Binance Wallet’s SpaceX IPO campaign attracted about $557 million in subscription funds, showing strong onchain demand for tokenized exposure to the planned listing.

Binance Wallet campaign draws $557M

Dune data showed that Binance Wallet’s SpaceX IPO subscription campaign attracted about $557 million from 27,689 addresses. The figures show strong demand for SPCXx, a tokenized security product tied to SpaceX’s potential IPO.

The campaign allows eligible users to submit subscription applications through Binance Wallet. The product is linked to xStocks and gives users a chance to receive SpaceX tokenized securities after issuance.

Binance listed 135 USDC as the indicative price per token, excluding fees. The campaign also carries a 5% underwriting fee and uses USDC as the supported subscription token.

The campaign does not promise final allocation. “Submitting a subscription application only represents an expression of subscription interest and does not guarantee that the application will receive an allocation of SPCXx,” Binance said.

Large wallets supply most funds

The Dune data showed that addresses contributing $20,000 or less made up 81.48% of participants. However, those smaller wallets accounted for only 18.39% of total subscription funds.

Addresses contributing more than $20,000 and up to $100,000 made up 16.69% of participants. This group supplied 57.67% of total funds, making it the largest source of capital in the campaign.

A smaller number of larger wallets also played a clear role. A total of 114 addresses contributed $500,000 or more, representing 10.23% of total funds.

The split shows broad address participation, but capital remained concentrated among bigger subscribers. That pattern is common in high-demand tokenized offerings, where smaller users raise participation numbers while larger wallets drive funding totals.

Tokenized SpaceX demand keeps rising

Binance said SPCXx is the first project under its Wallet IPO Campaign. The company said the campaign aims to connect traditional capital markets with onchain financial markets.

Users who receive final allocations will get SPCXx tokens after issuance is completed. Binance said the token is designed to offer exposure to price performance related to the SpaceX IPO.

The product does not represent direct ownership of SpaceX shares. Binance said holders do not receive voting rights, dividend rights, or other shareholder rights tied to normal equity ownership.

As previously reported by crypto.news, Binance recently expanded its tokenized stock lineup while teasing a future SpaceX-linked product. The exchange added tokenized products tied to Circle, Nvidia, Tesla, Micron, and Sandisk as demand for onchain stock exposure increased.

SpaceX IPO draws crypto market attention

SpaceX’s planned listing has become a major focus across crypto markets. Traders have also used pre-IPO perpetual contracts and other tokenized products to gain price exposure before a public listing.

SpaceX’s planned IPO has drawn heavy investor demand, raising questions about whether the listing could pull capital from digital assets, as previously reported. The offering has also driven activity across crypto exchanges offering SpaceX-linked products.

The Binance Wallet subscription data adds another measure of that demand. It shows that tokenized IPO products are drawing both small wallet participation and large capital commitments.

The next focus will be final allocation, token distribution, and how much committed USDC converts into SPCXx tokens. Binance has said the final offering price will be determined after the subscription period ends.

Blockchain is no longer just a story of Wall Street banks and brokers leveraging the technology to optimize finance. Now, corporates are embracing distributed ledger to streamline business operations.

LG Electronics, the South Korean consumer electronics giant spanning TVs, laptops, and home appliances, with annual global revenue of over $60 billion, is building a blockchain-based advertising network and has chosen Arbitrum to help build it out.

LG told Fortune it has developed its own layer-2 blockchain network in collaboration with Arbitrum, a layer 2 protocol that enables low-cost, high-speed transactions on Ethereum.

LG’s move is part of a broader trend of corporations seeing operational potential in blockchain technology. Walmart has used the technology to transform food safety and reduce the time needed to trace a product through its supply chain to just 2.2 seconds, down from over six days. IBM has built blockchain-based supply chain solutions, while Microsoft has integrated blockchain into its Azure cloud platform for enterprise applications.

HashKey Holdings Limited approved a share repurchase plan of up to HK$100 million as its Hong Kong-listed stock rebounded after recent pressure.

HashKey clears HK$100M buyback plan

HashKey Holdings Limited, listed under stock code 3887, said its board approved an on-market share repurchase plan after the mandate passed at its annual general meeting on June 11, 2026. The company plans to use up to HK$100 million of its own funds for the buyback.

The company said the funds will not include proceeds from its global offering. The repurchase period will run from the approval date until the end of the next annual general meeting.

HashKey said the buyback will follow Hong Kong Stock Exchange listing rules, the Takeovers Code, share buyback rules, Cayman Islands company law, and other rules that apply to the company. The board will decide the timing, size, and price of any repurchases based on market conditions.

The company also warned that the plan does not guarantee that shares will be bought back. It said the board will keep discretion over whether to carry out any repurchases.

Shares rebound after recent pressure

HashKey shares rose 10.51% to HK$3.05 in the latest trading data. The stock had recently traded near its 52-week low, adding attention to the company’s decision to approve a repurchase plan.

The stock’s latest move followed a weak period for the shares. Recent market data showed HashKey had declined sharply year-to-date before the rebound, while the stock also fell over the past week.

The buyback comes as the company tries to show confidence in its listed shares. “We believe that the current value of the Company’s shares does not fully reflect the Group’s strategic positioning and growth potential in the Web3 digital financial infrastructure space,” said Chairman and Chief Executive Officer Dr. Xiao Feng.

The company said it will fund the buyback from internal resources. That detail is important because it separates the repurchase plan from proceeds raised through the global offering.

Web3 expansion adds context

HashKey is one of Asia’s listed digital asset companies. Its business covers digital asset trading, technology services, investment management, on-chain services, and financial infrastructure.

As previously reported by crypto.news, HashKey launched its Hong Kong IPO with a targeted raise of up to $215 million. The company’s listing came as Hong Kong continued to expand its regulated digital asset market.

HashKey has also remained active after listing. Its asset management arm led a $40 million investment in SignalPlus, a crypto derivatives trading platform, with HashKey Group contributing $20 million in cash.

The group also signed a memorandum of understanding with Oceanus Group to develop stablecoin settlement infrastructure for global trade finance. The partnership targets digital settlement tools for cross-border commerce and trade finance.

Buyback follows Hong Kong crypto push

HashKey’s buyback comes during a wider shift in Hong Kong’s digital asset market. Local regulators have continued to expand rules for licensed crypto platforms, tokenized assets, and stablecoin activity.

As previously reported by crypto.news, Hong Kong has moved to widen crypto licensing and stablecoin rules as part of its 2026-27 financial policy agenda. The city has also supported work around tokenized bonds and regulated digital asset infrastructure.

For HashKey, the buyback places focus on both share performance and capital use. The company must now decide whether market conditions support actual repurchases under the approved mandate.

The plan gives the board room to act while keeping control over timing and price. Investors will watch whether HashKey uses the mandate, and how the stock reacts after its latest rebound.

The risk-off mood that hammered crypto all week is reversing. Bitcoin is back in the green, and the trigger was a sudden de-escalation in the Iran war.

Bitcoin traded at $63,550 on Friday, up 1.6% on the day and 1.4% over the week, per CoinDesk data. Days earlier it had fallen to levels last seen in 2024 – below $60,000 – but has recovered and climbed back to a weekly gain.

A key catalyst came as President Donald Trump said the US was close to a deal with Iran and that he had “ended the war with Iran today.” Markets read it as the end of a conflict that has whipsawed prices for more than 100 days. Brent crude dropped 2% to about $88.50 a barrel, while gold and silver prices surged.

The move extended to stocks. South Korea’s Kospi, a gauge for AI stocks, rose 8.4%. MSCI’s Asia Pacific index gained 3.5%, its biggest rise in two months. US stock futures pointed higher and European shares were set to open up 1.8%.

TLDR:

• Litecoin has fallen over 20% in a week as traders monitor support near the $40 level.
• Joao Wedson says LTC lost key on-chain levels, with $34 and $29 now in focus.
• Futures open interest dropped from $411 million to $283 million, reflecting weaker trader activity.
• LitVM and Nexus Wallet developments continue attracting attention despite ongoing market weakness.

Litecoin (LTC) remains under pressure as the broader cryptocurrency market struggles with weak sentiment and declining investor participation.

The digital asset recently traded near $42.55, following a steep weekly decline of more than 20%. Market participants are closely watching whether current price levels represent an accumulation period or the beginning of a deeper correction.

Litecoin Technical Structure Remains Under Pressure

Recent market data points to growing bearish sentiment around Litecoin. Analysts have warned that the asset is approaching a critical area near the $40 level. A break below that zone could expose LTC to further downside in the near term.

Crypto analyst Joao Wedson addressed Litecoin’s market structure in a recent post on X. According to Wedson, LTC has underperformed most major altcoins and has already lost several important on-chain support levels. He noted that the next major areas of interest sit around $34 and $29.

Wedson also stated that large holders have increased short pressure on Litecoin during recent weeks. He added that LTC has historically experienced aggressive bear market cycles. 

During those periods, the asset often traded below key support levels before entering longer accumulation phases.

At the same time, derivatives market activity continues to weaken. Litecoin futures open interest has dropped to approximately $283 million from a previous peak of $411 million. The decline suggests that many leveraged traders have reduced their exposure as market conditions deteriorated.

Market sentiment within derivatives platforms has also shifted. The long-to-short ratio recently fell to 0.88, indicating that bearish positions currently outweigh bullish ones. As a result, traders remain cautious while monitoring broader market movements.

Ecosystem Development Continues Despite Market Weakness

Although price action remains weak, Litecoin’s development ecosystem continues to attract attention. One of the most discussed initiatives is LitVM, a planned smart contract layer designed to bring decentralized finance functionality to the Litecoin network.

Supporters believe the project could expand Litecoin’s utility beyond payments. While the technology is still under development, community discussions surrounding LitVM remain active despite the current market downturn.

Meanwhile, Litecoin’s merged mining relationship with Dogecoin continues to provide network security benefits. 

The arrangement allows miners to secure both networks simultaneously, helping maintain stable incentives for mining participants. Developers are also paying close attention to recent updates involving the Nexus Wallet. 

The wallet improvements have generated renewed interest among community members who support Litecoin’s merchant-focused use cases. Those developments have helped maintain engagement even as market prices move lower.

For now, traders are focused on broader cryptocurrency market conditions. Litecoin’s near-term direction may depend heavily on Bitcoin’s ability to stabilize after recent volatility. 

A stronger market environment could help support recovery efforts across major digital assets. Until clearer signals emerge, market participants are expected to remain focused on key support levels, derivatives activity, and ongoing ecosystem developments. 

Those factors will likely shape Litecoin’s next major move as investors assess whether the current decline reflects an accumulation period or continued market weakness.

Avalanche Treasury Co. had a weak first trading session on Nasdaq as its stock closed sharply lower under the ticker AVAT.

Avalanche Treasury Co. closed at $1.85 on Thursday, down 38.13% in its Nasdaq debut. Google Finance data showed the stock opened at $2.99, reached a high of $3.00, and fell as low as $1.75 during the session.

The stock later moved to $1.88 in after-hours trading, up 1.62%. Volume stood near 497,580 shares, while the company’s market value was listed at about $486.37 million.

The listing followed Avalanche Treasury’s merger with Mountain Lake Acquisition Corp., a SPAC transaction valued at about $675 million. The company now trades as a public market vehicle tied to the Avalanche ecosystem.

Company says it is not just holding AVAX

Avalanche Treasury Co. said it aims to give public market investors exposure to Avalanche without requiring them to hold the AVAX token directly. The company is structured as an operating company and digital asset treasury.

Chief Executive Bart Smith said the company plans to put capital to work across the Avalanche ecosystem. He said, “It is not a bet on price,” framing the company as an ecosystem investment vehicle rather than a passive token holder.

The company is backed by investors and industry names including Dragonfly, ParaFi Capital, VanEck, Galaxy Digital, Pantera Capital, CoinFund, Kraken, FalconX, and Borderless. Its board and advisory group also includes Ava Labs founder Emin Gün Sirer and Aave founder Stani Kulechov.

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Avalanche Treasury holds about 15 million AVAX tokens, equal to roughly 3.5% of circulating supply. That gives the company direct exposure to AVAX price moves while also leaving room for staking, infrastructure, and ecosystem investments.

AVAX price remains under pressure

AVAX traded near $6.64 on June 12, according to crypto.news market data. The token was up 2.09% over 24 hours, but remained down 13.02% over seven days and 33.3% over the past month.

The token’s 24-hour trading volume stood at about $184.9 million, while its market cap was near $2.87 billion. AVAX traded between $6.48 and $6.67 over the latest 24-hour period.

The token remains far below its November 2021 all-time high of $144.96. Current data shows AVAX is still down more than 95% from that peak, keeping pressure on companies linked to its market value.

Earlier market reports showed AVAX had fallen to levels last seen in early 2021 after a wider crypto liquidation wave. That backdrop made AVAT’s first trading session harder, as investors weighed both the company’s structure and the token’s weak trend.

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Treasury firms face a harder market

AVAT’s debut comes as digital asset treasury firms face a tougher market. These companies have tried to offer public equity exposure to crypto assets, but falling token prices have tested investor demand.

Recent crypto.news reporting also showed pressure around BitMine’s Ethereum treasury strategy. BitMine moved to raise $300 million through preferred stock while market conditions continued to challenge crypto-linked public companies.

Avalanche Treasury is trying to separate itself from simple token-holding vehicles. Its model depends on active capital use across the Avalanche network, not only the value of AVAX on its balance sheet.

The first trading session showed that investors remain cautious. AVAT now has to prove that a listed Avalanche treasury can create value during a weak altcoin market.

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TLDR

• SpaceX set its IPO price at $135 per share.
• The IPO values SpaceX at about $1.77 trillion.
• Jim Cramer warned demand could push shares too high.
• Retail market orders may increase first-day volatility.
• Cramer said controlled trading would support a healthier debut.

SpaceX has entered public trading with demand far exceeding available shares, raising concerns about sharp early price swings. The company set its IPO price at $135 per share, giving it a valuation of $1.77 trillion. Heavy institutional interest and strong retail participation have placed the offering among the most anticipated market debuts this year.

Report Highlights Concerns Over Opening Day Demand

According to a report by CNBC, television host Jim Cramer said SpaceX could experience an unusually volatile first trading session. He said the stock may attract a combination of institutional buyers, retail traders, and future index-related demand.

As a result, he argued that share prices could move far beyond levels usually seen after major IPO launches. Cramer said extreme demand could temporarily push the company toward valuations rarely seen in public markets.

He explained that the strongest public offerings usually trade in a controlled manner after listing. Instead, SpaceX faces conditions that could create large price moves shortly after trading begins. Cramer said he worries about inexperienced traders placing market orders rather than limit orders. He described those buyers as “new, unguided missiles who can’t be controlled.”

Retail Participation And Index Demand Draw Attention

Cramer said retail enthusiasm may combine with institutional demand to create additional buying pressure. He stated that many traders could enter positions immediately after the opening bell. If enough orders arrive simultaneously, he said the stock could briefly challenge the valuations of the world’s largest companies. However, he stressed that such moves often prove difficult to maintain.

Speaking on his “Mad Money” program, Cramer raised the possibility of a temporary valuation between $4 trillion and $5 trillion. “Can a $4 to $5 trillion stock really be at hand?” he asked. He then answered, “For a few minutes perhaps, just as long as it takes to gaffe a marlin.” Cramer added that rapid gains can disappear quickly if buyers fail to support elevated prices.

The IPO has already attracted strong interest before trading began. Reports cited by CNBC said demand exceeded available shares by roughly four times. While oversubscription often signals confidence, Cramer argued that excessive demand can also contribute to unstable trading conditions. He said a measured opening would provide a healthier path for long-term performance.

Previous IPO Examples Remain Part Of The Discussion

To support his view, Cramer referred to recent public offerings that delivered strong early gains before retreating. He cited Figma, which went public in July 2025, as one example. He also mentioned Cerebras, which entered public markets in May. According to Cramer, both companies initially climbed higher before entering extended declines.

Cramer said the objective should not be an explosive first-day rally. Instead, he argued that newly listed companies benefit when prices rise gradually over time. He said orderly trading allows markets to establish sustainable valuations. “We want the deals to be under control because otherwise it can be disastrous,” Cramer said.

SpaceX begins trading with a fixed IPO price of $135 per share. That price values the company at approximately $1.77 trillion. Market participants will now watch how demand develops during its first session as a publicly traded company.