JPMorgan Chase & Co. is concerned that Strategy’s new policy of selectively selling its Bitcoin holdings will introduce new risk to the crypto market.
On Monday, Strategy announced a BTC monetization program through which the company can sell a portion of its 847,363 BTC holdings to support its preferred dividend payments and buybacks.
The so-called Digital Credit Capital Framework followed months of criticism of Strategy’s capital position amid declines in the price of BTC and MSTR.
JPMorgan said the policy adds avoidable “two-way” flow risk to crypto markets.
In a Wednesday report, JPMorgan analysts led by Nikolaos Panigirtzoglou said Strategy has spent years as one of Bitcoin’s most consistent buyers, accounting for about 70% of total net digital asset inflows this year.
The policy, as such, introduces a new risk that the biggest BTC buyer could sell off its holdings at any moment.
Strategy should raise 24 to 36 months of cash reserve
JPMorgan suggests that Strategy raise its cash reserve by issuing common equity to shore up investors’ confidence that it won’t need to sell its Bitcoin holdings.
Strategy currently holds $2.55 billion in cash, enough to cover about 17 months of preferred dividend and interest obligations. The analysts believe the buffer is not wide enough.
They said, “a higher coverage of 24-36 months would be needed to make investors more comfortable with the idea that Strategy would not need to sell bitcoins in the foreseeable future.”
Analysts split on what comes next
Not everyone at the research desks shares JPMorgan’s caution. Benchmark Equity Research reiterated a Buy rating on MSTR with a $570 price target, implying more than 500% upside from recent levels, following the sales policy.
Analyst Mark Palmer called the capital framework “formal permission” to put Strategy’s capital machine into reverse during periods of market stress, framing it as a net positive for shareholders, as Cryptopolitan reported.
Meanwhile, the MSTR price has made gains since the policy. The shares rose 12.6% to $92.68 on Monday, while STRC gained roughly 10% to around $83.67 after trading below $75 the previous week.
By Wednesday, MSTR had pushed past $100, adding $5 billion in market cap and climbing 27% from Friday’s low.
At the time of writing, MSTR was trading at $100.83, a 7.93% increase on the day.
Keir Starmer’s decision to step down as UK prime minister has opened a race for Downing Street just as Britain enters the final stages of building one of its most consequential financial regulatory frameworks in years.
On June 22, Starmer said that he would remain in office until Labour selects a successor, ending a premiership that lasted less than two years.
He acknowledged that the party needed new leadership before the next general election, which must be held by 2029, and said he wanted to devote more time to his family.
Andy Burnham, the newly elected member of Parliament for Makerfield, quickly emerged as the overwhelming favorite to replace him.
His ascent has generated cautious optimism among cryptocurrency executives who view the former Greater Manchester mayor as more receptive to digital assets and blockchain technology than much of Labour’s senior leadership.
Burnham consolidates support as Polymarket traders price a swift handover
Burnham returned to Parliament after winning the Makerfield by-election last week, clearing the procedural barrier that had prevented him from challenging for the Labour leadership.
He confirmed his candidacy shortly after Starmer’s announcement and called for the party to maintain its focus on economic growth, housing, public services, and the cost of living during the transition.
His path narrowed further when Wes Streeting, previously considered one of Burnham’s strongest potential opponents, ruled himself out and endorsed the former Manchester mayor. Streeting urged Labour members to unite behind Burnham rather than spend the summer fighting over relatively narrow policy differences.
Labour will open nominations on July 9. The process could conclude in mid-July if Burnham faces no challenger, while a contested election would extend the handover until September.
Crypto traders have already priced in a rapid succession. Burnham carried an implied probability of about 97% of becoming Britain’s next prime minister on Polymarket on Monday. Traders had placed roughly $12.5 million on the contract.
Next UK Prime Minister (Source: Polymarket)
The price represents the conviction of participants willing to risk capital on the outcome rather than a scientific measure of public opinion. It nevertheless shows how decisively the market shifted after Streeting withdrew from the race.
Traditional financial markets showed little immediate alarm. Sterling and UK government bonds registered limited moves following Starmer’s announcement, suggesting investors had largely anticipated his departure. Longer-term attention has instead turned to Burnham’s fiscal position and the identity of the next chancellor.
His arrival would make him Britain’s seventh prime minister in a decade, extending a period of leadership turnover that began with the 2016 Brexit referendum.
Britain’s crypto rulebook is already moving toward 2027
The next prime minister will inherit a regulatory program that has progressed beyond broad political promises.
Legislation approved in February expanded Britain’s regulated financial-services perimeter to cover crypto activities, including operating trading platforms, issuing qualifying stablecoins, safeguarding customer assets, and dealing in digital assets.
The Financial Conduct Authority (FCA) must still complete the accompanying rulebook. It has published consultations covering custody, stablecoins, prudential requirements, market abuse, consumer protection, and the authorization process for companies seeking to serve UK customers.
The regulator expects the framework to begin on Oct. 25, 2027. Once it takes effect, businesses carrying out covered activities will generally need FCA authorization even when they already hold other financial services permissions or registrations.
A new prime minister could influence the government’s political priorities, appoint different Treasury ministers, or seek amendments to parts of the framework. The transition alone would not cancel the legislation or force the FCA to restart its work.
However, the more immediate risk involves administrative momentum. A cabinet reshuffle could replace ministers familiar with the regime at a point when regulators and companies are preparing for authorization. Political attention could also shift toward more urgent issues, including public spending, economic growth, and Labour’s electoral position.
Those distractions could affect secondary legislation or unresolved policy areas. The central architecture, however, has already moved far enough that an outright reversal appears unlikely without a deliberate intervention by the new government.
That distinction puts Britain in a different position from earlier stages of the debate. Companies now need clarity on implementation and compliance rather than another broad promise to turn the UK into a digital-asset hub.
Industry sees an opening for a more growth-focused message
Burnham’s public record on cryptocurrency remains limited, but his previous statements have encouraged parts of the industry.
Freddie New, the CEO of CEO of BHODL plc (and co-founder of Bitcoin Policy UK), told CryptoSlate that Burnham’s expected rise creates an opportunity to recast the industry as a potential source of investment.
According to him:
“I’m most interested to see how a potential Burnham administration will look at the Bitcoin and cryptocurrency industry as a potential for growth in the UK economy rather than, as has previously been the case, something to be throttled and feared.”
New pointed to Bitcoin treasury companies that have pursued listings in London, arguing that digital-asset businesses could bring new capital and international attention to a stock market that has struggled to attract initial public offerings.
He added:
“New companies listing in London should be welcomed and supported, not discouraged, and I hope Burnham will understand that.”
Industry executives are likely to press the next government for proportionate capital requirements, a workable authorization process, and clearer treatment of staking, lending, and stablecoin payments. They also want the FCA to apply the government’s economic-growth mandate more visibly when setting rules.
Despite the optimism surrounding Burnham, the digital asset industry remains wary of certain factions within the broader Labour Party.
New notes that domestic financial regulators have yet to fully embrace the “growth” mandate previously outlined by Rachel Reeves.
In view of this, he added:
“The sooner our politicians and regulators really embrace and understand an industry where the U.K. should be a leader, with our long history of expertise in both finance and in computer technology, the better.”
Elon Musk’s personal fortune has surpassed the market value of Bitcoin, a milestone that shows how quickly SpaceX’s public-market debut has reshaped both wealth rankings and the broader conversation around speculative risk.
According to Bloomberg’s Billionaire Index, Musk’s net worth rose to about $1.32 trillion as SpaceX shares traded above $200, extending a rally that began with the company’s record initial public offering last week.
At that level, his estimated personal wealth exceeds Bitcoin’s roughly $1.29 trillion market capitalization, based on CryptoSlate’s pricing for the digital asset.
Elon Musk Net Worth vs Crypto Market
While this comparison is imprecise by design, it offers a striking snapshot of how SpaceX’s rapid rise has moved into the center of global markets and catapulted Musk’s wealth into uncharted territory.
Over the past year, the total cryptocurrency market has fallen from a peak of about $4.21 trillion to roughly $2.23 trillion, according to CryptoSlate data. During this period, Bitcoin has dropped by more than 50% from its late-2025 record high near $126,000, amid months of selling pressure and weaker risk appetite.
The reversal follows a powerful rally that began during Donald Trump’s 2024 presidential campaign and continued through his return to the White House.
At the time, BTC crossed $100,000 for the first time as investors responded to industry-friendly appointments, regulatory proposals, and expectations that Washington would take a softer approach toward digital assets.
However, those gains have since faded this year as crypto exchange volumes have declined, leveraged positions have been flushed out, and capital has moved back toward large technology stocks, private-market proxies, and newly listed growth companies.
That backdrop makes Musk’s wealth milestone less about Bitcoin losing its role as crypto’s benchmark and more about the speed at which SpaceX has become a competing outlet for speculative capital.
Meanwhile, this comparison is even sharper outside Bitcoin. With the crypto market worth about $2.23 trillion and Bitcoin accounting for roughly $1.29 trillion, Musk’s estimated fortune is now larger than the combined value of the rest of the digital-asset market.
The company priced its IPO at $135 a share and has since rallied by more than 50%, pushing its market value to about $2.7 trillion. The move has placed SpaceX among the world’s most valuable public companies, ahead of Amazon and near Microsoft’s market capitalization.
The rally has been fueled by a rare combination of scarcity, brand power, and momentum. CryptoSlate previously reported that only a limited portion of SpaceX’s equity entered public trading, leaving investors to compete for a small float in one of the most anticipated listings in years. That imbalance has helped turn demand into price pressure.
At the same time, retail investors have been central to the stock’s rapid rise.
South Korean individual investors bought about $795.9 million of SpaceX shares on June 12, the stock’s first day of trading, according to market-flow data cited by Global Market Investor. That made SPCX the most purchased US stock among South Korea’s retail traders in a single session.
The buying exceeded three-month net purchases in several major US technology names. Over the prior three months, South Korean retail investors bought $748.3 million in Micron Technology, $696.2 million in the Nasdaq 100 ETF, and $694.5 million in Marvell Technology, according to the same data.
SpaceX IPO Draws Retail Investors
Meanwhile, the rush for SPCX is also evident in leveraged exchange-traded funds tied to the firm, which have seen heavy trading in their first days on the market.
Eric Balchunas, senior ETF analyst at Bloomberg Intelligence, said total volume across 2x SpaceX ETFs topped $3 billion, up from about $1 billion the previous day.
One product, trading under the ticker SPCH, recorded about $1.3 billion in day-two volume. Balchunas said that was the highest second-day trading volume ever recorded by an ETF, above the roughly $500 million logged by BlackRock’s spot Bitcoin ETF (IBIT) on its second trading day.
SpaceX Leveraged ETFs (Source: Eric Balchunas)
This demand is notable because many of the products track the same underlying stock and offer similar leverage. That suggests investors are not simply looking for long-term exposure to SpaceX. Many are using the funds to express short-term directional bets.
Ultimately, these numbers show that SpaceX is being treated less like a conventional aerospace listing and more like a global momentum trade.
Investors who missed the IPO allocation have been buying the stock in the open market, while others have turned to exchange-traded funds, options, and crypto-linked derivatives to gain exposure to the same product.
SpaceX valuation questions grow louder
The pace of the rally has intensified questions about whether SpaceX’s valuation is outpacing its business fundamentals.
Musk has said SpaceX could reach $1 trillion in annual revenue by 2030, a target that has helped investors price the company as more than just a rocket-and-satellite business. The market is also assigning value to Starlink, artificial intelligence, launch infrastructure, and Musk’s wider technology ecosystem.
Current financials show a company still spending heavily to build that future. SpaceX reported a net loss of $4.94 billion in 2025 on revenue of $18.67 billion. The company recorded another $4.27 billion loss in the first quarter of 2026, reflecting capital spending on Starlink, launch capacity, computing infrastructure, and artificial intelligence initiatives.
SpaceX Financial (Source: Rand Group)
Those losses have not stopped the rally. But they have widened the gap between what SpaceX is today and what investors are paying for it to become.
That is where the Bitcoin comparison becomes useful. Bitcoin’s market value has always depended on what buyers are willing to pay for scarcity, network strength, and future monetary relevance. SpaceX is now being priced with a similar forward-looking logic, only through the structure of a public company attached to Musk.
For now, public markets are rewarding that story more aggressively than crypto.
While Musk’s fortune may not stay above Bitcoin’s market value forever because SpaceX shares could fall, Bitcoin could rebound, or both could move sharply in opposite directions.
However, the milestone captures the current state of risk appetite: the biggest speculative trade in markets is no longer necessarily a token. It is a rocket company.
SBI Shinsei Bank is reportedly offering crypto deposit rewards to customers, with vouchers worth 20% of their interest payments redeemable for BTC, ETH, or XRP through SBI VC Trade.
A three-month campaign launched on June 10, with a broader rollout planned for fall, covering ordinary deposits and time deposits from three months to five years, roughly 4.33 million individual accounts.
The mechanics reveal SBI using digital asset vouchers to make a conventional yen deposit stickier at a moment when Japanese savers have real alternatives for the first time in decades.
The Bank of Japan’s policy rate now sits at 0.75%, the highest level in decades, with three board members on record in favor of 1.0%.
A Reuters poll published June 10 found that 94% of economists expected the BOJ to raise the rate to 1.0% by the end of June, with over 75% projecting 1.25% by the fourth quarter.
Japan’s loan-to-deposit ratio reached 65.7% by September 2025, its highest point since March 2020, as banks face more domestic lending demand. NISA investment accounts reached 28.26 million, with cumulative purchases totaling roughly $442 billion by the end of 2025, already surpassing the government’s $349 billion target for 2027.
Together, these numbers describe a deposit market where banks can no longer assume household cash will sit still, and where the competitive logic demands something beyond a marginally better rate.
That makes the campaign less a standalone crypto promotion and more a test case in Japan’s deposit competition.
Pressure point
Latest figure
Why it matters for SBI’s crypto voucher campaign
BOJ policy rate
0.75%
Higher rates make savers more sensitive to where cash sits. Banks now need retention tools beyond passive deposit inertia.
Expected BOJ hike
94% of economists expected 1.0% by end-June
If rates rise again, banks face more pressure to compete for deposits without repricing their entire book.
Further rate expectations
75%+ expected 1.25% by Q4
A higher-rate Japan makes small loyalty perks more strategically useful as low-cost add-ons.
Loan-to-deposit ratio
65.7%
Banks have more reason to defend deposits as domestic lending demand rises.
NISA accounts
28.26 million
Retail cash has a tax-advantaged alternative to sitting in bank accounts.
NISA cumulative purchases
~$442 billion
Household savings are already moving into investment channels at scale.
Household financial assets
~$14.65 trillion
Japan’s household balance sheet is the prize banks are competing to keep inside their groups.
Cash and deposits
~$7.10 trillion
SBI’s voucher is aimed at a huge pool of conservative cash that can be nudged into adjacent products.
The mechanics reveal the motive
Japan’s household financial assets stood at approximately $14.65 trillion at end-2025, with $7.10 trillion held in cash and deposits, compared with 10% in the US and 35% in the UK.
For decades, zero rates gave banks captive depositors in the form of savers with nowhere better to go and no reason to move. Rising rates, tax-advantaged investing through NISA, and recovering equity markets have changed the arithmetic.
Deposits are now a product battlefield, and banks like SMFG and MUFG are bundling banking, securities, and payments to hold retail funds inside their groups.
SBI’s response to that pressure is to keep the deposit in yen, pay interest in yen, and offer crypto as an optional voucher redeemable only through SBI VC Trade, a condition that reflects the product’s architecture.
Customers who want the crypto reward must open an SBI VC Trade account, which converts bank deposits into a customer-acquisition funnel for the group’s crypto exchange.
The structure borrows directly from credit card rewards and airline miles by layering a small, high-perceived-value perk onto a low-margin financial product to make switching feel costly and cross-selling feel natural.
A $6,231 one-year deposit at 1.0% earns roughly $50 in net interest after Japan’s standard 20.315% withholding. The 20% crypto voucher on that interest amounts to approximately $10, or about 16 basis points of principal.
At the same rate, the three-month deposit of $1,850 comes to around $0.75. At those levels, the reward functions as a customer-acquisition coupon priced to move depositors through a funnel at a cost well below what raising deposit rates across the entire book would require.
Deposit example
Term
Assumed rate
Net interest after tax
20% crypto voucher
Voucher as share of principal
~$1,850
3 months
1.0%
~$3.75
~$0.75
~0.04%
~$6,231
1 year
1.0%
~$50
~$10
~0.16%
~$62,300
6 months
Campaign example
~$174
~$62
~0.10%
Three campaigns on one architecture
In September 2025, SBI VC Trade and SBI Shinsei ran a campaign offering eligible customers $6 in XRP vouchers, plus a share of $623,000 in XRP, contingent on opening an SBI Hyper Yokin account and meeting balance requirements.
In February 2026, SBI Shinsei ran another campaign offering up to $124 in XRP vouchers on six-month PowerDirect yen time deposits, with SBI VC Trade framing the program explicitly as a way to “experience XRP” through conventional deposits.
A $62,300 example deposit earned roughly $174 after tax, plus a $62 XRP voucher, with the voucher exceeding 20% of the interest, reflecting a campaign focused on tiers.
SBI’s tokenized retail bond used the same logic in parallel in February 2026, with XRP vouchers serving as a one-time rebate that required an SBI VC Trade account.
SBI Ripple Asia, a joint venture between SBI Holdings and Ripple, has positioned XRP within SBI’s group infrastructure since its founding. In these campaigns, XRP serves as a redeemable reward object chosen because it is already familiar within SBI’s reward architecture and incurs no additional integration cost for the group.
Two ways this plays out
If Japanese depositors prove more conservative than the reward design assumes, preferring cash bonuses over crypto vouchers as rivals compete on headline rates, activation stays modest.
At 0.5% to 1% redemption across 4.33 million eligible accounts, SBI converts roughly 22,000 to 43,000 new exchange customers. The program stays as a promotional layer, and XRP retains its role as a marketing asset with no measurable effect on exchange volumes or token demand.
If crypto rewards prove effective at a lower cost than competing on rates, and a meaningful share of new exchange customers become repeat users of SBI’s cards, securities, and broader financial products, the calculus shifts materially.
At 7% to 12% redemption, SBI generates between 303,000 and 520,000 SBI VC Trade activations.
At that scale, the proof SBI is actually building toward is whether crypto-linked rewards can function as a standing retention layer across deposits, bonds, and securities simultaneously, establishing crypto-as-loyalty-infrastructure as a repeatable group-wide model.
Scenario
Redemption rate across 4.33M eligible accounts
Estimated SBI VC Trade activations
What it means
Conservative
0.5%
~22,000
Promo layer with limited exchange impact
Low base
1.0%
~43,000
Useful campaign, but not a platform shift
High base
7.0%
~303,000
Crypto rewards become meaningful customer acquisition
Bull case
12.0%
~520,000
Crypto becomes a repeatable loyalty layer across SBI products
The actual prize
Japan’s banking groups are competing to own the full financial relationship with the country’s household savers: deposits, investments, brokerage, cards, and crypto exposure.
SBI’s voucher program is one entry into that contest, keeping the deposit conventional, the interest conventional, and the crypto appearing at the edge as a hook designed to pull customers one step deeper into the group.
Whether that hook is strong enough to work depends on whether Japanese savers find crypto upside compelling enough to act on a $1 voucher.
SBI bets the distinction between a crypto-native product and a crypto-flavored one stays invisible to customers and defensible to regulators.
Canada Crypto Week Returns July 20–26, Celebrating the Future of Web3, Digital Assets & AI
Canada’s largest week-long gathering of conferences, networking events, and community experiences — uniting entrepreneurs, builders, investors, and institutions.
Toronto, ON — June 2026
Canada Crypto Week returns July 20–26, 2026, for its sixth year, bringing together dozens of events across Canada focused on cryptocurrency, digital assets, and artificial intelligence. The week connects entrepreneurs, builders, investors, and institutions through a diverse lineup of events taking place across the country.
The flagship event is Blockchain Futurist Conference — Canada’s largest Web3 and AI event — taking place July 21–22 at Rebel Entertainment Complex and Cabana Pool Bar in Toronto, attracting thousands of attendees and serving as the hub for the week’s featured events and experiences.
Canada Crypto Week kicks off with Web3TO Toronto Conference 2026 on July 20, bringing together the Web3 community for a full day of insights on the future of the industry.
Returning to Canada Crypto Week, Cayman Finance will host its annual Rum Bar Cayman Experience in the VIP Cabana Area on July 21 and 22, giving VIP attendees an opportunity to experience Cayman hospitality, connect with companies from the Cayman Islands, and learn more about doing business in one of the world’s leading financial jurisdictions.
A key addition this year is the Compliance Breakfast on July 22, presented by VerifyVASP, Inca Digital, XReg Consulting, Crystal Intelligence, and Cloudburst Technologies. The invite-only event brings together regulators, policymakers, compliance leaders, and industry executives for meaningful discussions on digital assets, AI, regulation, and the future of innovation.
Also featured is Agentic Day presented by Hello Agentic on July 21 — a dedicated afternoon program exploring the future of AI agents and autonomous intelligence, bringing together innovators building the next generation of agentic AI.
Featured Events & Activations
Agentic Day by Hello Agentic
Cayman Finance Rum Bar Experience
Compliance Breakfast by VerifyVASP et al.
Invest Hong Kong Workshop
Pudgy Penguins Vibes Card Game Event
SheFi Morning Social at ETHWomen
House of Intelligence by House of ZK
AWIC Facilitated Networking
Whitepaper Reading Sessions
Book Signings: Wick, Nesbitt & Osborne
ETHToronto by Autheo
5th Annual ETHWomen
Bored Ape Meetup
Doginal Dogs VibeZone
Solana VibeStation
Sponsors & Community Partners
Canada Crypto Week is made possible through the support of sponsors, community organizations, and media partners from across the industry. Stablecorp and QCAD join as the Official Stablecoin Partner, supporting the growth and adoption of digital assets in Canada. CryptoNomads connects global Web3 professionals and digital nomads through its worldwide network. CCN (Crypto Citizens Network) will conduct live interviews and capture insights from leading voices across Web3 throughout the week.
“Canada Crypto Week is where Canada’s Web3, digital asset, and AI communities come together to connect, collaborate, and build the future.”
Canada Crypto Week is Canada’s largest week-long celebration of cryptocurrency, blockchain, Web3, digital assets, and artificial intelligence. Now in its sixth year, the initiative brings together more than 50 independent events, conferences, meetups, networking experiences, educational sessions, and community gatherings designed to connect and grow Canada’s innovation ecosystem.
The United Kingdom’s asset regulator, the Financial Conduct Authority (FCA), has proposed a new standing for investment funds which would allow them to have up to 10% of their assets in crypto exchange traded notes (ETNs), in a move geared towards opening regulated funds to digital asset exposure.
This proposal was published as part of the FCA’s 52nd quarterly consultation paper, with the consultation window closing on July 13.
FCA proposal
Portfolio managers at authorized funds could be allowed to hold crypto ETN positions so long as the total allocation stays at or below 10% of the entire asset holding, according to the published proposal. Fund managers would also need to show that any ETN holdings align with the fund’s stated investment objective and risk profile.
The FCA has set a 10% cap to limit risk exposure and prevent funds from being pushed into “restricted mass market investment” territory at higher allocation levels, which could complicate their regulatory classification as retail products.
Based on the proposal plan, funds will be permitted to hold crypto ETNs listed on recognized investment exchanges in the UK. Products traded in the EU and other global markets that satisfy existing market criteria for eligibility are also expected to qualify for listing.
Possible proposal benefactors
The proposal covers a wide scope of financial institutions and investment funds, but still has clear boundaries on who it applies to and who it doesn’t. Some investment schemes serving professional investors and individuals with a high net worth would face no allocation cap.
Long-term asset funds and non-UCITS retail schemes structured as alternative investment funds would be excluded entirely from holding crypto ETNs.
However, the FCA’s stance on direct crypto ownership has not changed in the slightest. Ownership of cryptocurrency by these funds is still off the table. Funds can gain exposure only through listed and approved crypto ETNs.
The FCA said it would revisit that position after assessing how its forthcoming crypto regulatory framework and client-asset protection rules affect fund structures.
UK crypto ETN market
The recent proposal comes after a sequence of shifts in the regulatory market, with the FCA lifting its ban on retail investors accessing crypto ETNs in October 2025, a change that reopened a market that had been closed for four years. Financial institutions, including 21Shares, Bitwise, WisdomTree, and BlackRock, then listed physically backed Bitcoin and Ether products on the London Stock Exchange.
In April 2026, British investors became allowed to hold crypto ETNs in Innovative Finance ISAs after the HMRC had previously blocked new acquisitions within conventional stocks-and-shares ISAs.
The current proposal addresses what the FCA sees as a regulatory gap, as individual retail investors could already access crypto ETNs directly but the funds managing their money could not.
Jon Allen, head of innovation and operations at the Investment Association, called the proposal “a practical step” that would let funds gain crypto exposure through regulated ETN products.
This move from the UK FCA is on track with recent trends across Europe, where regulators in Germany, Switzerland, and the Netherlands have already allowed similar financial products for investment funds.
Ripple’s global payments narrative may be gaining fresh momentum as one of its key partners, Thunes, unveils a new development that could further strengthen cross-border settlement infrastructure. As the demand for faster, cheaper, and more efficient international payments continues to rise, strategic partnerships like Thunes play a crucial role in expanding real-world utility across the XRP ecosystem.
Thunes Expands Its Role In The Global Payments Ecosystem
A recent announcement from Thunes could significantly strengthen XRP’s position in the global payments landscape. Analyst XFinanceBull on X has revealed that the company has officially launched real-time payment capabilities in the United States through a direct connection with a Tier 1 financial institution, enabling access to ACH, Same-Day ACH, and all real-time payment rails.
The development comes as Thunes continues to strengthen its international footprint. Thunes holds 50 Money Transmitter Licenses, allowing it to operate across every US state and territory, mirroring Ripple’s regulatory reach. Both companies now independently have institutional-grade access to US clearing systems.
Thunes network already spans 140 countries, supports 90 currencies, and connects to more than 12 billion mobile wallets, stablecoin wallets, and bank account endpoints. Following its expanded partnership with Ripple in September 2025, Thunes integrated blockchain and digital asset technology into its direct global network, leveraging Ripple payments to enhance its SmartX Treasury System.
Meanwhile, Thunes has plugged real-time US settlement into the same network that uses the Ripple blockchain payments infrastructure and XRP as a bridge asset. Over 140 countries can now send money to the US through rails connected to Ripple technology.
Ripple payments have near-global coverage with over 90 payout markets processing more than $70 billion in volume. This integration gives XRP a direct pathway into Tier 1 US banking through a partner that holds licenses in every state.
Institutional Interest Fuels XRP Ledger’s Next Phase Of Growth
The XRP Ledger real-world asset (RWA) ecosystem officially surpassed $3 billion in tokenized value in April. According to an analyst known as BankXRP on X, the incredible insights shared by Luke Judges, Partner Director at RippleX, at Istanbul Blockchain Week, break down exactly where the momentum is heading for real-world asset tokenization. Furthermore, the $3 billion milestone is driven by a highly diversified mix of assets, underscoring Ledger’s expanding institutional utility across multiple segments of finance.
Looking ahead, the next big wave of growth is expected to center around cash and cash-equivalent assets. Money market funds and US Treasury bills, alongside tokenized equities, are being viewed as prime targets for infrastructure disruption. The broader vision is moving toward a globally distributed financial system where regulated assets can trade seamlessly across asset classes through a unified order book.
Amsterdam Set to Welcome Thousands of Digital Asset Professionals
Dutch Blockchain Week 2026 Releases Full Summit Agenda as Europe’s Digital Asset Industry Gathers in Amsterdam
DatesJune 22–28, 2026
SummitJune 24 & 25, 2026
VenueJohan Cruijff ArenA, Amsterdam
Side Events40+ City-Wide
With less than a month to go, Dutch Blockchain Week 2026 has released the full agenda for its flagship summit — offering a clearer picture of the companies, institutions and industry leaders set to gather in Amsterdam this June.
7
Days of industry-wide programming across Amsterdam
2
Summit days at Johan Cruijff ArenA
40+
Side events, dinners & meetups across the city
MiCA
Europe’s regulatory era — Amsterdam at the center
Taking place from June 22–28, 2026, Dutch Blockchain Week has evolved into one of Europe’s largest blockchain and digital asset gatherings. At the center of the week is the Dutch Blockchain Week Summit on June 24 & 25 at Amsterdam’s iconic Johan Cruijff ArenA, bringing together exchanges, banks, payment providers, regulators, infrastructure companies, policymakers and investors.
Summit Topics
The summit program reflects the continued maturation of the industry. Key themes taking center stage across two days of content include:
Among the confirmed speakers is Charlie Lee, Founder of Litecoin and Director of the Litecoin Foundation, alongside senior executives and industry leaders from:
Charlie Lee — Litecoin FoundationVisaMastercardKrakenBitwiseFireblocksChainlinkMinistry of FinanceRippleDeloittePwC+ Many Others
Breakout Program
Beyond the main stage, attendees will have access to a dedicated breakout program hosted by leading organizations. These sessions are designed to provide deeper insights into the technologies, regulations and business models driving the next phase of digital asset adoption.
Visa · Mastercard · Deloitte · PwC · Fireblocks · Kraken · OKX · Bybit EU · Zerohash Europe · Coinmerce · Talos
Amsterdam & MiCA
As Europe enters the MiCA era, Amsterdam continues to strengthen its position as a key destination for digital asset companies seeking to operate within a regulated framework. This shift is increasingly reflected in the audience attending Dutch Blockchain Week, which now attracts professionals from traditional finance, banking, fintech, government, legal, payments and blockchain sectors alike.
Networking
Networking remains a major focus for this year’s edition. Through a dedicated networking platform, attendees can connect, schedule meetings and engage with partners before arriving in Amsterdam. During the summit, dedicated networking areas and curated meeting opportunities are designed to facilitate meaningful business conversations and long-term partnerships.
The wider Dutch Blockchain Week ecosystem extends well beyond the summit itself. More than 40 side events will take place throughout Amsterdam — ranging from investor dinners, executive roundtables and networking receptions to community meetups, workshops and industry-focused gatherings.
“Dutch Blockchain Week 2026 is positioning itself as more than a conference. It is becoming a meeting point for the companies, institutions and professionals actively shaping the future of digital assets in Europe.”
Dutch Blockchain Week is one of Europe’s largest blockchain and digital asset gatherings, held annually in Amsterdam. The event brings together professionals from across exchanges, banking, payments, regulation, infrastructure, legal and investment sectors, creating a platform for business development, knowledge sharing and relationship building at the intersection of finance and digital assets.
About Crypto Coin Show
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Laszlo Hanyecz, a programmer, created history on May 22, 2010, when he spent 10,000 Bitcoin on two pizzas. The trade was valued at about $41(market cap under US$1M) at the time.
According to Binance, the 10,000 Bitcoins would be valued well over $700m (market cap over US$1.5T) now. In August 2025, when BTC price was at an all-time high of $126k, the coins would be worth more than $1 billion.
The amount now represents over 22 days of current issuance, given today’s block subsidy of approximately 450 BTC per day.
Major price milestones for Bitcoin have been reached amid dwindling new supply. At Pizza Day, roughly 14% of the total BTC supply had been mined. By the time BTC first traded above US$100 in 2013, this had risen to around 53%. According to Binance, nearly 80% had been mined by US$10K in November 2017, and over 94% by US$100K in December 2024.
This illustrates how Bitcoin’s issuance schedule is structurally diminishing. The supply curve flattens with each halving as daily issuance declines from 7,200 BTC per day during the Pizza Day era to 450 BTC presently and 225 BTC following the anticipated April 2028 halving. The remaining mineable Bitcoin represents a diminishing source of fresh supply versus any future growth in demand, since more than 94% of the total supply is currently in circulation.
Bitcoin Pizza Day shows global Bitcoin purchasing power after 16 years
To mark Bitcoin Pizza Day 2026, Binance used the initial pizza purchase as a lens to analyze the current crypto economy, highlighting how Bitcoin’s purchasing power has grown across major global cities. The comparison highlights how digital assets now interact with real estate, mobility, and daily consumption at scale, from Mumbai and Dubai to New York, London, and Tokyo.
Binance said that 10,000 BTC in Mumbai could purchase tens of millions of cups of chai and extensive access to commuter rail systems with thousands of years of journeys. The coins could also have major commercial real estate space in the city’s business districts,
In Dubai, the same sum could buy more than 12 million shawarmas, hundreds of luxury desert adventures, and dozens of ultra-luxury Palm Jumeira Villas.
The 10,000 BTC could purchase approximately 22 million slices of pizza, over 3,000 of Manhattan studio apartments, and enough subway rides to circle the city for generations.
In London, the same sum could purchase over 8 million pints at London pubs, several Premier League hospitality boxes for every match of the season, and purchase entire rows of townhouses in some boroughs.
Binance further said that the coins could buy millions of sushi plates in Tokyo, purchase thousands of high-speed rail journeys across Japan, and could also purchase entire floors in some central Tokyo apartment buildings.
Institutional adoption drives Bitcoin’s shift toward global infrastructure
Beyond the illustrative analogies, the larger message is that Bitcoin has shifted from novelty to infrastructure. Adoption patterns are increasingly influenced by both institutional involvement and grassroots usage in both established and emerging nations as digital assets continue to become integrated into payments, investment, and remittance flows.
SB Seker, Head of APAC at Binance, emphasized this evolution, noting, “Bitcoin Pizza Day has become one of crypto’s most celebrated traditions because it captures something essential: innovation happens when someone is willing to try something new, even if it seems impractical at the time. In 2010, Laszlo Hanyecz used Bitcoin to buy pizza because he believed digital currency should have use cases, not just sit in a wallet. Today, we are seeing that vision materialize at scale. Stablecoins are processing trillions in monthly volume, and users in markets like India are discovering crypto’s practical applications-from everyday transactions to wealth creation and preservation. Bitcoin Pizza Day celebrates the moment crypto moved from theory to practice, and reminds us that the real work is making that utility accessible to everyone.”
Binance said that institutions hold about 3.88 million BTC, or 18.5% of the 21 million hard cap. Strategy alone accounts for ~844K BTC, or 4% of total BTC, while public corporations narrowly lead all categories at ~1.24M BTC (5.9%). ETFs trail closely behind with ~1.32M BTC (6.3%), with BlackRock’s IBIT leading at ~811K BTC. An additional ~650K BTC (3.1%) is held by governments.
The crypto exchange explained that, excluding DeFi and other protocol holdings, pure institutional ownership is approximately 3.5 million BTC, or about one in six BTC. The adoption route is evolving. This is the first cycle in which the marginal buyer is an institution rather than a retailer. Approximately 1.24 million BTC (~US$95.7 billion NAV, ~5.9% of the circulating supply) are now held by 197 listed corporations. In the last 12 months alone, about half of that corporate accumulation occurred.
