Headlines

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

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

Japan’s overseas securities holdings declined sharply in May, indicating that the Japanese government may have drawn on 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.

As of the end of May, Japan’s total foreign exchange reserves dropped to $109 billion. Foreign currency deposits—another potential source of intervention funding—remained largely unchanged at $16.2 billion. Earlier confirmed reports indicated that Japan’s intervention in the foreign exchange market reached a historical high of ¥1.173 trillion (approximately $7.34 billion) during the month ending May 28.

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

Anthropic urges leading AI labs worldwide to consider slowing down their R&D pace, warning that AI system evolution is progressing at an unprecedented rate and could soon achieve self-improvement without human intervention—a capability that may trigger significant societal risks. Internal data disclosed by Anthropic shows its most advanced models are rapidly improving, with AI progress trending toward “recursive self-improvement,” where AI systems autonomously optimize themselves without human input. Anthropic suggests that globally coordinating a pause or temporary suspension of frontier AI development could allow social structures and related research to catch up with technological advances. The company proposes establishing a global agreement on how to slow AI development speed and creating mechanisms to verify compliance among competitors.

Industry News

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

According to SoSoValue data, HYPE spot ETFs recorded a net inflow of $12.149 million on June 4, Eastern Time. On its first full trading day following launch, HYPG saw a net inflow of $4.697 million, bringing its cumulative net inflow to $4.697 million. The highest single-day net inflow came from Bitwise Hyperliquid ETF (BHYP), which attracted $7.452 million in net inflows, bringing its historical total to $90.412 million.

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

Last night, market sources reported that SemiAnalysis’s latest research note highlighted a major shift in the memory configuration of NVIDIA’s next-generation AI server cluster, Rubin NVL72. To address supply chain constraints and ensure timely delivery of Rubin cabinets, the capacity per cabinet was drastically reduced from the original plan of 55TB to just 28TB—down by approximately 50%—replacing the previous high-end 192GB modules with scaled-down 96GB SOCAMM memory modules. This news pressured memory-related stocks, including Micron and SK Hynix.

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

Project Highlights

With compute resources becoming increasingly scarce, Jane Street plans to build its own data center to meet growing 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 acquires compute via Dallas-based data centers and cloud providers such as CoreWeave, aiming to scale its compute capacity by tenfold—from tens of thousands of GPUs to hundreds of thousands. The new facility will support training internal AI models for asset price prediction. The firm’s co-lead technologist noted that innovation and experimentation are constrained by available compute, and the company is seeking additional compute capacity to enable longer-duration risk-position trading strategies.

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 enabled attackers to secretly create an infinite 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 its patch.

The vulnerability existed since Orchard’s activation in May 2022 and remained unpatched until an emergency fix was deployed on June 1, 2026. With assistance from AI tools, Taylor Hornby developed a complete exploit 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 users of ether.fi opportunities to earn returns from tokenized real-world assets.

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

Funding & Investment

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

Regulatory Developments

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

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 from the Industry

Chicago Mercantile Exchange Group CEO Terry Duffy expressed serious concerns about recently approved perpetual contracts in the U.S. regulatory environment. Duffy stated that perpetual contracts offer little practical utility to institutional investors while exposing retail participants to excessive risk. He strongly disagreed with the CFTC’s decision to fast-track approval of the first batch of crypto perpetuals and confirmed he had personally called CFTC Chairman to voice his concerns.

Duffy warned that perpetual contracts and prediction markets are fueling a retail speculation frenzy that could result in a coming disaster. The first batch of CFTC-approved perpetuals is listed on Kalshi, with several U.S. exchanges actively discussing launching their own perpetual contract offerings.

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

U.S. Comptroller of the Currency Jonathan Gould stated during the hearing that the only political pressure his agency felt regarding World Liberty Financial’s bank charter application came from Democrats, rejecting allegations that his office was following presidential directives. Additionally, FDIC Chair Travis Hill said a rule proposal requiring stablecoin issuers to implement customer identity verification procedures is imminent.