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Pre-IPO SpaceX Market Opens with Billion-Dollar Valuation Bets

Trade.xyz has launched the first onchain perpetual futures contract tied to SpaceX, allowing crypto traders to speculate on the company’s future IPO valuation through Hyperliquid. The new SPCX-USDC market opened with a reference valuation of roughly $1.78 trillion based on estimated fully diluted shares. Trading activity quickly intensified, with the contract surging from its initial price and briefly implying a valuation above $2.5 trillion before stabilizing lower.

The launch marks another step toward onchain price discovery for major private companies ahead of public listings. Strong early trading volume and rising open interest highlighted growing demand for crypto-native exposure to pre-IPO markets.

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Ethereum Foundation Plans Leaner Future and Reduced ETH Sales

Vitalik Buterin said the Ethereum Foundation is shifting toward a smaller and more focused structure aimed at long-term sustainability rather than broad expansion. According to Buterin, the organization plans to reduce ETH sales and concentrate only on areas considered essential to Ethereum’s core principles, including security, censorship resistance, privacy, and decentralization.

He also noted that his personal influence within the foundation will continue to decrease as the restructuring progresses.

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Binance Expands Into US Stock Trading for Global Users

Binance has launched trading for more than 7,000 US-listed stocks and ETFs for eligible users outside the United States, allowing investors to buy fractional shares with crypto-funded accounts. The service offers commission-free trading, extended market access, and support for stablecoins and selected cryptocurrencies as funding options. Traditional brokerage and custody partners will handle order execution, asset storage, dividends, and other corporate actions.

The move reflects Binance’s broader strategy of combining traditional investing with onchain finance as demand for tokenized real-world assets continues to grow worldwide.

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Strategy Buys Bitcoin Below Average Cost for First Time

Strategy purchased 1,550 Bitcoin for approximately $101 million during the first week of June, paying an average price of $65,332 per coin. The acquisition is notable because it marks the company’s first Bitcoin purchase below its overall average acquisition cost since launching its treasury strategy. The buy was financed through share sales, while the company also strengthened its liquidity position by increasing cash reserves to roughly $1 billion.

The latest purchase raises Strategy’s total holdings to more than 845,000 BTC, reinforcing its position as one of the largest corporate Bitcoin owners. The move follows a recent period of market weakness that saw Bitcoin decline sharply and prompted the company’s first disclosed BTC sale in years to help meet dividend obligations.

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Coinbase Expands Beyond Crypto With Tokenized Markets and AI Tools

Coinbase introduced a major platform expansion designed to combine investing, trading, and financial services in one ecosystem.

The company announced plans to offer tokenized stocks for non-US users starting next month, claiming the assets will provide direct ownership benefits, including dividends and shareholder rights, while remaining tradable around the clock and usable across lending and collateral services.

The update also adds pre-IPO perpetual futures, expanded prediction markets, leveraged thematic indices, and new AI-powered investment features.

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Strategy Boosts Reserves While Slowing Bitcoin Purchases

Strategy increased its cash reserves to $1.4 billion after raising $335 million through common stock sales, continuing a multiweek shift toward liquidity instead of aggressive bitcoin accumulation. The decision follows volatility in STRC, the company’s preferred stock product, which recently dropped well below its target value before partially recovering.

The company also paused issuance activity tied to the program that had supported much of its recent bitcoin buying.

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Coinbase, Visa and Stripe Support New Corporate Stablecoin Initiative

A new dollar-pegged stablecoin, Open USD, has attracted support from more than 140 companies across finance, payments, and crypto sectors. Backers include major industry players that are positioning the project as an open infrastructure layer for businesses rather than a retail product. The token is expected to launch later this year and aims to simplify access by removing minting and redemption fees.

Unlike traditional stablecoin models, Open USD plans to distribute reserve-generated income to participating partners while operating under shared governance instead of centralized control.

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