Hello Capitalists,

If one thing has become apparent after the signing of the Genius Act on Friday it is that “Crypto” is here to stay. Crypto’s first market open as an “adult” has been marked by surging volumes and a raft of buys from institutions eager to get in on the boom.

Here’s everything you need to be following today:

• DOW: 44590.77 - (⬆️0.56) ✅

• S&P: 6331.59 - (⬆️0.55) ✅

• NASDAQ: 21023.53 - (⬆️0.62) ✅

• CBOE VIX Volatility Index: 16.39 (⬆️0.02) ⚠️⬆️

Trump Media Group makes a huge crypto buy and the stock surges

Trump Media & Technology Group’s stock surged at Monday’s open after the company, operator of Truth Social, announced a massive Bitcoin purchase, marking a significant step in its strategy to build one of the largest corporate bitcoin treasuries among U.S. public companies.

• Bitcoin Acquisition: Trump Media & Technology Group, which operates Truth Social, Truth+, and Truth.Fi, acquired $2 billion in Bitcoin and related securities, with the cryptocurrency now comprising two-thirds of its $3 billion in total assets.

• Stock Surge: Following the announcement, Trump Media’s stock (DJT) opened 6% higher, reflecting investor enthusiasm for its bitcoin treasury strategy, despite a 25% year-to-date decline.

• Strategic Move: The company allocated an additional $300 million for bitcoin-related securities options and is following a plan announced in May to become a bitcoin treasury company, with CEO Devin Nunes emphasizing financial freedom and protection against institutional discrimination.

• Broader Context: The acquisition aligns with President Trump’s increasing crypto involvement, including signing the GENIUS Act for stablecoin regulation and launching a US-dollar-pegged stablecoin through World Liberty Financial, amid new favorable crypto legislation.

Tres Sec Bessent unloads on the Fed, calls for a full examination of their actions

Treasury Secretary Scott Bessent called for a comprehensive review of the Federal Reserve on Monday, escalating tensions with the central bank.

• Treasury Secretary Scott Bessent proposed a thorough examination of the Federal Reserve’s operations, extending beyond the current controversies surrounding a $2.5 billion building renovation. Bessent questioned the institution’s overall effectiveness in in meeting its mission of making monetary policy decisions.

• Bessent criticized the Fed for "fear mongering" over tariffs, noting minimal inflation impact, and suggested the central bank should ease monetary policy as inflation moderates.

• Amid speculation about replacing Fed Chair Jerome Powell, Bessent clarified he advised President Trump to consider various opinions but denied directly influencing decisions about Powell’s tenure.

• The Trump administration has intensified scrutiny of the Fed, with officials planning to inspect the renovation project and President Trump pushing for significant interest rate cuts, which the Fed has resisted.

The Crypto market just passed $4 trillion dollar valuation as it goes mainstream

The cryptocurrency market is surging, fueled by institutional investors and bolstered by new U.S. legislation signaling growing mainstream acceptance of digital assets.

• The crypto market has reached a $4 trillion valuation, driven by institutional investments and optimism from U.S. policy changes, including the passage of a Stablecoin law.

• Large Bitcoin holders acquired 47,000 tokens before the cryptocurrency hit a record high of $123,000, though some have since sold, contributing to a price drop to $118,600.

• The rally reflects a mix of institutional and retail interest, with spot Bitcoin ETFs attracting $19 billion in 2025, though retail trading volumes and wallet app downloads have declined.

• The explosion in crypto over the last three months has been seen in popular coins such as Ethereum (up 141%) XRP (up 74%) Solana (up 39%)

• Michael Saylor of Micro Strategy (MSTR)announced that it had purchased another 6,220 Bitcoin (get the full details here) which now means that MSTR owns 3% of all Bitcoin ever minted.

• Ryan Cohen of Gamestop (GME) also hinted that Gamestop would be in the market to buy more Bitcoin if the price was right.

Major crypto exchange plans to go public in leaked report

Crypto custody firm BitGo has confidentially filed for a U.S. initial public offering, aiming to capitalize on growing institutional interest in digital assets, according to sources familiar with the matter.

• IPO Filing: BitGo, a major crypto custody firm, has confidentially submitted paperwork for a U.S. initial public offering, signaling its intent to go public amid a surge in crypto market interest.

• Market Context: The filing follows a wave of public listings in the crypto sector, with companies like Coinbase and Kraken pursuing IPOs, driven by institutional adoption and a favorable regulatory environment.

• Company Profile: Founded in 2013, BitGo manages over $64 billion in digital assets, serving institutional clients with secure storage and management solutions for cryptocurrencies.

• Strategic Move: The IPO is seen as a step to bridge digital assets with traditional finance, potentially valuing BitGo at $1.75 billion, as it seeks to attract more institutional investors.

Microsoft just issued an urgent alert after its software got hacked

Microsoft (MSFT) issued an urgent alert Saturday warning businesses and government agencies of active cyberattacks targeting vulnerabilities in its server software.

• Microsoft alerted businesses and government agencies about ongoing cyberattacks exploiting vulnerabilities in its SharePoint server software used for internal document sharing.

• The attacks, reported on Saturday, affect only on-premises SharePoint servers, not the cloud-based SharePoint Online in Microsoft 365.

• The FBI is aware of the attacks and is collaborating with federal and private-sector partners, though no specific details were provided.

• Microsoft has released security updates and is coordinating with CISA, DOD Cyber Defense Command, and global cybersecurity partners to address the threat.

Luxury Mega brand just added private jets to its roster

L Catterton, backed by French luxury giant LVMH, has acquired a 20% stake in private jet company Flexjet, signaling a strategic push into the booming luxury travel market as wealthy consumers prioritize exclusive experiences.

• L Catterton, a private equity firm 40% owned by LVMH and Bernard Arnault’s family office, is leading an $800 million investment to acquire a 20% stake in Flexjet, joined by affiliates of KSL Capital Partners and the J Safra Group.

• The deal, valuing Flexjet at approximately $4 billion, aims to capitalize on the luxury industry’s shift toward the experience economy, with wealthy consumers increasing spending on travel and bespoke services.

• Flexjet projects an EBITDA of $425 million in 2025, up from $398 million in 2024, with plans to expand its fleet from 318 to 340 aircraft and enhance infrastructure for international travel.

• The investment will foster brand partnerships, such as Flexjet’s existing collaboration with Belmond, to offer curated luxury experiences, positioning Flexjet as a boutique alternative to competitors like NetJets.