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Pump.fun’s long-anticipated public token sale concluded in a mere 12 minutes, and investors snapped up the full 12.5% of its 1 trillion‑token supply in a quick move. The event raised a total of $500 million from the sale of 125 billion PUMP tokens priced at $0.004, which accounts for 12.5% of the total 1 trillion token supply. 

$500 Million Raised In Just 12 Minutes

The Pump.fun ICO has officially become one of the most explosive token launches of the year after raising $500 million and closing out its sale in just 12 minutes. The Solana-based memecoin launchpad stunned the crypto community this Saturday with an explosive public token sale offering that distributed 125 billion PUMP tokens, which amounts to about 12.5% of the total 1 trillion supply at $0.004 apiece. This complete sale brings the PUMP tokens to a fully diluted valuation (FDV) of $4 billion.

Investors participated in the ICO by buying directly on the Pump.fun official token website or any of the project’s multiple centralized exchanges, which include Bybit, KuCoin, Bitget, Kraken, Gate.io, and MEXC. According to a dashboard on the official website, $448.5 million worth of PUMP tokens were purchased on the website, $5 million worth were purchased on Gate, $30 million worth were purchased on Kraken, and $16.5 million worth of tokens were purchased on KuCoin.

Image From Pump.fun

Buyers can expect PUMP tokens to be distributed within the next 48 to 72 hours, but transfers will be temporarily disabled during this window. Transfers will be enabled immediately after the distribution is complete. Nonetheless, pre-market activity suggests strong bullish sentiment. The quick sellout indicates that the crypto could surge massively in the first few trading sessions after launch, as long as the market is still in its current bullish state at the time it launches.

Mixed Reactions After Quick Sellout

The earliest that PUMP could become tradable and accessible for US and UK users is Monday, July 14. Notably, PUMP’s pre-listing price surged to as high as $0.006989 on Hyperliquid after the sale. Although it dropped after this peak, it has recovered a bit and is now around $0.006989. 

Notably, the project’s post of the sellout on the social media platform X was met with mixed reactions, as shown in the comments. Supporters celebrated the event, but not everyone was impressed. Some users voiced frustration over exchange issues that prevented them from completing their purchases during the short 12-minute window, while others raised questions about token distribution fairness, especially considering the discrepancy between the 33% supply initially promised for the ICO and the 12.5% that was ultimately offered in the public sale.

Image From Pump.fun

One trader reportedly opened a huge short position on Hyperliquid on $PUMP using 2x leverage with $8 million in USDC. The position is already about $800,000 in the red and is steadily approaching liquidation at $0.0085.

Featured image from Unsplash, chart from TradingView

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12 minutes.

That’s how long it took for Pump.fun’s token offering to raise roughly $500 million from retail investors across various exchanges, including Bybit, Kraken, and KuCoin.

The sale priced 125 billion tokens at $0.004 apiece, implying a $4 billion fully diluted valuation for the Solana-based memecoin launcher’s new utility token.

For now, holders must wait to get their hands on the token they bought.

Pump.fun said the purchased tokens will land in wallets over the next 48–72 hours and will stay locked until distribution ends, blocking trades or transfers.

The team shared the official Solana contract address— pumpCmXqMfrsAkQ5r49WcJnRayYRqmXz6ae8H7H9Dfn— and warned users to shun look-alike assets.

Read more: PUMP Lingers at 40% Premium Over ICO Price on Hyperliquid Ahead of Pump.fun Token Sale

In total, Pump.fun’s ICO was set to sell 33% of PUMP’s 1 trillion token supply, with 18% having already been allocated earlier via a private sale. The public allocation was recently lowered from 15% to 12.5%, which sold out in just 12 minutes.

Its other allocations include 20% for the team behind the project, 24% for community and ecosystem incentives, 13% for existing investors, 2.6% for liquidity, 2.4% for an ecosystem fund, with the remaining for a foundation fund and live streaming incentives.

Pump.fun allows anyone to mint and list a coin with a new token in a few clicks. When a freshly minted token reaches a specific threshold, it gets listed on decentralized exchanges.

The sale comes as the token launchpad’s metrics show a deepening decline in activity. DeFiLlama data shows that in January Pump.fun’s launchpad volume was above $11.6 billion, and has since been steadily declining to $3.65 billion last month.

Similarly, revenue generated via the launchpad dropped from $133 million in the first month of the year to nearly $34 million last month, according to DeFiLlama data.

While launchpad volumes plunged, Pump.fun’s decentralized exchange PumpSwap, which was launched in March, has been making up for the decline, seeing $14.3 billion of volume in May and $10 billion last month. Revenue for PumpSwap stood at $7 and $5 million for those months, per the same data source.

UPDATE (July 12, 15:54 UTC): Adds more context throughout.

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The appetite for Bitcoin is palpable, at least in the corporate treasury halls. More companies are joining the bandwagon. proof of the crypto’s appeal and status as a safe haven asset.

In early July, corporate Bitcoin buys surged as 54 companies revealed new treasury plans or purchases. Altogether, more than 8,400 BTC—roughly $500 million at current prices—flowed into company coffers.

Both nimble startups and established names joined the rush, underlining a rapid shift toward digital assets in corporate finance.

Major Deals Shake Up The Market

Figma surprised investors by filing an S‑1 that showed nearly $70 million Bitcoin acquisition—about 843 BTC. Cel AI and Opyl Limited each made their first entries, while Hyper Bit added more to its holdings.

Meanwhile, a dozen businesses, including two gold‑sector companies, outlined future crypto allocations. Amber International raised nearly $26 million via private placement for its BTC strategy, and a consortium eyeing a DV8 takeover plans to weave Bitcoin into its new treasury framework.

Week 27 – #Bitcoin Treasury Strategy Updates

June 30-July 4 saw 54 announcements – 8.4k BTC!

– 4 new treasuries, Figma with ~843 BTC as nice surprise
– 12 future treasuries announcements, including 2 Gold-related companies
– 18 companies added bitcoin, totaling… pic.twitter.com/2qiOfROS2C

— NLNico (@btcNLNico) July 5, 2025

Steady Purchases And Bold Plans

Some 18 firms actually added coins, contributing 7,591 BTC. Blue Star Capital arranged a $1.7 million fundraise to gain indirect BTC exposure, and Metavesco launched its inaugural formal treasury program. Sweden’s Fragbite Group topped up with around $530,000 worth of BTC.

Hamak Gold (LSE: HAMA) launches a Bitcoin Treasury Management strategy, alongside gold exploration.
Dual asset focus: Gold + Bitcoin
LSE Main Market governance
Gulf investment backinghttps://t.co/gspz837gWT

— Hamak Gold (@GoldHamak) July 3, 2025

Gold mining company Hamak Gold reserved proceeds from its $3.4 million capital raising to use to buy BTC in the future. Across heavyweights and niche participants, the range of activity demonstrates diverse but increasing confidence to own crypto long term.

Companies Signal Continued Growth

Beyond immediate purchases, 14 companies signalled plans to keep growing their Bitcoin reserves. Food‑service operator DDC Enterprise stunned the market by securing almost $530 million in new financing, with part of the funds earmarked for BTC.

Publicly declaring these intentions helps firms reassure investors that crypto won’t be a fleeting experiment.

Additional announcements—from policy tweaks to internal guideline updates—brought the total to six more disclosures. That transparency can calm concerns over volatility, custody risks, and accounting treatment.

This wave of activity makes clear that crypto has moved well past niche appeal. While price swings remain a factor and custody logistics must be nailed down, more companies see Bitcoin as a practical store of value.

With startups and blue‑chip firms alike laying plans and making purchases, Bitcoin’s role in corporate treasuries looks set to deepen.

Featured image from Meta, chart from TradingView

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At the time of writing, Ether

is trading at around $2,505, up 0.56% in the past 24-hours, according to CoinDesk Research’s technical analysis model. As for the broader crypto market as gauged by the CoinDesk 20 Index (CD20), it is up 0.34% during the same period.

SharpLink Gaming, Inc. (SBET) is a pioneering online performance marketing company specializing in the sports betting and iGaming industries. Headquartered in Minneapolis, SharpLink leverages its AI-powered C4 platform to deliver personalized, data-driven marketing content that enhances customer acquisition and retention for sportsbook and casino operators. The company has expanded through strategic acquisitions and partnerships, establishing itself as a leader in the evolving sports betting ecosystem.

On July 4, 2025, SharpLink announced on X that it has become the first publicly listed company to adopt ETH as its primary treasury reserve asset. The company outlined a comprehensive treasury strategy focused on accumulating ETH, staking it, and growing ETH-per-share to create long-term shareholder value.

SharpLink emphasized that its goal is not just to hold ETH but to actively deploy it through native staking, restaking, and Ethereum-based yield strategies. The company highlighted ETH’s advantages as a corporate reserve asset: it is productive via staking rewards, composable across decentralized finance protocols, scarce, secure, and aligned with the infrastructure of the future internet. This approach represents a bold redefinition of traditional treasury management, integrating decentralized finance principles into corporate finance.

This strategic pivot began with a $425 million private placement announced on May 27, led by Consensys and other prominent crypto investors, to fund the acquisition of ETH as SharpLink’s primary treasury asset. Joseph Lubin, Ethereum co-founder and founder of Consensys, joined SharpLink’s Board of Directors as Chairman upon closing this placement, reinforcing the company’s commitment to blockchain innovation.

Since officially launching its ETH treasury strategy on June 2, SharpLink has aggressively expanded its Ethereum holdings. Between May 30 and June 12, 2025, the company acquired approximately 176,271 ETH for about $463 million at an average price of $2,626 per ETH.

Following this, from June 16 to June 20, SharpLink purchased an additional 12,207 ETH for roughly $30.7 million, funded in part by $27.7 million raised through At-The-Market (ATM) equity sales.

By June 24, SharpLink’s ETH holdings reached 188,478 ETH, with 100% of these reserves deployed in staking solutions generating staking rewards. And by July 1, the treasury expanded further to 198,478 ETH, yielding over 220 ETH in staking rewards since the strategy’s inception.

Joseph Lubin has stated that embedding Ethereum at the core of SharpLink’s capital strategy embodies technological progress and institutional trust, positioning the company to lead the evolution of digital commerce. Meanwhile, CEO Rob Phythian has noted that SharpLink’s upcoming Nasdaq closing bell ceremony on July 7, 2025, will symbolize this new chapter, showcasing how digital assets can coexist with public market discipline and corporate governance.

SharpLink’s Ethereum treasury strategy uniquely positions the company at the crossroads of sports betting, blockchain technology, and decentralized finance, offering investors regulated and transparent exposure to Ethereum’s growth potential while advancing SharpLink’s mission to innovate the multi-billion-dollar iGaming industry.

Technical Analysis Highlights

• ETH gained 2.2% from July 4 15:00 to July 5 14:00, climbing from $2,475.48 to $2,530.02.
• A sharp sell-off between 13:06 and 14:05 pushed ETH down to $2,514.85 before buyers stepped in.
• Strong support formed between $2,480 and $2,500 during the July 5 16:00 hour, with 382,821 ETH traded.
• A bullish breakout on July 4 at 22:00 lifted ETH above $2,520, with resistance confirmed near $2,530.
• ETH consolidated around $2,515 with signs of reduced volatility and an ascending recovery trendline after 13:40.
• Momentum remains neutral short-term but structurally bullish given broader uptrend since late June.

Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.

Bitcoin (BTC) continued its pullback on June 17, sliding over 4% amid renewed military and political friction between Israel and Iran.

The flagship crypto fell to an intraday low of $103,300 before bulls stepped in to steady the price and push it back above $104,000,

As of press time, Bitcoin was trading at $104,439, down roughly 3.87% over the past 24 hours. Meanwhile, the wider crypto market fared relatively worse with a 6% average decline across the board. 

The impact on altcoins is highlighted by the nearly $508 million in liquidations in the past 24 hours, with over $167 million attributed to Ethereum (ETH) positions, according to Coinglass data.

ETH was trading at $2,471.72 as of press time, down 5.58% over the past 24 hours, while XRP was trading at $2.16 after a 6% decline. BNB saw significantly lower volatility over the same period and was down around 1.6% over the past day and trading at $647.77 as of press time.

Solana was down 5.6% and trading at $148.77 as of press time, while Cardano was down 5.6% to $0.6175.

Middle East tensions escalate

Price action was directly linked to the outbreak of fresh hostilities in the Middle East. Israel said its forces killed a senior Islamic Revolutionary Guard Corps commander in Tehran early on June 17.

This latest strike in a five-day exchange that has involved missiles, drones, and warnings to civilians.

In Washington, President Donald Trump posted that the US “knows where Iran’s Supreme Leader is hiding” and demanded Iran’s “UNCONDITIONAL SURRENDER,” escalating rhetoric around possible US involvement.

Traders watch as the prospect of wider regional conflict instigates risk aversion across global assets, including crypto.

Viable hedge

Analysts recently highlighted Bitcoin’s relative strength, calling it a viable alternative to increase a hedge in portfolios.

Ecoinometrics found that adding a 10% Bitcoin sleeve to a classic 60/40 allocation lifted the past-year risk-adjusted return to 0.80 with a 14% gain, versus 0.62 and 12% for the same swap into gold. 

Fidelity strategists Chris Kuiper and Jurrien Timmer say that persistent inflation and policy uncertainty have weakened the hedging role of bonds, making scarce digital assets such as Bitcoin an increasingly favored ballast in diversified portfolios.

Mentioned in this article

Bitcoin

holders have increased their profit-taking activity since the cryptocurrency’s price averages flashed a key bullish signal two weeks ago.

BTC’s 50-day simple moving average (SMA) crossed above its 200-day SMA on May 22, confirming a golden cross – a technical indicator signaling bullish long-term momentum, according to data from TradingView. On the same day, bitcoin’s price hit a record high above $111,000, according to CoinDesk data.

Still, holders are increasingly locking in gains rather than holding for further upside, according to on-chain data tracked by Glassnode.

“Entity-adjusted realized profit spiked above $500M/hour three times in the past 24 hours, signaling intense profit-taking activity,” Glassnode said on X on Tuesday.

The entity-adjusted realized profit represents the total USD profit of all coins that have been moved onchain, where the price at their last movement is lower than the latest transaction price.

The chart shows the profit-taking activity has steadily increased since the second half of May, topping the $500 million mark several times. That’s the most intense profit taking operation since early February.

Other metrics, such as the entity-adjusted spent output profit ratio (SOPR), suggest the same. SOPR tracks the profit level of all moved coins during a given period. It’s entity-adjusted version discards transactions between addresses of the same entity, providing a reliable indicator of real economic activity.

“The recent ATH breakout has led to a notable uptick in profits locked in, with the average coin capturing a +16% profit. Fewer than 8% of trading days have been more profitable for investors, suggesting a meaningful transition into profit-taking activity is underway,” Glassnode said in its weekly report.

The report added that profit-taking is still not as intense as seen during prior major price-topping patterns.

As of writing, BTC changed hands at $105,600 amid reports of President Donald Trump’s Truth Social platform moving a step closer to offering a bitcoin exchange-traded fund to everyday investors.

Classover, a K-12 education company, has announced a move into crypto through the creation of a Solana reserve.

The company plans to issue up to $500 million in senior convertible notes, with 80% of the proceeds allocated to purchasing Solana (SOL). The move follows a growing pattern of companies expanding into crypto-related strategies along with their core businesses.

According to a June 2 announcement, Classover has already purchased 6,472 SOL worth approximately $1.1 million to start its reserve. The issuance of $500 million in convertible notes comes through a partnership with Solana Growth Ventures.

Classover is an online education company offering learning courses for K-12 students worldwide. On June 3, a day after the announcement, its shares reached $5.45 on the Nasdaq, an intraday rise of 46.5% at the time of publication.

According to the company, the issuance of up to $500 million in convertible notes could be complementary to Classover’s $400 million equity purchase agreement. Combined, these two financing methods would bring the company’s Solana purchasing power to $900 million.

Related: DeFi Development Corp adds $11.5M SOL, shares jump 12%

Solana reserve companies

Classover’s pivot to a Solana reserve company marks a trend of some publicly traded companies turning to SOL to create more revenue streams and spark investor interest.

In May, SOL Strategies, a publicly traded Canadian company, sought regulatory permission to raise up to $1 billion for its SOL staking operations. The company’s Q2 2025 earnings report revealed a rise in validator and staking revenue.

Upexi, also listed on the Nasdaq, saw its shares soar 630% after it announced a $100 million raise in April, with 90% of the funds pledged to SOL purchases.

Magazine: Memecoins are ded — But Solana ‘100x better’ despite revenue plunge

]]> https://earlybirdsinvest.com/classover-signs-500m-convertible-note-deal-for-solana-reserve/feed/ 0 39950 https://earlybirdsinvest.com/czs-yzi-labs-ignites-avalon-bitcoin-defis-500m-ecosystem/ https://earlybirdsinvest.com/czs-yzi-labs-ignites-avalon-bitcoin-defis-500m-ecosystem/#respond Mon, 26 May 2025 17:31:46 +0000 https://earlybirdsinvest.com/czs-yzi-labs-ignites-avalon-bitcoin-defis-500m-ecosystem/

Journalist

Tanzeel Akhtar

Journalist

Tanzeel Akhtar

About Author

Tanzeel Akhtar has been covering the cryptocurrency and blockchain sector since 2015. She has written for the Wall Street Journal, Bloomberg, CoinDesk, Bitcoin Magazine and Bitcoin.com.

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Last updated: 

May 25, 2025

In a bold bet on Bitcoin’s DeFi future, Changpeng Zhao (CZ)–backed YZi Labs—formerly Binance Labs—has made an undisclosed investment in Avalon Labs, a fast-rising platform building on-chain capital markets powered by BTC.

In an X post on May 26, the firm said the project is building financial infrastructure around BTC-collateralized lending, stablecoin USDa, savings products, and credit services, showing there is interest in Bitcoin-powered DeFi.

USDa: Powering a Bitcoin-Backed Financial Ecosystem

At the core of Avalon’s ecosystem is USDa, a Bitcoin-backed stablecoin that allows users to borrow, earn yield, and transact without selling their BTC.

The firm has over $500 million in total value locked (TVL). USDa is the second-largest collateralized debt position (CDP) project tracked by DeFiLlama.

The platform goes beyond stablecoins to include BTC-backed lending, yield-bearing savings accounts, and a Bitcoin-collateralized credit card, managing more than 20,000 BTC.

Scaling Toward Regulation and Institutional Growth

Avalon’s journey began in Season 8 of the Most Valuable Builder (MVB) accelerator—run in partnership with BNB Chain, CoinMarketCap, and YZi Labs.

In a blog post, the firm explains that with this new capital injection, Avalon is preparing to scale globally, targeting regulatory licenses across key markets and working with elite law firms to launch a fully regulated public fund.

At the same time, the company said it is ramping up its institutional lending business, seeking to become the world’s first fully regulated on-chain Bitcoin financial institution.

“Avalon leverages Bitcoin’s security and liquidity to create a full-stack financial ecosystem,” said Alex Odagiu, Investment Director at YZi Labs. “It bridges the gap between Bitcoin’s vast potential and real-world usability.”

“We’re building the premier financial hub for Bitcoin,” added Venus Li, Co-Founder of Avalon Labs. “With YZi Labs’ support, we’ll bring Bitcoin-backed products to everyday users and unlock yield for a global audience.”

Binance Labs Rebrands to YZi Labs With CZ Engaging More

In December, Binance Labs announced plans to rebrand in 2025. Changpeng Zhao (CZ) will lead and personally engage with investment projects. CZ served four months in prison for violating the U.S. Bank Secrecy Act and other regulatory issues.

Binance Labs broke away from the exchange Binance and became an independent entity in 2024. The rebranding reflects its evolving vision and distances itself from the exchange.

The investment arm said Binance founder CZ will dedicate more time to investing and directly engaging with projects. CZ is permanently banned from being involved in Binance leadership but is allowed to focus on investments.