Huo Xing Finance, citing Blockaid monitoring, said the algorithmic stablecoin MIM has broken its peg on Arbitrum. On executable trading routes, MIM is changing hands around $0.91–$0.92, with pricing pressured by insufficient or uneven liquidity across Arbitrum pools. On-chain data shows MIM prices across multiple chains at about $0.871–$0.874, down roughly 11% over the past 24 hours.

Vanguard has moved into first place as the largest ETF issuer in the U.S., capping a multiyear climb that steadily narrowed the gap with BlackRock's iShares. In 2018, Vanguard's ETF assets were about 52% of iShares' level. By late 2024, they had risen to roughly 97%. A key milestone came in November 2024, when Vanguard's flagship S&P 500 ETF, VOO, surpassed BlackRock's IVV to become the world's second-largest single ETF. At the time, VOO held $540.76 billion versus IVV's $540.66 billion. As of March 31, 2026, BlackRock's iShares platform reported $4,030.8 billion in total U.S. ETF assets, representing a 29.53% market share. Vanguard stood at $3,893.9 billion. While iShares still benefits from a broad lineup that spans hundreds of specialized and niche offerings, the issuer-level ranking has now tilted toward Vanguard. Monthly flow patterns have often favored iShares, especially during volatile stretches when investors rotate into sector-specific or tactical products. Over longer horizons, Vanguard has typically attracted more net new money. The shift underscores two different approaches. Under CEO Larry Fink, BlackRock has built a full-spectrum asset-management platform, ranging from plain-vanilla index exposure to spot Bitcoin ETFs, private credit, and infrastructure. The iShares brand alone includes well over 400 U.S.-listed ETFs. Vanguard runs a tighter menu aimed at core portfolio building blocks for long-term investors. Its client-owned structure—where the funds own the company—reduces pressure to expand revenue by continuously launching new products. The divergence is clear in crypto. BlackRock debuted the iShares Bitcoin Trust (IBIT) in January 2024 and rapidly turned it into the most successful ETF launch on record, drawing in billions within months. Vanguard did not allow brokerage clients to access third-party crypto ETFs until December 2025. When it opened access, it enabled trading in Bitcoin, Ethereum, XRP, and Solana ETFs from other issuers, while reiterating it does not plan to launch its own crypto ETFs. For investors, fees remain central to Vanguard's appeal. VOO carries an expense ratio of 3 basis points—about $3 per year on a $10,000 investment. Vanguard's decision to permit third-party crypto ETF trading signals it sees demand, while keeping distance from endorsing the products under its own brand. State Street, the third-largest ETF issuer, has steadily lost share to Vanguard and BlackRock. Firms such as Invesco, Schwab, and JPMorgan have built meaningful niches, but none have come close to challenging the top two.

Metaplanet said it will acquire Japanese securities firm Siiibo Securities for $13 million. The deal gives Metaplanet a Type I license, enabling it to distribute Bitcoin ($BTC)-backed yield products directly to Japanese retail investors.

Early-stage crypto fundraising is still losing momentum, Huoxing Finance reported, citing CryptoRank data. Deals at the angel, Pre-Seed and Seed stages have thinned sharply since Q2 2024: the number of rounds is down 63%, while total dollars raised have fallen 50%. By Q2 2026, early-stage funding had slipped to just $290 million across 63 rounds, the weakest level over the period tracked. The only notable interruption came in Q3 2025, when funding briefly bounced to $645 million across 103 rounds, but the broader decline persisted. CryptoRank said the divide between early- and later-stage funding is continuing to widen as investors increasingly back larger, more established projects.

SpaceX made its long-awaited public market debut on June 12, 2026, starting trading on Nasdaq under the ticker SPCX. The company priced its initial public offering at $135 per share, raising $75 billion in what is being described as the largest IPO on record. At the offering price, SpaceX's market capitalization is about $1.77 trillion, putting it among the world's most valuable public companies. Demand was strong. The order book was reported to be more than two times oversubscribed, with roughly $150 billion in orders for a $75 billion deal. Large institutions were prominent in the book, including BlackRock, which reportedly placed an order of at least $5 billion. Retail participation also stood out for a transaction of this size: about 30% of the retail allocation went to individual buyers. Wall Street views diverged. Oppenheimer initiated coverage with a $190 price target, above the IPO price, while ARK Invest projected a potential valuation of as much as $3.1 trillion by 2030. Morningstar took a more cautious stance, putting fair value near $780 billion and warning that SpaceX's acquisition of Musk's AI venture xAI could represent a "material threat of value destruction". Despite the listing, control remains concentrated. Elon Musk holds about 40% of total equity and more than 84% of voting power via a dual-class structure in which Class B shares carry 10 votes each versus one vote for Class A. A Harvard Law School analysis cited the level of control as a meaningful risk for public shareholders, who would have limited influence over major decisions such as acquisitions, including potential deals involving other Musk-owned entities, and executive compensation. SpaceX's governance structure is also unusual for a public company: it does not require any independent directors. Corporate ties across Musk's businesses remain a focus. SpaceX has already integrated xAI, and xAI previously acquired the social platform X in 2025, intensifying investor questions around strategic priorities and value creation across the group. The IPO is also being watched as a read-through for broader markets, including crypto. SpaceX's reception is viewed as a bellwether for a potential wave of large tech and AI listings; both Anthropic and OpenAI have filed SEC paperwork for possible offerings later in 2026. Heavy interest from asset managers such as BlackRock points to sustained institutional appetite for mega-cap tech exposure, a dynamic that can influence capital flows across equities and alternative assets, including crypto. For crypto investors, Musk's expanded public footprint matters. His influence across public equities, social platforms, and AI companies has previously shaped digital-asset narratives and price action; with his ownership and voting control intact, future statements and corporate moves could continue to ripple through crypto markets. The concentrated governance model and the lack of independent directors also highlight a sharp contrast with decentralization principles often favored in crypto communities, a theme likely to gain attention as tokenization and public-equity trends intersect. Tom Mueller, SpaceX's first employee and now founder of Impulse Space, described the milestone in simple terms: "It's unbelievable to see what the company has become. It's just been an incredible ride." Mueller, who was part of the team through early setbacks and later success, still holds a sizable stake. Investors are now focused on SPCX's early trading as a signal for risk appetite and as a reference point for other high-profile tech and AI offerings. For crypto traders, the SpaceX listing stands out as both a major capital-markets event and a fresh indicator of how institutional and retail demand is evolving across asset classes.

SpaceX, Elon Musk's rocket and satellite company, is set to begin trading on Nasdaq on June 12, 2026 after pricing its IPO at $135 per share. On Hyperliquid, though, the SPCX pre-IPO perpetual has been trading for weeks and is currently implying a SpaceX price around $177.95–$178. That spread is the core test for Hyperliquid's HIP3 pre-IPO perpetual framework: always-on, onchain price discovery ahead of the traditional market. Hyperliquid listed the SPCX perpetual at a $150 reference price, and since then the onchain market has continuously set its own clearing level. SpaceX IPO: the headline figures - IPO price: $135 per share - Exchange: Nasdaq (and Nasdaq Texas) - Listing date: June 12, 2026 - Shares offered: 555.6 million - Amount raised: $75 billion - IPO valuation: about $1.77 trillion - Trading start: 9:30 AM ET (with 30–90 minutes expected for price stabilization) If those numbers hold, the $75 billion raise would be the largest IPO on record, and the $1.77 trillion valuation would place SpaceX among the most valuable public companies from day one. The newsletter also notes expectations that Musk's net worth could exceed $1 trillion after the debut. Hyperliquid SPCX: open interest crosses $250M Ahead of the Nasdaq open, positioning has already built onchain. SPCX open interest reached $254.58 million, clearing the $250 million mark. The scale is being framed as a milestone: SPCX has moved beyond a niche pre-IPO product into what the newsletter characterizes as an institutional-grade derivatives market. A key signal is the pricing gap. With SPCX implying roughly $178 against the $135 IPO price, the onchain market is assigning about a 32% premium, effectively betting on a strong first-day move above the issue price. A standout bet: $28.75M long becomes the largest SPCX position Onchain data points to the largest single SPCX position on Hyperliquid, held by wallet 0x9cc10bd3c7e2486c0ae4623e4f7cc3ff143fac56. Position details cited: - Direction: long - Size: 163,160 SPCX - Entry price: $170.05 - Notional: $28.75 million - Leverage: 2x isolated - Liquidation price: $94.39 - Unrealized PnL: +$1.01 million The structure suggests measured risk-taking rather than high-leverage speculation: at a $94.39 liquidation level, the position would require roughly a 47% drop from current onchain prices to be forcibly closed. Whale vs. hedgers: why the positioning stands out The newsletter argues that much of the $254.58 million open interest is driven by hedger shorts—market participants who expect to receive IPO allocations in traditional channels and use the onchain perpetual to hedge potential downside, including an IPO-day selloff or premium compression. Against that backdrop, the $28.75 million long is notable because it is described as unhedged directional risk. In effect, the wallet is wagering that SpaceX will trade at or above the current onchain level when Nasdaq opens. Why this matters for HYPE The piece links SPCX activity to Hyperliquid's token economics. It states that SPCX trading volume generates protocol fees that feed into the HYPE buyback engine. Data points cited include: - $219.47 million in 24-hour SPCX volume - $254.58 million in open interest, supporting ongoing funding-rate activity With SpaceX expected to be one of the most watched single-stock events of 2026, the newsletter anticipates a surge in trading activity that could increase fee generation. The key moment: convergence at $135 or $178 The market focus is whether Nasdaq trading pulls the onchain and traditional prices together—and in which direction. - If SpaceX opens near $178: Hyperliquid's pre-IPO market would be credited with accurate, early price discovery; the $28.75 million long would be strongly profitable. - If SpaceX opens near $135: the 32% premium could compress quickly; the perpetual would be expected to reprice toward the IPO level, putting the large long under mark-to-market pressure. Bottom line SpaceX's $135 IPO is being positioned as the biggest IPO in history by proceeds, but Hyperliquid's SPCX perpetual has already been trading around 32% higher, built $254.58 million in open interest, and attracted a headline $28.75 million directional long from a single wallet. The next step is seeing how those two markets reconcile once Nasdaq trading begins. FAQ Q: What is SpaceX's official IPO price and valuation? A: $135 per share, raising $75 billion at an implied valuation of about $1.77 trillion. Trading begins on Nasdaq on June 12, 2026. Q: Who holds the largest SPCX whale position on Hyperliquid? A: Wallet 0x9cc10bd3c7e2486c0ae4623e4f7cc3ff143fac56, with a 2x isolated long of 163,160 SPCX worth about $28.755 million, entered at $170.05 with +$1,010,145 unrealized PnL. Q: How does SPCX trading benefit HYPE holders? A: The newsletter says protocol fees from SPCX volume flow into the HYPE buyback engine; it cites $219.47 million in 24-hour SPCX volume as a meaningful contributor. Q: What is the central question for SpaceX's debut? A: Whether the Nasdaq open price moves toward Hyperliquid's roughly $178 implied level or compresses toward the $135 IPO price—a move that would materially affect the large onchain long.

ME News reported that on June 12 (UTC+8), citing Iran's official state news agency, Tehran and Washington have agreed on a framework for a memorandum of understanding on halting hostilities. The framework comprises seven points: 1) Nuclear file: No change. The memorandum does not cover any nuclear-related agreements, and Iran will not undertake new nuclear commitments. Nuclear talks are to begin within 60 days of signing. 2) Strait of Hormuz: No transfer of management authority and no role for the United States. Iran makes no commitment to hand over Strait management. Future arrangements will be handled as a regional matter through dialogue and joint decision-making between Iran and Oman. 3) A full ceasefire across all fronts, including Lebanon. 4) A clear mechanism to unfreeze Iran's frozen assets. 5) War reparations added to the agenda. 6) Details on lifting primary and secondary sanctions to be negotiated in the final agreement. 7) Three key issues for the final deal to be negotiated within the 60-day period. (Source: ODAILY)

AI token prices may keep falling in the second half of the year as Nvidia Blackwell systems roll out at scale in data centers, CoinDesk reported. SemiAnalysis found Blackwell GB300 NVL72 output near 6,000 tokens per second per GPU versus about 90 on Hopper, and cost per 1 million tokens fell to $0.12 from $4.20.

Data from Hyperinsight shows Hyperliquid address 0x17c3…ba868 opened a $3.52 million short position in SPCX using 3x leverage. The position's average entry is $177.7, implying an estimated market cap of $2.32 trillion. The liquidation level is $222, corresponding to roughly $2.9 trillion in market cap. SPCX is scheduled to enter its Nasdaq showcase window at 21:30 (UTC+8). SpaceX's offering price is $135, while the current onchain SPCX price trades at a 29.6% premium. According to the note, the trade.xyz contract is valued using 1.308 billion shares outstanding and has not yet been adjusted through the Rebase mechanism.