Morgan Stanley has updated its proposed Ethereum and Solana exchange-traded funds with a staking structure that would allow 95% of staking rewards to remain within the trusts while charging a 0.14% annual sponsor fee.

According to amended S-1 registration statements filed by Morgan Stanley, both the Morgan Stanley Ethereum Trust and Morgan Stanley Solana Trust would stake portions of their underlying crypto holdings to generate additional income for investors.

Strategy’s STRC preferred stock has fallen as much as 17% below its $100 par value, prompting Arca Chief Investment Officer Jeff Dorman to argue that selling billions of dollars worth of Bitcoin may be the company’s best path to easing pressure on its capital structure.

According to a June 18 X post by Dorman, the recent decline in STRC has left Strategy facing increasingly difficult choices as investors question the sustainability of its preferred stock obligations. The preferred security dropped to a record low of $82.53 on June 18 before recovering and closing at $88.59, remaining well below par value.

Describing the situation as the latest stage of the “MSTR pickle,” Dorman said management must decide whether to take direct action to restore confidence in STRC or continue operating under a structure that leaves multiple parts of the company exposed to uncertainty.

Selling Bitcoin could buy Strategy more time

In Dorman’s view, the most effective solution would involve Strategy selling between $3 billion and $4 billion worth of Bitcoin. Assigning a 25% probability to that outcome, he said such a move would provide additional flexibility, support STRC holders, and address concerns surrounding the preferred stock without materially changing the company’s long-term Bitcoin strategy.

While Dorman acknowledged that a large Bitcoin sale could weigh on the asset in the short term, he argued that it would buy the company significant time and reduce pressure on its financing structure.

His most likely scenario, however, points elsewhere. Dorman assigned a 70% probability to Strategy continuing its current approach of selling small amounts of MSTR stock at what he described as non-accretive levels.

Under that outcome, he said STRC investors would retain some hope of recovery while Bitcoin holdings remain largely intact, though common shareholders could face further downside.

The comments arrive as scrutiny surrounding Strategy’s financing model continues to intensify. As reported by crypto.news, Peter Schiff recently accused Strategy co-founder Michael Saylor of misleading investors who purchased STRC after it was promoted as a yield-generating investment.

Schiff argued that retirees and income-focused investors could have grounds for legal action if risks associated with the security were not adequately disclosed. He also warned that the stock’s decline could make future fundraising more expensive if investors begin demanding higher yields to purchase additional STRC shares.

Dividend obligations remain at the center of concerns

Beyond stock sales and Bitcoin disposals, Dorman assigned a 5% probability to what he called a “nuclear option” involving the elimination of payments tied to preferred securities.

According to Dorman, such a move could leave preferred shareholders recovering only 30 to 40 cents on the dollar while effectively shutting Strategy out of capital markets. At the same time, he said the company would eliminate an annual cash obligation of roughly $1.7 billion.

Separate concerns about liquidity have also emerged in recent weeks. Earlier, market maker QCP estimated that Strategy’s available liquidity could support preferred dividend payments for approximately seven and a half months.

QCP added that if existing funding channels become less attractive, the company may eventually need alternative sources of capital, with Bitcoin sales potentially becoming one available option.

Alongside those concerns, Dorman challenged Strategy’s valuation. Based on his calculations, the company holds roughly $35.2 billion in unencumbered Bitcoin collateral against an equity market capitalization of about $40.4 billion, leaving MSTR trading at approximately 1.15 times net asset value.

Given those figures, Dorman argued that MSTR should trade below net asset value and warned that the stock could continue falling unless Bitcoin stages a strong recovery. Even then, he said any upside would depend on Strategy avoiding additional dilution through dividends, asset sales, or future fundraising activities.

Wealthsimple has secured approval to offer roughly 4,000 prediction market contracts in Canada, expanding retail access to event-based trading through a new partnership with Kalshi.

According to Wealthsimple, the company plans to launch a standalone prediction markets platform called Wealthsimple Predict this summer, giving Canadian investors access to thousands of contracts listed by Kalshi across categories such as financial markets, economic data, and climate-related events.

The rollout follows authorization from the Canadian Investment Regulatory Organization in March. Under the approval, Wealthsimple became the second investment dealer permitted to offer prediction market contracts in Canada. CIRO said the products will be regulated as derivatives and must carry settlement periods of at least 30 days.

Wealthsimple’s launch arrives as prediction markets continue to attract attention from regulators, lawmakers, and traditional exchanges in several countries. While Canadian authorities have allowed the products under an established derivatives framework, regulators elsewhere remain divided over how such contracts should be classified.

Kalshi expands beyond prediction markets

At the same time, Kalshi has continued pushing into crypto-linked derivatives. The company announced on Thursday that its perpetual futures products are now available for trading, following a May 31 announcement that formally introduced its crypto perpetual futures business.

Earlier this week, Kalshi disclosed that its perpetual futures platform generated more than $5.5 billion in trading volume within two weeks of launch. The company currently offers 11 crypto-linked perpetual futures contracts and has stated that discussions with regulators regarding additional products are ongoing.

Crypto.news previously reported that Kalshi’s rapid growth has intensified a separate political dispute in Washington. According to a Semafor report, a coalition that includes the Indian Gaming Association, the American Gaming Association, and several labor groups has urged the U.S. Senate to amend the CLARITY Act to explicitly prohibit sports and casino-style event contracts from being offered through prediction market platforms.

In a letter to lawmakers cited by Semafor, the coalition argued that sports betting should remain under existing state and tribal regulatory systems rather than falling under the oversight of the Commodity Futures Trading Commission.

The groups also claimed that prediction markets have enabled what they described as the largest expansion of gambling in U.S. history over the past 18 months without direct congressional approval.

Legal challenges continue to grow

Meanwhile, resistance is also emerging from established derivatives exchanges.

On Thursday, CME Group filed a lawsuit against the U.S. Commodity Futures Trading Commission over the regulator’s approval of cryptocurrency perpetual futures contracts offered by Kalshi and similar products introduced by Coinbase. The filing came one day after CME Chief Executive Officer Terrence Duffy said the company intended to challenge the approvals through the courts.

The legal dispute follows a series of regulatory actions supporting onshore crypto perpetual futures trading. In May, the CFTC approved Bitcoin perpetual futures contracts for Kalshi and issued a no-action position that allowed Coinbase to launch comparable products.

Several jurisdictions outside North America have taken a different approach. Spanish regulators ordered internet providers in May to block access to Kalshi and Polymarket while examining whether the platforms violated national gambling laws.

Indonesian authorities have banned Polymarket, while Japanese and South Korean regulators have also taken action against prediction market activity.

Within the United States, at least 11 states have challenged prediction markets in recent months. Speaking at Bitso’s Stablecoin Conference in Mexico City on June 16, Digital Chamber Chief Executive Officer Cody Carbone said the growing dispute between state gambling regulators and the CFTC is likely to reach the U.S. Supreme Court.

Key Highlights

• Shares of Take-Two Interactive climbed more than 6% following Rockstar Games’ announcement that GTA VI preorders begin June 25.
• Rockstar confirmed a November 19, 2025 release date, bringing clarity after multiple delays.
• Piper Sandler maintains an Overweight rating with a $280 target, forecasting over 45 million units sold initially.
• CEO Strauss Zelnick projects FY2027 net bookings between $8 billion and $8.2 billion.
• Official box art revealed by Rockstar generated significant buzz across social platforms.

Shares of Take-Two Interactive (TTWO) rallied over 6% Thursday following Rockstar Games’ confirmation that Grand Theft Auto VI will be available for preorder starting June 25, ahead of its November 19 launch. The stock traded near $241.74 during afternoon hours.

Take-Two Interactive Software, Inc., TTWO

Rockstar made the announcement through its verified X account, simultaneously unveiling the game’s retail box artwork. The reveal quickly gained traction online.

For market watchers, this preorder timeline represents more than just a marketing milestone. It provides concrete evidence that the November launch window remains on track — a crucial signal following years of uncertainty and postponements.

The road to GTA VI’s release has been turbulent. Originally targeted for 2025, the launch was subsequently delayed to mid-2026, then pushed again to November 2026. When that final postponement was revealed, TTWO shares tumbled nearly 18% in a single trading day.

By announcing preorders five months before launch, institutional investors are interpreting this as strong indication that additional delays are unlikely.

The franchise’s previous installment debuted in 2013. That represents thirteen years of accumulated anticipation, and market data supports the magnitude of this buildup.

Wall Street’s Expectations

Piper Sandler maintained its Overweight stance on TTWO with a $280 price objective. Their analysis suggests GTA VI could move more than 45 million copies in its initial release period.

To put this in perspective, GTA V generated over $1 billion in sales during its first three days in 2013 and has delivered more than 200 million units lifetime — establishing it as the most successful entertainment launch ever.

FactSet consensus estimates point to Take-Two generating $8.6 billion in revenue for the fiscal year concluding next March, representing a 27% increase from fiscal 2026.

CEO Strauss Zelnick has provided guidance for FY2027 net bookings in the $8 billion to $8.2 billion range.

Preorder Window Opens Late June

The June 25 preorder availability will span PlayStation 5 and Xbox Series X|S digital platforms, alongside physical reservation options at leading retailers globally.

The game’s cultural impact is already extending beyond the gaming sector. Burger Motorsports, an automotive parts retailer, announced it will shut down operations on November 19 — the GTA VI release day — describing it as “an unprecedented cultural event.”

TTWO remains down approximately 6.9% for the year and roughly unchanged over the trailing twelve months. Preorder metrics in the weeks ahead will provide investors with better visibility into whether consumer demand aligns with market expectations.

• Hyperliquid (HYPE) holds a strong uptrend with all major EMAs stacked bullish.
• HYPE price is testing $75.62 resistance after the recent all-time high move.
• RSI neutral at 62, leaving room for a continued momentum move.

HYPE has remained one of the strongest-performing digital assets in recent weeks as growing activity on the Hyperliquid ecosystem continues to attract attention across the crypto market.

The token recently climbed to a new all-time high of $76.70 before pulling back slightly to around $72.50 at the time of writing.

Despite the retracements, HYPE is still up more than 30% over the past seven days and more than 52% over the last month.

The rally comes at a time when Hyperliquid is reporting record levels of trading activity, revenue generation, and derivatives market participation.

Hyperliquid revenue growth continues to accelerate

Hyperliquid’s revenue growth has emerged as one of the biggest talking points surrounding Hyperliquid in 2026.

The platform has generated more than $1.16 billion in cumulative revenue, placing it among the highest-earning crypto protocols in the market.

The growth has been driven by rising trading volumes across its perpetual futures markets, which have attracted both retail traders and large institutional participants.

Notably, trading activity has remained strong throughout the year, with the DEX recording approximately $1.38 billion in 24-hour trading volume, while total value locked on the platform has climbed to roughly $6.38 billion.

The strong revenue figures are particularly notable because they come as Hyperliquid continues expanding beyond its original crypto-native derivatives business, with new markets tied to equities, commodities, indices, and pre-IPO assets broadening the platform’s reach and creating additional sources of trading activity.

Hyperliquid’s open interest surpasses $6 billion

Another major milestone arrived when Hyperliquid’s total open interest crossed $6 billion on June 14.

This places Hyperliquid among the largest perpetual futures venues globally and highlights the platform’s growing influence within the derivatives market.

Earlier in the year, Hyperliquid controlled around 8.3% of global perpetual futures open interest, demonstrating how quickly it has gained market share against established competitors.

HYPE price outlook

While the Hyperliquid price action has cooled slightly from its recently reached all-time high, the broader structure still points to a market that is holding a strong upward trend rather than reversing it.

On the technical side, the short-term setup remains firmly positive.

A majority of the technical indicators are bullish.

Oscillators are showing a buy bias, while moving averages are fully aligned on the upside.

The token is trading above all major daily exponential moving averages (EMAs), including the 10-day, 20-day, 50-day, 100-day, and 200-day EMAs.

This type of full EMA stack typically reflects sustained trend control by buyers rather than short-lived momentum.

The RSI (14) sits at 62, which places it in neutral territory with a slight upward tilt.

The RSI is not in overbought conditions, meaning there is still technical room for continuation if momentum returns.

However, price is now approaching a key decision area, and a daily close above the first major resistance at $75.62 would be required for HYPE to enter the next phase of price discovery.

But if the market becomes overbought and pulls back, the key structural support is positioned at $56.50.

A break below $56.50 would represent a meaningful shift in the current bullish structure.

BNB has fallen nearly 5% as uncertainty surrounding Binance’s European regulatory status collides with a risk-off move across crypto markets ahead of the EU’s MiCA enforcement deadline.

According to data from crypto.news, Binance Coin (BNB) dropped to around $576 on June 18 after reports suggested Binance’s path toward a Markets in Crypto-Assets license (MICA) remains unresolved, less than two weeks before the European Union’s July 1 compliance deadline.

The decline unfolded alongside a broader crypto selloff that pushed total market capitalization down nearly 3% to $2.18 trillion, while Bitcoin slipped below $63,000 following a hawkish Federal Reserve outlook.

The regulatory backdrop has become a new source of concern for BNB holders. According to a report from The Big Whale, European Central Bank President Christine Lagarde has opposed Binance’s entry into the EU market, raising questions about whether the exchange can secure authorization before the transition period expires.

Without MiCA approval, exchanges may be forced to halt services for EU clients or withdraw from certain jurisdictions.

Meanwhile, institutional demand across the crypto market has weakened. Data from SoSoValue showed U.S. spot Bitcoin ETFs recorded net outflows of $82.16 million, while spot Ethereum ETFs lost another $29.37 million. The withdrawals arrived as traders reassessed expectations for interest rates after Federal Reserve officials projected fewer rate cuts and left the door open to tighter policy if inflation remains elevated.

Oil markets have provided little relief. Although crude prices have retreated from recent highs following developments in U.S.-Iran negotiations, investors continue to weigh the risk that geopolitical tensions could reemerge and complicate the inflation outlook.

Higher-for-longer rates have historically weighed on speculative assets, including exchange-linked tokens such as BNB.

BNB technical structure keeps focus on key $585 support zone

The daily chart shows BNB trading below its Supertrend resistance near $661 after failing to reclaim momentum during several recovery attempts since February. BNB price remains trapped near the lower end of its multi-month range, while the daily RSI has fallen to around 38, its weakest reading since early April, highlighting persistent selling pressure.

On the four-hour chart, BNB recently broke below a descending trendline that had connected lower highs since late May. The selloff pushed the token toward the 100% Fibonacci retracement level near $556, calculated from the late-May rally that peaked around $745. Immediate resistance now sits near the 0.786 retracement at $597, followed by stronger supply zones around $629 and $651.

According to analyst Umair Orazkay, the $585-$600 region remains the most important area for bulls to defend.

“The number is psychological as well as is around the same area where the low of the range sits, so defending the $585-$600 area for BNB is very important as couple of closings below this can trigger a panic sell off.”

Liquidity data suggests traders are closely watching the same levels. CoinGlass liquidation heatmaps show one of the largest nearby leverage clusters concentrated around the $600 mark, with additional short liquidations stacked between $620 and $627. A recovery into those zones could trigger a squeeze, while continued weakness may attract fresh downside volatility.

A break below demand support could expose lower liquidity pockets

Another group of traders remains focused on a demand zone slightly below current prices. Commenting on the recent structure, crypto analyst Mr Bullish argued that BNB has begun forming higher highs and higher lows following June’s rebound and identified the $582-$585 region as a critical support area for buyers.

The bullish thesis weakens considerably if that demand zone fails. A decisive move below $582 would place the June low and the Fibonacci support near $556 back into focus.

Below that level, liquidation heatmaps show relatively thinner liquidity until the mid-$550 region, increasing the risk of a sharper move lower if sellers regain control.