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JPMORGAN PLANS TO OFFER CLIENTS FINANCING AGAINST CRYPTO ETFS

Sol Strategies: Q2 Progress Doesn't Change The Core Risks

Summary Sol Strategies Inc. has shown operational progress and institutional traction, but remains entirely dependent on the volatile Solana ecosystem for revenue and growth. Despite revenue growth and improved validator economics, profitability is still driven by crypto price movements, not sustainable core operations. CYFRF stock valuation is extremely stretched, with high losses, ballooning expenses, and heavy reliance on external capital to fund ongoing operations. Thesis Sol Strategies Inc. (OTCPK: CYFRF ) is a publicly traded blockchain outfit that’s bet the farm on Solana. Since a late-2024 rebrand, the company has recast itself as a pure-play operator in the Solana ecosystem, running validators, offering staking services, and managing on-chain treasuries. CYFRF released its Q2 2025 earnings this week, and while it’s made some real operational progress, I argue that we’re looking at a company still lashed to a volatile ecosystem it doesn’t control. The validator growth, the crypto-native branding, those are real. But so is the fact that the business still can’t stand on its own. My report looks at how far CYFRF’s come since January, and why, even now, the underlying risks haven’t gone anywhere. Sol Strategies' Q2 2025 Earnings Highlights Grassroots Trading Sell-Rating Performance (Seeking Alpha) When I first looked at CYFRF back in January, I was firmly in the “Sell” camp . The stock had climbed on the heels of Solana’s explosive Q4 2024 rally, but from my point of view, the fundamentals just didn’t match the hype. At the time, Sol Strategies had just rebranded and was leaning aggressively into a Solana-only thesis. The company had grown its staked SOL (SOL-USD) from 101,000 to 1.7 million in under four months, and while that sounds impressive on the surface, it seemed more like a land grab than carefully paced, sustainable scaling. Revenues from validator operations reportedly grew nearly 2,900%, but most of that appeared to be driven by token price appreciation and staking leverage, not necessarily operational excellence or efficiency. Despite holding $72 million in reserves and having secured a $30 million investment from ParaFi, the company wasn’t cash-flow positive. Worse, net income was padded with non-operating gains, namely from its holdings in Animoca Brands and crypto trading activity. These sources of income masked the fact that, structurally, Sol Strategies was still losing money on its actual core business. And with a price-to-book ratio approaching 25, the market was essentially pricing the company without the kind of moat, diversification, or cash-generating stability that would usually justify that kind of valuation. Since then, macro conditions around crypto and blockchain infrastructure have meaningfully improved. Most notably, Solana, the linchpin of Sol Strategies’ business model, is undergoing what looks to be a real transformation. Institutions like HSBC, Bank of America, and Euroclear are now working with the Solana Foundation through R3 to tokenize real-world assets and signal a level of institutional comfort with Solana that would’ve seemed unlikely even a year ago. There’s also genuine technical progress happening on the Solana network : the Firedancer validator client, once live, is expected to significantly boost performance and reduce downtime. Pair that with a planned consensus algorithm upgrade, and it’s reasonable to expect the network to become more efficient. These changes directly impact validator economics. Higher throughput and better uptime could increase rewards and reduce operational risk, and that's good news for Sol Strategies, whose revenues are tightly linked to network performance. In Q2 of fiscal 2025 , the company’s staked SOL doubled from 1.57 million to 3.39 million, a 113% quarter-over-quarter increase and a massive expansion that vaulted the company into the top 25 validator operators on the Solana network. The implications here are that it signals growing confidence from delegators and platforms, and it allows Sol Strategies to capitalize on economies of scale in validator operations. This growth translated into revenue too. Staking and validator income rose from $1.24 million in Q1 to $2.53 million in Q2, which is a 104% increase. Altogether, for the first half of fiscal 2025, Sol Strategies brought in $2.8 million in staking-related income. A year ago, that figure was zero. So while I was initially critical of their reliance on staking, I have to acknowledge that their infrastructure is starting to deliver measurable, recurring revenue. Institutional inroads are also becoming more pronounced. The integration with BitGo , for example, gives Sol Strategies access to a large pipeline of managed crypto assets. On top of that, the company secured a major institutional staking mandate in the Asia-Pacific region via a partnership with DigitalX, and it entered into another significant deal with Neptune Digital Assets, more validation points that suggest institutional players are comfortable staking through Sol Strategies. And on the capital markets front, the company filed a $1 billion base shelf prospectus, which gives it significant room to raise capital opportunistically. As of now, it has already secured $525 million in capital commitments, including that $30 million convertible debenture led by ParaFi. From a compliance and security standpoint, Sol Strategies completed both SOC 1 and SOC 2 Type 1 audits, renewed its ISO 27001 certification, and plans to complete SOC 2 Type 2 by year-end, and these are credentials that matter, particularly as institutions demand enterprise-grade security and operational transparency before onboarding with a validator platform. Financially, things have begun to look more stable, although it’s still early days as adjusted EBITDA came in at $714,000 in Q2, up from $243,000 in Q1. For the first half of fiscal 2025, adjusted EBITDA was $5.6 million, but we have to be cautious here because $4.4 million of that was a realized gain on crypto asset sales in Q1. So while profitability is improving, a good chunk of it is still tied to crypto market performance, not purely recurring operations. Stepping back, Sol Strategies now holds roughly CAD$100 million in SOL on its balance sheet (as of March 31), and is effectively operating as a kind of crypto-native corporate treasury. That aligns with a broader shift: more firms are embracing the Digital Asset Treasury model , using crypto as a strategic reserve rather than just speculative exposure. If that approach continues to gain legitimacy, and early signs suggest it might, given moves by companies like MicroStrategy ( MSTR ) and the inclusion of Coinbase in the S&P 500, Sol Strategies could be positioned ahead of the curve. Yet despite all this progress, the core risks remain largely unchanged. Sol Strategies is still a pure-play on Solana. There's no multichain exposure, no hedging strategy, and very little protection if Solana were to face technical, regulatory, or competitive shocks. Staking rewards are still tightly linked to SOL price and network transaction volume. While proposals like SIMD-0096 could improve validator economics by redistributing fees, none of that is guaranteed yet. Sol Strategies’ Valuation, Growth Potential & Headwinds Seeking Alpha The company’s trailing twelve-month enterprise value to sales ratio sits at 32.94, nearly ten times the sector median, a kind of multiple you might expect from a market-dominating company with global scale and sticky customers. But CYFRF isn’t that. It’s not even close. Seeking Alpha Its EV/EBITDA ratio of 66.58 and an EV/EBIT ratio add to the disconnect. These are valuations that only make sense if the company is in a phase of hypergrowth, yet also simultaneously highly profitable and on a clear glide path to scale. The thing is, none of that seems to be happening. After finally reporting net income in the prior year’s quarter, a modest $7.7 million, CYFRF flipped right back to a comprehensive loss of $32.5 million and for the first half of fiscal 2025, it reported a $24.7 million loss, a complete reversal from the $14.7 million profit reported in the same period in 2024. What’s driving that volatility? One of the more telling cracks is the company’s crypto exposure, namely, of course, Solana. In Q2 2025, CYFRF reported a $27.7 million unrealized loss thanks to a steep drop in SOL prices. It’s a complete reversal from the $7.9 million unrealized gain they booked on the same asset the year before. What this really highlights is how much of the company’s financial performance hinges on something they don’t operate, don’t manage, and can’t control. Operating expenses have exploded too: in Q2 2025, they hit $8.5 million, up from just $174,000 a year earlier. That’s nearly a 48x increase. And for the first half of the year, expenses reached $9.8 million, up from $465,000. A big part of that jump came from stock-based compensation. In Q2 alone, CYFRF handed out $3.2 million in options and RSUs, specifically 1.25 million options and 550,000 restricted stock units. The half-year total came to $3.8 million, again, compared to just $63,000 in the same period last year. Seeking Alpha Despite the company reporting gross margins of 100% and EBITDA margins approaching 50%, it still posted a levered free cash flow deficit of over $42 million. Operating cash flow was negative as well. So why is cash flying out the door? It suggests that either costs are being deferred, expenses are being capitalized, or non-cash metrics like stock-based comp are doing a lot of the heavy lifting. CYFRF also raised $30 million through a convertible debenture offering and drew $25 million from a credit facility, but these maneuvers come at a price, specifically, an interest expense that surged from $32,000 in Q2 2024 to $669,000 in Q2 2025. It's an inflection point revealing the company’s reliance on increasingly expensive capital to keep the lights on. Long-term liabilities now stand at $40.2 million, of which $14 million are convertible debentures, meaning even debt comes with eventual dilution. Add to that $4.3 million in share issuance obligations and short-term borrowings of $60.2 million against a paltry $1.7 million in cash. Yes, the company also reports $48.3 million in crypto assets, which on paper might suggest solvency. But these assets are pegged to the likes of Solana, whose price movements have already injected volatility into earnings. It’s worth emphasizing at this point, again, that such assets are very speculative, offering little assurance when liabilities come due. Seeking Alpha In response to this widening gap between obligations and operational self-sufficiency, CYFRF raised another $21.4 million through equity issuance and recorded $49.5 million in other financing activities . Taken together, these actions appear to form a lifeline. But this is a "lifeline" that merely extends the fall. The core issue remains unaddressed: CYFRF is not generating enough internal cash to fund its operations. Thus, while the company can continue cobbling together cash from a mix of instruments, debt, equity, and unstable digital assets, it does so while inching toward a point where the capital markets may simply say no. Final Takeaway I’m sticking with a Sell rating. CYFRF has made some operational strides and picked up some institutional interest since I last covered the stock, but none of that changes the underlying math. The company is still tethered to Solana like a raft in a storm. There’s no real cash flow, no earnings story, and no path to profitability that doesn’t involve a lot of ifs and outside money. Until that changes, this is still a leveraged wager on market sentiment and the kindness of capital.

The Billion-Dollar Heist and What It Means for Crypto Security: Bybit’s Security Overhaul After Hack

BitcoinWorld The Billion-Dollar Heist and What It Means for Crypto Security: Bybit’s Security Overhaul After Hack DUBAI , UAE , June 4, 2025 /PRNewswire/ — Bybit , the world’s second-largest cryptocurrency exchange by trading volume, has been writing a new page of central exchanges’ (CEX) security playbook in its battle against cyber attacks. Apart from the on-going fund recovery mission, Bybit has revealed a three-dimensional revamp of its safety guardrails: security audits, wallet fortifications, and infosec upgrade. In February, Bybit was subjected to a sophisticated multi-stage attack which turned out to be the largest hack known to crypto . While the hack, caused by a compromised external multi-signature service, did not breach Bybit’s infrastructure or core security parameters, the exchange has taken extra steps to enhance its security setup and platform integrity. Approaching the challenges from three key aspects, Bybit proactively elevated its safety standards in the weeks that followed. 1. Closing Gaps: Security Audits While still recovering from the hack, Bybit immediately sought to conduct evaluations of its systems and processes simultaneously. Within a month of the hack, Bybit concluded nine security audits conducted by in-house specialists and independent external experts, and implemented over 50 new security measures and recommendations. 2. Safer Cold Wallet Solutions At the time of the incident, Bybit followed industry best practices in wallet safety. However, the event demonstrated the severity of the cyber security arms race as more powerful hacking groups entered the scene. Bybit has since adopted more stringent cold wallet solutions to minimize the attack surface to enhance procedural , algorithmic , and hardware safety. The three-dimensional framework includes a revamped authorizations OSP (Operational Safety Procedure) mandating full-journey supervision by security experts, increased wallet protection using the MPC (Multi-Party Computation) model, and consolidating HSM (Hardware Security Modules) to achieve hardware-level safety. 3. All Encrypted: Bank-Grade InfoSec As a leading player in the cryptocurrency space, Bybit has built in encryption by default . Bybit is ISO/IEC 27001 certified for its information security risk management, the highest standard in the sector adopted by major financial institutions. All communications are end-to-end encrypted including non-customer facing exchanges, with file systems optimized for encrypting data at rest. “In security, we are only as strong as our weakest link. Bybit has doubled down on fortifying our platform and procedures in the past two months in response to an increasingly challenging security landscape,” said Ben Zhou , co-founder & CEO at Bybit . “We will continue to deliver secure, trust-worthy, and user-friendly trading solutions that live up to our customers’ expectations,” he said. The immediate aftermath of crypto’s most drastic hacking incident was brief, as Bybit was able to stay fully operational while fulfilling a record number of withdrawals in the first 12 hours. The exchange absorbed the damages and customer assets were ring-fenced from the incident. A hunt for the stolen funds is on-going on Bybit-led open platform for illicit fund tracing, Lazarus Bounty , where over $2.3 million in bounty rewards has been distributed to date. Bybit has also come forth with full transparency including fresh proof-of-reserves exercises, and regained its leading positions across benchmarks, achieving No. 1 in capital inflows among CEX in March . A recent report by Kaiko corroborated the 30-day recovery, demonstrating Bybit’s liquidity resilience. The long-term impact, however, will send ripples through the industry as CEX are compelled to think about their security and risk management and stay a step ahead of malicious actors. #Bybit / #TheCryptoArk About Bybit Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving a global community of over 70 million users. Founded in 2018, Bybit is redefining openness in the decentralized world by creating a simpler, open and equal ecosystem for everyone. With a strong focus on Web3, Bybit partners strategically with leading blockchain protocols to provide robust infrastructure and drive on-chain innovation. Renowned for its secure custody, diverse marketplaces, intuitive user experience, and advanced blockchain tools, Bybit bridges the gap between TradFi and DeFi, empowering builders, creators, and enthusiasts to unlock the full potential of Web3. Discover the future of decentralized finance at Bybit.com . For more details about Bybit, please visit Bybit Press For media inquiries, please contact: media@bybit.com For updates, please follow: Bybit’s Communities and Social Media Discord | Facebook | Instagram | LinkedIn | Reddit | Telegram | TikTok | X | Youtube This post The Billion-Dollar Heist and What It Means for Crypto Security: Bybit’s Security Overhaul After Hack first appeared on BitcoinWorld and is written by chainwire

Tim Draper Suggests Bitcoin Could Potentially Double This Year Amid Growing Institutional Interest

Bitcoin’s price trajectory continues to captivate investors as Tim Draper forecasts a bold surge to $250,000 within the year, underscoring its growing mainstream acceptance. With institutional adoption accelerating and regulatory

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Bitwise CIO: Bitcoin Can Boost Returns Without Raising Portfolio Risk

Digital asset manager Bitwise’s chief investment officer, Matt Hougan, suggests reallocating portfolios to include bitcoin alongside reduced equity and bond exposure could enhance returns while mitigating risk. Bitwise CIO Urges Investors to View Bitcoin Through Total Portfolio Lens The Bitwise analysis shared by the firm’s CIO Matt Hougan covers January 2017 to December 2024 and

Tron Price Prediction 2025–2031: Will Tron reach $1?

Key Takeaways: Our Tron price predictions anticipate a high of $0.484 by the end of 2025. In 2028, TRX will range between $1.13 and $1.29, with an average price of $1.21. In 2031, TRX will range between $1.94 and $2.10, with an average price of $2.02. TRX is the native token of the Tron network used to govern and settle transaction fees. In retrospect, Tron (TRX) has performed better than most mega-altcoins. Over the long term, TRX is set to trend higher. Is TRX a good investment? Will it go up? Where will it be in three years? Let’s get into the TRX price prediction to answer these questions and more. Overview Cryptocurrency Tron Ticker TRX Current price $0.271 (+0.59%) Market cap $25.75 Billion Trading volume (24-hour) $451.66 Million Circulating supply 94.85 Billion TRX All-time low $0.001091 on Sep 15, 2017 All-time high $0.4313 on Dec 04, 2024 24-hour low $0.2681 24-hour high $0.2732 Tron price prediction: Technical analysis Metric Value Price Volatility (30-day variation) 3.17% 50-day SMA $ 0.258833 200-day SMA $ 0.221322 Sentiment Bullish Fear and greed index 62 (Greed) Green days 16/30 (53%) Tron price analysis TL;DR Breakdown: Tron price analysis confirmed an uptrend at $0.271. Cryptocurrency gains 0.59% of its value. TRX coin prices target the next resistance at $0.2773. On June 4, 2025, Tron price analysis revealed an increasing trend for the cryptocurrency. Coin value has spiked up to $0.271 high in the past 24 hours. Concurrently, the cryptocurrency received up to 0.59% of a boost in the day. The bulls have been reigning the market since yesterday, which has resulted in a considerable hike. TRX/USD 1-day chart analysis The one-day price chart of Tron coin confirmed an upward trend in the market. Coin value has recovered up to a high of $0.271 over the day. Green candlesticks on the price chart signify a rising bullish pressure. TRX/USD price chart. Image source: TradingView TRX/USD 4-hour chart analysis: Downturn results in loss below $0.272 The four-hour price analysis of Tron coin referred to a decreasing trend for the currency. The TRX/USD value has deteriorated to $0.272 in the past few hours. The increasing volatility refers to a higher chance of an upcoming reversal. TRX/USDT Price Chart The Bollinger bands are widening, leading to rising volatility. This rise in the volatility signals a higher market unpredictability. Moving ahead, the upper Bollinger band has shifted to $0.272, indicating the resistance point. Conversely, the lower Bollinger band has moved to $0.266, securing the support. The RSI indicator is present within the neutral area for now. The indicator’s value has receded to index 56.86 in the past four hours. The downward curve on the indicator’s graph signifies a bearish victory. If the bears remain persistent, a further downturn in coin value can be expected. TRX technical indicators: Levels and actions Daily simple moving average (SMA) Period Value ($) Action SMA 3 0.257223 BUY SMA 5 0.264097 BUY SMA 10 0.268133 BUY SMA 21 0.269481 BUY SMA 50 0.258833 BUY SMA 100 0.246736 BUY SMA 200 0.221322 BUY Daily exponential moving average (EMA) Period Value ($) Action EMA 3 0.266127 BUY EMA 5 0.260618 BUY EMA 10 0.251949 BUY EMA 21 0.24388 BUY EMA 50 0.238881 BUY EMA 100 0.23527 BUY EMA 200 0.219149 BUY What can we expect from Tron price analysis next? Tron price analysis gives out a highly bullish prediction regarding the ongoing market events. Coin value has stepped up to $0.271, a high in the past 24 hours. At the same time, the cryptocurrency received up to a 0.59 percent boost in its value. Technical indicators as well as the price charts continue to showcase support for the bulls. Is TRX a good investment? TRX is a coin with utility that continues to trade higher, indicating growing adoption among crypto investors. Despite this, the coin remains a victim of uncertainties and volatility. It is advised to do your own research and conduct expert opinion before investing in the volatile market. Why is Tron up? Tron is bullish today. Moreover, the coin has increased up to $0.271 amidst rising buying activity, which resulted in a noticeable recovery. After gaining the significant support, buyers gained confidence. Will Tron reach $0.5? Yes, Tron should rise above $0.5 in 2026. During that period, its price will range between $0.592 and $0.753. Will Tron reach $1? Yes, Tron should rise above $1 in 2027. During that period, its price will range between $0.861 and $1.02. Can TRX reach $10? Per expert analysis, Tron may not reach $10 before 2031. What will be the price of 1 TRX in 2025? The average Tron price for 2025 is expected to be $0.403. What will be the price of TRON in 2030? The highest price of Tron in 2030 is expected to be around $1.83. What will TRX be worth in 5 years? The minimum expected price of Tron after 5 years will be $1.94. Does Tron have a good long-term future? According to the Tron price predictions, Tron is set to trade higher in the coming years. However, factors like market crashes or difficult regulations could invalidate this bullish theory. Recent news/opinion on Tron Tron DAO has entered a strategic collaboration with Rumble Cloud. Rumble Cloud will provide access to its infrastructure to facilitate a more decentralized foundation. In the first phase, Tron will gain access to data storage infrastructure. Tron CEO Justin Sun stated that the collaboration with Rumble Cloud will provide them “more freedom to build.” Tron DAO collaborates with Rumble Cloud Tether/Tron pair usage is no longer confined to emerging markets only. Now developed countries are also heavily relying on this stablecoin pair. Belgium, Finland, and France are the top three countries among the adoptees of this particular pair, according to blockchain data for Europe, which is gathered by Artemis. Developed countries adopt Tether/Tron pair Tron price prediction June 2025 A break of resistance will result in a mini bull run, with the next target at $ 0.296. This month, TRX will trade at an average of $ 0.267 and drop to $ 0.249 at its lowest. Month Potential low ($) Potential average ($) Potential high ($) June 0.249 0.267 0.296 Tron price prediction 2025 The technical indicators are bullish on TRX in the second half of 2025. It is anticipated to trade between $0.171 and $0.484, with an average price of $0.403. Year Potential low ($) Potential average ($) Potential high ($) 2025 0.171 0.403 0.484 Tron price prediction 2026-2031 Year Potential low ($) Potential average ($) Potential high ($) 2026 $0.592 $0.672 $0.753 2027 $0.861 $0.941 $1.02 2028 $1.13 $1.21 $1.29 2029 $1.40 $1.48 $1.56 2030 $1.67 $1.75 $1.83 2031 $1.94 $2.02 $2.10 Tron price prediction 2026 TRON will experience more bullish momentum in 2026. According to the Tron price prediction, it will range between $0.592 and $0.753, with an average price of $0.672. Tron price prediction 2027 The TRX prediction climbs even higher in 2027; according to the prediction, it will range between $0.861 and $1.02, with an average price of $0.941. Tron price prediction 2028 The analysis suggests a further acceleration in TRX’s growth by 2028. According to the Tron price prediction, the price of Tron will range between a minimum price of $1.13 and a maximum price of $1.29. The average price for the year will be $1.21. Tron price prediction 2029 According to the Tron forecast for 2029, TRX price will reach a maximum and minimum of $1.56 and $1.40, respectively, with a year-round average of $1.48. Tron price prediction 2030 The Tron TRX price prediction for 2030 indicates a price range of $1.67 and $1.83 and an average price of $1.75. Tron price prediction 2031 The Tron price forecast for 2031 sets the high at $2.10. The lowest price for the year will be $1.94, and the average price will be $2.02. TRX price prediction 2025 – 2031 Tron market price prediction: Analysts’ TRX price forecast Platform 2025 2026 Digitalcoinprice $0.59 $0.69 CoinCodex $0.497 $0.497 Cryptopolitan’s Tron price prediction At current levels, Tron remains bullish. According to our predictions, TRX will achieve a high of $0.484 in the second half of 2025. In 2026, it will range between $0.592 and $0.753, with an average of $0.672. Note the predictions are not investment advice. Seek independent professional consultation or do your research. Tron historic price sentiment TRON price history Tron, founded by Justin Sun in 2017, raised $70 million through an ICO the same year; it launched its mainnet in May 2018 and migrated TRX from Ethereum to Tron in June, which temporarily boosted TRX’s price to $0.09. TRX reached an all-time high of $0.3004 in January 2018 before dropping below $0.05 a month later; it consistently traded under $0.05 until late 2020, when it began to rise again. In 2021, it reached a high of $0.16. Tron was also reorganized as a DAO as Justin stepped down as CEO of Tron Foundation. TRX was in a bear trend for the best part of 2022. In 2023, TRX maintained a consistent bull run, rising from a low of $0.05. In March 2023, the SEC sued Justin for allegedly selling unregistered securities and promoting Tron and Bittorent tokens. In February 2024, Circle’s announcement to cease USDC on Tron led TRX to correct from $0.1429. TRX held above $0.1234 until mid-May, then dropped to $0.1113. The price rebounded to $0.1398 in July but fell again to $0.1213 in early August. By late September, TRX recovered to $0.166, reaching $0.1691 in October and touching $0.2130 in late November. TRX ended 2024 with a price tag of $0.255. Tron was priced at $0.255 at the start of January 2025 and it was trading in a range of $0.204 to $0.257 in February. In March 2025, Tron (TRX) dipped to $0.212, but it recovered to the $0.23 range in April and $0.278 in May. At the start of June, Tron is trending near the $0.270 range, maintaining its price above $0.268.