Today's news tips:
1. Singapore MAS clarifies that the DTSPs system is only applicable to payment tokens or capital market product tokens
2. Strategy plans to raise about $1 billion through preferred stock issuance to increase its Bitcoin holdings
3. The seasonally adjusted non-farm payrolls in the United States in May were 139,000, and the unemployment rate in the United States was 4.2% in May
4. Gemini has submitted a draft listing statement to the US SEC
5. Synthetix announced that it will return to the Ethereum mainnet and launch a perpetual contract exchange
6.WLFI has reached a cooperation with TRUMP tokens and plans to hold a large amount of TRUMP in its long-term treasury
7. Source: Pumpfun plans to distribute protocol revenue to PUMP token holders
8. DeFi protocol ALEX suffered a loss of approximately $8.37 million due to a logic vulnerability, and the official promised full compensation
Regulatory/Macro
Crypto KOL @btcNLNico disclosed the key points of the S-3 filing submitted by Trump Media & Technology Group (DJT) yesterday on the X platform: 1. Officially adopted the Bitcoin treasury strategy. 2. Registered up to $12 billion in new securities, which can be used to purchase Bitcoin. 3. This is an additional amount based on the approximately $2.44 billion in funds previously raised through private placement. 3. The document mentions Bitcoin 362 times, while it was only mentioned once in the previous S-3 filing. If they complete the issuance of all securities, they can theoretically purchase approximately 140,000 Bitcoins at the current price.
Note: The S-3 filing document must be approved by the U.S. Securities and Exchange Commission (SEC) on Form EFFECT before it can take effect.
The Monetary Authority of Singapore (MAS) today clarified the scope of application of the Digital Token Service Providers (DTSPs) regime. From June 30, 2025, DTSPs that only provide digital payment tokens and capital market product tokens related services to customers outside Singapore must obtain a license. The MAS license issuance standards are high, such businesses have a high risk of money laundering, and the main regulated activities are outside Singapore, which makes it difficult for MAS to effectively regulate. Those who are not licensed will stop regulated activities. Providers who provide related services to Singapore customers are already regulated, their business scope 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 higher risk, existing DTSPs that only serve overseas clients are required to cease such activities when the regime comes into effect. MAS has been communicating its position and communicating with those who may be affected since February 2022, and there are very few such providers.
UK regulator FCA to 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 buying cryptocurrency exchange-traded notes (cETNs) to support the growth and competitiveness of the UK digital asset industry. The new rules require cETNs to be listed and traded on an FCA-approved exchange (RIE) and to apply existing financial promotion rules to ensure that investors fully understand the risks. David Geale, executive director of payments and digital assets at the FCA, said the move is intended to balance risk and market options, but stressed that investors could lose all their funds.
The FCA also maintains a ban on retail trading of cryptocurrency derivatives and will continue to evaluate high-risk investment regulatory policies. Diego Ballon Ossio, 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.
According to official news, Strategy announced that it priced its initial public offering on June 5, 2025, issuing 11,764,700 Series A perpetual Stride preferred shares with a par interest rate of 10.00% (hereinafter referred to as "STRD shares"), with a public offering price of US$85.00 per share. The issuance and sale of STRD shares are expected to be completed on June 10, 2025, subject to customary delivery conditions. After deducting underwriting discounts and commissions and Strategy's estimated issuance expenses, Strategy expects the net proceeds from this issuance to be approximately US$979.7 million. Strategy plans to use the net proceeds from this issuance for general corporate purposes, including the acquisition of Bitcoin and replenishment of working capital.
According to Ming Pao Finance, Reitar Logtech Group, a US-listed company, 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 BTC investors, with a total transaction amount of up to US$1.5 billion, and the payment method is to issue the company's common stock to BTC investors. The actual number of shares issued will be determined by negotiation between the two parties and will refer to factors such as Bitcoin prices, company stock prices and trading volume. The company said that this strategic acquisition will help build the company's digital asset reserves, further strengthen its balance sheet, and promote the development of its core businesses, including DeFi integration, logistics asset tokenization, and smart contract-driven supply chain solutions.
According to Jinshi.com, the seasonally adjusted non-farm payrolls in the United States in May were 139,000, which was expected to be 130,000, and the previous value was revised from 177,000 to 147,000. The unemployment rate in the United States in May was 4.2%, which was expected to be 4.20%, and the previous value was 4.20%.
According to Fortune magazine, tech giants such as Apple, X (formerly Twitter), Airbnb and Google are in early contact with crypto companies to explore stablecoin payment integration solutions. People familiar with the matter revealed that these companies believe that stablecoins can effectively reduce transaction costs and optimize cross-border payment processes. The report pointed out that the Trump administration's position of relaxing crypto regulation has accelerated the layout of technology companies. Airbnb has been discussing stablecoin application solutions with payment processor Worldpay since the beginning of the year; X platform has contacted Stripe in the development of its payment application X Money; Apple has started cooperation dialogues with stablecoin issuers such as Circle. Google Cloud took the lead in achieving a breakthrough and has accepted customers to complete settlement through PayPal's stablecoin PYUSD. Industry analysts believe that the case of payment giant Stripe's acquisition of stablecoin startup Bridge has strengthened the confidence of technology 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' digital asset market structure bill, the CLARITY Act, will enter the review and revision stage at 10 a.m. Eastern Time on June 10 (22:00 Beijing Time on June 10). The eight major crypto policy organizations previously issued a joint statement calling for the inclusion of the Blockchain Regulatory Certainty Act (BRCA). There are differences 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 immediately provide digital commodity services after the bill is passed, while crypto companies have to face a more complicated CFTC registration process, which may cause an imbalance in competition 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 Trump's "crypto-related misconduct" and the potential risks of the CLARITY Act. Witnesses at the hearing include experts such as former CFTC Chairman Timothy Massad, and topics will cover the national security impact and investor protection issues of the Stop Trump Crypto Act (HR3573). The Democratic Party said that the hearing is intended to comprehensively assess the possible consequences of the market structure bill.
Gemini has submitted a draft listing statement to the US SEC
Cryptocurrency exchange Gemini has "confidentially filed a draft registration statement" with the U.S. SEC related to a proposed Class A common stock IPO. "The number of Class A common shares to be issued and the price range for the offering have not yet been determined," the statement said. "The initial public offering (IPO) is expected to take place after the SEC completes its review process, depending on market and other conditions." Previously, Circle filed an IPO application in April and began trading this week. Cryptocurrency exchange Kraken is also reportedly considering applying for an IPO.
At the close of U.S. stocks, the Dow Jones Industrial Average closed up 1.05%, the S&P 500 closed up 1.03% (the first time it closed above 6,000 points since February 21), and the Nasdaq closed up 1.2%. Stablecoin giant Circle closed up 28%, Tesla (TSLA.O) closed up 3.6%. Tesla (TSLA.O) fell 15% this week, the largest weekly drop since 2023. Nvidia (NVDA.O) closed up 1.3%,
Arca has sold all of its Circle (CRCL) shares
Arca Chief Investment Officer Jeff Dorman tweeted that Arca has sold all of its Circle (CRCL) shares.
Earlier news , Arca criticized Circle's IPO allocation as too low and said it would switch to USDT.
Viewpoint
According to Jinshi, interest rate futures traders expect the Federal Reserve to cut interest rates twice this year, in September and December.
Trump: Fed should cut rates by 100 basis points
According to Jinshi, Trump said on social media: "The Fed's "big lateness" is a disaster! Europe has cut interest rates 10 times, and we haven't cut them once. Despite his existence, our country is doing very well. Cut interest rates by one percentage point and fill up the gas!"
Tim Draper, founder of Draper VC, wrote on the X platform that once the US government allows employees to conduct collective bargaining, it would be like driving a truck down a mountain without brakes, but Bitcoin can hedge against excessive spending by the US government.
Tim Draper believes that Bitcoin can still reach $250,000 by 2025, and the main factors driving the development of Bitcoin are: the market is generally optimistic about Trump's trade agreement, the regulatory framework expected by the industry is about to be introduced, and the Web3 applications built on the Bitcoin blockchain are constantly developing. Major banks are also adding Bitcoin to their products. Compared with other cryptocurrencies and stocks, Bitcoin has lower risks because people believe in Bitcoin, which also makes Bitcoin win the title of a means of value storage.
Nick Tomaino, founder of 1confirmation, wrote on the X platform that Ethereum is the "birthplace" of stablecoins, risk-weighted assets, DeFi, NFT, decentralized social networking and prediction markets, but no one in the market seems to care 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 pushing stablecoins into the mainstream, and X’s partnership with Polymarket, Ethereum is gradually finding a balance between creativity and competitive spirit.
Coinbase CEO: Account freezing has been made a priority and has been reduced by 82%
Coinbase CEO Brian Armstrong posted on the X platform that the Coinbase account freezing problem has been around for a long time, so long that it is unacceptable. There are many reasons for this problem, but more importantly, Coinbase has now made this issue a priority and is currently progressing smoothly. The problem has been reduced by 82%, and there will be more improvements in the future.
Brian Armstrong added that Coinbase will keep users informed of the progress of improvement measures at any time. If the Coinbase account is still restricted (not due to sanctions or illegal activities), please send a private message to the support account directly to seek a quick solution.
Glassnode: The current two key price thresholds for BTC are $114,800 and $83,200
Glassnode, an on-chain analysis platform, posted on the X platform that as BTC's recent turnover price is close to its historical high, the short-term holder cost basis provides key insights, and the current basis price is $97,100. In addition, the two key price thresholds of Bitcoin based on the standard deviation range are $114,800 (+1σ) and $83,200 (-1σ), respectively. Breaking through or falling below this range may determine the next major market trend.
Project News
Binance: Holders of at least 223 Binance Alpha Points are eligible to claim the FLY token airdrop
According to the official announcement, Binance announced that fly.trade (FLY) will be launched at 21:00 (UTC+8) on June 6, 2025. Eligible Binance users with at least 223 Binance Alpha points can go to the Alpha event page to claim an airdrop of 88 FLY tokens when trading is launched.
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 opened, otherwise it will be deemed that they have given up the airdrop.
Skate has launched the SKATE token initial airdrop allocation query page
Skate, a universal application layer protocol, announced on the X platform that the SKATE token initial airdrop allocation query page is now online.
Earlier news, Skate announced the token economics: the initial total issuance is 1 billion, and the initial airdrop accounts for 10%.
Synthetix announces return to Ethereum mainnet and launches perpetual contract exchange
Synthetix announced a full return to the Ethereum mainnet and launched a perpetual contract exchange. This move is aimed at addressing the problem of Layer 2 liquidity fragmentation - the current mainnet carries more than 50% of the DeFi locked volume, which is more suitable for institutional-level product needs. The new platform adopts an off-chain order matching + on-chain batch settlement architecture: user funds are hosted on the mainnet, transactions are processed by the off-chain engine, and finally settled on the mainnet to avoid L2 risks; the order book model improves liquidity and trading experience, taking into account performance and decentralization. In addition, the SNX staking mechanism will be simplified, and users can earn income by staking without complicated operations; the sUSD stablecoin function will be restarted, and the issuance and destruction will be dynamically managed by the Ministry of Finance, becoming the core collateral asset of the exchange. The first phase of the incentive plan will be launched this month, opening sUSD and sUSDe pre-deposited contracts. Early participants can receive 500 invitation codes for testnet access and trading competitions, and the prize pool includes SNX and other rewards. This return will fill the gap in the mainnet high-performance perpetual contract exchange and strengthen Ethereum's position as a financial hub.
Binance Alpha Platform to Launch Defi App (HOME)
According to the official announcement, Binance Alpha platform will launch Defi App (HOME). Trading will be open 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 event page, which will be released on June 10, with event rules attached.
X: Polymarket has become X’s official prediction market partner
X platform officially announced that Polymarket has become X’s official prediction market partner.
Source: Pumpfun plans to distribute protocol revenue to PUMP token holders
Pump.fun plans to raise $1 billion through an initial coin offering (ICO) and is considering establishing a revenue sharing mechanism for its native token, two people familiar with the matter said. It is not yet clear how much revenue will be distributed and whether it will cover the revenue of its decentralized trading platform PumpSwap. Pump.fun's daily revenue peaked at more than $7 million on January 23, but has since fallen to about $1 million per day. Since its launch in early 2024, the platform has accumulated revenue of approximately $677 million, becoming one of the most profitable startups in the cryptocurrency field.
Separately, PUMP tokens will be available to public and private investors and are expected to be fully unlocked on the token launch date, according to two sources familiar with the plan. More tokens may be issued in the future, but the total supply is expected to be capped at 1 trillion. According to one source, the team is currently pitching to private investors at $0.004 per token, with plans for a public sale within two weeks. Part of the sale will be conducted on exchanges including Binance, and airdrops are also expected. One source estimated that about 25% of the token supply will be used for the public sale, with another 10% for airdrops.
Trump's second son Eric Trump tweeted that the MEME coin TRUMP has reached a cooperation with World Liberty Financial (WLFI). Although their Meme wallet project has been suspended, it is 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 tweeted that it was attacked due to a self-listing logic vulnerability, and the attacker drained multiple asset pools, with a total loss of approximately US$8.373 million. The specific losses are:
- STX: 8.4 million STX (approximately $5.69 million)
- sBTC: 21.85 sBTC (about $2.24 million)
- USDC/USDT: 149,850 USDC/USDT (approximately $149,800)
- WBTC/BTC: 2.8 WBTC (about $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. The compensation calculation will be based on the average on-chain exchange rate between 18:00 and 22:00 (UTC+8) on June 6. The affected wallet addresses will receive a private notification containing a claim form before 7:59 (UTC+8) on June 9. The deadline for submitting the claim form is 7:59 (UTC+8) on June 11 to confirm the receiving wallet address. After confirmation, the compensated USDC will be sent within 7 working days. The team stated that it will make every effort to restore the funds of each affected user as soon as possible (a total of US$8,373,227.13).
Binance Alpha is now live with AB (AB). Eligible Binance users with at least 225 Binance Alpha Points can claim an airdrop of 9,882 AB tokens on the Alpha event page starting at 14:00 ET on June 7, 2025. 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 they will be deemed to have given up the airdrop.
ether.fi: The Discord platform issue has been controlled and is being actively monitored
ether.fi released an update on the Discord hacking incident on the X platform, disclosing that the relevant issues have been brought under control and that the Discord channel is being actively monitored. Users can mark any suspicious behavior in a timely manner, and more details will be released once the issue is confirmed.
Important data
According to Fortune magazine, stablecoin issuer Circle lost $1.72 billion in potential earnings due to its pricing strategy in its IPO on the New York Stock Exchange on June 5, setting 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 was $82.84, an increase of 167%. Data shows that if priced at the closing price, Circle can obtain an additional $1.72 billion in funds, which is equivalent to twice the cash reserves on its balance sheet before the IPO. 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. Circle's current market value is $16.6 billion, corresponding to a price-to-earnings ratio of 106 times the net profit of $157 million in 2024.
James Wynn's on-chain assets have been cleared, and all remaining assets have entered CEX
According to the monitoring of on-chain analyst Yu Jin, James Wynn's on-chain assets have been cleared, and the remaining assets have all entered CEX, a total of 1.91 million USDC, including 1.5 million in Kucoin, 335,000 in MEXC, and 75,000 in Gate.
Financing
IOST Completes $21 Million Strategic Financing, DWF Labs and Others Participate
According to the official blog, IOST, a multi-chain ecosystem focusing on RWA infrastructure, announced the completion of a $21 million strategic financing round, with investors including DWF Labs, Presto, and Rollman Management Groups. This round of financing adopts a customized allocation mechanism to promote 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 RWA 3.0 innovation field.
