Ethereum Treasury Company $SBET Drops 70%

️ On today's Top Picks:

Crypto News

• US Senate to vote on the final passage of the GENIUS Act on Tuesday; if passed, it will move on to the House of Representatives for further voting; bill establishes a legal framework for stablecoins and issuers.

• US SEC delays decisions on Dogecoin $DOGE, Hedera $HBAR, & Avalanche $AVAX ETF filings; Solana $SOL ETF to potentially be approved within months.

• ⭐️ Coinbase $COIN announces the Coinbase One Card powered by American Express $AXP network; offers up to 4% Bitcoin $BTC back on every purchase; to launch in Fall 2025.

• Tether Investments acquires a 31.9% strategic stake in Elemental Altus Royalties Corp $ELE.V, a publicly listed gold-focused royalty company based in Canada.

• ⭐️ Ethereum $ETH Foundation donates $500K to the legal defense of TornadoCash developer Roman Storm; to match up to $750K in donations from the community.

• Polkadot $DOT community proposes creating Bitcoin $BTC Strategic Reserve for the Treasury; suggests using 501,000 DOT worth ~$2M to gradually purchase tBTC over one year.

• $ZORA sues Deloitte for trademark infringement over its "Zora AI" platform; also filed a restraining order which has yet to be granted; seeks damages and domain transfer.

• Gotbit Founder Aleksei Andriunin sentenced to 8 months following wash trading scheme; Gotbit must cease operations within 5 years.

Alpha

• Spark to launch $SPK Ignition Phase 2 Overdrive airdrop; users who stake their SPK Ignition Phase 1 airdrop will qualify.

• Namada $NAM launches Phase 5 enabling internal NAM transfers; to enable external transfers (via IBC) soon with a second governance proposal.

• Hyli launches testnet but has since paused it; to return soon; invite code needed to participate.

• Nansen CEO Alex Svanevik posts "4 days until Nansen Points launch" on X; to launch Nansen Points Season 1: Activation on June 17th.

• MagicBlock launches Questline; complete quests, earn XP, and climb the leaderboard; teases "something magical for Path of the Ascended."

• ICYMI Plasma reaches $1B deposit cap for $XPL sale within ~30 minutes; reached previous $500M deposit cap within minutes.

Airdrops

• Weekly Airdrop Recap (June 7th) by Earndrop.

• ⭐️ Spark launches $SPK Ignition Phase 1 airdrop eligibility & allocation checker; SparkLend users, various stablecoin holders, & more are eligible.

• WalletConnect launches $WCT airdrop for Backpack users; Challenger, Diamond, or Platinum badge holders are eligible; 500+ randomly selected users with other badges are also eligible.

• WalletConnect launches $WCT airdrop for Jupiter users; Cat of Culture & Catdet role holders are eligible; wallets that participated in the first 24 Jupiter DAO votes are also eligible.

• ICYMI Weekly Airdrop Recap (May 23) by Earndrop.

• ICYMI Defi App launches $HOME airdrop claim; Defi App users are potentially eligible.

Finance News

• US President Trump says he will not fire Federal Reserve Chair Jerome Powell.

• US PPI rises to 2.6%, lower than expectations of 2.7%.

• ⭐️ Amazon $AMZN & Walmart $WMT reportedly consider launching their own USD-pegged stablecoins; plans depend on the Genius Act’s regulatory clarity.

• Strategy $MSTR Director Carl Rickertsen sells all his MSTR shares for ~$10M; Rickertsen also immediately exercises his stock option awards, often selling MSTR on the same day he receives it.

• SharpLink Gaming $SBET buys 176,271 Ethereum $ETH for $462.95M at $2,626 per ETH; becomes second largest ETH holder after the Ethereum Foundation.

• ⭐️ Ethereum $ETH Treasury Company SharpLink Gaming $SBET plunges amid SEC filing confusion; people misinterpreted the SEC filing, believing PIPE sale participants were selling off their holdings.

• Defi Dev Corp $DFDV secures $5B equity line to buy more Solana $SOL; currently holds 609,190 SOL worth ~$90M.

• GameStop $GME upsizes private offering to $2.25B; proceeds to potentially be used to buy more Bitcoin $BTC; holds 4,710 BTC worth ~$495M.

Security and Exploits

• Bitrue exploiter launders $30M of stolen crypto through TornadoCash; Bitrue was exploited in April 2023 due to a private key compromise.

• Citizen Lab uncovers a previously undisclosed iMessage zero-click vulnerability; used to deploy Paragon's Graphite spyware against at least two journalists.

• ICYMI Microsoft releases Windows June 2025 update; patches 66 vulnerabilities including one zero-day that is under active exploitation in the wild.

Token Unlocks

• Immutable $IMX / ~$11M / JUN 13th
• Starknet $STRK / ~$15M / JUN 15th
• Arbitrum $ARB / ~$32M / JUN 16th
• ZKsync $ZK / ~$38M / JUN 17th
• ApeCoin $APE / ~$10M / JUN 17th
Sourced from Tokenomist

Funding

• Yupp raises $33M in Seed funding led by a16z Crypto.

• Stable raises an undisclosed amount in Strategic funding from Gabriel Abed.

The Degen Farmer