1. How Bitcoin perps are entering regulated US markets

For years, Bitcoin perpetual futures have ranked among the most important products in crypto trading. They account for a large share of global crypto derivatives activity and are widely used by traders seeking leverage, hedging tools and short-term exposure to market moves.

Despite their popularity, perpetual futures have mostly operated outside regulated US markets. Most trading has taken place on offshore platforms. This left many American traders and institutions with limited choices: Avoid true perps, use offshore venues where permitted or turn to imperfect regulated alternatives.

That could now change.

In late May 2026, the US Commodity Futures Trading Commission (CFTC) approved KalshiEX to list the BTCPERP contract, a perpetual futures contract that references the spot price of Bitcoin. The decision marks an important step for crypto derivatives. It could also change how retail and institutional traders gain leveraged exposure to Bitcoin.

While the contract is important on its own, its larger meaning lies in the signal it sends: One of crypto’s most widely used financial tools is moving into regulated US financial markets. 

2. What are Bitcoin perpetual futures?

A perpetual futures contract, often called a “perp,” is a type of derivative that lets traders take positions on Bitcoin’s price moves without holding the underlying asset.

Unlike traditional futures, perpetual futures have no set expiration date. Positions can stay open as long as traders maintain enough margin.

Standard futures contracts require traders to move into a new contract when the old one expires. Perpetual futures remove this step, making them more convenient and often more cost-effective for ongoing trading.

To keep perpetual contracts from moving too far away from Bitcoin’s spot price, platforms use a funding rate mechanism. Based on market conditions, traders in long or short positions make periodic payments to each other. This helps keep perp prices closer to the price of the underlying asset.

This simple design has helped perpetual futures become the preferred product for many crypto market participants.

3. How perpetual futures became crypto’s top trading product

Perpetual futures first became popular on offshore crypto exchanges. What started as a niche product grew into one of the most actively traded products in crypto.

The appeal is clear. These contracts provide leverage, letting traders manage larger positions with relatively modest capital. They allow traders to position for both rising and falling markets. They also avoid many of the practical challenges tied to traditional futures.

As the crypto sector grew, perpetuals became the go-to tool for speculators, hedge funds, market makers and arbitrage traders.

In many cases, perpetual futures trading volumes surpass spot market volumes for major cryptocurrencies. They also serve as a key venue for price discovery.

This growth has made perpetual futures one of the most important parts of crypto finance, even though their presence in regulated US markets has remained limited until recently.

Did you know? Unlike many financial products that began in traditional markets, perpetual futures first gained traction in crypto. The design solved a practical problem: Traders wanted futures-like exposure without constantly rolling contracts into new expiration dates.

4. Why the US stayed on the sidelines

For a long time, US regulators were cautious about crypto perpetual futures. That caution had a clear reason.

The hesitation was not about futures trading itself. Regulated futures markets have operated for many years. Instead, the concerns were tied to the features of several offshore crypto platforms.

Very high leverage, weak customer protections, limited transparency and risks of market manipulation made regulators reluctant to approve similar products in the US.

As a result, many US traders either used offshore platforms or relied on alternatives such as CME Bitcoin futures and, more recently, spot Bitcoin exchange traded funds (ETFs).

This created an unusual imbalance. One of crypto’s most popular products largely remained outside the reach of the world’s largest financial market. The recent approval of regulated Bitcoin perpetual futures may now help close that gap.

5. What exactly has the CFTC approved?

The CFTC recently approved KalshiEX’s Bitcoin perpetual futures contract, known as BTCPERP. The move gives the product a regulated path in the US.

Unlike many offshore alternatives, this contract operates under a US-regulated framework overseen by federal authorities.

The decision also gave the market more clarity on how perpetual futures can fit into existing futures rules. Rather than treating them as entirely new products, regulators found that they can work within current futures market rules if proper safeguards are in place.

The approval opens the door for regulated perpetual futures to trade alongside other established US derivatives products. This may be just as important as the contract approval itself.

Did you know? Many crypto enthusiasts assume Bitcoin’s spot market sets the price. In reality, large volumes of leveraged trading on futures and perpetual contracts often influence short-term price moves across the wider crypto market.

6. How regulated perpetuals differ from offshore versions

On the surface, regulated perpetual contracts and their offshore versions may look similar. Both offer leveraged exposure to Bitcoin without requiring traders to hold the actual asset.

But their market structures differ in important ways.

US-regulated products must follow strict compliance standards. Exchanges must use know-your-customer (KYC) and anti-money laundering (AML) checks. Trading is also monitored for signs of abuse, while risk management practices face regulatory review.

Margin rules are usually more conservative than those on offshore platforms.

Traders used to very high leverage may find regulated perpetuals more restrictive. Still, supporters argue that stronger protections can reduce systemic risks and improve market reliability.

Participants may accept lower leverage in exchange for better transparency and stronger regulatory oversight.

7. What regulated perpetuals mean for retail traders

For individual investors, regulated Bitcoin perpetuals could offer easier access to leveraged crypto trading within the traditional financial system.

In the past, traders seeking perpetual futures had few options beyond offshore platforms. This often meant dealing with unclear regulations and higher counterparty risks.

A regulated option may offer several advantages:

• Clearer market rules
• Stronger customer protections
• Official oversight of trading platforms
• Better safeguards for client assets

Still, retail traders should not confuse regulation with guaranteed safety.

Perpetual futures remain high-leverage products that can lead to large losses quickly. Even under regulation, weak risk controls can result in fast liquidations.

While market infrastructure may become safer, the risks of trading do not disappear.

Did you know? Perpetual futures have no expiry date, so exchanges use funding payments between traders. These payments help keep perpetual prices close to spot prices without direct intervention from the exchange.

8. Why institutions may gain the most

Although retail interest often gets more attention, institutions could benefit the most.

Hedge funds, asset managers and proprietary trading firms have been cautious about offshore perpetual futures because of compliance concerns. Even when the trading opportunities looked attractive, internal policies often limited their involvement.

A regulated US market changes that. Institutions could now access:

• Leveraged exposure to Bitcoin
• Advanced hedging tools
• Market-neutral strategies
• Arbitrage opportunities across spot, ETF and futures markets

The launch of regulated perpetuals may bring more institutional capital into crypto derivatives. That, in turn, could improve liquidity and make markets more efficient.

9. How ETFs and perpetual futures are becoming more connected

The approval of spot Bitcoin ETFs marked an important step in wider crypto adoption. Regulated perpetual futures could be the next step.

Spot ETFs offer simple exposure to Bitcoin price moves. Perpetual futures, on the other hand, offer leveraged access and more advanced risk management tools.

Together, these products help create a fuller market structure that looks more like those seen in traditional asset classes.

Institutional traders often use a mix of spot and derivatives products. With regulated perpetuals now available, new strategies linking ETFs, spot Bitcoin and futures contracts are likely to develop.

This could improve overall liquidity and strengthen the connection between traditional finance and digital assets.

10. Crypto exchanges face a new competitive test

The approval has also created a new competitive test for trading platforms. KalshiEX secured the first approval for a regulated Bitcoin perpetual contract, but it is unlikely to be the last.

Coinbase has shown strong interest in crypto derivatives. It has expanded its capabilities through acquisitions, including Deribit, and through regulatory efforts involving its CFTC-regulated futures commission merchant.

Other exchanges could seek similar approvals if the CFTC continues to review perpetual products under this framework.

Crypto derivatives can be commercially attractive because they generate large trading volumes and create new fee opportunities. This gives platforms strong reasons to compete for the market.

As a result, regulated perpetual futures could become a key area of competition among crypto exchanges.

11. Could regulated perpetuals weaken offshore exchanges?

A central question is whether regulated perpetuals will draw liquidity away from offshore venues. The answer is not simple.

The outcome will likely depend on several factors:

• Available leverage levels
• Trading costs
• Market depth
• Institutional involvement
• Regulatory predictability

Offshore platforms still have deep liquidity and loyal user bases. Many traders remain comfortable with their current setups.

Still, if US-regulated venues can offer competitive fees and enough liquidity, some trading activity may slowly move onshore. Any such shift would likely happen over years rather than months, though the trend could become more important over time.

12. The risks regulators still worry about

Even after the approval, regulators remain cautious about perpetual futures. Their main concern is leverage.

Leverage increases both profits and losses. During sharp market swings, heavily leveraged positions can trigger chains of liquidations that make price moves worse.

Crypto markets have seen such episodes across several market cycles. While regulated perpetuals may include stronger protections, they cannot remove the core risks of leveraged trading.

Participants need to understand that regulation mainly addresses market structure risks, not the risks of the investment itself.

Binance says a key step in its EU Markets in Crypto Assets (MiCA) licensing process has moved forward, even as Reuters reported that regulators are preparing to reject the exchange’s bid—an outcome that could limit Binance’s ability to serve customers in the bloc.

In a Tuesday blog update, Binance stated that Greece’s Hellenic Capital Market Commission (HCMC)—a MiCA regulator involved in reviewing the company’s application—has completed its assessment and “considered it compliant with MiCA requirements,” while noting that the matter still requires review by the European Securities and Markets Authority (ESMA).

Key takeaways

• Binance claims HCMC has completed its MiCA application review and found its submission compliant, subject to ESMA oversight.
• Reuters reported EU regulators may reject Binance’s licensing request, potentially preventing the exchange from offering services to EU residents.
• MiCA authorization timing remains critical: EU firms must obtain approval by the end of June to continue serving residents lawfully.
• Binance says delays could affect liquidity, competition, and user choice, and may shift activity outside the EU.

Binance points to progress with HCMC review

Binance’s response comes shortly after Reuters reported that EU regulators were preparing to reject the exchange’s licensing bid. Binance’s blog post did not directly address the Reuters claim in detail, but it framed the latest stage of the process as constructive.

According to the company, HCMC has finished reviewing its application and concluded that it meets MiCA requirements, with remaining steps moving to ESMA. Binance characterized any disruption in the timeline as having consequences beyond its own operations, arguing that it could reduce liquidity and competition while narrowing user choice.

Binance also said it plans to update users by June 30, aligning with the MiCA application deadline referenced in its communication.

What MiCA timing means for Binance in the EU

Under the MiCA framework, crypto businesses that want to operate legally for EU residents need to secure authorization by the end of June. The reporting in the source indicates that if Binance’s application—submitted to and reviewed through HCMC—were ultimately rejected, it would likely be unable to legally continue offering services in the European Union starting July 1.

The practical significance for users and market participants is straightforward: authorization or lack of it can determine whether an exchange can provide services to EU-based customers without regulatory risk. That makes the ESMA review stage pivotal, particularly given the approaching end-of-June cut-off.

Binance previously applied for MiCA licensing in Greece under HCMC in January, and the source notes that other regulators—such as those in Germany and the Netherlands—have already approved some MiCA-compliant licenses, underscoring how time-sensitive the current stage is for remaining applicants.

Why the HCMC-to-ESMA handoff is a flashpoint

MiCA oversight is split across national authorities and EU-level review. In this case, Binance highlights that the Greek regulator has completed its portion and assessed compliance, while Reuters suggests EU-level decisions could still go the other way.

That gap—between a national regulator’s compliance assessment and the eventual outcome after ESMA review—matters to investors, traders, and counterparties because it affects expectations around service continuity, custody arrangements, and liquidity flows. Market participants often plan around regulatory certainty, and a process that appears to be “moving” on one layer but is rumored to be heading toward rejection at another can raise uncertainty about near-term access to a major venue.

Binance’s blog message reflects that concern, arguing that any delays or distortion in its MiCA path could have broader consequences for the EU crypto market, including liquidity and competitive dynamics.

Binance faces additional compliance scrutiny in the US

While the immediate focus is MiCA authorization in Europe, the exchange’s regulatory posture is also shaped by its ongoing history with US authorities. In 2023, Binance reached an agreement with US regulators in which then-CEO Changpeng Zhao stepped down and pleaded guilty to a felony charge. The company also agreed to a $4.3 billion settlement with the US Treasury Department and Department of Justice and to operate under a monitoring program.

More recently, US lawmakers have pressed for answers regarding Binance’s compliance amid war-related geopolitical developments and reporting that the exchange facilitated $1 billion to sanctioned entities. The source indicates that this issue has continued to draw attention from US lawmakers.

For market participants, this parallel regulatory track is relevant because it can influence reputational risk assessments and compliance expectations globally, even when the immediate decision is specific to EU authorization.

With ESMA review and the end-of-June MiCA deadline approaching, the key question for users and the broader market is whether Binance’s authorization path ultimately aligns with Binance’s claim of HCMC compliance—or whether Reuters’ report of a possible rejection proves accurate; the June 30 update and the timing of ESMA’s next steps will be the most important signals to watch.

Key Highlights

• ARKK ETF divested 665,136 Roku shares valued at $95.5 million on June 15
• AMD position reduced by 141,408 shares across three ARK funds totaling $72.3 million
• Rocket Lab holdings decreased by 171,176 shares representing $17.5 million
• Additional reductions made in Tesla, Amazon, Palantir, and other portfolio holdings
• These transactions reflect an ongoing trend of position downsizing in these companies

Cathie Wood’s investment management firm ARK Invest executed substantial portfolio reductions on Monday, June 15, 2026. The transactions were revealed through ARK’s routine daily disclosure filings and impacted several exchange-traded funds under management.

The most significant divestment involved Roku. ARK disposed of 665,136 shares via its flagship ARKK ETF, representing a transaction value of $95,553,437. This wasn’t an isolated decision. The firm had previously shed 98,835 Roku shares on the preceding Friday, indicating a strategic downsizing of this holding.

Roku, Inc., ROKU

AMD Holdings Reduced Across Multiple ARK Funds

Advanced Micro Devices represented the second-largest divestment of the day. The firm liquidated 141,408 shares distributed among ARKK, ARKQ, and ARKX funds, amounting to $72,340,090. This transaction followed another sale of 80,536 AMD shares during the prior week.

Combined, the Roku and AMD liquidations accounted for over $167 million in transactions within a single session.

Rocket Lab experienced the next major reduction. ARK decreased its position by 171,176 shares across ARKQ and ARKX portfolios, with a combined value of $17,526,710. The firm had similarly sold 50,746 Rocket Lab shares the previous Friday.

Tesla wasn’t spared from the selling pressure. ARK liquidated 44,488 shares with a market value of $18,081,257. This continues a pattern of Tesla position reductions the investment firm has executed over recent months.

Amazon experienced a reduction of 46,783 shares from the ARKK ETF, valued at $11,160,084. Meanwhile, 10X Genomics saw 53,496 shares sold, totaling $15,428,448.

Additional Portfolio Adjustments

Moving down the transaction list, ARK divested 66,259 Palantir shares for $8,480,489 and unloaded 166,427 Veracyte shares worth $7,876,989.

CoreWeave experienced a sale of 51,498 shares valued at $5,178,123. Iridium Communications had a more modest reduction of 3,168 shares, representing $149,909.

The divestments spanned ARK’s ARKK, ARKQ, and ARKX portfolios. This diversified approach indicates the portfolio adjustment was comprehensive rather than sector-specific.

ARK Invest hasn’t issued a public statement explaining the rationale behind these specific transactions. While the firm maintains transparency by publishing daily trade activity, detailed explanations for individual moves aren’t always provided.

The magnitude of Monday’s trading activity is noteworthy. Liquidating more than $95 million of a single equity in one session represents an unusually large move, even for an actively managed ETF of ARK’s size.

Roku shares have faced headwinds recently as the company’s advertising revenue stream encounters challenging market dynamics. AMD has experienced volatility as market participants evaluate artificial intelligence chip opportunities against broader economic uncertainties.

Investors who monitor ARK’s portfolio moves as a barometer for sentiment toward growth-oriented and technology stocks will scrutinize these transactions carefully.

Complete details of all June 15 transactions remain accessible to the public through ARK’s daily transparency reports published on the firm’s official website.

Key takeaways

• BitMine bought 76,881 ETH, raising its holdings to 5.62 million ETH.
• The company now controls about 4.66% of Ethereum’s circulating supply.
• ETH is attempting to hold above $1,800 while facing resistance near $1,900. 

BitMine adds nearly 77,000 ETH to its reserve

Ethereum treasury company BitMine Immersion Technologies significantly expanded its Ether holdings last week, purchasing 76,881 ETH during a period of weakness in the broader crypto market.

The acquisition increased the company’s total Ethereum holdings to 5.62 million ETH, valued at approximately $10.35 billion at current prices. 

According to BitMine, the position now represents about 4.66% of Ethereum’s circulating supply, moving the firm closer to its stated goal of controlling 5% of the available ETH supply.

Despite lowering its average acquisition cost through continued accumulation during the recent market downturn, BitMine still reports unrealized losses exceeding $9 billion on its Ethereum position.

In addition to its substantial Ethereum holdings, BitMine disclosed ownership of 204 Bitcoin as well as significant equity investments.

The company currently holds 204 BTC, a $180 million stake in Beast Industries, $88 million worth of Eightco Holdings shares, and $502 million in cash and marketable securities.

The sizable cash position was largely funded through a recently completed preferred stock offering.

BitMine recently closed an offering of 3.5 million shares of its 9.5% Series A Perpetual Preferred Stock at $80 per share.

After underwriting fees, commissions, and related expenses, the company generated approximately $273.8 million in net proceeds.

Chairman Thomas Lee described the offering as a strategic move to diversify the company’s balance sheet while maintaining its aggressive Ethereum accumulation strategy.

“The Series A Preferred Stock offering is good balance sheet diversification for BitMine,” Lee said in a statement. He added that projected annual staking rewards of roughly $219 million are expected to provide recurring cash flow to support dividend obligations associated with the preferred shares.

Ethereum technical outlook: Bulls target a break above $1,800

The ETH/USD 4-hour chart is bullish as Ethereum is currently attempting to stabilize after rebounding sharply from levels below $1,600.

While short-term momentum indicators have improved, the asset remains constrained by several layers of overhead resistance.

The Relative Strength Index (RSI) has recovered toward the 67 level, while the Stochastic oscillator continues to move higher, signaling improving momentum but not yet confirming a sustained bullish trend reversal.

If the rally persists, immediate resistance is located near $1,909. Additional supply zones are positioned around $2,018 and $2,107, followed by further resistance at $2,211.

Should bullish momentum strengthen, Ethereum could eventually target higher resistance levels near $2,388 and $2,746.

However, if the bears regain control, traders are closely monitoring whether ETH can maintain daily closes above $1,806. The next major support lies near $1,741.

A breakdown below that level could expose Ethereum to deeper support zones around $1,524 and $1,404, while $1,155 remains a key long-term support level if broader market conditions deteriorate.

Ripple, the blockchain firm closely associated with the XRP Ledger (XRP) network, invested in African payments company Flutterwave as part of its Series E funding round, a deal centered on expanding the use of stablecoins for cross-border payments.

Flutterwave said Tuesday that the funding round values the company at $3.2 billion. Financial terms of Ripple’s stake were not disclosed.

The deal will integrate Ripple’s U.S. dollar-backed stablecoin, RLUSD, into Flutterwave’s payments infrastructure, allowing businesses to settle some international transactions using digital dollars rather than relying solely on traditional banking networks.

Flutterwave will also connect to Ripple Payments, Ripple’s global payments network, and use the XRP Ledger blockchain to process transactions.

The companies said the goal is to make it easier and cheaper for businesses across Africa to send and receive money internationally.

The deal points to the growing role of stablecoins in international payments, one of the digital asset industry’s fastest-growing use cases. While cryptocurrencies are often associated with trading, stablecoins are increasingly being used by businesses and everyday people to move money across borders and manage U.S. dollar liquidity in regions where access to foreign currencies can be limited.

Key Highlights

• CoreWeave will become a Nasdaq-100 component effective June 22 during the index’s quarterly adjustment.
• Cantor Fitzgerald maintained its Overweight stance with a $167 target, expecting a significant Q2 backlog surprise.
• Analyst estimates point to a potential $131 billion Q2 backlog by quarter-end, significantly surpassing the $104.4 billion Street forecast.
• Macquarie raised its rating to Outperform in the prior week, lifting its price objective from $90 to $125.
• Shares gained 7.38% to reach $104.59 during Tuesday’s session.

CoreWeave (CRWV) shares advanced more than 7% during Tuesday trading, hitting $104.59, as market participants responded positively to a pair of favorable developments.

CoreWeave, Inc. Class A Common Stock, CRWV

The primary driver is CoreWeave’s forthcoming entry into the Nasdaq-100 Index. The company will join the prestigious benchmark prior to market open on June 22, following the June 2026 quarterly reconstitution. Such index additions generally prompt purchasing activity from passive funds required to replicate the index composition.

CoreWeave will enter the index alongside Astera Labs, Nebius Group, Rocket Lab, and Teradyne during this rebalancing period.

The secondary positive development emerged from Cantor Fitzgerald. Analyst Brett Knoblauch maintained his Overweight recommendation and $167 price objective on Tuesday, highlighting information contained within a recent bond prospectus that he believes investors have largely dismissed.

Bond Filing Reveals Strong Backlog Trajectory

CoreWeave submitted a bond offering memorandum late last week. Within this document, Knoblauch uncovered operational data suggesting the firm is positioned to significantly exceed Q2 backlog expectations.

The prospectus disclosed run-rate EBITDA of $18.758 billion, representing an increase from the $16.098 billion figure reported in April’s offering document. Based on this progression, Knoblauch calculates that CoreWeave’s backlog may have already reached approximately $125 billion in early June.

He observes that the filing encompasses roughly 80% of the quarter’s duration. Assuming backlog accumulation continues at the current trajectory, his model projects the metric could achieve $131 billion by the June 30 quarter close.

This would comfortably surpass the previous quarter’s $99.4 billion backlog figure and substantially exceed the Street’s $104.4 billion consensus forecast.

Knoblauch offered a direct assessment: the market is significantly “undervaluing” both CoreWeave and the broader neocloud infrastructure segment.

Capital Structure Updates and Wall Street Upgrades

The disclosure also revealed anticipated gross debt of $68.5 billion, with net debt projected at $58.3 billion — amounts connected to the capital requirements necessary to fulfill existing backlog commitments.

Regarding financing activities, CoreWeave completed a private placement of $1.25 billion in 9.625% senior notes alongside 2 billion euros of 8.500% senior notes, both maturing in 2032. This transaction follows a previous plan to secure $3.5 billion through senior note issuance, with funds designated for general corporate use and existing debt refinancing.

In the previous week, Macquarie elevated CoreWeave to Outperform from Neutral, increasing its price target from $90 to $125. The research firm cited partnerships with Meta and OpenAI as confirmation that CoreWeave is establishing itself as a critical infrastructure provider in the AI ecosystem.

From a technical perspective, CRWV is positioned above all primary moving averages — trading 9.8% above its 20-day average, 5.7% above the 50-day, and 18% above the 100-day. The Relative Strength Index registers at a neutral 51.28. Critical resistance appears at the $125 level, with support identified near $103.

CRWV shares were trading up 7.38% at $104.59 at the time of publication on Tuesday.

A Russian sabotage network reportedly offered a 22-year-old Ukrainian man thousands of dollars worth of tether (USDT) to firebomb properties belonging to UK Prime Minister Sir Keir Starmer.

That’s according to numerous reports published by the BBC, Financial Times (FT), and The Guardian, which revealed the origins of the arson plot. 

Roman Lavrynovych was convicted on Monday alongside Stanislav Carpiuc, 27, for conspiracy to commit arson after setting fire to the PM’s old car, previously owned Islington flat, and a property that he rents to his sister. 

The attacks were carried out at the behest of a Russian-based Telegram user known as “El Money” who previously paid Lavrynovych to put up posters advertising Direct Action, a Russian-manufactured far-right group. 

According to the FT and The Guardian, between 2024 and 2025, El Money offered to pay Lavrynovych £3,000 in USDT to carry out the arson attacks on the condition that they made it into the national news. 

SpaceX’s long-awaited public debut on June 12 came with eye-watering headlines: the offering raised $75 billion at $135 per share, valuing the company at more than $2 trillion. For Elon Musk, it also delivered an extraordinary wealth milestone, making him the world’s first trillionaire.

But the event also exposed a fault line in “tokenized IPO access.” While derivatives traders appeared able to price the listing in real time, retail users who purchased tokenized SpaceX share exposure on platforms including Binance, Bybit, and Bitget reportedly received no allocation—prompting cancellations and refunds as the distribution pipeline failed at the last mile.

Key takeaways

• Pre-IPO perpetual futures provided a strong real-time signal of where traders expected SpaceX-linked shares to trade, according to Talos Research data shared with Cointelegraph.
• That price discovery did not translate into guaranteed share allocations for tokenized “IPO access” buyers, because the limiting factor was availability in the underlying IPO allocation process.
• Multiple crypto exchanges canceled tokenized SpaceX campaigns after xStocks “failed to deliver” the promised underlying allocation, leaving many retail subscribers with zero shares.
• Crypto venues can create synthetic or tokenized exposure, but they cannot control primary-market allocations that depend on underwriters and broker-dealer networks.
• Legal and regulatory constraints remain central: the SEC has reiterated that tokenized stocks are still securities subject to registration and disclosure rules.

Perpetuals nailed the signal—before the opening bell

One of the clearest windows into market expectations came from derivatives rather than spot-style tokenized offerings. According to Talos Research data shared with Cointelegraph on June 15, in the 30 minutes before the Nasdaq open, SPCX perpetuals traded at a volume-weighted average price (VWAP) of $159.89 across Hyperliquid, Binance, and OKX—about 6.6% above the opening print. For comparison, Cerebras (CBRS) perpetuals on Hyperliquid were within 1.3% of the Nasdaq open during the same window.

Talos Research also noted that SPCX perps peaked above $220 in mid-May, then gradually converged lower toward the IPO date as traders increasingly priced in more realistic valuation expectations. In other words, the derivatives market appeared to be doing what it does best: continuously absorbing information and reflecting it in pricing.

Samar Sen, head of international markets at Talos, told Cointelegraph that these signals can become difficult for “underwriters and retail-facing platforms” to ignore—particularly for high-profile listings with strong pre-IPO demand—and could supplement institutional orders, private-market marks, and comparable-company analysis.

Where tokenized access broke: the allocation bottleneck

The problem was not that derivatives markets failed. In Talos Research’s reporting, SPCX perpetual markets recorded roughly $4.6 billion in trading volume on the day of the IPO, with total open interest peaking near $500 million across eight venues, including Hyperliquid, Binance, OKX, and Kraken. Cerebras (CBRS) perpetuals on Hyperliquid saw $281 million in IPO-day volume. Traders were able to monetize volatility and the convergence around the listing.

However, tokenized “IPO access” products did not deliver comparable outcomes for subscribers. The SpaceX IPO was described in earlier coverage as four times oversubscribed, leaving many retail participants with too few shares—or none at all. In practice, tokenized SpaceX-linked share campaigns on major exchanges were canceled after xStocks, the mechanism routed through by platforms, did not secure the underlying IPO allocations.

Alvin Kan, chief operating officer of Bitget Wallet, told Cointelegraph that users subscribed through a tokenized IPO offering facilitated via Kraken’s xStocks. In that structure, the tokens were intended—“if issued”—to represent economic exposure to SpaceX shares. But the tokens were not issued, because the supply-side constraint was the underlying IPO share availability, not the onchain mechanics of issuance and trading.

Exchanges scrambled: cancellations, refunds, and shifting products

After the allocation pipeline broke, platforms sent users notices indicating they canceled campaigns due to “circumstances outside” their control. Binance, for example, published an announcement canceling its tokenized SpaceX campaign and returning subscribed funds. Binance founder and former CEO Changpeng Zhao posted the notice on X with the statement, “Protect users when things don’t go as planned,” which drew heavy retail backlash.

In response to customer frustration, a Binance Wallet representative told Cointelegraph that its role was limited to technical and support services. According to that account, Binance Wallet was not responsible for “pricing, issuance, backing or redemption,” and user-facing materials reportedly indicated allocation was not guaranteed.

Bitget followed a different path after canceling its pre-market subscriptions and refunding users. Rather than sticking with the third-party xStocks route, Bitget reportedly switched to Reality, a real-world asset platform backed by the exchange. Bitget’s chief executive, Gracy Chen, told Cointelegraph that Reality provides 1:1 tokenized SpaceX shares (rSPCX) on the spot market, held with a broker—framing the shift as moving from a short-term structure tied to a single IPO event toward tokens that are “properly backed” by real share equivalents.

The structural gap between onchain exposure and real allocations

At the center of the controversy is a basic structural mismatch. Crypto markets can mint and trade synthetic or tokenized exposure to an equity, and derivatives can generate credible, high-frequency price discovery. But neither tokenization nor perpetual trading can replace the primary-market allocation process, which depends on underwriters with established broker-dealer distribution channels.

Sen’s view, as presented to Cointelegraph, was that pre-IPO derivatives should be treated as “signals,” not substitutes for the actual machinery of IPO access. The SpaceX episode, he argued, underscores the need for more caution about how pre-IPO exposure is structured, marketed, and understood—especially when products are presented as pathways to underlying shares.

Kan similarly described the broader challenge facing tokenized RWA products: while crypto infrastructure for distribution and settlement may be ready, the mechanisms for crypto-native channels to reliably obtain primary allocations are still under development. He pointed to an asymmetry where retail demand can grow faster than the supply-side allocation infrastructure can scale, suggesting that closing the gap will require closer collaboration between crypto platforms, traditional intermediaries, and regulators.

Why regulators—and the law—make “onchain IPO access” harder

Regulatory constraints also help explain why a full “IPO onchain” replacement is difficult to execute. As noted by attorney Aaron Brogan of Brogan Law in earlier analysis cited by Cointelegraph, offering tokens sold to raise capital for SpaceX and marketed on the company’s future performance would likely fall squarely into securities law territory, in line with the SEC’s recent token guidance line. He argued that securities law, tax uncertainty, and the scrutiny involved in a mega-deal make a fully token-based substitute unrealistic for a company of SpaceX’s scale.

A spokesperson from the SEC did not comment on whether the regulator had concerns specifically about crypto platforms promoting IPO access or whether existing securities regulations adequately cover tokenized equity offerings. Still, an SEC staff statement released in January 2026 reiterated that tokenized stocks remain securities subject to registration and disclosure rules, explicitly distinguishing between different forms of tokenization—such as custodial, issuer-sponsored tokenization versus synthetic or third-party wrappers.

What comes next for tokenized equities

None of the major stakeholders cited in the reporting appeared to conclude that tokenized equity access is dead. Instead, the SpaceX episode is being treated as a stress test for the conditions required for these products to work reliably.

Dinari’s CEO Gabriel Otte, whose tokenized $SPCX product reportedly maintained continuous uptime while the allocation pipe ran dry, told Cointelegraph the opportunity lies in “extend[ing] the reach of public markets, not reinvent[ing] them.” He argued that tokenization should start from real underlying securities, regulated custody, and clear legal rights—then use the technology to improve access and settlement rather than bypass the rules.

Chen’s position at Bitget likewise emphasized learning from the failed third-party approach. She described a shift away from short-term, intermediary structures toward 1:1 broker-backed tokens the exchange can stand behind.

For investors, the underlying lesson is straightforward: the derivatives market can price a listing quickly, but share allocation is still governed by traditional market participants and primary-market processes. As activity around SpaceX demonstrated the depth of global demand, the next question is whether tokenized equity access can be redesigned so that “access” means something enforceable—not just tradable exposure.

Going forward, readers should watch for whether platforms tighten their allocation language, whether more products move toward broker-backed 1:1 models, and how regulators interpret the boundary between true securities exposure and tokenized wrappers that depend on fragile upstream allocation pipelines.

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.