Headlines

Fidelity Lowers Minimum Account Requirement for SpaceX IPO from $500K to $2,000

Fidelity has reduced the minimum account requirement for SpaceX's IPO from a maximum of $500,000 to $2,000.

Japan’s overseas securities holdings declined sharply in May, indicating that the Japanese government may have drawn upon foreign assets—including U.S. Treasuries—to fund its record-breaking monetary market intervention over the past month. According to foreign exchange reserve data released by Japan’s Ministry of Finance on Friday, Japan’s overseas securities fell by $7.56 billion compared to April.

By the end of May, Japan’s total foreign exchange reserves had dropped to $109 billion. Foreign currency deposits—another potential source of intervention funds—remained largely unchanged at $16.2 billion. Earlier confirmed reports revealed that Japan’s foreign exchange market interventions over the month ending May 28 reached a historical high of ¥11.73 trillion (approximately $7.34 billion).

According to informed sources, SpaceX (SPCX.O) has notified the banks handling its $75 billion IPO that it has settled on an offering price of $135 per share, which was disclosed in its revised IPO filing on Wednesday. This decision signals Elon Musk’s determination to lead what would be the largest IPO in history according to his own vision, defying Wall Street norms—though insiders emphasized that this pricing remains subject to change before formal trading begins. SpaceX launched its IPO roadshow on Thursday. During the roadshow, underwriters and issuing entities typically gather investor feedback, culminating in a final pricing meeting the day before listing. Three sources described market demand for SpaceX stock as “extremely hungry.” SpaceX is expected to begin trading publicly on June 12.

Anthropic has called on leading AI labs worldwide to consider slowing down their R&D pace, warning that AI systems are evolving at such a rapid rate that they may soon achieve self-improvement without human intervention—a capability that could trigger significant societal risks. Internal data disclosed by Anthropic shows its most advanced models are advancing quickly, with AI progress trending toward “recursive self-improvement,” where AI systems autonomously optimize themselves without human oversight. Anthropic argues that if the global community were to collectively slow or temporarily halt frontier AI development, allowing social structures and related research to catch up with technological advancement, it would benefit humanity. The company proposes establishing a global agreement specifying how to decelerate AI development and creating verification mechanisms to ensure compliance among competitors.

Industry News

On June 4, Eastern Time, Grayscale Hyperliquid Staking ETF (ticker: HYPG) officially listed on Nasdaq. There are now three U.S.-listed HYPE spot ETFs in active trading.

According to SoSoValue data, HYPE spot ETFs recorded a net daily inflow of $12.149 million on June 4, Eastern Time. HYPG, in its first full trading day post-listing, saw $4.697 million in net inflows, bringing its cumulative net inflows to $4.697 million. The largest single-day inflow came from Bitwise Hyperliquid ETF (BHYP), with $7.452 million in net inflows and a cumulative total of $90.412 million.

As of publication, the total net asset value of HYPE spot ETFs stands at $186 million, with a net asset ratio of 1.24%, and historical cumulative net inflows totaling $152 million.

Last night, market rumors emerged citing a new report from SemiAnalysis stating that NVIDIA’s next-generation AI server cluster, Rubin NVL72, underwent a major memory configuration overhaul. To mitigate supply chain constraints and ensure on-time delivery of Rubin cabinets, the capacity per cabinet was slashed from the original 55TB to just 28TB—down roughly 50%—replacing the previous high-end 192GB modules with a reduced 96GB SOCAMM memory module. This news pressured memory-related stocks, including Micron and SK Hynix.

In response, Dylan Patel, founder, CEO, and chief analyst at SemiAnalysis (@dylan522p), stated, “I love when people retweet our words while missing most of the context in our notes. Our original report did not use such clickbait-style headlines.”

Project News

As compute resources grow increasingly scarce, Jane Street is planning to build its own data centers to meet expanding operational demands. The firm is currently in preliminary discussions with multiple companies across the tech, crypto, and finance sectors; specific capacity and location details remain undetermined.

Jane Street currently obtains compute via Dallas-based data centers and cloud providers like CoreWeave, seeking to scale its compute capacity by tenfold—from tens of thousands of GPUs to hundreds of thousands. The new facilities will support training internal AI models for asset price forecasting. The firm’s co-lead technologist noted that innovation and experimentation are constrained by available compute, and the company is actively pursuing additional compute capacity to enable longer-duration risk-holding trades.

Taylor Hornby discovered a critical forgery vulnerability in Zcash’s Orchard pool on May 29, 2026. He reported the flaw to the Zcash Open Development Lab, and all parties collaborated to complete the fix by June 2. The vulnerability could have been exploited to secretly generate an unlimited number of forged ZEC within the Orchard protocol. Due to Orchard’s privacy features, it is cryptographically impossible to determine whether the vulnerability was exploited prior to the patch.

The vulnerability existed since Orchard’s activation in May 2022 and was only patched on June 1, 2026, via an emergency update. With assistance from AI tools, Taylor Hornby developed a complete exploit program and generated infinite, undetectable forged ZEC in a local test environment. Shielded Labs is now collaborating with other Zcash developers to explore network upgrade proposals enabling anyone to verify Zcash’s supply integrity.

Plume has partnered with Ethereum liquid staking protocol ether.fi to launch a new RWA yield vault, offering tokenized real-world asset returns to ether.fi users.

Plume stated that ether.fi has exclusively allocated $100 million in capital to the vault, sourced from its liquidity provider base and management capital from existing products such as liquid ETH, liquid USD, and liquid BTC. An ether.fi representative noted strong market demand for institutional-grade risk controls and DeFi exposure reduction in yield products.

Funding & Investment

Nova Markets announced a new round of funding led by Wintermute Ventures, Robot Ventures, Big Brain VC, Cumberland, GSR, Greenfield Capital, Hash3, Bodhi Ventures, and Kairos Research. The project focuses on blockchain capital and prediction market infrastructure, with funds directed toward migrating more perpetual contracts and prediction markets onto-chain.

Regulatory Developments

The U.S. House Committee on Ways and Means is preparing legislation to establish a cryptocurrency tax framework, potentially releasing draft bills as early as Friday, followed by hearings next week. Committee Chair Jason Smith has made crafting a digital asset tax framework his top priority, with involvement from the Treasury Department.

The committee is expected to introduce seven bills covering: when tokens acquired through mining or staking should be taxed; partial exemption of stablecoin transactions from capital gains tax; equal tax treatment between digital assets and securities (including charitable donations); safe harbor provisions allowing foreign investors to trade U.S. securities without being treated as domestic corporations; and extending wash-sale rules to digital assets.

Voices

Chicago Mercantile Exchange Group CEO Terry Duffy expressed deep concern over recently approved perpetual contracts in the U.S. regulatory framework. Duffy stated that perpetual contracts serve little practical purpose for institutional investors but expose retail traders to excessive risk. He strongly disagreed with the CFTC’s decision to fast-track approval of the first batch of crypto perpetuals and said he personally contacted the CFTC chair to express his concerns.

Duffy warned that perpetual contracts and prediction markets are fueling a speculative frenzy among retail investors—an impending disaster. The first batch of perpetual contracts approved by the CFTC is listed on Kalshi, and multiple U.S. exchanges are now discussing launching their own perpetual contract offerings.

The U.S. House Committee on Financial Services held a hearing today focusing on stablecoin regulations and the banking charter application submitted by World Liberty Financial, a crypto firm linked to the President.

Comptroller of the Currency Jonathan Gould stated during the hearing that the only political pressure his office felt regarding World Liberty Financial’s banking charter application came from Democrats and rejected claims that his office was following presidential directives. Additionally, Federal Deposit Insurance Corporation (FDIC) Chair Travis Hill said a proposed rule requiring stablecoin issuers to implement customer identity verification procedures will be issued shortly.