Dgenz Crypto Weekly 032

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From Freight to Fort Knox: Reitar’s Big Bitcoin Bet

Hong Kong-based logistics firm Reitar Logtech Holdings (RITR) has announced plans to purchase 15,000 BTC currently worth about $1.58 billion. The play mirrors that of Strategy, which has transformed from a software company into the largest corporate holder of Bitcoin, now possessing around 581,000 BTC valued at over $61 billion. This move aligns with a growing trend among publicly traded companies diversifying their treasuries with digital assets. Other firms on the Nasdaq who are also acquiring Bitcoin are healthcare company Cosmos Health (COSM), auto firm Worksport (WKSP), and energy storage company KULR Technology Group (KULR) all recently announcing crypto buys. And in April, crypto and financial services giants Tether, Bitfinex, Cantor Fitzgerald, and SoftBank Group announced that they would create Twenty One, a publicly traded Bitcoin treasury company with plans to acquire 42,000 BTC. Tether CEO Paolo Ardoino said on Monday that the stablecoin firm had moved 25,812 Bitcoin to a new address as part of its dealings with Twenty One Capital. Twenty One will be listed on Nasdaq through a SPAC merger with Cantor Equity Partners (CEP) under ticker XXI. CEP’s share price is up 22% this week, currently trading at $46.96.

Trump’s Crypto Empire Expands with ETF & Wallet Rollout

Trump Media & Technology Group (TMTG), the parent company of Truth Social, is expanding its crypto initiatives. The company has filed with the SEC to launch the "Truth Social Bitcoin ETF," aiming to provide investors with regulated exposure to Bitcoin. This move comes after an announcement made back in January, where TMTG said it would launch a financial services and fintech arm called Truth.Fi that would have a heavy crypto focus. The firm is working with Crypto.com and Yorkville America Digital to launch crypto and energy ETFs, with Trump Media saying it plans to invest up to $250 million of its own money into the products. And last week, Trump Media announced it had finished raising $2.4 billion in stock and debt which will be used to launch a Bitcoin treasury. In addition to the ETF, TMTG has introduced the Trump Wallet, developed in partnership with Magic Eden which is to be powered by their recent acquisition of Slingshot. This wallet offers users a chance to win a share of 1 million $TRUMP tokens, currently worth $11.2 million. Interested individuals can join the waitlist here.

Two Firms, One Chain: Solana’s Institutional Surge

Educational technology company, Classover Holdings (KIDZ), has announced a strategic initiative to build a Solana-based treasury. The company plans to issue up to $500 million in senior secured convertible notes, with 80% of the proceeds allocated to acquiring and staking SOL. Classover has already made an initial purchase of 6,472 SOL, valued at approximately $1.02 million, marking the first step in its long-term commitment to the ecosystem. This move positions Classover among a growing list of companies recognizing the potential of blockchain technology and decentralized finance. By investing in Solana, known for its high-speed transactions and low fees, Classover aims to enhance its financial infrastructure and offer innovative solutions in the education sector. Classover stock was trading for a little over $5 on Tuesday, jumping 40% over a 24-hour period. Classover is following a similar path to Nasdaq-listed AI-powered real estate platform DeFi Development Corporation (DFDV), which has a SOL treasury of nearly 600,000 coins valued at close to $95 million. DFDV further intensified its rapidly growing commitment to Solana with the creation of a liquid staking token, dfdvSOL, alongside a collaboration with Kamino Finance. Shares of DFDV finished the day up more than 12% at $19.71, rising 2,246% year-to-date. Solana, meanwhile, is down 2.6% in the last 24 hours to $157, falling 11% in the last week.

Web3 Gaming: Bonk Shoots, SharpLink Scores

SharpLink Gaming (SBET), a sports-betting technology firm, has raised $425 million through a private investment to establish an Ethereum treasury. The initiative is led by ConsenSys CEO and Ethereum co-founder Joseph Lubin, who will also serve as SharpLink's board chairman. The company, which last week announced plans to create an Ethereum-focused digital asset treasury, saw its shares surge as high as $124, after trading at $6 as recently as May 23. After closing at $76.65 on Friday SBET is now trading at $50.19, down more than 34% and a whopping 60% down from last week's peak. On the other hand, the stock price is still up 1,045% over the past month. In other gaming news, the Solana-based meme coin BONK has launched "Bonk Arena," a pay-to-spawn, win-to-earn arcade shooter game. Gamers must pay 10,000 BONK to spawn, just shy of $0.17 at today’s price, and will inherit the stake of players they kill. The game is accessible via web browsers and the Phantom wallet app, offering a novel use case for the BONK token within the gaming ecosystem.

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TOTAL2

$TOTAL2 is showing a promising deviation below daily support, and so far the structure looks strong. I’m still anticipating a larger, if not equal, altcoin rally to what we experienced after the November elections. A retest of the $1.16T zone would be an ideal entry for spot buys or longs. While price action has stalled slightly around the 1D 12 EMA, the broader structure still supports a bullish breakout in the coming weeks. I plan to increase my spot exposure if we revisit that key support zone on the $TOTAL2 chart. The best part? With this current deviation setup, any downside in Bitcoin is less likely to trigger a major drop in altcoins unless we go to retest the deviation move which is where our max fear will be.

Others

We’re seeing similar signals here on the $OTHERS chart, with the deviation below the $250B level now nearly confirmed. Although we’re not entirely out of the woods just yet, price is still hovering just beneath the 1D 12 EMA, the setup is still encouraging. On the higher time frame, there’s a well-formed inverse head and shoulders pattern, capped by a descending trendline. A daily close above both the 1D 12 EMA and the $275B level would likely trigger a significant breakout, aligning with the timeline I mentioned earlier.

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