BlackRock Holds A Penis NFT

Not even kidding about the NFT BLK is holding, COIN's weird status with the US, Sony getting into the crypto exchange game, and more


BlackRock Holds A Penis NFT 

I was just minding my own business this morning, getting ready to write about BTC inflows into BlackRock’s IBIT, when a glance at their on-chain activity showed a recent add to their BUIDL fund that had me laughing my ass off. 😆 

In today’s Litepaper, we’re looking at that curious add to BlackRock’s bag and the irony that Coinbase is currently facing from two sides of the US government.

Also on deck: Sony is entering the crypto exchange arena, a big airdrop for a 200+ million player crypto game, and a new crypto RPG. 📰

Before we dive in, here’s today’s crypto market heatmap:

And here’s a look at crypto’s total and altcoin market cap YTD:

So, Um, BlackRock’s BUIDL Wallet Has A Dick NFT Now 🍆 

Like I said at the beginning of the Litepaper, I was minding my own business to write about the $BTC inflows into BlackRock’s $IBIT, Fidelity’s $FBTC, and Ark’s $ARKB over the past 24-hours. ⌚️ 

Which looks like this btw:

Click to enlarge.

I couldn’t help but notice that Arkham Intelligence’s $BLK wallet tracker showed an interesting inflow from the NFT marketplace, Open Sea to their BUIDL Fund:

Arkham Intelligence - Click to enlarge.

That’s a real thing BlackRock has in their wallet now. I posted about this on X and the on-chain analytics firm IntoTheBlock had this to say:

I have reached out to BlackRock’s official X account to inquire about their, um, NFT collection. If they respond, I’ll update this story. 🏬 

Coinbase's Irony: Sued by the SEC, Hired by the US Marshals 🙄 

It’s sad that this makes total sense even though it shouldn’t. On one hand, the Securities and Exchange Commission (SEC) is dragging $COIN through legal mud, accusing it of operating as an unregistered securities offering.

On the other, the United States Marshals Service (USMS) has awarded Coinbase a multi-million dollar contract to custody and trade crypto seized by the Department of Justice (DoJ). 🤦 

Coinbase's Legal Battle with the SEC

The SEC has been targeting Coinbase, alleging that the exchange's activities amount to unregistered securities transactions. Coinbase, however, has filed a notice with the court, pointing to a recent decision in favor of Binance. Judge Jackson dismissed the SEC’s claim that secondary market transactions in Binance's $BNB token were investment contracts.

Coinbase's legal team argues that this ruling exposes the inconsistencies in how courts apply the Howey test to crypto assets, calling for an appellate review to bring much-needed clarity to the regulatory landscape. "Liability shouldn't depend on which court you get sued in or which judge is assigned to your case," stated Paul Grewal, Coinbase’s chief legal officer, in a message on X. 📱 

Contract with the US Marshals

And here’s where the irony comes in. While Coinbase is fighting the SEC, it has been chosen by the USMS to manage and trade seized cryptocurrencies. Coinbase Prime will receive $32.5 million for its services, a decision made after the USMS conducted thorough due diligence and concluded that Coinbase was the best fit due to its robust track record and institutional-grade crypto services.

It’s pure irony: one arm of the government trusts Coinbase with millions to manage its seized crypto, while another arm sues it for alleged securities violations.

The circus continues. 🎪 

Sony Group's Crypto Arm Rebrands to S.BLOX💪 

Amber Japan Co., Ltd. has rebranded itself to S.BLOX Co., Ltd. as of July 1, 2024. This change marks a new chapter for the company, which has been under the umbrella of the Sony Group since 2023. That’s right, Sony is getting into the crypto exchange game. 🎯 

What's in a Name? Everything.

The rebranding from Amber Japan to S.BLOX isn’t just a cosmetic change. It's a signal of the company's intent to integrate more deeply with Sony Group’s vast ecosystem.

According to the press release, WhaleFin's upcoming renewal will include a more user-friendly interface and a new app designed to streamline the user experience. 🌬️ 

Looking Ahead

Sony Group's backing not only provides financial stability but also access to a wealth of technological and strategic resources. The renewed WhaleFin platform hopes to cater to a broader audience, making crypto trading more accessible and engaging. 🚀

Unlock The Latest Trends In Investing & Alternative Data 🔓

Stocktoberfest is back with an intimate event for executives, influencers, and the most active investors in financial markets. 🤝

Network with industry thought leaders like Howard Lindzon, Michael Batnick, Brian Shannon, Michael Parekh, and many more during the 2-day palooza.

Space is going quickly so grab your seat now, and we'll see you in beautiful Coronado, CA! 😎

Airdrop Incoming For Hamster Kombat 🐹

Nearly a quarter of a billion people are hitting hamsters in Hamster Kombat, and the addictive Telegram-based crypto game has an upcoming airdrop.  

The upcoming token airdrop, launching sometime in July on The Open Network ($TON), will be based on players' profit per hour and activity, not just coin balance. To join, link your TON wallet to Hamster Kombat and complete specific tasks. Bitget has a nice walkthrough here. 🐹

New Crypto RPG Cloudborn ⛅️ 

Antler Interactive has unveiled its latest title, Cloudborn, a PC-based fantasy RPG enhanced by AI integration. 🤖 

The game, which has been in development for two years, was showcased at GDC earlier this year and promises deep tactical turn-based battles, character customization, and digital ownership.

Game Features and Economy

Cloudborn features hero warriors called Meridians and their companions, Golems, with each playable character being an AI-powered NFT. Additional NFTs include in-game items such as gear.

The game introduces a sustainable economy with the in-game currency Peri, earned through gameplay and used for trading, acquiring resources, and forging new Golems. 🗿 

Crypto News In Three Sentences 📰

📈 Standard Chartered Predicts Bitcoin Rally to $100,000 

Standard Chartered predicts Bitcoin will hit a fresh all-time high next month and potentially reach $100,000 by the November US election. Geoffrey Kendrick, the bank's head of forex and digital assets research, believes Biden's continued candidacy could boost Bitcoin prices, while his exit might drop it to $50,000. More from TheStreet.

🪙 Bitcoin: The Inflation Hedge King, Says Arthur Hayes

Arthur Hayes, the $BTC billionaire and BitMEX co-founder, just called Bitcoin the ultimate safe-haven asset in our current inflation mess, leaving gold in the dust. He claims the world’s shift from a US-dominated order to a multipolar one is fueling inflation, making Bitcoin a hotter bet. Hayes warns about timing your buys, so you don’t end up feeling like a “beta cuck” if you bought at the peak. Full story at Decrypt.

📉 Pendle’s TVL Takes a Massive Dive 

Pendle’s ($PENDLE) total value locked (TVL) nosedived over 40% this week, crashing from $6.2 billion to $3.7 billion. The broader crypto market slump and the maturation of several liquid staking markets within Pendle’s ecosystem are to blame. Despite this, Pendle's rolling out new assets and pools to lure users back. From CoinJournal.

💶 Circle Drops USDC and EURC in Europe Under New Rules 

Circle launched its stablecoins, $USDC and $EURC, in Europe under the new MiCA regulations, becoming the first company to pull this off. Approved by French regulators, this move aims to make digital money more legit and trustworthy. Circle's Jeremy Allaire thinks this will bring digital money into everyday use and business. Coin Gabbar has more.

🌱 Cardano Goes Eco-Friendly to Meet Europe’s MiCA Rules 

The Cardano ($ADA) Foundation, teaming up with the Crypto Carbon Ratings Institute, unveiled new sustainability metrics to meet Europe’s MiCA regulations. Cardano’s energy-efficient protocol uses way less power than Bitcoin’s Proof-of-Work, showing off its green credentials. More from CryptoSlate.

📈 Robinhood Eyes Crypto Futures Market 

Robinhood ($HOOD) is looking to offer crypto futures in the US and Europe, riding on its upcoming Bitstamp acquisition. The global crypto derivatives market, with a whopping $3.69 trillion monthly volume in May, is dwarfing spot trading. No final decisions yet, but Robinhood’s gearing up to tap into the growing demand for crypto futures. CryptoBriefing has more.

Links That Don’t Suck 🔗

Get In Touch 📬

Follow our social channels for great, real-time content on Stocktwits and Twitter. And check out our YouTube channel for in-depth video content! 📲

Email me (Jonathan Morgan) your feedback; I’d love to hear from you. 📧

Want to sponsor this newsletter and reach hundreds of thousands of crypto enthusiasts? Reach us here. 👍

Disclaimer: Stocktwits, Inc. (“Stocktwits”) operates the website and Stocktwits mobile device applications (the “Apps”). Stocktwits is not a securities broker-dealer, investment adviser, or any other type of financial professional. No content on the Stocktwits platform should be considered an offer, solicitation of an offer, or advice to buy or sell securities or any other type of investment or financial product. Read the full terms & conditions here. 🔍