Morning crypto market digest: Sharplink returns to ETH, StablecoinX prepares for Nasdaq listing, and BitGo lays off staff
The morning of June 26 brought a series of landmark events that are shaping a new landscape for the industry. While the market shows mixed dynamics, major players are making strategic decisions that will determine the development vector in the coming months. Let's break down the key points.
Market in a sideways trend: BTC and ETH consolidate
The leading cryptocurrency started the day in a sideways movement. At the time of writing this review, BTC is trading around $59,881, having set a 24-hour low of $58,269 and a high of $61,868. The second-largest cryptocurrency by market cap, Ethereum, is also showing a flat trend, hovering around the $1,550 mark. Among the top 10 by market cap, the best 24-hour performance is shown by Solana (+0.49%), and over the week — by Tron (+0.38%). The biggest daily losses are seen in Ethereum (-4.42%), and over seven days — in Dogecoin (-9.89%). In the top 100, the 24-hour growth leader is Audiera (+42.09%), and the weekly leader is DeXe (+41.13%). The worst weekly performance is demonstrated by MemeCore (-76.50%).
Sharplink resumes Ethereum purchases
Sharplink has made its first ether purchase in eight months, acquiring 5,000 ETH for $7.85 million. The tokens came from FalconX. The previous purchase was recorded in October 2025. As of June 21, Sharplink held 876,285 ETH worth approximately $1.3 billion. The average purchase price is estimated at $3,609 per ETH, implying an unrealized loss of roughly $1.79 billion. Despite this, the company remains the second-largest public holder of ETH reserves globally, after Tom Lee's Bitmine Immersion.
StablecoinX lists on Nasdaq
StablecoinX has completed its merger with the 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. The plan is implemented through decentralized verifier nodes and software. Recall that the Ethena USDe stablecoin maintains its peg to $1 not through real dollars, but via a delta-neutral strategy using bitcoin and ether as collateral along with short positions. The scheme is vulnerable during negative funding rates. Since its October peak, USDe's market cap has fallen by 70% and now stands at approximately $4.5 billion, ranking sixth among stablecoins.
BitGo cuts staff amid losses
Crypto custodian BitGo is laying off 15% of its employees. The company aims to focus on key areas: security, trading, stablecoins, settlements, and AI-based infrastructure. The layoffs come amid growing losses. In the first quarter, BitGo's 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 is not alone: previously, Coinbase (14% reduction), Dune (a quarter of its staff), and Jack Dorsey's Block have also pivoted toward AI. BitGo's shares fell 4.76% on Thursday to $4.80.
My comment: Sharplink's return to ETH purchases is a bullish signal, indicating institutional belief in ether's long-term potential despite current losses. StablecoinX's Nasdaq listing is an important step for legitimizing synthetic stablecoins, although the USDe model remains risky in conditions of high volatility. BitGo's layoffs are a symptom of a broader trend where companies sacrifice personnel to focus on AI and key products, which could lead to market consolidation.