Headlines

OpenAI Admits to Secretly Filing for IPO

OpenAI issued a statement confirming it has secretly filed an S-1 registration document, noting that the filing was expected to leak, prompting the company to disclose it proactively. The company emphasized that the exact timing of the IPO remains undetermined and may take additional time, but this move positions it to accelerate its public listing when conditions are favorable. Its competitor Anthropic is also advancing its own IPO preparations. (Jinshi)

SpaceX Plans to Complete IPO Subscription After Wednesday’s US Market Close

According to market sources, SpaceX plans to conclude its Nasdaq IPO subscription process immediately after Wednesday’s US market close, with subscription demand reportedly significantly exceeding supply.

Market News: SBF Officially Applies for Trump Pardon

FTX co-founder Sam Bankman-Fried (SBF) has formally applied for a presidential pardon from Donald Trump. Speaking during an interview while incarcerated, SBF stated he is “absolutely” seeking clemency and reiterated his denial of misappropriating user funds. Odaily Note: Presidential pardons do not require formal applications to initiate; the act of submitting one likely carries more symbolic than substantive weight. (FOX Business)

Industry News

Visa, Mastercard in Talks with Stripe and Coinbase to Form Stablecoin Consortium

Payment giants Visa and Mastercard are negotiating with Stripe and Coinbase to establish a stablecoin consortium and launch a stablecoin platform. If realized, this initiative could reshape the current $300+ billion stablecoin market dominated by USDT and USDC, accelerating the adoption of stablecoins in retail payment ecosystems. The plan remains in early discussion stages, with no formal agreement yet reached. (Fortune)

Goldman Sachs and JPMorgan Explore "Compute Finance," Planning GPU Leasing Futures to Hedge AI Risks

According to informed sources, Goldman Sachs and JPMorgan are exploring financial instruments based on computational power costs, including futures contracts tied to GPU leasing prices. These derivatives are expected to be listed on exchanges later this year. Industry experts note this reflects how the influx of tens of billions into data centers and semiconductor infrastructure is fundamentally reshaping financial markets. (The Information)

Analysis: Bitcoin’s Weekly Chart Shows Rare Bullish Divergence, Price Could Rebound to $90K

Bitcoin’s weekly chart has exhibited a historically rare “weekly bullish divergence,” a signal previously seen following the FTX collapse and preceding a 715% BTC rally. Current price hovers near the 200-week moving average at ~$62,000. A breakout above the $64,000–$65,000 range could target approximately $90,000. However, technical analysis also indicates BTC remains under weekly bearish momentum—should it break downward, short-term downside could retest ~$50,000. (Cointelegraph)

Customer Service Xiao He Surges Over 310% in One Day, Market Cap Exceeds $8.8M

According to GMGN data, the BSC meme coin Customer Service Xiao He briefly surged past a market cap of $8.8 million, currently trading at ~$8.4 million, up over 310% within a single day. Odaily warns that meme coins exhibit extreme volatility—exercise caution and manage risk accordingly.

ZachXBT: UK Sanctions Against HTX Represent Overreach, Worsening On-Chain Address Pollution

On-chain investigator ZachXBT stated that the UK’s recent inclusion of HTX on its crypto sanctions list constitutes regulatory overreach. He highlighted that HTX hosts a large base of Asian retail users, and its designation has led to widespread contamination of legitimate on-chain addresses, rendering the “risk” label increasingly meaningless. He now finds himself disregarding sanctioned category tags when tracking blockchain cases due to their diminished reliability.

Project Updates

Coinbase Announces Official Role as Hyperliquid USDC Treasury Wallet Deployer

Coinbase officially confirmed its appointment as the deployer of Hyperliquid’s USDC treasury wallet, activating the AQAv2 functionality via two addresses—further solidifying collaboration between the two entities in stablecoin infrastructure.

Strategy Announces STRC Dividend Cycle Adjusted to Biweekly

Bitcoin treasury firm Strategy announced that shareholder approval has been secured for adjusting the dividend distribution cycle of its perpetual preferred shares, STRC, to a biweekly schedule.

Revolut Seeks $115B Valuation and Plans Multiple Secondary Rounds Ahead of IPO

London-based digital bank Revolut is quietly pursuing a secondary equity round targeting a valuation of $115 billion, surpassing the size of Barclays and Deutsche Bank. The company plans multiple secondary transactions prior to its formal IPO to provide liquidity for insiders and assess market appetite. CEO stated that the IPO remains at least two years away. (Bloomberg)

Voices from the Field

IC3 Researcher: Cryptographic Technology Has Limited Impact on Solving AI Trust and Payment Challenges

A report from IC3, a research group comprising scholars from top-tier universities, argues that claims about cryptography solving core AI problems are frequently overstated. The report clarifies that AI systems do not become smarter or more resistant to manipulation simply because they possess a cryptographic wallet. Wallets primarily enhance automation, enabling AI agents to execute on-chain actions without requiring manual, per-instance approvals. While blockchain offers value in AI payment and trust mechanisms, it is not a panacea. (The Block)

10x Research: Bitcoin’s Decline Driven Not by Strategy, But Inflation and ETF Outflows

Markus Thielen, founder of 10x Research, stated that the primary driver behind Bitcoin’s drop below $60,000 is rising U.S. inflation triggering sustained outflows from spot Bitcoin ETFs—not speculative concerns around Strategy’s sell-off. Since April’s inflation data exceeded expectations, U.S. spot Bitcoin ETFs have seen approximately $5.4 billion in net redemptions, while Strategy actually increased its BTC holdings by ~$2 billion during the same period. Their model forecasts U.S. inflation could reach 4.3%, above market consensus—the upcoming CPI data will be a critical inflection point. (CoinDesk)