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Regulatory/Macro

Ant Financial concept stocks surged, and Yunfeng Financial once soared 98%

Hong Kong stocks related to Ant Financial rose sharply, among which Yunfeng Financial (00376.HK) once soared 98% and now rose 53%; Lion Holdings (02562.HK) rose nearly 15%; Yaocai Securities (01428.HK) rose more than 12.5%. Earlier, there were rumors that Ant Group planned to apply for stablecoin licenses in Hong Kong and Singapore. Ant Group responded that it would submit the application as soon as possible after the relevant channels in Hong Kong were opened.

US Bank CEO: We are studying business opportunities in the field of stablecoins

According to Cointelegraph, Gunjan Kedia, CEO of US Bancorp, revealed at the Morgan Stanley Financial Conference that the bank's crypto custody business has regained vitality with the support of the Trump administration's policies, and is currently studying business opportunities in the field of stablecoins. Kedia said that the bank's crypto custody service launched in 2021 was hindered by regulatory uncertainty during Biden's tenure, but institutional demand has rebounded significantly recently. She pointed out that the current focus is stablecoin payments, and banks may issue their own stablecoins or provide infrastructure services such as reserve asset custody through a cooperative model. Kedia also pointed out that 90% of stablecoin transactions currently still occur in the internal circulation of cryptocurrencies.

EU cryptocurrency regulation is hampered by regulatory shortcomings in various countries

According to Barron's, MiCA, the EU's first nationwide cryptocurrency regulation, aims to unify supervision, but differences in implementation among member states have led to loopholes for companies. The regulation requires service providers to obtain a license to operate legally in the EU, and must meet standards such as anti-money laundering, counter-terrorist financing, and IT security. After obtaining a license, they can operate in the entire EU market, prompting companies to seek authorization from "relaxed" member states. Crypto experts say that the regulatory authorities in most MiCA license-issuing countries, such as Germany and the Netherlands, have high integrity, but countries such as Malta have been accused of hastily issuing licenses before the collective standards are officially implemented. The chairman of the French Financial Markets Authority said that some products entered the market with a MiCA "passport", but the approval was hasty. The EU securities regulator ESMA has launched a "peer review" of a member state. Crypto platforms OKX and Gemini chose Malta as their base because it accepted applications earlier. France has only just issued its first MiCA license, which is accused of a long and complicated process. Some lawyers say that there is "cheap approval" that damages the reputation of companies, and the cost of obtaining a license is high, which may be difficult for many companies to complete. If the EU fails to regulate effectively, European crypto companies may be replaced by companies in the United States, Dubai and other places, and may also cause economic sovereignty issues.

Brazil’s Bitcoin Reserve Bill Receives Support from the Country’s House of Representatives Economic Development Committee

According to Cryptonews, the PL 4501/2023 bill proposed by Brazilian federal congressman Eros Biondini has received supportive opinions from the country's House of Representatives Economic Development Committee. The bill proposes the creation of the "RESBit" national bitcoin reserve, allowing up to 5% of foreign exchange reserves to be allocated to bitcoin. The proposal reporter Luis Gastão pointed out that Bitcoin reserves can help Brazil diversify its assets and reduce its sole reliance on legal currency. According to the plan, the Brazilian Central Bank and the Ministry of Finance will use strict security protocols such as cold wallets to manage reserves and submit audited transparency reports to Congress every six months. The bill also needs to be reviewed by committees such as science and technology, constitution and finance. If it is finally approved, Brazil may become the second country after El Salvador to legislate to establish Bitcoin reserves.

Asset management giant Invesco appoints former JPMorgan employee Kathleen Wrynn as global head of digital assets

According to Decrypt, global asset management giant Invesco has appointed Kathleen Wrynn, a veteran of JPMorgan Chase's blockchain business, as the newly established global digital asset director, responsible for managing its $1.6 billion crypto ETF and tokenized asset portfolio. Wrynn will lead the tokenization transformation of Invesco's funds and the integration of crypto asset investment strategies. Currently, Invesco manages three blockchain ecosystem ETFs and three spot cryptocurrency ETFs with a total size of $18 trillion. Previously, Wrynn was in charge of blockchain business at JPMorgan Chase and promoted the development of Web3 ecosystem products.

Bloomberg: Singapore law prompts unlicensed crypto exchanges to consider exiting the local market

According to Bloomberg, people familiar with the matter revealed that crypto exchanges Bitget and Bybit have businesses in Singapore but have not obtained local licenses, and are planning to reorganize their teams. Bitget will transfer employees to places such as Dubai and Hong Kong, and Bybit is also considering similar measures. People familiar with the matter said that these exchanges that have operating teams in Singapore but have not obtained licenses may face adjustments to hundreds of positions. On May 30, the Monetary Authority of Singapore (MAS) announced that crypto companies that have established entities in Singapore but provide offshore services will cease operations before June 30, without a transition period, and front-end functional agencies such as sales will be subject to restrictions. A MAS spokesperson said this is a continuation of the Financial Services and Markets Act 2022 and only affects "a very small number" of companies. The industry pointed out that the new regulations expose the problem of vague positioning of the headquarters of crypto companies. Legal experts said that companies that use Singapore teams to support offshore businesses but have unclear service definitions may face individual case reviews.

X platform recently froze several crypto-related accounts, including GMGN official and its founder’s accounts

The X platform has recently frozen several crypto-related accounts, including Wolfy (@Wolfy_XBT), Wang Xiaoer (@brc20niubi), Wizard (@0xCryptoWizard), Gake (@Ga__ke), GMGN official account (@gmgnai) and its founder Haze (@haze0x), etc. The specific reason is unknown. According to news yesterday, the X accounts of ElizaOS official and its founder Shaw have been frozen.

Viewpoint

First Financial Daily: Virtual currency LABUBU is not officially issued by Pop Mart, reminding people to be wary of the risks of currency speculation

PANews On June 12, China Business News published an article titled "The cryptocurrency circle is eyeing LABUBU, and there are huge risks behind the illegal speculation of "games". The article pointed out that a virtual currency called "LABUBU" has been quietly launched recently with the help of the popularity of trendy IPs, and has been listed for trading on multiple exchanges. In the early days of its launch, the price of the virtual currency once rose sharply, but then fell sharply. The reporter saw on the promotional webpage that the LABUBU coin was not officially issued by Pop Mart, but was launched by a group of community-driven developers. Industry insiders reminded that the launch of the LABUBU coin is a typical speculative behavior in the cryptocurrency circle, and its huge price fluctuations also fully expose the extremely high investment risks behind it. Most of these projects are worthless, and their essence is fraud and pyramid schemes.

Ripple CEO: XRP Ledger is expected to account for 14% of SWIFT's global liquidity within five years

According to Beincrypto, Ripple CEO Brad Garlinghouse predicted at the XRP Ledger Apex 2025 event held in Singapore that XRP Ledger (XRPL) is expected to account for 14% of SWIFT's global liquidity within five years. He emphasized that the role of XRP is to drive liquidity rather than replace SWIFT's communication layer. Ripple announced the launch of a sidechain compatible with the Ethereum virtual machine at the meeting and strengthened support for tokenized real-world assets.

U.S. Treasury Secretary Scott says $2 trillion is the reasonable size of the U.S. dollar stablecoin market

According to Bloomberg, U.S. Treasury Secretary Scott Bessent said at a Senate Appropriations Subcommittee hearing that the market size of stablecoins pegged to the U.S. dollar is expected to reach $2 trillion or even higher, and it is expected to consolidate the dollar's position in the global financial system. Bessent emphasized that the current government is committed to maintaining and strengthening the dollar's status as a reserve currency, and mentioned that legislation promoted by Congress will require the U.S. dollar stablecoin to be reserved in highly liquid assets such as U.S. Treasury bonds. Although Citigroup analysts predict that the scale of stablecoin holdings of U.S. Treasuries may exceed $1 trillion by 2030, Bessent believes that $2 trillion is a reasonable estimate and the actual scale may far exceed this figure. He also said that stablecoin legislation backed by U.S. Treasuries will create new markets and expand the global use of the U.S. dollar, at a time when the Senate is promoting the GENIUS Act to fully regulate payment stablecoins.

Project News

Binance Wallet 23rd TGE will list SGC

Binance Wallet announced that the 23rd exclusive TGE will list KAI Battle of Three Kingdoms’ token SGC. The subscription period is from 4pm to 6pm on June 13, 2025.

Binance Alpha has launched PUNDI AI (PUNDIAI), and you can claim the airdrop with at least 237 points

According to the official announcement, Binance Alpha is now online with PUNDI AI (PUNDIAI). Eligible Binance users with at least 237 Binance Alpha points can claim an airdrop of 8 PUNDIAI tokens on the Alpha event page starting from 14:00 on June 12, 2025, Eastern Time. Please note that claiming the PUNDIAI airdrop will consume 15 Binance Alpha points. Users need to complete the claim within 24 hours after the claim is opened, otherwise it will be deemed to have waived the claim. In addition, the PUNDIAI trading competition will be launched, so please pay attention to subsequent announcements. Participate in the PUNDIAI trading competition to share the rewards of 107,000 PUNDIAI.

Former Galaxy executive questions Ethereum Foundation’s new organizational structure

Christine Kim, former vice president of research at Galaxy Digital, wrote on the X platform that the new organizational structure of the Ethereum Foundation is confusing. She mentioned that Tim Beiko, Barnabé Monnot, and Alex Stokes have multiple roles, including leading all the research and development teams of the foundation, managing their own teams, and being responsible for L1 and L2 expansion and improving user experience (UX) in the next 12 months. In addition, Christine has doubts about the details of the architecture diagram, including whether the bold names are team leaders, the uses of the highlighted parts, and whether Tim is responsible for protocol coordination and overseeing multiple projects. At the same time, she is puzzled by the color grouping logic, such as why the consensus mechanism and account abstraction are grouped together, but stateless consensus is not included; why Testing and pandaops are grouped together, but Security is not grouped.

Amber Group, Spartan Group and other institutions participated in Plasma's current round of deposit activities

According to the monitoring of on-chain analyst @ai_9684xtpa, the Amber Group-related address deposited 16.3 million USDT to the stablecoin project Plasma deposit activity today, and the Spartan Group-related address deposited 5 million USDT. In addition, the top address on the list is still 0x790...41023, with a deposit of 50 million USDC.

Plasma: Will sell $50 million worth of XPL tokens at a fully diluted valuation of $500 million

The stablecoin project Plasma posted on the X platform that it will issue an emergency temporary announcement at 8:00 today and reopen the deposit limit at 9:00 to reduce robots and snipers and create space for real participants. The $1 billion in deposits raised is not the XPL sale itself. The XPL public sale has not yet started. All funds will be bridged to the Plasma mainnet testnet and will be fully owned by depositors. Depositors participate in the sale based on the final unit ownership at the time of lock-up. The terms of the public sale remain unchanged: $50 million worth of tokens will be sold at a fully diluted valuation of $500 million.

A former Ethereum Foundation researcher says he rejected a $5 million proposal to "spin off Geth"

According to The Block, Péter Szilágyi, a former Ethereum Foundation researcher and Geth lead developer, posted on the X platform this week that he rejected a $5 million offer that required him to spin off the Ethereum core client Geth into a private company. He also accused the foundation of secretly funding a rival Geth development team. He revealed that he was fired less than 24 hours after talking to Ethereum communicator Josh Stark about the "secret second Geth team." Szilágyi said that the Ethereum Foundation had threatened to cut funding for Geth and offered to provide developers with $5 million to allow it to operate independently. This statement is a response to Tomasz K. Stańczak, the new co-director of the Ethereum Foundation, who developed the second largest Ethereum client Nethermind. Stańczak previously posted a denial of the "plan to withdraw from Geth" and refuted Szilágyi's statement that the foundation "plans to withdraw from Geth in the next few years to focus on research and education." Szilágyi announced his leave from the foundation in November last year.

DeFi Development Temporarily Withdraws Planned $1 Billion Securities Offering Due to Form 10-K Issues

According to SEC documents, the listed company DeFi Development (formerly Janover) withdrew its $1 billion shelf offering after failing to include management's report on internal controls in its Form 10-K. Part of the funds were originally planned to be used to purchase Solana. The company plans to resubmit the offering application in the future.

DWF Labs calls on NEAR to reduce its inflation rate to 2.5% and will purchase an additional 10 million NEAR tokens if this is achieved

Andrei Grachev, partner of DWF Labs, said on the X platform that DWF Labs already holds 5 million NEAR and has pledged 6 million NEAR, calling on the NEAR team to reduce the inflation rate to 2.5% to increase the long-term value of the token and the growth of the ecosystem. If this is achieved, the agency will purchase another 10 million NEAR in the secondary market.

Important data

Report: Centralized institutions hold nearly 31% of Bitcoin's circulating supply, equivalent to about $668 billion

According to Cointelegraph, a joint research report by Gemini and Glassnode shows that centralized institutions such as governments, ETFs and listed companies currently hold 6.1 million bitcoins (about 668 billion US dollars), accounting for 30.9% of the total circulation, an increase of 924% from ten years ago, of which centralized exchanges hold nearly half of the assets. The report pointed out that although the bitcoins obtained by the governments of the United States, Germany, Britain and other countries through law enforcement actions are not actively traded, they may affect the market once they are moved. 61 listed companies hold more than 3% of the total supply, while private enterprises have relatively dispersed positions. The report pointed out that the structure of the Bitcoin market is accelerating its transformation to institutionalization. The top three institutions control 65%-90% of the positions in various segments, showing a highly concentrated feature. The report believes that although Bitcoin is still a risky asset, as traditional financial integration deepens, its price fluctuations tend to be rational and market speculation decreases. The trend of sovereign funds and listed companies viewing Bitcoin as a strategic value store is becoming increasingly obvious.

Ethereum spot ETF had a total net inflow of US$240 million yesterday, continuing its net inflow for 18 consecutive days

According to SoSoValue data, yesterday (June 11, Eastern Time), the Ethereum spot ETF had a total net inflow of $240 million. The Ethereum spot ETF with the largest net inflow in a single day yesterday was Blackrock ETF ETHA, with a single-day net inflow of $164 million. Currently, ETHA has a total net inflow of $5.134 billion. The second is Fidelity ETF FETH, with a single-day net inflow of $37.2764 million. Currently, FETH has a total net inflow of $1.592 billion. As of press time, the total net asset value of the Ethereum spot ETF is $11.047 billion, and the ETF net asset ratio (market value to the total market value of Ethereum) is 3.25%, and the historical cumulative net inflow has reached $3.745 billion.

Bitcoin spot ETF had a total net inflow of US$165 million yesterday, continuing its net inflow for three consecutive days

According to SoSoValue data, yesterday (June 11, Eastern Time), the total net inflow of Bitcoin spot ETFs was $165 million. The Bitcoin spot ETF with the largest net inflow in a single day yesterday was Blackrock ETF IBIT, with a single-day net inflow of $131 million. Currently, the total net inflow of IBIT has reached $49.239 billion. The second is VanEck ETF HODL, with a single-day net inflow of $15.3855 million. Currently, the total net inflow of HODL has reached $969 million. As of press time, the total net asset value of Bitcoin spot ETFs is $131.845 billion, and the ETF net asset ratio (market value to the total market value of Bitcoin) is 6.09%, and the historical cumulative net inflow has reached $45.222 billion.

The number of active Ethereum NFT traders has returned to June 2022 levels

According to The Block, the Ethereum NFT market has recently shown significant signs of recovery, with the number of active traders returning to 40,000, close to the level in June 2022. This trend is mainly driven by two factors: 1. The OpenSea platform completed the OS2 version upgrade and launched the "Voyages" points reward program, in which users can accumulate XP points through trading behaviors, which is generally interpreted by the market as a potential airdrop signal. This strategy has enabled the platform to hit a new high in monthly active users since 2022. 2. Mainstream NFT projects are accelerating their transformation to practical scenarios. Game developer Orange Cap Games acquired the Moonbirds series IP and plans to incorporate it into a new card game; Mythical Games announced that the football game "FIFA Rivals" will introduce Adidas brand digital assets, continuing its successful model of NFL-themed mobile games. This reflects that the NFT market is gradually shifting from speculative trading to functional use.

Financing

OneBalance receives $20 million in Series A funding led by Cyber Fund and Blockchain Capital

OneBalance, a cross-chain infrastructure company, announced the completion of a $20 million Series A round led by Cyber Fund and Blockchain Capital, bringing the total financing to $25 million. The funds will be used to expand the team and expand the core product Toolkit, which simplifies asset transfers and revenue operations between multiple chains for users without manually handling bridges and Gas fees. OneBalance is led by Flashbots co-founder Stephane Gosselin, and its goal is to provide a seamless "one-click cross-chain" experience for stablecoin users.

TYB Completes $11 Million Series A Funding, Focusing on Web3 Consumer Loyalty Platform

Try Your Best (TYB), the second startup of Outdoor Voices founder Ty Haney, has completed a $11 million Series A financing round, led by Offline Ventures and Strobe Ventures, with participation from Coinbase Ventures, Castle Island Ventures and Unusual Ventures. TYB focuses on building a Web3-driven consumer loyalty infrastructure, and has attracted 200 brands and 2 million users, focusing on serving Generation Z women. Platform users can obtain on-chain collectibles and points by participating in tasks, which significantly improves brand user stickiness and conversion rates.

BitFuFu plans to raise $150 million through ATM program to cope with the tightening financing environment for mining companies

Bitcoin and cloud mining platform BitFuFu (NASDAQ: FUFU) announced the launch of an at-the-market (ATM) stock financing plan of up to $150 million, and commissioned B. Riley, Cantor Fitzgerald and others to underwrite. The plan was launched against the backdrop of increasing financial pressure on global miners due to the increase in Bitcoin mining difficulty and the decline in on-chain fees. Compared with the fundraising boom of more than $1 billion in a single quarter in 2024, the fundraising of US-listed mining companies in Q1 2025 has fallen to about $600 million.

TOOL protocol developer nuConstruct completes $6 million seed round led by Cyber Fund, plans to achieve 1 second transaction confirmation on Ethereum mainnet

Web3 infrastructure team nuConstruct announced the completion of a $6 million seed round led by Cyber Fund, with participation from Maven11, DCG, Greenfield, Eden Block, and others. Its core product TOOL (Trustless Orderflow Operations Layer) is committed to dividing Ethereum's 12-second block into 12 1-second micro-rounds, achieving 1-second transaction confirmation without Rollup. TOOL builds a trusted execution environment through Intel TDX TEE to ensure on-chain privacy and sorting fairness, with the goal of replacing Flashbots MEV-boost and improving the on-chain transaction user experience. The protocol does not require a pledge or penalty mechanism, and relies entirely on economic incentives and decentralized network support. It is currently in a small-scale internal testing phase, and plans to achieve a validator pre-commitment rate of over 50% and an order flow share of over 80% within three months.

Institutional holdings

Mercurity Fintech plans to raise $800 million to build long-term Bitcoin reserves

According to Globenewswire, digital financial technology group Mercurity Fintech (Nasdaq: MFH) announced plans to raise $800 million to establish a long-term Bitcoin reserve. The plan will rely on its expertise in blockchain financial infrastructure to build an interest-bearing digital asset reserve framework through institutional-grade custody solutions and on-chain liquidity protocols. The funds raised will be used to systematically configure Bitcoin positions and integrate pledge efficiency tools to strengthen the balance sheet. MFH also announced that it has been selected for the FTSE Russell 2025 preliminary adjustment list.

Swedish H100 Group Completes $10.5 Million Funding to Advance Bitcoin Reserve Strategy

Swedish health and longevity company H100 Group announced that it has completed a $10.5 million (approximately 101 million Swedish kronor) financing, which will be used to expand its Bitcoin reserve strategy. Investors include Blockstream CEO Adam Back, UTXO Management and several family offices. The financing is divided into 69.65 million kronor share issuance and 31.35 million kronor interest-free convertible bonds, the latter of which can be converted into shares at 1.75 kronor per share. Since the first purchase of Bitcoin on May 22, H100's stock price has risen by nearly 400%.

German cosmetics company Evertz Pharma spent 10 million euros to increase its holdings of 100 Bitcoins in May

According to Bitcoin Magazine, German cosmetics company Evertz Pharma increased its holdings of 100 bitcoins (worth about 10 million euros) in May 2025, becoming the first company in Germany to adopt a long-term bitcoin reserve strategy. The company has been allocating corporate profits to Bitcoin since December 2020, initially purchasing 2 million euros of Bitcoin, and the total amount currently held is undisclosed. Evertz Pharma management said that as a scarce global asset, Bitcoin can both hedge against inflation and optimize the reserve structure, and its storage-free characteristics are superior to traditional assets such as gold. Unlike listed companies, this private company emphasizes that Bitcoin is a "strategic component of its stable business vision."

F Street launches Bitcoin asset allocation plan, intends to hoard $10 million worth of Bitcoin

According to Bitcoin Magazine, alternative investment and private credit institution F Street announced the launch of a Bitcoin asset allocation plan, aiming to hold a total of $10 million worth of BTC. The company has started using business income and financial funds for daily Bitcoin purchases since June 9. F Street COO Mike Doney said that Bitcoin has the advantage of hedging against inflation and dollar depreciation, and incorporating it into the company's finances is an important strategy to protect the interests of investors. The company also plans to establish a public reserve proof mechanism for stakeholders to verify its Bitcoin custody.

GAMESTOP plans to issue $1.75 billion of convertible senior notes for private placement

According to Businesswire, video game retailer GameStop (GME.N) announced that the company plans to issue convertible senior notes with a total principal amount of US$1.75 billion to qualified institutional buyers in a private placement, depending on market conditions and other factors. GameStop also plans to grant the initial purchasers of the notes an option to purchase up to an additional US$250 million of notes within 13 days (including the date) from the date of the initial issuance of the notes. GameStop intends to use the net proceeds from this offering for general corporate purposes, including investments in a manner consistent with GameStop's investment policy and potential acquisitions.

Balancer hackers conducted a large-scale cross-chain cryptocurrency swap, exchanging a total of 419 BTC.

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