Figma IPO with Bitcoin Investments, Arizona Rejects Crypto Reserve, Dollar Index Drops

Crypto

Only 3 VC Projects in 2025 Surpass $1 Billion Valuation

Of 56 venture crypto projects in 2025, only three—Kaito, Story Protocol, and Walrus—have surpassed a fully diluted valuation (FDV) of $1 billion. The rest are trading below their last funding round valuations, resulting in losses for venture capital funds amid ongoing vesting schedules.

Public Companies Purchased Twice as Much Bitcoin as ETFs

Public companies bought 245,510 bitcoins in the first half of 2025—twice the amount purchased by Bitcoin ETFs over the same period and a 375% increase compared to the first half of 2024. Strategic purchases accounted for 55% (135,600 BTC) of the total volume, down from 72% the previous year.

Arizona Governor Vetoes Bill for Crypto Reserve Fund

The Governor of Arizona vetoed bill HB 2324, which proposed creating a state-managed reserve fund using seized cryptocurrency assets.

Implications of the “Big Beautiful Bill” on the Crypto Market

The “Big Beautiful Bill” could add $3.3 trillion to the deficit and raise the U.S. debt ceiling by $5 trillion. This may lead to additional bond issuances by the Treasury, potentially supported by quantitative easing (QE) from the Fed. The influx of funds into the economy could increase the money supply by 8.6% over several years, prompting inflation and dollar weakening, thus benefiting Bitcoin and gold as hedge assets.

Mantle Launches On-Chain Neobank “UR” in Asia

Mantle announced launching a new financial product, “UR,” marketed as an “on-chain neobank” in Asia by the end of July 2025. The product combines banking services, debit cards, and crypto transactions, enabling users to receive fiat salaries, instantly convert funds into cryptocurrencies, and spend through a single app.

Figma Files for IPO with Bitcoin Investments

Figma has filed for an IPO with the SEC. As of March 31, 2025, the company held $69.5 million in Bitcoin ETFs, and its board of directors approved an additional Bitcoin purchase of $30 million on May 8.

Robinhood Launches OpenAI Stock Tokens on Arbitrum

Robinhood deployed 2,309 stock tokens of OpenAI on the Arbitrum blockchain. Previously, Robinhood EU introduced the first tokenized shares of private companies, including OpenAI and SpaceX.

Ripple Provides Credit Line to Chinese Firm Webus

Chinese company Webus received a credit line of up to $100 million from Ripple Strategy Holdings to expand treasury strategies involving XRP. Additionally, DeFi Development Corp. plans to raise $100 million via convertible bonds to purchase SOL tokens and conduct share buybacks.

European Central Bank Explores Blockchain Settlements

The ECB approved a research project aimed at utilizing central bank funds for settlements via distributed ledger technology (DLT).

Critical Chrome V8 Vulnerability Exploited by Hackers

A critical Chrome V8 vulnerability (CVE-2025-6554) has been identified, allowing remote execution of malicious code via web pages. SlowMist strongly advises users to immediately update their browsers.

Dogecoin Cash Establishes Dogecoin Treasury Subsidiary

Public company Dogecoin Cash Inc. (formerly Cannabis Sativa) established a subsidiary named Dogecoin Treasury, tasked with managing DOGE reserves and developing the “Dogecoin Protocol.”

Macro

Trump Refuses to Extend Deadline for Japan Trade Talks

U.S. President Donald Trump refused to extend the July 9, 2025, deadline for trade negotiations with Japan, hinting at a potential increase in tariffs on Japanese goods to 30-35%, higher than the previously announced 24%.

Goldman Sachs Predicts Fed Rate Cuts Starting September

U.S. Treasury Secretary Jamie Bessent indicated that the Federal Reserve might start cutting interest rates as early as September 2025.

U.S. Dollar Index Sees Worst First-Half Performance Since 1973

In the first half of 2025, the U.S. Dollar Index dropped by 10.8%, marking its worst performance for any first half-year since 1973 and the poorest for any consecutive six-month period since 2009.

Hedge Funds Aggressively Buying Financial Stocks

Last week, hedge funds purchased financial sector stocks at their fastest pace since 2016, signaling improved investor sentiment toward the financial sector.

Tesla Stock Declines for Sixth Consecutive Day

Tesla’s stock continues to decline, marking its sixth consecutive day of losses, potentially reflecting diminishing investor interest in the short term.