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Pi coin halving explained: the mining rate math

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Pi coin halving explained: the mining rate math

Pi Network borrowed crypto’s most powerful word and built a very different machine behind it.

Summary

  • Pi’s mining-rate halvings are real, but they affect new emissions rather than the larger unlock flow already pressuring price.
  • Around 6.5 million PI entering circulation daily makes unlocks more important than fresh mining emissions in 2026.
  • The real supply debate is not only 100 billion PI, but how much eventually migrates, unlocks, and becomes sellable.
  • Protocol upgrades and ecosystem growth may help demand, but utility must absorb recurring supply rather than one-time hype.

The full supply math runs from the 3.1415926 starting rate to the unlock schedule that now swamps it, and that math defines what the price can realistically do. Few words in crypto carry the weight of “halving.” Bitcoin built a 16-year religion around it: a clockwork cut to new supply, every four years, that has preceded every major bull market the asset has had.

So when Pi Network describes its own mining system in halving language, and when its team points to halvings as the reason a 100 billion token supply will not drown the price, the word does a lot of persuading on its own. That persuasion needs an audit. Pi does have halvings, real ones, with a history and a schedule of sorts. It also has a supply system in which those halvings are close to irrelevant for the question holders actually care about.

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The tokens pressuring the price in 2026 were not mined yesterday at the current rate. They were mined years ago at far higher rates, and they are arriving on the market through a different door entirely. With PI trading near $0.12, down from a $2.99 peak in the first days of open trading, the gap between the scarcity story and the supply reality has become the most important piece of math in the ecosystem. What follows walks the math from the beginning: the original mining formula, the milestone halvings, the switch to monthly supply caps at mainnet, the unlock schedule that now dominates everything, and what would have to change for the halving narrative to start mattering.

The math in one paragraph

For readers who want the conclusion before the derivation: Pi’s halvings cut the rate of new mining, which in 2026 is a trickle, while the supply that moves the market comes from the migration and vesting of roughly 100 billion pre-allocated tokens, of which only about 9 billion circulate today. Around 6.5 million PI in newly unlocked tokens reach the market every day, a flow that dwarfs fresh mining emissions and adds tens of millions of dollars in potential sell pressure every month at current prices. Halving the mining rate slows the filling of a reservoir that is already 91% full of committed water behind the dam. Both the mechanics and the overhang are real; the overhang is bigger, for years to come, under every published version of the schedule.

Where the rate began: 3.1415926 per hour

Pi’s original mining design has a certain mathematical charm. When the network launched on March 14, 2019, Pi Day, every Pioneer mined at a systemwide base rate of 3.1415926 Pi per hour, the first digits of the constant the project is named for. The rule attached to that rate was simple and aggressive: each time the network of engaged Pioneers grew by a factor of ten, starting from 1,000 users, the base rate would halve. Growth came fast, so the halvings came fast.

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Five halvings have occurred, triggered at the 1,000, 10,000, 100,000, 1 million, and 10 million engaged Pioneer milestones, each cutting the base rate in half. The next milestone on the original schedule sits at 100 million engaged Pioneers, and the December 2021 whitepaper noted the network was then above 30 million engaged users. The whitepaper also kept open a more drastic option: stopping mining altogether once the network reached a size the team never specified. Two things about this design separate it from the halving everyone knows.

Bitcoin halves on a fixed clock, every 210,000 blocks, roughly every four years, with a date the entire market can calculate years in advance. Pi halves on a growth milestone, which means the timing depends on user acquisition, the metric is “engaged Pioneers” as measured by the team, and nobody outside the company can verify how close the trigger is. A halving you cannot date is a halving the market cannot front-run, and front-running is most of what gives Bitcoin’s halving its price relevance. The second difference is direction of causality: Bitcoin’s halving rewards existing holders as adoption grows, while Pi’s milestone design was built to keep early mining generous enough to recruit, then throttle issuance as recruitment succeeded.

What each Pioneer actually mines

The base rate is only the floor of an individual’s mining speed, and the multiplier system matters for the supply math because it determines how unevenly the rewards have accrued. Every active Pioneer earns at least the systemwide base rate. On top of it stack bonuses: rewards for security circle connections, a referral team bonus for each invited member mining concurrently, node operation rewards for those running the desktop software, app usage rewards, and lockup bonuses that pay extra mining speed in exchange for voluntarily freezing balances for periods from two weeks to three years. A well-connected early Pioneer with a large referral tree, a node, and a long lockup could mine at many multiples of the base rate.

Today’s market carries the distributional consequence. The cheapest Pi ever created sits in the oldest and largest accounts, the ones with the deepest referral trees, and those balances have been migrating to mainnet and unlocking through 2025 and 2026. When the price chart shows persistent selling into every bounce, the mining formula’s history says who has the most room to sell profitably at any price above zero. It is the cohort the formula was designed to enrich first.

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The metric nobody can audit

Before leaving the milestone system behind, one of its quietest problems needs daylight: nobody outside the company can measure the number that triggers the halving. Pi’s public figures come in layers that do not reconcile from outside. The project has claimed more than 60 million users at its peak messaging, recent coverage cites over 18 million KYC-verified accounts, and the halving trigger uses a third measure entirely, “engaged Pioneers,” defined by activity criteria the team applies internally. The December 2021 whitepaper placed that figure above 30 million.

Where engaged Pioneers stand in mid-2026, after a year of price collapse that has surely thinned daily check-ins, is not published on any dashboard a holder can refresh. The 100 million milestone could be two years away or could effectively never arrive if engagement has plateaued, and the difference between those worlds is invisible from the outside. Contrast the information environment around the halving everyone else means by the word. Any Bitcoin holder can compute the next halving to the block, watch the countdown on a dozen public sites, and verify the issuance change in the chain data the moment it happens.

The event’s power comes from this common knowledge: everyone knows that everyone knows, so positioning starts months ahead and the narrative compounds. Pi’s milestone halving offers the market nothing to coordinate around. It will be announced when the team says the threshold was crossed, verified by the team’s own definition, on data only the team holds. Whatever else that is, it is not an event a market can price in advance, which removes the one channel through which halvings have historically moved anything.

The pattern repeats across Pi’s supply system. The numbers that matter most, engaged users, migration completion, KYC attrition, and discretionary release timing, are exactly the numbers held privately. A project that wants its scarcity mechanics taken seriously could publish every one of them tomorrow. Choosing not to tells the market something, and the market has been pricing it all year.

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The mainnet switch: from halvings to a supply budget

In December 2021, new whitepaper chapters quietly retired the pure milestone model and replaced it with something more corporate: a fixed maximum supply of 100 billion Pi, divided by allocation, with new mining drawn from a budgeted pool. The split honors the original 80/20 principle between community and core team. Of the 100 billion: 65 billion is reserved for mining rewards to past and future Pioneers, 10 billion for community organizations and ecosystem building, 5 billion for liquidity, and 20 billion for the core team. The team’s allocation unlocks proportionally to community migration, a design meant to prevent the company from cashing out ahead of its users.

Within the 65 billion mining pool, issuance follows declining monthly supply limits, with the systemwide rate adjusted dynamically so that each month’s total new mining fits inside an exponentially decreasing budget. This was the moment Pi’s halving story changed character. The milestone halvings still exist on paper, with the 100 million Pioneer trigger still ahead, but the binding constraint on new supply became the monthly budget formula, which declines smoothly instead of in dramatic halves. There is no future Pi halving event that will cut flowing supply in half overnight the way Bitcoin’s does, because the system no longer works that way.

Out of the redesign also came the number that now towers over everything else: the difference between 100 billion allocated and roughly 9 billion circulating. As of early 2026, only about 9% of the eventual supply trades. The other 91% exists as a claim: unmined pool, unmigrated balances awaiting KYC, locked tokens serving out their bonus terms, and team and foundation allocations vesting on their schedules. Every one of those categories resolves, eventually, into circulating supply, while mining rate math governs only the first and smallest of them.

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The unlock flow versus the mining trickle

Now the arithmetic gets concrete, because this is where the argument in the title gets settled. Through 2026, the dominant source of new circulating Pi has been unlocks: previously mined balances exiting their lockup terms, migrated balances clearing the pipeline, and scheduled releases tied to the allocation model. Tracking through the spring put the average at roughly 6.5 million PI entering circulation per day, which compounds to just under 200 million tokens a month. At a $0.12 price, that is over $20 million in potential monthly sell pressure; at the prices holders are hoping to return to, the dollar figure scales up with the dream.

The schedule reflects the same monthly pressure the market struggled with earlier in the year, and the struggle shows. The token broke below $0.13 support in early June on sustained selling volume, with technicians eyeing $0.10 next. Fresh mining must be placed beside that flow. The base rate has been halved five times from its 2019 starting point, and the monthly budget formula throttles it further across a user base where most participants mine at low multipliers.

Fresh emissions in 2026 are a small fraction of the unlock flow, and cutting them in half again at the 100 million Pioneer milestone would change the total monthly supply growth by a rounding error. That is the core asymmetry: halvings act on the flow of newly created tokens, while Pi’s price is set by the flow of previously created tokens reaching the market. Bitcoin never had this problem because Bitcoin had no pre-mined reservoir; every coin that exists was mined into the market at the prevailing rate, so cutting the rate cut the only supply source there was. Pi’s halving cuts the smaller of two pipes and leaves the larger one untouched.

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A holder can check this logic against the chart. Bitcoin’s halvings preceded rallies because they measurably tightened the daily balance between new supply and steady demand. Pi’s five halvings have already happened, the monthly budget already declines, and the price fell more than 95% from its peak anyway, because none of that machinery touches the unlock schedule. The scarcity mechanics are real enough, just aimed at the wrong pipe.

The lockup machine and what it defers

Lockups need a closer look, because they are the one mechanism that actually removes supply from the market today, and they do it with a catch. A Pioneer who locks tokens for a longer term mines faster, which means the system pays users in future tokens to withhold present ones. In the short run this works exactly as designed: a meaningful share of migrated balances sits frozen, the daily sellable float shrinks, and the price gets a reprieve. In the long run, every lockup is a deferral, not a removal.

The locked tokens return to the float when their term expires, and they return accompanied by the bonus tokens the lockup earned, which means the mechanism converts present supply relief into amplified future supply. A three-year lockup opened in the post-mainnet enthusiasm of early 2025 matures in early 2028 carrying its rewards with it. None of this makes lockups bad design; deferral has real value, and a project buying time to build utility is making a defensible trade. But the supply math has to count both sides of it.

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The unlock flow of 2026 is partly the echo of lockups chosen in 2022 and 2023, and the lockups being chosen today at depressed prices are writing the unlock schedule of 2028 and 2029. The reservoir does not drain through this mechanism. It sloshes. That is why the lockup system can reduce immediate sell pressure while still expanding the future supply problem.

The case that 100 billion never arrives

Inside the community circulates the strongest counterargument to everything above, and it deserves a fair hearing rather than dismissal. It runs as follows: the 100 billion figure is a ceiling, not a destination. The 65 billion mining pool pays out only for mining that actually happens, at rates that keep declining, across a user base whose growth has slowed. Tokens allocated to balances that never clear KYC may never migrate, and the team has tied portions of its own allocation to community migration that may never complete.

Run those leakages forward and several community analysts project a practical circulating supply stabilizing somewhere between 30 billion and 40 billion Pi, far short of the full hundred. If true, the effective dilution ahead is roughly a third of what the headline number implies. The projection is plausible, and the serious objections to it concern knowability, not direction. The variables that determine where supply stabilizes, including KYC completion rates, migration policy, the unspecified mining stop option, and the team’s release decisions, all sit inside the company’s discretion and outside public verification.

An asset whose terminal supply ranges from 30 billion to 100 billion depending on unpublished operational choices is an asset the market will discount for uncertainty, and the discount shows up as exactly the chart Pi has. Bitcoin’s supply schedule earns a premium not because 21 million is a small number but because no one can change it. Pi’s schedule carries a penalty not because 100 billion is large but because the real number is unknowable from outside. Scarcity that requires trusting an issuer is, in market terms, a different and weaker product than scarcity enforced by code.

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There is a constructive version of this point. If the practical-supply argument is right, the cheapest credibility upgrade available to the core team is publication: audited migration statistics, a binding schedule for the team allocation, and a hard answer on the mining stop. The gap between 30 billion and 100 billion is worth more to the price, closed, than any halving. That is the kind of disclosure that would let the market price scarcity instead of guessing at it.

Why the team refuses to burn

Every few months the community’s favorite alternative resurfaces: burn the supply down. Petitions have circulated asking the team to destroy 10 billion or 20 billion tokens outright, importing the deflationary mechanics that other projects use to manufacture scarcity. The core team has rejected the idea explicitly, stating that supply discipline will come from halvings, the declining mining rate, and KYC gating instead. It has also argued that the large supply exists to keep the network accessible to a global user base instead of expensive for late arrivals.

The refusal is more defensible than frustrated holders allow, and less sufficient than the team implies. It is defensible because burning community-allocated tokens to lift the price for existing holders would invert the project’s stated purpose, and because burns at this scale would mostly reward the same early whales the mining formula already favored. It is insufficient because the stated alternatives do not address the overhang, as this piece has shown, and because “trust our discretion” is the exact posture the market is already discounting. Other ecosystems have shown a middle path that Pi has so far declined: mechanical, revenue-linked buyback or burn programs, transparent and rule-bound, that tie supply reduction to actual ecosystem usage instead of decree.

Pi has no protocol revenue to commit yet, which is its own answer about sequencing: utility first, then mechanics. The chart records how long the market is willing to wait. This is why burns remain a tempting but incomplete answer. Without recurring demand or transparent supply policy, a burn would change the headline number faster than it changes the underlying confidence problem.

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What the math permits the price to do

Put the pieces side by side and the supply half of Pi’s price equation reads roughly like this for the next several years. Close to 200 million new tokens a month arrive from unlocks and scheduled releases, a flow that no halving touches. Fresh mining adds a small increment on top, declining on its budgeted curve. Lockup maturities add lumpy surges with their bonus amplification.

Against all of that stands whatever organic demand exists: grassroots commerce, speculative accumulation near lows, ecosystem hopes pinned to the protocol upgrade ladder, and the smart contract functionality promised around version 26. None of this math forbids recovery; it prices it. For PI to hold any level, monthly demand must absorb the monthly flow at that level, which at $0.12 means finding over $20 million of genuine new buying every month just to stand still, and proportionally more at higher prices. That is the core of what the numbers actually permit the price to do.

Catalysts that create one-time demand spikes, an exchange listing, a Pi2Day announcement, or a protocol release, lift the price into a heavier supply schedule and then hand it back to the flow. Catalysts that create recurring demand, real applications with real token sinks and fee burn from actual usage, are the only kind the supply schedule cannot defeat. They are also the kind that takes years. This is the same lesson the divergence between corporate progress and token price has taught holders of much larger assets this year, played out with a supply overhang several times more aggressive.

The halving milestone at 100 million engaged Pioneers will arrive eventually, and when it does, the announcement will borrow Bitcoin’s vocabulary one more time. Holders who have followed the math to this point will know what to check before celebrating: not the new mining rate, but the month’s unlock total beside it. That comparison is what decides whether the event matters. Until the larger pipe slows, the smaller pipe is not the story.

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A schedule is not a slogan

Pi Network did not lie about its halvings. Five of them happened, the rates fell, the monthly budget declines, and the team can point to every mechanism it promised. What the project borrowed, without earning, is the meaning the market attaches to the word: the Bitcoin-trained reflex that halving equals scarcity equals appreciation. That reflex was built on a system with no reservoir, no discretion, and no door between allocation and circulation except mining itself.

Pi has all three, and they, not the mining rate, write its supply story. One honest path remains for making the scarcity language true. Drain the uncertainty rather than the supply: publish the migration math, bind the discretionary releases, define the mining endgame, and let utility grow into the float that exists instead of promising that the float will stop growing. The day the practical supply becomes a number the market can verify is the day Pi’s halvings start to mean something.

Until then, the most important rate in the ecosystem is not 3.1415926 divided by thirty-two. It is 6.5 million per day.

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As of June 11, 2026. Supply figures and unlock rates change monthly; verify current data before trading. This article is information, not investment advice.

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Elon Musk fuels loan frenzy ahead of blockbuster SpaceX IPO

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SpaceX goes on-chain as SPCX launches on Solana

Retail traders have scrambled for SpaceX shares ahead of the aerospace giant’s IPO, with some reportedly seeking loans as demand climbs far above available supply.

Summary

  • Some investors are seeking personal loans and additional financing to buy SpaceX shares as demand for the IPO surges.
  • Retail interest could reach $70 billion despite only $22.5 billion of shares being allocated to individual investors.
  • SpaceX faces legal and regulatory scrutiny ahead of its debut, but Oppenheimer maintains a $190 price target versus the expected $135 IPO price.

According to Bloomberg, some investors have gone beyond setting aside cash and have attempted to borrow additional funds in an effort to secure shares in Elon Musk’s rocket and satellite company.

The rush comes as SpaceX prepares for one of the most closely watched public offerings in recent years, carrying a valuation of around $1.75 trillion.

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Among those seeking exposure is Anna Watts, a 33-year-old public relations manager from New York. Bloomberg reported that Watts has accumulated $6,500 for the offering and unsuccessfully sought an additional $5,000 from both a friend and a bank. Despite the rejected loan requests, she told Bloomberg she remains committed to participating in the IPO.

Investor demand has continued to build even as concerns surrounding the company have drawn attention in recent weeks.

According to previous reporting by crypto.news, Senator Elizabeth Warren urged the U.S. Securities and Exchange Commission to delay the offering, citing questions related to investor protections, corporate governance, and valuation.

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Retail demand has outpaced available shares

Bloomberg reported that investor interest exceeds the number of shares available for sale by more than four times. SpaceX has allocated approximately 30% of the offering to retail participants, a portion valued at about $22.5 billion.

Market observers cited by Bloomberg estimate that retail demand could approach $70 billion once trading begins, highlighting the gap between available shares and investor appetite.

Many buyers appear to be driven by Musk’s long track record of building high-profile companies. Tesla’s transformation from a niche electric vehicle maker into one of the world’s most valuable corporations has encouraged some investors to view SpaceX as a similar long-term opportunity.

Others have already sought indirect exposure through investment funds holding private SpaceX shares while waiting for broader public access through the IPO. Bloomberg reported that some investors describe the offering as a rare opportunity they intend to hold for many years.

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Legal and regulatory concerns remain in focus

Away from the enthusiasm surrounding the listing, SpaceX and xAI are facing a legal challenge tied to Musk’s artificial intelligence business.

According to a complaint filed in California’s Santa Clara County Superior Court, former xAI engineer Devin Kim alleges he was dismissed after raising concerns about Grok’s safety systems and pushing for additional testing procedures.

The lawsuit claims the chatbot lacked sufficient safeguards against misinformation, bias, and other harmful outputs.

Kim is seeking compensatory damages, punitive damages, attorneys’ fees, forfeited equity compensation, and other remedies. SpaceX was included in the lawsuit following the recent merger between the two companies, placing the dispute under additional scrutiny just before the IPO.

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Despite those developments, Wall Street sentiment has remained largely constructive. As previously reported by crypto.news, brokerage firm Oppenheimer initiated coverage of SpaceX with an outperform rating and assigned a $190 price target, above the company’s expected IPO price of $135.

SpaceX enters the public market after years of growth in commercial launch services, astronaut transportation, and Starlink satellite internet operations.

While regulators, lawmakers, and legal challenges continue to attract attention, Bloomberg reported that strong demand from Musk supporters remains the dominant force shaping interest in the offering.

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SEC Moves to Scrap Rule 611: Here’s What It Means for Tokenized Stocks

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SEC Moves to Scrap Rule 611: Here’s What It Means for Tokenized Stocks

The US Securities and Exchange Commission (SEC) has proposed rescinding Rules 611 and 610(e) of Regulation NMS, the trade-through rule that has shaped US equity market structure since 2005.

Galaxy Digital’s Head of Firmwide Research, Alex Thorn, called the rule “one of the biggest structural barriers” to tokenized US equities trading in decentralized finance (DeFi).

SEC Plans to Drop Rule 611 

Rule 611, commonly known as the Order Protection Rule, is part of the US Securities and Exchange Commission’s (SEC) Regulation NMS framework. 

The rule requires trading venues, such as stock exchanges and broker-dealers, to prevent “trade-throughs,” instances in which an order is executed at a worse price when a better price is available on another exchange.

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Thorn explained that in practice, every trade in a national market system (NMS) stock must respect the national best bid and offer (NBBO).

The SEC also proposed scrapping Rule 610(e). It concerns locking and crossing quotations in US equity markets. A 60-day public comment period follows publication in the Federal Register.

“This proposal is intended to simplify market structure and reduce costs for market participants while allowing competition, innovation, and other market forces to shape the continuing evolution of our equity markets. I look forward to reviewing public comments as we take a careful, deliberative approach to avoid repeating the same mistakes that brought us here,” SEC Chairman Paul Atkins said.

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Galaxy’s Alex Thorn Calls SEC Rule Repeal A Breakthrough For Tokenized Stocks

Thorn argued that this is “one of the biggest unlocks yet for tokenized stocks.” He noted that automated market makers (AMMs) cannot comply with these rules by design. Pools execute against bonding curves at whatever price liquidity dictates, with slippage, at block-time granularity.

“An AMM can’t route intermarket sweep orders. can’t ingest SIP data with latency guarantees. can’t halt a swap because a better quote exists on Nasdaq. any pool in a tokenized NMS stock would commit trade-throughs constantly and arguably be an illegal trading center,” he stated. 610(e) is the same story. AMM prices drift continuously with flow and would routinely lock or cross the displayed NBBO, which venues are currently required to prevent.”

Without Rule 611, the broker-level best execution duty under FINRA Rule 5310 would govern order handling. That standard is principles-based rather than enforced trade-by-trade.  He argued that this framework can accommodate automated market makers (AMMs), whereas the previous system could not.

However, he noted that tokenized NMS stocks still face open questions on exchange and ATS registration, clearance, and settlement. Thorn hopes the SEC’s forthcoming “innovation exemption” will address many of these issues.

Thorn described the sequencing as the SEC executing its Project Crypto playbook. The agency clears the hardest market structure obstacle first, then handles venue registration through exemptive relief. The comment period will reveal whether market participants oppose dismantling a 20-year-old pillar of US trading.

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BlackRock Places $5 Billion Order for SpaceX IPO Ahead of Historic Nasdaq Debut

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BlackRock Places $5 Billion Order for SpaceX IPO Ahead of Historic Nasdaq Debut

BlackRock placed an order for at least $5 billion in SpaceX IPO shares ahead of the historic Nasdaq debut, according to Bloomberg. The move adds heavyweight institutional backing to what could be the largest IPO ever recorded.

The reported bid from the world’s largest asset manager intensifies the spotlight on the listing.

What BlackRock’s Bet on the SpaceX IPO Reveals

An IPO marks the moment a private firm begins trading on an exchange, opening its capital to a broader base of shareholders. SpaceX combines a high-impact technology narrative with a growth track record that has drawn strong demand from both institutional funds and retail investors, making this listing one of the most anticipated of the decade.

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The scale of the deal is unprecedented, with SpaceX aiming to raise roughly $75 billion at a valuation near $1.8 trillion, a figure that would not only set a global IPO record but also place the company among the most valuable in the world.

BlackRock, the world’s largest asset manager, is reportedly seeking at least $5 billion in shares, a level of conviction that, according to Bloomberg, reflects either deep confidence in SpaceX’s long-term growth potential or the strategic value of securing exposure to a company of this caliber from day one of trading.

Read More: How to Buy the SpaceX IPO Stock? Crypto Users Have an Inside Lane

The order book reportedly closed on Wednesday, and lead banks are now finalizing the allocations ahead of the Nasdaq listing, a delicate process given that large funds, institutional clients, and a sizable retail segment are all competing for a limited number of shares.

A $5 billion order, however, does not necessarily translate into the final allocation, as oversubscribed IPOs typically see large investors request far more shares than they ultimately receive, particularly when demand outpaces supply by a wide margin.

Why Elon Musk’s IPO Style Is Different

Elon Musk has rewritten the traditional IPO rules for SpaceX, designing a process that gives retail investors a stronger role, pushes for early index inclusion, and embeds a governance structure built to preserve firm founder control in the years ahead.

BeInCrypto previously reported that SpaceX is considering allocating up to 30% of the offering to individual investors, a share that clearly breaks with traditional practice, where the most attractive tranches usually concentrate in the hands of institutions with close ties to the placement banks.

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That detail matters far beyond the equity market, since a larger retail allocation could intensify FOMO buying around the debut and pull liquidity away from other risk assets, including Bitcoin and Ethereum, during the trading days surrounding the Friday listing.

The expectations extend beyond traditional finance, since traders on the prediction market platform Polymarket see a strong likelihood that SpaceX will rise on its public market debut, with high odds of closing with a market capitalization above $2 trillion.

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For BlackRock, the strategic logic looks straightforward, as SpaceX brings together Starship, Starlink, and a growing set of AI projects, including the recent xAI acquisition, a bundle that fits perfectly into a market that keeps rewarding growth stories tied to technology, defense, connectivity, and strong founder leadership.

The reported $1.8 trillion valuation also places SpaceX inside a tier reserved for the most dominant global companies, reflecting the confidence parts of the market assign to its competitive position and long-term business vision.

For now, all eyes are on the official Friday debut, where BlackRock’s reported $5 billion interest already signals the financial weight surrounding this listing, and the final allocations will reveal just how much each investor group ultimately receives.

The post BlackRock Places $5 Billion Order for SpaceX IPO Ahead of Historic Nasdaq Debut appeared first on BeInCrypto.

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US stocks rally as Trump signals possible Iran deal

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US stocks rally as Trump signals possible Iran deal

US stocks surged after comments from President Donald Trump reduced concerns about a potential military escalation with Iran.

Summary

  • US equities added about $1.2T in value within 20 minutes.
  • The S&P 500 rose 1.33%, while the Nasdaq gained 1.75%.
  • Trump’s Iran remarks eased escalation fears and lifted market sentiment.

Major equity indexes recorded strong gains after reports said Trump cancelled planned airstrikes and pointed to possible progress in talks with Tehran. Market figures shared online showed more than $1.2 trillion in combined market value returned to US equities within minutes.

Markets rally after reports of eased Iran tensions

According to market commentator Bull Theory, US stocks added roughly $1.2 trillion in value within 20 minutes. The move followed reports that Trump canceled planned military action against Iran. Investors responded quickly as expectations around geopolitical developments changed during the session.

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The S&P 500 led gains among major benchmarks. The index climbed 1.33% and added approximately $890 billion in market capitalization.  At the same time, the Nasdaq advanced 1.75% and contributed around $670 billion.

Meanwhile, the Dow Jones Industrial Average gained 1.22%. The index added roughly $150 billion in market value during the rally. The Russell 2000 also rose 1.70%, increasing its capitalization by about $56 billion.

The gains appeared across several market segments. Large technology companies, industrial firms, and smaller businesses all participated in the advance. The move showed buying activity across multiple areas of the market.

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Index gains spread across large and small cap stocks

Bull Theory highlighted the scale of the market reaction in a post on X. The account linked the rally to reports surrounding US-Iran developments. It also pointed to improving sentiment across major stock indexes.

Market participants often react rapidly to developments involving international relations. Changes in expectations can influence trading activity within minutes. In this case, investors moved into equities following reports of reduced military risk.

Technology shares participated alongside traditional blue-chip companies. Small-cap stocks also recorded gains as the rally expanded. The advance did not remain concentrated within a single industry group.

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Trading activity increased as market sentiment improved during the session. The gains followed several periods of uncertainty tied to geopolitical developments. Investors adjusted positions as new information entered the market.

SpaceX IPO discussion joins market conversation

Attention has also turned toward the anticipated SpaceX initial public offering. Bull Theory noted that the IPO was less than 24 hours away when the comments appeared. The upcoming listing added another point of focus during an active trading session.

Large public offerings often attract interest from both institutional and retail investors. Market participants frequently evaluate such events alongside broader economic and political developments. The expected SpaceX debut remained part of discussions throughout the session.

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Even so, trading activity centered largely on developments related to US-Iran relations. Reports concerning diplomacy and military action remained the primary catalyst behind the market move. Investors continued monitoring official statements from Washington and Tehran for further updates.

The session ended with major indexes holding strong gains. Market participants remained focused on geopolitical developments and upcoming corporate events. The rally underscored how rapidly stock prices can respond to changes in international developments.

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Coinbase emerges as World Cup prediction market winner

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Coinbase emerges as World Cup prediction market winner

The 2026 FIFA World Cup has already positioned Coinbase to capture part of an estimated $5 billion to $10 billion increase in prediction market activity tied to the tournament, according to Bernstein.

Summary

  • Bernstein expects the World Cup to add up to $10 billion in prediction market volume.
  • Coinbase topped $100 million in annualized prediction market revenue in March.
  • Sports accounted for more than 39% of prediction market activity in March.

According to a research report published Thursday by Bernstein, the expanded World Cup is expected to generate more than $3 billion in additional sports betting handle while driving billions of dollars in new prediction market volume as fans engage with 104 matches over the month-long event.

The analysts identified Coinbase as one of the main beneficiaries after the exchange built a prediction market business that surpassed $100 million in annualized revenue in March, only months after launching the product.

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FIFA expects around 6 billion people to follow the tournament worldwide, up from roughly 5 billion viewers during the 2022 World Cup in Qatar.

Bernstein said the tournament arrives during a period that is typically one of the quietest stretches for online sports betting, creating an opportunity for prediction market platforms to attract new users and trading activity.

Coinbase strengthens its position in event-based trading

Earlier this year, Coinbase expanded into prediction markets through a partnership with Kalshi, allowing users across all 50 U.S. states to trade contracts linked to sports, politics, culture, and other real-world events.

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At the same time, the exchange has been expanding its derivatives business. As reported by crypto.news, on June 11, Coinbase secured approval to offer access to global crypto perpetual futures to U.S. users.

Chief executive Brian Armstrong said the approval makes Coinbase the first U.S. platform able to connect customers with global crypto perpetual futures liquidity.

Armstrong argued that regulatory uncertainty had pushed much of the crypto derivatives market offshore, even as many American traders continued seeking access through overseas platforms.

Coinbase said the newly approved structure will connect U.S. customers to liquidity through Deribit, the derivatives exchange it acquired for $2.9 billion earlier this year.

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Alongside derivatives and prediction markets, Coinbase has also introduced Coinbase for Agents, a platform that allows artificial intelligence systems to execute financial tasks directly through user accounts. The company said users can authorize AI agents connected to models such as ChatGPT and Claude to monitor markets, manage positions, rebalance portfolios, and execute trades based on predefined rules.

While the initial rollout focuses on cryptocurrency transactions, Coinbase said support for stocks and prediction markets is planned for a later stage, opening a path for automated participation in event-driven markets.

Sports contracts continue attracting the largest share of activity

Separate industry data suggests sports-related events are becoming the largest source of prediction market volume.

According to an April report from Bitget Wallet and Polymarket, monthly prediction market trading volume reached nearly $26 billion, with retail traders accounting for more than 80% of participants. The report found users are increasingly remaining active across recurring categories rather than only trading around major one-time events such as elections.

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Sports represented more than 39% of total prediction market volume in March, according to data cited by Bitget Wallet and Polymarket, making it the largest category on many platforms.

Competition in the sector is also increasing. Bernstein expects Robinhood to benefit from the World Cup as it launches Rothera, its Commodity Futures Trading Commission-licensed prediction market exchange and clearinghouse. The analysts forecast roughly $586 million in prediction market revenue for Robinhood during 2026.

Regulatory conditions may also become more favorable. On Wednesday, the Commodity Futures Trading Commission released draft rules indicating that sports event contracts are generally not considered contrary to the public interest, despite federal law classifying them as gaming products.

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Hedera’s Hidden $5B Real Estate Market? Private Tokenization Fuels RWA Debate

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Brian Armstrong's Bold Prediction: AI Agents Will Soon Dominate Global Financial

TLDR:

  • Public RWA trackers show $64.5M on Hedera, while RedSwan reports over $5B tokenized assets.
  • RedSwan’s Hedera-based platform targets $25B in tokenized commercial real estate growth.
  • Private security token offerings may explain why billions remain absent from public dashboards.
  • Hedera expands U.S. regulatory engagement as HBAR trades near key support and resistance levels.

Hedera’s tokenization activity has drawn fresh attention as discussions continue around the network’s real-world asset presence.

While public dashboards show a relatively modest amount of tokenized real estate, data shared by ecosystem participants points to a much larger footprint that remains outside publicly tracked markets.

Private Real Estate Tokenization Draws Attention to Hedera Network Activity

Hedera remains under market pressure, with HBAR trading near $0.078 and posting losses over the past 24 hours. Trading activity has stayed muted, while the token continues moving within a narrow range between $0.075 and $0.081.

A recent post from X Finance Bull brought renewed focus to Hedera’s real-world asset ecosystem. The post argued that publicly available RWA trackers may not reflect the network’s full tokenization activity. 

According to the post, public dashboards currently display about $64.5 million in tokenized real estate on Hedera. However, figures associated with RedSwan CRE place the value above $5 billion.

RedSwan CRE is a commercial real estate tokenization platform based in Houston. Hedera’s official information states that the company has tokenized more than $5 billion in institutional-grade properties on the network. The platform also plans to expand that figure to $25 billion over the next 36 months.

The company’s leadership includes CEO Edward Nwokedi, who previously served as an executive director at Cushman & Wakefield. The platform reports more than 13,000 investors and manages funds focused on the United States, Africa, and Gulf markets.

In 2023, RedSwan secured a $4 billion portfolio from a Dubai-based client. The portfolio included 36 mixed-use properties across the Middle East. Those assets were appraised by Cushman & Wakefield and tokenized through RedSwan’s Hedera-based platform.

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The discussion has centered on why those figures remain largely absent from many public RWA dashboards. According to the information shared, these assets are structured as regulated security token offerings and are available only to verified investors.

Regulatory Engagement Continues as HBAR Trades Sideways

Alongside tokenization developments, Hedera has increased its participation in regulatory discussions in the United States. The network recently joined a coalition of roughly 200 organizations supporting the Clarity Act.

The coalition is seeking clearer rules for digital commodities and broader market structure legislation. Supporters argue that clearer regulations could provide greater certainty for blockchain networks and digital assets operating within the U.S. market.

At the same time, Hedera representatives are taking part in the Blockchain Association’s Member Fly-In. During the event, participants are scheduled to meet with 52 U.S. Senate offices to discuss market structure legislation and regulatory frameworks for the industry.

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Meanwhile, market performance has remained subdued. HBAR has declined nearly 9% during the past week, according to market observers cited in the update. Traders have pointed to low volume as a key factor behind the token’s limited price movement.

Analysts continue monitoring nearby technical levels. Resistance remains between $0.084 and $0.10, where stronger buying activity would be required for a breakout. On the downside, support around $0.075 remains an area closely watched by traders.

For now, attention remains divided between Hedera’s regulatory efforts and the debate surrounding the scale of tokenized assets operating on its network.

While public trackers present one view of activity, discussions around private security token offerings continue shaping perceptions of Hedera’s role in real-world asset tokenization.

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Congress Proposes DOJ Task Force for Crypto Theft Probes

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Congress Proposes DOJ Task Force for Crypto Theft Probes

US lawmakers have introduced legislation that would create a Department of Justice-led task force to coordinate investigations into cryptocurrency theft, scams and other digital asset-related crimes across federal, state and local law enforcement agencies.

Under the proposal, the Justice Department would serve as the primary federal coordinator for cryptocurrency theft investigations, bringing together agencies including the FBI, Homeland Security Investigations and Treasury Department’s Financial Crimes Enforcement Network.

The bill introduced by Republican Representative Lance Gooden and his Democratic House colleague Josh Gottheimer directs the task force to develop best practices for evidence collection, blockchain forensics, asset tracing and victim support. It would also provide training and technical assistance to state and local law enforcement agencies.

According to the FBI’s 2025 Internet Crime Report, Americans reported more than $11 billion in crypto-related losses last year.

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Source: Gooden.house.gov

The task force would coordinate with international law enforcement agencies on cross-border investigations and submit annual reports to Congress on emerging threats, enforcement challenges and potential policy recommendations.

The bill specifies that it would not authorize new regulation of cryptocurrency markets, expand the authority of federal agencies or create new criminal offenses, instead focusing on coordination among agencies already responsible for investigating financial crimes.

Related: Chainalysis, South Korean police link up to fight crypto crime

Crypto investigators turn to AI-powered analytics

The proposed task force comes as blockchain intelligence firms increasingly deploy artificial intelligence tools designed to help investigators trace stolen funds, identify illicit activity and analyze complex transaction flows across digital asset networks.

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In March, TRM Labs launched Co-Case Agent, an AI investigative assistant for crypto crime and compliance teams. The company said the tool can trace fund flows, audit blockchain transaction graphs and suggest investigative steps from natural language prompts.

Source: TRMLabs

Chainalysis announced similar blockchain intelligence agents later that month, saying the tools would be rolled out over the summer for investigations and compliance. The company said the agents were designed to help users trace funds and gather intelligence as crypto criminals increasingly use AI to scale their operations.

The growing focus on investigative tools comes as crypto-related exploits continue to generate significant losses. According to DeFiLlama, hackers stole roughly $630 million in April alone, marking the industry’s largest monthly loss total since February 2025.

Magazine: Vietnam preps crypto pilot, HK pushes tokenization: Asia Express

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SpaceX goes on-chain as SPCX launches on Solana

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SpaceX goes on-chain as SPCX launches on Solana

Backpack Securities and Sunrise have introduced SPCX, a token tied to underlying SpaceX shares and issued on Solana.

Summary

  • SPCX gives eligible users blockchain-based exposure to underlying SpaceX shares.
  • Investors can convert SPCX tokens into actual shares through regulated brokers.
  • Solana enables 24/7 trading, transfers, and self-custody of SPCX tokens.

The launch creates a blockchain-based version of SpaceX exposure that eligible users can convert into actual shares. The rollout comes as tokenized securities continue expanding beyond bonds and funds into private company equity markets.

SPCX links Solana trading with SpaceX share ownership

Backpack said SPCX represents a tokenized right backed by underlying SpaceX shares. Eligible investors can redeem tokens for actual shares through regulated brokerage channels. The structure connects blockchain-based trading with traditional securities ownership.

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According to the companies, users can transfer SPCX across supported Solana platforms like other digital assets. At the same time, verified participants can move between tokenized and traditional share formats. The process creates a connection between brokerage infrastructure and blockchain networks.

Backpack CEO Armani Ferrante said the framework allows securities to move between different financial systems. The companies stated that regulated brokerage partners handle conversions into underlying shares. Access will depend on eligibility requirements and supported jurisdictions.

Solana infrastructure supports around-the-clock trading

Sunrise built the issuance and distribution infrastructure supporting SPCX. The project selected Solana because of its transaction capacity and continuous network availability. Users can send, receive, and store SPCX through supported Solana wallets.

Unlike traditional stock markets, blockchain networks operate throughout the day without fixed trading sessions. SPCX transactions can occur outside conventional market hours. The companies said verified users may initiate tokenization and redemption requests at any time.

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The token also supports self-custody through personal wallets. Users can hold SPCX directly within compatible Solana applications. According to the companies, this combines regulated brokerage access with blockchain-based asset storage.

Launch aligns with the anticipated SpaceX public listing

Backpack and Sunrise said SPCX will launch alongside SpaceX’s expected Nasdaq debut today. The timing allows traditional stock trading and onchain token trading to exist simultaneously. Both markets would operate independently while remaining connected through redemption mechanisms.

Under the structure, Nasdaq will host traditional SpaceX share trading. Meanwhile, Solana-based platforms will facilitate SPCX transactions onchain. Eligible users can convert between both formats through participating brokerage partners.

The companies stated that SPCX combines trading, redemption, and self-custody functions within one framework. They also said the model operates alongside regulated financial institutions. The launch adds another example of tokenized securities entering blockchain markets as firms test new methods of asset distribution.

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Digital Asset lands $355M as a16z doubles down on Wall Street rails

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Crypto Breaking News

Digital Asset Holdings has secured a fresh $355 million financing round led by Andreessen Horowitz’s crypto arm, signaling a growing appetite on Wall Street for permissioned blockchain infrastructure. The round also includes participation from 7RIDGE, the Abu Dhabi Investment Authority, Citadel Securities and Optiver, valuing Digital Asset at roughly $2 billion, according to Bloomberg Law’s reporting citing people familiar with the matter.

The capital will be deployed to scale the Canton Network, Digital Asset’s privacy-focused platform designed to enable institutions to tokenize and settle traditional securities while keeping commercially sensitive data protected. Canton has already been piloted by a slate of major financial institutions, including Goldman Sachs, BNY Mellon, BNP Paribas, Standard Chartered, Société Générale and Deutsche Börse.

Bloomberg’s reporting last month indicated Digital Asset had initially sought around $300 million at a similar valuation and expected to close the round within weeks. Co-founder and CEO Yuval Rooz summarized the journey in a post on X after the announcement: “We knew institutional adoption was the path. We failed. We made bad decisions… But we never let go of our North Star.”

Key takeaways

  • Digital Asset raises $355 million at about a $2 billion valuation, led by Andreessen Horowitz’s crypto arm, with 7RIDGE, ADIA, Citadel Securities and Optiver among participants.
  • The funds will accelerate Canton Network’s expansion as a privacy-preserving, tokenization-and-settlement layer for traditional securities used by large financial institutions.
  • Today’s round extends a multi-year funding trajectory, building on prior capital events in 2025 and 2021 that have reinforced Wall Street’s backing for Digital Asset.
  • The ongoing investor support underscores a broader industry push toward institutional-grade blockchain infrastructure, though deployment timelines and regulatory clarity remain in focus.

A new round, a maturing vision for Canton

Digital Asset’s latest financing centers on the Canton Network, the company’s distributed ledger framework intended to facilitate the private issuance, tokenization and settlement of traditional securities without exposing sensitive data to counterparties. By preserving privacy while enabling cross-institutional settlement, Canton aims to modernize aspects of the capital markets ecosystem that rely on high-security data handling and compliance controls.

The round’s participants reflect a convergence of traditional finance and crypto-native firms seeking durable, scalable infrastructure. Andreessen Horowitz’s crypto affiliate led the funding with a$100 million allocation, while strategic contributors include 7RIDGE, the Abu Dhabi Investment Authority, Citadel Securities and Optiver. The infusion values Digital Asset at approximately $2 billion, according to the Bloomberg Law report.

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“The path to real institutional adoption is clear,” Rooz said in his post. “We have spent nearly a dozen years evolving from a DRW spin-out into a platform that can support real-world securities workflows with privacy baked in.”

The Canton Network has already attracted real-world pilots with several marquee banks and market operators, a testament to the architecture’s potential to address regulatory and data-access concerns that have long constrained cross-border and multi-venue settlements. The ecosystem page for Canton highlights participation and collaboration across major financial players, illustrating a practical, industry-aligned roadmap rather than a niche crypto use case.

Canton Network gains institutional traction

The collaboration slate for Canton underscores a trend: big financial institutions are increasingly willing to experiment with permissioned blockchains that promise data confidentiality alongside the efficiencies of tokenized settlement. Goldman Sachs, BNY Mellon, BNP Paribas, Standard Chartered, Société Générale and Deutsche Börse have all piloted Canton’s capabilities, marking a meaningful adoption signal for permissioned networks in capital markets.

Observers have noted that the new funding aligns with the industry’s broader move toward tokenized, regulated securities and the infrastructure required to support it. The round’s scale and the caliber of backers suggest a longer-term commitment to building an interoperable, institutional-grade platform that can operate within existing compliance regimes while unlocking new liquidity and settlement efficiency.

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Meanwhile, Digital Asset’s public communication about the financing emphasizes the importance of “institutional adoption” as a strategic North Star. The company has framed Canton not merely as a technology demonstration but as a practical highway for asset tokenization, secured collateralized lending, and structured outcomes that demand privacy and security at scale. The new funding will accelerate Canton’s rollout and its network effects among banks, custodians, and other market participants.

In parallel, the funding history paints a picture of sustained investor confidence in Digital Asset’s approach. Earlier this year, Digital Asset disclosed a $135 million round led by DRW Venture Capital with participation from Tradeweb, Citadel Securities, IMC, Optiver, Goldman Sachs, Virtu and others, followed by a $50 million strategic round in December from BNY Mellon, Nasdaq, S&P Global and iCapital. These successive rounds reflect a coordinated, multi-faceted push from both traditional financial powerhouses and crypto-focused investors toward the Canton framework.

A multi-year funding runway and strategic implications

Digital Asset’s fundraising trajectory extends beyond the recent rounds. In 2021, the company raised more than $120 million from investors including 7RIDGE and Eldridge, following earlier investments from JPMorgan, Citi, Deutsche Börse, Goldman Sachs, IBM, Samsung and Salesforce. Taken together, the financing stack signals a deepened industry belief that permissioned, privacy-preserving blockchain networks can complement, or in some cases augment, existing post-trade infrastructure.

For market participants, the implication is twofold. First, the backing by a broad coalition of Wall Street players could help catalyze broader adoption of Canton’s platform, potentially lowering the cost and risk of tokenizing traditional assets. Second, as regulatory clarity evolves around tokenized securities, Canton’s architecture—designed to keep transaction data private among counterparties—may address concerns about data exposure and compliance in cross-institution workflows. However, timing remains uncertain, and Digital Asset has not disclosed a definitive deployment schedule for a broad, live rollout beyond its existing pilots.

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Cointelegraph reached out to Digital Asset for comment but did not receive a reply by publication time. The company’s leadership has publicly framed the current funding as a vindication of a long-term strategy, even amid earlier missteps, underscoring a commitment to the “North Star” of institutional-grade tokenization.

Magazine: Bitcoin will not hit $1M by 2030, says veteran trader Peter Brandt

What to watch next: as Canton scales, market observers will be watching for concrete evidence of scalable tokenized securities settlement within regulated frameworks, concrete client wins, and a clearer regulatory path that could accelerate or delay the network’s expansion. The coming quarters should reveal whether Canton can translate pilots into durable, revenue-generating services for the traditional financial system.

Risk & affiliate notice: Crypto assets are volatile and capital is at risk. This article may contain affiliate links. Read full disclosure

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CoinFello Publicly Launches Fello 1 for General-Purpose DeFi

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[PRESS RELEASE – Fort Worth, Texas, June 11th, 2026]

CoinFello, the first self-sovereign AI agent for executing and automating DeFi, today announced the launch of Fello 1, a major upgrade to its agent that enables users to interact with any EVM-compatible smart contract whilst providing new capabilities, new pools, and new protocols to arrive without code releases. The launch expands CoinFello from a special-purpose into a general-purpose AI crypto agent focused first and foremost on simplifying the DeFi experience of providing liquidity (LP).

Beyond its core capabilities of sending, swapping, bridging, and staking, Fello 1 can now help users open LP positions in Uniswap V2, V3, and V4 and execute multi-step DeFi transactions without requiring protocol-specific interfaces or pre-built integrations. The system operates through a self-custodial delegation model, allowing users to maintain control of their wallets and private keys while granting agents limited permissions based on user-defined rules.

The release builds on CoinFello’s earlier launches, including Fello 0 and the CoinFello agent skill, a wallet delegation framework that enables secure agent permissions. Fello 1 is built using MetaMask Smart Accounts standards, including ERC-7710 and ERC-7715 delegation capabilities.

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In addition to being general-purpose, Fello 1 improves the LP experience for DeFi users. Fello 1 does all the math, monitors the live position, and demonstrates in/out-of-range and recommendations and impermanent loss clearly so users see the real return.

“Concentrated liquidity has been one of the highest-yield opportunities in DeFi for years, but the complexity kept most people out,” said jacobc.eth. Co-Founder & CEO. Tick math, fee tiers, position monitoring, impermanent loss: it takes real work to do it well. Fello 1 takes all of that on directly, so users get the yield without needing to manage the mechanics themselves. And they keep their keys the entire time.”

Unlike narrowly integrated DeFi assistants, Fello 1 is designed to interact directly with EVM smart contracts through generalized execution capabilities. The company said this enables broader protocol coverage and faster expansion of supported functionality without requiring dedicated integrations for every new application.

Current live capabilities include liquidity position management, multi-step transaction execution, ERC-4626 vault interactions, and integrations with protocols including Aave, Uniswap V2, Uniswap V3, and Uniswap V4. CoinFello said additional improvements to other protocols, including Pancakeswap and Aerodrome, are expected in future updates.

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The launch comes amid growing interest in AI-powered crypto infrastructure and conversational blockchain interfaces. CoinFello positions Fello 1 as an execution layer for users seeking simplified access to decentralized finance while maintaining direct control over transaction approvals and wallet permissions.

“Many AI agents in crypto today either rely on custodial systems or are limited to narrow workflows,” said MinChi, Co-Founder & COO. “We believe the next phase of onchain AI will require systems that can operate across the full breadth of EVM applications while keeping users directly involved in every transaction decision.”

CoinFello emphasized that Fello 1 is not designed as an autonomous trading bot. Users review and approve each transaction before execution, and delegation permissions can be modified or revoked at any time.

The Fello 1 launch campaign is live today. Existing CoinFello users can access Fello 1 immediately, while new users can create accounts through the CoinFello application.

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About CoinFello

CoinFello is an AI agent platform for researching, executing, and automating onchain actions. Using plain language, users can send, swap, bridge, stake, create LPs, and automate crypto activity across EVM-compatible networks while maintaining full custody of their wallets and private keys. CoinFello uses a delegation model that gives AI agents only the permissions users choose to grant.

The post CoinFello Publicly Launches Fello 1 for General-Purpose DeFi appeared first on CryptoPotato.

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