Bitmine Immersion Technologies, which bills itself as the largest Ethereum treasury company, said it plans to launch an offering of 3 million shares of 9.50% Series A Perpetual Preferred Stock. The company said net proceeds could be used to buy additional ETH and other digital assets, expand staking and validator infrastructure including MAVAN, pursue strategic investments tied to the Ethereum ecosystem and broader digital asset adoption, support working capital needs, and repurchase common stock.

Hyperliquid dominated onchain perpetuals trading on Tuesday, processing $10.319 billion in daily volume—50.8% of the $20.306 billion recorded across the crypto ecosystem, according to DeFiLlama. The gap versus rivals widened. Solana ranked second at $5.307 billion, while Ethereum and Arbitrum each posted less than $2 billion. DeFiLlama noted the latest spike reflects a sharper concentration of activity than the more evenly spread market seen earlier this year. The surge follows recent protocol changes. With the HIP-3 upgrade now live, any user can launch a new perpetuals market in a decentralized way. Platform data points to this expanded market-creation model—alongside growing institutional products tied to its token—as a key driver of current liquidity. Hyperliquid's native token, HYPE, traded above $72, lifting its market capitalization past $18 billion. The move pushed HYPE to the ninth-largest cryptocurrency by market value, overtaking Dogecoin. The rally came even as the broader market pulled back, with Bitcoin dipping below $67,000 for the first time in nearly two months. Trading activity also intensified during a recent wave of large liquidations. Analysts said Hyperliquid's order-book infrastructure, designed to resemble centralized exchanges, helped absorb volatility. Protocol documentation highlights fast execution and lower fees relative to automated market maker designs. Hyperliquid has also broadened its lineup beyond crypto-native contracts. The venue lists perpetuals linked to crude oil and pre-IPO names such as SpaceX, a menu that could appeal to Wall Street firms seeking round-the-clock derivatives exposure. On the institutional front, spot HYPE exchange-traded funds have logged 14 straight days of net inflows since launching in mid-May. Markets are also watching the scheduled debut this week of Grayscale's HYPG staking ETF, which could offer a regulated route to yield within traditional finance.

BitMine Immersion Technologies (BMNR), an Ethereum treasury company led by Fundstrat cofounder Tom Lee, is turning to a Strategy-style financing approach with a $300 million preferred stock raise as crypto treasury firms look for fresh funding options. In a filing submitted Wednesday to the U.S. Securities and Exchange Commission (SEC), BitMine said it plans to offer 3 million shares of Series A Perpetual Preferred Stock at a stated value of $100 per share. The securities carry a 9.5% annual dividend rate, with dividends paid weekly in cash if declared by the company's board. BitMine said the preferred shares are expected to list on the New York Stock Exchange (NYSE) under the ticker BMNP, subject to approval. The move comes as digital-asset treasury companies face renewed pressure from the decline in crypto prices and seek alternative sources of capital. Strategy (MSTR), the largest corporate holder of bitcoin, has introduced multiple classes of preferred equity, while peers such as Strive (ASST) and Metaplanet have also issued dividend-paying preferred shares. BitMine said it intends to apply a similar playbook to its Ethereum-focused treasury strategy. BitMine has been among the sector's most aggressive buyers, amassing more than 5.3 million ETH valued at roughly $10 billion and, over the past year, controlling about 4.5% of Ethereum's circulating supply. The position is estimated to be carrying about $9 billion in unrealized losses after ETH fell below $1,800 from around $5,000 in October. The preferred shares can be redeemed by the company at premiums ranging from 10% to 0%, depending on the timing of the redemption. Investors also receive repurchase rights if certain fundamental corporate changes occur. The filing did not disclose how BitMine plans to use the proceeds. The timing stands out as scrutiny grows around Strategy's preferred-equity funding model. Strategy's STRC preferred shares traded 5% below their $100 par value on Wednesday as investors weigh whether the company can comfortably sustain dividend payments amid falling bitcoin prices.

Mastercard is stepping up its push into crypto payments, adding support for six regulated, U.S. dollar-pegged stablecoins and extending card settlement to multiple blockchains on a 24/7 basis. Mastercard said issuers and acquirers will be able to settle card transactions using Circle's USDC; Paxos-issued PYUSD, USDG and USDP; Ripple's RLUSD; and SoFiUSD. The stablecoin settlement option will be available across Ethereum, Solana, Polygon, Base, Arbitrum, Canton, Tempo, and the XRP Ledger. A key change is timing: settlement can occur on weekends and holidays and outside standard bank operating hours. Mastercard said the new capability is designed to complement, not replace, existing settlement processes. Early partners expected to support the rollout include ARQ (formerly DolarApp), CBW Bank, Cross River, Lead Bank, and Nuvei. The initial deployment will cover parts of the U.S. and Latin America, with wider expansion planned through 2026. Mastercard said the stablecoin settlement rollout will follow the same operational standards used across its network, including security controls, fraud protections, dispute-handling procedures, and interoperability. The announcement follows a recent New York Department of Financial Services BitLicense approval for Mastercard Transaction Services (U.S.) LLC, authorizing virtual currency business activity in New York and supporting services tied to stablecoins and tokenized deposits within existing compliance frameworks. It also builds on Mastercard's March agreement to acquire stablecoin infrastructure provider BVNK for up to $1.8 billion and its decision to grant Mastercard Principal Membership to stablecoin card issuer Rain. Peers are also expanding blockchain settlement efforts. Visa continues testing stablecoin-linked settlement programs across multiple chains, while MoneyGram recently launched its MGUSD stablecoin on Stellar for international payments. CoinGecko data shows the total supply of dollar-backed stablecoins is nearing $300 billion. Tether's USDT remains the largest at roughly $188 billion in circulation, followed by Circle's USDC at about $76 billion. Mastercard's move aims to accelerate settlement, extend always-on payment rails to card ecosystems, and tighten the connection between traditional payments infrastructure and regulated digital assets while keeping existing compliance and security frameworks in place.

Grayscale's spot Dogecoin ETF posted a net inflow of $662,360 on June 2, snapping a nine-day stretch with no activity. While flows remain modest, Grayscale continues to dominate the spot $DOGE ETF market, with assets more than five times larger than competing products from 21Shares and Bitwise. Even after the latest inflows, spot Dogecoin ETFs collectively account for only about 0.10% of Dogecoin's circulating supply—roughly 1 out of every 1,000 tokens.

Cardano fell to its lowest level in five years as project founder Charles Hoskinson warned the crypto sector could face a coming "wave of failures."

XRP fell to $1.188, marking its lowest level so far this year, as traders digested losses tied to a fresh round of forced liquidations. The liquidation wave triggered an estimated $14 million in wipeouts, adding pressure to price action and reinforcing bearish sentiment across the market.

EdgeX has published a detailed incident report after EDGE suffered a steep price decline across crypto venues. The team said it did not participate in the selloff, adding it will compensate impacted users as a goodwill measure. According to EdgeX, the move began on PancakeSwap when attackers struck during a low-volume window and exploited roughly $1.25 million in thin onchain liquidity. The report says the disruption cascaded into futures markets by tripping highly leveraged positions, then spread into centralized exchanges. EdgeX stated that at 05:12 on the day of the incident, 174 addresses sold about 159,000 EDGE within one minute, around 10 times the selling volume seen in the preceding minutes. The resulting pressure led to the liquidation of 68.2% of long positions in futures markets, after which panic selling reached spot markets. Centralized-exchange trading volume reportedly rose to about $70 million within two hours, or roughly 7 to 10 times the typical daily level. The company said project-team token balances did not change during the event and that onchain data can verify this. EdgeX added that preliminary checks by several centralized exchanges are consistent with its findings. EdgeX also announced follow-up steps, including an onchain rewards program offering a 200,000 USDC bounty for information that helps identify the attackers. The team said it will work with additional market makers to boost both onchain and offchain liquidity. Compensation will apply only to losses incurred on EdgeX. The company said it will reimburse users who were harmed by forced liquidations of EDGE long positions or stop-loss triggers in EdgeX V1 and V2 perpetual futures contracts between 04:50 and 06:00 on June 2. Compensation is capped at 100,000 USDC per user. After verification, 50% will be paid in USDC within seven days, and the remaining 50% will be paid in EDGE based on the seven-day time-weighted average price (TWAP), with those tokens unlocking in the first week of April 2027. EdgeX did not announce compensation for users who incurred losses from EDGE's price drop on centralized exchanges. This is not investment advice.

Grayscale has selected "GBNB" as the ticker for its proposed spot BNB exchange-traded fund, according to the third amendment to its S-1 registration statement filed with the U.S. Securities and Exchange Commission. The filing indicates the fund would trade as GBNB if approved and listed on Nasdaq. Several key details remain undisclosed, including the management fee, whether the trust will stake its BNB holdings, and any potential fee-waiver arrangements. Grayscale Investments Sponsors LLC continues as sponsor. The Bank of New York Mellon is listed as administrator and transfer agent, while BitGo remains custodian for the fund's BNB. The updated S-1 also removes language that previously described a "Potential Contribution Arrangement." Earlier drafts referenced discussions in which an investor could obtain shares through an authorized participant in exchange for BNB. Neither Grayscale nor the SEC has addressed the deletion; registration statements are frequently revised as issuers respond to regulator feedback. Bloomberg ETF analyst James Seyffart highlighted the ticker addition on X on June 3 and pointed to the lack of fee and staking disclosures. The amendment arrives as Grayscale readies another product, its Hyperliquid ETF, expected to trade under HYPG with a reported 0.29% management fee; trading had not begun at the time of the report. Competition in spot BNB offerings is also building. VanEck launched a U.S. spot BNB ETF last week under the ticker VBNB. Grayscale's GBNB S-1 remains under SEC review. Amendments typically signal ongoing dialogue with regulators rather than a final decision. Investors are looking for clearer terms on fees, staking policy, and custody before assessing the fund's economics and risk profile. BNB market snapshot (June 3): BNB traded near $636, down more than 2%, after failing to hold a breakout above a descending trendline that has constrained rallies since January. The token fell back below the 23.6% Fibonacci retracement near $662 following a brief test earlier in the week. Resistance was also defended near $720, around the 38.2% retracement. If buyers retake $662, the next resistance zones are roughly $719 and $765. Near-term support sits around $620–$600, with a broader floor near $570. Momentum indicators cooled. MACD showed a bearish crossover and the histogram turned negative, while Aroon readings (Aroon Up above 70, Aroon Down near 57) suggest the broader trend has not fully reversed. Grayscale has now formalized the GBNB ticker as SEC review continues, but the absence of fee, staking, and certain structural details leaves investors waiting for the disclosures that will determine how competitive the product is as rival BNB ETFs come to market.