Today's news highlights:
The Ethereum Foundation announces new treasury management policies and proposes the 'Defipunk' framework: plans to gradually reduce the annual spending ratio to 5% over 5 years
BitMine completes $18 million financing through stock issuance, with net proceeds used to purchase Bitcoin
Upbit will launch Ravencoin (RVN) KRW trading, Lagrange (LA) BTC and USDT trading
Binance includes BIFI, FIS, KMD, and MDT in the 'monitoring label' list
Deribit: $3.8 billion in BTC and ETH options are about to expire, with call options dominating
Circle prices IPO at $31 per share, raising $1.1 billion, with a valuation of $6.2 billion
Crypto lending startup 3Jane raises $5.2 million in seed funding, led by Paradigm
Abraxas Capital withdraws 13,771 ETH from Binance
Regulation/Macro
The California Assembly passes AB-1052 bill, proposing that unoperated crypto assets for three years can be held in custody by the state government
According to Decrypt, the California Assembly passed AB-1052 bill with a vote of 78 in favor and 0 against, proposing that crypto assets with no operational records for three years be treated as unclaimed property and held in custody by the state government. The bill clarifies that the assets will not be liquidated and will still be held in cryptocurrency by a third party, allowing users to claim them at any time. Supporters say this mechanism is similar to traditional unclaimed property laws and aims to protect user asset security; critics worry that it violates the spirit of Bitcoin's privacy and self-custody. The bill draft will now be submitted to the California Senate and may undergo further modifications.
The U.S. Senate confirms Michelle Bowman as the Vice Chairman for Supervision at the Federal Reserve
The U.S. Senate confirms the appointment of Michelle Bowman as the Federal Reserve's Vice Chairman for Supervision for a four-year term, officially succeeding Michael Barr and becoming the highest regulatory officer of the Fed.
U.S. Treasury Department: Discussed work related to the digital asset market
The U.S. Treasury Department states that Secretary of the Treasury Janet Yellen convened an executive meeting of the Financial Stability Oversight Council today. During the meeting, the committee heard briefings from Treasury staff regarding the work of the President's Digital Assets Market Working Group. The chair of the SEC and the acting chair of the CFTC also provided updates on recent actions by their respective agencies. Speakers discussed ongoing efforts to promote U.S. leadership in digital assets and financial technology and to provide greater regulatory clarity and certainty for the digital asset market.
Trump: The debt ceiling should be completely eliminated to avoid economic disaster
U.S. President Trump recently posted on social media: 'I am very pleased to announce that after so many years, I have finally reached a consensus with Democratic Senator Warren on one issue: the debt ceiling should be completely eliminated to avoid economic disaster. It is too dangerous to leave it in the hands of politicians - even though it could have terrible consequences for our country (and even indirectly for the whole world), some politicians still want to use the debt ceiling for political gain. As for Senator Warren's second statement about $4 trillion, I also like it, but it must be done in as short a time as possible. Let's work together, Republicans and Democrats, to get this done!'
Viewpoint
Analysts: Robinhood is expected to be included in the S&P 500 index, which may trigger large-scale purchases by passive funds
According to Bloomberg, BofA analysts pointed out that Robinhood Markets Inc. is a 'major candidate' for the S&P 500 index adjustment to be announced this Friday. The stock recently hit a nearly four-year high, rebounding with the stock and crypto markets. If included, it is expected to trigger concentrated buying by passive funds tracking the index. Coinbase's stock rose 34% during the week when it was included. Analysts also mentioned that Ares Management, Carvana, and AppLovin also have selection potential.
Project Dynamics
Upbit will launch Ravencoin (RVN) KRW trading, Lagrange (LA) BTC and USDT trading
According to Upbit announcement, Ravencoin (RVN) will be listed on the KRW market on June 5, while Lagrange (LA) will be listed on the BTC and USDT markets, with trading expected to support time on June 5.
Binance Futures launches LAUSDT perpetual contract
According to Binance announcement, the platform will launch the LAUSDT (Lagrange) perpetual contract on June 5, 2025, at 17:00 Beijing time, supporting up to 50x leverage.
Binance: Users with 210 points and above in Alpha points can participate in the CUDIS TGE event
According to Binance Wallet announcement, the 21st exclusive TGE (Token Generation Event) will be held on June 5 from 16:00 to 18:00 (Beijing time) for the project CudisWellness (CUDIS), conducted via PancakeSwap. Users must hold at least 210 Binance Alpha points and consume 15 points to participate. This TGE also sets up an additional rewards program of 30 million CUDIS. Yesterday's report stated that Binance Wallet's exclusive TGE for the 21st period goes live with CUDIS.
Binance includes BIFI, FIS, KMD, and MDT in the 'monitoring label' list
According to Binance announcement, the platform has added Beefy (BIFI), StaFi (FIS), Komodo (KMD), and Measurable Data Token (MDT) to the 'monitoring label' list. These tokens, due to their high volatility and risk, will be subject to regular assessment and may face delisting risks. Users must complete relevant risk questionnaires and agree to the terms of use every 90 days before trading. The label will appear on Binance's spot and margin trading pages and market overview pages. Other related services will remain unaffected.
PancakeSwap (CAKE) has been added to Coinbase's listing roadmap
According to Coinbase Assets, PancakeSwap (CAKE) has been added to Coinbase's listing roadmap. Coinbase states that the asset's official trading launch requires market-making support and technical infrastructure conditions, and the specific launch time will be announced separately.
The Ethereum Foundation announces new treasury management policies and proposes the 'Defipunk' framework: plans to gradually reduce the annual spending ratio to 5% over 5 years
According to the Ethereum Foundation's official blog, the foundation released the latest treasury management policy document, setting the annual operating expense at 15% of total assets, with an operational buffer period of 2.5 years, emphasizing that 2025-26 will be a critical period for more active support for the ecosystem. The EF will optimize asset allocation through ETH sales and DeFi deployment, enhance transparency, and release quarterly and annual reports. At the same time, the policy highlights the 'Defipunk' framework, promoting the development of privacy, trustlessness, self-custody, and decentralized UI to uphold the fundamental values of decentralized finance.
Coinbase will launch Ethena (ENA)
Coinbase Assets announces on X platform that it will add support for Ethena (ENA) on the Ethereum network. If liquidity conditions are met, trading will begin on June 6, 2025, at 00:00 Beijing time or later. Once sufficient supply of the asset is available, the ENA-USD trading pair will be launched in phases. Support for ENA may be limited in some jurisdictions.
Coinbase international site will launch Sophon perpetual contracts
Coinbase international site announces on X platform that Coinbase International Exchange and Coinbase Advanced platform will add support for Sophon perpetual contracts (SOPH-PERP). The SOPH-PERP market will begin trading on June 5, 2025, at 17:30 Beijing time or later.
Important Data
HTX withdrew 400 million USDT from Aave an hour ago, causing the borrowing APY to surge to 28.86%
According to monitoring data from ai_9684xtpa, HTX withdrew 400 million USDT from Aave an hour ago, causing Aave's USDT borrowing annual percentage yield (APY) to surge to 28.86%, with the deposit annual percentage yield rising to 24.65%. The large withdrawal of funds in a short time has drawn market attention, and arbitrage addresses have started to deposit USDT.
Deribit: $3.8 billion in BTC and ETH options are about to expire, with call options dominating
According to Deribit announcement, over $3.8 billion in crypto options will expire this Friday at 16:00 (Beijing time). Among them, the nominal value of BTC options is $3.21 billion, with a put/call ratio of 0.76, and the maximum pain price is $105,000; the nominal value of ETH options is $624 million, with a put/call ratio of 0.69, and the maximum pain price is $2,600. Currently, call options dominate.
Ravencoin token RVN breaks $0.023, rising 103.5% in 24 hours
According to OKX market data, Ravencoin token RVN breaks $0.023, rising 103.5% in 24 hours, currently priced at $0.0231. Previously, it was reported that Upbit will launch Ravencoin (RVN) KRW trading, Lagrange (LA) BTC, and USDT trading.
Abraxas Capital withdraws 13,771 ETH from Binance in the past 12 hours
According to Lookonchain monitoring data, crypto investment firm Abraxas Capital withdrew 13,771 ETH from Binance in the past 12 hours, valued at approximately $36.4 million.
Financing
YZi Labs announces investment in hardware wallet company OneKey, promoting global crypto asset self-custody security
YZi Labs announces investment in open-source hardware wallet company OneKey, aiming to strengthen global crypto asset security and promote self-custody. OneKey, established in 2019, has grown rapidly in regions such as China, Japan, Korea, and Europe, with annual hardware wallet sales increasing by 300%. New funds will be used for R&D of the next generation of hardware, enhancing on-chain threat detection, expanding compliance business in the U.S. and Europe, and strengthening its 'Anzen Lab' security testing capabilities. OneKey's recently launched USDC yield module attracted over $62 million in subscriptions.
Circle prices IPO at $31 per share, raising $1.1 billion, with a valuation of $6.2 billion
According to CoinDesk, stablecoin issuer Circle completed its IPO on the New York Stock Exchange at $31 per share, exceeding the original expected pricing range ($24-26), raising $1.1 billion, with a valuation of $6.2 billion. The stock code is 'CRCL' and will start trading on Thursday. The IPO originally planned to issue 24 million shares but expanded to over 34 million shares due to surging demand. Circle issues USDC, the second largest stablecoin in the U.S., and its listing comes as U.S. lawmakers push for stablecoin regulatory legislation.
Web3 identity protocol Shards Protocol completes $2 million financing, with investments from Animoca Brands and others
The EB3 identity protocol Shards Protocol completes $2 million financing, with investments from Animoca Brands, Kyber Ventures, and Yield Guild Games. The funds will mainly be used to develop its flagship product Aura - a system that converts users' on-chain activities into verifiable reputations and rewards. Aura, as a Web3 reputation layer, allows users to showcase their reputation scores and badges obtained through on-chain activities on the X platform. The system plans to launch a token within the year and expand its functionalities, allowing users to unlock rewards by minting more badges. This financing will accelerate the protocol's integration process in the Web3 ecosystem.
Crypto lending startup 3Jane raises $5.2 million in seed funding, led by Paradigm
Crypto venture firm Paradigm leads a $5.2 million seed round for crypto lending startup 3Jane, which also ends its hidden operational status. 3Jane plans to build the first credit-based money market protocol focused on bringing unsecured credit into the digital asset space. The 3Jane protocol is described as a 'peer-to-pool credit money market' that provides real-time unsecured USDC credit services through algorithms, targeting yield liquidity providers, traders, enterprises, and AI agents. Technically, 3Jane uses zkTLS technology to privatize off-chain credit data extraction. The project plans to launch its mainnet in Q3 2025, with an initial focus on the U.S. market.
Crypto exchange Rails completes $14 million financing, with investment from Kraken and others
Rails, a crypto exchange startup backed by Kraken, announces the completion of $14 million in financing, with investments from Kraken, CMCC Global, Slow Ventures, Round13 Capital, and Quantstamp, bringing its total funding to $20 million. The company's hybrid trading platform combines the execution speed of centralized exchanges with the asset control of on-chain custody. Rails was founded by the team behind the BlockEQ crypto wallet, which was acquired by the Canadian exchange Coinsquare in 2018. The platform will exclusively deploy on the Ink Layer2 blockchain developed by Kraken.
Institutional holdings in cryptocurrency
BitMine completes $18 million financing through stock issuance, with net proceeds used to purchase Bitcoin
According to GlobeNewswire, Bitcoin mining company BitMine Immersion Technologies (NYSE American: BMNR) announces the completion of a public offering of 2.25 million shares, priced at $8 per share, raising a total of $18 million. The company plans to use the net proceeds to directly purchase Bitcoin. Meanwhile, BitMine stock has been approved for listing on the NYSE American on June 5, with the stock symbol 'BMNR', and trading on the previous OTCQX market will end simultaneously.
Public company Treasure Global launches $100 million digital asset treasury strategy
NASDAQ-listed company and e-commerce platform operator Treasure Global Inc. (NASDAQ: TGL) announces the launch of a $100 million digital asset treasury plan to strengthen its digital infrastructure and support the launch of an AI consumer intelligence platform. The funding for the plan consists of two parts: $50 million from an existing equity financing agreement and another $50 million from new investments by strategic institutional investors. The funds will be allocated in phases to Bitcoin, Ethereum, and regulated stablecoins, aiming to enhance capital efficiency and lay the foundation for future tokenization, loyalty programs, and blockchain settlement systems.
