Bitcoin treasuries, Robinhood micro futures

The latest weekly recap includes a flurry of major developments, from Vitalik Buterin’s critique of Worldcoin’s digital identity ambitions to the final curtain in the Ripple-SEC legal drama. Robinhood made waves by introducing micro crypto futures, while state governments and treasury firms continued doubling down on Bitcoin.

With regulatory shifts, tech upgrades, and institutional plays unfolding simultaneously, the crypto landscape is evolving faster than ever. Here’s your roundup of the biggest stories you need to know.

Buterin raises concerns about World’s digital identity approach

• Ethereum (ETH) co-founder Vitalik Buterin published a Saturday post expressing reservations about digital identity projects like World, which claims to have over 13 million “unique humans” as verified users.
• Buterin specifically discussed risks and rewards of digital ID projects utilizing zero-knowledge proofs. He argued that platforms like Sam Altman-backed World could eliminate the pseudonymity that many internet users, particularly in cryptocurrency, value.

Ripple and SEC conclude long-running legal battle

• Ripple CEO Brad Garlinghouse revealed that the business will withdraw its cross-appeal, while the SEC is expected to withdraw its appeal as previously indicated.
• Garlinghouse stated on X that Ripple is “closing this chapter once and for all, and focusing on what’s most important – building the Internet of Value.”

Robinhood launches micro cryptocurrency futures

• The digital brokerage added micro XRP (XRP) and Solana (SOL) futures to its platform Friday.
• The company also introduced a micro version of its existing Bitcoin (BTC) futures offering, providing smaller position sizes for retail investors.

Bakkt files for $1 billion securities offering

• Digital asset platform Bakkt Holdings notified the SEC of plans to sell up to $1 billion in securities to provide capital for potential Bitcoin treasury expansion.
• Thursday’s S-3 filing creates a flexible pool of securities including common stock, preferred stock, debt securities, warrants, and bundled stock units that can be utilized when market conditions become favorable.

Metaplanet makes third-largest Bitcoin purchase

• The Japan-based Bitcoin treasury firm acquired an additional 1,234 Bitcoin worth nearly $132 million.
• The company paid 15,617,281 yen per token, approximately $108,129 at current exchange rates.

Kraken expands with payments app and EU license

• The San Francisco-based exchange launched Krak on Thursday, a peer-to-peer payments app competing with CashApp and Venmo.
• Separately, Kraken received authorization to operate in Ireland under the EU’s Markets in Crypto Assets (MiCA) regulation.

SoFi announces return to cryptocurrency trading

• The San Francisco-based financial services company revealed Wednesday it will resume offering cryptocurrency trading and custody services later this year.
• Users will be able to trade and hold popular cryptocurrencies including Bitcoin and Ethereum through SoFi’s platform.

RippleX releases major network upgrade

• The XRP Ledger development team has launched version 2.5.0 of “rippled,” the network’s reference implementation.
• The new amendments are currently available for voting via the XRP Ledger’s amendment procedure, which requires two weeks of support from more than 80% of trustworthy validators for protocol changes.

SharpLink Gaming continues Ethereum accumulation

• The Minnesota-based affiliate marketing firm conducted its second ETH purchase between June 16-20, acquiring 12,207 ETH for approximately $30.7 million.

Ledger secures first professional sports sponsorship

• Ledger has entered a multi-year agreement with the San Antonio Spurs, marking its first professional sports uniform sponsorship deal.
• Ledger’s logo patch will appear on the team’s jersey starting this week during the NBA Draft.

Pompliano’s Procap acquires initial Bitcoin holdings

• Anthony Pompliano’s newly revealed Bitcoin treasury company Procap has purchased its first 3,724 BTC at a time-weighted average price of $103,785 per coin.
• The acquisition was valued at approximately $385 million. The company aims to eventually accumulate $1 billion worth of Bitcoin.

Strategy adds modest Bitcoin purchase

• The largest publicly listed Bitcoin holding company acquired an additional 245 BTC for $26 million.
• This purchase brings Strategy’s total holdings to 592,345 BTC.

Texas establishes state Bitcoin reserve

• Governor Greg Abbott signed Senate Bill 21 into law Friday, officially creating Texas’s Strategic Bitcoin Reserve and making it the third U.S. state to establish such a program.
• The reserve is designed to serve as a “hedge against inflation and economic volatility,” with the state comptroller authorized to buy, sell, hold, or manage investments within the reserve.