LetsBONK Leads Solana, MicroStrategy's Bitcoin Bet Pays Off, and CoreWeave's Big Buy

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Now, let's get back to the top stories of the day.

The Solana memecoin launchpad, LetsBONK.fun has surpassed its rival Pump.fun, claiming the top spot in daily revenue and trading volume. According to data from DefiLlama, LetsBONK generated $1.04M in revenue over the past 24 hours, nearly doubling Pump.fun's $533,412. Regarding token launches, LetsBONK facilitated 18,093 new memecoins in a single day, compared to Pump.fun's 9,535. This shift reflects LetsBONK's growing dominance, with a market share of 55.3% compared to Pump.fun's 34.9%.

The BONK token, the cornerstone of the ecosystem, has also seen significant momentum, soaring 49% in the last seven days. Strong technical indicators suggest a potential for further gains, though overbought conditions may lead to a pullback. Community X posts highlight active development, including real-time UI updates and new creator incentives, fostering strong engagement. However, sustaining this lead over Pump.fun, a long-standing leader, will require consistent innovation.

MicroStrategy, the world's largest corporate Bitcoin holder, reported a $14.05B unrealized gain on its digital assets in Q2 2025, driven by its holdings of over 500,000 bitcoins, valued at $64.36B. The company's Bitcoin portfolio benefited from a price surge from $82,000 to $108,000 per bitcoin during the quarter. Additionally, MicroStrategy announced a $4.2B at-the-market (ATM) program for its Series A Perpetual Stride Preferred Stock (STRD), with proceeds earmarked for general corporate purposes, including further Bitcoin acquisitions.

The company raised $6.8B in Q2 through capital markets, including preferred stock offerings and common stock sales, with remaining capacities of $18.1B for common stock and $20.5B for STRK ATM, as detailed in their SEC filing. While MicroStrategy's Bitcoin strategy has driven significant profits, debates persist about the risks of its concentrated exposure, with some analysts questioning the sustainability of its high price-to-sales ratio.

A wave of companies bolstered their Bitcoin treasuries, signaling robust institutional confidence in the cryptocurrency. Japan-based Metaplanet added 2,205 bitcoins, bringing its total to 15,555 BTC. Semler Scientific, a U.S.-based firm, purchased 187 BTC for $20M, increasing its holdings to 4,636 BTC, valued at $502M with $72M in unrealized gains.

The Smarter Web Company, a UK-based firm, reached the 1,000 BTC milestone after acquiring 226.42 BTC for $24.4M. France-based The Blockchain Group added 116 BTC for $12.55M, bringing its total to 1,904 BTC, with a 2025 yield of 1,348.8%. These moves reflect a broader trend of corporations viewing Bitcoin as a hedge against inflation, though critics highlight the volatility risks.

Bit Digital has executed a dramatic shift by converting its entire treasury into Ethereum, acquiring 76,169 ETH for approximately $173M between April and June 2025. Combined with its previous holdings of 24,434 ETH, the company now holds 100,603 ETH, valued at roughly $253M. To fund this acquisition, Bit Digital sold its remaining 280 BTC, valued at $30M, and raised $143M through an at-the-market equity offering. This move positions Bit Digital as one of the largest publicly traded Ethereum holders, surpassing many competitors in ETH treasury size.

The strategic pivot reflects Bit Digital's optimism about Ethereum's long-term potential, driven by its robust DeFi ecosystem and upcoming upgrades. The company's share price surged 21% to $3.5 following the announcement, signaling investor confidence, although the move carries risks due to Ethereum's volatility and regulatory uncertainties. Analysts suggest that Bit Digital's treasury could see significant gains if Ethereum's price continues its upward trajectory, but a market downturn could expose the company to substantial losses.

CoreWeave, a cloud computing startup, is acquiring Core Scientific, a leading Bitcoin miner, in an all-stock deal valued at approximately $9B, as reported by Cointelegraph. Core Scientific shareholders will receive 0.1235 shares of CoreWeave Class A common stock per share, representing a 66% premium over the June 25 closing price of $12.30. The acquisition will provide CoreWeave with 1.3 GW of power capacity and potential for over 1 GW of expansion, enabling a shift toward high-performance computing (HPC) and AI applications.

Core Scientific, the 33rd largest corporate Bitcoin holder with 977 BTC, saw its earnings double to $580M in Q1 2025 despite revenue challenges from the Bitcoin halving. Several X posts highlight prior collaborations with CoreWeave for HPC hosting, suggesting strategic alignment.

That's all for today, people. Let's talk tomorrow.

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