Headlines

SpaceX Plans IPO at $135 per Share, Valuation Reaches $1.75 Trillion

SpaceX intends to issue 555.6 million shares at $135 per share in its initial public offering (IPO), raising approximately $75 billion and valuing the company at around $1.75 trillion. According to informed sources, SpaceX is set to proceed with its IPO next week.

U.S. Sanctions Iranian Cryptocurrency Platforms and Related Individuals

On June 2 local time, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced an update to the Specially Designated Nationals and Blocked Persons List (SDN List), adding multiple Iranian cryptocurrency platforms and associated individuals to the sanctions list.

Trump Signs Executive Order to Promote Advanced AI Innovation and Security

White House: President Trump signed an executive order to promote advanced artificial intelligence innovation and security. Under this directive, the National Security Systems Council, the Department of War, and the Department of Homeland Security must prioritize advancing cybersecurity for information systems within 30 days. The Treasury Department, Department of War, and Department of Homeland Security will develop confidential benchmark testing procedures within 60 days to assess AI models’ advanced cyber capabilities and establish criteria for identifying “protected frontier models.” Additionally, the order explicitly states that no mandatory government licensing, pre-review, or approval requirements will be imposed on the development, release, or distribution of new AI models. The Department of Justice will also prioritize enforcement of relevant federal criminal laws targeting unauthorized access or computer system disruption using AI.

Musk May Become the World’s First Trillion-Dollar Billionaire

Leverage Shares stated that if SpaceX ultimately goes public with a valuation between $1.75 trillion and $2 trillion, Musk’s ~43% stake would be worth $752 billion to $860 billion. Combined with his holdings in Tesla and other ventures, his total net worth could reach trillion-dollar levels.

Industry News

Grayscale Hyperliquid ETF Set to Begin Trading Tomorrow

Grayscale officially announced that the Grayscale Hyperliquid Staking ETF (HYPG) will begin trading tomorrow.

Data: Crypto Derivatives Volume Drops to Late 2023 Levels

Data shows that aggregate crypto futures volume across major exchanges fell to a near 12-month low in May, with monthly volume reaching approximately $2.9 trillion—returning to the low levels seen since late 2023, significantly below the previous peak of $6–7 trillion per month during the more active period last year.

This decline reflects a broad cooling in speculative trading within the crypto market, with spot trading volume and on-chain activity also remaining weak. Trading remains highly concentrated among a few top-tier platforms, with Binance maintaining dominance, followed closely by OKX, Bybit, and Gate; smaller exchanges are experiencing more pronounced liquidity erosion during this low-activity cycle.

Meanwhile, the CFTC is advancing efforts to pave the way for opening up perpetual contracts in the U.S. market. For products long confined primarily to offshore markets, this could unlock significant structural opportunities.

CFTC Chair Seeks to Void $5 Million Settlement with Gemini

CFTC Chairman Michael Selig stated that law enforcement actions under the Biden administration were politically targeted at Gemini’s co-founder, asserting that he is pushing to correct the handling of the case.

Under Michael Selig’s leadership, the CFTC requested the federal court last week to void the $5 million settlement it reached with Gemini in January 2025—prior to the transition of the Trump administration’s oversight committee.

Project News

Prediction Market Limitless: User-Generated Markets Feature Now Live

The prediction market platform Limitless announced that the user-generated markets feature is now live. Users can select an asset, define an outcome, and launch a market, with each creator receiving fee revenue from their market’s trading activity.

Coinbase Invests in Ethena via Public Market Purchase of ENA, Teases New Partnership

Coinbase Ventures said it has invested in Ethena by purchasing ENA tokens through the public market. Following the announcement, ENA rose approximately 6% over the past 24 hours.

Ethena stated that the two parties will collaborate to advance on-chain financial and savings products. Coinbase also mentioned plans for deeper integration, including Circle’s stablecoin USDC.

Ethena founder Guy Young said Ethena’s product will be integrated with Coinbase’s user base exceeding 100 million users next week, supporting its dollar-denominated savings offerings. Market attention is focused on how the partnership will unfold around USDC and Ethena’s synthetic dollar, USDe.

Funding & Investment

AI Startup Special Secures Funding Round Led by a16z

AI startup Special announced a funding round led by Andreessen Horowitz (a16z), with participation from Antonio Gracias, founder of Valor Equity Partners; former xAI Chief Financial Officer Anthony Armstrong; Steve Davis; Coinbase CEO Brian Armstrong; and Palantir Technologies CTO Shyam Sankar. Founded by Nate Cavanaugh and Justin Fox, the project focuses on acquiring companies and leveraging AI to reduce operational costs.

Noble Mobile Acquires Blockchain-Driven Wireless Operator Helium Mobile

CoinDesk reported that Andrew Yang’s Noble Mobile has acquired Helium Mobile, a blockchain-powered wireless operator, integrating Noble’s mobile services with Helium’s blockchain-based wireless network.

Regulatory Developments

Clarity Act Added to U.S. Senate Legislative Agenda — Next Major Step Is Full Senate Vote

Bitcoin News reported that the Clarity Act has been formally submitted by the U.S. Senate Banking Committee and added to the Senate legislative calendar. The committee voted to advance the bill on May 14. As of June 1, the procedural steps have been completed, allowing the bill to be scheduled for full Senate debate—the next major step being a full Senate vote.

Voices from the Industry

Bitwise CIO: Crypto Investing Shifts from Momentum Trading to “Contrarian Bets”

Bitwise Chief Investment Officer Matt Hougan stated that as U.S. equities continue rising, AI stocks attract massive capital inflows, and regulatory clarity around the U.S. Clarity Act remains uncertain, crypto assets are transitioning from past momentum-driven strategies toward longer-term, fundamental-oriented “contrarian bets.”

Hougan noted that amid a 43% year-over-year increase in the Nasdaq 100 Index and dominant market focus on AI themes, institutional investors' appeal to allocate capital into crypto has diminished. However, this does not imply the disappearance of the crypto sector—it reflects a shift in investment logic requiring a longer-term perspective and stronger fundamental analysis.

He also emphasized that the current “crypto winter” differs from past cycles: capital is no longer flowing exclusively into large-cap assets like Bitcoin, but instead rewarding projects with independent, compelling fundamentals. Recent notable rallies in Hyperliquid, BNB, Zcash, and Stellar indicate that the market is increasingly prioritizing tangible project progress and differentiated narratives.

Goldman Sachs CEO: Greed Outweighs Fear in the Market

Goldman Sachs CEO Solomon stated that the stock market’s prosperity is driven by profit-seeking appetite, which currently exceeds concerns over economic turbulence and inflation risks. Solomon said Tuesday: “The current situation is characterized by far greater greed than fear—liquidity is abundant.” He acknowledged that rising inflation risks could prompt the Federal Reserve to hike rates, noting: “I believe inflation pressures are real. If they exceed expectations, I think the Fed will act.”