Arizona Approves Bitcoin Reserve Bill Funded by Seized Crypto

Arizona’s House of Representatives passed HB 2324 on Tuesday, reviving a crypto bill that creates a state-managed reserve fund backed by seized digital assets. The 34-22 vote clears the bill’s path to Governor Katie Hobbs, who now holds final authority.

“The legislation creates a framework for Arizona to establish a ‘Bitcoin and Digital Assets Reserve Fund’ that would be managed by the state treasurer,” Decrypt reported. The reserve will be funded through crypto assets forfeited in criminal investigations, including Bitcoin and stablecoins.

Proceeds from seizures will be distributed in tiers, with the first $300,000 going to the Attorney General’s office and the rest divided among law enforcement, state coffers, and the new fund. HB 2324 also mandates protocols for securing digital assets via private keys or state-approved wallets.

The bill follows HB 2749, signed in May, which lets Arizona hold unclaimed crypto in native form and collect staking rewards. Hobbs has supported regulation but vetoed direct investment proposals; her decision here could signal where she draws the line.

Prediction Market Kalshi Raises $185M At $2B Valuation

Prediction market Kalshi has secured $185 million in Series C funding, led by venture firm Paradigm and supported by Sequoia, Neo, and Multicoin. The round values Kalshi at $2 billion and brings its total funding to $415 million, according to a Wednesday announcement. Kalshi plans to expand its engineering team and scale market offerings to mainstream prediction markets.

Kalshi’s growth has surged over the past year, including a 100x increase in trading volume and a key federal court victory enabling election-related contracts. The firm, regulated by the CFTC, now competes with Polymarket, which is raising $200 million at a $1 billion valuation. Paradigm founder Matt Huang called prediction markets a new asset class on a “trillion-dollar trajectory.”

Strategy Has 91% Chance For S&P 500 Listing

Strategy, formerly MicroStrategy, has a 91% chance of joining the S&P 500 if Bitcoin stays above $95,240 through June 30. The firm has posted three consecutive quarterly losses, but revised accounting rules allow unrealized Bitcoin gains to count toward earnings. Inclusion would mark Strategy as the second crypto-linked company to enter the index this year.

Analysts say recent volatility adds risk, with Bitcoin dipping below $100,000 amid Middle East tensions. Strategy’s bid hinges on BTC’s market value, which determines the quarter’s financial result under ASU 2023-08. If successful, it would cement Michael Saylor's Strategy as the public face of corporate Bitcoin adoption in traditional finance circles.

Hyperliquid Rival Aster Hits $33B Volume With Dark Pools

Perp DEX Aster recorded over $33 billion in trading volume this month, setting a new platform record, according to DefiLlama data. The exchange added a hidden order feature last week, shortly after Binance founder CZ called for dark pools onchain. The tool aims to prevent front-running by shielding large trades from public view until execution.

While Hyperliquid still dominates the space with $186 billion in volume, Aster’s innovations are closing the gap. Traders responded swiftly to the dark pool launch, boosting Aster’s daily volume and raising anticipation for a potential token airdrop. The hidden orders rely on advanced privacy techniques to replicate institutional tools used in traditional finance.

Data of the Day

Bitcoin’s recent price action remains closely tied to ETF flows, with research showing an R² of 0.80 for 30-day returns (meaning 80% of Bitcoin’s price changes over the past month can be explained by ETF activity). Over the past month, US spot ETFs added 13,000 BTC; the weakest inflow since April but still enough to influence market momentum. In contrast, corporate treasury acquisitions have had less impact on price.

K33 analyst Vetle Lunde attributed the difference to how funds are raised: ETF buys require new spot demand, while BTC treasury firms often use in-kind share swaps. More than 50 new treasury vehicles have launched this quarter, but many simply move BTC between large holders. Lunde said this dampens market pressure and may be shifting investor behavior away from spot accumulation.

More Breaking News

• South Korea’s largest banks will jointly launch a won-backed stablecoin by 2026 to strengthen digital finance and counter rising dollar-based dominance.
• Tether wants to become the world’s top Bitcoin miner by year-end, as it works to secure its BTC holdings and diversify beyond stablecoins.
• Bitcoin ETFs extended their 11-day streak with $588 million in inflows Tuesday, marking the biggest single-day spike for the month of June.
• Metaplanet raised $515 million through a new stock issuance as part of its plan to accumulate one percent of Bitcoin’s fixed total supply.
• Aurora Mobile will allocate up to 20 percent of its cash to cryptocurrencies including BTC, ETH, SOL and SUI as part of a treasury shift.
• Barclays will ban crypto purchases made with its credit cards starting June 27, citing risks of unmanageable debt during market downturns.
• Grayscale launched a trust offering exposure to Space and Time’s SXT token, tapping into demand for data-centric blockchain infrastructure.

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