Good Morning,

Here's a quick preview of today’s content: Strategy prepares another offering to raise money for bitcoin purchases, Circle solidifies IPO numbers, Meta shareholders showcase heavy anti-crypto stance in shareholder vote, ZachXBT discovers $11M exploit, May was hot for bitcoin price and venture deals, our one year chart will make your head spin, and so much more.

Happy Tuesday – HODL. HODL. HODL. Let’s dive in.

Market Snapshot

• After hours Bitcoin rebounded +0.9% to $106,402.39 amid ETF outflows and geopolitical tensions, with analysts noting its growing correlation with Japanese bond yields

  • Bitcoin continues to test crucial support levels near $104,300, reflecting both caution and ongoing market volatility

  • Japan emerges as a major Cardano ADA trading hub while the SEC delays an ETF decision

• Crypto lobbyists urge U.S. senators to focus on the GENIUS Act, a stablecoin regulation bill, amid potential distractions from unrelated amendments

Headline Roundup
^{_{The major headlines driving crypto markets}}

• META shareholders overwhelmingly reject proposal to consider Bitcoin treasury strategy – a breakdown of the vote here 

• Circle to increase IPO offering at $7.2B valuation (BL)

• Binance founder CZ calls for dark pool decentralized perpetuals exchanges in order to combat onchain risks – like the one James Wynn is currently facing

• X’s (twitter) newest messaging features to include Bitcoin style encryption (DT)

• Saylor’s $MSTR ( ▲ 0.87% ) announces IPO issuing 2.5M STRD Series A shares (BM)

• John Woeltz and William Duplessie indicted and denied bail in crypto ransom & torture case (DT)

• Ethereum Foundation lays off multiple staff members as it fumbles to please the community (CD)

• May concludes as the highest monthly close for Bitcoin at 102,000 (DF)

• Hong-Kong based Reitar Logtech to raise $1.5B for Bitcoin acquisition (BM)

• Norwegian Block Exchange becomes first company in Norway to establish public bitcoin treasury (BM)

• Metaplanet continues bitcoin buying plan nearing 9k total BTC holdings (DF)

• Former Binance executive Colin Goltra steps in as CEO for Dragonfly-backed Morph (TB)

• UK retail investors to receive access to crypto trading from IG Group and Uphold partnership (TB)

• RedotPay and Circle partnership enables crypto-to-fiat transfers in Brazil (EG)

• Jonathan Gibbs tasked to lead Riot Platforms efforts using enterprise-grade data centers for AI x blockchain (CD)

Venture Capital

• Crypto venture deals neared $600M invested across 61 deals in May (BW)

• Paradigm and Arena lead Series A for Reddio at an $80M valuation (RC)

• Neutral Trade announces $2M seed round from Ergonia, Skyland Ventures, and BlackPine to build democratized trade strategy platform (NT)

• Pantera Capital doubles down on investment in Revolving Games, gaming platform powered by RCADE Network (RG)

Launches

• Russia’s largest bank launches bond tied to bitcoin (BM)

• Gold-backed Tether token launches live on the TON blockchain (CP)

Regulation

• Texas bitcoin reserve bill awaits Governor Abbott’s approval following 110-25 vote in favor of the bill (DF)

• Robinhood becomes first company to receive license from Bank of Lithuania (DF)

• Australia enforces new crypto ATM rules as $2M in the last 12 months have been stolen from scams (CT)

• SEC faces backlash over change in stance on proof-of-stake mechanism (CT)

Cybersecurity

• May sees $302M in crypto losses with DeFi hacks, particularly Cetus’ $223M exploit, accounting for a majority (TB)

• Taiwan exchange BitPro sees suspicious $11.5M outflow – here’s why ZachXBT thinks it’s due to an exploit

Extra Reads

• After last week’s court drama, certain tariffs (including Trump’s levies against Canada, Mexico and China) will remain in place until at least June 9 – a guide to how investors are navigating this market

• As part of its growing Solana embrace, including a nearly $100M SOL treasury, DeFi Development Corp. now has its own liquid staking token – why this publicly traded Solana treasury company now has its own liquid staking token

Chart of the Day

The Difference 1 Year Can Make 😆

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