Morning Crypto Market Digest: Sharplink Returns to ETH, BitGo Reduces Workforce, and StablecoinX Lists on Nasdaq
As the market digested overnight consolidation, key players made a series of strategic decisions that will set the tone for the coming days. Let's break down the main events of the morning of June 26.
Market: sideways movement without momentum
Bitcoin (BTC) started the day in a sideways movement. As of 07:46 Moscow time, the asset is trading near the $59,881 mark, having set a 24-hour low of $58,269 and a high of $61,868. Ethereum (ETH) is also showing similar dynamics, holding around the $1,550 level.
In the top 10 by market cap, the leader of daily growth was Solana (+0.49%), while over the week, Tron showed the smallest decline (+0.38%). The biggest daily losses were seen in Ethereum (-4.42%), and over seven days, in Dogecoin (-9.89%). In the top 100, Audiera (+42.09% in 24 hours) and DeXe (+41.13% over the week) stand out. The laggards were Mantle (-15.61% daily) and MemeCore (-76.50% weekly).
Sharplink: first ETH purchase in eight months
Sharplink has executed a major transaction: it purchased 5,000 ETH worth $7.85 million via FalconX. The last time such activity was recorded was in October 2025. As of June 21, Sharplink's portfolio held 876,285 ETH (~$1.3 billion), with an average purchase price of $3,609 per coin, resulting in an unrealized loss of about $1.79 billion. Despite this, Sharplink remains the second-largest public company with ETH reserves after Tom Lee's Bitmine Immersion.
StablecoinX goes public
StablecoinX, a company building infrastructure for the Ethena ecosystem, has completed its merger with the SPAC entity TLGY Acquisition Corp. Trading on Nasdaq will begin on Friday under the ticker "USDE." This is the first public company associated with Ethena. Recall that the USDe stablecoin maintains its peg to $1 not through a fiat reserve, but via a delta-neutral strategy using BTC and ETH as collateral and short positions. Since October 2025, USDe's market cap has fallen by 70% to ~$4.5 billion (sixth place among stablecoins), making StablecoinX's public listing an attempt to attract new capital and restore confidence.
BitGo cuts staff amid rising losses
Crypto custodian BitGo has announced a 15% reduction in its workforce. The company is refocusing on key areas: security, trading, stablecoins, settlements, and AI-based infrastructure. The layoffs come amid paradoxical dynamics: first-quarter revenue grew 112.6% year-over-year (to $3.8 billion), but the net loss increased to $60.7 million from $25.7 million a year earlier. BitGo's shares fell 4.76% on Thursday to $4.80. BitGo is not alone—Coinbase (-14% of staff), Dune (-25%), and Jack Dorsey's Block have also previously pivoted to AI.
Analytical commentary: Sharplink's return to buying ETH signals that large holders see current levels as attractive for averaging, despite deep unrealized losses. StablecoinX's listing on Nasdaq is an important step for legitimizing decentralized stablecoins, but the 70% drop in USDe's market cap indicates a serious crisis of confidence in the model. The cuts at BitGo are a systemic trend: crypto companies are forced to choose between scaling and profitability, and AI infrastructure is becoming a priority.