SpaceX perpetual futures have become Binance’s second-largest futures product by trading volume, generating more than $5.6 billion in rolling 24-hour activity as interest in the aerospace company continues to surge following its Nasdaq debut.

According to Binance, the SPCXUSDT perpetual contract now ranks behind only Bitcoin perpetual futures on the exchange. The company said the product has recorded more than $9 billion in combined trading volume across its pre-IPO and post-IPO phases.

The milestone comes as SpaceX shares continued attracting investor attention after the company’s public listing.

Binance noted that it currently leads both centralized and decentralized trading activity for the contract and also holds the largest open interest position among competing venues. Exchange data showed open interest reached $190.59 million per side as of June 15.

Soon after SpaceX filed its S-1 registration statement, Binance introduced SPCXUSDT to allow traders to speculate on the company before its stock began trading publicly. During that period, the product operated as a pre-IPO perpetual contract on Binance’s decentralized futures platform, with pricing determined through activity on the exchange’s global order book.

Once SpaceX completed its listing, Binance converted the product into a standard perpetual futures contract that tracks real-time Nasdaq pricing. The exchange also said it became the only trading venue to adjust the contract after SpaceX amended its filing to increase share issuance, rebasing positions according to the updated dilution data.

Retail traders continue chasing SpaceX exposure

Binance said the strong activity in SPCXUSDT highlights growing demand from retail investors seeking exposure to prominent public companies through crypto-based trading products.

According to the exchange, more than 80% of demand for direct stock offerings comes from users who do not have easy access to U.S. equity markets. Binance said early trading patterns suggest investors remain interested in products tied to well-known companies before and after public listings.

The exchange’s push into equity-linked products has continued even after its earlier SpaceX IPO campaign was canceled. Binance had planned to offer direct access to SpaceX shares through a partnership with xStocks, but the effort was abandoned after the required allocation of shares could not be secured.

At the time, former Binance CEO Changpeng Zhao said the company refunded participants in full and distributed a tokenized stock airdrop to affected users.

Binance subsequently expanded alternative routes for equity exposure through its stock-trading platform and tokenized securities products.

Equity products gain traction on Binance

Recent figures reported by crypto.news indicate that Binance’s U.S. equities platform averaged about $143 million in daily trading volume during its first nine days after launching on June 1. The report said turnover exceeded $1 billion over that period, while daily active traders peaked at approximately 30,700 and total value locked approached $400 million.

The service provides eligible users outside the U.S. with access to more than 7,000 stocks and exchange-traded funds through fractional trading and crypto-funded accounts.

Alongside traditional equity access, Binance has also expanded its bStocks offering. As previously reported by crypto.news, the first batch of tokenized equities included Nvidia, Tesla, Circle, Micron and Sandisk.

Binance said those assets are backed one-to-one by underlying securities and can be transferred to supported self-custody wallets or used in approved decentralized finance applications.

Looking ahead, Binance said investor sentiment and market conditions will remain important factors influencing demand for SpaceX-related products and tokenized equity exposure after the company’s public listing.

Bitcoin miner IREN has finalized its acquisition of Spanish data center developer Nostrum Group, a step the company says accelerates its shift toward AI cloud services while expanding its presence in Europe.

In a press release issued Monday, IREN said the purchase brings roughly 490 megawatts of secured, grid-connected power in Spain, along with a development pipeline and a workforce of more than 50 employees spanning engineering, construction, development and operations. The deal also lifts IREN’s global secured power portfolio to about 5 gigawatts, with Spain accounting for around 10% of the total.

Key takeaways

• IREN’s acquisition of Nostrum Group adds about 490 MW of secured, grid-connected power in Spain and expands its European footprint for AI infrastructure.
• The company frames the move as part of a broader AI cloud pivot aimed at creating more contract-based revenue than crypto mining can deliver during volatile cycles.
• IREN’s quarterly financials show AI cloud revenue growing while Bitcoin mining revenue declined, reinforcing the strategy’s direction.
• The expansion places IREN alongside other Bitcoin miners investing in AI-related computing capacity in Europe, including HIVE Digital and Bitdeer.

A new foothold for AI infrastructure in Europe

IREN co-founder and co-CEO Daniel Roberts highlighted Spain’s mix of renewable generation and fiber connectivity, describing the country as a practical entry point to support growing European demand for AI computing and related infrastructure.

“Europe is one of the largest and fastest-growing markets for AI infrastructure, and Spain is among its most compelling entry points,” Roberts said in the company statement.

For investors, the key implication is that the Nostrum acquisition is not just about adding facilities—it is about adding grid-connected capacity that can be planned for AI workloads. In data-center economics, power availability and reliability often determine how quickly operators can scale compute demand, particularly when AI deployments require sustained electricity consumption.

Why IREN is moving beyond mining economics

IREN’s stated rationale ties the expansion to the company’s AI cloud strategy. As Bitcoin mining difficulty rises and Bitcoin price volatility continues to pressure mining margins, IREN argues that AI cloud offerings can provide more predictable, contract-based revenue.

The tension at the center of that argument is straightforward: mining remains IREN’s largest revenue contributor, but the company is clearly investing to reduce dependence over time.

That shift is visible in IREN’s reporting. According to the company’s results for the quarter ended March 31, Bitcoin mining remained its top source of revenue. However, AI cloud was already meaningful and growing faster than mining. IREN reported $111.2 million in mining revenue, versus $33.6 million from AI cloud services.

Quarterly results underscore the pivot

IREN said AI cloud revenue increased to $33.6 million in the quarter, up from $17.3 million in the prior quarter. Over the same comparison, Bitcoin mining revenue fell from $167.4 million. The company attributed the mining decline partly to lower average BTC prices and to the decommissioning of mining hardware.

Put differently, the gap between the two business lines is widening: AI cloud revenue is rising quarter over quarter, while mining is facing headwinds tied to market conditions and asset configuration changes.

IREN also disclosed that it had about 150,000 GPUs installed or on order as of March 31. In earlier reporting, Bernstein analysts suggested IREN could ultimately reduce much of its Bitcoin mining business as it retrofits existing sites for AI cloud infrastructure. Bernstein estimated that the company’s GPU footprint could support a $3.7 billion annual revenue run rate, based on their assumptions.

Part of a broader miner-to-AI infrastructure trend

IREN’s move aligns with a broader pattern among Bitcoin miners seeking to diversify into AI and high-performance computing. The acquisition comes as other players increase exposure to AI-related infrastructure in Europe.

HIVE Digital, for example, has been converting part of its facility in Sweden for AI computing, according to a Nasdaq press release. Bitdeer has also been developing AI data center capacity in Norway, based on its investor communications.

While these efforts differ in execution and scale, they reflect a common calculation: miners already control or procure power and compute-facing infrastructure, which can be repurposed for AI workloads. That said, the market still has to prove demand and pricing power. Even with secured electricity, AI cloud profitability depends on customer commitments, utilization rates, and the cost of deploying and operating large-scale GPU systems.

Next, readers should watch whether IREN’s AI cloud revenue continues its quarter-over-quarter growth as more capacity is integrated, and whether the company can convert its GPU pipeline into sustained contracted demand—especially as Bitcoin mining remains exposed to price swings and hardware lifecycle decisions.

Robinhood is reducing its workforce by 10% as part of a company-wide restructuring effort aimed at improving efficiency and execution, CEO Vlad Tenev said in an internal message shared by the company on X. The move is expected to impact roughly 290 employees out of approximately 2,900 full-time staff.

The announcement lands as Robinhood recently reported weaker-than-expected first-quarter results, with crypto trading described as a major drag due to sharply lower volumes year over year. Even so, the company framed the layoffs as a proactive step taken from a position of strength, citing record trading activity across multiple products.

Key takeaways

• Robinhood plans to cut 10% of its full-time workforce, expected to affect about 290 employees, while also closing a small number of remaining open roles.
• The company says the restructuring involves “flattening” its organizational structure and reducing management layers to improve performance and focus.
• Robinhood estimates $28 million in restructuring-related charges, including employee severance and benefits, plus share-based compensation costs, to be recognized in Q2 2026.
• Despite weak Q1 results, Robinhood points to record month-to-date average daily trading volumes across equities, options, and prediction markets.
• Crypto trading remains a key variable for transaction-based revenue, with Cointelegraph previously reported volumes down around 50% year-on-year.

A 10% cut tied to “flattening” the organization

Robinhood confirmed the layoffs on Tuesday via a statement on X attributed to the company, where CEO Vlad Tenev told staff that it would reduce its workforce by 10% of full-time employees. In his remarks, Tenev emphasized the need to avoid a “heavily-layered organization” as Robinhood attempts to scale its mission, and he urged teams to continuously raise their performance bar.

The rationale echoed restructuring explanations seen across the broader financial sector, and particularly among crypto-adjacent businesses that have faced cost pressure and shifting market conditions. Cointelegraph noted similar approaches from major crypto companies, including Coinbase’s workforce reduction and Block’s earlier job cuts tied to operational efficiency and organizational streamlining.

For investors and users, the key point is that this is not presented as a reaction solely to short-term earnings softness. Robinhood instead frames the change as an execution upgrade—one intended to make the organization faster and more accountable as trading activity moves through different market cycles.

How many jobs are affected, and what the company expects to cost

According to a Robinhood spokesperson speaking to Cointelegraph, the reduction is expected to affect about 290 employees. Robinhood currently has approximately 2,900 full-time employees, consistent with its reporting.

Robinhood previously reported about 2,900 full-time employees as of Dec. 31, 2025, according to its Form 10-K filing with the US Securities and Exchange Commission. In a separate Form 8-K filed on Tuesday, the company also stated that the reduction in force includes the closure of a small number of remaining open roles across the business.

Financially, Robinhood estimated total restructuring-related charges of about $28 million. The company said roughly $20 million would relate to employee severance and benefits, with about $8 million tied to share-based compensation costs. Robinhood expects to recognize these charges in the second quarter of 2026.

“Business has never been stronger,” despite soft results

In its announcement, Robinhood said it is taking the action from a position of business strength. The company cited June month-to-date average daily trading volumes reaching record levels across equities, options, and prediction markets.

Tenev described the company’s position as “never been stronger,” and suggested the workforce reduction is intended to improve execution and sharpen organizational focus. Robinhood also said it would continue hiring selectively, invest in top-tier talent, and “utilize frontier technologies” to improve performance.

While the company did not explicitly tie the restructuring to artificial intelligence initiatives, it did indicate an ongoing commitment to modernizing how work is done—language that will likely be watched closely by both job seekers and market participants as Robinhood’s cost structure evolves.

Crypto volumes remain a pressure point for transaction revenue

Even with Robinhood’s claims of strong trading activity in other areas, its first-quarter performance did not meet analyst expectations. Cointelegraph reported that crypto trading was a key contributor to that miss, pointing to volumes down roughly 50% year-on-year. That matters because crypto is closely linked to transaction-based revenue, which can swing noticeably when retail activity cools or volatility changes.

The broader implication for readers is that Robinhood’s financial outcomes may continue to depend on how quickly crypto markets stabilize relative to other parts of the platform. The company’s ability to offset crypto softness with momentum in equities, options, and emerging products such as prediction markets could determine whether this restructuring translates into more resilient earnings.

At the same time, the layoffs themselves may influence how Robinhood allocates resources across product lines. If transaction activity is uneven across categories, cost control becomes more than an internal efficiency exercise—it becomes a strategic hedge against future volatility in specific revenue streams.

What to watch next

Investors should monitor Robinhood’s next quarterly update for whether the $28 million restructuring charges and the “flattened” operating model improve operating leverage, and whether crypto volumes recover enough to narrow the gap between trading strength in other markets and continued weakness in digital assets.

Key Takeaways

• Shares of Powerus surged 6.8% Tuesday following news of a $30 million strategic equity investment from Unusual Machines (UMAC).
• This capital injection strengthens an already established manufacturing and supply partnership between both drone industry players.
• Unusual Machines provides NDAA-compliant drone components that Powerus integrates into autonomous and counter-drone platforms.
• Both companies are working toward establishing a robust, domestically-sourced defense autonomy supply chain.
• Meanwhile, Powerus remains engaged in a pending merger agreement with Aureus Greenway Holdings (PUSA) that has yet to finalize.

Shares of Powerus jumped 6.8% during Tuesday’s trading session after Unusual Machines (UMAC) revealed it had committed $30 million in strategic equity capital to the autonomous drone manufacturer.

Unusual Machines, Inc., UMAC

This investment expands upon a pre-existing commercial arrangement between the two entities. Powerus has been procuring drone hardware and critical components from Unusual Machines to support its autonomous flight systems and counter-drone technologies.

Trading on NYSE American, Unusual Machines specializes in producing NDAA-compliant drone components domestically. This compliance designation is critical—it certifies that the parts satisfy stringent U.S. federal acquisition requirements for defense applications.

Andrew Fox, CEO of Powerus, highlighted the strategic nature of the partnership. “As our operations expand, both organizations benefit from a dependable, domestically anchored supply chain,” Fox stated.

Allan Evans, who leads Unusual Machines as CEO, emphasized Powerus’s rapid growth trajectory. “Their expansion requires reliable domestic suppliers and adequate working capital to maintain momentum,” Evans remarked. “This investment demonstrates our belief in their leadership and strategic direction.”

Building Infrastructure for Rapid Growth

The deal is structured as a direct equity investment without mandatory purchase commitments. Powerus faces no obligation to procure specific volumes from Unusual Machines, and each company maintains operational independence.

Their mutual objective centers on developing a U.S.-centric defense autonomy supply infrastructure. As Powerus expands its manufacturing footprint, Unusual Machines naturally becomes a more integral supplier—creating a symbiotic business relationship.

Brett Velicovich, who co-founded Powerus, emphasized the urgency driving this partnership. “The security challenges our clients confront are rapidly advancing, and addressing them demands a supply chain that’s domestically rooted, operationally resilient, and capable of scaling,” Velicovich explained.

Having Unusual Machines as both supplier and strategic investor, he noted, enables Powerus to accelerate its domestic production capabilities.

Additional Developments at Powerus

Separately, Powerus continues navigating a proposed business combination with Aureus Greenway Holdings (PUSA). That transaction remains pending and subject to customary closing requirements.

The $30 million investment from Unusual Machines operates independently of the merger process and does not modify its structure or expected timeline, according to current disclosures.

UMAC stock declined 2.45% during the session, while Powerus (PUSA) traded up 0.67% at press time.

Coinbase (COIN) said it plans to introduce tokenized stocks backed one-for-one by underlying U.S. equities, joining the growing competition among crypto firms and traditional financial companies to bring stocks onto blockchain networks.

In a post on X on Tuesday, the exchange said “the first real, 1:1 backed tokenized stocks are coming,” allowing users to own, trade, hold and redeem the securities onchain while automatically receiving dividends.

The announcement comes ahead of a product event scheduled for 3 p.m. ET Tuesday, in which the company, best known as a crypto exchange, is expected to unveil a series of offerings spanning trading and financial services.

“For the first time, these are real 1:1 backed tokenized stocks you can trust,” CEO Brian Armstrong said in a statement. “You own an actual piece of the company onchain.”

Armstrong said the products differ from many existing tokenized stock offerings, which are often structured as derivatives or synthetic exposures rather than direct ownership interests.

“Other current solutions are some form of derivative or IOU — not real ownership,” he said. “Our tokenized stocks will give all the benefits of true ownership (e.g. dividend upside), with all the benefits of tokenized assets.”