PUMP.fun ICO Sells Out in Minutes, Raising $500M
The crypto world was focused this week on PUMP.fun, a popular memecoin launchpad, executed an Initial Coin Offering (ICO) that sold out in 12 minutes, raising an impressive $500 million. The rapid sell-out underscores the growing appetite for memecoins and decentralized platforms. PUMP.fun’s success highlights the power of community-driven projects and the speculative fervor still driving the market. This milestone could set a new benchmark for future ICOs, with analysts watching closely to see if this momentum translates into sustained growth or a potential bubble.The ICO used a dynamic bonding curve, where token prices rose with demand, driving urgency. Of the 3 trillion PUMP tokens, 33% were sold: 18% to institutional investors like Dragonfly and 15% to retail traders. The rest went to liquidity, team, and ecosystem use. Solana’s fast, low-cost network helped the sell-out.SBET Plans to Raise $5B for Further Ethereum PurchasesIn a bold move that has sparked excitement on X, SharpLink Gaming (SBET), a Nasdaq-listed firm, has amended its ATM (At-The-Market) agreement to allow share sales of up to $6 billion, with plans to raise $5 billion specifically for additional Ethereum (ETH) purchases. The announcement has triggered a wave of reactions from the crypto community. This strategy builds on SBET’s existing treasury pivot, where it already holds 280,706 ETH (worth approximately $840 million) after a $413 million capital raise last week. Ethereum co-founder Joseph Lubin, who joined SBET as chairman, is steering this aggressive accumulation, potentially positioning the firm as a dominant player in the ETH market.BlackRock Files With SEC to Include Staking in Ethereum ETFBlackRock, the world’s largest asset manager, has taken a significant step toward enhancing its Ethereum offerings by filing with the SEC to include staking in its iShares Ethereum Trust (ETHA). This move follows a record-breaking $499 million inflow into ETHA on Wednesday, part of a $726.74 million net inflow across Ethereum ETFs. The filing, submitted by Nasdaq, proposes staking “all or a portion” of the trust’s ETH, a development that could boost yields for investors if approved by the SEC. There is a final deadline for earlier filings in October and BlackRock’s specific proposal extending to April 2026. This could mark a “next phase” for Ethereum ETFs, as noted by BlackRock’s Head of Digital Assets, Robert Mitchnick.GENIUS Act Bill Passes, Paving the Way for Stablecoin RegulationThe U.S. House passed the GENIUS Act this week, a landmark bill aimed at regulating stablecoins, with a Senate vote of 68-30 on Tuesday. This legislation establishes rules for stablecoins aiming to foster competition and protect consumers by setting clear standards for issuers. Despite some against the acceleration of crypto in America as historically shown, the bill garnered bipartisan support, including from Sens. Cory Booker and Adam Schiff. The act could reshape the stablecoin market. This regulatory clarity may encourage further institutional adoption of crypto and fuel the continuous growing trend of stablecoin adoption.Sources:CointelegraphInvesting.comDecryptForbes
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