Coindesk

A tsunami of new bitcoin BTC treasury companies — firms that almost exclusively dedicate themselves to accumulating bitcoin — is flooding the market.Since all of them are more or less following Strategy’s (MSTR) playbook, questions are rising about the best ways to value them, and compare them to each other.“The most important metric for a bitcoin treasury is the premium it trades at relative to its underlying net assets, including any operating company,” Greg Cipolaro, global head of research at bitcoin financial firm NYDIG, wrote in a June 6 report.On the surface, that means adding up the company’s bitcoin, cash and enterprise value excluding the bitcoin stuff, and subtracting obligations such as debt and preferred stock. “It’s this premium that...

Plasma, a crypto startup developing a blockchain optimized for stablecoins, attracted $500 million in deposits for its token sale on Monday — 10 times more than originally planned.The fundraising cap was filled in five minutes as investors scrambled to earn an allocation for the token distribution, according to blockchain data from Arkham Intelligence. The ceiling was lifted from $250 million, which had already been increased from a $50 million original target announced just two weeks ago.Over 1,100 wallets participated in the sale of Plasma’s XPL token, with a median allocation of roughly $35,000, the company said in an X post. The offering was conducted on Sonar, a public token sale platform built by Echo, a crypto-focused private fundraising startup led...

Two well-known ETF issuers are racing to bring funds to market that track the explosive rise of Circle’s newly public stock.Bitwise and ProShares late Friday each submitted applications with the U.S. Securities and Exchange Commission (SEC) to launch exchange-traded funds (ETFs) tied to Circle (CRCL).Both funds would give investors different ways to play the Circle’s surge, which has turned heads since the IPO late last week. Up another 9% today in volatile action, shares have nearly quadrupled from their $31 offering price.ProShares, a major name in leveraged ETFs, filed to create the ProShares Ultra CRCL ETF. The fund is designed to provide twice the daily return of CRCL stock. Leveraged ETFs are popular for short-term trades but carry elevated risk...

BNB, the native token of the Binance ecosystem, staged a swift comeback after a jolt of market turbulence rattled the broader crypto market.The coin rose more than 4% from this week’s low and is up around 0.7% in the last 24 hours, reversing from a dip to $631 to around $657 after forming a textbook V-shaped recovery pattern, according to CoinDesk Research's technical analysis data model.The rebound came as the uncertainty associated with a flare-up between U.S. president Donald Trump and Tesla CEO Elon Musk that triggered a sell-off for risk assets started fading.BNB Chain’s fundamentals have been improving. Daily active users jumped 26.4% to 1.2 million, while revenue in Q1 2025 grew 58% from the previous quarter to $70.8...

Global markets are navigating choppy waters as delegations from both the U.S. and China are meeting in London to discuss solutions in the ongoing trade war between the two economies. As a result, SUI, the native token of the Sui blockchain, demonstrated remarkable strength with a 4.7% price increase on explosive trading volume, establishing key support at $3.24 after a V-shaped recovery pattern that suggests renewed bullish momentum. This performance comes as investors seek alternative assets amid growing concerns about traditional market stability.Meanwhile, the CoinDesk 20 Index, which serves as a gauge for the broader crypto market, rose 0.75% over the past 24 hours. Technical Analysis HighlightsSUI-USD climbed from $3.20 to $3.30, representing a 4.7% gain over the past 24 hours.Price...