Bitcoin $4.4 billion supply overhang emerges as institutional demand wilts

Your day-ahead look for June 30, 2026
This is an AI-generated summary. ShortSingh links to the original source for the complete article.

Your day-ahead look for June 30, 2026
This is an AI-generated summary. ShortSingh links to the original source for the complete article.
Trump Media, the parent company of Truth Social, has cancelled its planned cryptocurrency treasury deal with Crypto.com involving the CRO token. The company stated it is shifting its focus back to its core media operations rather than pursuing digital asset holdings. Trump Media also cited its upcoming merger with a fusion energy firm as a strategic priority. The decision comes as broader enthusiasm for corporate crypto treasury strategies appears to be fading across the industry.

Justin Mateen, a director at Trump-backed American Bitcoin, has purchased approximately $2 million worth of ABTC stock. The acquisition spanned two days and involved more than 306,000 shares. The purchases came shortly after the company released its quarterly earnings report. Following the transactions, Mateen's total holding in the company rose to over 492,000 shares.

The US Treasury Department's Office of Foreign Assets Control (OFAC) has imposed sanctions on two cryptocurrency exchanges, Shelbit and Aban Tether. The action is part of Washington's ongoing effort to restrict Iran's access to cryptocurrency and foreign currency markets. Both exchanges were targeted for allegedly helping Tehran circumvent existing financial restrictions. The move reflects the US government's broader strategy of using sanctions to limit Iran's ability to use digital assets.

Cryptocurrency exchange BitMEX failed to find a buyer after potential acquirers walked away from a proposed sale. Among those who declined was Exodus, according to a source familiar with the matter. Buyers were reportedly put off by concerns surrounding founder ownership stakes in the company. The exchange's shrinking business operations further dampened acquisition interest. The collapsed deal highlights ongoing challenges facing BitMEX in a competitive crypto market.

Discussion (0)
Log in to join the discussion and vote.
Log in