Russia’s largest bank, Sberbank, is rolling out a structured bond that gives investors exposure to bitcoin price movements and changes in the dollar-to-ruble exchange rate.

The Ethereum Foundation has laid off several members of its research and development team as it restructures to sharpen focus on critical design challenges facing the blockchain’s core protocol.

Circle, the company behind the USDC stablecoin, has raised both the size and price range of its upcoming initial public offering (IPO) as investor demand surges. 

Top stories in the Crypto Roundup today:

• Russia’s Sberbank Launches Bonds Tied to Bitcoin
• Ethereum Foundation Lays Off Staff, Refocuses R&D on Core Protocol Challenges
• Circle Targets $7.2B Valuation in Expanded IPO as BlackRock, Ark Show Interest

Russia’s Sberbank Launches Bonds Tied to Bitcoin

Russia’s largest bank, Sberbank, is rolling out a structured bond that gives investors exposure to bitcoin price movements and changes in the dollar-to-ruble exchange rate.

The product, available over the counter to a limited group of qualified investors, allows participants to earn payouts based on two factors: how bitcoin performs in U.S. dollars and whether the dollar gains strength against the ruble. 

Transactions are settled in rubles and processed entirely within Russia’s financial infrastructure. This launch comes just days before Sberbank plans to debut a bitcoin futures product via its SberInvestments platform on June 4. 

Ethereum Foundation Lays Off Staff, Refocuses R&D on Core Protocol Challenges

The Ethereum Foundation has laid off several members of its research and development team as it restructures to sharpen focus on critical design challenges facing the blockchain’s core protocol.

The changes are part of a broader effort to streamline the nonprofit’s operations and address mounting concerns from the community. 

For over a year, developers and observers have warned that Ethereum’s dominance in blockchain technology could slip if the foundation fails to confront technical bottlenecks.

Now rebranded simply as “Protocol,” the reorganized team will concentrate on three areas: scaling Ethereum’s base layer, expanding “blobspace” for data availability, and improving usability for developers and end-users.

Circle Targets $7.2B Valuation in Expanded IPO as BlackRock, Ark Show Interest

Circle, the company behind the USDC stablecoin, has raised both the size and price range of its upcoming initial public offering (IPO) as investor demand surges. 

The firm is now aiming to sell up to 32 million shares at $27 to $28 each, up from 24 million shares priced at $24 to $26, according to a new SEC filing.

If shares price at the top of that range, Circle’s fully diluted valuation would hit $7.2 billion. The revised terms reflect heightened interest from major players in traditional finance. BlackRock, the world’s largest asset manager, is reportedly considering buying up to 10% of the IPO shares. 

Ark Invest, led by Cathie Wood, is also preparing to purchase $150 million worth.

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