Morning Crypto Market Digest: Sharplink Returns to ETH, StablecoinX Debuts on Nasdaq, and BitGo Reduces Workforce
The digital asset market greets the morning of June 26 with mixed sentiment. While some institutional players are making strategic moves, others are forced to optimize expenses. Let's break down the key events that have shaped the agenda in recent hours.
Sharplink: A New Era of Ethereum Accumulation
Gaming company Sharplink has made its first Ethereum purchase in eight months. According to blockchain analytics data, 5,000 ETH were acquired for approximately $7.85 million via FalconX. The last similar transaction was dated October 2025. No official confirmation from the company has been received yet, but the on-chain trail speaks for itself.
As of June 21, Sharplink's reserves stood at an impressive 876,285 ETH (~$1.3 billion). The average entry price is estimated at $3,609 per coin, implying an unrealized loss of around $1.79 billion at current quotes. Nevertheless, the company retains the second position globally in terms of public ETH reserves, trailing only Tom Lee's Bitmine Immersion.
StablecoinX: Debut on Nasdaq
Another significant step in institutional integration: StablecoinX, a company building infrastructure for the Ethena ecosystem, has completed a merger with SPAC entity TLGY Acquisition Corp. Starting Friday, its shares will begin trading on Nasdaq under the ticker "USDE."
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 collateral and short positions. The scheme is vulnerable during negative funding rates. Since its October peak, USDe's market capitalization has collapsed by 70% to the current ~$4.5 billion — ranking sixth among all stablecoins.
BitGo: Layoffs Amid Losses
Crypto custodian BitGo has announced a 15% reduction in its workforce. The company plans to refocus on key areas: security, trading, stablecoins, settlements, and AI-based infrastructure.
BitGo's financial performance is mixed: first-quarter revenue surged 112.6% year-over-year to $3.8 billion, but net loss widened to $60.7 million from $25.7 million a year earlier. The company's shares fell 4.76% on Thursday, dropping to $4.80. BitGo joins a trend set by Coinbase, Dune, and Block — all of which have already redirected resources toward AI.
My take: Sharplink's return to ETH accumulation is a bullish signal for the second-largest cryptocurrency by market cap, especially amid current drawdowns. However, BitGo's shift into the AI sphere is concerning: it may signal declining margins in the traditional crypto custody business.