Bitmine Immersion Technologies, which bills itself as the largest Ethereum treasury company, said it plans to launch an offering of 3 million shares of 9.50% Series A Perpetual Preferred Stock. The company said net proceeds could be used to buy additional ETH and other digital assets, expand staking and validator infrastructure including MAVAN, pursue strategic investments tied to the Ethereum ecosystem and broader digital asset adoption, support working capital needs, and repurchase common stock.

U.S. Treasury Secretary Scott Bessent said he will work to advance a Strategic Bitcoin Reserve, adding new momentum to Washington's effort to treat Bitcoin as a strategic national asset. Bessent's comments build on President Donald Trump's March 2025 executive order establishing a Strategic Bitcoin Reserve as well as a separate U.S. Digital Asset Stockpile. The order directed the federal government to consolidate Bitcoin already in its possession from criminal and civil forfeiture into a dedicated reserve and laid out a framework for potentially acquiring additional Bitcoin through budget-neutral strategies. Senator Cynthia Lummis and other lawmakers have since introduced legislation to codify the Strategic Bitcoin Reserve, aiming to move it from executive action to a durable statutory footing. Bessent's public endorsement indicates the Treasury Department is actively engaged, rather than leaving the initiative solely to the White House. Policy implications are significant. A Strategic Bitcoin Reserve would be the first instance of a major sovereign government formally designating Bitcoin as a reserve asset alongside holdings such as gold and foreign currencies. The difference between simply holding seized Bitcoin and intentionally accumulating it as a matter of policy is central to the debate. A White House fact sheet said the reserve would begin with Bitcoin obtained through forfeiture, while directing the Treasury and Commerce departments to explore budget-neutral ways to add to the holdings. Still, substantial operational questions remain, including custody arrangements, valuation practices, reporting standards, and whether Congress will authorize funding or alternative acquisition mechanisms. Investors and industry participants are expected to watch for concrete steps following Bessent's pledge, such as formal custody agreements, public disclosure of reserve holdings, and a defined acquisition timeline. Progress on the Lummis bill will also be closely monitored; movement through committee would suggest longer-term political durability, while a stall would leave the reserve more exposed to reversal by a future administration. For the broader digital asset sector, the reserve debate is already influencing how institutions frame Bitcoin's role, alongside shifts in how regulators approach crypto-related financial products and how major payment networks integrate digital assets into settlement infrastructure. The next notable milestone may be a Treasury report detailing implementation logistics or a Senate hearing on the codification effort. Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency and digital asset markets carry significant risk. Always do your own research before making decisions.

SpaceX said in a filing with the U.S. Securities and Exchange Commission that it plans to price its initial public offering at $135 per share, a transaction that would raise $75 billion and value the company at $1.75 trillion. The aerospace group intends to sell 555.6 million shares. At the proposed scale, the deal would rank among the largest IPOs on record and represent a major milestone for Elon Musk's privately held rocket and satellite business. The listing could also ripple into crypto markets. SpaceX reported holding 18,712 bitcoin with a fair value of $1.29 billion as of March 31, placing it among the larger known corporate holders. Going public would bring those holdings into public markets, offering investors indirect bitcoin exposure through SpaceX shares. Attention on the company's bitcoin position has increased amid reports that Musk has explored combining SpaceX with electric-vehicle maker Tesla (TSLA). Tesla holds more than 11,500 BTC, one of the largest corporate bitcoin treasuries among publicly traded companies. A merger, if it were to occur, could concentrate control of one of the largest corporate bitcoin positions in public markets. Neither company has announced a formal merger plan. The IPO may also gauge whether crypto can keep drawing capital in a crowded risk-asset landscape. SpaceX's planned June listing, alongside expected fundraising by AI firms OpenAI and Anthropic, is projected to pull in more than $240 billion by year-end, potentially diverting liquidity from technology stocks, AI investments and digital assets as retail and institutional investors rebalance. Because bitcoin and other digital assets often compete for the same risk-on dollars as high-growth equities, strong demand for shares of SpaceX and other high-profile issuers could pressure crypto prices in the near term.

Hyperliquid dominated onchain perpetuals trading on Tuesday, processing $10.319 billion in daily volume—50.8% of the $20.306 billion recorded across the crypto ecosystem, according to DeFiLlama. The gap versus rivals widened. Solana ranked second at $5.307 billion, while Ethereum and Arbitrum each posted less than $2 billion. DeFiLlama noted the latest spike reflects a sharper concentration of activity than the more evenly spread market seen earlier this year. The surge follows recent protocol changes. With the HIP-3 upgrade now live, any user can launch a new perpetuals market in a decentralized way. Platform data points to this expanded market-creation model—alongside growing institutional products tied to its token—as a key driver of current liquidity. Hyperliquid's native token, HYPE, traded above $72, lifting its market capitalization past $18 billion. The move pushed HYPE to the ninth-largest cryptocurrency by market value, overtaking Dogecoin. The rally came even as the broader market pulled back, with Bitcoin dipping below $67,000 for the first time in nearly two months. Trading activity also intensified during a recent wave of large liquidations. Analysts said Hyperliquid's order-book infrastructure, designed to resemble centralized exchanges, helped absorb volatility. Protocol documentation highlights fast execution and lower fees relative to automated market maker designs. Hyperliquid has also broadened its lineup beyond crypto-native contracts. The venue lists perpetuals linked to crude oil and pre-IPO names such as SpaceX, a menu that could appeal to Wall Street firms seeking round-the-clock derivatives exposure. On the institutional front, spot HYPE exchange-traded funds have logged 14 straight days of net inflows since launching in mid-May. Markets are also watching the scheduled debut this week of Grayscale's HYPG staking ETF, which could offer a regulated route to yield within traditional finance.

BitMine Immersion Technologies (BMNR), an Ethereum treasury company led by Fundstrat cofounder Tom Lee, is turning to a Strategy-style financing approach with a $300 million preferred stock raise as crypto treasury firms look for fresh funding options. In a filing submitted Wednesday to the U.S. Securities and Exchange Commission (SEC), BitMine said it plans to offer 3 million shares of Series A Perpetual Preferred Stock at a stated value of $100 per share. The securities carry a 9.5% annual dividend rate, with dividends paid weekly in cash if declared by the company's board. BitMine said the preferred shares are expected to list on the New York Stock Exchange (NYSE) under the ticker BMNP, subject to approval. The move comes as digital-asset treasury companies face renewed pressure from the decline in crypto prices and seek alternative sources of capital. Strategy (MSTR), the largest corporate holder of bitcoin, has introduced multiple classes of preferred equity, while peers such as Strive (ASST) and Metaplanet have also issued dividend-paying preferred shares. BitMine said it intends to apply a similar playbook to its Ethereum-focused treasury strategy. BitMine has been among the sector's most aggressive buyers, amassing more than 5.3 million ETH valued at roughly $10 billion and, over the past year, controlling about 4.5% of Ethereum's circulating supply. The position is estimated to be carrying about $9 billion in unrealized losses after ETH fell below $1,800 from around $5,000 in October. The preferred shares can be redeemed by the company at premiums ranging from 10% to 0%, depending on the timing of the redemption. Investors also receive repurchase rights if certain fundamental corporate changes occur. The filing did not disclose how BitMine plans to use the proceeds. The timing stands out as scrutiny grows around Strategy's preferred-equity funding model. Strategy's STRC preferred shares traded 5% below their $100 par value on Wednesday as investors weigh whether the company can comfortably sustain dividend payments amid falling bitcoin prices.

Markets saw a double dose of stronger-than-expected data tonight, with both ADP and ISM beating forecasts and keeping risk appetite supported. Are you leaning risk-on, looking to short #Gold, or staying on the sidelines?

$VOO has become the first exchange-traded fund to top $1 trillion in assets under management, underscoring the pace of inflows into passive U.S. equity exposure. The milestone comes even as the S&P 500 is up 11% year to date and hovering near record highs. The move adds to evidence that buy-and-hold indexing continues to draw capital through virtually every bout of market turbulence.

UPDATE: Sen. Cynthia Lummis said Congress may be able to pass the CLARITY Act ahead of the July 4 recess, though she indicated August is a more realistic target as lawmakers work to merge several crypto-related bills into a single package.

Mastercard is stepping up its push into crypto payments, adding support for six regulated, U.S. dollar-pegged stablecoins and extending card settlement to multiple blockchains on a 24/7 basis. Mastercard said issuers and acquirers will be able to settle card transactions using Circle's USDC; Paxos-issued PYUSD, USDG and USDP; Ripple's RLUSD; and SoFiUSD. The stablecoin settlement option will be available across Ethereum, Solana, Polygon, Base, Arbitrum, Canton, Tempo, and the XRP Ledger. A key change is timing: settlement can occur on weekends and holidays and outside standard bank operating hours. Mastercard said the new capability is designed to complement, not replace, existing settlement processes. Early partners expected to support the rollout include ARQ (formerly DolarApp), CBW Bank, Cross River, Lead Bank, and Nuvei. The initial deployment will cover parts of the U.S. and Latin America, with wider expansion planned through 2026. Mastercard said the stablecoin settlement rollout will follow the same operational standards used across its network, including security controls, fraud protections, dispute-handling procedures, and interoperability. The announcement follows a recent New York Department of Financial Services BitLicense approval for Mastercard Transaction Services (U.S.) LLC, authorizing virtual currency business activity in New York and supporting services tied to stablecoins and tokenized deposits within existing compliance frameworks. It also builds on Mastercard's March agreement to acquire stablecoin infrastructure provider BVNK for up to $1.8 billion and its decision to grant Mastercard Principal Membership to stablecoin card issuer Rain. Peers are also expanding blockchain settlement efforts. Visa continues testing stablecoin-linked settlement programs across multiple chains, while MoneyGram recently launched its MGUSD stablecoin on Stellar for international payments. CoinGecko data shows the total supply of dollar-backed stablecoins is nearing $300 billion. Tether's USDT remains the largest at roughly $188 billion in circulation, followed by Circle's USDC at about $76 billion. Mastercard's move aims to accelerate settlement, extend always-on payment rails to card ecosystems, and tighten the connection between traditional payments infrastructure and regulated digital assets while keeping existing compliance and security frameworks in place.