Summary
gm, Tether and Bitfinex transferred $3.9 billion in Bitcoin to Twenty One Capital as part of a pre-funding effort for an equity raise involving notable investors like SoftBank. Circle boosted its IPO offering size and price range, seeking to raise up to $896 million at a $7.2 billion valuation, with strong institutional demand evidenced by ARK Investment's intent to purchase up to $150 million in shares. Meanwhile, the Ethereum Foundation announced a major restructuring of its core development team, rebranding to "Protocol" with a focus on three key objectives: scaling Ethereum's Layer 1, expanding blobspace for rollups, and enhancing user experience, aligning with Vitalik Buterin's recent call for a 10x scaling improvement over the next year.

News Headlines
🔄 Revolut Planning Crypto Derivatives Launch

  • Revolut is preparing to enter the crypto derivatives market according to a job listing for a General Manager position to oversee the platform's development. The initiative aims to build a trusted and scalable derivatives offering while leveraging Revolut's global customer base of 50 million users.
  • The fintech company has been expanding its crypto services, including a recently launched desktop crypto exchange, and has experienced significant revenue growth from its increasing crypto trading userbase.

🐶 Dogecoin and Solana Meme Coins Rebound After Tough Week

  • After a difficult week in the meme coin market, Dogecoin has risen 3% while established Solana-based meme coins like Dogwifhat (WIF) are experiencing even larger rebounds, with WIF up 20% to $1.02. Trading volumes have increased significantly across these tokens.
  • Despite the daily gains, the meme coin category remains down nearly 10% for the week, indicating this may be a temporary recovery in what has been an overall challenging market environment.

📱 ConSensys Acquires Web3Auth to Improve MetaMask User Experience

  • ConSensys has acquired Web3Auth to address a critical challenge in self-custody wallets: seed phrase management, which leads to fund loss for approximately 35% of crypto wallet users who fail to properly secure their recovery phrases.
  • The integration will allow MetaMask users to restore their wallets using conventional authentication methods like device-based authentication and social logins, potentially reducing barriers for new users while maintaining security through multifactor authentication processes.

🌉 Solana Launches Attestation Service to Streamline KYC Processes

  • The Solana Attestation Service (SAS) functions as a digital passport, allowing wallets to verify credentials without exposing personal information. The service enables issuers like KYC providers and DAOs to create signed attestations linking various claims to Solana wallet addresses.
  • This system simplifies verification by storing proof on-chain, eliminating complex backend infrastructure for managing user data. Projects like Civic and Solid are already integrating SAS for issuing compliance credentials.

📊 Strategy Plans $250M Stock IPO to Buy More Bitcoin

  • Michael Saylor's Strategy announced plans to raise $250 million through an IPO of preferred stock called "10% Series A Perpetual Stride Preferred Stock" (STRD). The offering will consist of 2.5 million shares at $100 each, providing investors with a 10% annual dividend yield.
  • The company recently acquired 705 BTC for $75 million, increasing its Bitcoin holdings to approximately 581,000 BTC, valued at around $60 billion. This preferred stock issuance follows earlier fundraising efforts this year, indicating Strategy's continued focus on expanding its Bitcoin reserves.

Market Metrics

Fundraising & VC
1. Avantis Finance (Series A, $8M) - DeFi protocol for leverage trading
2. Soul Protocol (Public Token Sale, $6M) - Unified omnichain liquidity layer connecting cross-chain money markets

Regulatory
🏛️ California Approves Crypto Payments to State

  • The California State Assembly unanimously passed Bill 1180, enabling state agencies to accept cryptocurrency payments, with the legislation now heading to the Senate.
  • If signed into law, the bill would become effective July 2026, following a pilot program through 2031, with regulatory oversight from the Department of Financial Protection and Innovation.

🔍 House Democrats Claim SEC Withholding Info on CLARITY Act

  • Democratic staffers allege the SEC denied them standard analysis on the crypto market structure bill (CLARITY Act) while providing this information to Republican counterparts.
  • With committee markup scheduled for June 10, Ranking Member Maxine Waters plans to request written analysis from SEC Chair Paul Atkins to understand potential impacts on the agency's regulatory authority.

🏦 UK Launches British Pound Stablecoin

  • BCP Technologies has launched the Tokenised GBP (tGBP) stablecoin backed by the British pound after a 14-month review in the FCA's regulatory sandbox.
  • Each tGBP token is fully backed by cash in a segregated bank account with plans to later back it with UK government bonds, potentially serving as a proof-of-concept for future FCA stablecoin regulations.

⚖️ Bitcoin Miners Face Patent Lawsuit

  • Malikie Innovations has filed a lawsuit against Bitcoin mining firms Marathon Digital and Core Scientific, claiming unauthorized use of intellectual property related to Elliptic Curve Cryptography.
  • If successful, the lawsuit could result in significant royalty payments for miners and potentially set a precedent for further actions against other mining operations, threatening Bitcoin network security.

🔄 Crypto Lobby Pushes Senate on Stablecoin Bill

  • Crypto lobbyists are urging the US Senate to swiftly pass the GENIUS Act, a stablecoin-regulating bill, without amendments that could derail its progress.
  • The bill faces potential delays due to unrelated amendments regarding credit card fees and other suggestions concerning government officials disclosing stablecoin holdings and restrictions on foreign ownership.

Technical Analysis
Bitcoin - Bitcoin has broken through the floor of a rising trend channel in the short term. This indicates a slower rising rate at first, or the start of a more horizontal development. The currency is approaching support at 104000 points, which may give a positive reaction. However, a break downwards through 104000 points will be a negative signal. RSI diverges negatively against the price, which indicates danger of a reaction downwards. The currency is overall assessed as technically slightly positive for the short term.

Ethereum - Investors have paid higher prices over time to buy Ethereum and the currency is in a rising trend channel in the short term. This signals increasing optimism among investors and indicates continued rise. The currency is between support at points 2500 and resistance at points 2760. A definitive break through of one of these levels predicts the new direction. Volume has previously been high at price tops and low at price bottoms. This strengthens the trend. RSI diverges negatively against the price, which indicates danger of a reaction downwards. The currency is overall assessed as technically positive for the short term.