According to World Liberty Financial’s website, DT Marks DEFI LLC and certain Trump family members previously held 22.5 billion WLFI tokens. The company unlocked the tokens as part of its plan to create the initial circulating supply. This allowed the Trump family’s holdings to reach a value of around $5 billion based on the release-day WLFI price. 

Trump’s Crypto Ventures and Memecoin Support 

Trump and his sons backed the crypto project launched in September 2024 during the presidential campaign. The initiative includes the official Trump memecoin and a family-owned Bitcoin mining company. However, critics argued the projects could influence U.S. government policies through financial ties to the president. On the other hand, The New Yorker reported that Trump earned roughly $2.4 billion from crypto ventures since 2022. 

The family also earned revenue from its mining venture and memecoin. Additionally, Trump gained $243 million from crypto agreements between the U.S. and the United Arab Emirates. Moreover, the Trump Media & Technology Group earned $1.3 billion from its Bitcoin holdings. 

American Bitcoin IPO and Gryphon Digital Merger 

The Trump family’s crypto mining company, American Bitcoin, will go public following its merger with Gryphon Digital on Tuesday. The deal involves a reverse five-for-one stock split. The combined company will trade under the ABTC symbol. This IPO offers new opportunities for investors. Meanwhile, the merger has drawn attention in both U.S. and international crypto markets. 

As a result, the Donald T. family secured significant growth in crypto investments. Their holdings now demonstrate strong influence in both token markets and the mining sector. Crypto investors and enthusiasts are closely following these developments. 

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This isn’t just another crypto venture; it’s a strategic push to institutionalize access to one of the industry’s most powerful tokens — and potentially shift how digital assets are adopted at scale.

A Public Gateway Into BNB

YZi Labs, the investment arm linked to CZ, has announced support for a new BNB treasury company, developed in partnership with 10X Capital. The firm plans to go public on a major US stock exchange and will be led by David Namdar — co-founder of Galaxy Digital and a senior partner at 10X Capital.

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The new company, named only as “BNB Treasury Company” for now, aims to give investors compliant and scalable access to BNB. Ella Zhang of YZi Labs highlighted that expanding institutional access to BNB Chain can “deliver meaningful benefits to the broader public.”

Institutional Interest in BNB on the Rise

10X Capital’s CEO Hans Thomas called BNB Chain “one of the largest, highest-performing ecosystems globally,” yet pointed out that US investors have limited exposure to its growth. The planned IPO aims to bridge that gap.

Despite past regulatory challenges, BNB has maintained momentum, rising 1.3% in the past 24 hours to above $670. Meanwhile, Forbes reported that CZ and Binance together control nearly 96% of the BNB supply — with CZ alone holding over $63 billion worth.

The firm expects to finalize its funding round in the coming weeks, with many more teams reportedly exploring similar BNB treasury strategies.

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Circle Stock Breaks Record 

Circle Internet Group went public on June 5 at $31 per share. The stock rose 168% on its first trading day, attracting significant investor interest. By the morning of Monday, June 23, CRCL reached $298. This pushed the market cap beyond $77 billion, exceeding the $61 billion USDC supply and Coinbase’s approximately $78 billion market cap. The stock surged from its IPO price of $31 to $298 in just 12 trading days, achieving over an 8-fold increase. This performance marks it as one of the fastest-growing technology IPOs in recent years. 

The approval of the GENIUS Act in the Senate caused a rapid rise in both Circle and Coinbase stocks. The act brings federal regulation for fully backed stablecoins. President Donald Trump wants this regulation on his desk by the end of summer. 

USDC Revenue and Partnership Details 

Circle shares a large portion of USDC revenue with Coinbase. In 2024, over 60% of USDC reserve interest income was paid to Coinbase as distribution fees. Under the current agreement, 50% of the remaining income also goes to Coinbase. 

Coinbase generates revenue not only from USDC but also from staking, institutional services, and spot trading. Therefore, some analysts find Circle’s higher valuation compared to Coinbase to be questionable. Still, Circle’s IPO highlights growing mainstream investor interest in the crypto market. 

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This could mark a defining moment in how big money enters decentralized finance.

Over 50 Protocols, Zero Custody Risk

Blockdaemon’s new platform enables yield farming and proof-of-stake (PoS) staking across more than 50 blockchain networks—without requiring asset custody.

Compliant with ISO 27001 cybersecurity and SOC 2 data standards, Earn Stack promises full slashing protection and seamless DeFi access via institutional-grade APIs.

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CEO Konstantin Richter emphasized, “Crypto-native institutions and protocol developers demand enterprise-level infrastructure. Earn Stack is that foundation.”

Plug-And-Play DeFi Access for Institutions

With a no-code widget, Earn Stack allows institutions to embed multichain staking and DeFi functionality in their platforms. For advanced setups, the suite includes:

• DeFi API aggregating liquidity and price data
• Staking API standardizing access across blockchains
• Reporting API to monitor staking rewards

The move comes at a time when staking demand—especially for Ethereum (ETH)—is surging, with over 35 million ETH staked.

ETF analysts now expect the first staking-based ETFs for Ethereum and Solana (SOL) to debut in the U.S. within weeks, heightening the relevance of Blockdaemon’s institutional solution.

The company has also hinted at a possible IPO in 2026, underlining its growing ambition in the institutional crypto infrastructure space.

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CRCL Shares Surge On First Trading Day

Listed under the CRCL ticker on the New York Stock Exchange, Circle’s stock opened at $31 and soared to close at $82 — marking a 167% gain by end of day. At one point during trading, it was up 235%, a clear signal of strong appetite for stablecoin-related investments.

To meet the overwhelming interest, Circle increased its IPO offering to a total of $1.05 billion, with 34 million shares hitting the market.

BlackRock, ARK Drive Institutional Demand

Much of the demand was driven by the involvement of institutional giants. On May 28, BlackRock revealed interest in taking a 10% stake in the IPO. At the same time, Cathie Wood’s ARK Investment was reportedly looking to buy $150 million worth of shares.

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Circle is best known as the issuer of USDC, the dollar-backed stablecoin. Though the IPO was in preparation for months, the company had previously postponed plans due to macroeconomic concerns such as trade wars.

Backlash From Arca Sparks Controversy

Despite the fanfare, not everyone was satisfied. In a now-deleted post on X, Arca CIO Jeff Dorman criticized Circle for only allocating $135,000 worth of shares to Arca — despite the firm being an early supporter.

“I cannot believe our years of support led to this throwaway allocation,” Dorman wrote. “We left Wall Street to support crypto-native projects, and now you’ve come full Circle.”

His comments highlighted deeper tensions between crypto-native firms and traditional finance mindsets returning to dominate the space.

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IPO Brings Transparency and Trust

Speaking at Consensus Hong Kong 2025 on February 19, Belsche emphasized, “To address Wall Street, you need to be a public company.”

He pointed out that traditional finance firms’ attempts to work with private crypto companies had not always been successful, citing FTX as an example: “That didn’t work out so well.” The bankrupt exchange recently announced a new creditor repayment round for May.

Belsche added that Wall Street now recognizes the importance of regulatory oversight from the Securities and Exchange Commission (SEC) and other institutions, which are key in building trust in digital assets.

As a co-founder of BitGo in 2013, Belsche hinted at a potential IPO for his firm but refrained from providing a specific timeline.

Should Crypto Firms Go Public?

Sharing the stage with Belsche, Bullish CEO Tom Farley supported the idea that public listings would benefit the crypto industry:

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“Being listed on a well-respected public market demonstrates a commitment to financial transparency and instills confidence in investors.”

While neither executive confirmed concrete IPO plans, both agreed that public offerings could enhance transparency and credibility within the crypto sector.

Crypto Regulations Under Trump Administration

Belsche and Farley also discussed potential regulatory shifts under Donald Trump‘s presidency and a Republican-controlled Congress.

Belsche highlighted that pro-crypto appointments at the SEC and the Commodity Futures Trading Commission (CFTC) could positively impact the industry. “Policy changes take time, but major reforms are on the horizon,” he said.

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