SOTM May 29 – June 4, 2025

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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