Crypto Holds As Ceasefire Crumbles, Bitmine Bolsters ETH Stack, and Adam Back Seeks New Deal for BTC Treasury

Takeaways

• Bitcoin holds after US resumes fighting with Iran: The US launched renewed strikes in the region on Wednesday night aimed at degrading Iran’s ability to block the Strait of Hormuz, with Trump later saying Iran was ready for a deal before another round of strikes. Bitcoin has traded in a tight range over the past month amid the geopolitical uncertainty despite continued ETF outflows, remaining roughly flat.
  
  
• Bitmine continues to add ETH: Bitmine chairman Tom Lee attributed the recent strength in ether relative to bitcoin was due to new optimism about the CLARITY Act passing this year. "We believe regulatory clarity is an important milestone, enabling crypto, particularly smart contract platforms like Ethereum, to benefit as crypto becomes part of our everyday life," Lee said. Bitmine now holds 4.8% of the total ethereum supply, nearing its 5% target.
  
  
• Adam Back seeks new terms for treasury company’s SPAC merger: The two sides originally agreed to go public via SPAC in July 2025, with the deal including a $1.5 billion PIPE round BSTR could use to acquire bitcoin. But the two sides have indefinitely suspended a planned shareholders meeting as they renegotiate terms. Any new deal would apparently no longer require an additional funding round, with details expected to emerge via SEC filings in the coming weeks.
  
  
• Tokenized equities jump to $3.86B after SpaceX IPO: T The surge was driven primarily by the $75 billion SpaceX IPO, which represented about 31% of the tokenized equity trading during that timeframe with $1.19 billion in volume. Backpack Securities SpaceX SPCX token drove the most volume with $1.08 billion in volume in June. Nvidia, Tesla, SPY, and QQQ were among the other most traded tokenized stocks.

Sign up for a Gemini account

The secure way to buy, sell, store and convert crypto. Millions use Gemini to diversify their portfolios.

Onward and Upward,
Team Gemini

^*This material is for informational purposes only and is not (i) an offer, or solicitation of an offer, to invest in, or to buy or sell, any interests or shares, or to participate in any investment or trading strategy, (ii) intended to provide accounting, legal, or tax advice, or investment recommendations, or (iii) an official statement of Gemini. Gemini, its affiliates and its employees do not make any representation or warranty, expressed or implied, as to accuracy or completeness of the information or any other information transmitted or made available. Buying, selling, and trading cryptocurrency involves risks, including the risk of losing all of the invested amount. Recipients should consult their advisors before making any investment decision. Any use, review, retransmission, distribution, or reproduction of these materials, in whole or in part, is strictly prohibited in any form without the express written approval of Gemini.