Polymarket Targets US Crypto Return with $112M QCX Acquisition

Polymarket acquired derivatives exchange QCX for $112 million, signaling its intention to re-enter the US as a fully regulated prediction market. QCX holds approval from the Commodity Futures Trading Commission (CFTC), allowing Polymarket to resume operations stateside after previously facing regulatory setbacks.

Last week, the Department of Justice and CFTC dropped investigations against Polymarket, removing a major hurdle to its US ambitions. Polymarket had been scrutinized since 2022, paying fines and agreeing to restrict US users amid allegations of offering unregistered derivatives contracts.

Despite past regulatory pressure, Polymarket thrived internationally, hitting $2.6 billion in trading volume during the 2024 presidential election. Its accuracy in forecasting election results drew attention from mainstream media and even Elon Musk, who partnered with Polymarket for market predictions on X.

Polymarket will fully capitalize on QCX's regulatory standing to immediately restore US access to decentralized prediction markets. Founder Shayne Coplan confirmed the acquisition as foundational for Americans to resume legally trading opinions through crypto.

Trump Media Adds $2 Billion in Bitcoin Holdings

Trump Media announced that its crypto reserves now include roughly $2 Billion in BTC and related assets, making up two-thirds of its total liquid portfolio. The company, which owns Truth Social, said it has allocated another $300 million for options tied to Bitcoin-linked equities, with plans to convert based on market conditions. The update comes after previous denials of a major crypto strategy.

Though it did not specify how much of the total reflects physical Bitcoin, Trump Media confirmed plans to continue expanding its Bitcoin exposure. Shares of DJT rose over 6% following the news, while Bitcoin traded around $118,270 at midday. The firm now joins a growing list of public companies holding Bitcoin treasuries as a reserve asset.

Ethena Forms StablecoinX to Buy $360M in ENA

The Ethena Foundation announced plans to launch a treasury company called StablecoinX, in order to accumulate large amounts of ENA tokens. The foundation said it has entered a $360 million PIPE deal and plans to merge StablecoinX with SPAC firm TLGY Acquisition to list the new entity on Nasdaq. Major crypto investors including Dragonfly, Pantera, and Galaxy committed capital to the initiative.

StablecoinX will run ENA infrastructure, offer staking services, and direct earnings into token buybacks under a locked-token model. The company is structured to maximize ENA per share while helping Ethena grow its market position as the third-largest issuer of digital dollars. ENA rose over 6% on the day and now trades at $0.52, according to The Block’s price dashboard.

BitGo Files Confidential S-1 for IPO in the United States

BitGo revealed it has confidentially filed paperwork with the US Securities and Exchange Commission for a planned IPO of its Class A common stock. The crypto custodian manages over $100 billion in assets and recently secured licensing to operate across the European Union under MiCA regulations. Terms of the offering, including share count and price range, remain undisclosed at this stage.

BitGo's IPO signals further alignment between digital asset firms and traditional financial markets, following listings from peers like Bullish and Grayscale. The firm is also exploring a US bank charter and other regulatory options to expand domestically. Its rapid growth this year highlights rising institutional demand for secure crypto custody products.

Data of the Day

Bitcoin’s market dominance dropped to 58%, down from recent highs, as Ethereum surged from $2,500 to $3,500 over a 10-day period. This shift mirrors a similar dip in May but appears more noteworthy due to Ethereum's sharp gains and Bitcoin’s price holding near $120,000. Analysts say concentrated altcoin rallies are increasingly shaping short-term market structure.

The total crypto market cap neared $4 trillion this week, with investor attention expanding beyond Bitcoin to other large-cap tokens. While ETH and select altcoins have benefited from momentum rotation, fragmentation remains a challenge, with the altcoin index currently pointing to a 54/100 score for an alts season.

More Breaking News

• Justin Sun is finally set to fly on Blue Origin’s New Shepard, four years after paying $28 million for the rocket’s inaugural seat.
• Thailand’s SEC is proposing new ICO rules to reduce investor testing burdens while enforcing biennial risk assessments aligned with digital asset suitability standards.
• Bit Origin made its first Dogecoin purchase of 40.5 million DOGE after securing $500 million to build a corporate treasury focused on the meme coin.
• Ether Machine plans to launch a $1.5 billion institutional ETH yield fund, targeting returns through Ethereum staking and DeFi participation on public blockchain infrastructure.
• GameSquare increased its crypto treasury to $250 million, purchasing 8,351 ETH and allocating $10 million to a newly approved NFT yield strategy.
• DeFi Development Corp used a $19 million credit facility to buy 141,383 SOL, bringing its total Solana holdings to 999,999 tokens staked entirely onchain.
• The FTX estate is seeking more time in court to address over 90 objections opposing its freeze on $470 million in foreign creditor claims.
• Strategy added 6,220 BTC for $739.8 million in cash, increasing its total Bitcoin holdings to 607,770 and reinforcing its weekly accumulation campaign.
• Zora’s token rallied more than 60 percent after the Base App integrated its content tokenization tools, enabling users to mint and trade social tokens.

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