, the best 24-hour result is shown by Solana (+0.49%), and over the week, by Tron (+0.38%). The biggest daily losses are borne by Ethereum (-4.42%), and over seven days, by Dogecoin (-9.89%). In the broader top 100 list, Audiera (+42.09% daily) and DeXe (+41.13% weekly) stand out. The laggards are Mantle (-15.61%) and MemeCore (-76.50% over the week).
Sharplink Returns to Buying Ethereum
Sharplink has made its first major Ethereum purchase in eight months, acquiring 5,000 ETH for $7.85 million. The transaction went through FalconX. The previous purchase dates back to October 2025. As of June 21, Sharplink held 876,285 ETH (approximately $1.3 billion). The average purchase price is $3,609 per coin, resulting in an unrealized loss of roughly $1.79 billion. Nevertheless, Sharplink remains the second-largest public company with ETH reserves, trailing only Tom Lee's Bitmine Immersion.
StablecoinX Lists on Nasdaq
StablecoinX has completed its merger with the SPAC entity 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. Its stablecoin USDe maintains its peg to $1 not through fiat backing, but via a delta-neutral strategy using BTC and ETH as collateral and short positions. The scheme is vulnerable during negative funding rates. Since October 2025, USDe's market cap has fallen by 70% and now stands at approximately $4.5 billion — the sixth-largest among stablecoins.
BitGo Cuts Staff Amid Losses
Crypto custodian BitGo has announced a 15% reduction in its workforce. The company intends to focus on key areas: security, trading, stablecoins, and AI-based infrastructure. BitGo's first-quarter revenue grew 112.6% year-over-year to $3.8 billion, but its net loss increased to $60.7 million from $25.7 million a year earlier. The company's shares fell 4.76% on Thursday to $4.80. BitGo joins a growing list of crypto companies (Coinbase, Dune, Block) pivoting toward AI.
Cryptalist Analytical Commentary: Sharplink's return to buying ETH is a bullish signal for the second-largest cryptocurrency by market cap, especially amid unrealized losses. However, StablecoinX's listing on Nasdaq raises questions: can the USDe delta-neutral model withstand pressure during negative rates? The 70% decline in market cap since October is a warning sign for investors.