24H Hot Coins & Headlines｜BTC once dropped below 59,000 USDT; STRC depegging continues to intensify (June 26)

1. Popular Tokens on CEX

CEX Top 10 by Trading Volume and 24h Change:

• BTC: - 1.89%
• ETH: - 3.16%
• XPL: +9.74%
• SOL: + 0.18%
• XRP: - 3.56%
• ZEC: + 0.69%
• BNB: - 0.73%
• SYN: +8.39%
• TRX: - 0.98%
• DOGE: - 2.4%

24h Gainers (Data source: OKX):

• G: + 38.43%
• IP: + 26.97%
• HUMA: + 18.12%
• APE: + 15.99%
• ETHFI: + 12.5%
• RESOLV: + 11.28%
• RPL: + 10.59%
• PARTI: + 10.51%
• XPL: +10.22%
• TNSR: + 9.76%

24h Top Gainers – Crypto Equities (Data source: msx.com):

• SNXX: 40.16%
• MUU: 25.07%
• SNDK: 21.09%
• BB: 20.19%
• MSTZ: 18.24%
• RAM: 17.7%
• AMAT: 13.35%
• MU: 13.32%
• BNC: 13.01%
• GLW: 11.35%

2. Trending On-Chain Meme Coins (Data source: GMGN):

• Solana: KOG, AIAIAI
• BSC: PVE

Headlines

BTC Briefly Dipped Below 59,000 USDT Last Night

Odaily reported that OKX market data shows BTC briefly fell below 59,000 USDT last night.

Strategy Preferred Stock STRC Hits Record Low, MSTR Breaks Below $90

Odaily reported that according to MSX.COM data, MicroStrategy's preferred stock $STRC hit a new all-time low of $75, while its common stock $MSTR fell below the $90 mark. This dual decline has further heightened market concerns about its balance sheet structure and exposure to Bitcoin-related risks, with investor sentiment remaining under pressure.

Iran's Revolutionary Guard Warns: Ships Using Strait of Hormuz Routes Without Tehran's Approval Will Be Targeted

Odaily reported that Iran's Islamic Revolutionary Guard Corps issued a stern warning to international shipping on Wednesday, stating that any new routes through the Strait of Hormuz established without coordination with Tehran are unacceptable and dangerous, threatening direct action against vessels that ignore its directives.

The IRGC stated that safe passage through the Strait of Hormuz is only possible via Iran-designated routes. The IRGC Navy added that all ships seeking passage must coordinate with the Iranian military via international maritime distress frequency Channel 16, a requirement that effectively places Iranian military permission at the core of all commercial shipping through this strategic chokepoint. (Jin Shi)

Industry News

OpenAI May Delay IPO Until Next Year

Odaily reported, citing three people involved in internal discussions at OpenAI, that the company is leaning towards postponing its IPO until next year. According to insiders, OpenAI had originally planned an IPO as early as the third or fourth quarter of this year. CEO Sam Altman urged financial advisors to find ways to boost the company's valuation to $1 trillion. However, a series of recent developments have forced OpenAI executives to abandon these initial aggressive plans. Most notably is the post-IPO performance of Elon Musk's SpaceX this month. SpaceX's stock has been declining, closing at $153 on Thursday, down from a high of $202 last week. Global markets have also been volatile in recent weeks, with tech stocks dragging indices lower as investors question whether AI companies can deliver on their lofty promises. According to two sources, OpenAI's advisors warned the company over the past week that retail investors may not generate much enthusiasm for its stock. (Jin Shi)

Investment Banks Raise Micron Price Targets

Odaily reported that Susquehanna raised its price target for Micron Technology (MU.O) from $1750 to $2000.

JPMorgan raised its price target for Micron Technology (MU.O) from $550 to $1540.

Investment bank D.A. DAVIDSON raised its price target for Micron Technology (MU.O) from $1500 to $2000. (Jin Shi)

SK Hynix Countdown to US Listing, $30 Billion Raise Could Trigger Valuation Reassessment

Odaily reported, citing US media, that SK Hynix is expected to issue American Depositary Receipts on the Nasdaq on July 10. The listing aims to raise nearly $30 billion, potentially one of the largest ADR offerings in history. The market widely believes this move will significantly expand its global investor base and could trigger a valuation re-rating.

Several asset management firms predict a 30% upside in the stock price over the next year if its valuation converges with Micron's. One fund manager noted that SK Hynix should trade at least at a valuation comparable to Micron, as demand for memory chips is likely to outpace supply for several years. This listing occurs during a rare boom period for the memory chip industry. Shares of Micron, SK Hynix, and Samsung Electronics have all risen over 200% this year, marking their best annual performances in decades. The AI server's insatiable demand for HBM is widely seen as the driver of a structural "memory supercycle." (Jin Shi)

JPMorgan Raises Kospi Index Target to 15,000 Points

Odaily reported that JPMorgan raised its target for South Korea's Kospi index and advised buying on dips, maintaining its highest exposure to the South Korean stock market. JPMorgan strategists wrote in a report: "This stems from our constructive view on artificial intelligence and the earnings of related hardware companies. There is further room for an increase in retail buying."

JPMorgan's bull case scenario suggests a 77% upside for the Kospi index from Wednesday's closing level of 8,471.02 points. JPMorgan also raised its base case and bear case targets to 12,500 points and 8,000 points, respectively. (Jin Shi)

Ark Invest Increases Holdings in Coinbase, Circle, Bullish, and Robinhood

Odaily reported that The Block posted on X that Cathie Wood's Ark Invest purchased more shares of Coinbase, Circle, Bullish, and Robinhood during Thursday's market decline.

Sharplink Signs Securities Purchase Agreement to Raise $75 Million to Expand ETH Reserves and Repurchase Shares

Odaily reported that Nasdaq-listed Ethereum treasury company Sharplink announced it has signed a securities purchase agreement to sell 10,013,400 shares of common stock and warrants to purchase an equal number of shares, raising approximately $75 million. Proceeds will be used for working capital, continuing to accumulate ETH assets, and repurchasing company shares under its stock buyback program.

Sharplink also disclosed that as of June 16, the company held a total of 875,776 ETH. (B2i)

SBI Group Acquires Bitbank for $289 Million

Odaily reported that SBI Group announced the acquisition of Japanese cryptocurrency exchange Bitbank for 46.7 billion JPY (approximately $289 million). Through this acquisition, SBI's crypto custody balance is expected to exceed 1 trillion JPY (approx. $6.2 billion), making it the largest crypto business in Japan by scale.

A subsidiary of SBI Holdings will acquire Bitbank shares from individual shareholders, including founders, starting in August, and Bitbank will then acquire shares held by existing shareholders Mixi and Ceres by the end of October. Combined with SBI VC Trade's account data as of April, the total accounts post-merger will be approximately 2.92 million, with total custodial assets of around 1.1 trillion JPY.

WSJ: Iran-Linked Wallets Transferred Over $3.84 Billion via CoinEx

Odaily reported that wallets clearly linked to Iran have transferred over $3.84 billion in transaction funds via crypto exchange CoinEx since 2019. Wallets hosted by CoinEx received hacked crypto assets obtained by the Central Bank of Iran and directly transacted with accounts previously attributed by US officials to Iran's Islamic Revolutionary Guard Corps.

Blockchain data shows that by 2024, CoinEx had replaced Binance as the largest foreign counterparty for Iran's largest domestic crypto exchange, Nobitex. Fund flows between Nobitex and CoinEx last year exceeded $763 million. Additionally, between 2022 and 2025, wallets hosted by CoinEx also processed transactions for Alireza Derakhshan, an Iranian allegedly involved in a sanctioned oil sales network. (WSJ)

CoinEx Responds to WSJ Report: Never Cooperated with Iran, Highly Values Compliance, AML, and Sanctions Risks

Odaily reported that CoinEx stated in a post that, regarding transactions involving Alireza Derakhshan and Zedcex/Zanjani mentioned in a recent Wall Street Journal report, based on currently available information, all related transactions occurred before the US Treasury imposed sanctions on these entities. CoinEx does not provide services to any sanctioned entity or individual and has never facilitated any form of transactions knowingly for sanctioned parties. CoinEx has never established any business cooperation with entities related to the Iranian government or Iranian domestic exchanges, nor has it provided funding channels or any form of active assistance to Iranian government agencies, Revolutionary Guard-related entities, or other sanctioned parties.

Project News

Circle and Nomura Plan to Launch Stablecoin Settlement Services in Japan by 2027

Odaily reported that Circle and Japanese financial institution Nomura plan to launch a stablecoin settlement service for businesses in Japan, targeting a launch by 2027. The service will support companies in using stablecoins for instant foreign exchange and cross-border payments.

Kalshi in Talks for Funding at $40 Billion Valuation

Odaily reported that prediction market platform Kalshi is in talks to raise a new funding round at a valuation of approximately $40 billion. The deal could close as early as the third quarter. Kalshi just completed a $1 billion funding round last month, with investors including Sequoia Capital, Andreessen Horowitz, Coatue, and Morgan Stanley, at a $22 billion valuation.

Kalshi CEO Tarek Mansour stated that the company is considering an IPO but will not go public in 2026; the timeline could be no earlier than late 2027 or 2028. Kalshi claims that as of April 2026, its annualized trading volume reached $178 billion, a 32-fold increase year-over-year.

Kalshi is currently embroiled in a legal dispute with US state and federal regulators over the regulatory authority of prediction markets. The disputes include whether sports event contracts constitute derivatives regulated by the CFTC or illegal gambling. CME has sued the CFTC over its approval of Kalshi's "perpetual" futures. Kentucky sued Kalshi and Polymarket this month, and the CFTC subsequently sued Kentucky to block its enforcement action. (Decrypt)

Sonic: Studying Ways to Stop Supply Increase, Did Not Mint 47.625 Million Tokens This Year as Per Tokenomics

Odaily reported that Sonic posted on X, stating that its tokenomics stipulate minting 47.625 million tokens annually to fund growth, with the first distribution originally scheduled for minting on June 18, 2025. Sonic stated that it did not perform this minting this year and is actively working to stop increasing the token supply. The only unresolved issue currently is validator rewards, as the network needs to fund its own security; the team is studying ways to achieve this. Sonic stated that this decision directly responds to requests from the community and stakeholders and will share more details as work progresses.

Sophon Shuts Down Its Own Layer 2 and Migrates to Base, Shifts Focus to Consumer Apps

Odaily reported that Sophon, which has raised a total of $70 million, announced it will shut down its own Layer 2 blockchain and migrate to Base, shifting its focus to consumer application development. Sophon stated that spending millions of dollars annually to maintain its own chain is no longer justifiable.

Sophon co-founder Sebastien stated the project judged that true value lies not in "who runs the underlying rail" but in the products built on top. Therefore, Sophon will no longer maintain infrastructure but will concentrate resources on the application layer.

According to reports, Sophon previously spent approximately $3.4 million annually maintaining its blockchain, covering chain infrastructure, RaaS, data, analytics, and development tools. By shutting down its own chain, it expects to reduce annual consumption by about $3 million, thereby extending the funding runway and deploying more capital into application development.

Taiko Provides Security Incident Update: Launches Fix Testing, Will Ensure Full Collateralization of Bridged Assets Before Restart

Odaily reported that Ethereum Layer 2 project Taiko provided the latest update on its security incident, stating that the event will not result in any user fund losses. Bridged assets are currently under-collateralized, but all supplementary collateralization will be completed before the bridge reopens, ensuring each user's balance is fully backed 1:1, exactly as before the incident. Since the security event, careful measures have been taken, including controlling the scope of impact, determining the root cause, and collaborating with the board to formulate a plan to protect user assets.

Fundraising

Cloud Computing Startup Runpod Raises $100 Million

Odaily reported that cloud computing startup Runpod announced a $100 million funding round and stated it has rejected multiple acquisition offers. Specific investor details were not disclosed. The company focuses on providing GPU computing power rental services for developers, supporting open-source models and AI application deployment. This sector generally relies on NVIDIA GPU servers for computing resources. As AI applications expand, the market demand for low-cost, highly flexible computing infrastructure continues to rise, driving up valuations and fundraising activity for cloud service providers like Runpod. (The Information)