Grayscale files for IPO, Strategy adds $472M BTC, SharpLink buys $49M ETH

Strategy boosts BTC stash to 601,550 with $472M buy, SharpLink Gaming adds $49M in ETH as corporate treasuries surge

Strategy (formerly MicroStrategy) bought 4,225 BTC for $472.5 million between July 7 and 13, raising its holdings to 601,550 BTC worth over $73 billion — more than 2.8% of bitcoin’s supply. Funded through stock and preferred share sales, this move aligns with its $84 billion bitcoin accumulation plan.

Meanwhile, NASDAQ-listed SharpLink Gaming purchased 16,370 ETH worth nearly $49 million on Sunday, pushing its total treasury to 198,300 ETH valued at about $608 million. Chaired by Ethereum co-founder Joseph Lubin, SharpLink is now the largest corporate Ether holder, surpassing the Ethereum Foundation.

MSTR stock is up 44.8% year-to-date, while ETH traded above $3,000 after a 3.5% daily gain.

Binance unveils new bonding curve token sale model with Four.Meme launch on July 15

Binance is introducing a new token sale format inside its Wallet on July 15 in collaboration with Four.Meme, using a bonding curve for price discovery. Under this model, token prices rise as demand grows, and buyers cannot cancel orders or transfer tokens until the sale ends. Participants can exit early by selling back into the curve if there’s demand.

This move follows the explosive popularity of launchpads like Pump.fun and Bonk.fun on Solana, which have driven massive volumes and fee revenues through similar mechanisms. Pump.fun has enabled over 11 million token launches, while Bonk.fun now dominates Solana token creation and fuels BONK buybacks.

Binance’s system allows early buyers access before listings but warns of high volatility and no guaranteed liquidity. Four.Meme, valued at $368 million, will be the first project to debut with this format.

Grayscale confidentially files for IPO after ETF wins, could join new wave of crypto listings

Grayscale Investments has confidentially submitted a draft registration statement for an IPO with the SEC, though share count and valuation remain undisclosed. The move follows a busy stretch for the Digital Currency Group subsidiary, including converting its Bitcoin and Ethereum trusts into spot ETFs, pushing its total AUM above $30 billion.

A potential Grayscale IPO would test market appetite as crypto firms rush to list under President Trump’s pro-crypto stance. Recent listings include Circle, with Gemini and Bullish also filing. Other possible candidates include Kraken, BitGo, Anchorage, OKX, Ledger, and DCG itself.

Sonnet merges with Rorschach to form $888M Hyperliquid crypto treasury firm holding $583M in HYPE tokens

Sonnet BioTherapeutics has agreed to merge with Rorschach I LLC to create Hyperliquid Strategies Inc (HSI), which will hold about 12.6 million HYPE tokens valued at $583 million and $305 million in cash, for a total closing value of $888 million. Backed by major investors like Paradigm and Galaxy Digital, HSI will become a Nasdaq-listed crypto treasury company focused on HYPE token accumulation.

Sonnet will continue developing its biotech assets as a subsidiary, and shareholders will receive a CVR tied to these assets. After closing, Rorschach owners and new investors will hold about 98.8% of HSI. The deal is expected to close in the second half of 2025, pending approvals.