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SharpLink now holds 176,271 ETH, making it the largest public Ethereum holder globally.
The U.S. Senate will vote on the GENIUS stablecoin bill on June 17 after advancing it 68–30.
KuCoin launched a licensed Thai exchange after acquiring and rebranding ERX Company in April.
The crypto market is buzzing with exciting developments as always. The US Senate is set to vote on the GENIUS Act stablecoin bill on June 17, while SharpLink makes a massive $463M ETH purchase, becoming the largest public Ethereum holder. Meanwhile, KuCoin launches a licensed crypto exchange in Thailand, expanding its presence in Southeast Asia.
The U.S. Senate will vote on the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act on June 17. This follows a successful 68–30 cloture vote on Wednesday, which advanced the bill to the full chamber for a final decision. The bill aims to create a national regulatory framework for stablecoins, a growing sector within the digital asset ecosystem.
According to a notice issued on Thursday by Senate Democrats, the final vote is scheduled for Tuesday, with Majority Leader John Thune and Minority Leader Chuck Schumer coordinating the timing. Lawmakers proposed several amendments ahead of the vote, including provisions to limit financial benefits for elected officials connected to the crypto industry.
Should it pass, the bill would represent an essential step in the United States' policy regarding the regulation of digital payments. The stablecoin discussion in the Senate reflects corresponding actions in the House, where legislators have moved the Digital Asset Market Clarity Act to establish a regulatory framework for the SEC and CFTC in the crypto sector. Nevertheless, the final result is uncertain due to a close Republican majority.
KuCoin has entered Thailand’s regulated market by launching a fully licensed digital asset platform named KuCoin Thailand. The company received approval from the Thai Securities and Exchange Commission and rebranded its newly acquired local exchange, ERX Company, on April 22.
KuCoin Thailand is currently operating under the oversight of the Thailand SEC and is registered with the Ministry of Commerce. CEO BC Wong described the move as a strategic expansion into Southeast Asia because of the country's regulatory clarity and market potential. The exchange now provides spot trading and fiat support in Thai baht. The firm would extend services depending on local demand and regulatory requirements.
This is a significant move by KuCoin towards compliance with regional regulations. A few licensed exchanges in Thailand, such as Bitkub, Upbit and Gulf Binance, already exist. KuCoin intends to participate in Thailand’s crypto tourism initiatives, including plans for crypto-backed tourist payments.
SharpLink Gaming has officially acquired 176,271 ETH, valued at $463 million, making it the largest Ethereum holder among publicly traded firms. The Nasdaq-listed company confirmed that over 95% of the ETH has already been deployed in staking and liquid staking protocols, such as Lido, to earn yield while supporting Ethereum’s network.
The acquisition was funded through a $450 million private placement and an additional $79 million raised via an at-the-market equity program. Ethereum co-founder and ConsenSys CEO Joseph Lubin, who recently joined SharpLink’s board, described the strategy as a landmark in institutional adoption of Ethereum.
Despite the announcement, SharpLink’s stock dropped 70% following confusion over a regulatory filing that allowed for the potential resale of PIPE shares. The company later clarified the filing as a standard procedure. While shares remain 66% lower from Thursday’s close, they are still up over 500% since the ETH treasury strategy was first announced in May.
SharpLink now holds more ETH than any other public company except the Ethereum Foundation, which maintains a $594 million ETH treasury.
