Morning Report | Coinbase Ventures makes its first investment in ENA; SpaceX plans to set the IPO price at $135 per share

Compiled by: ChainCatcher

Important News:

• Ethereum researchers propose post-quantum public key registry as the first step towards quantum-safe migration
• Coinbase Ventures makes its first investment in ENA, Ethena will co-develop on-chain financial and savings products with Coinbase
• SpaceX plans to set the IPO price at $135 per share, issuing a total of 555.6 million shares
• Bitmine's paper losses have exceeded Strategy's Bitcoin holding losses
• Binance's U.S. stock business interest chain: holds a minority stake in Alpaca, earning 50% of order flow payment fees and 65% of lending profits
• Kraken will open U.S. stock IPO subscription at issue price to global retail investors through xStocks
• Binance announces the cessation of centralized NFT services and migration to wallets, marking a comprehensive retreat of the CEX NFT market

What important events occurred in the past 24 hours?

ChangQiao Securities: Suspends new positions and additional trading for all varieties including stocks in mainland China starting June 12

According to ChainCatcher, ChangQiao Securities announced that to implement the relevant industry regulatory requirements during the two-year concentrated rectification period set by the China Securities Regulatory Commission, and to promote the standardized development of cross-border securities business in mainland China, ChangQiao will make corresponding adjustments to the services of existing investors' accounts in mainland China. The details are as follows:

Trading services in mainland China: New positions and additional trading for all varieties including stocks are suspended, only sell and close operations are supported;

Fund transfer services in mainland China: Fund transfers in are suspended, while transfers out remain normal, fully ensuring the safety of your funds.

The above arrangements will take effect from June 12, 2026, Beijing time. This adjustment will not affect the services provided to existing investors outside mainland China, nor will it affect the safety of existing assets for all customers. Customers can normally check their accounts, holdings, and sell existing positions.

On May 22, the China Securities Regulatory Commission announced that the illegal cross-border business activities of Tiger Brokers (NZ) Limited, Futu Securities International (Hong Kong) Limited, and ChangQiao Securities (Hong Kong) Limited violated Chinese securities, fund, and futures laws and regulations, disrupted market order, and must be resolutely cracked down on. According to relevant regulations, the CSRC intends to confiscate all illegal gains of Tiger, Futu, and ChangQiao's relevant entities both inside and outside China and impose severe penalties according to the law.

Kraken will open U.S. stock IPO subscription at issue price to global retail investors through xStocks

According to ChainCatcher, as reported by The Block, Kraken's parent company Payward's xStocks framework will launch services allowing Kraken and partner platform users to participate in U.S. stock IPOs at the issue price and receive on-chain tokenized shares corresponding 1:1 to the underlying stocks, which will be held by regulated custodians.

Users can submit non-binding subscription intentions through partner platforms weeks before the IPO, and Payward will aggregate demand and collaborate with the underwriting team to allocate shares, completing pricing, allocation, and token issuance on the listing day.

xStocks tokens can circulate across multiple chains such as Ethereum, Solana, and TON, and can be used in combination with DeFi protocols.

Strive plans to issue SATA to increase its holdings of 175,000 BTC
According to ChainCatcher, Strive's Jeff Walton (@PunterJeff) stated that Strive is raising funds at an average daily rate of $8.1 million, and if this funding is used to pay dividends, it could support the issuance of $15.5 billion in SATA tokens. Jeff Walton indicated that this scale of funding is equivalent to purchasing approximately 175,000 BTC at current prices, which would increase its total BTC holdings to ten times the current scale.
Binance's U.S. stock business interest chain: holds a minority stake in Alpaca, earning 50% of order flow payment fees and 65% of lending profits
According to ChainCatcher, Binance officially disclosed that Alpaca is not only the clearing broker for its U.S. stock business but also that Binance holds a minority stake in Alpaca. According to the agreement, Binance will receive 50% of Alpaca's order flow payment fees (PFOF) and 65% of the remaining profits from user stock lending, after deducting user interest.

Binance's recently launched U.S. stock business adopts a "introducing broker + clearing broker" model, with Nest Trading responsible for order referral and Alpaca handling trade execution, clearing, settlement, and asset custody. Alpaca Securities LLC is a registered broker-dealer with the U.S. Securities and Exchange Commission (SEC) and is a member of the Financial Industry Regulatory Authority (FINRA) and the Securities Investor Protection Corporation (SIPC), holding approximately 94% of the tokenized U.S. stocks and ETFs market share.

Ethereum researchers propose post-quantum public key registry as the first step towards quantum-safe migration

According to ChainCatcher, as reported by The Defiant, Ethereum researchers Thomas Coratger, Justin Drake, and others released a proposal on June 1 at the Ethereum research forum to establish a dedicated XMSS public key registry as the first concrete protocol upgrade for Ethereum's migration to post-quantum cryptography.

This registry allows approximately 1 million validators to pre-register quantum-safe XMSS keys before the full switch to the BLS signature system, serving as an important "preheating phase" to reduce the impact of subsequent switching on network stability. This proposal has been included in the Ethereum Foundation's protocol team's Strawmap roadmap and is the first protocol fork on that roadmap.

Binance announces the cessation of centralized NFT services and migration to wallets, marking a comprehensive retreat of the CEX NFT market

According to ChainCatcher, as reported by The Defiant, Binance announced that it will officially stop centralized NFT market services starting July 3, 2026, and all NFT functions will migrate to the self-custodied Binance Wallet.

This move marks a near-complete retreat of NFT markets supported by centralized exchanges (CEX). Previously, platforms such as Coinbase NFT, Kraken NFT, Gemini Nifty Gateway, and X2Y2 have closed or transformed.

Binance stated that this adjustment aims to provide users with a more seamless Web3 NFT experience. Users must withdraw transferable NFTs to Binance Wallet or other self-custodied wallets by July 3 at 23:59 (UTC), and the platform will reimburse part of the withdrawal fees.

Coinbase Ventures makes its first investment in ENA, Ethena will co-develop on-chain financial and savings products with Coinbase

According to ChainCatcher, decentralized finance protocol Ethena announced a partnership with Coinbase, and the two will jointly develop on-chain financial and savings products for Coinbase's over 100 million users, with the first growth plan set to launch next week.

Meanwhile, Coinbase Ventures has completed its first investment in Ethena (ENA) in the public market.

SpaceX plans to set the IPO price at $135 per share, issuing a total of 555.6 million shares
According to ChainCatcher, sources revealed that SpaceX plans to set the IPO price at $135 per share. SpaceX intends to issue 555.6 million shares in the IPO, aiming to raise $75 billion.
U.S. Treasury sanctions four Iranian crypto trading platforms and several executives, accusing them of assisting in evading sanctions
According to ChainCatcher, the U.S. Treasury's Office of Foreign Assets Control (OFAC) announced sanctions against Iran's largest cryptocurrency trading platform Nobitex, as well as three other Iranian crypto trading platforms: Wallex, Bitpin, and Ramzinex, and imposed sanctions on Nobitex's chairman and co-founder Amir Hossein Rad, current CEO Seyed Ali Khoee, and several co-founders and executives.

The U.S. Treasury accused Nobitex of handling over 50% of Iran's crypto asset inflows in 2025 and providing support for transactions related to the Islamic Revolutionary Guard Corps (IRGC), ransomware organizations, and sanction evasion activities, and also assisting the Iranian central bank in obtaining hundreds of millions of dollars in stablecoin funding. The U.S. claims that after U.S. military actions against Iran, Nobitex also helped transfer and protect assets of the Iranian regime.

Additionally, the Treasury stated that Iran's second-largest crypto trading platform Wallex, as well as Bitpin and Ramzinex, were also found to have connections to transactions related to the IRGC. Among them, Wallex received about 12% of Iran's crypto asset inflows in 2025, Bitpin accounted for about 10%, while Ramzinex, established in 2018, has processed over $2.45 billion in transactions.

This action is part of the Trump administration's "Economic Fury" strategy to exert maximum pressure on Iran. The U.S. Treasury stated that it will continue to combat Iran's use of digital assets for terrorist financing and sanction evasion and reserves the right to impose secondary sanctions on foreign financial institutions and companies that assist Iran's illegal trade.

Coinbase founder's new company NewLimit completes $435 million Series C funding, led by Founders Fund

According to ChainCatcher, longevity tech startup NewLimit, co-founded by Coinbase founder Brian Armstrong, announced the completion of $435 million in Series C funding, with a valuation of $3.1 billion. This round of funding was led by Peter Thiel's Founders Fund, with continued participation from Abstract Ventures, Kleiner Perkins, NFDG, Eli Lilly Ventures, Valor Equity Partners, and new investors including Thrive Capital, Greenoaks, and Quiet Capital.

In 2021, Brian Armstrong, along with former GV partner and bioengineer Blake Byers and stem cell biologist Jacob Kimmel, co-invested $110 million to establish NewLimit in South San Francisco.

The CLARITY Act has officially been included in the U.S. Senate legislative agenda
According to ChainCatcher, the official legislative information website of the U.S. Congress states that HR3633—the 2025 Digital Asset Market Transparency Act, known as the CLARITY Act—has officially been included in the U.S. Senate legislative agenda.
Bitmine's paper losses have exceeded Strategy's Bitcoin holding losses
According to ChainCatcher, statistics from Lookonchain show that as the crypto market continues to decline, the paper losses of Bitmine, supported by Tom Lee, have exceeded the paper losses of Strategy's Bitcoin holdings.

Data shows that Bitmine currently holds 5,416,901 ETH, valued at approximately $10.03 billion at current market prices, resulting in an unrealized loss of about $8.9 billion compared to the purchase cost.

Meanwhile, Strategy, led by Michael Saylor, holds 843,706 BTC, with a current market value of approximately $56.26 billion, resulting in an unrealized loss of about $7.6 billion.

DeepSeek plans to raise about $7 billion in its first round of financing, with Tencent and CATL becoming its largest external investors
According to ChainCatcher, DeepSeek plans to raise about $7 billion in its first round of financing, with a valuation of up to $59 billion. Tencent and CATL will become DeepSeek's largest external investors; NetEase and JD.com also plan to participate.
Mastercard expands on-chain settlement, betting on stablecoins and all-weather finance
According to ChainCatcher, as reported by CoinDesk, Mastercard is expanding its settlement network to support regulated stablecoins, planning to provide stablecoin settlement, intraday settlement, weekend and holiday settlement services to meet the demand for real-time fund flow.

The new framework will run in parallel with existing fiat currency settlement processes, aiming to provide financial institutions with more flexible liquidity management. Mastercard will initially support Circle's USDC, Paxos-issued PYUSD, USDG and USDP, Ripple's RLUSD, and SoFiUSD, covering blockchain networks such as Ethereum, Solana, Polygon, Base, Arbitrum, and XRPL. Financial institutions such as Cross River, Lead Bank, CBW Bank, ARQ, and Nuvei will be among the first participants.

Variant completes $222 million fundraising for its new fund, focusing on AI, crypto, and autonomy

According to ChainCatcher, as reported by Fortune, crypto-focused venture capital firm Variant has completed fundraising for its new fund Variant 4, totaling $222 million, which will invest in projects at the earliest stages, focusing on the theme of "autonomy" to integrate AI and crypto applications.

Partner Jesse Walden stated that in the future, the label "crypto investor" will disappear, and crypto will become a universal "underlying pipeline" like internet infrastructure, with the core being to provide users and enterprises with greater autonomy and security through decentralization and contract security architecture, supporting the development of applications including DeFi platforms like Uniswap and Morpho.

Meme Popularity Rankings

According to the meme token tracking and analysis platform GMGN, as of June 4, 09:00,

The top five popular ETH tokens in the past 24 hours are: HEX, SHIB, LINK, PEPE, mUSD

The top five popular Solana tokens in the past 24 hours are: TROLL, WORLDCUP, neet, PBTC

The top five popular Base tokens in the past 24 hours are: PEPE, toby, ELSA, SKI, cbETH

What are some interesting articles worth reading in the past 24 hours?

WSJ: Hyperliquid is becoming Wall Street's crypto "convenience store"

On a Saturday in February, when Vala Zeinali's phone lit up with news of President Trump's announcement of airstrikes against Iran, the hedge fund commodity trader calmly opened Hyperliquid.

The decentralized crypto platform Hyperliquid is open 24/7. This year, the exchange has become the go-to place for Wall Street "weekend warriors" like Zeinali, who can build or sell large positions here hours or even days before the opening bell.

In early 2026, before Trump announced the airstrikes, Zeinali had already bet four-figure sums on oil derivatives, anticipating conflict in the Middle East. When the news caused oil prices to soar, he logged into Hyperliquid and closed his positions, locking in profits of up to 243%.

Why do I still have faith in ETH?

Sentiment around Ethereum on crypto Twitter is at a historical low.

Many of my peers have given up on Ethereum over the years, even exiting the broader crypto industry. Most of them hold little to no ETH anymore, largely because they believe it no longer has investment value. This is not directed at any individual or group, but rather a real observation I've seen among my peers across the industry.

While the larger-scale outflow of funds seems to stem from cryptocurrencies no longer being cutting-edge technology (with AI, robotics, and biotech taking their place), the pessimism surrounding ETH largely originates from its price performance over the past five years.

Tokenized U.S. stocks are not the "liquidity killer" for the crypto market

In recent months, tokenized U.S. stocks have become one of the most discussed topics in the crypto industry at an unprecedented pace.

From the emergence of platforms supporting on-chain stock trading to an increasing number of exchanges and DeFi protocols starting to lay out related businesses, and the regulatory environment gradually clarifying, tokenized U.S. stocks have evolved from a fringe concept to one of the most explosive directions in the entire RWA (real-world assets) track.

However, as the heat rapidly intensifies, there are also concerns in the market: when high-quality stock assets like Nvidia, Tesla, Apple, and Coinbase are moved on-chain, will the funds originally belonging to the crypto market be siphoned off by these traditional assets? Will Bitcoin, Ethereum, and even altcoins face greater liquidity pressure as a result?