Relief Rally Broadens, Bitcoin ETFs Bounce Back
Ryze Roundup
Market Commentary
Markets staged a broad-based relief rally this week as fears around a full-blown trade war eased. Bitcoin, Ethereum, and Solana each gained around 10%, while standout performers in the long tail included POL (+45%), TAO (+45%), and SUI (+44%).
The rally came despite lingering macro risks. Volatility remained elevated, with the VIX hovering around 28, but relative to last week’s chaos, markets found temporary footing.
Crypto’s recovery was especially notable. After a three-week slide, spot Bitcoin ETFs saw a strong reversal with over $2 billion in net inflows since last Friday. This move came as markets recalibrated around Trump’s evolving tariff stance and increasing chatter about rate cuts later this year.
The tariff narrative remains fluid. While Trump walked back some measures and extended exemptions, his posture toward China remains aggressive. We are watching closely for how trade frictions will impact Q2 earnings, particularly in tech and manufacturing. The macro environment is still volatile, and the policy risk is very much alive.
Bitcoin, meanwhile, is starting to behave more like a macro hedge. Price held up better than equities during recent selloffs, and capital flowed back in faster once tariffs eased. Momentum is building behind a more bullish trend across technicals, sentiment, and ETF flow.
Despite the bounce, markets remain fragile. The Fed is boxed in between sticky inflation and growing recession risk, and Trump’s trade policy is still unpredictable. The setup favors upside in crypto, especially Bitcoin, but not without volatility.
Key News and Events
Capital-Enabled Ecosystem: SOL Strategies Secures $500 Million Financing
SOL Strategies has secured a $500 million convertible note financing deal aimed at expanding its SOL holdings and staking them via self-operated validator nodes. The structure is designed around a revenue-sharing model, with 85% of staking rewards allocated to ATW Partners as interest on the notes.
Solana currently ranks second among PoS blockchains, with a 64.99% staking rate and $57.93 billion in staked value. SOL Strategies’ approach targets two revenue layers: a 6–8% base staking yield, and incremental earnings through integrations with protocols like Jito.
Within Solana’s liquid staking ecosystem, Jito leads with 17.4 million SOL staked at a 7.9% yield. Marinade follows with $1.4 billion in TVL, and Binance rounds out the top three with $1.2 billion. SOL Strategies may tap into these platforms to diversify its yield via LSTs (Liquid Staking Tokens), or onboard its validators to attract delegated capital.
The restaking vertical is also gaining traction. Fragmetric recently raised $5 million to focus on NCN reward distribution, while Solayer has built a hardware-accelerated network with $152 million in TVL. By depositing LSTs like mSOL or JitoSOL into these protocols, SOL Strategies could unlock additional returns via LRTs (Liquid Restaking Tokens) such as fragSOL or LAYER.
This move aligns with a broader trend of institutional capital entering Solana following the Strategy (formerly MicroStrategy) playbook with Bitcoin. Upexi (NASDAQ: UPXI) acquired SOL through a $100 million financing deal, while DeFi Development Corporation holds over 317,000 SOL. These institutional allocations bring liquidity, improve network security, and create a foundation for more advanced financial products.
SOL Strategies’ deployment model represents a blend of institutional scale and DeFi composability, offering a glimpse into what the next phase of capital formation on Solana may look like.
Cantor SPAC to Take Bitcoin-Native Firm Twenty One Public
Cantor Equity Partners, a SPAC backed by Cantor Fitzgerald, has announced a definitive merger with Twenty One Capital, a newly formed, Bitcoin-native financial company. The deal values the combined entity at a pro forma enterprise value of $3.6 billion and launches it with over 42,000 BTC on the balance sheet, making it one of the largest institutional holders of Bitcoin globally.
Twenty One’s stated goal is to become the most effective public vehicle for Bitcoin accumulation. Its capital structure will be fully Bitcoin-denominated, with shareholder metrics like Bitcoin Per Share (BPS) and Bitcoin Return Rate (BRR) used to evaluate performance independently of fiat. The company plans to expand into native financial products, media, and corporate services, all built around Bitcoin infrastructure.
Major industry players back the deal: Tether and Bitfinex will hold a majority stake, while SoftBank Group will retain a significant minority interest. Tether has committed to matching PIPE funding with Bitcoin purchases, reinforcing its alignment with the firm’s strategic direction. The transaction includes a $385 million convertible note raise and a $200 million equity PIPE, with proceeds directed toward further BTC accumulation and platform development.
Jack Mallers, known for founding Strike and advancing Bitcoin Lightning adoption, will serve as CEO. The operational thesis shares elements with MicroStrategy’s strategy but seeks to build a broader, Bitcoin-first financial stack spanning capital markets and corporate finance.
The company will trade under the ticker “XXI” upon completion. For investors, the listing offers direct exposure to a Bitcoin-native corporate model, bridging traditional capital markets with long-term BTC accumulation and infrastructure development.