Today's news tips:
Cboe BZX Exchange has submitted 19b-4 application documents to the US SEC for the Canary PENGU ETF
Binance will delist ALPHA, BSW and five other tokens on July 4
LTO and KMD fell by about 40%, while ALPHA, BSW, and LEVER rose to varying degrees.
Regulatory/Macro
Huobi's former co-founder Yuan Dawei acquires all Class B shares of US-listed MFI for US$7.8 million
According to the U.S. Securities and Exchange Commission (SEC) documents, Dawei Yuan, the former co-founder of Huobi, successfully acquired all Class B common shares of mF International Limited (MFI), a U.S. listed company, through his company Fire Lucky Investment Co., Ltd., totaling 9,046,892 shares, accounting for 100% of the shares of this class, with a total price of US$7.8 million. As the only director, officer and shareholder of Fire Lucky, Dawei Yuan indirectly holds all the acquired Class B shares. The acquisition gives Fire Lucky approximately 68.3% of the common shares of mF International.
Moscow Exchange to launch crypto funds and structured bonds to follow up Bitcoin futures launch
According to Cryptonews, Vladimir Krekoten, managing director of the Moscow Exchange, revealed that following the launch of Bitcoin futures on June 4, the exchange is about to launch futures contracts based on the Bitcoin index and is preparing crypto index funds and structured bonds. Krekoten said that market enthusiasm has prompted the exchange to accelerate the launch of more crypto derivatives, and is currently discussing with asset management companies to launch crypto index mutual funds and structured bonds, which will be implemented after approval by regulatory authorities. The exchange has also developed a new Bitcoin index as the underlying asset of derivatives, and related calculations have been launched since June 10. Data shows that the platform's first Bitcoin futures (linked to BlackRock IBIT ETF and settled in ruble cash) have a cumulative trading volume of 7 billion rubles (about 89.45 million US dollars) in the three weeks since its listing, attracting more than 10,000 qualified investors to participate.
Hong Kong stocks Shengli Securities rose by more than 150% in the short term
According to Jiemian News, Hong Kong-listed Victory Securities (08540.HK) rose by more than 150% in the short term. According to the First Financial Daily, citing the views of industry insiders directly involved in the application for virtual asset licenses and system docking, many Hong Kong local securities firms (such as Victory Securities, Aide Securities, etc.) have completed the No. 1 license upgrade.
According to a report by Gelonghui citing Yicai, industry insiders who are directly involved in the application for virtual asset licenses and system docking revealed that many local Hong Kong brokerages (such as Shengli Securities (8540.H), Aide Securities, etc.) have completed the No. 1 license upgrade. Guotai Junan International is not the only Chinese brokerage to apply for a license, and more institutions may join in the future. Brokerages mainly provide "distribution" trading services rather than proprietary exchange operations. Specifically, its model is to set up an omnibus account in a licensed exchange, and through access to the trading system, provide customers with channels for buying and selling mainstream compliant currencies such as BTC and ETH, without involving high-risk altcoins or air coins. At present, many of the above-mentioned local brokerages have carried out similar distribution services, and their compliance requirements such as customer due diligence (KYC), suitability management and investor education are basically consistent with Guotai Junan International, and both prohibit mainland Chinese residents from participating in transactions.
Kraken Obtains MiCA License in Ireland to Provide Compliant Crypto Services in the EU
According to Cointelegraph, the crypto exchange Kraken announced that it had obtained the MiCA license issued by the Central Bank of Ireland, and was allowed to provide compliant crypto services in 30 EU member states. This is another key compliance milestone for Kraken after obtaining the electronic money institution license in 2023 and the MiFID license in February 2025. Kraken's co-CEO said that the license will help the platform expand into the EU market.
Invesco and Galaxy submit new documents to the US SEC to join the Solana ETF competition
According to The Block, investment management company Invesco and crypto company Galaxy Digital jointly submitted a registration application for Solana ETF to the U.S. Securities and Exchange Commission (SEC), and plans to list it on the Cboe BZX exchange with the code "QSOL". Invesco will serve as the fund sponsor, Bank of New York Mellon will serve as the manager, Galaxy will be responsible for token procurement, and Coinbase will be the custodian of SOL assets. Currently, many companies are applying for Solana ETF, including VanEck, Bitwis and 21Shares.
Coinbase launches Cardano and Litecoin wrapped tokens cbADA and cbLTC on Base
According to Cryptoslate, Coinbase announced early this morning that it would launch Cardano and Litecoin’s wrapped tokens cbADA and cbLTC on its Layer2 network Base, completing the previously announced four wrapped token issuance plans (including cbDOGE and cbXRP launched in early June). The current on-chain reserve proof shows that 11,364 LTC and 2,963,259 ADA have been locked in the custody address as underlying assets.
Cboe BZX Exchange has submitted 19b-4 application documents to the US SEC for the Canary PENGU ETF
Cboe BZX Exchange has filed a 19b-4 application with the U.S. Securities and Exchange Commission (SEC) for the Canary PENGU ETF. In the "Text of Proposed Rule Changes" section of this document, it is stated that pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 and Rule 19b-4 thereto, Cboe BZX Exchange proposes to list and trade the shares of the Canary PENGU ETF pursuant to BZX Rule 14.11(e)(4) (Commodity Trust Shares).
According to Bloomberg, Bill Pulte, director of the Federal Housing Finance Agency (FHFA), ordered Fannie Mae and Freddie Mac to develop a plan to include cryptocurrencies in the category of mortgage risk assessment assets. The directive requires the two agencies to study how to allow borrowers to count cryptocurrencies stored in centralized exchanges regulated by the United States as assets without cashing out in advance. The policy is still in its early stages, and the relevant plan must be approved by the boards of directors of the two agencies and the FHFA before it can be implemented. If implemented, this move will change the traditional way of assessing borrower qualifications in the mortgage industry, but it explicitly excludes crypto assets held by non-compliant exchanges. Note: Fannie Mae is a housing mortgage securitization agency funded by the US government, focusing on promoting liquidity in the housing loan market. Freddie Mac, the Federal Home Loan Mortgage Corporation, is the second largest US government-sponsored enterprise, second only to Fannie Mae in terms of business scale.
Republic plans to tokenize shares in private companies like SpaceX and OpenAI
According to The Block, citing WSJ, the investment platform Republic plans to expand retail investors' access to private companies and will provide digital assets that track the performance of Musk's aerospace company SpaceX. Republic intends to acquire SpaceX shares and issue blockchain-based tokens to track holdings. In addition, the platform also plans to launch digital tokens that track the performance of private artificial intelligence companies OpenAI and Anthropic. Republic said the bill allows U.S.-based companies to raise up to $5 million a year from retail investors by issuing securities. Holders can purchase for $50 to $5,000, far below the minimum amount typically required to invest in private companies. Individuals who hold company tracking tokens for a full year can also exchange them on the cryptocurrency trading platform INX. It is not clear whether SpaceX will object to the tokenization of its shares.
Viewpoint
According to The Block, Hester Peirce, a Republican member of the U.S. Securities and Exchange Commission, said that a physical redemption mechanism for cryptocurrency ETFs may be coming soon. During a panel discussion at the Bitcoin Policy Institute on Wednesday, the commission was asked whether it would approve a physical subscription and redemption mechanism and whether it was "coming soon." Peirce said: "These (forms) are currently under review. So I think that at some point, a physical subscription and redemption mechanism will definitely come. I can't judge in advance, but we have heard that a lot of companies are interested in this." Several companies, including BlackRock, have been applying to the agency for months, hoping to allow Bitcoin ETFs to make physical subscriptions and redemptions instead of having to use cash. In January of this year, Nasdaq submitted a 19b-4 form on behalf of BlackRock to promote this change, and other companies have followed suit since then.
According to The Block, Tether CEO Paolo Ardoino predicts that in the next 15 years, there will be 1 trillion AI agents in the world using Bitcoin and USDT for machine-to-machine transactions. He pointed out that traditional banks are unlikely to open accounts for AI agents, so self-hosted crypto wallets will become the infrastructure of the AI economy. Ardoino emphasized that USDT, as the most traded stablecoin, will become the preferred payment tool for AI agents. Tether has already made arrangements for this, launching a wallet development kit in November last year, and establishing the Tether Data department and Tether AI platform this year, committed to building a peer-to-peer network that supports billions of AI agents. Tether has now moved its headquarters to El Salvador and continues to expand its investment in AI and blockchain infrastructure. The company believes that crypto assets will become the key settlement layer in the era of the machine economy.
According to Bloomberg, Zak Folkman, co-founder of the Trump family-related DeFi platform World Liberty Financial, said at the crypto industry conference "Permissionless" held in New York on Wednesday that the platform is receiving "strong interest" from several listed companies that want to use their token WLFI as a company reserve asset. Folkman also announced the launch of a new World Liberty Financial application. Folkman said: "We have a very close relationship with Michael Saylor-we really appreciate everything he has done in terms of strategy and how he spreads the idea of holding company reserves in the form of cryptocurrency. Several listed companies have expressed strong interest in using WLFI tokens as their company reserves."
Project News
Binance announced that it has become the first platform to list Sahara AI (SAHARA), and trading will start at 18:00 on June 26th, Beijing time. Eligible users can apply for 1,000 SAHARA tokens airdrop through Binance Alpha Points within 24 hours after the start of trading. The airdrop will be issued in two phases: the first phase (the first 18 hours) requires holding at least 223 Alpha Points, and the second phase (the last 6 hours) requires holding at least 180 Alpha Points, first come first served, until the airdrop pool is full or the event ends.
Binance announced that it has become the first platform to list XOCIETY (XO), and trading will start at 17:00 on June 26, Beijing time. At the same time, eligible users can apply for 3,125 XO tokens airdrops through Binance Alpha Points within 24 hours after the start of trading. The airdrop will be issued in two stages: the first stage (the first 18 hours) requires holding at least 239 Alpha Points, and the second stage (the last 6 hours) requires holding at least 198 Alpha Points, first come first served, until the airdrop pool is full or the event ends.
Binance will delist ALPHA, BSW and five other tokens on July 4
Binance announced that based on the latest regular assessment results of digital assets, it will stop all spot trading pairs of the following tokens at 11:00 on July 4, 2025 (GMT+8): Stella (ALPHA), Biswap (BSW), Komodo (KMD), LeverFi (LEVER) and LTO Network (LTO).
According to Cointelegraph, Ledger, a major hardware crypto wallet supplier, announced last month that it would phase out the Ledger Nano S launched in 2016, no longer accepting new applications, feature submissions and application updates, and encouraging users to upgrade their devices. The news was released last month, but it has only recently sparked heated discussions on social media, with user comments mixed with anger, disappointment and helplessness. Pcaversaccio of the Ethereum ecosystem criticized Ledger for forcing users to buy new devices, saying that it ignored backward compatibility and restricted new features and access rights for commercial reasons. Pudgy Penguins security project manager Beau also said that this was a "major blow" to users, reminding users who use Nano S to back up seed phrases and transfer assets when necessary. Some users are worried about the use and safety of the device after it is discontinued. Beau believes that although the device may still be usable, it is more prone to malfunctions or security issues without updates. Tornado Cash developer Roman Semenov said that he has not updated Ledger for many years, and the device still works normally. So far, Ledger has not responded to requests for comment.
Binance Alpha to List CESS Network (CESS)
According to official news, Binance Alpha will be listed on CESS Network (CESS). Trading will be open on June 26, and the specific time will be announced separately. After Alpha trading is open, eligible users can go to the Alpha event page to use Binance Alpha points to claim the airdrop. Details will be announced on June 26.
Upbit to List SAHARA Tokens in KRW, BTC, and USDT Markets
According to the official announcement, South Korean crypto exchange Upbit will launch SAHARA tokens in the KRW, BTC, and USDT markets.
CertiK: Resupply suspected of suspicious transactions, loss of approximately $5.56 million
According to CertiK Alert monitoring, a suspicious transaction was discovered, causing the decentralized stablecoin protocol Resupply contract to lose approximately $5.56 million. Update: According to BlockSec Phalcon statistics, the loss caused by this security incident is $9.5 million. According to ExVul statistics, the loss caused by this security incident is $9 million.
StormX has filed for voluntary Chapter 7 bankruptcy protection
According to official news, StormX, Inc. announced today that it has voluntarily filed for bankruptcy protection under Chapter 7 of the U.S. Bankruptcy Code. Creditors who believe they have claims against StormX, Inc. must submit proof of claim detailing the amount and basis of the claim. No claim agent was designated in this case, so any proof of claim must be submitted through the court website. Earlier in May, StormX disclosed that it was supposed to merge with EarnM, but EarnM eventually abandoned the deal. Previously in July 2021, StormX, a cryptocurrency rebate platform, received $9 million in financing led by Optimista Capital. It is reported that "Chapter 7 bankruptcy" refers to a procedure in which a company that cannot repay its debts can sell its assets to repay creditors; the proceeds from the sale of assets are used to repay the company's debts. The company was subsequently dissolved and no longer exists.
Coinbase adds Wormhole(W) to its coin listing roadmap
According to official news, Coinbase announced that Wormhole (W) will be added to the coin listing roadmap.
Important data
According to ai_9684xtpa monitoring, "Insider Brother" has just recharged 4.5 million USDC to Hyperliquid and increased the cumulative short positions of BTC and ETH to $213 million. The specific situation is as follows: BTC opened a 40x leverage short order, holding 1391.49 coins, with a total value of $150 million, an opening price of $106,805.6, and a liquidation price of $110,120; ETH opened a 25x leverage short order, holding 25,600 coins, with a total value of $63.72 million, an opening price of $2460.48, and a liquidation price of $2614.2.
LTO and KMD fell by about 40%, while ALPHA, BSW, and LEVER rose to varying degrees.
According to Binance market data, LTO and KMD fell by about 40%, while ALPHA, BSW, and LEVER rose to varying degrees, possibly due to the delisting of Binance. Among them: LTO Network (LTO) fell by 37.28% and is now quoted at $0.0176; Komodo (KMD) fell by 43.01% and is now quoted at $0.0484; Stella (ALPHA) rose by 30.5% in a short period of time and is now quoted at $0.0218; Biswap (BSW) rose by 37.77% in a short period of time and is now quoted at $0.0284; LeverFi (LEVER) rose by 9.4% in a short period of time and is now quoted at $0.000425. According to previous news, Binance will delist five tokens including ALPHA and BSW on July 4.
According to SoSoValue data, yesterday (June 25, Eastern Time), the total net inflow of Bitcoin spot ETFs was $548 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 $340 million. Currently, the total net inflow of IBIT has reached $51.992 billion. The second is Fidelity ETF FBTC, with a single-day net inflow of $115 million. Currently, the total net inflow of FBTC has reached $11.762 billion. As of press time, the total net asset value of Bitcoin spot ETFs is $133.561 billion, and the ETF net asset ratio (market value to the total market value of Bitcoin) is 6.23%, and the historical cumulative net inflow has reached $48.143 billion.
According to Cryptoslate, CryptoQuant analyst Darkfost pointed out in a report on June 24 that Binance's monthly Bitcoin inflow has dropped to 5,700 BTC, less than half of the average monthly 12,000 since 2020, and only 25% of the inflow during the FTX crisis at the end of 2022. In this cycle, each surge in large Bitcoin deposits corresponds to a local price peak, such as the net inflow of more than 17,000 Bitcoin when Bitcoin pulled back from $69,000 in August last year, and the net inflow of more than 20,000 Bitcoin when it broke through six figures in March this year, and each surge foreshadowed a short-term correction. Today, the inflow of 5,700 BTC occurs when Bitcoin stabilizes above $105,000 and volatility is close to the low point of the year. Darkfost believes that the contraction of this inflow indicates that the market is in a "positioning phase", and both retail traders and large investors choose to keep Bitcoin outside the exchange, eliminating immediate selling pressure.
Movement repurchase address withdraws 83 million MOVE from Binance in the past 9 hours
According to on-chain analyst @ai_9684xtpa, the Movement repurchase address has withdrawn 83 million MOVE from Binance in the past 9 hours. Movement previously promised to use $38 million to repurchase tokens, and yesterday was the last day of the three-month period (it could also be today due to time zone issues); however, as of now, based on the token offer price, the repurchase progress is only 54.2%.
Financing
According to The Block, Zama, a confidential blockchain protocol focused on privacy, announced the completion of a $57 million Series B financing round, with a valuation of over $1 billion, led by Pantera Capital and Blockchange. The protocol will launch a testnet on July 1. Zama provides developers with a cross-chain privacy solution through fully homomorphic encryption (FHE) technology, supporting the deployment of "confidential smart contracts" on existing blockchains. The protocol currently supports 20 transactions per second, and plans to increase it to more than 10,000 transactions per second on a single chain through dedicated hardware accelerators. The project also uses multi-party computing (MPC) and zero-knowledge proof (ZKP) technologies, initially compatible with the Ethereum virtual machine, and will be expanded to the Solana ecosystem in the future.
According to Bloomberg, the prediction market Kalshi announced that it has completed a $185 million financing, with a valuation of $2 billion, led by crypto venture capital Paradigm. The platform allows users to predict and bet on future events such as sports events and entertainment scores. Kalshi was founded in 2018 by MIT graduates and participated in the Y Combinator incubation program in 2019. Previous investors include Sequoia Capital and others. As a federally regulated platform in the United States, its competitor Polymarket is prohibited from using it by US users because it is not registered with the CFTC. Recently, both platforms have announced cooperation with social media X, but Kalshi subsequently withdrew the relevant statement.
Institutional-level DeFi execution engine Makina completes $3 million strategic round of financing
Institutional-grade DeFi execution engine Makina announced the completion of a $3 million strategic round of financing, with participation from Bodhi Ventures, Cyber Fund, Interop Ventures, Steakhouse Financial, Hypernative Labs, Kiln, base DAO, Cozomo de' Medici, Aleksander Larsen, ivangbi and Trevor McFedries.
DePIN and enterprise-level cloud platform dKloud have raised $3.15 million to date, with participation from Animoca Brands, Avalaunch, Blizzard, Brinc, Genesis Block Ventures Capital (GBV), Maven Capital, Pulsar, SMO Capital, Telos, and Baboon VC.
Institutional holdings
Nano Labs Announces 600 Bitcoins in First Round of $500 Million Convertible Note Deal
According to official news, Nasdaq-listed Nano Labs announced that it had just received 600 bitcoins (about $63.6 million) in the first round of investment in its $500 million convertible bond transaction. Currently, the company holds 1,000 bitcoins in its reserve fund.
Metaplanet increased its holdings by 1,234 bitcoins, bringing its total holdings to 12,345 bitcoins
According to official news, Japanese listed company Metaplanet increased its holdings by another 1,234 BTC, bringing its total holdings to 12,345 BTC.
KaJ Labs announces $160 million investment in Bitcoin
According to newsfilecorp, decentralized AI and blockchain research organization KaJ Labs announced last Friday that it would invest $160 million in Bitcoin. KaJ Labs said that this strategic Bitcoin reserve will support Imagen's multi-chain operations and serve as a liquidity pillar for upcoming AI modules, community incentives, and cross-chain integration; Bitcoin reserves will be used to balance operating costs and provide long-term collateral for IMAGE-supported utility services.
GameStop raises another $450 million, which may be used to purchase BTC
According to CoinDesk, game retailer GameStop disclosed in a filing with the U.S. SEC on Tuesday that it raised another $450 million through convertible bond over-allotment rights, bringing its total bond issuance to $2.7 billion in mid-June. According to SEC documents, this batch of zero-interest bonds due in 2032 can be converted into common stock, and the conversion price is 32.5% higher than the weighted average price on June 12. The funds will be used for company operations and asset allocation in line with investment policies, including continuing to increase holdings of Bitcoin as a reserve asset. Since launching its Bitcoin financial strategy in March, GameStop has spent about $500 million to purchase 4,710 Bitcoins in May.
According to on-chain analyst Ember, SharpLink Gaming (Nasdaq: SBET) has continued to purchase 5,989 ETH (US$14.47 million) through Galaxy Digital over the past day. They should have spent a total of US$507 million to purchase and hold 194,000 ETH, with a total cost of about US$2,611. The current floating loss is about US$36 million.
According to The Block, the listed company Bit Digital (stock code BTBT) announced a strategic transformation into a pure Ethereum pledge and financial asset management company. The company will gradually shut down its Bitcoin mining business and plans to "gradually" convert the 417.6 BTC (about $34.5 million) it holds into ETH, while raising funds through a public offering of shares to increase its holdings of ETH. Bit Digital currently holds 24,434.2 ETH (about $44.6 million) and operates one of the world's largest institutional-grade Ethereum pledge infrastructures. The company will also spin off its high-performance computing subsidiary WhiteFiber. This transformation continues the trend of listed companies allocating crypto assets as financial reserves, but the strategy of focusing on Ethereum is relatively rare in the industry. Previously, Consensys founder Joe Lubin also launched a similar Ethereum financial management project SharpLink.
According to Bloomberg, the former Blackstone dealmaker and Tether co-founder is raising $1 billion through special purpose acquisition company M3-Brigade Acquisition V Corp. to establish a crypto asset reserve fund. The fund will allocate multiple digital assets such as Bitcoin, Ethereum and Solana. Former U.S. Commerce Secretary Wilbur Ross and Binance Director Gabriel Abed will serve as vice chairmen, and former Hut 8 Mining CEO Jaime Leverton will serve as CEO. Cantor Fitzgerald is advising on this fundraising, and the final size may be adjusted. The SPAC has received investment from investment institutions under Tether co-founder Reeve Collins and former Blackstone private equity co-head Chinh Chu in May. It is worth noting that the fund adopts a diversified token strategy, which is different from the model of single Bitcoin holdings by institutions such as Strategy.
Sixty Six Capital, a Canadian listed company, announced that it has increased its holdings of 18.2 bitcoins. The company previously held 113 bitcoins through the Bitcoin ETF, but will convert these ETF shares into directly held bitcoins. The company also announced that it will conduct a private placement financing to raise up to $2.5 million to further increase its holdings of Bitcoin.
Listed company Digital Commodities plans to raise $3 million to increase its Bitcoin reserves
Canadian listed company Digital Commodities Capital Corp. announced that it will conduct a non-brokered private placement, issuing up to 20 million units at a price of $0.15 per unit, with an estimated total fundraising of $3 million. The net proceeds from this financing will be used to increase the company's Bitcoin reserves.
