Crypto Market Recap: SEC Issues Crypto ETF Guidance, Bit Digital Shifts Focus to Ethereum
July 7, 2025 — The cryptocurrency market saw notable developments this week, highlighted by the U.S. Securities and Exchange Commission (SEC) releasing its first formal guidance on crypto exchange-traded funds (ETFs) and Bit Digital, a former Bitcoin mining firm, pivoting its corporate treasury towards Ethereum. These developments reflect ongoing shifts in regulatory approaches and corporate strategies within the crypto space.
Bitcoin and Ethereum Market Performance
As of July 7, Bitcoin (BTC) was trading at approximately $108,159, experiencing a slight decline of 0.3% over the previous 24 hours. Throughout the day, Bitcoin’s price fluctuated between a low of $107,591 and a high of $108,551. The cryptocurrency hovered near $109,000 early in the session amid global market uncertainties linked to tariff concerns under U.S. President Donald Trump, which drove investors to consider crypto assets as alternative stores of value. However, MicroStrategy temporarily paused its weekly Bitcoin purchases for the first time since March, indicating a possible strategic reassessment given recent market volatility and macroeconomic pressures.
Ethereum (ETH), meanwhile, edged upward by 0.2% to around $2,546.07. Its trading range for the day was between $2,521 and $2,553. The steadiness in ETH’s price came as the market digested announcements from major institutional players and regulatory updates.
Altcoin Movements
Among other prominent cryptocurrencies, Solana (SOL) saw a 1.3% decrease to $149.11. XRP gained 1.6% to $2.30, and Sui (SUI) dipped 0.7% to $2.87. Cardano (ADA) showed a modest 0.4% decrease, priced at around $0.5847. ### Key Industry News
CoreWeave to Acquire Core Scientific in $9 Billion Deal
CoreWeave (NASDAQ: CRWV) announced its definitive agreement to acquire Core Scientific (NASDAQ: CORZ) in an all-stock transaction valued at $9 billion. Core Scientific shareholders are set to receive 0.1235 shares of CoreWeave Class A common stock for each Core Scientific share held. This offer represents a 66% premium over Core Scientific’s closing stock price on June 25th. The acquisition, which has been under negotiation for over a year, marks a significant move to consolidate high-performance computing and artificial intelligence workloads within the crypto mining and infrastructure space. According to Michael Intrator, CoreWeave’s CEO and co-founder, this vertical integration aims to enhance operational efficiency and foster sustainable growth.
Bit Digital Shifts Treasury Holdings from Bitcoin to Ethereum
Bit Digital (NASDAQ: BTBT), known for its Bitcoin mining operations, made headlines by reallocating its corporate treasury holdings predominantly into Ethereum. The company acquired over 75,000 ETH tokens financed through the sale of 280 Bitcoins alongside $172 million raised in a recent public offering. This strategic move raised Bit Digital’s total Ethereum holdings to roughly 100,603 ETH, positioning it as the second-largest corporate holder of Ether after Coinbase Global, per CoinGecko data. Following the announcement, Bit Digital’s stock price surged more than 18%, temporarily boosting its market capitalization above $1 billion.
Bitcoin Accumulation by The Blockchain Group and Smarter Web Company
European market players have also been increasing their Bitcoin exposure. France’s The Blockchain Group (EPA: ALTBG) purchased 116 BTC for approximately €10.7 million, lifting their holdings to 1,904 BTC. Simultaneously, the UK-based Smarter Web Company (AQSE: SWE) acquired 226.42 BTC valued at nearly £17.9 million, bringing their total Bitcoin holdings to 1,000 BTC.
SEC Issues Formal Guidance on Crypto ETFs
The U.S. Securities and Exchange Commission has taken a significant regulatory step by publishing its first detailed disclosure guidance for crypto-linked ETFs. The 12-page document encourages firms to present risk factors and custody arrangements in clear, accessible language. This move is expected to facilitate the faster approval of a variety of new crypto ETFs based on coins such as Solana, XRP, and even unconventional meme coins associated with political figures. Furthermore, the SEC is reportedly developing standardized listing rules designed to replace the current case-by-case exemption process that can delay ETF launches by up to 240 days. The new framework could potentially shorten approval times to roughly 75 days, fostering broader institutional engagement in crypto markets.
Elon Musk’s America Party Endorses Bitcoin, Critiques Fiat
Elon Musk announced via X that his newly formed America Party would officially embrace Bitcoin as part of its platform, labeling fiat currency as "hopeless." This declaration aligns with Musk’s previous endorsements of Bitcoin as a strategic hedge against traditional currency depreciation. Notably, Musk, who previously played a role in former President Trump’s reelection campaign and briefly led a government department before founding the America Party, appears intent on integrating cryptocurrency discourse into U.S. political arenas. However, despite enthusiasm from Dogecoin advocates, no concrete plans were disclosed regarding the adoption of DOGE.
Japan’s Metaplanet Bolsters Bitcoin Reserves
Japanese crypto firm Metaplanet (OTCQX: MTPLF, TSE: 3350) has purchased an additional 2,205 BTC at an average price of ¥15.64 million (around $213 million), raising its total Bitcoin holdings to 15,555 BTC. This accumulation solidifies Metaplanet’s position among the world’s largest corporate Bitcoin holders. The firm tracks its performance via a proprietary “BTC Yield” metric, which measures the impact of share dilution on Bitcoin value per share. While the yield declined to 95.6% in Q2 from 309.8% the previous quarter, the metric still showcases the firm’s aggressive growth strategy. Metaplanet’s total Bitcoin investment now exceeds $1.38 billion.
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Disclosure: Authors Giann Liguid and Meagen Seatter hold no direct investments in companies referenced in this article.