Crypto Morning June 26: Sharplink returns for ETH, BitGo reduces staff, and StablecoinX prepares for Nasdaq listing
The morning of June 26 greets the market with mixed signals. Bitcoin (BTC) is consolidating in a narrow range, trading around $59,881, after testing a low of $58,269 and a high of $61,868 over the past 24 hours. Ethereum (ETH) is also showing sideways movement at $1,550, but is entrenched in a daily decline zone of 4.42%, making it the biggest laggard among the top 10 assets in the last 24 hours.
Sharplink Resumes Accumulating Ethereum
One of the most notable events is the resumption of ETH purchases by public company Sharplink. For the first time in eight months, the company acquired 5,000 ETH worth $7.85 million via FalconX. The previous purchase was dated October 2025. As of June 21, Sharplink's portfolio held 876,285 ETH (~$1.3 billion), with an average entry price of $3,609 per coin. This means the company's unrealized loss on this position amounts to approximately $1.79 billion. Nevertheless, Sharplink remains the world's second-largest public company by ETH reserves, trailing only Tom Lee's Bitmine Immersion.
StablecoinX Lists on Nasdaq
A landmark event for the infrastructure segment: StablecoinX has completed its merger with SPAC vehicle 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. Recall that the Ethena USDe stablecoin maintains its peg to $1 not through fiat backing, but via a delta-neutral strategy using BTC and ETH as collateral and short positions. However, since its October peak, USDe's market cap has collapsed by 70% and now stands at around $4.5 billion — sixth place among stablecoins. The scheme is vulnerable during negative funding rates, as we have observed previously.
BitGo Cuts 15% of Staff Amid Losses
Crypto custodian BitGo has announced a 15% workforce reduction as part of a refocus on key areas: security, trading, stablecoins, settlements, and AI-based infrastructure. The company's first-quarter revenue grew 112.6% year-over-year to $3.8 billion, but its net loss widened to $60.7 million from $25.7 million a year earlier. BitGo shares fell 4.76% on Thursday to $4.80. BitGo is not alone in this trend — Coinbase (14% cut), Dune (a quarter of staff), and Jack Dorsey's Block have previously pivoted toward AI.
My comment: Sharplink's return to buying ETH at current levels is a bullish signal for institutional interest, especially given the massive unrealized loss. However, the market is currently ignoring this fact, focusing instead on macroeconomic uncertainty and altcoin weakness. StablecoinX's Nasdaq listing is an important step for legitimizing synthetic stablecoins, but the 70% decline in USDe's market cap suggests the market is not yet ready to fully trust delta-neutral models.