Today's News Highlights:
1. Singapore MAS clarifies that the applicable scope of the DTSPs system is only for payment-type tokens or capital market product tokens
2. Strategy plans to raise approximately $1 billion through preferred stock issuance to increase its holdings of Bitcoin
3. U.S. May seasonally adjusted non-farm payrolls 139,000, U.S. May unemployment rate 4.2%
4. Gemini has submitted a draft listing statement to the US SEC
5. Synthetix announces return to Ethereum mainnet and launch of perpetual contract exchange
6. WLFI partners with TRUMP token and plans to hold a large amount of TRUMP in its long-term vault
7. Sources: Pumpfun plans to distribute protocol revenue to PUMP token holders
8. DeFi protocol ALEX was attacked due to a logic vulnerability, resulting in a loss of approximately $8.37 million, and the official promised full compensation
Regulation/Macro
Trump Media Group registers up to $12 billion in new securities in new S-3 filings, which can be used to purchase Bitcoin
Crypto KOL @btcNLNico disclosed on the X platform the main points of the S-3 filing submitted yesterday by Trump Media & Technology Group (DJT): 1. Officially adopted the Bitcoin vault strategy. 2. Registered up to $12 billion in new securities, which can be used to purchase Bitcoin. 3. This is an additional amount on top of the approximately $2.44 billion previously raised through private placement. 3. The document mentioned Bitcoin 362 times, while the previous S-3 filing only mentioned it once. If they complete all securities issuances, they could theoretically purchase approximately 140,000 Bitcoins at the current price.
Note: The S-3 registration statement needs to be approved by the U.S. Securities and Exchange Commission (SEC) through Form EFFECT before it can take effect.
Singapore MAS clarifies that the applicable scope of the DTSPs system is only for payment-type tokens or capital market product tokens
The Monetary Authority of Singapore (MAS) today clarified the scope of the Digital Token Service Providers (DTSPs) regime. From June 30, 2025, DTSPs that only provide services related to digital payment tokens and capital market product tokens to customers outside of Singapore will need to be licensed. MAS licensing standards are high, such businesses have a high risk of money laundering, and the main regulatory activities are outside of Singapore, making it difficult for MAS to effectively regulate. Those who do not obtain a license will cease to be regulated. Providers that provide related services to Singapore customers are already regulated, the scope of business remains unchanged, and they can also provide services to overseas customers. Other service providers such as utility tokens and governance tokens are not affected by the new system.
Given the high risks, existing DTSPs that only provide services to overseas customers must stop such activities when the system takes effect. MAS has been communicating its position since February 2022 and communicating with potential affected parties, and the number of such providers is extremely small.
UK regulator FCA will lift ban on retail investors investing in cryptocurrency ETNs
The UK Financial Conduct Authority (FCA) announced that it will lift the ban on retail investors purchasing cryptocurrency exchange-traded notes (cETN) to support the growth and competitiveness of the UK's digital asset industry. The new rules require cETNs to be listed and traded on an FCA-recognized exchange (RIE) and are subject to existing financial promotion rules to ensure that investors are fully aware of the risks. David Geale, Executive Director of Payments and Digital Assets at the FCA, said that this move is intended to balance risks and market choices, but emphasized that investors may lose all of their funds.
The FCA also maintains the ban on retail trading of cryptocurrency derivatives and will continue to assess high-risk investment regulatory policies. Diego Ballon Ossio, a partner at Clifford Chance, pointed out that this move is in line with the UK's goal of becoming a crypto-friendly jurisdiction, but the prudent regulatory framework for related assets still needs to be improved.
Strategy plans to raise approximately $1 billion through preferred stock issuance to increase its holdings of Bitcoin
According to official news, Strategy announced that it priced its initial public offering on June 5, 2025, issuing 11,764,700 shares of Series A Perpetual Stride Preferred Stock with a face interest rate of 10.00% (hereinafter referred to as 'STRD Stock'), with a public offering price of $85.00 per share. The issuance and sale of STRD Stock is expected to be completed on June 10, 2025, subject to customary closing conditions. After deducting underwriting discounts and commissions, as well as Strategy's estimated issuance expenses, Strategy expects net proceeds from this issuance to be approximately $979.7 million. Strategy plans to use the net proceeds from this issuance for general corporate purposes, including acquiring Bitcoin and replenishing working capital.
Listed company Yuta Logistics announced its digital asset reserve strategy, planning to acquire up to 15,000 Bitcoins
According to Ming Pao Finance, US-listed Reitar Logtech Group announced that it has signed a Bitcoin acquisition agreement with a Bitcoin institutional consortium. According to the agreement, Reitar can purchase up to 15,000 Bitcoins from the BTC investor, with a total transaction amount of up to $1.5 billion, and the payment method is to issue common shares of the company to the BTC investor. The actual number of shares issued will be determined by both parties through negotiation, and will refer to factors such as the Bitcoin price, the company's stock price and trading volume. The company stated that this strategic acquisition will help establish the company's digital asset reserve, further strengthen the balance sheet, and promote the development of its core businesses, including DeFi integration, logistics asset tokenization, and smart contract-driven supply chain solutions.
U.S. May seasonally adjusted non-farm payrolls 139,000, U.S. May unemployment rate 4.2%
According to Jinshi reports, the U.S. May seasonally adjusted non-farm payrolls were 139,000, expected 130,000, and the previous value was revised from 177,000 to 147,000. The U.S. May unemployment rate was 4.2%, expected 4.20%, and the previous value was 4.20%.
Apple, X and Airbnb and other large tech companies are in contact with crypto companies to explore stablecoin payment integration solutions
According to (Fortune) magazine reports, tech giants such as Apple, X (formerly Twitter), Airbnb, and Google are in early contact with crypto companies to explore stablecoin payment integration solutions. Sources revealed that these companies believe that stablecoins can effectively reduce transaction costs and optimize cross-border payment processes. The report points out that the Trump administration's relaxed stance on crypto regulation has accelerated the deployment of tech companies. Airbnb has been discussing stablecoin application solutions with payment processor Worldpay since the beginning of the year; X platform is contacting Stripe in the development of its payment application X Money; Apple has started cooperation discussions with stablecoin issuers such as Circle. Google Cloud has taken the lead in achieving a breakthrough, accepting customers to complete settlements through PayPal stablecoin PYUSD. Industry analysis believes that the case of payment giant Stripe acquiring stablecoin startup Bridge has enhanced the confidence of tech companies in this technology. However, companies still face compliance challenges when choosing which stablecoin to integrate, and some companies are even considering issuing their own stablecoins.
The U.S. House of Representatives will consider the crypto market structure bill next week and review Trump's 'crypto-related misconduct'
The U.S. House of Representatives Digital Asset Market Structure Act (CLARITY Act) will enter the review and amendment stage at 10:00 AM EST on June 10 (22:00 Beijing time on June 10). Eight major crypto policy organizations previously issued a joint statement calling for the inclusion of the (Blockchain Regulatory Certainty Act) (BRCA). There are disagreements within the industry on the current text of the bill. Some crypto-native companies pointed out that the current draft allows SEC-registered institutions such as Charles Schwab to launch digital commodity services immediately after the bill is passed, while crypto companies face a more complex CFTC registration process, which may cause a competitive imbalance between traditional finance and crypto companies.
At the same time, Democrats on the House Financial Services Committee will hold a minority hearing at 9 a.m. on the same day, focusing on reviewing Trump's 'crypto-related misconduct' and the potential risks of the (CLARITY Act). Hearing witnesses include experts such as former CFTC Chairman Timothy Massad, and the topics cover the national security implications and investor protection issues of the (Stop Trump Crypto Act) (H.R.3573). Democrats said the hearing aims to comprehensively assess the potential consequences of the market structure bill.
Gemini has submitted a draft listing statement to the US SEC
Cryptocurrency exchange Gemini has “secretly submitted a draft registration statement” to the U.S. SEC related to a proposed Class A common stock IPO. The statement stated: “The number of Class A common shares to be offered and the price range for the offering have not yet been determined. It is expected that the initial public offering (IPO) will be conducted after the review process by the U.S. Securities and Exchange Commission is completed, and the specific timing depends on market and other conditions.” Previously, Circle submitted an IPO application in April and began trading this week. It is reported that cryptocurrency exchange Kraken is also considering applying for an IPO.
US stocks closed: The three major indexes opened higher and moved higher, and Circle closed up 28%
US stocks closed, the Dow rose 1.05%, the S&P 500 index rose 1.03% (the first close above 6,000 points since February 21), and the Nasdaq rose 1.2%. Stablecoin giant Circle rose 28%, Tesla (TSLA.O) rose 3.6%, and Tesla (TSLA.O) fell 15% this week, the largest weekly decline since 2023. Nvidia (NVDA.O) rose 1.3%.
Arca has sold all Circle (CRCL) shares
Arca Chief Investment Officer Jeff Dorman tweeted that Arca has sold all of its shares in Circle (CRCL).
Previous news, Arca criticized the Circle IPO placement as too low, saying it would switch to USDT.
Viewpoint
Interest rate futures traders expect the Fed to cut interest rates twice this year in September and December
According to Jinshi reports, interest rate futures traders expect the Fed to cut interest rates twice this year in September and December.
Trump: The Fed should cut interest rates by 100 basis points
According to Jinshi reports, Trump said on social media: 'The Fed's 'big late' is a disaster! Europe has cut interest rates 10 times, and we haven't done it once. Despite his presence, our country is still performing very well. Cut interest rates by one percentage point, fill up the gas!'
Tim Draper: Bitcoin can hedge against excessive US government spending, and is optimistic that it will reach $250,000 this year
Draper VC founder Tim Draper posted on the X platform that once the US government allows employees to engage in collective bargaining, it's like driving a truck downhill without brakes, but Bitcoin can hedge against the US government's overspending.
Tim Draper believes that Bitcoin can still reach $250,000 in 2025, and the main factors driving the development of Bitcoin are: Trump reaching a trade agreement, general market optimism, the industry's expected regulatory framework is about to be introduced, and Web3 applications built on the Bitcoin blockchain are constantly developing. Major banks are also adding Bitcoin to their products, and Bitcoin is less risky than other cryptocurrencies and stocks because people believe in Bitcoin, which has also earned Bitcoin the title of store of value.
1confirmation founder: Ethereum is the birthplace of stablecoins and prediction markets, but the community sometimes lacks a competitive spirit
1confirmation founder Nick Tomaino posted on the X platform that Ethereum is the 'birthplace' of stablecoins, risk-weighted assets, DeFi, NFTs, decentralized social and prediction markets, but the market doesn't seem to care at all about what Ethereum has done, and the Ethereum community sometimes lacks a competitive spirit.
However, with Ethereum's on-chain activity at an all-time high, Circle's listing driving stablecoins into the mainstream, and X partnering with Polymarket, Ethereum is gradually finding a balance between creativity and competitive spirit.
Coinbase CEO: Account freeze issues have been listed as a priority for handling and have been reduced by 82%
Coinbase CEO Brian Armstrong posted on the X platform that the Coinbase account freeze issue has a long history and is unacceptably long, and there are many reasons for this problem, but more importantly, Coinbase has now listed this issue as a priority for handling, and is currently making good progress. The issue has been reduced by 82%, and there will be more improvements in the future.
Brian Armstrong added that Coinbase will inform users of the progress of improvements at any time. If the Coinbase account is still restricted (not due to sanctions or illegal activities), please send a private message directly to the support account for assistance as soon as possible.
Glassnode: The current key price thresholds for BTC are $114,800 and $83,200.
On-chain analysis platform Glassnode posted on the X platform that because BTC has recently changed hands at prices close to historical highs, the cost basis for short-term holders provides key insights, and the current basis price is $97,100. In addition, the two key price thresholds for Bitcoin based on the standard deviation interval are $114,800 (+1σ) and $83,200 (-1σ), and breaking through or falling below this interval may determine the next major market trend.
Project Dynamics
Binance: Having at least 223 Binance Alpha points qualifies you for the FLY token airdrop
According to the official announcement, Binance announced that fly. trade (FLY) will be launched on June 6, 2025 at 21:00 (UTC+8). Eligible Binance users with at least 223 Binance Alpha points can go to the Alpha activity page to claim an airdrop of 88 FLY tokens when trading is opened.
Please note that claiming the airdrop will consume 15 Binance Alpha points. Users need to complete the claim within 24 hours after the claim is open, otherwise it will be deemed as giving up the claim of the airdrop.
Skate has launched the SKATE token initial airdrop distribution query page
General application layer protocol Skate announced on the X platform that the SKATE token initial airdrop distribution query page is now online.
Previous news, Skate announced token economics: the initial total issuance is 1 billion, and the initial airdrop accounts for 10%.
Synthetix announces return to Ethereum mainnet and launch of perpetual contract exchange
Synthetix announced its full return to the Ethereum mainnet and the launch of a perpetual contract exchange. This move aims to address the issue of liquidity fragmentation on Layer2 – the current mainnet carries over 50% of DeFi's total locked value, making it more suitable for institutional-grade product demand. The new platform adopts an off-chain order matching + on-chain batch settlement architecture: user funds are托管 on the mainnet, transactions are processed by an off-chain engine, and final settlement occurs on the mainnet, avoiding L2 risks; the order book model improves liquidity and trading experience, taking into account both performance and decentralization. In addition, the SNX staking mechanism will be simplified, allowing users to earn rewards by staking without complex operations; the sUSD stablecoin function will be restarted, with the treasury dynamically managing issuance and destruction, becoming the exchange's core collateral asset. The first phase of the incentive program will be launched this month, opening sUSD and sUSDe pre-deposit contracts. Early participants can receive 500 invitation codes for testnet access and trading competitions, with a prize pool including SNX and other rewards. This return will fill the gap in high-performance perpetual contract exchanges on the mainnet and strengthen Ethereum's position as a financial hub.
Binance Alpha platform will launch Defi App (HOME)
According to the official announcement, Binance Alpha platform will launch Defi App (HOME). Trading will be opened on June 10, and the specific time will be notified separately. Eligible users need to use Binance Alpha points to claim the airdrop on the Alpha activity page. The activity page will be released on June 10 with the activity rules.
X: Polymarket has become X's official prediction market partner
The official X platform announced that Polymarket has become X's official prediction market partner.
Sources: Pumpfun plans to distribute protocol revenue to PUMP token holders
Two sources familiar with the matter revealed that Pump.fun plans to raise $1 billion through an initial coin offering (ICO) and is currently considering establishing a revenue-sharing mechanism for its native token. It is not yet clear how much revenue will be allocated and whether it will cover the revenue from its decentralized exchange, PumpSwap. Pump.fun's daily revenue peaked at over $7 million on January 23, but has since fallen to around $1 million per day. Since its launch in early 2024, the platform has accumulated revenue of approximately $677 million, making it one of the most profitable startups in the cryptocurrency space.
In addition, according to two sources familiar with the plan, the PUMP token will be offered to public and private investors and is expected to be fully unlocked on the token issuance date. More token issuances may be possible in the future, but the total supply is expected to be capped at 1 trillion. According to one source, the team is currently promoting the token to private investors at a price of $0.004 per token and plans to conduct a public sale in two weeks. Part of the sale will be conducted on exchanges including Binance, and an airdrop is also expected. According to one source, approximately 25% of the token supply will be used for the public sale and another 10% will be used for the airdrop.
WLFI partners with TRUMP token and plans to hold a large amount of TRUMP in its long-term vault
Trump's second son, Eric Trump, tweeted that the MEME coin TRUMP has partnered with World Liberty Financial (WLFI). Although their Meme wallet project is suspended, they are still focused on building Trump. In addition, World Liberty Financial plans to hold TRUMP on a large scale in its long-term vault.
DeFi protocol ALEX was attacked due to a logic vulnerability, resulting in a loss of approximately $8.37 million, and the official promised full compensation
DeFi protocol ALEX tweeted that it was attacked due to a self-listing logic vulnerability, and the attacker drained multiple asset pools, with total losses of approximately $8.373 million. The specific losses are:
STX: 8.4 million STX (approximately $5.69 million)
sBTC: 21.85 sBTC (approximately $2.24 million)
USDC/USDT: 149,850 USDC/USDT (approximately $149,800)
WBTC/BTC: 2.8 WBTC (approximately $287,400)
The team will use funds from the ALEX Lab Foundation to fully compensate each affected user for their losses in the form of USDC. Compensation calculations will be based on the average on-chain exchange rate between 18:00 and 22:00 (UTC+8) on June 6. Affected wallet addresses will receive a private notification containing a claim form by 7:59 (UTC+8) on June 9. The deadline for submitting the claim form is 7:59 (UTC+8) on June 11, confirming the receiving wallet address. After confirmation, the compensated USDC will be sent within 7 business days. The team stated that they will be fully committed to recovering the funds of each affected user (totaling $8,373,227.13) as soon as possible.
Binance Alpha now lists AB (AB), with at least 225 Binance Alpha points eligible to claim token airdrops
Binance Alpha now lists AB (AB). Eligible Binance users with at least 225 Binance Alpha points can claim an airdrop of 9882 AB tokens on the Alpha activity page starting from 14:00 on June 7, 2025, East Eight District time. Please note that claiming the AB airdrop will consume 15 Binance Alpha points. Users need to complete the claim within 24 hours after the claim is open, otherwise it will be deemed as giving up the claim of the airdrop.
ether.fi: Discord platform issues have been controlled and are being actively monitored
ether.fi released an update on the Discord hack on the X platform, disclosing that the relevant issues have been controlled and the Discord channel is being actively monitored. Users can promptly mark any suspicious behavior, and more details will be released once the issue is confirmed.
Important Data
Circle IPO loses $1.72 billion in potential gains, becomes seventh-largest IPO underpricing case in decades
According to Fortune magazine, stablecoin issuer Circle lost $1.72 billion in potential gains due to pricing strategy in its NYSE IPO on June 5, marking the seventh-largest IPO underpricing case in nearly four decades. The company issued 34 million shares at $31 per share, raising $1.1 billion, but the closing price on the first day of listing reached $82.84, an increase of 167%. Data shows that if priced at the closing price, Circle could have obtained an additional $1.72 billion in funds, which is equivalent to 2 times its pre-IPO balance sheet cash reserves. Jay Ritter, an IPO research expert at the University of Florida, pointed out that this difference is second only to the historical records of six companies including Visa and Airbnb. Currently, Circle's market value is $16.6 billion, corresponding to a price-to-earnings ratio of 106 times its net profit of $157 million in 2024.
James Wynn's on-chain assets have been cleared, and the remaining assets have all entered CEX
According to on-chain analyst Ember Monitoring, James Wynn's on-chain assets have been cleared, and the remaining assets have all entered CEX, totaling 1.91 million USDC. Among them, Kucoin has 1.5 million, MEXC has 335,000, and Gate has 75,000.
Bitcoin spot ETF had a net outflow of $47,822,500 yesterday, with only BlackRock ETF IBIT achieving net outflow
Ethereum spot ETF had a net inflow of $25,222,800 yesterday, continuing for 15 days of net inflow
Funding
IOST Completes $21 Million Strategic Financing, with Participation from DWF Labs and Others
According to the official blog, IOST, a multi-chain ecosystem focused on RWA infrastructure, announced the completion of a $21 million strategic financing, with investors including DWF Labs, Presto, and Rollman Management Groups. This round of financing adopts a customized distribution mechanism aimed at promoting the decentralized development of the validator network. This strategic capital will promote the launch of upcoming products, deepen ecosystem integration, and consolidate IOST's position in the field of RWA 3.0 innovation.
