Morning Crypto Market Digest: Sharplink Resumes ETH Purchases, StablecoinX Lists on Nasdaq, and BitGO Optimizes Workforce
The market greets the morning of June 26 with mixed sentiment. Key events: public company Sharplink purchases Ethereum for the first time in eight months, stablecoin issuer Ethena prepares for a Nasdaq listing, and crypto custodian BitGo announces layoffs amid a shift toward artificial intelligence.
Market Overview: Bitcoin consolidates, altcoins under pressure
Bitcoin (BTC) is showing sideways movement at the start of the day. As of 07:46 Moscow time, the asset is trading around the $59,881 mark. Over the past 24 hours, the low was $58,269 and the high was $61,868. Ethereum (ETH) is also flat, holding near $1,550.
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 largest losses over 24 hours are recorded by Ethereum (-4.42%), and over seven days by Dogecoin (-9.89%).
In the top 100, the daily growth leader is Audiera (+42.09%), and the weekly leader is DeXe (+41.13%). The worst daily performance is shown by Mantle (-15.61%), and the worst weekly performance by MemeCore, which lost 76.50%.
Sharplink returns to buying Ethereum
Sharplink, the company ranking second globally in public ETH reserves (after Tom Lee's Bitmine Immersion), made its first ether purchase in eight months. According to blockchain data, 5,000 ETH worth $7.85 million were received from FalconX. The previous transaction dates back to October 2025.
As of June 21, Sharplink's portfolio held 876,285 ETH (approximately $1.3 billion). The average entry price is $3,609 per coin, implying an unrealized loss of roughly $1.79 billion at current quotes. The company has not yet officially commented on the transaction.
StablecoinX goes public: a new phase for USDe
StablecoinX, a company building infrastructure for the Ethena ecosystem, has completed its merger with the SPAC structure TLGY Acquisition Corp. Trading on Nasdaq will begin on Friday under the ticker "USDE." This is the first public company specializing in infrastructure for decentralized stablecoins.
Recall that the Ethena USDe stablecoin maintains its peg to $1 not through fiat backing, but via a delta-neutral strategy with collateral in bitcoin and ether and short positions. USDe's market cap has fallen 70% from its October peak and stands at about $4.5 billion (sixth place among stablecoins).
BitGo cuts 15% of staff in favor of AI strategy
Crypto custodian BitGo has announced a 15% reduction in its workforce. The company intends to focus on key areas: security, trading, stablecoins, settlements, and artificial intelligence-based infrastructure.
The layoffs come amid growing losses: in the first quarter, revenue rose 112.6% year-over-year to $3.8 billion, but net loss increased to $60.7 million from $25.7 million in the same period last year. BitGo is not alone in this trend—Coinbase (-14% of staff), Dune (-25%), and Jack Dorsey's Block have previously shifted focus to AI. BitGo shares fell 4.76% on Thursday to $4.80.
Analytical commentary: Sharplink's return to buying ETH is a positive signal for the market, but it points more to long-term institutional confidence than an immediate trend reversal. StablecoinX's Nasdaq listing is a landmark event, yet the 70% drop in USDe's market cap from its peak suggests investors are still hesitant to trust synthetic stablecoins. BitGo, like many others, is betting on AI—the question is how quickly this bet will pay off amid operating losses.