From IPOs to Stablecoins, June Was an Institutional Power Move for Crypto

Key Takeaways

• June proved to be a powerhouse month for the crypto world.
• The month saw record Bitcoin inflows, a breaking Circle IPO, and new stablecoin launches.
• Institutional rush was the most dominant factor in this month.

June has been a massive success for the crypto industry. It was a month that saw multiple IPO announcements, fundraising rounds, key stablecoin legislation, and more.

The article details all key events of the crypto space dominated by institutional investors amid growing crypto adoption.

Record Bitcoin ETF Inflows

After weeks of outflows in May and the first week of June, Bitcoin ETFs experienced a strong recovery in the second week of June. A similar trend was also observed with Ethereum ETFs, though not as strongly.

Bitcoin ETFs

Bitcoin ETFs saw $1.37 billion in net inflows between June 8 and June 13, marking the key rebound in BTC and investors’ trading.

The rebound saw Bitcoin ETFs record a notable eight-day inflow streak totaling $2.4 billion, starting on June 10 and ending on June 18

BlackRock’s IBIT consistently led inflows, with cumulative net inflows since January 2024 reaching $46.9 billion and assets under management (AUM) at $125 billion across U.S. Bitcoin ETFs.

Ethereum ETFs

Ethereum ETFs had a less eventful June, recording $528.2 million in net inflows in the second week of the month. This was part of a 19-day inflow streak that accumulated $1.4 billion by mid-June.

BlackRock’s ETHA was the top performer, with $4.11 billion in cumulative net inflows and $2.29 billion in net assets.

Institutions Continue To Hoard BTC

As Bitcoin’s price neared its new all-time high in June, public companies continued their BTC doctrine by accumulating more BTC from the market.

According to data, public companies bought 18,234.8 BTC in June, with Metaplanet and MicroStrategy leading the charts.

MicroStrategy (Strategy)

MicroStrategy (Strategy), the pioneer of the Bitcoin treasury strategy among public companies, acquired another 10,345 BTC in June and has spent a total of $1.096 billion.

Metaplanet

Metaplanet, a Japanese Bitcoin treasury company, acquired 4,545 Bitcoin (BTC) through four purchases in June. The firm bought its BTC at an average price of 106,798, spending $485 million.

The accelerated buying helped the firm reach its 10,000 BTC target months earlier than intended.

ProCap BTC LLC

Anthony Pompliano’s ProCap BTC LLC also purchased 3,724 BTC for $387 million at an average price of $103,785.

Others

Apart from these notable multi-million dollar purchases, many smaller companies also bought hundreds of BTC, adding to their treasury.

The Fundraising Rush

June also proved to be a month of new crypto unicorns as multiple firms announced funding rounds or plans to raise funds by selling their tokens, eyeing a multi-billion-dollar valuation.

Two betting and prediction market platforms announced successful funding rounds, raising hundreds of millions of dollars.

Polymarket

Polymarket, a popular decentralized prediction platform that allows users to place bets using cryptocurrency, closed a $200 million funding round at a valuation of $1 billion.

Kalshi

Kalshi, another prominent betting platform regulated in the U.S., also raised $185 million in a Series C funding round, giving it a valuation of $2 billion.

Pump.fun

Pump.fun, the Solana-based memecoin launchpad, also revealed plans to sell $1 billion in its native token at $4 billion valuation.

New Crypto Treasury SPAC

Apart from crypto platforms, a former Blackstone executive and Tether co-founder are raising $1 billion via SPAC M3-Brigade Acquisition V Corp. to launch a listed crypto reserve vehicle holding assets such as Bitcoin, Ether, and Solana. The fundraising is ongoing, and terms remain subject to change.

Crypto IPOs

June also saw one of the most successful crypto initial public offerings in the form of stablecoin issuer Circle.

Circle

Circle went public on June 5, 2025, with a pre-IPO price of $31 on the New York Stock Exchange.

The IPO involved 34 million shares priced at $31 each, opening at $69—more than double the IPO price and above the expected range of $24–$26. Within two weeks, the share price jumped 800% to trade over $270.

The price surge and high demand for the crypto-focused stock helped Circle’s market cap overtake its stablecoin USDC market cap of over $60 billion.

The strong demand for crypto-focused stocks, especially stablecoins, can be understood from the fact that Circle’s IPO was oversubscribed by over twenty-five times.

Gemini

The Winklevoss twins operated Gemini exchange reportedly confidentially filed for an IPO on June 6, targeting the second half of 2025 or early 2026 listing.

Kraken

Kraken, another prominent global crypto exchange, raised $27 million in primary capital in a June 2025 pre-IPO round.

The exchange is eyeing a $2.5–$4 billion valuation, but no formal IPO filing was reported in June 2025. It remains a potential candidate for early 2026.

Bullish

Another crypto exchange, Bullish, backed by billionaire crypto investor Peter Thiel, also revealed plans to go public in June.

New Stablecoin Launches

In anticipation of the upcoming stablecoin regulations in the U.S., multiple private financial institutions have rushed to launch or file for a stablecoin pegged to the U.S. dollar and a few other fiat currencies.

Societe Generale Announces Dollar-Pegged Stablecoin

French banking giant Societe Generale announced plans to launch a publicly tradable, dollar-backed stablecoin through its digital asset subsidiary. This would make it the first major bank to enter the growing market of dollar-pegged cryptocurrencies.

Fiserv Launches FIUSD

The global payment technology giant launched FIUSD Stablecoin on June 23. FIUSD will be integrated into the firm’s existing banking and payments infrastructure.

The stablecoin will leverage infrastructure from Paxos and Circle and be available on the Solana blockchain. Fiserv also partnered with PayPal to enhance interoperability and expand stablecoin use globally.

Virtue Money Launches VUSD on IOTA

Virtue Money launched VUSD, the first native stablecoin on the IOTA mainnet. VUSD is fully decentralized, backed by IOTA and staked IOTA (stIOTA), and designed to be transparent and bank-free. It targets DeFi applications on the IOTA network.

South Korea’s Largest Bank Files Stablecoin Trademarks

South Korea’s largest bank, Kakao, filed for stablecoin trademarks for a banking consortium in June, signaling potential future launches.

The bank filed trademark applications with the Korean Intellectual Property Office for BKRW, KRWB, KKBKRW, and KRWKKB. These names combine the Korean won’s currency code, KRW, with the bank’s name, KKB, an acronym.

Key Crypto Legislations

June will also prove monumental from a regulatory point of view, as the U.S. and other nations introduced or passed key crypto legislation this month.

United States

In the U.S., the policymakers have advanced two key pieces of crypto legislation– the stablecoin-focused Guiding and Establishing National Innovation for US Stablecoins(GENIUS) Act,  and the market structure and regulatory jurisdiction-focused Digital Asset Market Clarity (CLARITY) Act.

GENIUS Act

The stablecoin bill is on the verge of becoming a law, as the Senate passed the amended version with resounding bipartisan support on June 17.

The bill includes consumer protection safeguards and limits on tech companies issuing stablecoins. The House of Representatives must now pass its version to reach President Trump’s desk, who has signaled support.

CLARITY Act

The CLARITY Act was discussed, and a markup was scheduled on June 10.

The bill addresses jurisdictional overlaps, consumer protections, and market stability, but lacks bipartisan consensus in the House, with debates focusing on balancing innovation and oversight. A Senate version is expected to be passed by September.

Bitcoin for mortgages

The federal housing regulator in the U.S approved cryptocurrency for mortgages, allowing crypto holders to use their holdings as collateral to get housing loans. However, the provision only provides for verifiable crypto holdings on centralized exchanges.

Apart from federal regulations, the U.S. state of Texas became the third state to approve a Bitcoin reserve.

South Korea

South Korea’s newly elected pro-crypto president also called for stablecoin regulations and approval of Bitcoin ETFs.

Brazil

The government introduced a Strategic Bitcoin Reserve Bill in Brazil, which a Brazilian committee passed on June 16.

Vietnam

The Vietnamese government passed the Digital Tech Industry Law in June, which will come into effect on January 1, 2026. The law recognizes cryptocurrencies as legitimate assets, setting the stage for regulated trading and investment.

Japan

Japan proposed to regulate crypto under the Financial Instruments and Exchange Act (FIEA), moving it from the Payments Act. This would allow the government to treat crypto as an asset class and approve crypto ETFs. The proposal would reduce the hefty 55% crypto tax to a flat 20% if passed.

Singapore

Singapore passed new legislation banning crypto exchanges from offering their services to foreign countries without a license.