SpaceX has surged as much as 20% after its record-breaking Nasdaq debut, pushing its valuation above $2 trillion and triggering one of the largest waves of tokenized stock activity seen across crypto markets.

After pricing its initial public offering at $135 per share, SpaceX opened at $150 and climbed to as high as $173.22 during early trading. The company raised approximately $75 billion in the largest IPO on record, valuing the aerospace giant at around $1.77 trillion at listing before the market capitalization crossed the $2 trillion mark.

The rally immediately placed SpaceX among the most valuable companies in the United States, ahead of firms including Meta, Tesla, and Broadcom. Investor demand remained exceptionally strong throughout the offering process, with reports indicating orders exceeded $350 billion before trading began.

Crypto markets became a parallel venue for SpaceX trading

While the IPO dominated Wall Street headlines, it also sparked a frenzy across crypto markets as traders sought exposure through tokenized shares, synthetic assets, and derivatives products.

Earlier reporting by crypto.news noted that Backpack Securities and Sunrise launched SPCX, a Solana-based token backed by underlying SpaceX shares that eligible users can convert into actual stock. Binance Wallet also attracted roughly $557 million in subscription funds for its SpaceX-linked campaign, which offered tokens at an indicative price of 135 USDC before fees.

Interest spread beyond tokenized shares into derivatives markets. Hyperliquid’s synthetic SPCX perpetual contract became one of the most actively discussed products tied to the listing, with implied valuations trading above the IPO price before the debut. The activity coincided with HYPE futures open interest climbing to $2.56 billion, allowing Hyperliquid to overtake XRP in futures open interest.

Elsewhere, Velvet became one of the biggest beneficiaries of the SpaceX narrative. The token rallied more than 1,400% over the past week after the platform promoted synthetic SpaceX exposure through its SPCX market.

Prediction markets also joined the speculation. A Polymarket contract tracking SpaceX’s closing valuation showed traders assigning roughly 78% odds that the company would finish its debut session with a market capitalization between $2 trillion and $2.5 trillion.

Analysts warned of crypto outflows but markets moved higher

Some market participants had expected the largest IPO in history to divert capital away from digital assets.

Speaking to Reuters, Spencer Hallarn, global head of over-the-counter trading at GSR, said crypto often serves as a funding source for major investments.

“We’ve got to find $75 billion for this IPO, and it’s got to come from somewhere,” Hallarn said.

Thomas Puech, chief executive of crypto firm INDIGO, similarly told Reuters that SpaceX could draw money away from digital assets because both markets compete for the same pool of risk capital. According to Puech, artificial intelligence investments currently represent a more attractive trade for many growth-focused investors.

So far, however, little evidence suggests a broad crypto liquidity drain has materialized. The global cryptocurrency market capitalization rose 1.7% to $2.26 trillion during the session. Bitcoin gained roughly 2%, Ethereum added 1.8%, XRP rose 2.2%, and Solana advanced 3.5%.

Stablecoins also showed little sign of stress. USDT maintained a market capitalization of roughly $186.8 billion while USDC remained near $74.8 billion, with both assets holding close to their dollar pegs.

SpaceX’s valuation remains a subject of debate despite the strong debut. Morningstar analysts have estimated a fair value of roughly $63 per share, far below the IPO price, while some bullish forecasts have projected a move toward $190.

Senator Elizabeth Warren also urged the SEC to delay the offering, citing what she described as “unprecedented threats to investor protection and market integrity,” while questioning the company’s valuation, governance structure, and reported multibillion-dollar losses.

For crypto markets, the bigger takeaway may be what happened around the IPO rather than the stock itself. Instead of draining liquidity from digital assets, SpaceX helped create a new trading narrative centered on tokenized equities, synthetic shares, and prediction markets.

With options on SpaceX shares expected to begin trading next week and investors already looking toward potential future listings from companies such as OpenAI and Anthropic, market participants are now watching whether the surge in tokenized stock activity can outlast the excitement surrounding the largest IPO in history.

Bitcoin (BTC) is gaining buyers’ interest after setting a new yearly low at $59,000 last week. Order book data and liquidity suggest a rally is pending and more than $2 billion in short liquidity is concentrated near $65,000. BTC’s bid-ask ratio has remained positive since last Friday. 

The shift in positioning and sentiment also aligns with a bullish chart pattern targeting the $67,000–$70,000 range. 

BTC bulls attempt to regain control near support

Bitcoin’s recent rebound to $63,500 followed a bullish divergence between the price and the relative strength index (RSI) on the four-hour chart. The price printed a lower low during the early-June sell-off while the relative strength index (RSI) formed a higher low. The signal pointed to fading downside momentum before buyers stepped in.

BTC/USD, four-hour chart. Source: Cointelegraph/TradingView

Bitcoin is also trading within an ascending triangle pattern. A confirmed breakout may target the daily fair value gap between $67,500 and $70,500, an area of trading imbalance or liquidity gap left behind during the recent market correction. 

The order book activity supports the move. Data from Hyblock shows the bid-ask ratio remained positive at 0.05 after Bitcoin tagged its yearly low at $59,000 last Friday. The metric tracks aggressive buying and selling activity. A positive reading suggests buy-side market orders have been slightly outpacing sell-side orders.

BTC price, bid-ask ratio, spot CVD. Source: Hyblock

The cumulative volume delta (CVD) data adds another layer of support. Smaller cohorts (up to $10,000 and $100,000 orders) have shown improving buying activity with $53 million and $157 million, respectively, while the largest participants ($100,000-$10 million) have significantly reduced net selling pressure by $900 million. 

Crypto analyst Kripto Holder highlighted a $2.68 billion short-liquidity cluster near $64,600, calling it the primary upside liquidity pool. 

The analyst said Bitcoin’s ability to hold above $63,000 following renewed conflict in the US-Iran war adds weight to the recovery case. Spot CVD inflows also indicate demand from spot buyers.

Related: Metaplanet to form securities arm through Siiibo acquisition

BTC needs to reclaim $66,000 soon: Analyst

Market analyst PILTR noted that BTC’s long exposure has gradually increased over the past five days. The current positioning tracks 237 long levels against 128 short levels, creating an estimated $4 billion positive imbalance.

Those price levels closely align with analysis from crypto trader Ardi, who argued that Bitcoin is still trading within a bear pennant following its decline from $83,000 to $59,000. The analyst identified $64,000 and $66,000 as the two most important levels for the current recovery.

BTC/USD, four-hour analysis by Ardi. Source: X

According to Ardi, a move above $64,000 would clear both horizontal resistance and the pennant structure, giving Bitcoin additional room to the upside. The next hurdle sits near $66,000, a former major range support level that now acts as resistance. 

Reclaiming that area would strengthen the case for a move into the liquidity zone above the price and the unfilled fair value gap between $68,000 and $70,000.

However, PLTR also flagged weekend positioning as a near-term variable. The analyst noted that weekly profit-taking often creates opposing flows into weekends, especially after a sustained build-up in long exposure. 

Related: Bitcoin miner ‘capitulation’ comes as trader sees later 2026 bear-market bottom

Bitcoin climbed above $64,000 on June 12 as improving market sentiment and bullish technical signals challenged a recent Galaxy Digital forecast that the cryptocurrency may not bottom until the fourth quarter.

The rebound comes just days after Galaxy Digital’s head of research, Alex Thorn, warned that Bitcoin’s correction may have further to run despite recovering from its June low near $59,000.

In a recent analysis, Thorn argued that historical cycle data suggests the market has yet to experience the type of capitulation typically seen at major cycle bottoms.

“By the way, the ‘4 year cycle’ currently appears to be very, very real,” Thorn wrote on X, adding that if the current drawdown follows previous cycles, “we would expect a bottom to hit in Q4 2026.”

Galaxy’s analysis outlined several possible bottom scenarios. The firm sees a shallow bear market ending around $51,000 to $54,000, a base-case bottom between $40,000 and $46,000, and a harsher washout that could drag Bitcoin into the $30,000 to $39,000 range.

Bitcoin forms bullish reversal pattern near $65k resistance

However, current market data suggests traders are increasingly positioning for a recovery rather than another sharp leg lower.

On the 4-hour chart, Bitcoin has formed a series of higher lows since bouncing from the June trough near $59,173. Price is now pressing against resistance around $64,900, which coincides with the 0.618 Fibonacci retracement level of the recent decline. A breakout above that area could expose the next resistance zones near $66,700 and $68,500.

Market commentator BATMAN highlighted the developing setup on X, noting that Bitcoin is forming a “textbook inverse Head & Shoulders beneath descending resistance.” According to the analyst, a breakout above the neckline could trigger the next expansion higher.

Momentum indicators show early signs of stabilization. The Chaikin Money Flow indicator has moved back above zero on the 4-hour chart, signaling renewed capital inflows, while the daily MACD histogram has begun to contract from recent lows, suggesting bearish momentum may be losing strength.

Derivatives markets are also showing growing confidence. Bitcoin’s open interest rose 0.12% over the past day to $46.13 billion, while the weighted funding rate remained positive at 0.0029%. The combination indicates traders are adding positions while maintaining a modest bullish bias rather than aggressively betting on further downside.

ETF outflows and cycle data keep the bearish case alive

Institutional demand remains mixed. According to SoSoValue data, U.S. spot Bitcoin ETFs recorded $19.03 million in net outflows on June 11. BlackRock’s IBIT attracted $30.26 million of fresh capital, but those inflows were outweighed by withdrawals from products managed by Fidelity, Ark Invest, Bitwise, and VanEck.

The ETF data partly supports Galaxy’s cautious stance. Thorn’s report argues that several historical capitulation signals remain absent, including the widespread investor losses and panic selling that often accompany major cycle bottoms.

Yet the market’s recent behavior paints a more balanced picture. Bitcoin has defended the key $59,000 support region, derivatives traders are gradually increasing exposure, and technical indicators are beginning to stabilize after weeks of heavy selling pressure.

For bulls, the immediate level to watch remains the $64,900-$65,000 resistance zone. A decisive breakout could strengthen the case for a move toward $68,500 and potentially the psychological $70,000 level.

However, failure to clear resistance would keep focus on Galaxy’s warning that the correction may not be complete and that the ultimate cycle bottom could still lie months away.

Binance has canceled its SpaceX IPO campaign and announced full refunds after allocation issues disrupted one of the most anticipated tokenized stock offerings tied to the record-breaking public debut.

According to a June 12 announcement, Binance has canceled its SpaceX IPO subscription campaign due to circumstances outside its control and will return all USDC contributed by participating users.

The decision follows similar action from crypto exchange Bybit, which disclosed that it failed to receive any allocations after xStocks was unable to deliver the underlying assets associated with the offering.

Participating Binance users will also receive a share of $1 million worth of SpaceX bStocks tokens as compensation. The exchange said the rewards will be credited by June 18. Binance did not disclose whether it encountered the same allocation issues reported by Bybit or whether any SpaceX-linked shares were ultimately received from xStocks.

The disruption comes after Binance Wallet’s SpaceX IPO campaign attracted approximately $557 million in subscriptions, underscoring the intense demand generated by the aerospace company’s public listing.

Demand for SpaceX shares remains exceptionally strong

Elsewhere in the market, Bybit confirmed that all subscription funds would be returned to users’ original funding accounts after receiving no allocations from the offering.

The exchange stated that eligible participants would also receive an additional reward calculated using a 10% annual percentage rate over a fixed four-day period.

Interest in the IPO remained elevated throughout the allocation process. Investor orders exceeded $350 billion before trading began, while Bybit noted that the offering was oversubscribed by more than four times.

After pricing its initial public offering at $135 per share, SpaceX opened trading on Nasdaq at $150 and climbed as high as $173.22 during its first trading sessions. As reported by crypto.news, the rally pushed the company’s valuation above $2 trillion after it entered public markets with an initial valuation of roughly $1.77 trillion.

The strong debut quickly elevated SpaceX into the ranks of the largest publicly traded companies in the United States, surpassing firms including Meta, Tesla, and Broadcom by market value.

Tokenized stock activity continues despite allocation setbacks

Although some market participants had anticipated that the largest IPO in history could pull liquidity away from digital assets, crypto markets have so far shown little evidence of a significant capital drain.

Instead, the listing has fueled one of the busiest periods for tokenized stock products across crypto trading platforms. Exchanges and blockchain-based investment platforms have moved rapidly to offer synthetic or tokenized exposure to SpaceX as investor demand has extended beyond traditional equity markets.

Commenting on Binance’s decision, founder Changpeng “CZ” Zhao said in an X post, “Protect users when things don’t go as planned.”

Attention is now turning to the next phase of trading activity. With options on SpaceX shares expected to begin trading next week and investors already discussing future public listings involving companies such as OpenAI and Anthropic, market participants are closely watching whether tokenized equity products can maintain momentum after the initial excitement surrounding the historic SpaceX debut.

GameStop has extended a Bitcoin options deal with Coinbase after the previous contracts expired worthless, preserving $5.8 million in premium income and resetting the strike at $80,000.

According to the company’s quarterly filing submitted to the U.S. Securities and Exchange Commission on Thursday, GameStop rolled over the Bitcoin-linked contracts with Coinbase after a previous batch expired unexercised on May 29.

The filing showed that nearly all of the retailer’s Bitcoin remains pledged under the arrangement, which allows Coinbase to gain the coins if Bitcoin rises above a predetermined strike price before expiration.

After the original contracts expired, GameStop entered into a new set of agreements with an $80,000 strike, down from the earlier $105,000 to $110,000 range.

As per reports, previous options expired worthless because Bitcoin remained below the strike level through May 29. As a result, GameStop retained the premium income and re-pledged the same Bitcoin under updated terms.

The Bitcoin position no longer appears as a direct holding

Under accounting rules disclosed in the filing, the pledged Bitcoin is no longer recorded as a direct digital asset holding on GameStop’s balance sheet. Instead, the company reports a $369.6 million claim for repayment from Coinbase, a figure roughly $58 million below the original cost of the coins.

A covered call allows an investor to collect an upfront fee by granting another party the right to buy an asset at a fixed price. While the seller keeps the premium, any gains above the strike price are surrendered if the option is exercised.

GameStop first disclosed the strategy earlier this year after moving all but one of its 4,709 BTC into the arrangement. At the time, company filings stated that Coinbase could reuse, sell, or otherwise transfer the pledged Bitcoin during the life of the contracts.

Although Bitcoin formed a central part of GameStop’s treasury strategy, the filing showed the cryptocurrency contributed only about $1 million in gains on digital assets during the quarter.

Most quarterly profit came from cash and eBay-linked positions

Elsewhere in the report, GameStop posted roughly $390 million in net income for the quarter. According to the filing, most of that profit came from interest earned on its large cash reserves and an unrealized gain tied to its eBay options position rather than from its retail operations.

Recent corporate activity surrounding eBay also featured prominently. As crypto.news previously reported, GameStop submitted an unsolicited, non-binding proposal last month to acquire eBay for $125 per share, valuing the marketplace operator at approximately $55.5 billion on an undiluted basis.

The proposal would be funded through a combination of 50% cash and 50% GameStop stock. At the same time, GameStop disclosed a 5% economic stake in eBay through derivatives and common stock ownership.

In its proposal, the company stated that an acquisition could generate about $2 billion in annual cost reductions within twelve months of closing, with savings expected from sales and marketing, product development, and administrative functions.

By the end of the reported quarter on May 2, Bitcoin (BTC) was trading close to the new $80,000 strike level, increasing the value of the options.

More recently, according to crypto.news market data, Bitcoin traded near $63,500 on Friday, around 34% below its yearly high and roughly $43,000 below GameStop’s average purchase price, while spot Bitcoin exchange-traded funds recorded $2.1 billion in net outflows through June.

Canaan has achieved a record fleet efficiency of 17.9 J/TH in North America even as roughly 36% of its installed mining capacity remained inactive at the end of May.

According to a June operational update from Canaan, the Nasdaq-listed Bitcoin miner and ASIC manufacturer improved the efficiency of its North American self-mining operations to 17.9 joules per terahash in May 2026, setting a new company record and improving 11% from the same period last year.

The latest figure also represents progress from the 18.7 J/TH reported across the company’s North American non-joint venture operations in March and April. Based on Canaan’s disclosed data, the move from 18.7 J/TH to 17.9 J/TH amounts to an improvement of about 4% in two months.

At the same time, company data showed that operational activity remained below installed capacity. Canaan reported an installed hashrate of 10.05 EH/s at the end of May, while its effective operating hashrate stood at 6.47 EH/s. The company attributed the gap to the expiration of a hosting agreement.

Fleet upgrades continue to improve mining performance

Beyond North America, Canaan reported that its global mining fleet reached an average efficiency of 23.7 J/TH during May, representing a 13.5% improvement from a year earlier.

Production figures also moved higher. Company data showed that Canaan mined 90 Bitcoin during the month and received another 24 BTC from customers. As a result, its digital asset holdings increased to approximately 1,867 BTC and 3,952 ETH, the largest treasury balance disclosed by the company to date.

Commenting on the results, Canaan chairman and chief executive Nangeng Zhang described the May performance as evidence of resilience despite difficult market conditions.

The efficiency gains arrive only weeks after Canaan reported weak first-quarter financial results. As crypto.news reported earlier, the company generated $62.7 million in revenue during Q1 2026, down sharply from $196.3 million in the previous quarter. Canaan also posted a net loss of $88.7 million and recorded a gross loss of $22.9 million, which included a $25 million inventory write-down.

In the company’s May 19 earnings release, Zhang said Canaan faced Bitcoin price volatility, compressed hashprice conditions, elevated energy costs, and weather-related disruptions in North America during the quarter.

Capacity expansion offsets hosting-related setbacks

While a portion of the company’s fleet remained offline, Canaan continued adding new infrastructure through acquisitions and partnerships.

According to the company, a transaction with Cipher Mining added a 49% stake in several West Texas projects. The deal contributed approximately 4.4 EH/s of hashrate capacity and 120 megawatts of power capacity to Canaan’s development pipeline.

Investors, however, continue to weigh operational improvements against ongoing financial challenges. As previously reported by crypto.news, Canaan received a second Nasdaq non-compliance notice in January after its share price remained below the exchange’s $1 minimum bid requirement. The company has until July 13, 2026, to regain compliance.

Market expectations for the current quarter also remain subdued. In its first-quarter earnings report, Canaan guided for second-quarter revenue between $35 million and $45 million, substantially below analyst estimates of about $96 million.

The company said it would continue monitoring market conditions and policy developments and could revise its outlook as visibility improves.

“Beyond our mining operations, we continue to advance initiatives that demonstrate the broader potential of our infrastructure platform…As demand for AI and computing infrastructure continues to grow, we believe Canaan’s strengths in hardware innovation and energy-efficient systems make us well-positioned to unlock new opportunities where energy and computing can create value together,” said Zhang.

Exodus has launched “Exodus Markets,” a new marketplace for trading tokenized real-world assets directly from its self-custody wallet. Through a partnership with Ondo Finance, eligible users can access trading for more than 200 tokenized stocks, ETFs and other real-world assets on Solana, following an app update.

In the company’s announcement, Exodus Markets is described as not granting ownership of the underlying securities and not providing shareholder rights. The firm said availability is limited to select markets, and Cointelegraph reported it had not received a response from Exodus regarding which jurisdictions are eligible by the time the article was published.

Key takeaways

• Exodus Markets brings tokenized stocks, ETFs and other real-world assets into Exodus’ wallet experience on Solana.
• Ondo Finance is the issuer partner behind the initial catalog, covering 200+ tokenized assets.
• No shareholder rights: Exodus says tokenized assets traded on the marketplace do not represent ownership of underlying securities.
• Availability is restricted: Exodus Markets is live only in select markets, though eligible jurisdictions weren’t confirmed at publication.
• Tokenized equities are accelerating, with RWA.xyz data citing rapid growth in total tokenized stock value and holder count.

Inside Exodus’ Solana tokenized asset rollout

Exodus, founded in 2015, is known for its self-custody crypto wallet software. With Exodus Markets, the company is moving beyond a traditional token trading interface by adding exposure to tokenized real-world assets—specifically tokenized equities and similar instruments—settled on Solana.

Exodus said the marketplace is accessible after users update to the latest version of the Exodus app. That matters for investors and active wallet users because it lowers friction: rather than using a separate tokenized asset venue, they can route trades through a single wallet workflow.

At the same time, Exodus’ own framing emphasizes a key legal and structural point: tokenized assets made available via Exodus Markets do not represent ownership of the underlying securities and do not confer shareholder rights. For users, this signals that the products behave more like tokenized claims/representations governed by the issuer’s structure than as direct, conventional equity ownership.

RWA growth continues—xStocks becomes the gravity well

The Exodus launch arrives as tokenized equities continue to expand quickly. According to RWA.xyz data cited by Cointelegraph, tokenized stocks have climbed to $3.5 billion, up more than 139% over the past 30 days. Over the same period, RWA.xyz reported the number of holders increased 37% to roughly 357,000.

The same data points to xStocks as a major driver. RWA.xyz shows xStocks accounts for approximately $2.5 billion in tokenized stock value—more than 69% of the sector—after growing more than 500% over the previous month.

That concentration matters for anyone evaluating tokenized equity adoption: as one platform scales faster than the rest, liquidity, product diversity, and user distribution can become increasingly path-dependent. If xStocks continues to attract issuance and listings, Exodus Markets’ ability to deliver an attractive selection may depend on how much of the tokenized equity “center of gravity” remains concentrated there.

Tokenized pre-IPO momentum—and the first friction signals

Beyond established tokenized stocks, the market has recently broadened into pre-IPO activity. Cointelegraph reported that crypto exchanges have been racing to offer tokenized exposure to SpaceX ahead of the company’s stock debut.

In that wave, Kraken said SpaceX would be the first company available via its xStocks IPO Access platform, while Bybit later announced it would also offer SpaceX through xStocks as the inaugural listing on a new tokenized equity platform. Meanwhile, Binance entered the category in May with perpetual futures tied to SpaceX’s expected pre-IPO valuation, and Coinbase launched pre-IPO markets in June with a SpaceX-linked perpetual futures product for eligible users outside the United States.

Cointelegraph also noted Blockchain.com’s roll-out of a SpaceX-linked perpetual contract through its OTC desk as part of a new 24/7 institutional trading platform.

However, the rollout wasn’t frictionless. Cointelegraph reported that Bybit announced subscribers to its SpaceX IPO offering would receive refunds after xStocks failed to secure the underlying shares needed to fulfill allocations. The episode is a reminder that tokenized pre-IPO products can be constrained by real-world supply and allocation mechanics—an issue tokenized wrappers cannot fully eliminate.

What investors should watch next

With Exodus Markets now live for eligible users, the immediate open questions are regulatory and operational: which jurisdictions are supported, how large the initial catalog becomes over time, and whether the marketplace’s tokenized equity access stays resilient during periods when underlying allocation conditions tighten—as seen in the SpaceX refund episode. Readers tracking the trend should focus on product availability by region and on ongoing issuer/venue coverage as tokenized equities keep scaling.