The Wire — June 13, 2026

The Wire — June 13, 2026

GameStop rolls its Bitcoin covered-call deal forward, capping upside at $80,000 GameStop renewed the over-the-counter options arrangement with Coinbase that pledges 4,709 of its 4,710 BTC, according to a filing surfaced this week. The new contracts sell call options struck at $80,000, down from the $105,000 to $110,000 range on the expired set, and brought in $5.8 million in premium over the period. Because Coinbase can rehypothecate the pledged coins, GameStop no longer books them as directly held bitcoin. It now carries a $369.6 million receivable, the right to reclaim equivalent BTC later, sitting roughly $58 million below cost. The structure is a yield play on an idle treasury: premium income in exchange for forfeiting any gain above the strike. With BTC near $64,000 an $80,000 cap still leaves headroom, but it is a clean reminder that covered calls trade upside for cash flow, the same calculus DeFi vault depositors weigh every day. Compare the on-chain alternatives in BTC yields. Published 15:02 UTC. Source: Decrypt.

Relai CEO ties the bitcoin bear to the AI capital race, expects a later reversal Julian Liniger, CEO of Swiss bitcoin app Relai, said the current drawdown is driven in part by liquidity being absorbed into the AI buildout, with capital flowing to data centers and chips rather than crypto. He argued the trend could flip once AI infrastructure spending matures and risk appetite rotates back. The framing fits the tape: bitcoin is up about 1.7% on the day near $64,000 but still sits well below its highs, and ETF flows have done more to set price lately than on-chain demand. Whether AI is cause or coincidence, the liquidity competition is real, and it shapes how much yield protocols can afford to pay when deposits thin out. Published 09:00 UTC. Source: The Block.

CFTC sues New Mexico as the prediction-market turf war widens The Commodity Futures Trading Commission filed suit against New Mexico, the latest state pulled into a fight over who regulates sports-betting and event-prediction markets. The agency argues these contracts fall under federal commodity law, which puts it head to head with state gaming regulators, and the case lands shortly after former SEC chair Gary Gensler publicly backed the states in the same dispute. The stakes run past sportsbooks. On-chain prediction platforms live or die by whether their contracts are treated as federal commodities or state-regulated gambling, and a clear federal answer would hand exchange-listed and tokenized markets a single rulebook to build against. Published 20:37 UTC. Source: The Block.

Study pegs offshore prediction-market volume at up to $34 billion A new study estimated Americans have wagered as much as $34 billion on offshore prediction markets, and projected that figure could climb to $133 billion a year by 2030 if access stays outside regulation. The numbers put scale on the jurisdiction fight above: demand is large and already routing to venues beyond US oversight, many of them crypto-settled. For a sector pushing for regulatory clarity, the data is ammunition that prohibition moves flow offshore rather than shrinking it. Published 16:44 UTC. Source: Decrypt.

LG Electronics builds an Arbitrum layer-2 for a blockchain ad platform South Korea's LG Electronics said it built a custom layer-2 network on Arbitrum's stack to run an advertising platform set to launch this year. The move puts a global consumer-electronics brand on Ethereum scaling infrastructure for a shipping product rather than a pilot, with LG settling ad transactions and data on its own chain. Enterprise rollups like this one are turning into a quiet distribution channel for Ethereum, and each new chain adds settlement activity that eventually routes value back to the base layer. Track where that value pools in stablecoin yields. Published 10:23 UTC. Source: Decrypt.

Numbers

• BTC: $64,179 (+1.73%)
• SOL: $68.07 (+1.96%)
• ETH: $1,679.40 (+1.41%)
• Solana DeFi TVL: $4.73B
• Top USDC yield (Solana): Jupiter Lend at 3.88% ($419M TVL)

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