Kraken eyes Aave stake at $385 million valuation
Bitcoin slump drags Strategy stock to new lows, driving STRC yield to 14%.
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Volatility returns, but strategic deals keep rolling in.
Bitcoin fell on a hot inflation print, Strategy wobbled, and yields spiked.
Still, plenty of deals are moving forward behind the scenes, from Kraken's DeFi ambitions to SBI's latest acquisition.
Here's what's moving the markets today.
Kraken discusses buying 15% stake in DeFi giant Aave
AAVE rose 14.5% over the past 24 hours amid reports that Kraken is exploring a strategic investment in Aave Group.
The deal would value the DeFi protocol at $385 million and deepen Kraken's push into decentralized finance ahead of a potential IPO.
The token also draws support from a new Standard Chartered forecast that sees huge upside as the tokenized assets and institutional lending markets grow.
Markets
Fed's preferred inflation gauge hits a three-year high, rattling risk assets
The PCE price index rose 4.1% year over year in May, up from 3.8% in April.
Core inflation ticked up to 3.4%, suggesting underlying price pressure isn't fading fast enough for rate cuts.
BTC settled near $59K, ETH slipped below $1,600, SOL held near $67, and XRP dipped to $1.04.
SBI is buying Bitbank to become Japan's largest crypto exchange operator
SBI Holdings is acquiring crypto exchange Bitbank in a $289M deal.
The transaction would push SBI's crypto holdings past the 1 trillion yen mark.
Japan's institutional crypto landscape is about to look very different.
Strategy's preferred stock hits record low as effective yield blows past 14%
STRC dropped to an intraday low of $73.65 on Thursday before clawing back to $79.
Bitcoin's slide below $60K dragged the preferred stock down nearly 9% at its worst.
A 14%-plus effective yield on preferred shares signals the market sees real cracks in Strategy's funding engine.
On Our Radar
The credit shift: Crypto's OTC desks are becoming lenders, not just traders.*
Stablecoin goes East: Ripple's RLUSD launches in Japan following regulatory green light.
Stablecoin shuffle: Spark and Uniswap are moving $150M to their new FX Layer.
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