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 price of bitcoin dipped below $62,000 on Wednesday after President Donald Trump announced the ceasefire with Iran had ended, but it subsequently rebounded to around $63,000 on Thursday amid a broader tech rally. 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 Immersion Technologies announced it purchased 42,197 ether valued at approximately $74 million, bringing the company’s total holdings to about 5.74 million 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: Bitcoin Standard Treasury Company (BSTR), the bitcoin treasury company founded by Adam Back, has scrapped a planned SPAC merger with Cantor Equity Partners. 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: Tokenized stock trading volume jumped to $3.86 billion in June, with onchain volume jumping 145% from the previous month, according to CoinDesk data. 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.