Welcome to our 223rd issue of State of the Market, where we provide an overview of crypto market activity from May 29 – June 4, 2025.
This week in crypto markets:
- Circle priced its IPO at $31/share, valuing the company around $7B, with trading set to begin today on the NYSE.
- Robinhood acquired Bitstamp for $200M, expanding its crypto presence across the U.S., EU, and Asia.
- The SEC clarified certain staking activities are not securities offerings, potentially paving the way for staking-integrated ETFs.
- The Ethereum Foundation announced a strategic realignment around Layer-1 scaling, data availability via blobs, and user experience, and unveiled a formal treasury policy.
- Strategy expanded its Bitcoin-backed capital stack by launching STRD Preferred Stock, offering a 10% annual non-cumulative dividend.
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