CryptoCalibur

June Weekly Update #1 [1/4] June 2nd to 8th Recap: ▫️Strategy offered new $250M Stride (STRD) preferred stock to fund more BTC buys ▫️Metaplanet issued 555 million shares of moving-strike warrants, expected to generate $5.4B to buy additional BTC ▫️Robinhood completed acquisition of Bitstamp crypto exchange ▫️The Blockchain Group bought close to $70M of BTC, taking total holdings to 1,471 BTC ▫️Pump.fun announced plan for $1B token sale at $4B FDV ▫️Circle ended 1st trading day as a public company with 47,109,641 shares traded, & the stock closing at $83.23 per share, 168% up from the IPO price of $31 ▫️JPMorgan announced plan to offer clients financing against crypto ETFs ▫️World Liberty Financial airdropped USD1 tokens to WLFI token holders ▫️Truth Social filed for BTC ETF: proposal to list & trade shares under NYSE Arca Rule 8.201-E ▫️Chinese firm Webus filed with US SEC for possible $300M XRP treasury plan ▫️Polymarket's monthly volume rose above $1B in May, the highest level since Jan 2025 ▫️Rails raised $14M from backers including Kraken to launch crypto exchange ▫️Hyperliquid reached 80% of DeFi perp market share ▫️Perp DEXs hit a record $382.3B in volume in May, up from $234.2 B in May 2024 ▫️ETH’s weekly engagement jumped 16.95% to hit a new ATH as 17M+ addresses engaged with the ETH ecosystem last week ▫️Stablecoins revealed to account for over 80% of total spot trading volume in 2025 ▫️New data revealed that there are 50M different crypto tokens currently in circulation

May Weekly Update #1 [1/4] April 28th to May 4th Recap: ▫️Strategy acquired an additional 15,355 BTC for $1.42B at $92,737 per BTC ▫️Tether revealed quarterly operating profit over $1B in Q1 2025, & holdings close to $120B in U.S. Treasuries ▫️Kraken announced Q1 revenue hit $472M, marking a 19% year-over-year increase ▫️Strategy announced plan to offer up to $21B in class A stock via ATM sales agreement ▫️Metaplanet revealed plan to establish US subsidiary, capitalized with $250M to fund BTC treasury strategy ▫️Libre & TON Foundation launched $500M Telegram Bond Fund ($TBF) on TON Blockchain ▫️EU announced plan to ban anonymous crypto accounts & currencies by 2027 under new AML rules ▫️Arizona Legislature passed Bitcoin reserve bills ▫️SEC ended investigation into PayPal’s PYUSD stablecoin ▫️Mango Markets exploiter Avaraham Eisenberg sentenced to 52 months in prison ▫️Coinbase launched the institutional Coinbase Bitcoin Yield Fund offering 4% to 8% yield on BTC ▫️Crypto VC dao5 closed $222M second fund after investments in Berachain & Bittensor ▫️Camp Network raised $25M for AI blockchain platform helping firms collect AI copyright royalties ▫️Andreessen Horowitz led $25M round for ZK privacy project Miden, an offshoot of Polygon Labs ▫️Quarterly tx fee revenue on ETH revealed to be down 95% from ATH in Q4 2021 ▫️SOL shown to have outpaced every other chain in revenue generation for Q1 2025 ▫️Circle's stablecoin supply shown to be up 37.22% since early 2025 ▫️15.4M unique addresses interacting with a chain in the ETH ecosystem in a given week represented a new ATH ▫️ETH researcher Dankrad Feist proposed 100-fold 'exponential' gas limit boost to improve mainnet scaling

April Weekly Update #5 [1/4] April 21st to 27th Recap: ▫️Strategy acquired an additional 6,556 BTC for $555.8M at $84,785 per BTC ▫️Cantor struck $3B crypto venture deal with Softbank & Tether ▫️DeFi Development Company, filed $1B shelf offering with SEC to boost SOL treasury ▫️SOL Strategies secured $500M convertible note facility to expand SOL holdings ▫️U.S. Federal Reserve withdrew guidance for banks related to their crypto-asset & dollar token activities ▫️DeFi Development (JNVR) raised SOL holdings to $48M with discounted token purchase via BitGo ▫️Tether announced additional share purchases in Juventus FC to cross 10% stake ▫️BlackRock’s BUIDL fund surpassed $2.3B in supply, one month after crossing the $1B mark ▫️Mantle launched $400M Mantle Index Four (MI4) fund with Securitize as tokenization partner ▫️21Shares filed for SUI ETF & Bitwise registered a NEAR ETF in Delaware ▫️RockawayX raised $125M for 2nd fund to primarily invest in Solana projects ▫️Paradigm injected close to $50M into decentralized AI startup Nous Research at $1B valuation ▫️Paradigm-backed restaking protocol Symbiotic raised $29M in Series A funding ▫️Stablecoin transaction volumes revealed to have eclipsed Visa's for the first time in 2024 at close to $14T ▫️Messari revealed that 6 entities currently issue over 90% of all tokenized treasuries ▫️TRON network surpassed $70B in circulating USDT ▫️Applications on BNB revealed to have generated $170.2M in fees during Q1 2025

April Weekly Update #3 [1/4] April 7th to April 13th Recap: ▫️Trump signed resolution to repeal IRS DeFi broker crypto rule ▫️Over $1B worth of liquidations on Monday ▫️Ripple acquired multi asset prime broker Hidden Road for $1.25B ▫️Galaxy Digital received SEC approval for U.S. listing, with Nasdaq debut in May outlined ▫️US Justice Department disbanded crypto enforcement unit ▫️Jack Dorsey’s Block fined $40M for KYC/ AML & crypto compliance failures ▫️CryptoPunk trader pleaded guilty to hiding $13M profits from IRS, faces up to 6 years in prison ▫️SEC approved options on multiple spot ETH ETFs ▫️US Senate confirmed Paul Atkins to lead the SEC under Trump ▫️New York judge ruled against most of DCG’s motion to dismiss NYAG’s civil securities fraud suit ▫️SEC dropped unregistered securities claims against Helium tokens after Nova Labs agreed to $200k settlement ▫️21Shares filed S-1 for Dogecoin ETF ▫️BlackRock added Anchorage Digital as new crypto custodian ▫️Binance announced plan to launch LDUSDT, a second 'reward-bearing margin asset' for its futures platform ▫️Ben Leventhal raised another $50M for crypto dining app Blackbird ▫️Magic Eden acquired crypto trading app Slingshot ▫️Former Ethereum Foundation developer Virgil Griffith released from prison ▫️Daily active addresses on Sui Network jumped to 2.2M ▫️Data revealed that Raydium accounts for close to 50% of total DEX volume on Solana in 2025 ▫️MegaETH revealed to lead EVM chains in computational throughput

April Weekly Update #2 [1/4] March 31st to April 6th Recap: ▫️Strategy acquired an additional 22,048 BTC for $1.92 B at $86,969 per BTC ▫️GameStop announced $1.48B in net proceeds from notes, to be used for BTC acquisition & corporate purposes ▫️Circle paid $210M in stock to acquire Coinbase’s stake in Centre & filed for IPO ▫️Tether revealed to have purchased 8,888 Bitcoin in Q1, bringing total holdings to $7.8B ▫️Bitwise launched three active option income strategy ETFs; $IMST, $ICOI,& $IMRA which distribute monthly income based on the performance of MSTR, COIN, & MARA. ▫️Fidelity announced that investors can directly invest in crypto through new IRA plan ▫️PayPal added SOL & LINK for customers in the U.S. & U.S. territories ▫️Grayscale filed for SOL ETF & SEC acknowledged filing for Fidelity SOL ETF ▫️SEC indicated that Covered Stablecoins are not considered securities ▫️Dollar stablecoin market cap hit a new ATH of $234.6B on March 27, 2025, up by 15% since the start of 2025 ▫️Codex raised $16M to build a stablecoin specific blockchain platform ▫️0xbow launched ‘Privacy Pools’, inspired by Vitalik Buterin’s research with Vitalik one of the first to deposit funds ▫️Uniswap DAO voting resulted in $113M 'Treasury Delegation' program to continue to allocate UNI tokens to delegates ▫️Ethereum developers confirmed May 7 date for Pectra upgrade ▫️Memecoins accounted for 92% of Solana’s DEX volume, despite daily volumes on Solana falling from $12B in January to $720M in March ▫️Ethereum reclaimed 1st spot for DEX trading in March, overtaking Solana for the 1st time since September ▫️DeFi TVL fell 30% from December high to sit at under $95B

April Weekly Update #1 [1/4] March 24th to 30th Recap: ▫️Strategy acquired an additional 6,911 BTC for $584.1M at $84,529 per BTC ▫️FDIC clarified that banks can engage in permitted crypto activities without prior approval ▫️GameStop updated investment policy to include BTC as a treasury reserve asset & announced private offering of $1.3B convertible senior notes to purchase BTC ▫️Crypto dot com announced partnership with Trump Media to launch ETFs ▫️World Liberty Financial announced plan to launch USD1, an institutional-ready stablecoin ▫️Kentucky enacted “Bitcoin Rights” bill into law supporting self-custody of cryptocurrencies ▫️BlackRock launched BTC ETP in Europe & expanded $1.7B tokenized money market fund to Solana ▫️Interactive Brokers expanded crypto trading to include SOL, XRP, ADA & DOGE ▫️Custodia & Vantage Bank launched demand deposit backed stablecoin on ETH ▫️Terraform Labs announced intention to open crypto creditor claims portal on March 31 ▫️SEC ended investigations into Crypto dot com & Immutable ▫️Fidelity filed for SOL ETF with CBOE & Grayscale filed for AVAX ETF with Nasdaq ▫️Tokenized real-world assets hit a new ATH of $10B in TVL ▫️Crypto market maker DWF Labs established $250M liquid fund ▫️Crypto VC Maven 11 raised $107M for third fund focused on Web3 start-ups ▫️French state-owned bank Bpifrance launched €25M fund for new French crypto tokens ▫️Stablecoin supply on Ethereum reached a new ATH of $132.4B ▫️Base revealed to dominate ERC-4337 adoption, holding at least 38% of weekly successful UserOps since Dec 16, 2024 ▫️All-time volume on Uniswap v4 crossed $2.5B, fueled by activity on ETH, ARB, Base & BNB

March Weekly Update #3 [1/4] March 10th to 16th Recap: ▫️Strategy filed to offer up to $21B in preferred stock to raise funds for purposes including potential BTC buys ▫️Trump-backed World Liberty Financial (WLFI) completed $590M token sale ▫️Bank of Russia permitted restricted crypto purchases for investors ▫️Mt. Gox moved over $900M worth of BTC to a new address ▫️Abu Dhabi investment group MGX made $2B investment in Binance ▫️Cantor Fitzgerald selected Anchorage Digital & Copper as custodians for $2B BTC financing business ▫️Spanish bank BBVA received go ahead to offer BTC and ETH trading ▫️Fidelity filed to add staking for ETH ETF ▫️Deutsche Boerse’s Clearstream to offer BTC & ETH custody ▫️Franklin Templeton filed S-1 for XRP ETF & VanEck filed S-1 for AVAX ETF ▫️Coinbase announced plan to launch 24/7 & perpetual style futures in the US ▫️US court allowed 3AC to expand FTX claim to $1.5B ▫️BlackRock's BUIDL crossed $1B, becoming largest tokenized fund tracking onchain treasuries ▫️MoonPay acquired stablecoin firm Iron in $100M deal ▫️Crypto payments firm Mesh raised $82M ▫️StarkWare established BTC reserve amid vision for Starknet to unify BTC & ETH ▫️95% of Solana's total fees came from 1.26% of its wallet addresses over last 30 days ▫️Nearly 25% of total ETH supply revealed to be deposited in DeFi ▫️Solana revealed to occupy a 57% share of the total revenue generated by the top chains in February

March Weekly Update #2 [1/4] March 3rd to 10th Recap: ▫️ Trump signed Executive Order to establish US Strategic Bitcoin Reserve & Digital Asset Stockpile ▫️ US Office of the Comptroller of the Currency (OCC) reaffirmed that crypto activities are permissible in the federal banking system ▫️ Mt. Gox moved over $1B worth of BTC to a new address ▫️ World Liberty Financial & Sui signed collaboration & strategic reserve deal ▫️ Volatility Shares filed XRP ETF, 2x XRP ETF, & -1x XRP ETF ▫️ SEC dropped lawsuits against Kraken & Yuga Labs ▫️ Binance announced intention to delist non-MiCA compliant stablecoin pairs for EEA users on March 31 ▫️ Foundation Capital raised $600M for Fund 11 focusing on early stage startups ▫️ Across Protocol raised $41M in ACX token sale to investors including Paradigm, Bain Capital Crypto, Coinbase Ventures, & Multicoin Capital ▫️ THORChain saw record $4.6B volume after $1.4B Bybit hack ▫️ SEC started process to drop case against Cumberland DRW ▫️ Berachain staking protocol Infrared raised $14M in Series A token round ▫️ Aave published tokenomics update, incorporating buybacks & fee switch ▫️ Fees paid on Solana network hit $71M in February, the lowest in 4 months ▫️ All-time trading volume on Uniswap surpassed $2.5T

March Weekly Update #1 [1/4] February 24th to March 2nd Recap: ▫️ Strategy acquired an additional 20,356 BTC for $1.99B at $97,514 per BTC ▫️ Trump confirmed US Crypto Strategic Reserve including BTC, ETH, XRP, SOL, & ADA ▫️ $1.4B Bybit hack confirmed as the largest crypto hack of all time ▫️ Bybit released their audit report, highlighting a compromise within SAFE's servers ▫️ Market downturn led to over $4B of liquidations ▫️ BlackRock added to its BTC ETF model portfolio for first time ▫️ SEC closed investigations into Gemini & Robinhood ▫️ CME Group announced SOL futures March 17 launch date ▫️ OKX resolved DOJ charges & agreed to pay over $500M penalty ▫️ Gotbit founder extradited to the U.S. to face charges of market manipulation & fraud conspiracy ▫️ SEC dropped the Consensys MetaMask case ▫️ Bitwise registered Aptos ETF entity in Delaware ▫️ Raise closed $63M funding round led by Haun Ventures to build crypto/gift card platform ▫️ Coinbase plus AI projects including NEAR form alliance to develop open AI services ▫️ MetaMask announced plan to support BTC & SOL in wallet revamp ▫️ Phantom wallet acquired token data platform SimpleHash ▫️ Token Terminal revealed there’s almost 2M tradable assets on Uniswap

February Weekly Update #4 [1/4] February 17th to 23rd Recap: ▫️ Strategy announced a $2B Convertible Senior Notes offering ▫️ Bybit hacked for over $1.4B in ETH & CEO Ben Zhou offered 10% recovery bounty ▫️ Bybit hack news led to over $500M of liquidations on Friday ▫️ Arkham Intelligence linked North Korea's Lazarus Group to ByBit exchange hack ▫️ SEC agreed to dismiss lawsuit against Coinbase ▫️ US Senate confirmed pro-crypto Howard Lutnick as Secretary of Commerce ▫️ FTX announced next distribution record date set for April 11, 2025 with distribution on May 30, 2025 ▫️ SEC voluntarily dismissed appeal in case to push 'dealer rule' on crypto/DeFi & ended investigation into OpenSea ▫️ Binance.US resumed USD services ▫️ SEC acknowledged 21Shares' proposal to permit staking on ETH ETF ▫️ Curve Finance founder raised funds at $50M token valuation for new project Yield Basis ▫️ Stablecoin supply revealed to have surpassed $215B ▫️ Monthly tx fee spend on Solana reached a new ATH of around 550M in January ▫️ Uniswap Labs released Unichain on mainnet ▫️ Galaxy data revealed 2nd highest daily amount of liquidations on Aave V3 (on ETH) since inception on Feb 3rd ▫️ The 7DMA of tx fees on ETH fell 70% to $0.77 while the median gas price averaged 1.61 GWEI ▫️ Quarterly tx volume on Base reached a new ATH close to 700M in Q4 24 ▫️ Hyperliquid completed HyperEVM launch on mainnet

February Weekly Update #3 [1/4] February 10th to 16th Recap: ▫️ Strategy acquired an additional 7,633 BTC for $742.4M at $97,255 per BTC ▫️ SEC signalled path to resolving cases against Coinbase & Binance ▫️ State of Wisconsin Investment Board reported $321.5M in iShares Bitcoin ETF ▫️ BlackRock's iShares Bitcoin Trust (IBIT) hit a new ATH of 77% market share in spot BTC ETF volume in January ▫️ SEC acknowledged Grayscale DOGE & XRP spot ETFs filings ▫️ BTC liquidity on U.S. exchanges increased to 2021 bull run levels, with Kraken & Coinbase in the lead ▫️ Coinbase’s 2024 Q4 revenue surged to $2.3B driven by postelection crypto rally ▫️ Robinhood reported 2024 Q4 revenue more than doubled to hit $1B ▫️ Abu Dhabi's sovereign wealth fund disclosed $436M of BTC ETF buys in Q1 ▫️ SEC Commissioner Hester Peirce stated “many” memecoins fall outside SEC jurisdiction ▫️ Aston Martin announced sponsorship deal with Coinbase paid entirely in USDC ▫️ Grayscale filed for Cardano ETF with the NYSE ▫️ Franklin Templeton extended $594M Money Market Fund to Solana network ▫️ Ethereum Foundation injected almost $120M worth of ETH into DeFi lending protocols ▫️ DeFi platform Legends raised $15M from a16z & Coinbase ▫️ Ordinals, Runes & BRC-20 type transactions shown to represent 30% of daily Bitcoin txs ▫️ Uniswap Labs released Unichain on mainnet ▫️ Aave's revealed to have hit a new ATH in monthly revenue of $138M in Jan ▫️ Ethereum L1 users revealed to have spent $570M in January, $420M on apps & $150M on tx fees ▫️ Ethereum devs released client software for Pectra upgrade on testnets

February Weekly Update #2 [1/4] February 3rd to 9th Recap ▫️ Over $2B in liquidations on Monday, Bybit CEO estimated up to $10B in liquidations ▫️ VanEck revealed around $196B worth of BTC is now held by ETFs, countries, public & private companies ▫️ Stripe closed its $1.1B purchase of stablecoin platform Bridge Network ▫️ SEC acknowledged previously rejected Solana ETF 19b-4 filing ▫️ Wisdomtree, Bitwise, 21Shares, & Canary filed for XRP ETF with CBOE ▫️ FTX confirmed repayments to start from February 18 for claims under $50k ▫️ Sol Strategies increased SOL holdings to 190,000 SOL with latest SOL purchase ▫️ CFTC announced crypto CEO forum with participants including Circle, Coinbase, Crypto com & Ripple ▫️ SEC announced scale back of crypto enforcement efforts ▫️ Kraken secured EU MiFID license, enabling launch of regulated derivatives offering ▫️ TON Foundation’s Steve Yun launched $100M VC fund TVM Ventures ▫️ 86% of all onchain real world assets revealed to be on ETH & ETH L2s ▫️ Pumpdotfun shown to account for over 50% of all monthly Solana DEX transactions ▫️ Monthly Uniswap swap volume on Base hit new ATH well over $15B ▫️ Ethereum supply climbed to pre-Merge upgrade levels at around 120.5M ETH; analysts point to Dencun 'blob' update ▫️ Ethereum increased gas limit for the first time since migration to Proof of Stake ▫️ Monthly DEX volume a new ATH of $562.7B in January 2025

February Weekly Update #1 [1/4] January 27th to February 2nd Recap ▫️ MicroStrategy acquired an additional 10,107 BTC for $1.1B at $105,596 per BTC ▫️ Japanese hotel investor Metaplanet announced $745M raise to buy BTC ▫️ SEC approved Bitwise combined Spot BTC & ETH ETF ▫️ Trump Media launched Truth.Fi fintech platform with plans to invest $250M into SMAs, ETFs & crypto ▫️ Tether hit $13B in profits for 2024 & new ATHs in U.S. Treasury holdings ▫️ Grayscale filed for DOGE ETF with NYSE ▫️ 21Shares filed for DOT Trust ▫️ Bitwise filed for Doge ETF in Delaware ▫️ $730B AUM investment firm Apollo launched tokenized private credit fund on SOL, Ink, & ETH ▫️ Sei Foundation launched $65M DeSci venture fund Sapien Capital ▫️ Pantera & Jump led $20M round valuing Humanity Protocol at $1.1B ▫️ CZ invested $16M in token airdrop service Sign ▫️ Coinbase Derivatives filed with CFTC to list SOL & HBAR Futures ▫️ Kraken brought back crypto staking for U.S. customers ▫️ Coinbase revealed crypto mobile wallet users hit an ATH of 36M in Q4, 2024 ▫️ The market reached a new high of over 36.4M crypto tokens, projected to hit 100M tokens by end of 2025 ▫️ DEX trading hit a new ATH with 20.5% of all spot CEX volume ▫️ Ethereum Layer 2s reached a new ATH in throughput, with Base in 1st place

January Weekly Update #4 [1/4] January 20th to 26th Recap: ▫️ MicroStrategy acquired an additional 11,000 BTC for $1.1B at $101,191 per BTC ▫️ Bitcoin ETFs revealed to hold over 1,100,000 BTC around 5.7% of current supply ▫️ Acting SEC Chairman Uyeda announced formation of new crypto task force ▫️ Senator Lummis announced new role as Chair of the Senate Banking Digital Assets Subcommittee ▫️ SEC rescinded crypto accounting guidance SAB 121 ▫️ US Appeals Court lifted OFAC sanction against Tornado Cash ▫️ Utah introduced a Strategic Bitcoin Reserve Bill ▫️ Bitwise filed for Doge ETF in Delaware ▫️ Trump pardoned Silk Road founder Ross Ulbricht ▫️ White House crypto czar David Sacks stated NFTs & memecoins are collectibles, not securities ▫️ CME leaked potential XRP & SOL futures launch on February 10 after regulatory review ▫️ Rex filed for Doge, Bonk, & Trump ETFs ▫️ Circle acquired $1.3B tokenized RWZ firm Hashnote ▫️ Solana hit ATHs for daily tx fees ($50M), DEX volume ($39.2B), REV ($56.5M), TVL ($10B) & stablecoin supply ($10B) ▫️ Ethereum experienced second largest drawdown of staked ETH from ATH since 2023 Shapella upgrade ▫️ Base hit an ATH of $2.9B DEX volume, driven by $1.3B in ETH-USD volume ▫️ Binance Labs rebranded to YZi Labs ▫️ Aave hit new ATH for TVL in ETH terms

January Weekly Update #3 [1/4] January 13th to 19th Recap: ▫️MicroStrategy acquired an additional 2,530 BTC for $243M at $95,972 per BTC ▫️$TRUMP & $MELANIA meme coins launched ahead of inauguration ▫️US Govt stated 120k seized BTC from 2016 Bitfinex hack worth $4B should be returned to Bitfinex ▫️SEC charged Digital Currency Group & sanctioned Genesis CEO Michael Moro for misleading investors ▫️Oklahoma Rep proposed Strategic Bitcoin Reserve Act for state to invest in BTC ▫️Canary Capital filed for a LTC ETF ▫️Sony launched Soneium public blockchain platform on mainnet ▫️Vitalik Buterin detailed 'large changes' to Ethereum Foundation leadership as ETH developers set Pectra mainnet upgrade for March ▫️Phantom Wallet raised $150M at $3B valuation in Series C funding round ▫️MoonPay purchased buy Solana crypto payment processor Helio for $175M ▫️Tether received Digital Asset Service Provider licence & announced relocation to El Salvador ▫️Coinbase launched DeFi-backed BTC loans for US users via Morpho ▫️Swiss state-owned bank PostFinance expanded into ETH staking ▫️Orbiter Finance announced OBT token launch & airdrop details ▫️L2s crossed $500B in all-time volume on Uniswap ▫️Sigma Capital unveiled $100M fund to accelerate Web3 innovations