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Weekly Recap: Bitcoin Hits ATH as Dozens of Treasuries Bloom
This week, bitcoin hit a new all-time-high (above $118K) on the back of strong ETF flows and at least $280 million in new bitcoin treasury investments. Treasury projects are also cropping up for Ethereum and Solana. Notably, Joseph Lubin's SharpLink ETH treasury bought 10,000 ETH for that project, and Bitmine announced plans to raise $2 billion for more ETH buying. Off that strong signal, large-cap 'alts' like ETH and SOL saw near year-to-date highs, carrying other hot projects like SUI higher as well. It was a week when the crypto markets seemed to be enjoying themselves as new legislation nears and investment flows from new institutional sources. The U.S. House said it would take up the Senate version of the GENIUS stablecoin bill, making final passage easier. And industry leaders met on Capitol Hill to lobby for a comprehensive 'Market Structure' bill. It wasn't all plain sailing for innovators in the space. Robinhood faced skepticism over its tokenized stock plans, and then the Florida AG launched a lawsuit claiming the fintech engaged in deceptive crypto pricing. The Trump family's own crypto dealings continued to make news. Trump Media announced a multi-asset ETF application. And, Tron founder Justin Sun bought $100 million of $TRUMP and promised to help the memecoin go big in Asia and Africa. Next week (dubbed "Crypto Week") promises to be historic for crypto news. The House considers stablecoin and market structure legislation and the Senate has a hearing planned on digital asset taxation. First a trickle, then a flood.
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Robinhood Probed by Florida AG's Office Over Allegedly ‘Deceptive' Crypto Pricing Claims
Robinhood Crypto is under investigation in Florida for allegedly falsely advertising its platform as the least expensive way to buy crypto. In a Thursday press statement, Florida Attorney General James Uthmeier said his office has evidence to suggest that crypto traders actually pay more, on average, when using Robinhood than when using competing platforms. 'Crypto is a vital component of Florida's financial future, and President [Donald] Trump's efforts to advance the crypto market will make America stronger and wealthier. When consumers buy and sell crypto assets, they deserve transparency in their transactions,' Uthmeier said. 'Robinhood has long claimed to be the best bargain, but we believe those representations were deceptive.' At the heart of Uthmeier's allegation is Robinhood's payment for order flow (PFOF) business model. PFOF allows Robinhood to offer commission-free trading by instead generating revenue from routing its customer trades through market makers in exchange for a cut of the profits. Critics of the practice — which Robinhood also uses for stock trading — have complained that PFOF presents an inherent conflict of interest, potentially incentivizing the company to route customers' trades through the market maker offering the most commission, not the one with the best price for customers. In 2020, Robinhood paid $65 million to settle a U.S. Securities and Exchange Commission (SEC) enforcement action alleging that the company misrepresented the quality of its executions of customer trades. Robinhood did not admit or deny the SEC's findings. Under former Chair Gary Gensler, the SEC considered banning PFOF but ultimately did not. PFOF is banned in the United Kingdom and will be banned in the European Union beginning next year. Robinhood CEO Vlad Tenev has long defended the practice, telling CNBC in 2023 that PFOF was 'inherently here to stay.' 'Our disclosures are best-in-class — We disclose pricing information to customers during the lifecycle of a trade that clearly outlines the spread or the fees associated with the transaction and the revenue Robinhood receives. We are proud to be a place where customers can trade crypto at the lowest cost on average,' said Robinhood Markets General Counsel Lucas Moskowitz in an emailed statement. Uthmeier's subpoena is seeking a slew of information from Robinhood, including documentation of how the platform determines pricing for transaction rebates or PFOF practices with market makers, documents containing comparative price analyses of other crypto exchanges, and documents relating to the sale or access of users' crypto trading data. Robinhood has until the end of the month to respond to the Uthmeier's subpoena. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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SOL: Nasdaq-Listed Firm Secures $200M in Financing, with Over $150M Tied to Solana Treasury Strategy
At the time of writing, solana (SOL) is trading at around $166.28, up 6.23% in the past 24-hour period, according to CoinDesk Research's technical analysis model. Upexi (UPXI), a Tampa-based consumer brands company listed on Nasdaq, announced Friday it has secured approximately $200 million in new financing through a combination of equity and convertible note offerings. A portion of the proceeds will support Upexi's existing operations, while the rest will be used to grow its cryptocurrency treasury, with a specific focus on Solana (SOL). As part of the equity component, Upexi raised $50 million from accredited and institutional investors, including its CEO Allan Marshall. Shares were sold at $4.00 each, with management purchasing at a premium of $4.94. The company said the equity deal is expected to close around July 14. Separately, Upexi entered into agreements to issue $150 million in convertible notes to institutional investors. The notes are backed by SOL as collateral and carry a 2% annual interest rate. They are convertible into Upexi stock at a fixed price of $4.25 per share and mature in 24 months. The notes are expected to close around July 16, at which point the associated SOL will be added to the company's holdings. In a June 26 press release, Upexi disclosed that it held 735,692 SOL as of June 24, an 8% increase from the 679,677 SOL reported on May 28. Upon closing of the new financing, Upexi expects to more than double its current SOL position. The offerings were conducted privately and are not registered with the SEC. Technical Analysis SOL demonstrated exceptional resilience throughout the preceding 24-hour period from 10 July 15:00 to 11 July 14:00, progressing from $156.45 to $166.65, constituting a substantial 6.52% appreciation with an aggregate trading range of $10.99 extending from $155.78 to $166.76. The price dynamics unveiled distinctive accumulation sequences with considerable volume-backed support materialising at $160.31 during the 21:00 hour advancement, where extraordinary volume of 3.23 million substantially surpassed the 24-hour mean of 1.34 million, corroborating institutional capital deployment. Pivotal resistance emerged proximate to $165.30, subjected to multiple examinations between 22:00 and 03:00, whilst the conclusive breakthrough above $166.00 transpired with amplified volume of 2.26 million, intimating persistent bullish conviction. The technical architecture suggests SOL has consolidated a superior trading corridor with robust volume validation, establishing foundations for prospective advancement towards the $170.00 psychological threshold. Throughout the concluding 60-minute interval from 11 July 13:05 to 14:04, SOL encountered considerable volatility whilst preserving its overarching bullish disposition, oscillating within a $2.90 bandwidth from $164.24 to $166.76 and settling at $165.87, representing a marginal 0.44% contraction from the hour's commencement at $165.92. The period manifested quintessential consolidation attributes encompassing two discrete phases: an initial retreat to $164.28 circa 13:33 accompanied by intensified distribution pressure of 45,017 volume, succeeded by a vigorous recovery commencing at 13:48 where volume escalated to 81,740 during the ascent towards $166.76, validating renewed accumulation interest. Fundamental support crystallised near $164.30 with multiple successful examinations, whilst resistance materialised around $166.50-$166.75, establishing a well-delineated trading corridor that suggests constructive price discovery following the antecedent 24-hour advance, positioning SOL for potential continuation of its broader upward trajectory upon completion of this consolidation phase. Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.
