Crypto Market Recap: Bitcoin Nears All-Time High, Bullish Eyes IPO and Strategy Sued

Bitcoin and Ethereum price update

Bitcoin (BTC) was priced at US$109,199, slightly up 0.5 percent in 24 hours. The day’s range for the cryptocurrency brought a low of US$108,633 and a high of US$110,237.

Bitcoin price performance, June 11, 2025.

Chart via TradingView

Bitcoin briefly surpassed the US$110,000 level as risk-on sentiment returned to markets ahead of key US inflation data. Investors are positioning ahead of the May CPI report, which could influence the Federal Reserve’s interest rate path, an important driver for crypto.

Continued inflows into US spot Bitcoin ETFs and easing global tensions also supported the move, with Bitcoin now trading just below its all-time high.

Ethereum (ETH) ended the day at US$2,679.16, a 2.1 percent increase over the past 24 hours. The cryptocurrency reached an intraday low of US$2,712.96 and saw a daily high of US$2,821.70.

Altcoin price update

• Solana (SOL) closed at US$158.14, up 4.5 percent over 24 hours. SOL experienced a low of US$157.02 and reached a high of US$167.13 on Wednesday.

• XRP was trading at US$2.31, up 1.1 percent over the past 24 hours. The cryptocurrency reached a daily low of US$2.27 and a high of US$2.33.

• Sui (SUI) was trading at at US$3.43, showing an increaseof 0.8 percent over the past 24 hours and its highest valuation of the day. Its lowest as of Wednesday was US$3.40.

• Cardano (ADA) is trading at US$0.7213, up 3.0 percent over the past 24 hours. Its lowest price of the day was US$0.6924, and it reached a high of US$0.7267.

Today’s crypto news to know

Bullish confidentially files for US IPO amid pro-crypto climate

Crypto exchange Bullish has confidentially filed for a US initial public offering, signaling renewed optimism in digital assets as Donald Trump’s administration ushers in a more crypto-friendly regulatory landscape.

Backed by billionaire Peter Thiel and led by former NYSE president Tom Farley, Bullish’s IPO plans mark a major comeback after its failed SPAC merger in 2021.

The company’s move follows Circle’s blockbuster US$1.1 billion IPO and coincides with a wave of new filings, including Gemini’s confidential application last week.

Jefferies is slated to lead underwriting for Bullish, though the bank has declined to comment.

Ondo brings tokenized US treasuries to XRP ledger

Ondo Finance has officially launched its tokenized short-term US Treasury product, OUSG, on the XRP Ledger (XRPL), using Ripple’s new RLUSD stablecoin for settlement.

This marks the first time tokenized Treasuries are accessible on XRPL, allowing institutional investors to mint and redeem around the clock with instant settlement. OUSG provides exposure to low-risk, short-term US Treasuries and is already live on Ethereum and Solana, with a combined US$670 million in assets across chains.

With US$30 million in TVL already on XRPL, this expansion could significantly scale institutional DeFi on public ledgers.

Strategy hit with lawsuit over alleged misleading Bitcoin strategy

Strategy (NASDAQ:MSTR) is facing a class action lawsuit alleging the firm misled shareholders about the risks of its Bitcoin-heavy investment approach.

Law firm Levi & Korsinsky filed the suit on June 10, calling on investors who bought shares between April 2024 and April 2025 to join the case, with a lead plaintiff deadline set for July 15.

The complaint cites the company’s recent US$5.91 billion unrealized loss due to Bitcoin’s volatility and claims executives downplayed risk while hyping upside potential.

On April 7, the stock dropped nearly 9 percent after disclosing the Q1 loss; by May 1, the company formally admitted to the nearly US$6 billion hit.

A second lawsuit, filed by Anas Hamza, is also underway for alleged violations of the Securities Exchange Act.

CEO Michael Saylor has defended the firm’s strategy, arguing its capital structure is resilient even in the face of a 90 percent Bitcoin crash. Strategy has not issued an official comment on the lawsuits.