Bitcoin Gains Ahead of Holiday, Circle Files for Banking License, and Strategy Continues BTC Buying Spree

Takeaways

• Bitcoin dipped to around $106k and Ether dropped to just over $2,400 before rallying again ahead of the Fourth of July weekend: Markets were buoyed Thursday by an encouraging jobs report before the US House of Representatives passed President Donald Trump's Big Beautiful Bill.
• Circle has filed for a national banking license to enable its subsidiary, First National Digital Currency Bank, to custody USDC reserves: This move follows its highly successful IPO and positions Circle for deeper integration into traditional finance under upcoming regulations.
• Europe’s first bitcoin yield ETP, YBTC, debuted on the Vienna Stock Exchange on Tuesday: The product aims to deliver a 6% annual return by deploying bitcoin into DeFi protocols.
• The XRPL EVM Sidechain went live on mainnet, enabling developers to deploy Ethereum smart contracts alongside XRP Ledger’s fast, low‑cost transactions: Built by Ripple, Peersyst, and Axelar, the sidechain unlocks new DeFi, tokenization, and payment use cases while preserving XRPL’s efficiency.
• Strategy purchased 4,980 bitcoin worth $531.9 million, funding the buy via sales of MSTR common stock and preferred shares: Michael Saylor reiterated his long‑term bullish view, predicting a bitcoin price of $21 million within 21 years.

Sign up for a Gemini account

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

Bitcoin Retakes $110K Ahead of Holiday

The positive price action came after US Bureau of Labor Statistics reported that employers added 147,000 new jobs in June while unemployment dipped to 4.1%. While the data buoyed Federal Reserve chair Jerome Powell's case to keep interest rates unchanged until the fall, it also showcased the resilience of a US economy that faces some uncertain macro-economic conditions in the second half of 2025.

Meanwhile, Republicans in the US House of Representatives passed President Trump's Big Beautiful Bill on Thursday by a 218-214 before the July 4 recess despite an attempt from Hakeem Jeffries (D-NY) to filibuster the legislation. Lummis originally had tried to include the language in the Big Beautiful Bill.

Circle Seeks US Banking Charter to Custody Its USDC Reserves

If approved, Circle’s OCC‑regulated arm, First National Digital Currency Bank, N.A., could directly hold its USDC collateral and safeguard crypto assets for institutional customers.

The bank license marks the company’s latest step toward bridging digital assets and legacy finance after its June 5 IPO on the New York Stock Exchange under the ticker CRCL. Circle’s shares jumped significantly on debut, and the offering was reportedly oversubscribed by 25  times the anticipated demand.

USDC has become something of a stablecoin leader under the pending GENIUS Act, which may grant Circle a compliance advantage over its competitors including Tether. USDC currently has a market capitalization of $61.6 billion compared to USDT’s $159.8 billion, while Circle’s own valuation sits above $40 billion.

Europe’s First Bitcoin Yield ETP Launches on Vienna Exchange

The exchange traded product is structured to maintain a 1:1 backing of bitcoin while deploying those holdings into lending, staking, and liquidity‑provision protocols. The product aims to produce an annual return of 6%.

Issued by Fineqia’s Liechtenstein subsidiary and advised by blockchain yield specialist Psalion Yield, YBTC avoids derivatives or structured notes, instead opting to retain custodial bitcoin and compound returns on‑chain. The ETP also enables in‑kind bitcoin subscriptions and redemptions, allowing holders to avoid taxable events.

By integrating DeFi yield streams into a regulated investment vehicle, YBTC offers traditional investors access to compounding crypto returns – something which has seen growing demand in recent years. Fineqia said that bitcoin exchange-traded products reached over $150 billion in AUM due to this rapid growth.

XRPL Launches Ethereum‑Compatible EVM Sidechain on Mainnet

This parallel blockchain layer fully supports Ethereum Virtual Machine, allowing developers to deploy and port existing Ethereum dApps directly onto a network known for its fast, low‑fee transactions.

The project was built in collaboration with Peersyst Technology and Axelar, and wrapped XRP serves as the native gas token, enabling more seamless movement of value between the two layers and elsewhere. Institutions and developers can also configure their privacy and settlement settings to meet regulatory and operational needs.

Ripple CTO David Schwartz highlighted that the sidechain “extends the capabilities of the ecosystem without changing the fundamentals”, and early adopters are already gearing up to use the protocol. In particular, XRPL has attracted DeFi projects, which may be seeking to avoid the hefty fees involved in operating on Ethereum natively.

Strategy Acquires 4,980 BTC, Total Holdings Reach 597,325 Coins

The acquisition was financed through sales of its Class  A common shares and proceeds from its Strike and Strife preferred‑stock programs. Following this purchase, Strategy’s bitcoin treasury now stands at 597,325 BTC, now valued at over $64 billion and representing more than 2.8% of the total bitcoin supply.

Executive Chairman Michael Saylor has teased further acquisitions by quoting his recent prediction that “in 21 years, you’ll wish you’d bought more,” a reference to his forecast of $21 million per BTC over that timeframe. Strategy’s capital‑raising plan aims to raise $84 billion through equity and convertible notes by 2027 to fund continued bitcoin purchases. Corporate bitcoin treasuries continue to proliferate, now standing at 134 public companies, and many have sought to emulate Strategy’s approach.

-Team Gemini