Binance’s tokenized SpaceX IPO campaign has drawn more than $557 million in USDC deposits from roughly 27,689 wallet addresses ahead of SpaceX’s public-market debut on Friday. The flow, tracked through Dune analytics, points to sustained demand for crypto-based routes to pre-IPO exposure.

At the same time, trading in decentralized derivatives has helped pull expectations toward the upper end of market chatter. On Hyperliquid, SpaceX perpetual futures moved in a wide band around $180–$200 after the pre-IPO market opened on May 18, according to analytics cited in a Talos report, with the implied valuation hovering near multi-trillion-dollar levels.

Key takeaways

• Binance’s SpaceX tokenized IPO product drew over $557 million in USDC deposits from about 27,689 wallets, based on Dune data.
• Small-to-mid contributors dominated participation counts, while a smaller number of large depositors accounted for a disproportionate share of total USDC.
• On Hyperliquid, SpaceX perpetual futures traded roughly in the $180–$200 range after May 18, with implied valuations discussed around the $2.5 trillion area.
• Coin-market activity is increasingly shaping “price discovery” for pre-IPO expectations, Talos argues—especially as crypto exchanges list proxy instruments.

Deposits on Binance: participation vs. concentration

Dune data for Binance’s SpaceX IPO campaign shows that wallets contributing up to $20,000 made up more than 81% of participating addresses, but only 18.39% of total USDC deposits. That indicates a heavily skewed distribution: many smaller wallets participated, while the bulk of capital was concentrated among fewer accounts.

In contrast, 114 addresses deposited more than $500,000 each. Together, these larger contributors accounted for about 10.2% of the total funds, highlighting how pre-IPO crypto access can attract both broad retail participation and significant whale-sized positioning.

These deposits are being framed as demand for crypto rails that offer early or proxy exposure to a major equity event. For traders, the campaign also functions as a sentiment barometer—though the deposits themselves do not necessarily translate 1:1 into IPO allocation outcomes.

What SpaceX is seeking—and how crypto pricing is responding

SpaceX is pursuing a large-scale public offering, with filings referenced in the reporting describing an intention to raise $75 billion at $135 per share and an approximately $1.8 trillion valuation. The scale is part of what makes the stock so widely tracked ahead of the Nasdaq debut.

However, the crypto derivatives market has shown a different sensitivity to the “what if” scenarios of valuation. Talos, in a Tuesday report, said that on Hyperliquid the SpaceX perpetual futures traded in a $180–$200 range after the pre-IPO market went live on May 18. That price action was described as implying a valuation closer to $2.5 trillion.

The movement wasn’t linear. As the IPO date approached, the implied share price reportedly moved closer to the IPO level but then rebounded to around $179, according to the same reporting. For participants, the key takeaway is that decentralized pricing can oscillate quickly as liquidity and positioning shift—potentially reflecting expectations, risk premia, and arbitrage opportunities rather than only a single “consensus” forecast.

Crypto as a new venue for pre-IPO “price discovery”

Beyond the SpaceX-specific numbers, Talos used the episode to argue that crypto exchanges are increasingly acting as a price discovery venue for pre-IPO stocks. The report cited Hyperliquid’s pre-IPO perps market pricing as having closely tracked Cerebras’ (CBRS) subsequent Nasdaq debut—within 1.3% of its $350 opening price.

If that relationship holds across other listings, crypto venues may become more than just off-ramp speculation; they could increasingly inform how market participants anchor expectations before the first print on traditional markets.

Still, the mechanism differs from conventional equity markets. Perpetual futures and tokenized proxy offerings are shaped by leverage, market depth, and trading incentives—factors that can cause divergences from IPO terms. That doesn’t invalidate the signals, but it does mean investors should treat crypto-implied levels as expectations under a different trading framework.

Derivatives bets and the expanding menu of SpaceX proxy products

Outside exchange order books, Polymarket’s event page shows participation split across valuation ranges. In the figures cited, 56% of participants bet that SpaceX will close its first day with a market cap between $2 trillion and $2.5 trillion, while 25% predict a $1.5 trillion to $2 trillion close.

Meanwhile, exchange support for pre-IPO exposure is broadening. According to the reporting, OKX told Cointelegraph it is preparing to list SpaceX on its X-perps on Friday, designed to give Europe-based traders futures exposure with up to 10x leverage. The report also notes that the launch adds to a wider roster of crypto platforms offering SpaceX-linked products, including Bitget, Blockchain.com, Bybit, Kraken and Coinbase.

For users, this expansion matters because it increases access points—potentially tightening spreads and improving liquidity in crypto-based pre-IPO markets. For regulators and market structure watchers, it raises another question: how closely these crypto proxies should be viewed as substitutes for equity price formation, especially as their influence grows across retail and sophisticated traders.

As SpaceX begins trading on Friday, the most important thing to watch is whether crypto-implied levels converge toward the first traditional-market prints—or whether the divergence persists. The answer will help clarify whether crypto derivatives and tokenized campaigns are merely reflecting speculation, or whether they are increasingly capturing durable, first-order expectations for major listings.

Latest developments: VanEck recently launched the first U.S. spot BNB ETF, trading under the ticker VBNB on Nasdaq.

• The fund gives investors exposure to BNB through traditional brokerage accounts.
• VanEck Director of Digital Assets Product Kyle DaCruz said the firm focuses on blockchains with measurable adoption rather than purely technical promises.
• The ETF has attracted roughly $2 million in assets since launch, according to DaCruz.
• DaCruz joined CoinDesk’s Jennifer Sanasie and Bloomberg’s James Seyffart on Public Keys.

Why it matters: VanEck argues BNB has already achieved the user adoption many crypto projects are still pursuing.

• DaCruz said BNB Chain has 33 million monthly active users and 2.1 million daily active users.
• He cited roughly $100 billion in monthly stablecoin transfer volume and $16 billion in stablecoins minted on the network.
• The firm’s investment thesis centers on identifying chains with active users and economic activity rather than what DaCruz called “ghost chains.”

Reading between the lines: VanEck is increasingly emphasizing blockchain revenue as a key metric for investors.

• DaCruz said advisors are becoming less interested in technical distinctions between blockchains and more interested in sustainable business models.
• He described BNB and Hyperliquid as examples of “revenue chains” generating tangible economic value.
• According to DaCruz, BNB generates roughly $160 million in annual revenue.

TLDR:

• USDC news is in focus after Circle moved 4.397 billion USDC to a Coinbase-linked wallet through HyperEVM.
• The record transfer appears to be tied to Coinbase’s treasury role on Hyperliquid rather than to immediate market selling.
• Hyperliquid’s reliance on USDC shows how stablecoins are becoming central to on-chain trading and settlement.
• Traders are watching the transfer because large stablecoin flows can signal future liquidity shifts across crypto markets.

USDC news is drawing fresh market attention after Circle moved 4.397 billion USDC to a Coinbase-linked address through HyperEVM. Arkham described the transaction as the largest single on-chain USDC transfer ever recorded. 

The movement was not tied to a normal exchange deposit. Instead, it appears connected to Coinbase’s role as Hyperliquid’s official USDC treasury deployer.

That role places Coinbase near the center of stablecoin liquidity management for one of the busiest on-chain trading ecosystems.

USDC News Puts Coinbase and Hyperliquid Treasury Role in Focus

The transfer came from Circle’s CoreDepositWallet and was sent to a Coinbase-linked treasury address. The size of the transaction made it stand out immediately across on-chain dashboards.

Large stablecoin moves often raise questions because they can precede changes in market activity. Traders watch these flows to see whether capital is moving toward exchanges, lending markets, or new trading venues.

In this case, USDC news points more toward treasury coordination than immediate trading demand. Coinbase recently became Hyperliquid’s official USDC treasury deployer under the Aligned Quote Asset framework.

That structure supports USDC as a preferred settlement asset across the Hyperliquid ecosystem. It also reduces the need for users to move between competing stablecoins before trading.

Hyperliquid already uses USDC as a core quote and settlement asset. Its markets rely heavily on stablecoin liquidity for spot trading, perpetual futures, collateral, and internal settlement.

Coinbase said the arrangement could improve market efficiency by concentrating liquidity around USDC. Circle supports the technical side through native USDC and cross-chain transfer infrastructure on HyperEVM.

The transfer also comes as Native Markets’ USDH stablecoin faces a planned transition. Coinbase said users can continue converting USDH into USDC without fees during the shift.

Why USDC News Matters for Stablecoin Liquidity Flows

USDC news often matters because stablecoins serve as the cash layer of crypto markets. Large transfers can show where liquidity is being prepared before volume becomes visible.

That does not mean every major transfer creates immediate buying or selling pressure. Issuers and exchanges often move stablecoins to balance their treasuries, adjust custody, or provide liquidity support.

The 4.397 billion USDC transaction appears more like infrastructure rebalancing. It aligns with Coinbase’s new treasury role and Hyperliquid’s deeper move toward USDC-based settlement.

Still, the scale gives the market a reason to watch follow-on activity. If the funds support trading demand, Hyperliquid could see stronger liquidity across its order books.

The move also reinforces Circle’s growing role in on-chain capital markets. USDC is no longer just a payment token or an exchange-balance asset. It is becoming a settlement layer for trading venues, treasury systems, and cross-chain markets.

Justin Sun’s made-up micronation Liberland has fired its secretary of technology after he allegedly blocked President Vít Jedlička from voting and centralised control of the country’s blockchain. 

That’s according to a “congress resolution” published by Liberland today.

As part of the resolution, Dorian Stern Vukotić was removed from the country’s blockchain-based congress and accused of “gross misconduct, abuse of power, and breach of trust.”

Specifically, it claims that in November 2024, Vukotić removed multisig protections from the Sudo account, which grants administrative powers, and in turn “unlawfully centralized control of the Liberland Blockchain.”

In October 2025, he allegedly tried to take over Liberland’s web domain Liberland.org, and when this failed, pushed for a fraudulent liberland.io site. 

A previous warning also links Vukotić to an unauthorized token launch connected to the Liberland name.

Read more: The jailed $6B bitcoin fraudster who wanted to be Liberland’s queen

During that same month, he also allegedly received funds from Liberland’s Ministry of Finance, made up of BNB and Liberland’s own Liberland Merit (LLM) token, to help create a trading pair for the two tokens. 

Advertisement

Liberland claims the funds still haven’t been deployed and that “Mr. Vukotić refuses to honor the request of the Ministry of Finance and Congress to return these funds.”

Vukotić also allegedly tweaked “critical governance parameters,” increasing the congressional voting period from four to 75 days while blocking Jedlička’s voting powers.

Liberland wants its liquidity pools back

Liberland has demanded that Vukotić return the funds and hand over control of all the liquidity pools to the Ministry of Finance.

It said, “Should Mr. Vukotić fail to comply within seven days, Congress shall treat his continued actions as defiance and misappropriation and shall take all appropriate measures, including public censure.”

Advertisement

Public censure essentially involves a government body publicly scorning an individual for their actions. 

As a result of Vukotić’s alleged transgressions, Liberland has announced some changes: 

• The congressional voting period will be reverted to four days.
• Jedlička’s voting powers will be restored.
• The Sudo account will be transferred to Senate members before plans are made to remove the account altogether.
• LLM held within the Sudo account, will be moved to the Senate. Newly minted tokens will be distributed to Congress. 
• The introduction of a “three-judge system” with a 2-of-3 multisig wallet arrangement.

Who is Vukotić?

In his pitch for the 2026 March congressional election, Vukotić claims he’s been involved in the Liberland project since 2021 and that he’s lived in the micronation for over a year. 

He notes that he met his girlfriend there, and that they “have a kid who was also kinda made in Liberland.”

Vukotić’s congressional pitch complains that Liberland is suffering from “disorganization and lack of direction.” 

Advertisement

He claimed that the micronation wasn’t transparent about the money it received and where it was being spent, and he promised to overhaul Liberland’s budgeting and planning.

Read more: Justin Sun’s Forbes article prompts geography lesson from Liberland

Some of his more drastic proposals include establishing a “Ministry of Propaganda” that would feed Croatians, Serbs, and Hungarians “good Liberland vibes,” and an Intelligence agency called “The Invisible Hand.”

In his proposed final “attack” phase for Liberland, he hypothesizes, “Maybe with a large enough bribe, we can straight up buy the land. Maybe we will need a D-Day style landing operation with 10 ships and 1000 people.”

He added, “Maybe some dumbf**kistan somewhere sees how great we are and sells us the land somewhere else entirely.”

Advertisement

Liberland comprises 7km² of disputed land between Serbia and Croatia. The micronation isn’t officially recognised by any other country and continues to maintain a balancing act of complex entry and off-site camps to avoid upsetting Croatian and Serbian authorities.  

Read more: Justin Sun is now prime minister of Liberland, an entirely made-up country

The congressional election that elected Vukotić — albeit in a test election — has voted Tron billionaire Justin Sun as its prime minister seven times. Protos is confident Sun has never set foot in Liberland.

Advertisement

Protos has reached out to Vukotić for comment and will update this piece should we hear anything back. 

Got a tip? Send us an email securely via Protos Leaks. For more informed news and investigations, follow us on X, Bluesky, and Google News, or subscribe to our YouTube channel.

The last real shot FTX founder Sam Bankman-Fried had at undoing his fraud conviction just collapsed. A three-judge panel of the powerful, Second US Circuit Court of Appeals in Manhattan upheld his conviction and 25-year prison sentence on Friday.

The panel flatly rejected his claim that he never got a fair trial.

The evidence against him, the judges wrote in a 42-page opinion, was “conservatively stated” and “robust.”

Bankman-Fried’s only remaining possibility to escape prison before the 2040s has narrowed to a presidential pardon.

Judges Barrington Parker, Eunice Lee, and Maria Araújo Kahn heard oral arguments in November 2025. Bankman-Fried’s appellate lawyer, Alexandra Shapiro, argued that US District Judge Lewis Kaplan hamstrung Bankman-Fried’s defense.

The appeal failed to convince the panel.

Bankman-Fried’s convictions and prison sentence sustained

In November 2023, a Manhattan jury convicted Bankman-Fried on two counts of fraud and five counts of conspiracy.

Kaplan duly sentenced him to prison in March 2024, delivering a 25-year sentence and ordering an $11 billion forfeiture.

Poland’s President Karol Nawrocki has vetoed a crypto regulation bill for the third time, despite the measure’s stated goal of bringing the country in line with the European Union’s Markets in Crypto-Assets (MiCA) framework.

Nawrocki said he supports regulating cryptocurrencies, but argued that the government adopted only one of 16 amendments proposed by his office. He added that the latest text was nearly identical to the two previous drafts he rejected, prolonging a regulatory gap as the EU approaches its next major deadline for MiCA compliance.

Key takeaways

• President Karol Nawrocki vetoed Poland’s MiCA implementation bill for the third time.
• The veto delays Poland’s alignment with MiCA just weeks before the EU transitional period ends on July 1.
• After July 1, crypto asset service providers without a MiCA license may lose the legal basis to serve EU clients.
• Poland remains the only EU member state without domestic MiCA implementation, intensifying legal uncertainty for local firms.
• The political dispute has also coincided with heightened enforcement attention, including a prosecutor probe into Zondacrypto.

A third veto threatens MiCA readiness

The latest rejection pushes Poland further away from adopting MiCA at the national level. MiCA’s transitional phase is due to end on July 1, after which crypto asset service providers operating in the EU will generally need to hold a MiCA license or risk losing the ability to service EU customers.

Poland is currently the only EU country without domestic legislation implementing MiCA, a position that can make firms based in Warsaw, Kraków, and other Polish cities especially exposed to compliance and continuity risks. If providers cannot rely on a domestic legal framework for MiCA-related operations, they may face uncertainty over licensing pathways and their ongoing ability to offer services to EU users.

Nawrocki’s stance centers on amendments. He said he supports regulating the crypto market but objected because his office’s proposed changes were not fully incorporated. In his remarks Thursday, he claimed the bill submitted to his desk was nearly the same as earlier drafts that he vetoed.

Earlier, Polish politics had already stalled on the issue. The veto arrives with only limited time for parliament to respond in a way that can still meet the EU schedule, raising questions about how quickly the domestic process can restart and whether lawmakers can achieve a version that satisfies the presidency.

Parliament and the presidency fail to break the deadlock

This third veto deepens a broader institutional standoff over crypto oversight. It follows a period of legislative gridlock in which Poland’s parliament attempted to undo the second veto but fell short.

According to earlier coverage, lawmakers did not reach the 263 votes needed to override Nawrocki’s second veto in an April vote. The bill is backed by Prime Minister Donald Tusk’s government and is designed to align Poland with MiCA.

Nawrocki has previously defended his opposition by citing concerns that the bill would impose excessive regulation, offer limited transparency, and place a burden on small businesses. Supporters of the measure, however, have warned that delays leave the market exposed—both for consumers and businesses—potentially increasing the risk of fraud and abuse.

On Thursday, Tusk publicly criticized the president’s move in a post on X, writing: “It sounds unbelievable, but the president has vetoed the cryptocurrency bill again. He seems more entangled in it than everyone thought.”

Regulatory delays come as enforcement attention grows

While the political process has remained stuck, scrutiny of Poland’s crypto sector appears to be increasing. Prosecutors are investigating one of the country’s largest crypto exchanges, Zondacrypto, over suspected fraud and money laundering allegedly involving 2,000 customers with alleged links to Russian organized crime, according to earlier Cointelegraph reporting.

Zondacrypto CEO Przemysław Kral has denied accusations that funds were misappropriated.

For market participants, the juxtaposition is stark: instead of clarifying the domestic regulatory environment through MiCA implementation, Poland’s legislative uncertainty continues alongside high-profile legal inquiries. That combination can complicate compliance decisions for exchanges and other service providers—especially when firms must simultaneously respond to enforcement risk and prepare for EU licensing standards.

What changes after July 1—and what remains uncertain

The operational consequence of MiCA’s end of transitional period is straightforward: crypto asset service providers will need a MiCA license to continue servicing EU clients under the framework’s rules. Because Poland has not yet adopted domestic MiCA legislation, the timing amplifies the risk that Polish-based firms without the relevant licensing posture could face interruptions or require restructuring to keep serving EU users.

However, the precise impact for each operator depends on its current status—how it provides services, which customer base it serves, and whether it can obtain the required license in time. What readers should watch next is whether Poland’s lawmakers can craft and pass a revised bill that the president is willing to sign, and whether enforcement developments like the Zondacrypto case accelerate calls for faster compliance.

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

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

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

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

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

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

Fee-driven buybacks continue supporting demand

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

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

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

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

Falling wedge breakout point toward a retest of ATH

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

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

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

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

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

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

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

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

Key Highlights

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

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

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

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

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

Tech Giant Supports Its Own Rival

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

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

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

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

Public Offering Preparations Advance

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

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

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

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

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

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

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