The NFT market has reached its lowest point in a year and a half, suggesting a long winter in digital collectibles ahead. Their sales volume fell to $823 million in the second quarter of 2025, down from $4 billion over the same period in 2024, according to a new report by DappRadar.
That’s a 19% drop from the first quarter of this year and the fifth consecutive quarterly decline. This ongoing bust paints a bleak picture for digital collectible investors and creators.
So far, 2025 is the worst year in NFT history, with no real recovery prospects. Nearly every part of the industry is reeling from the steep drop, from well-established collections such as Bored Ape Yacht Club to newer and smaller projects vying to prove their worth and utility.
There are several reasons behind the decline, experts say. Interest has waned among the retail traders who, in recent months, flocked to digital collectibles in search of a quick buck. High gas fees on Ethereum, dwindling media buzz, and increasing skepticism about the long-term value of NFTs haven’t helped, either. In other words, fewer people buy, sell, or talk about digital collectibles.
Hype fades as NFT platforms lose users
NFTs came crashing into the mainstream in 2021 and 2022. They made millionaires overnight from artists and spawned a new generation of digital collectors. Landmark sales, most notably the Beeple auction at Christie’s, which took in $69 million, made headlines around the globe. In this golden age, trading volume in digital collectibles soared past $50 billion a year, and some crude cartoon images changed hands for more than $500,000 apiece.
But the gold rush didn’t go on forever. But just as rapidly as NFTs ascended, they began to tumble. Prices began to tumble in mid-2022, erasing billions in value. Collections that once commanded high-profile attention now sell for a fraction of their peak prices. Numerous investors are now left clutching essentially worthless assets.
The decline in traffic and trading activity has impacted even major NFT marketplaces like OpenSea, once the dominant platform for collectors. Others, including LooksRare and Blur, are dangling heavy incentives to keep users to little avail.
Not even bands and celebrities that were once most aggressively promoting digital collectibles — from basketball players to internet stars — are making much noise. Many projects launched during the hype period are either dead or claimed to be scams. With buyer sentiment down, the mood around digital collectibles has turned to cautious optimism and even skepticism.
Trump launches NFTs but fails to revive market
And one of the last high-profile figures still pushing digital collectibles is the US president, Donald Trump. Since taking the political stage again, he has released four NFT collections, all dedicated to bold and sometimes humorous interpretations of himself, images of himself in superhero outfits, clutching gold bars, or even appearing to hug the cryptocurrency Bitcoin symbolically.
Each of his prior releases has sold out within hours. Trump also held a special NFT holders’ dinner in 2023 that attracted a lot of media coverage. The NFT drops have become part of his fundraising strategy, a mishmash of politics, pop culture, and crypto.
But even Trump’s celebrity draw hasn’t reversed the broader tide. The Bitwise Blue-Chip NFT Collections Index, which measures the performance of top NFT art and collectible projects, has dropped 52% since January 2024, when Trump’s re-election campaign started to heat up. This tells us that though stock drops from new infections may cause an initial blip of interest, they don’t seem to move markets back sustainably.
Meanwhile, other segments of the crypto space are proving more resilient. Meanwhile, Bitcoin and Ethereum rebounded in price in 2024 thanks to institutional investment and optimism around exchange-traded funds (ETFs). But NFTs have not benefited from that bounce.
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Dogwifhat’s price prediction for 2025 suggests a maximum price of $1.78.
WIF could reach a maximum price of $3.54 by the end of 2028.
By 2031, WIF’s price may surge to $5.75.
Remember Dogecoin and Shiba Inu? The popular dog-themed memecoins!
Dogwifhat (WIF) is another dog-inspired memecoin built on the Solana blockchain. Despite being relatively new on the market (launched in November 2023), the “dog wif a hat” project saw remarkable success post-launch.
Following the exchange listing of the token on Binance and the popular “Sphere Wif Hat” campaign that led to the crowdfunding of over 690,000 USDC, the value of WIF surged, temporarily usurping PEPE coin in late March 2024 to rank as the 3rd largest memecoin behind Dogecoin (DOGE) and Shiba Inu (SHIB).
Having no utility, the success of Dogwifhat (WIF) has birthed other spinoffs, Catwifhat, Simbawifhat, Wenwifhat, and Bonkwifhat, with more hat-wearing dog memecoins hitting the market afterwards. Dogwifhat has thus far recorded significant feats in terms of valuation and exchange listing.
The token approached the $5 mark on March 31, 2024 ($4.58B market cap), saw massive price movements after the November U.S. elections, and got listed on Binance US, Coinbase, KuCoin, Robinhood, and more.
However, a massive bear market ensued, and WIF lost momentum. Leaving investors asking: How high can dogwifhat crypto go?
Let’s explore the current market sentiments and the possibilities of WIF reaching new all-time highs (ATHs).
Overview
Cryptocurrency
Dogwifhat
Ticker
WIF
Current price
$0.9258
Market cap
$924.96M
Trading volume
$576.4M
Circulating supply
998.84M WIF
All-time high
$4.85 on (March 31, 2024)
All-time low
$0.000023 (November 2023)
24-hour high
$0.9543
24-hour low
$0.8798
Dogwifhat price prediction: Technical analysis
Metric
Value
Volatility (30-day Variation)
9.25%
50-day SMA
$0.9173
14-Day RSI
54.97
Sentiment
Bullish
Fear & Greed Index
–
Green days
14/30 (47%)
200-Day SMA
$1.168
Dogwifhat (WIF) price analysis
TL;DR Breakdown
WIF is testing resistance at $0.955.
Positive short-term momentum suggests potential for upward movement.
Lack of strong long-term buying pressure might cause a pullback.
As of July 3, WIF hovers near the previous resistance zone at $0.905. There is a noticeable price action pattern of higher lows forming from late June to early July, signaling some upward momentum. Trading volume has also significantly increased in the last 24 hours (up 24%). However, the CMF (Chaikin Money Flow) indicator is slightly negative, indicating a lack of significant buying pressure while the price moves upward. This could signal a potential struggle to break through the $0.955 resistance, especially if the volume doesn’t pick up.
In the meantime, the $0.955 resistance might hold, which would likely result in a price pullback toward the $0.905 and $0.869 support. However, if the price breaks above this level, the next resistance target lies around $1.047.
Dogwifhat price analysis 4-hour chart: WIF sees short-term gains
On the 4-hour chart, WIF has recently been trending upwards and is now testing the $0.933 resistance level. The 20-period simple moving average (SMA) is trending below the current price, further confirming the upward momentum.
The MACD shows a bullish crossover, and the Balance of Power indicator is also positive, further supporting the idea of a sustained buying trend in the short term. Given this, WIF might push higher towards the next resistance zone.
Dogwifhat technical indicators: Levels and action
Daily simple moving average (SMA)
Period
Value
Action
SMA 3
$0.6704
BUY
SMA 5
$0.7539
BUY
SMA 10
$0.7979
BUY
SMA 21
$0.7971
BUY
SMA 50
$0.9173
BUY
SMA 100
$0.7545
BUY
SMA 200
$1.1680
SELL
Daily exponential moving average (EMA)
Period
Value
Action
EMA 3
$0.8377
BUY
EMA 5
$0.8284
BUY
EMA 10
$0.7483
BUY
EMA 21
$0.6424
BUY
EMA 50
$0.6448
BUY
EMA 100
$0.9162
BUY
EMA 200
$1.3415
SELL
What to expect from WIF price analysis?
Traders can expect a potential breakout or rejection at the $0.955 and $0.933 key resistance zones. The coin could also break out to $1.047 if momentum continues to build. If support fails, WIF could see a short-term pullback towards $0.869.
Is Dogwifhat crypto a good investment?
Dogwifhat (WIF) is a highly speculative meme coin fueled by online culture and community enthusiasm rather than fundamental utility or innovation. While it may present short-term opportunities for high-risk traders during bullish market sentiment, its long-term investment value remains questionable.
With no clear roadmap, technical use case, or underlying utility, WIF’s price is largely driven by social media trends and investor speculation. For cautious or long-term investors, it poses significant risk and should only be considered in minimal portfolio allocations. Ultimately, dogwifhat is better suited for speculative play than strategic, utility-based crypto investing grounded in strong fundamentals.
Where to buy WIF?
Currently, traders and investors can buy Dogwifhat (WIF) on these CEXs: Binance, Binance.US, Raydium, Coinbase Exchange, Gate.io, KuCoin, Kraken, Crypto.com Exchange, MEXC, HTX, Bybit, Bitget, LBank, and several others.
Will WIF reach $10?
Having reached a peak price of $4.85 in 2024, the $10 target might not be too far-fetched.
Can Dogwifhat reach $100?
Dogwifhat (WIF) reaching $100 is highly ambitious and could be unlikely. Its market must be at least $99.9 billion – a value that exceeds the highest market cap ever for a meme (Dogecoin) at $88.79 billion.
WIF has the potential for a good long-term future if it continues to gain popularity and adoption. Analysts project a market price of about $1.5-$2 by the end of 2025 and about $3.4 to $4.2 by 2031. However, as with all meme coins, WIF’s future is uncertain and highly dependent on market trends and community support.
Recent news/opinion on WIF
DeFi Dev Corp. and Dogwifhat have launched a validator partnership to strengthen the Solana blockchain’s infrastructure.
1/ The hat stays on! 🧢
Today, we’re announcing our newest validator partnership with the one and only @dogwifcoin.
A dedicated $WIF validator – operated by DFDV, owned by the dogwifhat community. 💪
If the bulls back WIF, the token could reach as high as $1.27 in July. Traders can expect an average trading price of $0.90 and a minimum price of $0.75.
Dogwifhat price prediction
Potential Low ($)
Average Price ($)
Potential High ($)
WIF price prediction July 2025
0.75
0.90
1.27
Dogwifhat price prediction 2025
Impactful updates and community support in the second half of 2025 could see WIF surge to a maximum value of $1.78. On average, the WIF token could trade for around $0.82. Its minimum price is expected to be about $0.3053.
Dogwifhat price prediction
Potential Low ($)
Average Price ($)
Potential High ($)
Dogwifhat price prediction 2025
0.3053
0.82
1.78
Dogwifhat price prediction 2026-2031
Year
Minimum Price ($)
Average Price ($)
Maximum Price ($)
2026
1.62
1.84
2.07
2027
2.36
2.58
2.8
2028
3.1
3.32
3.54
2029
3.84
4.06
4.28
2030
4.57
4.79
5.02
2031
5.31
5.53
5.75
Dogwifhat price forecast 2026
According to the WIF price forecast for 2026, Dogwifhat is anticipated to trade at a minimum price of $1.62, a maximum price of $2.07, and an average price of $1.84.
Dogwifhat price prediction 2027
The WIF price prediction for 2027 indicates a continued rise, with minimum and maximum prices of $2.36 and $2.80, respectively, and an average price of $2.58.
Dogwifhat price prediction 2028
Dogwifhat price is expected to reach a minimum of $3.10 in 2028. The maximum expected WIF price is $3.54, with an average price of $3.32.
Dogwifhat price prediction 2029
The WIF price prediction for 2029 estimates a minimum price of $3.84, a maximum price of $4.28, and an average price of $4.06.
Dogwifhat price prediction 2030
The Dogwifhat price prediction for 2030 suggests a minimum price of $4.57 and an average price of $4.79. The maximum forecasted Dogwifhat price is set at $5.02.
Dogwifhat (WIF) price prediction 2031
The WIF price prediction for 2031 anticipates a surge in price, resulting in a maximum price of $5.75. Based on expert analysis, investors can expect an average price of $5.53 and a minimum price of about $5.31.
Cryptopolitan’s WIF price prediction proposes a bullish outlook for Dogwifhat’s future price should the market recover soon. According to our analysis, if the bulls get back in for the token in 2025, WIF could recover to about $2. By 2028, we expect continuous growth of the overall crypto market and a utility-based approach for WIF, which could see the token trade at an average price of $5 to $6.
Dogwifhat (WIF) launched in November 2023 and traded within the range of $0.1 – $0.3 for the remainder of 2023.
WIF began 2024 at $0.15, surged past $0.5 in January, and hit its ATH of $4.85 by March’s end after strong bullish momentum.
The token fell to $1.95 in April, consolidating between $2 and $4 until May, but dropped to $1.48 in June amidst bearish pressure.
WIF saw mixed performance in the second half, peaking at $4.67 in November before closing the year at $1.86 under renewed bearish pressure.
WIF opened the market at $1.862 in January 2025 and closed the month at $1.1138. Further price drops ensued in February and March, with WIF trading between $0.4186 and $0.4438.
The coin saw gains in April, reaching as high as $0.7177, and in May, it recaptured the $1 mark, reaching a peak price of $1.38. The uptrend faltered in June, only attaining a high of $1.07 and a low of $0.63.
Publicly traded company on the Tokyo Stock Exchange, Metaplanet, issued ¥30 billion (roughly $208 million) in zero-interest bonds on June 30, 2025, to purchase 1,005 new Bitcoins.
This increased its total holdings to 13,350 BTC (over $1.4 billion at current prices). The company also wants to raise over $5.4 billion to acquire up to 210,000 BTC by 2027 through its “555 Million Plan.” Metaplanet will control roughly 1% of all Bitcoin that ever existed and become the world’s second-largest corporate holder of Bitcoin if it succeeds.
CEO Simon Gerovich said the company’s year-to-date yield from its Bitcoin strategy is already 349%, and investors have responded enthusiastically.
Metaplanet’s supporters said using 0% bonds gives the company access to “free” capital without issuing new shares or taking on costly interest payments, but critics say the company’s approach is too dependent on Bitcoin’s price going up. They warn the community that Metaplanet could face enormous paper losses, declining investor confidence, and potential challenges repaying its bond obligations if the cryptocurrency experiences a sharp downturn (as it has many times before).
Metaplanet issues bonds to buy more Bitcoin
Metaplanet made headlines when it raised about ¥30 billion through zero-interest ordinary bonds (about $208 million). The company can now access a large pool of capital without any immediate cost, dilution of shareholder equity, or long-term interest obligations because they don’t have to pay any interest over the life of the bonds.
Private institutional investor, EVO Fund, subscribed to the entire bond offering at 0% interest, which showed growing institutional interest in Bitcoin-based strategies in Japan, where investors seek alternative stores of value due to ultra-low interest rates and a weakening yen. It could also be a gamble that Metaplanet’s Bitcoin holdings will appreciate over time, increasing the company’s valuation and ability to repay the bond principal when it matures.
Metaplanet first allocated a portion of the $208 million to repurchase and cancel one of its previous bond series, worth ¥1.75 billion (about $12 million) with an interest rate of 0.36% per year, before buying new Bitcoin. It then used the remainder of the proceeds to buy 1,005 new BTC at an average price of $107,601 per coin, for a total cost of about $108 million. The company now holds 13,350 BTC and is ahead of well-known corporate holders like Tesla and Galaxy Digital.
Metaplanet plans to hold 210,000 BTC
Metaplanet’s holdings have quadrupled to 13,350 BTC from just 3,350 BTC three months ago, and the company plans to more than double its current position within the next six months to about 30,000 BTC by the end of 2025.
It aims to increase that number to 100,000 BTC by the end of 2026 and accumulate 210,000 BTC by 2027 (1% of all the Bitcoin that will ever exist). Metaplanet plans to raise $5.4 billion through bond issuance, private placements, and other capital market instruments under the “555 Million Plan” to fund this large-scale accumulation effort.
Zero-interest bonds look smart but carry risk
Zero-interest loans may carry no interest, but they are still debt obligations that must be repaid fully at maturity.
Metaplanet has no recurring revenue stream from these holdings to help it repay its bond debt because Bitcoin is a non-productive asset and doesn’t yield income, pay dividends, or offer intrinsic returns unless sold. The company is essentially wagering that the value of Bitcoin will rise enough by the time the bonds mature to cover both the principal repayment and deliver substantial gains.
Metaplanet can sell just a fraction of its holdings at a higher price, repay its zero-interest debt in full, and retain most of its position, possibly doubling or tripling the net asset value on its books if Bitcoin rises steadily over the next two years.
However, the company will be holding debt that still needs to be paid, while its core asset depreciates on its balance sheet if the price of Bitcoin stalls or falls significantly. This scenario would undermine Metaplanet’s balance sheet and investor narrative because it would have to liquidate part of its holdings at a loss.
The collapse of Archegos Capital, Terra-Luna’s death spiral, or even WeWork’s implosion under unsustainable growth promises are cautionary tales of a broader danger many companies have faced when borrowing heavily to invest in assets that do not generate income.
Each case shows how aggressive financial engineering and optimistic growth projections masked deeper fragilities that only became visible when external conditions shifted. They also expose how quickly investor confidence can turn into panic when expectations aren’t met, especially when debt is involved.
Metaplanet’s capital strategy assumes that Bitcoin is a sound store of value and a high-growth asset that will appreciate enough to cover long-term debt commitments. The combination of a falling asset and a fixed debt repayment schedule that could cause a liquidity crunch or a sharp decline in investor trust poses a great danger to the company’s confidence in Bitcoin.
Metaplanet could face serious challenges refinancing future obligations if capital markets tighten or institutional backers become less willing to underwrite zero-interest debt for crypto-heavy firms.
Similarly, the company is in an increasingly fragile position where even small missteps could trigger scrutiny as it grows its Bitcoin holdings and debt obligations. The regulatory tone could shift quickly if Japan’s financial regulators begin to question the prudence of allowing a listed firm to fund large, speculative bets with zero-cost leverage.
Investors push up the stock after Bitcoin buy
Confidence in Metaplanet’s Bitcoin strategy remains high, at least in the short term, as investors pushed the company’s stock price up by 10% almost immediately after it disclosed it had raised millions through zero-interest bonds and used a large portion of it to buy another 1,005 Bitcoin.
Metaplantet is announcing ambitious goals, raising capital to buy more Bitcoin, and outlining a roadmap that could see it hold up to 210,000 BTC by 2027 in an environment where many companies remain cautious about digital assets. The company’s boldness attracted media attention and investor interest, especially among those who see Bitcoin as undervalued or believe it could one day replace fiat currencies as the world’s dominant store of value.
However, Metaplanet’s gains are only real if Bitcoin’s price remains high. The company’s balance sheet could quickly take a hit, and the same investors who are currently cheering the strategy could just as easily retreat, pulling down the stock price in the process if the price of Bitcoin were to drop by 20% or 30% suddenly.
Metaplanet’s stock has clearly done well, but the question is whether the current valuation reflects long-term value or short-term speculation. The market seems to be giving Metaplanet the benefit of the doubt.
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As market sentiment remains mixed and major tokens like Cardano (ADA) struggle to regain upward momentum, attention is shifting toward high-potential newcomers in the DeFi market. Mutuum Finance (MUTM), a new crypto project currently in presale, is quickly gaining traction as one of the best cryptocurrencies to invest in for 2025.
The token is currently on a fifth stage of the presale with a launch price of $0.06 which gives current buyers a minimum Return on Investment of 100%. Mutuum Finance has rocketed to more than $11.3 million of funding at a price of $0.03 on the back of a CertiK audit and a projected stablecoin project.
While Cardano holds its place among the top crypto assets, its stagnant growth and delayed roadmap execution are opening the door for disruptive platforms offering more utility and innovation. With growing community interest, favorable crypto predictions, and a clear use case, Mutuum Finance is being positioned as a potential successor to underperforming legacy tokens. Its rise comes at a time when traders are actively seeking the best crypto to buy now, especially as market volatility sharpens focus on fundamentals and future-proof tokenomics.
Mutuum Presale Accelerates as Demand Skyrockets
The project is currently at Phase 5 of presale, selling tokens at $0.03. The phase also brings with it the potential 16.67% return on investment for investors since the price will increase to $0.035 in the next phase. In addition, early predictions show that MUTM could shoot high and hit $10 by the end of 2025. Over 12,600 investors have already joined the presale so far, injecting over $11.3 million, proof of growing trust in Mutuum Finance’s vision and future prospects.
With its game-changing dual-lending platform and upcoming USD-pegged stablecoin, Mutuum Finance stands out in the crypto market, not through hype, but through actual utility and security at scale.
The future is rosy, and the new features have enormous potential where Mutuum Finance will be part of the best altcoin investment options.
Mutuum Stablecoin Backed by CertiK Grant and $50K Bounty
Mutuum Finance (MUTM) is set to launch a USD-backed stablecoin on the Ethereum network. In addition, the project is audited by CertiK, a blockchain security firm that is rated as one of the highest in cybersecurity. Such an audit gives testimony to the platform willingness to be reliable and institutional-grade transparent.
As another additional layer of optimized security Mutuum Finance has initiated its formal Bug Bounty Program in partnership with CertiK with $50,000 in USDT rewards. The rewards are on 4 levels: critical, major, minor, and low. The program emphasizes the commitment of Mutuum to security and long-term sustainability.
Smart Tokenomics Make Mutuum Finance Stand Out
Mutuum finance is primed to be long-lasting. Its Buy-and-Distribute functionality will buy tokens of this market periodically and redistribute them back to stakers. This compensates against long-term holding, tames market volatility, and renders the value of the token, in a way in which long-term dedicated investors possess an earth-shattering long-term advantage.
$100K in Leaderboard & Giveaway Prizes Up for Grabs
Mutuum Finance is celebrating its fast-paced growth and thanking early bird fans by creating a $100,000 giveaway. Ten winners will receive $10,000 worth of MUTM tokens.
The project has also introduced a live leaderboard of the top 50 MUTM token holders. They will be awarded special bonus rewards adding a gamified touch to the presale and making it more fun to join.
Mutuum Finance (MUTM) is gaining fast. Over 12,600 investors and $11.3M raised. Phase 5 presale at $0.03 is 50% sold. CertiK-audited, stablecoin coming, $100K in rewards. Buy now before the price jumps.
For more information about Mutuum Finance (MUTM) visit the links below:
Anchorage Digital, a federally chartered crypto bank, is under fire after announcing it will delist several stablecoins, including the widely used USDC.
This week, the firm released a “Stablecoin Safety Matrix” that evaluates digital dollar tokens based on regulatory oversight and reserve quality. USDC, Agora USD (AUSD), and Usual USD (USD0) failed to meet the firm’s internal criteria and will be phased out.
Anchorage urged its institutional clients to switch to Global Dollar (USDG), a rival stablecoin issued by Paxos and supported by a consortium in which Anchorage itself is a founding member.
“Following our Stablecoin Safety Matrix, USDC, AUSD, and USD0 no longer satisfy Anchorage Digital’s internal criteria for long-term resilience,” Rachel Anderika, head of global operations at Anchorage, said in a statement justifying the decision.
She continued to say that they specifically identified elevated concentration risks associated with the issuer structures — something they believe institutions should carefully evaluate.
Stablecoin race heats up as lawmakers act and Circle defends USDC
Anchorage’s move comes amid a flurry of activity in the stablecoin world. Financial giants and crypto firms are vying for dominance in the $250 billion market, which Citi and Standard Chartered analysts predict could grow to the trillions.
Nordic lawmakers are trying to give stablecoin issuers regulatory accommodation as well. Recent developments came from the GENIUS Act, which the US Senate passed. White House crypto policy lead David Sacks has said the bill may become law by next month.
Despite Anchorage’s move, other stablecoin evaluators remain favorable toward USDC. S&P Global recently gave USDC a “strong” stability rating. The crypto-native ratings firm Bluechip gave it a B+ in economic safety.
Circle, which issues USDC, pushed back on Anchorage’s claims, defending its “long-standing compliance record” and full backing by fiat reserves. “We were the first stablecoin issuer to comply fully with the EU’s crypto regulations,” a spokesperson said.
Industry pushes back on Anchorage
Anchorage’s move has drawn sharp criticism from key players in the crypto space. Nick Van Eck, founder of Agora and the issuer of AUSD, accused the firm of spreading misinformation and failing to disclose its financial interest in USDG.
Nick Van Eck said he would have understood if Anchorage had delisted USDC and AUSD to prioritize stablecoins from which it profits. However, he criticized the firm for smearing competitors under the guise of safety, calling the move unserious.
Viktor Bunin of Coinbase, which co-launched USDC, also criticized Anchorage’s report and described it as a poorly executed hit piece.
Jan Van Eck, CEO of asset manager Van Eck and father to Nick, mocked the company’s safety matrix and suggested it was laughable, predicting that the firm might soon take it down.
Circle reiterated that regulated institutions back USDC and maintain robust liquidity and transparency. Other custodians also supported USDC and AUSD.
BitGo’s chief revenue officer, Chen Fang, said the company was not ceasing support for USDC.
Agora and Circle are longtime partners in AUSD, and Joshua Lim, co-head of markets at FalconX, said the firm can accommodate the needs of clients trading AUSD and USDC.
While Anchorage moves forward with its stablecoin revamp, it may face increased scrutiny of its motives and transparency. The stablecoin wars are not over — and trust, it seems, is the true currency at play.
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The publicly traded crypto custody and loyalty rewards firm Bakkt plans to raise $1 billion in an equity and debt offering to support a “Bitcoin strategy”.
This is according to filings submitted to the US Securities and Exchange Commission on Thursday, June 26.
The shelf offering could consist of sales of Bakkt’s Class A common stock, preferred stock, warrants, and debt securities. The shift would be the latest strategic change for Bakkt. However, according to the SEC filing, the firm has not yet made any crypto purchases.
Bakkt files for SEC shelf registration amid the growing interest in crypto
Bakkt submitted a filing to the SEC through a “shelf” registration process. With this shelf registration, the firm can occasionally sell any mix of the securities mentioned in the prospectus in one or more offerings.
The filing stated that Bakkt may sell securities occasionally through one or more offerings, with amounts, prices, and terms decided at the time of each offering.
This prospectus outlined the basic terms of these securities and how the firm will offer them. According to the filing, the total price for the securities Bakkt sells will not go over $1 billion.
The SEC also required the company to include the price they would pay for those securities and the amount of money they expected to make from the sale.
This came after Bakkt said it had “updated” the investment policy to specifically allocate capital into Bitcoin and other digital assets as part of its treasury and corporate strategy on June 10.
Founded in 2018, Bakkt is now an emerging crypto treasury firm that allows investors to make a leveraged bet on digital assets such as Bitcoin, ETH, and SOL by financing digital asset purchases in the traditional capital markets.
Earlier, the Atlanta-based firm, which started with backing from the New York Stock Exchange (NYSE) owner Intercontinental Exchange, offered an institutional-grade trading platform for daily physically-settled Bitcoin futures before trying to tokenize rewards points and crypto custody. This product failed to gain traction. The company went public in 2021.
Meanwhile, Bakkt’s initial Chief Executive Officer, Kelly Loeffler, resigned in 2019 to briefly serve as a Republican United States senator in Georgia under the first Trump administration.
Moreover, President Donald Trump’s social media company, Truth Social, was said to be in “advanced talks” to acquire Bakkt last November.
Bakkt officials highlight the firm’s focus on crypto
Following the announcement that Bakkt had “updated” the investment policy, Akshay Naheta, co-CEO of Bakkt, stated that this plan aims to help Bakkt change into a company that focuses solely on crypto infrastructure and allows them to add Bitcoin and other digital assets to their treasury carefully.
According to Naheta’s speculations, their strategy shows their strong belief in the future of digital assets and their goal for Bakkt to grow globally and become a leader in programmable money.
Andy Main, Co-CEO and President of Bakkt, also commented on the topic of discussion.
According to him, their updated investment policy shows their confidence in digital assets’ long-term potential and dedication to seeking strategic opportunities that increase shareholder value.
Main said this is a significant step for the company as it looks to expand into global payments and remittance systems using stablecoins while being part of the ongoing development of the digital asset ecosystem.
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World Liberty Financial Inc., a decentralized finance platform linked to the Trump family, is attracting significant interest from public companies exploring using its token as a treasury asset, according to co-founder Zak Folkman.
Speaking at the Permissionless crypto conference in New York on Wednesday, June 25, Folkman also announced the launch of the new World Liberty Financial App.
Folkman anticipates USD1 becoming the biggest stablecoin by market cap
Crypto treasury firms have become popular since the success of Strategy, the company Michael Saylor leads. The firm has over $60 billion worth of Bitcoin on its balance sheet and a market capitalization surging to over $100 billion.
Folkman noted that several companies admire Michael Saylor and his accomplishments. This is particularly true of his strategy and his promotion of companies keeping their crypto reserves.
Goodfood Market Corp., Semler Scientific Inc., and Trump Media & Technology Group Corp. are some companies that have revealed plans or started their own efforts to hold cryptocurrency.
Meanwhile, companies are changing the Strategy Playbook by using alternative tokens instead of Bitcoin when implementing their plans.
For instance, Upexi raised $100 million to purchase the Solana token last week to keep in its treasury, while Sharplink Inc. holds $425 million worth of the second-largest cryptocurrency, Ether.
Folkman also weighed on the future potential of World Liberty’s USD1 stablecoin, valued at approximately $2.1 billion. Notably, the largest stablecoin is USDT, from Tether, which has about $156.8 billion in circulation.
Based on Folkman’s speculations, they have tackled the challenges that a company will encounter, and now it is just a matter of time before USD1 becomes the biggest stablecoin by market cap.
He further anticipated that everyone would come to this conclusion when they witness several developments in the upcoming months.
With the Genesis Act, one of the main US stablecoin laws, set to pass into law, digital dollar-pegged assets have become even more attractive to investors.
Fintech firms adopt the growing trend of launching stablecoins
Apart from public companies showing interest in stablecoins, fintech firms have adopted this trend and aim to follow World Liberty Financial’s lead in launching stablecoins.
Fiserv announced that it plans to release a stablecoin, amid increasing interest in the token from US companies as the cryptos move toward the mainstream.
The announcement followed the US Senate passing a milestone stablecoin bill that analysts said could represent a turning point in the crypto oversight debate and a breakthrough for a sector stuck in regulatory limbo for years.
The fintech company said its stablecoin, FIUSD, will be embedded into its existing banking and payments platform by the end of the year. The company added that FIUSD will use stablecoin infrastructure delivered from Paxos and Circle Internet.
Shares of Circle, the issuer of the second-largest stablecoin by market value, were up 15%, and Fiserv and PayPal were up 2.3% and 1.7% respectively.
Stablecoins are tied to currencies such as the US dollar and are meant to maintain a consistent value from reserves held. Once a niche corner of crypto, they have become popular for their ability to protect from price swings.
Fintech companies and traditional banks use stablecoins more frequently to make cross-border payments easier, speed up transactions, and expand access to digital finance.
Analysts at TD Cowen mentioned that they view the launch as a sign of Fiserv’s skill in quickly innovating and utilizing its central role between banks and merchants to connect old and new payment systems.
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The dollar lost ground fast on Thursday after The Wall Street Journal reported that Trump might reveal his next Federal Reserve chair pick much earlier than expected.
Traders responded immediately in Asia as the US currency dropped against all its major peers. The news came after Trump said he’s unhappy with how current Fed Chair Jerome Powell has handled interest rates, believing he’s been too slow to cut them.
Trump is now considering making an announcement as early as September or October, while Powell’s term doesn’t end until May 2026.
According to the Journal, the names being floated inside the White House include Kevin Warsh, a former Fed governor, and Kevin Hassett, the director of the National Economic Council.
Both men have had previous ties to Trump’s circle, and the idea of naming a successor so early is already shaking investor confidence. Trump told reporters Wednesday he’s currently considering “three or four” potential replacements.
He’s openly criticized Powell’s recent decision to keep interest rates on hold, saying it’s keeping government borrowing costs high and hurting growth. Earlier this month, he said new names would be coming “very soon.”
White House sends mixed signals
Rodrigo Catril, strategist at National Australia Bank in Sydney, said Trump’s possible early announcement could “amp up the pressure” on Powell long before his term ends. “We could have a shadow Fed chair before May next year,” Catril said, adding that this kind of political pressure could push the dollar lower in coming weeks.
When asked about Trump’s intentions, the White House responded by saying the Fed should focus on growth-oriented monetary policy. Powell, for his part, insisted politics wouldn’t influence the Fed’s choices.
“If we make a mistake here, people will pay…the cost for a long time,” Powell told lawmakers during a Senate hearing. He added that rate cuts are still possible later this year, but said the Fed would take a “careful approach.”
On the timeline, Larry Bessent, current Treasury Secretary, previously said interviews for the next chair wouldn’t begin until September. But that schedule might not hold. The Fed’s independence has been guarded since the 1970s, when President Nixon pressured the central bank for lower rates ahead of his reelection. That led to disastrous inflation that took years to fix.
Trump eyes Warsh, Bessent, and Malpass for top role
Trump has had Warsh on his radar for a while. He spoke with him earlier this year about possibly replacing Powell before his term ends. Warsh was also interviewed by Trump last fall for the Treasury job.
At a closed-door event in Boston this month, Warsh told a group of finance professionals, “I wouldn’t be shocked if the president made a nomination sooner than would be customary, just to…try to make a lame duck lamer or something like that.”
Still, there are concerns. Some of Trump’s aides worry Warsh could be a maverick. He’s long been seen as a policy hawk, more focused on fighting inflation than boosting employment.
When asked about that label in Boston, Warsh said, “My fatal flaw is I say what I believe. If the president wants someone who is weak, I don’t think I’m going to get the job.” He also took a shot at zero interest rates: “When things are free, when rates are zero, that leads to very bad economic outcomes.”
Warsh also praised Kazuo Ueda, head of the Bank of Japan, saying he’s “the most talented central banker on the planet right now.”
Then there’s Hassett, who’s reportedly told people he’s not interested in taking the job. That makes room for Bessent. Despite saying he’s committed to his current position, people familiar with both him and Trump say Bessent hasn’t ruled it out.
Speaking before Congress earlier this month, Bessent said, “I’m happy to do what President Trump wants me to do.” That loyalty matters—Trump barely knew Powell when he picked him in 2018 and now sees that decision as a mistake. He’s determined not to repeat it.
Trump has also been talking to aides about David Malpass, who ran the World Bank during his first term. Malpass has recently supported rate cuts and criticized the Fed’s internal models in a Journal op-ed. Those views line up with Trump’s. But in recent private dinners and lunches, Trump reportedly raised doubts over Malpass’s TV appeal, suggesting his appearance might not suit the role.
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The value of digital assets under BitGo Inc.’s custody has surged. BitGo’s vice president for its Asia-Pacific business, Abel Seow, said it had seen its assets under custody (AUC) rise from $60B to $100B in the first six months of the year.
It represents a 66% increase, demonstrating the growing appetite among institutional and retail players to participate in the crypto-economy. Seow said that the rise was driven by “peak retail interest” in crypto, increasing asset adoption, and greater regulatory clarity in major jurisdictions.
Crypto confidence is growing among investors, as is evident in the demand for secure and regulated custody services.
One big driver of the increase in BitGo’s assets is “staking,” which involves crypto holders locking up their tokens to help validate blockchain transactions and, in exchange, earn passive income.
Today, assets in BitGo Staking represent 50% of BitGo’s total holdings, where yield-based strategies are a core investment theme for modern digital asset holders.
BitGo expands into global markets
BitGo, which was established in 2013, initially offered secure wallets but has since developed into a one-stop shop crypto bank. In addition to custody, BitGo provides clients with the capabilities to trade, borrow, and lend digital assets. It has clients that include institutional investors and firms born on the blockchain.
Over the past year, the company has been growing quickly internationally. BitGo Korea was released in September 2024 with Hana Financial Group and SK Telecom, two of South Korea’s largest financial and telecommunications companies.
Seow said the joint venture is “progressing well” and has begun offering its services to high-net-worth clients and regional institutional participants.
Also, in early 2025, BitGo officially seeded its Dubai operations, entering the region’s growing digital asset ecosystem. Crypto stronghold Dubai has established itself as a burgeoning hub in its own right on the backs of business-friendly regulation and investor appetite.
BitGo’s growing reach reflects a larger trend in the industry; crypto firms no longer want to concentrate only on the US and Europe in traditional markets. Instead, they seek to go global to service local demand, particularly in areas where regulation is favorable and smartphone penetration rates are high.
BitGo plans IPO as crypto market heats up
Riding the wave, BitGo is getting ready for a potential public listing as soon as the second half of 2025, reports Bloomberg. The move would make the company part of an emerging wave of crypto-native firms seeking to tap into public markets, with renewed investor confidence and a more friendly regulatory environment pushing these firms into the spotlight.
BitGo’s IPO strategy is part of a wider trend related to a change in the US approach under President Donald Trump’s administration, which has been particularly friendly to crypto since returning to office.
BitGo was last valued in 2023 at $1.75 billion in connection with a $100 million capital raise. Returning to the underwriters, Goldman Sachs Group Inc., DRW Holdings, Redpoint Ventures, and Valor Equity Partners are all backers of the digital asset custody powerhouse, which means that it doesn’t exactly take a crystal ball to guess which four banks might be involved in the IPO.
During his tenure, there have been appointments of crypto-friendly regulators, an attempt to slide through stablecoin legislation, and even Trump’s projects into the digital asset arena.
There has been so much change in political tone compared to past governments, which makes it easier and more predictable for crypto companies planning to grow and compete for institutional money.
In its most recent round of financing, in 2023, Bitgo was said to have a value of $1.75 billion, according to reports, in connection with raising $100 million in capital. And back to the underwriters, Goldman Sachs Group Inc., DRW Holdings, Redpoint Ventures, and Valor Equity Partners are all backers of the digital asset custody powerhouse.
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Bank of America is pointing global investors toward Australia, predicting that its sovereign bonds are poised to outperform in what it calls a “post-dollar” world.
In a research note released Wednesday, FX strategists Oliver Levingston, Adarsh Sinha, and Janice Xue highlighted Australia’s fixed-income market as a likely hotspot for capital inflows amid ongoing global de-dollarization.
“De-dollarization was a major theme on our trip to the United States and Canada, and we continue to highlight the significant impact small shifts in global fund managers’ asset allocations could have on the demand profile for AUD fixed income.”
The note makes the case that Australia’s relatively small bond market could experience dramatic price swings if global investors keep fleeing U.S. dollar-denominated assets.
Investors have been looking for more sound and undervalued alternatives as the greenback has lost its previously unassailable haven status, particularly after almost a year of political and economic tumult under President Donald Trump.
Investors dump dollar amid Trump-era volatility
The report directly attributes the trend to increasing global discomfort with U.S. financial stewardship. The re-emergence of Donald Trump on the political scene, along with a fresh wave of belligerent trade policies and what the bank calls “economic nationalism,” has only hastened investor diversification.
Trump’s declaration of sweeping tariffs earlier this year, which markets dubbed “Liberation Day,” set off a global market selloff. Investors stampeded to pull out of U.S. markets, anxious about protracted uncertainty and trade isolationism.
This “Sell America” movement was marked by heavy selling of Wall Street stocks, U.S. Treasurys, and even the dollar itself. The U.S. dollar index (DXY), which measures the greenback against a basket of leading currencies, has slid by about 9% year-to-date in 2025, its most significant decline in over 10 years.
Investor conviction in the dollar is non-existent; as Bank of America’s June Global Fund Managers Survey showed, 86% of respondents believe the dollar will devalue in the coming 12 months, a new record low.
The report found fund managers with less of a long-dollar bias than at any time in the past 20 years. Almost 20 percent of the 222 managers polled with $587 billion under management said that betting against the dollar was the most “crowded trade” globally.
This loss of confidence has paved the way for other currencies, particularly those linked to stable economies rich in raw materials like Australia, to gain the favor of global reserve managers and institutional investors.
Central banks boost demand for AUD bonds
Now, Australia is feeling the consequences of that change in sentiment. Its 10-year government bond yield is about 4.24%, which is not that different from the U.S. equivalent of 4.43%. But Bank of America sees this gap widening in the years ahead.
By late 2026, the bank predicts that Australian bonds will have a 75 basis point spread, which would entail stronger demand and higher prices.
The note said that the demand outlook for AUD fixed-income assets appeared strong with support from Australia’s growing superannuation funds and the possibility of bank deregulation.
One big reason is the rising demand for “peripheral dollar bloc assets,” consistently stable currencies in faraway lands from American politics, supported by strong local fundamentals. The proportion of official reserves in Australian dollars has doubled in the past ten years. The strategists estimate that a 1-percentage-point lift in global reserve demand would absorb 185% of the net supply of Australian sovereign bonds for the current fiscal year.
Australia’s large pension funds have also been moving into the local bond market with increasing vigor. These superannuation funds are internationalizing their balance sheets, and the demand for AUD-denominated assets flows.
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