Crypto Roundup: $400M Solana Treasury, XRP Card, Fed Bet Odds
Nasdaq-listed Sharps Technology surged 70% after a $400 million capital raise to build what could become the largest corporate Solana treasury. Backed by ParaFi, Pantera, and others, Sharps will allocate proceeds to accumulate SOL. The Solana Foundation will sell $50 million in SOL at a discount, signalling growing interest in digital asset treasuries. In a partnership with Ripple, Gemini launched an XRP-branded credit card issued by WebBank. The card offers up to 4% back in XRP on fuel and EV charging, 3% on dining, 2% on groceries, and 1% on other purchases, with up to 10% back at select merchants. Gemini also added Ripple USD (RLUSD) as a base currency for all US spot trading pairs, bolstering its product suite ahead of a planned IPO. Prediction markets on Polymarket show a 10% chance President Trump will replace Fed Chair Jerome Powell in 2025, and a 27% chance he will remove Governor Lisa Cook. If realized, such changes could signal looser monetary policy, weakening the dollar and boosting risk assets, including bitcoin. This crypto roundup highlights a surge in Solana treasury fundraises, evolving XRP payment solutions, and market sentiment on Federal Reserve leadership.
Bullish
These developments collectively support a bullish outlook:
1. The $400M Solana treasury capital raise demonstrates institutional confidence and is likely to drive SOL demand and price appreciation. Similar strategies by MicroStrategy for Bitcoin previously correlated with substantial market rallies.
2. Gemini’s XRP credit card expands real-world utility and adoption of XRP. Historically, payment-focused initiatives, such as Visa’s USDC rollout, have bolstered token usage and investor sentiment.
3. Polymarket’s low odds of a Fed leadership change dampen fears of sudden policy shifts. A stable Fed under Powell suggests steady interest rates, benefiting risk assets over the short term.
In the short term, rising SOL accumulation and XRP utility are poised to lift prices. Over the long term, growing digital asset treasury strategies and real-world payment use cases underpin sustained demand. Overall, these factors point to a bullish market sentiment.