SpaceX has added new IPO filing language that gives the company room to issue large amounts of stock for future deals.

The amended S-1/A filing states that SpaceX may issue a significant amount of equity in connection with future transactions, including acquisitions, divestitures, and other strategic moves. The disclosure gives investors a clearer view of how the company may use its publicly traded shares following a planned Nasdaq debut under the ticker SPCX.

SpaceX adds deal language before listing

According to the updated filing, SpaceX is preparing for an offering that could raise up to $75 billion. The filing pegs the company’s valuation at a minimum of $1.8 trillion, down from earlier internal discussions that had set the target above $2 trillion.

Reuters previously reported that SpaceX was targeting a June 12 listing, with pricing expected around June 11. The company first confidentially submitted its IPO paperwork to the U.S. Securities and Exchange Commission on April 1, according to public filing details cited in the registration statement. SpaceX later made its full S-1 public on May 20.

The amended filing does not say SpaceX has finalized any additional transaction beyond those already disclosed. However, the company’s wording gives it flexibility to issue Class A stock in major corporate moves after the IPO.

Cursor deal shows how shares may be used

The clearest example in the filing is SpaceX’s pending acquisition of Cursor, the AI coding assistant. According to the S-1/A, the transaction is expected to close after the IPO and will be paid entirely in Class A common stock.

The filing places Cursor’s implied equity value at $60 billion. It also says Cursor is entitled to a $1.5 billion termination fee and an $8.5 billion deferred services fee under a separate compute agreement.

Through that structure, SpaceX is telling investors that its public equity may serve as more than IPO fundraising stock. The filing shows the company could use its shares to acquire technology, deepen its AI operations, and expand its post-listing business structure.

SpaceX’s filing describes the company as an AI services and infrastructure business, not only a launch and satellite operator. The wording follows its February 2026 merger with xAI, which valued the combined company at about $1.25 trillion, according to the filing.

The company also outlines planned work with Tesla and Intel through Terafab. According to the registration statement, those plans include modular orbital AI compute infrastructure before the end of the decade.

SpaceX also lists long-term projects tied to asteroid mining and manufacturing infrastructure on the Moon and Mars. The company presents those plans as part of its future market opportunity, although the filing notes that many goals remain subject to execution, funding, and technical risks.

Elon Musk keeps voting control

Regarding ownership, the amended filing states that Elon Musk holds about 42% of SpaceX’s equity and controls 85% of the voting power through a dual-class share structure. As a result, the filing indicates that future equity issuance would not necessarily reduce Musk’s control over the company’s decisions.

The S-1/A also reserves up to 5% of IPO shares for a directed share program covering employees, friends, and family of executive officers. The filing says friends-and-family participants will not face lock-up limits, while more than 60% of pre-IPO shares, including Musk’s holdings, will remain under an extended lock-up after the listing.

Crypto investment products recorded their second-largest weekly outflow of 2026 by the end of May, with investors pulling $1.67 billion from digital asset funds as geopolitical tensions and a broader risk-off mood weighed on markets, according to a report from CoinShares.

The withdrawals marked the third consecutive week of net outflows and brought total redemptions over the past three weeks to $4.21 billion. CoinShares said concerns surrounding Iran had overwhelmed any positive sentiment generated by recent progress on the CLARITY Act, a U.S. crypto market structure bill.

Assets under management across digital asset investment products fell to $141 billion from $148 billion the previous week, their lowest level since early April.

The latest outflows coincide with a sharp decline in crypto prices. Bitcoin fell close to the $70,000 mark on Monday after reports that Iran had halted talks with the United States in protest over Israel’s continued incursions into Lebanon. The move coincided with Strategy (MSTR), the largest holder of bitcoin, selling some of its stack after years of its executive chairman Michal Saylor vowing he wouldn’t do so. The largest cryptocurrency dropped about 3% over the past 24 hour period, adding pressure to digital asset investment products.

The United States accounted for nearly all of last week’s withdrawals, with investors pulling $1.63 billion from crypto funds. Germany, which had largely avoided earlier bouts of selling, recorded $25.7 million in outflows. Sweden and Hong Kong posted withdrawals of $6.6 million and $4.5 million, respectively.

Bitcoin BTC$72,675.37 investment products saw the largest share of the selling, losing $1.44 billion during the week. According to CoinShares, that was the largest weekly bitcoin outflow of 2026, surpassing both the previous week’s record and the peak reached during January’s selloff. Year-to-date bitcoin inflows have fallen sharply to $1.19 billion, down from $2.6 billion a week earlier and $3.9 billion two weeks ago.

Ethereum (ETH) funds also came under pressure, recording $257.3 million in outflows. Meanwhile, investor appetite for alternative cryptocurrencies weakened considerably. CoinShares noted that only five digital assets attracted more than $1 million in inflows, down from 11 assets three weeks ago. XRP (XRP) led with $20.3 million in inflows, followed by Hyperliquid (HYPE) at $10.8 million and Near at $7.6 million.

Despite the recent pullback, crypto investment products still hold roughly $142 billion in assets globally, underscoring how much institutional capital remains invested in the sector even as market sentiment deteriorates.

Vitalik Buterin has proposed an options-based design for crypto index products that could reduce DeFi’s dependence on forced liquidations.

Buterin’s research post, published Monday, set out a model where index-tracking crypto assets use options contracts instead of collateralized debt positions, the structure used across many DeFi lending and synthetic asset systems.

Buterin Proposes Options-Based DeFi Structure

In the post, the Ethereum co-founder asked whether DeFi products could use options as their base layer instead of systems built around debt and liquidation engines. According to Buterin, such a model could allow users to gain exposure to a basket of crypto assets, similar to an index product, without suffering the sudden loss of a position when collateral values fall sharply.

Many DeFi protocols today allow users to borrow against crypto collateral. When collateral drops below a required level, the protocol can automatically liquidate the position. Buterin’s post said this structure can create abrupt outcomes for users and can add pressure during volatile market periods.

Under the options-based design described by Buterin, a user’s exposure would not end through an immediate liquidation event. Instead, the position would gradually move away from its target allocation as market prices change. Buterin presented that difference as a possible way to make crypto investment products less dependent on leverage-based failure points.

Slow Oracles Could Reduce Manipulation Risk

Buterin also linked the proposal to the oracle problem in DeFi. According to his research post, many DeFi applications rely on fast price feeds because liquidation systems need current market prices to decide when positions should be closed.

Those fast feeds can become a weak point when markets move quickly or when attackers try to distort prices. Buterin said an options-based structure could work with slower-moving oracles, similar to the type used in prediction markets.

In his view, slower oracles may reduce the need for protocols to act on price updates within seconds. Buterin also said he would feel much safer holding algorithmic stablecoins built with an options-based design than holding stablecoins that depend on real-time oracles, which could be manipulated.

Algorithmic Stablecoins Remain a Key Use Case

The proposal has clear relevance for algorithmic stablecoins, which have often depended on collateral systems, price feeds, and automated market actions. Buterin’s post did not name a specific stablecoin project, and the model remains theoretical rather than deployed on Ethereum.

Buterin also acknowledged practical limits. According to the post, an options-based system would still require regular portfolio rebalancing. He said it remains unclear whether those trades can happen cheaply enough to avoid high costs, poor execution, or slippage.

The research post comes as Buterin has also changed his plans for publishing long-form work. As previously covered by crypto.news, Buterin said he will stop writing regular blog posts and instead plans to try writing science fiction stories about decentralized governance.

Buterin’s past essays have covered DAOs, Layer 2 systems, voting models, and governance design across crypto and public institutions. In the latest proposal, he returned to a familiar theme, questioning whether DeFi systems can become safer by relying less on fragile automated debt structures.

On June 1, 2026, Strategy disclosed in an 8-K filing that it sold 32 Bitcoin between May 26 and May 31 at an average price of $77,135, raising about $2.5 million. It was the company’s first Bitcoin sale since December 2022, and for an outfit built on Michael Saylor’s promise never to sell, the symbolism landed harder than the number.

Bitcoin (BTC) slipped below $72,000 within hours. More than $93 million in futures positions liquidated in a single hour, 95% of them longs. MSTR stock fell around 5%. And yet the sale itself was almost nothing: 32 coins out of 843,706, roughly 0.0038% of the stack, sold to help fund a preferred-stock dividend. 

This piece separates what actually happened from what the headline implies, explains the dividend machine that forced the sale, and works through what it does and does not mean for Bitcoin holders.

Japan’s Liberal Democratic Party (LDP) is pushing for a set of reforms aimed at the country’s cryptocurrency taxation regime and the development of yen-denominated stablecoins, signaling a broader drive to formalize on-chain finance within its regulatory landscape. A Nada News report indicates that the LDP’s Parliamentary Association for the Promotion of Blockchain delivered recommendations to Finance Minister Satsuki Katayama, covering stablecoins, exchange-traded funds (ETFs), central bank digital currencies (CBDCs), and broader blockchain applications.

The policy brief proposes concrete steps, including doubling the leverage cap for retail cryptocurrency derivatives trading and establishing a regulatory framework for ETFs linked to digital assets. Minister Katayama reportedly signaled a sense of urgency, stating that Japan “must move forward without falling behind global developments,” a reference to evolving crypto legislation and regulatory approaches abroad. LDP member Junichi Kanda emphasized the goal of expanding on-chain finance across Asia, with a specific focus on the development and adoption of yen-denominated stablecoins.

The push comes at a time when Japan has already begun reshaping how crypto assets are treated within its financial system. Earlier this year, the government approved changes to classify crypto assets as financial instruments rather than solely as a means of payment, a shift that paves the way for broader use cases and investor protections. The Financial Services Agency (FSA) was also reported to be preparing amendments to the regulatory framework to accommodate crypto ETFs, signaling a deeper integration of digital assets into traditional financial infrastructure.

The broader regulatory dialogue in Japan is unfolding alongside global policy developments. In the United States, lawmakers have enacted legislation to create a framework for payment stability tokens, while international bodies explore standard-setting for crypto assets. Analysts note that Japan’s approach could influence regional cross-border flows and the regulatory posture of exchanges and banks seeking to participate in on-chain finance and stablecoin settlement rails.

In a related context, the Bank for International Settlements (BIS) has highlighted the comparatively small footprint of yen-denominated stablecoins relative to their U.S. dollar-pegged counterparts. A BIS report cited that yen-stablecoins account for less than 0.01% of the market capitalization of dollar-stablecoins, underscoring both the opportunity and the regulatory challenge ahead for Japan’s initiatives to scale yen-denominated crypto instruments.

Within the market ecosystem, the prediction-informed platforms operating under evolving regulatory contours are also paying attention to Japan’s regime. Polymarket, a prediction markets platform that has faced regulatory scrutiny in the United States, was reported to be seeking approval to operate in Japan by 2030. Japan’s stringent gambling laws—applied to both online and in-person formats—could complicate such a market entry, even as the platform contends with cross-border compliance requirements. The development was noted in reporting surrounding Japan’s crypto policy and market accessibility.

As Japan contemplates these changes, the regulatory conversation intersects with broader policy objectives and enforcement considerations. The shift toward treating crypto assets as financial instruments aligns with AML/KYC frameworks and licensing requirements that are central to safeguarding investors, ensuring taxation clarity, and supporting banking integration for digital-asset businesses. The evolving framework also raises questions about cross-border licensing, supervision of ETF issuers, and the appropriate balance between innovation and consumer protection as on-chain finance expands beyond a niche sector into mainstream financial infrastructure.

Key takeaways

• Japan’s LDP advocates comprehensive reform of cryptocurrency taxation and promotes yen-denominated stablecoins, signaling a shift toward formal on-chain finance within the tax and regulatory regime.
• The recommendations include doubling the leverage cap for retail crypto derivatives trading and creating a framework for ETFs tied to digital assets, indicating a move toward more sophisticated market access for individuals and institutions.
• Regulatory context is advancing: the government approved crypto-asset classification as financial instruments, and the FSA reportedly plans amendments to permit crypto ETFs, expanding the toolkit for asset managers and exchanges.
• Global regulatory dynamics—such as US policy actions and EU MiCA-like developments—frame Japan’s approach and influence cross-border compliance and licensing expectations for market participants.
• Yen-denominated stablecoins remain a small segment of the market, suggesting substantial room for growth but also highlighting regulatory and operational challenges in scaling on-shore stablecoins within a global payments and settlement ecosystem.
• Market-entry considerations for international platforms, such as Polymarket’s potential Japan trajectory, illustrate how regulatory strictness around gambling and online/offline activities intersects with crypto policy goals.

Policy momentum, market mechanics, and regulatory alignment

The LDP’s recommendations reflect a broader ambition to integrate digital assets into Japan’s financial architecture with a clear regulatory spine. By proposing a doubled leverage limit for retail crypto derivatives, the package aims to expand hedging and investment opportunities while maintaining risk controls appropriate for a mature market. The ETF framework for digital assets would enable more traditional asset-management channels to offer crypto exposure, potentially improving liquidity and price discovery while subjecting products to standard disclosures, custody, and risk management requirements.

From tax policy to asset classification, Japan’s evolving stance moves in step with an international trend toward treating crypto assets as financial instruments with recognized rights and obligations for market participants. The government’s previous move to reclassify crypto assets lays groundwork for investor protection, taxation clarity, and regulatory oversight, while the FSA’s anticipated amendments would formalize permission structures for crypto ETFs and related products. This regulatory maturation is crucial for banks and exchanges seeking to engage with digital assets at scale, including custody, settlement, and interoperability with traditional payment rails.

Within the global policy environment, Japan’s path interacts with multi-jurisdictional developments. EU policy instruments such as MiCA create a regulatory perimeter for crypto-assets and stablecoins in the European market, while US proposals and enacted laws address stablecoin governance, consumer protection, and market integrity. For Japan-based institutions, this convergence means harmonized considerations around licensing, AML/KYC adherence, and cross-border operational requirements, as well as potential alignment or friction with cross-border clearing and settlement arrangements.

Beyond regulatory architecture, the BIS assessment of yen-denominated stablecoins underscores two realities: the opportunity to reduce FX and settlement frictions, and the need to establish robust stability, reserve, and governance frameworks. If Japan scales yen-backed stablecoins, financial institutions—banks, payment providers, and other on-chain facilitators—would need to implement stringent controls, including reserve management, tax treatment, and policy-driven transparency for end users and counterparties. The regulatory posture will determine whether yen-stablecoins become a viable complement to domestic settlement networks or remain a nascent niche with limited uptake.

Market participants are watching not only the internal policy shifts but also the regulatory cadence from supervisory authorities. The potential entry of foreign platforms like Polymarket into Japan by 2030 illustrates the tension between innovation and compliance, as operators must navigate both licensing regimes and Japan’s gambling-law constraints. The outcome of these considerations will influence how institutions structure product offerings, risk frameworks, and governance architectures when engaging with prediction markets or other on-chain-native applications that touch regulated spaces.

In this context, analysts and compliance teams should monitor several moving parts: legislative timelines for tax reform and asset-class classification, the pace of FSA rule amendments for crypto ETFs, licensing criteria for digital-asset service providers, and the evolving stance on CBDCs and cross-border settlement interoperability. The integration of yen-denominated instruments into mainstream finance will hinge on robust custody, auditability, and regulatory alignment across jurisdictions, including potential cross-border collaborations to facilitate liquidity and investor protection.

Closing perspective

Japan’s policy trajectory signals a deliberate push to normalize crypto assets within its financial system, balancing innovation with regulatory guardrails. As authorities weigh tax reform, ETF-enabled access to digital assets, and the development of yen-denominated stablecoins, institutions should prepare for greater regulatory clarity, potential licensing requirements, and closer supervision of on-chain activity. The coming months will reveal the concrete steps and implementation timelines that will shape how Japan participates in the evolving global framework for crypto markets and stable value in a digital economy.

The sale of 32 bitcoin (BTC) by Michael Saylor’s Strategy (formerly Microstrategy) has led to a dispute among Polymarket users who’ve been betting on whether or not the company would sell any of its BTC by May 31, 2026.

A Securities and Exchange Commission filing revealed that Strategy sold the BTC (despite Saylor’s promises to never sell) between May 26 and May 31.

However, the firm’s Form 8-K wasn’t filed until June 1.

Before the filing was noted, the market had a proposed outcome of “No.” It then resolved to “No” again, after the original outcome was disputed.

Some UMA tokenholders in Discord attempted to justify the decision by pointing out that the announcement came after the market deadline, despite the market explicitly referring to when the sale occurs, not when it’s announced.

TLDR:

• Bitcoin active addresses fell 44%, dropping from 1.12M daily in May 2021 to roughly 624K today.
• New wallet creation declined 43%, from nearly 489K per day to approximately 278K in this cycle.
• Spot Bitcoin ETFs allow institutional investors to gain exposure without creating on-chain wallets.
• Strategy sold 32 BTC worth $2.5M, its first Bitcoin sale in 3.5 years, briefly pushing BTC below $72K.

Bitcoin’s on-chain activity has declined notably compared to the peak of the 2021 bull market. Active addresses and new wallet creation have both fallen by roughly 43–44% from their May 2021 highs.

Meanwhile, Bitcoin’s price remains well above 2021 levels for much of the current cycle. Analysts point to institutional investment vehicles and passive long-term holders as key factors behind this shift in network behavior.

On-Chain Participation Drops Despite Higher Prices

According to Santiment Intelligence, Bitcoin averaged around 1.12 million active addresses per day in May 2021. That figure has since dropped to approximately 624,000 active addresses daily. New wallet creation has followed a similar path, falling from nearly 489,000 per day to about 278,000.

These two metrics are closely watched by analysts tracking network health. Active addresses reflect how many unique participants are transacting on the network.

New wallet creation, known as network growth, tracks addresses interacting with Bitcoin for the very first time.

The decline stands out because Bitcoin’s price has largely held above 2021 peaks. Normally, higher prices tend to draw more retail participants onto the network. This cycle, however, the expected surge in new users has not materialized on-chain.

One explanation is the rise of spot Bitcoin ETFs and other institutional products. These vehicles allow investors to gain Bitcoin exposure without moving coins on-chain or opening new wallets. As a result, price action no longer directly translates into on-chain activity growth.

Strategy’s Bitcoin Sale Adds Short-Term Pressure

Santiment noted that prolonged sideways price movement is also a factor. Historically, volatility — in either direction — tends to spark a rise in on-chain activity.

With markets moving sideways and investor attention shifting toward equities and precious metals, Bitcoin activity has stayed subdued.

Adding to short-term pressure, Michael Saylor’s Strategy recently disclosed its first Bitcoin sale in approximately 3.5 years. The firm sold 32 BTC worth around $2.5 million, which briefly pushed Bitcoin below $72,000, according to Bull Theory.

The sale drew attention given Strategy’s history as one of Bitcoin’s largest corporate holders. The firm still holds 843,706 BTC, representing roughly 4% of Bitcoin’s entire supply, purchased for approximately $63.86 billion.

Saylor had previously stated that Strategy could sell Bitcoin to fund dividends, but added it would buy 20 BTC for every one it sells.

For context, Strategy sold 704 BTC in December 2022 for tax-loss purposes, then bought back 810 BTC just two days later. The latest sale appears minor relative to the company’s total holdings and long-term accumulation strategy.

European Central Bank (ECB) Executive Board member Isabel Schnabel said stablecoins could bring old financial-market vulnerabilities into tokenized finance, while strengthening the case for central banks to modernize public money through tools such as the digital euro and tokenized central bank settlement.

In a Monday speech at the 2026 Bank of Korea International Conference on Central Banks and the Future of Money in Seoul, Schnabel compared stablecoins with money market funds, arguing that both can offer useful financial innovation while also creating risks around bank disintermediation, runs, fire sales and monetary policy transmission.

Schnabel also warned that stablecoins could reinforce the US dollar’s global role as tokenized finance develops. “The growing use of stablecoins may further cement the international dominance of the U.S. dollar,” she said, adding that “virtually all stablecoins in circulation are denominated in dollars, with other currencies playing a negligible role.”

Schnabel said the Eurosystem’s response has two parts, including a retail digital euro and tokenized wholesale central bank money. In March, the ECB unveiled its Appia roadmap for Europe’s tokenized financial markets, with Pontes set to provide a distributed ledger technology settlement bridge to the Eurosystem’s TARGET services and scheduled to launch in the third quarter of 2026.

Schnabel argued that central banks should not resist innovation but must modernize public money, including through the digital euro and tokenized wholesale central bank settlement, to preserve financial stability and monetary control.

“Central banks cannot remain passive observers of these developments,” Schnabel said, adding that private forms of money, once widely adopted, can shape the financial system “in ways that can be difficult to reverse.” She said the proper response is not to resist innovation but to ensure it develops within a framework that preserves stability, monetary control and trust in the currency.

Stablecoins are overwhelmingly dollar-pegged, while broad adoption could amplify US policy spillovers abroad, ECB data shows. Source: European Central Bank

MiCA review sharpens stablecoin debate

The speech builds on ECB messaging that Europe should not answer dollar stablecoins simply by promoting euro-denominated stablecoins. 

On May 8, ECB President Christine Lagarde said stablecoins are not Europe’s best route to strengthening the euro’s international role, arguing instead that Europe should build tokenized settlement infrastructure anchored by central bank money.

The debate unfolds as the European Commission reviews the European Union’s Markets in Crypto-Assets Regulation (MiCA), with a public consultation open until Aug. 31 examining whether the bloc’s crypto rules should be updated.

Related: MiCA has made euro stablecoins safe but weak, new report argues

Crypto exchange Coinbase has used the review to call for a more competitive EU crypto framework. In a Monday blog post, Katie Harries, Coinbase’s director and head of policy for Europe and the Americas, said MiCA should recalibrate stablecoin rules on reserves, rewards and multi-issuance, while clarifying how regulated crypto firms can provide access to decentralized finance and global liquidity.

Harries also argued that allowing more reserves in high-quality sovereign assets and permitting non-interest incentives, such as cashback and loyalty points, could help make euro stablecoins more competitive. 

The ECB has taken a more cautious view. On May 23, the ECB warned EU finance ministers that loosening stablecoin rules could weaken bank lending and complicate monetary policy, even as policymakers debate whether Europe risks falling behind dollar-backed tokens.

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