Hyperliquid price has climbed above $60 after futures open interest reached $2.56 billion, with growing SpaceX speculation supporting a falling wedge breakout toward the $75 region.

According to data from CoinGlass, Hyperliquid (HYPE) price was trading near $60 on June 12 after gaining more than 7% over the past 24 hours, while futures open interest rose 6.3% over the previous 24 hours to $2.56 billion. The increase pushed HYPE ahead of XRP, whose open interest stood at $2.48 billion after a smaller 2% daily increase.

The move comes as Hyperliquid captures a growing share of trading activity tied to SpaceX’s public market debut. Through its synthetic SPCX perpetual market, traders have been using the platform to gain exposure to SpaceX before trading begins on traditional exchanges.

Data from Hyperliquid markets showed implied valuations rising well above the company’s IPO pricing, drawing substantial speculative interest and helping drive trading volumes higher.

Earlier this week, crypto.news reported that Hyperliquid overtook XRP in futures open interest after Kalshi launched CFTC-regulated HYPE perpetual contracts. The development added another avenue for traders seeking exposure to the token and coincided with a double-digit gain in HYPE price.

Market participants have also positioned for increased activity surrounding the IPO. Commenting on the setup, analyst Altcoin Sherpa said he was long HYPE ahead of SpaceX’s public debut, noting that the event could bring “a ton of volume” and attract more attention to Hyperliquid’s markets.

Fee-driven buybacks continue supporting demand

Beyond speculation surrounding SpaceX, Hyperliquid’s tokenomics have continued to attract investor attention. Trading activity across perpetual futures, spot markets, HIP-3 builder markets, and HLP vault operations generates protocol revenue that supports demand for HYPE. 

Through the protocol’s Assistance Fund, a portion of that revenue is used to purchase HYPE on the open market, while staking the token unlocks trading fee discounts that increase with stake size, giving traders another incentive to hold the asset.

Recent developments involving Circle’s USDC have added to that narrative. Following an integration between Hyperliquid, Coinbase, and Circle, USDC became the primary aligned quote asset across the network’s markets. The arrangement routes at least 90% of the yield generated from USDC deployed on Hyperliquid toward HYPE buybacks, creating an additional source of demand as activity on the platform expands.

These dynamics have become more visible as trading volumes continue to climb. Hyperliquid processed roughly $10.4 billion in 24-hour perpetual futures volume, while increased activity across the platform strengthened the revenue streams that support HYPE buybacks.

Falling wedge breakout point toward a retest of ATH

Chart data shows HYPE attempting to break out from a multi-week falling wedge that formed after the token reached its all-time high near $75.5 in early June.

On the four-hour chart, the breakout occurred near the upper boundary of the wedge after price established support around the $54-$55 region. The pattern’s measured move projects roughly 20% upside from the breakout zone, placing a potential target near $77.8, slightly above the previous record high.

Momentum indicators have also improved. The four-hour MACD has produced a bullish crossover while the RSI has recovered above the neutral 50 level, suggesting buying pressure has strengthened following the recent correction.

The daily chart shows another key battle unfolding near the 0.618 Fibonacci retracement level at $61.39. A successful move above that area could expose the next resistance at $67.69, while the all-time high near $75.7 remains the primary bullish target.

The Supertrend indicator, however, continues to sit higher near $74.3, indicating that the longer-term trend has not yet fully turned bullish.

Liquidation data from CoinGlass adds support to the recovery case. The latest three-day HYPE liquidation heatmap shows a concentration of short liquidations clustered between $61.5 and $63, with another notable liquidity pocket near $63.

Analysts often view such zones as potential magnets for price action, particularly when momentum and open interest are rising simultaneously.

A move through those levels could strengthen the case for a retest of the $75 region, while a failure to hold above $57-$58 may shift attention back toward support around $54-$55.

Key Highlights

• More than a dozen preliminary data center lease agreements secured by Anthropic, exceeding 1 gigawatt total capacity
• Google reportedly negotiating to serve as financial guarantor for lease obligations
• Private credit arrangement includes Apollo Global Management and Blackstone participation
• Confidential IPO filing submitted earlier this month in the United States
• Latest funding round established $965 billion valuation, surpassing OpenAI’s market position

Anthropic is taking significant steps toward establishing its own data center infrastructure across the United States. The artificial intelligence company has executed preliminary lease agreements for more than twelve facilities, representing a total power capacity exceeding 1 gigawatt.

According to The Information, which broke the story based on insider sources familiar with the negotiations, the scale of this infrastructure expansion marks a major shift in Anthropic’s operational strategy.

To secure financing for these substantial lease commitments, Anthropic has entered discussions with Google regarding a financial guarantee arrangement. The broader credit structure reportedly involves participation from Apollo Global Management and Blackstone as well.

When contacted for comment, neither Google nor Anthropic provided specific details. Google stated to Reuters that it maintains a policy against commenting on speculative reports.

Tech Giant Supports Its Own Rival

This potential guarantee agreement underscores the complex dynamic between Google and Anthropic. Google has pledged investment commitments reaching $40 billion to Anthropic and collaborates on custom chip development for deployment in these planned facilities.

Yet Google’s Gemini AI platform directly challenges Anthropic’s Claude models in virtual assistants, developer tools, and business applications.

A financial guarantee would deepen this paradoxical partnership considerably. Under such an arrangement, Google would assume responsibility for lease payments should Anthropic face payment difficulties.

Previously, Anthropic has depended on third-party cloud infrastructure providers, including Google Cloud, for computational resources. Transitioning to proprietary data centers would grant the company greater financial oversight and diminish reliance on external vendors.

Public Offering Preparations Advance

Earlier this month, Anthropic submitted a confidential filing for a U.S. initial public offering. The company has not revealed the anticipated size or specific terms of the proposed offering.

The most recent financing round, which concluded in late May, generated $65 billion in capital. This fundraising established a post-money valuation of $965 billion, positioning Anthropic’s implied market value above OpenAI’s.

Robust market demand for Anthropic’s Claude AI model suite is fueling the infrastructure expansion initiative.

Interestingly, Anthropic allocates $1.25 billion monthly for AI computational services from SpaceX‘s xAI division — another competitive entity — illustrating the interconnected nature of today’s AI ecosystem.

The simultaneous scaling of computational infrastructure while navigating IPO preparations demands rapid access to substantial capital resources.

Google’s participation in the data center financing arrangement reveals the search giant’s significant stake in Anthropic’s market success. A thriving Anthropic serves as a counterweight to OpenAI’s influence in enterprise AI markets.

Despite competing for identical customer segments, both organizations maintain mutual financial incentives for each other’s continued growth.

TRM Labs warned that crypto scammers are targeting FIFA World Cup fans through fake ticketing sites, fixed-match betting schemes and event-themed crypto promotions. 

The blockchain intelligence company said it identified several World Cup-related scam operations, including two fake-ticketing sites and one fixed-match betting pitch tied to four crypto addresses.

“Criminals always look to exploit major events and cultural moments and they don’t wait until kickoff,” Ari Redbord, global head of policy at TRM Labs, told Cointelegraph. “Scammers build and position their infrastructure weeks in advance, then scale it the moment public attention peaks.”

Redbord told Cointelegraph that the onchain nature of crypto payments allows investigators and compliance teams to act before losses grow.

The 2026 World Cup opened on Thursday, with FIFA expecting attendance of about 6.5 million fans throughout the tournament and about $40.9 billion in global gross domestic product impact, creating a large pool of ticketing, travel and betting demand for scammers to target.

Impact propagation of the World Cup 2026. Source: FIFA

FIFA and FBI warn World Cup fans of fake ticket scams

The World Cup is being held in Canada, Mexico and the US and is expected to drive a surge in ticketing, travel and betting activity.

That concentration of demand has already drawn warnings from authorities. In May, the Federal Bureau of Investigation (FBI) said threat actors were spoofing FIFA websites ahead of the tournament to collect personal information, sell fake tickets and products and potentially carry out other malicious activity.

FBI warns of fake domains spoofing the official FIFA website. Source: FBI

FIFA has also warned fans that tickets purchased outside the official website may expose buyers to fraud. FIFA said tickets obtained through unofficial channels may be deemed invalid and subject to cancellation without notice.

Related: International sting shuts down $390M crypto money-laundering ring

World Cup organizers face a more complicated ticketing environment. The Council on Foreign Relations reported that several opening matches in the US and Canada were not sold out on FIFA’s platform as of Monday, while the Financial Times reported on Tuesday that official resale portals still had 176,000 unsold tickets across the group stages of the tournament.

Magazine: Korea’s first memecoin rug-pull case, China’s crypto rules review: Asia Express

PRYPCO Mint adds gold trading to its tokenized real estate app

PRYPCO Mint, the Dubai-based tokenized real estate platform, will add a digital gold product on June 19, enabling users to buy and sell PAX Gold (PAXG)-backed units through the company’s VARA-regulated app. The move makes PRYPCO Mint one of the first platforms in the region to offer both tokenized property interests and a digitally native, gold-backed asset within the same regulated environment.

Product details and mechanics

According to PRYPCO, the gold product will be available 24/7 via its mobile app with a low entry threshold of AED 100 and no transaction fees. Each digital unit is said to be backed by physical gold and is issued using the PAXG standard, a widely traded token that represents ownership of allocated gold held in custody by Paxos.

PRYPCO also highlighted a portfolio linkage feature: investors who hold tokenized real estate on the platform will be able to reinvest rental income directly into the gold product. The company expects the offering to appeal to both UAE residents and international investors, with eligibility for global users to be expanded over time.

Why this matters for the regional RWA market

The addition of a gold product to a tokenized real estate marketplace signals a further blending of traditional stores of value and blockchain-based real-world assets, a trend gaining traction in financial hubs across the Middle East. By combining property tokens with a liquid, commodity-backed token, PRYPCO is aiming to provide investors with instant diversification options without moving funds across multiple platforms.

For the UAE ecosystem, the launch reinforces regulatory developments that have supported real-world asset tokenization. PRYPCO’s reference to VARA, the Dubai regulator for virtual assets, points to an evolving compliance framework that market participants cite as important for institutional adoption of tokenized offerings.

Market implications and potential benefits

From a product perspective, the package addresses multiple investor frictions commonly associated with direct ownership of physical gold: high minimums, storage logistics and limited intraday liquidity. Offering a gold-backed token with small-ticket access may broaden participation among retail investors who want exposure to gold alongside property holdings.

For real estate tokenization specifically, enabling rental income to flow into another tokenized asset class could increase internal liquidity and client retention on PRYPCO’s platform. It may also serve as an onboarding route for international investors: gold can act as an entry asset while investors meet local eligibility criteria for direct real estate participation.

Risks, limitations and investor considerations

While the product promises digital convenience and regulatory oversight, investors should be mindful of several considerations. Tokenized gold exposure entails market risk similar to physical gold prices, and custody arrangements underpinning tokenized products carry counterparty and operational risks. Details on custody providers, audit and redemption mechanics are crucial but were not fully disclosed in the initial announcement.

Regulatory eligibility and investor protections can vary by jurisdiction. Although the platform operates under VARA’s framework in Dubai, access and rights for international users depend on local regulations and on PRYPCO’s compliance controls. Prospective users should review the platform’s terms, custody disclosures and redemption processes before allocating capital.

Outlook

The launch comes as regional interest in real-world assets and commodity-backed tokens grows. PRYPCO’s integration of PAXG into a tokenized property ecosystem highlights how platforms are experimenting with cross-asset services to deepen engagement and expand product suites. Whether the offering materially shifts investor behaviour will depend on transparency around custody, liquidity in secondary markets and how regulators and financial institutions respond to combined RWA marketplaces.

PRYPCO has opened a waitlist for the gold product ahead of the June 19 rollout. The platform’s next steps and user uptake will be watched by market participants tracking tokenized real estate and the broader conversion of traditional assets into digital form.

Disclosure: This article is based on PRYPCO’s June 2026 product announcement and publicly available information. Readers should consult the issuer’s documentation and regulatory filings for full details before making investment decisions.

SpaceX’s IPO is already spilling into crypto markets, where one whale has opened a $22.3 million leveraged long on SPCX, a synthetic pre-IPO perpetual contract tied to Elon Musk’s aerospace company.

Key takeaways:

• The whale is already sitting on more than $1.15 million in unrealized profit.
• Synthetic SPCX is trading near $175, roughly 30% above SpaceX’s $135 IPO price.

Whale’s paper profits are over $1.15 million already

The whale’s position, visible on data resource Hypurrscan, shows the trader holding a 2x isolated long on “xyz:SPCX” worth about $22.29 million.

Address 0x9cc1… open perpetual positions as of Friday. Source: Hypurrscan

The whale entered near $168, while SPCX recently traded around $175, leaving the position with roughly $1.15 million in unrealized profit. It had spent just over $500 in funding fees.

Synthetic SPCX trades at 30% premium ahead of IPO

SpaceX has priced its IPO at $135 per share to raise $75 billion by selling about 555.6 million shares, bringing the company’s valuation to around $1.77 trillion. The stock is expected to trade under the ticker SPCX on Nasdaq.

At around $175, the synthetic SPCX market is trading about 30% above the IPO price. In other words, crypto traders are already pricing in a strong first-day rally before regular equity markets fully absorb the listing.

SPCX/USDC hourly chart. Source: Hyperliquid

Other secondary markets are pointing in the same direction. For instance, IG International derivatives implied a SpaceX valuation of about $2.4 trillion, more than 35% above the valuation set by the IPO price.

Polymarket traders put 56% odds on SpaceX closing its first trading day in the $2 trillion–2.5 trillion market cap range.

SpaceX IPO closing market cap. Source: Polymarket

History of IPOs warns of a strong SPCX correction after debut

The 30% SPCX premium points to strong opening demand, but IPO history argues against chasing the first trade.

US IPOs from 2020 to 2025 averaged roughly 30% first-day gains, according to Jay Ritter’s IPO database. However, that upside mostly benefits investors who receive shares at the offer price.

US IPO average first-day returns. Source: Jay Ritter/IPO Statistics

Buyers who enter after the opening print often face a weaker setup, particularly after the initial euphoria fades.

Ritter’s long-run IPO data show that companies with positive first-day returns averaged a 29.6% debut gain from 2001 to 2024, but then underperformed the market by 8.5 percentage points over the next three years.

Related: SpaceX IPO nears 4 times oversubscribed, squeezing crypto and tech

High-valuation IPOs have performed even worse. Among IPOs with trailing sales above $100 million and price-to-sales ratios above 40, buyers at the first close saw an average three-year return of -44.8%.

Long-run IPO returns by price-to-sales ratio. Source: Jay Ritter

SpaceX is going public at nearly 94 times the trailing sales, making it one of the most oversubscribed IPOs ever.

Recent listings showed the same risk. Nasdaq-listed Cerebras (CBRS), a semiconductor company, priced its IPO at $185, opened at $350 and closed its first day near $311, but later fell to around $197, a roughly 50% drop from its first-day peak.

CBRS daily chart. Source: TradingView

Rivian (RIVN) and Uber (UBER) also struggled after strong early attention, with lockup expirations adding pressure as insiders and early investors became free to sell.

SpaceX is overvalued

Several prominent voices have warned that SPCX could fall after the debut.

Morningstar’s Nicholas Owens valued the company at just $780 billion, roughly 55% below the IPO price, calling it significantly overvalued and advising investors to wait for the stock to settle.

NYU professor Aswath Damodaran put the fair value around $1.25–1.3 trillion and described the $135 offer price as “rich.”

In a Wednesday post, analyst The Fundamental Investor said the stock is very likely to drop below the IPO price, potentially leaving early retail buyers underwater for years.

Source: X

The whale’s liquidation level sits near $93.27. The position could incur an estimated loss of about $9.4 million if SPCX falls to that level.

The U.S. Securities and Exchange Commission has proposed to rescind two longstanding National Market System (NMS) provisions that govern how trading venues protect displayed prices and prevent “trade-throughs.” If finalized, the changes could materially alter the regulatory constraints facing tokenized-stock platforms, particularly systems that use automated market makers (AMMs) or other decentralized trading mechanisms.

In a notice of proposed rulemaking issued on Thursday, the SEC said it would remove Rule 611, which generally prohibits trading on one exchange at a worse price when a better price is available on another, and Rule 610(e), which restricts exchanges from displaying certain bids that are not synchronized with better-priced quotations elsewhere. The proposal has 60 days for public comment, setting up a new compliance question for market participants exploring tokenized equities.

Key takeaways

• The SEC proposes rescinding NMS Rules 611 (trade-through protections) and 610(e) (limits on certain displayed bids), changing the baseline for cross-venue price protection.
• Automated market makers and similar pooling-based execution models may face fewer structural constraints if the trade-through framework is removed.
• The SEC indicates it could replace the removed provisions with a broader “best execution” approach, shifting compliance from price-protection rules to execution-quality standards.
• Tokenized-stock trading plans may need to be reassessed for regulatory alignment, especially where execution logic cannot reliably mirror centralized quote-by-quote comparisons.

What the SEC is proposing to change in NMS rules

At the core of the proposal are two rules designed to enforce pricing competition across U.S. equity markets. Rule 611 is intended to prevent “trade-throughs,” a condition where an order executed on one trading venue would occur at a price inferior to a better price displayed on another venue. Rule 610(e) further restricts how exchanges present bids, aiming to avoid scenarios where an exchange displays a bid price that could be inconsistent with more favorable available quotations elsewhere.

By proposing to rescind both provisions, the SEC is effectively questioning whether these specific mechanisms remain appropriate as market infrastructure evolves—particularly as digital-asset technologies are increasingly considered for securities trading use cases. The proposal also lands in an environment where the SEC has signaled interest in updating how U.S. capital markets can accommodate blockchain-enabled settlement and trading.

The compliance significance is immediate: trade-through and quotation-display regimes are not merely technical rules. They define what constitutes acceptable routing, quoting, and execution across venues and therefore shape how exchanges, ATS operators, broker-dealers, and any tokenized-stock venue architecture must behave to avoid violations.

Why tokenized equities face structural constraints

Commentary from industry research has pointed to a central problem with applying the existing NMS framework to tokenized equities that rely on AMMs. According to Galaxy head of research Alex Thorn, AMMs execute trades against whatever pool price is available at the time of execution, which can conflict with trade-through protections that are based on the existence of a better quote elsewhere.

Thorn’s concern is that an AMM model may not be able to “stop a trade” simply because a superior price exists at another venue. In that scenario, a pool could execute at a price that is worse than the best available displayed quotation elsewhere, triggering trade-through concerns under the current rules. He also argued that continuously fluctuating AMM pricing makes compliance difficult under a framework intended to ensure investors receive the best available price across platforms.

Institutionally, the key point is not whether tokenized-stock execution can be engineered to meet every rule, but whether the rules’ structural assumptions match the execution process. Trade-through standards are tightly linked to quote comparison across venues; AMM execution is tied to liquidity mechanisms inside a trading function. That mismatch can create persistent legal and operational risk—even where the end goal is price improvement or efficient execution.

If the SEC rescinds Rule 611 and Rule 610(e), market operators and compliance teams would likely revisit whether the remaining NMS and securities-market regulation still imposes constraints that functionally replicate trade-through protections through other requirements.

From trade-through rules to “best execution” compliance

The SEC has not yet finalized the replacement approach, but Thorn suggested the agency may substitute the rescinded framework with a “best execution” model. In practice, a best-execution standard focuses on whether an order is handled in a manner reasonably designed to achieve the most favorable terms for the customer under the circumstances, which can be implemented through policies, procedures, routing decisions, and execution monitoring.

That shift could matter for tokenized equities because best-execution duties may be more adaptable to different execution designs than rigid cross-venue trade-through prohibitions. However, a best-execution approach would still require detailed documentation and controls to demonstrate that execution quality objectives are met.

For compliance and legal teams, this implies a re-framing of risk. Under trade-through rules, the compliance question can become a binary comparison of displayed quotations versus execution prices. Under best execution, the focus can move toward a reasonableness inquiry supported by surveillance, metrics, and audit trails—areas where institutional expectations around governance are typically higher.

There is also an unresolved policy question: even if the SEC eliminates specific quotation-display and trade-through constraints, broader exchange and broker-dealer obligations—including those related to order handling, market integrity, and customer protections—may still constrain how tokenized equities can be offered and executed in the U.S. market structure.

Regulatory context and the comment process

The proposal is open for public comment for 60 days. After that period, the SEC will review submissions and may modify the proposal in response to the record developed through industry, investor, and market-structure feedback.

The timing is notable given broader SEC efforts toward clearer rules for digital assets in U.S. markets. The agency has framed parts of its work under “Project Crypto,” launched in August 2025, aimed at clarifying how digital-asset technologies could be integrated into existing regulatory frameworks.

Separately, Cointelegraph previously reported that the SEC was set to release a plan intended to allow an innovation exemption for tokenized stock trading, but that the plan was postponed after exchange officials raised concerns about execution. While the rescission of NMS trade-through rules is a different regulatory lever than an innovation-exemption pathway, both developments reinforce the same theme: the SEC is actively adjusting regulatory scaffolding to address how modern execution models may fit into established market rules.

For institutions and regulated firms, these developments also intersect with compliance frameworks beyond NMS rules. Tokenized equities proposals and implementations typically implicate licensing and supervisory responsibilities, disclosure requirements, AML/KYC considerations where applicable to counterparties and intermediaries, and cross-border questions if digital asset infrastructure or counterparties involve foreign components. Although the SEC’s rescission proposal centers on market-structure rules, implementation decisions by regulated entities can still trigger downstream compliance requirements.

Closing perspective

Whether rescinding Rules 611 and 610(e) becomes final, the SEC’s proposal signals a willingness to revisit how price-protection rules should apply as securities trading infrastructure evolves. Market participants should monitor the comment record for how the SEC intends to operationalize any “best execution” substitution, and how regulators expect tokenized-stock execution models to demonstrate compliance in practice.

Metaplanet, the Tokyo-listed company known for holding Bitcoin on its balance sheet, has agreed to acquire Siiibo Securities in a 2.1 billion yen (about $13.1 million) deal. The acquisition is designed to give the firm a formal securities arm that can offer Bitcoin-linked products to investors in Japan.

In a share transfer agreement reported by Metaplanet, the company will purchase 100% of Siiibo Securities, a licensed financial instruments business operator. After the transaction closes—expected in July—Siiibo Securities will become a wholly owned Metaplanet subsidiary and be renamed Metaplanet Securities.

Key takeaways

• Metaplanet will acquire Siiibo Securities for 2.1 billion yen to build a dedicated securities business in Japan.
• The renamed entity, Metaplanet Securities, is expected to be in place after a July closing.
• Metaplanet links the move to “Project Nova,” aiming to distribute Bitcoin-related yield products to Japanese investors.
• Metaplanet says its BTC holdings will underpin product development, citing 40,177 BTC on its balance sheet.
• The deal reflects a broader shift as Japanese lawmakers and market infrastructure firms explore integrating crypto into traditional finance.

From Bitcoin treasury to regulated securities

The strategic rationale behind the deal is closely tied to Metaplanet’s existing positioning in Bitcoin. According to CEO Simon Gerovich, the acquisition is the “first step” in “Project Nova,” the company’s plan to construct a Bitcoin-centric financial ecosystem in Japan.

In an announcement through his public post, Gerovich said Metaplanet intends to develop and distribute Bitcoin-related yield products directly to Japanese investors, supported by the firm’s Bitcoin holdings. The company’s stated goal is to translate its treasury exposure into regulated income-oriented offerings.

Metaplanet also argued that Siiibo’s existing capabilities—its licensing, corporate bond platform, and established customer base—could help the company create products such as BTC-linked bonds. The mechanism would allow Metaplanet to reach investors seeking yield within Japan’s mainstream financial channels, rather than relying solely on crypto-native distribution.

Why the July closing matters for product rollout

While the agreement is a significant step, Metaplanet’s plan depends on regulatory and operational completion after the transaction closes. The company expects July to be the turning point when Siiibo Securities becomes fully integrated and renamed as Metaplanet Securities.

For investors and market participants, that timeline is important because the ability to issue or distribute particular yield products typically depends on corporate structure, licensing scope, and readiness to serve customers within the relevant regulatory framework. By securing an operating securities entity before expanding its product slate, Metaplanet is effectively reducing the friction of moving from a treasury-first model to a finance-distribution model.

Metaplanet also emphasized the investor access angle—its access to a customer base that is already engaged with Japanese securities services. That could be critical for any effort to launch Bitcoin-linked structured income products in a way that fits local investor preferences and compliance requirements.

Metaplanet’s Bitcoin holdings fuel the pitch

Metaplanet’s acquisition strategy is tightly linked to the scale of its Bitcoin stash. Bitcoin Treasuries, a data tracker, attributes a net asset value of 457.6 billion yen (about $2.8 billion) to Metaplanet’s Bitcoin holdings. Bitcoin Treasuries also characterizes Metaplanet as the largest publicly listed Bitcoin holder in Japan and the third-largest globally.

That matters because Metaplanet’s executives are framing the securities expansion as a way to “support” Bitcoin-related yield products with on-balance-sheet exposure. Although the company has not detailed specific product structures in the announcement, the premise is that it can potentially align treasury holdings with products designed to deliver yield-oriented outcomes to Japanese customers.

The real watch item going forward is how Metaplanet translates treasury-backed positioning into actual offerings: what the product terms look like, how they’re distributed through Metaplanet Securities, and how they comply with Japan’s evolving treatment of digital assets in the financial instruments framework.

Japan’s regulatory shift is pulling crypto closer to capital markets

Metaplanet’s move lands as Japan’s broader legal and market infrastructure is moving toward a more formal integration of crypto within traditional finance. Earlier coverage noted that Japan’s Lower House reportedly passed a bill on Thursday that would bring crypto assets under Japan’s financial instruments framework. If implemented as described, it could open the door to structures such as crypto exchange-traded funds and potentially improve tax treatment for digital assets.

In parallel, market infrastructure providers are testing how digital assets might function alongside existing capital market instruments. In April, the Japan Securities Clearing Corporation—part of Japan Exchange Group—said it would launch a proof of concept with Mizuho, Nomura, and Digital Asset. The project is aimed at testing Japanese government bonds as digital collateral using the Canton Network.

Banking groups are also reported to be exploring reward-based crypto access. SBI Shinsei Bank, for example, was reported to be preparing a deposit-linked crypto rewards service that would let customers receive vouchers redeemable for Bitcoin, Ether, or XRP through SBI VC Trade. The wider SBI group has also been expanding across crypto exchange-related services, stablecoin lending, and planned securities offerings including investment trusts and ETFs tied to crypto assets.

Taken together, the acquisition of Siiibo Securities appears aligned with a broader trend: crypto firms in Japan are positioning themselves to operate more directly within regulated financial pathways as the country’s rules evolve. For Metaplanet, building a securities subsidiary could be a practical bridge between holding Bitcoin and serving investors through Japan’s conventional financial distribution channels.

Investors should watch next for two developments: whether the transaction closes smoothly in July, and how Metaplanet Securities plans to structure and launch the Bitcoin-linked yield products it says it intends to distribute to Japanese investors. The details of those products will likely determine how effectively Metaplanet can convert its BTC treasury advantage into durable, regulated income offerings.

SpaceX shares have drawn a fair value estimate of $63 from Morningstar even as bullish forecasts have pushed price targets as high as $190 following the company’s public market debut.

According to a Wall Street Journal report, analysts at Morningstar believe SpaceX stock is trading well above its underlying value despite the intense demand surrounding the offering.

The research firm estimated a fair value of $63 per share, far below the indicative IPO pricing of $135, suggesting the stock may be worth less than half of where investors are currently valuing it.

Discussion around valuation has intensified as SpaceX becomes one of the most closely followed listings in recent years. While Morningstar’s estimate points to a potential correction if investor enthusiasm fades, other market analysts have maintained a far more optimistic outlook and projected the stock could climb to $190.

Demand remains strong despite valuation concerns

Wall Street Journal reporting noted that Morningstar does not expect an immediate selloff despite its valuation warning. The firm’s analysts argued that heavy interest from institutional and retail investors could keep shares elevated for an extended period after the listing.

Adding to that narrative, market commentator Walter Bloomberg said the offering attracted more than $350 billion in total demand, underscoring the strong appetite for SpaceX shares ahead of the listing. Bloomberg later reported that the stock opened at $150, above its $135 IPO price, before climbing to around $161.68, giving the company an implied market value of roughly $1.96 trillion during its Nasdaq debut.

Evidence of that demand has also appeared across crypto markets. Earlier reporting by crypto.news noted that Backpack Securities and Sunrise launched SPCX, a tokenized asset on Solana backed by underlying SpaceX shares. Eligible holders can convert the tokens into actual shares, creating a blockchain-based route to SpaceX exposure.

Meanwhile, Binance Wallet’s SpaceX IPO campaign reportedly drew approximately $557 million in subscription funds. Binance listed 135 USDC as the indicative token price before fees, while the offering included a 5% underwriting charge and accepted subscriptions through USDC.

Crypto markets have amplified SpaceX speculation

Outside traditional markets, SpaceX enthusiasm has spilled into several crypto trading venues.

According to a report by crypto.news, Velvet’s native token surged more than 1,400% over the past week after the platform promoted synthetic SpaceX exposure through its SPCX pre-IPO market.

Derivatives traders have also gravitated toward SpaceX-linked products. Hyperliquid’s synthetic SPCX perpetual market has attracted significant activity as investors seek exposure before regular stock trading begins.

Hyperliquid showed implied valuations trading well above the IPO pricing, helping fuel higher trading volumes and pushing HYPE futures open interest to $2.56 billion.

Morningstar, nevertheless, argued that investor excitement alone will not determine SpaceX’s long-term value. The firm expects future performance to depend on revenue growth, profitability, and the company’s ability to justify expectations built into its valuation.

Limited share availability may continue supporting prices in the early stages of trading, according to the firm’s assessment. Over time, however, additional shares entering the market could increase selling pressure and force investors to focus more closely on business fundamentals.

Should those fundamentals fail to support current expectations, Morningstar believes SpaceX stock could gradually move closer to its estimated fair value of $63.

• Official Trump coin price surges 18%, outperforming the broader crypto market.
• The rally is driven by Donald Trump’s upcoming birthday on June 14.
• Key levels to watch include the resistance at $2.20 and the support at $1.80.

The Official Trump coin price has seen a sharp move to the upside, climbing about 18% in 24 hours to $2.02.

The rally has stood out because the broader crypto market gained only about 1.02%, meaning the token significantly outpaced overall market momentum.

Trading activity also picked up significantly, with 24-hour volume surging to roughly $455 million, while futures positioning showed rising interest.

This combination of price expansion and elevated participation has placed the Official Trump memecoin back into active focus among short-term traders.

Why is the Official Trump coin price rising?

The latest surge in the Official Trump coin price is largely being driven by event-based speculation tied to former US President Donald Trump’s upcoming birthday on June 14.

Traders have been accumulating positions in anticipation of possible social media activity or announcements around the date, creating a strong narrative-driven rally.

This type of trading behaviour has historically been common in meme-driven tokens, where sentiment and timing often outweigh fundamentals.

In this case, expectations of increased attention surrounding the birthday event have acted as a short-term catalyst, pushing demand higher across both spot and derivatives markets.

Data from recent trading activity supports this view, with spot trading volume increasing by around 149% within 24 hours, while futures open interest also rose by approximately 18%, showing that leveraged positions are actively being added rather than closed.

This suggests traders are not only buying the asset outright but are also using derivatives to amplify exposure to the ongoing momentum.

Another factor supporting the move is broader speculative sentiment across the cryptocurrency market. Some traders are interpreting strength in meme coins such as the Official Trump coin as an early signal of improving risk appetite.

This has led to additional inflows, particularly into high-volatility assets where short-term gains can be more pronounced.

Official Trump coin price forecast

The near-term outlook for the Official Trump coin price will likely depend on how it reacts around key technical levels and the upcoming June 14 event window.

At present, traders should closely watch $2.20 as the immediate resistance level.

This price zone has acted as a ceiling during recent trading sessions, and a clean break above it could open the path toward the next upside target near $2.50.

If buying pressure continues and volume remains elevated above the current daily average of roughly $400 million, momentum could extend further as short-term traders follow the breakout structure.

In this scenario, price action would likely remain driven by sentiment and event expectations rather than longer-term fundamentals.

On the downside, the most important support level sits near $1.574. This level has been identified as the threshold that keeps the current bullish structure intact.

A failure to hold above this zone could trigger rapid profit-taking, especially if leveraged long positions begin to unwind.