Stripe's Crypto Push, Solana ETFs, and GameStop's BTC Play

Happy Thursday, TM Family!

Welcome to the Token Metrics Daily newsletter, where we cover key market movements, regulatory updates, and early alpha for our readers and investors. 

Let's dive in! 

Stripe, a leading global payments company, has acquired Privy, a crypto wallet provider, in a strategic move to bolster its cryptocurrency infrastructure. This follows Stripe's $1.1B acquisition of Bridge, a stablecoin platform, marking one of the largest crypto acquisitions to date. While the financial details of the Privy deal remain undisclosed, Privy will operate as an independent product under Stripe's umbrella, aiming to "move faster, ship more, and serve you even better," according to a statement from Privy.

This acquisition underscores the growing importance of crypto wallets and infrastructure in the internet economy. As businesses increasingly adopt digital assets for payments, Stripe is positioning itself as a bridge between traditional finance and crypto. The company has already reintegrated crypto payments in the US and launched Stablecoin Financial Accounts in May 2025, allowing businesses to hold and transact in stablecoins. These moves reflect a broader trend of traditional financial institutions embracing crypto to meet evolving market demands.

The U.S. Securities and Exchange Commission (SEC) has taken a significant step toward approving Solana exchange-traded funds (ETFs) by requesting issuers to submit amended S-1 forms within a week. The SEC will provide comments within 30 days, with one source estimating approval within three to five weeks, potentially as early as July 2025. Bloomberg Intelligence analyst James Seyffart has expressed optimism, giving Solana ETFs a 90% approval chance, citing favorable regulatory conditions under the Trump administration's pro-crypto policies.

Several issuers, including Fidelity, Franklin Templeton, VanEck, Bitwise, Canary Capital, 21Shares, and Grayscale, are vying to launch Solana ETFs. The SEC's openness to including staking in these ETFs is a notable development, as it could enhance returns for investors. The success of Bitcoin ETFs, with $140B in investments, and Ethereum ETFs, with over $9B in assets under management, has fueled anticipation for an "Altcoin ETF Summer". However, some experts caution that regulatory hurdles could push final approvals to October 2025.

Plasma, a decentralized finance (DeFi) protocol, has witnessed unprecedented demand for its stablecoin deposits. In just 30 minutes, it doubled its deposit cap from $500M to $1B, which was filled. The platform's vault currently holds $558M in USDC, $396M in USDT, $16.6M in USDS, and $3.4M in Dai, reflecting strong investor interest in stablecoin-based yield opportunities.

Plasma is also preparing for a $50M public sale of its $XPL tokens at a $500M fully diluted valuation, following a $3.5M funding round led by Bitfinex in October 2024 and a $20.5M Series A in February 2025. Despite market volatility, the rapid filling of its deposit cap, with annual percentage rates (APRs) ranging from 25-50% for three- to four-month lockups, indicates robust demand for DeFi products.

On June 11, 2025, Spot Ethereum ETFs recorded net inflows of $240.3M, surpassing Spot Bitcoin ETFs' $164.5M, marking the 18th consecutive day of positive inflows for ETH ETFs. BlackRock's ETHA led with $163.6M, followed by Fidelity's FBTC at $37.28M. This performance is attributed to positive regulatory developments, including SEC guidance clarifying that staking and wallet software are not securities, and a spillover effect from Bitcoin's institutional adoption.

Recent data also shows Ethereum ETFs attracting $815M in institutional inflows, contributing to a 5% price surge past $2,800. While Bitcoin ETFs maintain a larger total asset base, with $140 billion invested, Ethereum's consistent inflows suggest growing investor confidence in the second-largest cryptocurrency.

GameStop, the gaming retailer, announced a $1.75B convertible senior note offering on June 11, 2025, with an option for an additional $250M, to fund investments aligned with its updated policy of holding Bitcoin as a treasury reserve asset. The company previously raised $1.5B in April and purchased 4,710 BTC for $500M in May 2025. The notes, maturing in June 2032, carry no regular interest and are open only to qualified institutional buyers.

Despite financial challenges, the company's commitment to Bitcoin reflects a growing trend of corporate adoption of digital assets, though its stock fell 10% in after-hours trading following the announcement.

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

Your Friends at Token Metrics