The market is in a sideways trend, Sharplink is buying up ETH, and StablecoinX is preparing for a listing on Nasdaq: key events on June 26
The morning of June 26 finds the crypto market predominantly moving sideways. Bitcoin (BTC) is fluctuating near the $59,881 mark, showing minimal activity after attempts to consolidate above $62,000. Over the past day, the asset updated its local low to $58,269, indicating sustained bearish pressure in the short term.
Ether (ETH) is also trading without pronounced dynamics at the $1,550 level. In the top 10 by market capitalization, the best performer over 24 hours is Solana (+0.49%), and over the week — Tron (+0.38%). The biggest losses among the leaders over the day are seen in Ethereum (-4.42%), and over seven days — in Dogecoin (-9.89%).
Sharplink returns to buying Ethereum
Company Sharplink has purchased ether for the first time in eight months — 5,000 ETH worth $7.85 million. The tokens were received via FalconX. The previous purchase dates back to October 2025. As of June 21, Sharplink held 876,285 ETH (~$1.3 billion). The average purchase price is $3,609 per coin, implying an unrealized loss of approximately $1.79 billion at current quotes. Nevertheless, the company remains the second-largest holder of public ETH reserves globally, after Tom Lee's Bitmine Immersion.
StablecoinX lists on Nasdaq
Company StablecoinX has completed its merger with 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 along with short positions. However, the scheme is vulnerable during negative funding rates. Since its October peak, USDe's market capitalization has dropped by 70% and currently stands at about $4.5 billion — ranking sixth among stablecoins.
BitGo reduces workforce amid AI strategy
Crypto custodian BitGo is laying off 15% of its employees, refocusing on key areas: security, trading, stablecoins, settlements, and artificial intelligence-based infrastructure. In the first quarter, the company's revenue grew 112.6% year-over-year to $3.8 billion, but net loss widened to $60.7 million compared to $25.7 million a year earlier. BitGo shares fell 4.76% on Thursday to $4.80.
Cryptalist analytical commentary: The current market situation resembles consolidation before a significant move. Sharplink's purchase of ETH is a bullish signal, given their status as the largest holder. However, the $1.79 billion loss weighs on the company's balance sheet. StablecoinX's listing on Nasdaq sets a precedent for the entire decentralized stablecoin sector, but USDe's 70% market cap decline over six months raises questions about the model's viability. BitGo's layoffs are a symptom of the broader industry restructuring: AI is becoming a priority but is not yet generating profits.