$300M XRP Treasury by Webus, Kraken Prime is Here, Robinhood buys Bitstamp, SEC Faces Backlash over Staking

Let’s dive into the top crypto stories of the week, but first, we will check out who won and who lost in the markets.

Top Gainers

• Sky (SKY) is this week’s top gainer with a 13.47% uptick to $0.07471.
• Quant (QNT) followed closely with 7.84% gains to reach $114.67.
• Hyperliquid’s HYPE became the third highest gainer with 7.66% gains to $35.26

Top Losers

• DeXe lost 30.88% over the last week to become the biggest loser of the week; now it trades at $9.79.
• Core (CORE) lost 19.89% over the last week and now trades at $0.6221.
• Lido became the third biggest loser with an 18.49% drop to $0.7767

Crypto Meme of the Week

Webus Files $300 Million XRP Treasury

Webus International, an automotive and hospitality firm based in China, submitted a  Form 6-K to the  U.S. Securities and Exchange Commission indicating plans for the establishment of an XRP corporate treasury fund worth $300 million. In essence, a Form 6-K is a document that foreign private issuers use when disclosing updates to U.S. investors.

The filing followed an announcement on Tuesday where Webus said it would roll out non-equity or credit facility financing channels to support the $300 million treasury initiative. 

To streamline the plan, the automotive company has partnered with Samara Alpha, a digital assets manager that will help Webus implement its XRP strategy.

Kraken Rolls out Kraken Prime for Institutional Crypto Investors

Kraken has officially kicked off Kraken Prime, a full-service prime brokerage tailor-made for the buttoned-up world of institutional investors who want to dive into the deep end of digital assets… without belly-flopping.

Think of Kraken Prime as the penthouse suite of crypto trading, a stylish financial portal for Institutions to get a slick, all-in-one platform offering trading, custody, financing, and all the other high-level perks that typically come with a suit and a Bloomberg terminal.

The exclusive premium platform includes multi-venue liquidity, sophisticated trading tools, and a user experience that’s smoother than a jazz saxophone solo.

“Our infrastructure has been battle-tested across several market cycles,” said Kraken co-CEO David Ripley, essentially telling Wall Street to now trade with them. 

Kraken Prime is the exchange’s  VIP-only section, crafted to deliver the kind of execution quality and service depth institutional investors daydream about during quarterly earnings calls.

With regulatory fog slowly lifting and institutions from hedge funds to household-name corporates dipping their toes (or diving headfirst) into crypto, Kraken has stepped up to play concierge by giving clients access to over 90% of the digital asset market across more than 20 global venues, with 24/7 white-glove support.

Clients can trade directly from qualified custody held by Kraken Financial and tap into tools like asset-backed lending, T+1 credit facilities, and a proprietary order-routing system that practically does your homework for you.

Robinhood Acquires Bitstamp for $200M

In a bold move that signals they’re not just here for the dog coins, Robinhood has officially sealed the deal on its $200 million acquisition of Luxembourg-based crypto exchange Bitstamp. Here at HODL.FM, we call it a clean, fiat-powered handshake.

Bitstamp brings 5,000 institutional clients and 50,000 retail customers into the Robinhood ecosystem.

For anyone who has been around since the Mt. Gox days, Bitstamp is one of the OGs of crypto. The exchange generated $95 million in revenue over the past year, and now it’s plugging directly into Robinhood’s infrastructure like a well-upgraded USB stick.

 It’s already connected to Robinhood Legend and Smart Exchange Routing, which sounds like something Tony Stark might’ve designed for his intergalactic crypto wallet.

Robinhood also recorded $252 million in crypto revenue in Q1 of 2025. Now with Bitstamp on board and $65 million in integration costs budgeted for the rest of the year, the platform could rocket significantly.

Just weeks before the Bitstamp news, the trading platform announced plans to acquire Canadian crypto platform WonderFi for roughly $179 million, turning their North American ambitions into a full-blown crypto poutine platter. According to Robinhood Crypto GM Johann Kerbrat, they’re not ruling out more deals, and it would really matter if they could shave off 18 months to 2 years of the roadmap.

As a result of the positive fundamentals, Robinhood’s stock ($HOOD) rose 2.77% on June 2 and tacked on another 0.44% after hours.

The U.S. SEC is Fighting Criticism over New Crypto Staking Requirements

The SEC is catching heat—again—this time over a fresh set of guidelines on crypto staking. Issued May 29, the agency’s Division of Corporation Finance suggested some staking services may not be securities, potentially giving proof-of-stake blockchains a regulatory hall pass.

But not everyone’s buying it.

Former SEC Internet Enforcement chief John Reed Stark blasted the shift on X, calling it “a shameful abdication” of the SEC’s duty.

 Accusing the agency of ignoring recent court rulings that labeled staking products as securities in the Binance and Coinbase cases.

That’s all for the week. See you next time on the Digest.

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