Autor Cointelegraph By Sam Bourgi

Crypto exchange Kraken is giving customers access to the upcoming SpaceX initial public offering through xStocks, a tokenized equities platform, highlighting the growing convergence between crypto infrastructure and traditional capital markets.Kraken announced Friday that SpaceX will be the first public offering available through xStocks IPO Access, which allows eligible users to participate in the offering through tokenized equity instruments.To participate, users must have a verified Kraken account on the Kraken mobile app and submit an application for IPO access. The offering is not available through Kraken Pro or the company’s desktop platform.According to Kraken, IPO Access is available across the European Economic Area (EEA) and more than 110 international markets, though participation is restricted in the United States, Canada, Australia and the United Kingdom due to regulatory limitations.Source: KrakenEligible users can register interest in purchasing SpaceX shares before the company begins public trading. Investors who receive an allocation will be issued SPCXx, a tokenized representation of SpaceX equity backed 1:1 by the underlying shares. The tokens can be traded 24/7 on Kraken and other participating xStocks platforms.Related: Kraken’s xStocks tops $25B in volume with more than 80K onchain holdersSpaceX targets $1.8 trillion valuation, record debutSpaceX is expected to begin trading publicly on June 12, giving investors their first opportunity to own shares in Elon Musk’s rocket and satellite company.According to Bloomberg, demand for the offering has already exceeded the number of shares available, with SpaceX seeking to raise roughly $75 billion at a valuation of at least $1.8 trillion. If achieved, the listing would be the largest IPO ever, exceeding Saudi Aramco’s $29.4 billion deal in 2019, Bloomberg said.The company’s growth story is largely tied to Starlink, its satellite internet business, which has become a major source of revenue and profitability. However, SpaceX’s capital-intensive launch and space exploration operations continue to incur high costs, raising questions about how investors will value the company once it begins trading on the public market.Source: Lance RobertsRelated: SpaceX reveals larger-than-expected Bitcoin holdings in IPO filing

Strategy’s sale of 32 Bitcoin shouldn’t have mattered. The company still holds hundreds of thousands of BTC, and the transaction barely moved the needle on its balance sheet. Yet the market reaction was swift, exposing how much of the Bitcoin treasury trade had been built on a simple assumption: companies buy Bitcoin… and they never sell it.Elsewhere in crypto this week, JPMorgan CEO Jamie Dimon escalated his fight against the industry’s preferred market structure bill and a French Bitcoin treasury company pushed the limits of capital formation by asking shareholders to approve a massive $122 billion fundraising mandate.Strategy’s Bitcoin sale tests treasury tradeMichael Saylor’s Strategy rattled the market after disclosing the sale of 32 Bitcoin — its first reported BTC liquidation outside a 2022 tax-related transaction. The sale itself was tiny relative to the company’s massive holdings, but it challenged the long-standing narrative that Strategy would only accumulate Bitcoin and never sell. Shares of MSTR fell sharply following the disclosure as investors reassessed the assumptions underpinning the Bitcoin treasury model.“The market learned that Strategy is no longer read as a pure one-way accumulation vehicle,” Delphi Digital wrote in a market summary. “The old ‘never sell’ meme is now broken in practice, not just in conference call language,” Delphi added. The transaction has reignited debate over how Bitcoin treasury companies should be valued. While Strategy remains committed to growing its Bitcoin-per-share metric, the sale served as a reminder that even the most committed corporate hodlers face financial realities.Source: Michael SaylorJPMorgan CEO draws a line in the sand on CLARITYThe battle over US crypto regulation intensified after JPMorgan CEO Jamie Dimon said banks would oppose the latest version of the CLARITY Act, arguing that crypto companies are being granted privileges without being subject to the same regulatory burdens as traditional financial institutions. Dimon specifically criticized provisions that would allow crypto companies to offer interest-bearing products while avoiding the capital and compliance requirements imposed on banks.The comments underscore a growing divide between the banking sector and the crypto industry as lawmakers push for market structure legislation. Supporters see CLARITY as a long-awaited framework that would provide regulatory certainty and encourage innovation. Critics, however, argue that the bill risks creating an uneven playing field. Jamie Dimon said the banking industry opposes the latest CLARITY markup. Source: Fox BusinessCapital B seeks approval for $122 billion Bitcoin war chestBitcoin treasury company Capital B is asking shareholders to approve a sweeping expansion of its fundraising capacity, seeking authorization to issue up to 5 billion euros ($5.8 billion) in new equity and roughly $116 billion in credit instruments to finance future Bitcoin purchases.The proposal, which will be voted on at Capital B’s June 17 shareholder meeting, would give management access to a vastly larger pool of capital than it has raised to date. According to the company, Capital B has secured about $325 million in funding so far, including a recent raise backed by Blockstream CEO Adam Back and asset manager TOBAM.The company purchased 192 BTC for $15.2 million last month and added another 4 BTC on Monday, bringing its total holdings to 3,139 BTC.Source: Alexandre LaizetCoinbase invests in ProShares stablecoin reserve ETFCoinbase has invested an undisclosed amount in the ProShares GENIUS Money Market ETF (IQMM), a fund designed to hold assets that qualify as stablecoin reserves under the GENIUS Act.The exchange-traded fund provides exposure to the cash, bank deposits and short-term US Treasury securities that payment stablecoin issuers are required to hold under the legislation. The GENIUS Act mandates that stablecoins be backed by highly liquid reserves, creating demand for investment products tied to those assets.The investment highlights growing interest in stablecoin reserve assets as the US moves closer to establishing a federal regulatory framework for the sector. Stablecoin issuers are expected to become major buyers of Treasury bills and other highly liquid securities if adoption continues to grow.Source: ProSharesCrypto Biz is your weekly pulse on the business behind blockchain and crypto, delivered directly to your inbox every Thursday.

Professional ownership of US spot Bitcoin exchange-traded funds (ETFs) declined sharply in the first quarter as Bitcoin’s bear market deepened, suggesting that trading-oriented institutions were a significant source of selling pressure during the downturn.A new report by CoinShares analyzing quarterly 13F filings — regulatory disclosures that reveal the equity holdings of investment managers with at least $100 million in assets — found that professional investors reduced their Bitcoin ETF exposure to 261,000 BTC from 313,000 BTC in the first quarter, a 17% decline.The combined value of those holdings fell 35% to $17.8 billion, while the share of total US Bitcoin ETF assets held by 13F filers declined to 20.8% from 24.7%.“This dataset is consistent with what bitcoin markets have historically looked like in drawdowns,” CoinShares digital asset analyst Matt Kimmell wrote in the report. “Leveraged and tactical strategies unwind.”The selling was heavily concentrated among hedge funds and brokerages, which accounted for roughly 96% of the reduction in exposure. Hedge funds cut their holdings by 31,400 BTC, or 39%, while brokerages reduced exposure by 18,800 BTC, a 53% decline.In contrast, investment advisors — the largest professional cohort with 150,300 BTC in holdings — reduced exposure by just 5.9%. Banks more than doubled their Bitcoin ETF holdings, adding 7,800 BTC during the quarter.The decline in professional ownership coincided with a sharp correction in Bitcoin’s price. The asset’s value fell 22% during Q1, extending declines from late 2025 and briefly dropping below $60,000. At its lowest point, Bitcoin was down roughly 50% from its October 2025 all-time high above $126,000.The share of Bitcoin ETF holdings by professional managers declined in the first quarter. Source: CoinSharesRelated: Strategy debt, AI boom, Bitcoin collapse have analysts predicting doom: Are they right?Despite BTC market volatility, regulatory backdrop improvesDespite the market volatility, CoinShares said the first quarter delivered several regulatory developments that could support the digital asset industry’s long-term growth.Among them were efforts by US regulators to provide greater clarity around the division of oversight between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), as well as proposals affecting how digital assets may be treated in retirement accounts.Regulatory progress has continued beyond Q1, with the SEC recently making digital assets a strategic priority through 2030. In a draft document released this week, the agency vowed to “provide a firm regulatory foundation for digital assets and distributed ledger technologies through a rational, coherent, and principled approach.”SEC Chair Paul Atkins’ message in the agency’s draft Strategic Plan through 2030. Source: SECCoinShares also highlighted the growing acceptance of Bitcoin among traditional financial institutions. Earlier this year, BlackRock acknowledged Bitcoin’s potential role in modern portfolios, arguing that the traditional stock-and-bond diversification model has become less reliable in the post-2020 investment environment.Nevertheless, market participants remain focused on the fate of the CLARITY Act, a proposed market structure bill that would establish a more comprehensive regulatory framework for digital assets and further define the roles of the SEC and CFTC. The current version of the bill has drawn scrutiny from the banking industry, though some lawmakers expect it could reach the Senate floor for a vote as early as August.Related: Crypto Biz: Crypto infrastructure spending rises as ETF appetite cools

Crypto exchange Bybit has added support for Western Union’s USDPT stablecoin, a move that brings the payments giant’s digital dollar onto a major crypto trading venue for the first time.The companies announced on Thursday that USDPT, Western Union’s US dollar-pegged stablecoin, is now available on Bybit for holding, trading and transfers. The integration expands USDPT beyond payments and into crypto trading while increasing the range of dollar-denominated stablecoins available to Bybit users.Bybit said it is the first major cryptocurrency exchange to support USDPT.Source: Western UnionWestern Union launched USDPT in May as part of its broader digital asset strategy. The stablecoin is issued by Western Union Digital and backed by reserves held at Anchorage Digital Bank. USDPT initially launched on the Solana blockchain.Originally founded in 1851 as a telegraph company, Western Union has said the stablecoin is designed to align with the framework outlined in the US GENIUS Act, the federal legislation that established regulatory standards for payment stablecoins. Related: Why stablecoins and SWIFT may have to coexistPayment giants deepen stablecoin pushStablecoins remain one of the fastest-growing segments of the digital asset market despite broader weakness in crypto prices. According to DeFiLlama, the total value of dollar-pegged stablecoins has climbed to nearly $320 billion.Western Union joins a growing list of financial institutions and payments companies entering the stablecoin market.Earlier this month, global payment service MoneyGram launched its own US dollar-pegged stablecoin, MGUSD, on the Stellar network as part of its broader push into blockchain-based payments and cross-border transfers.Meanwhile, Mastercard announced Wednesday that it is expanding support for several stablecoins, including USDC (USDC), PayPal USD (PYUSD) and Ripple USD (RLUSD), as the payments giant deepens its involvement in digital asset settlement.That support includes expanded settlement capabilities to let issuers and acquirers settle some card transactions using regulated stablecoins. Rival payment network Visa is also gaining traction. In April, the company said its stablecoin settlement pilot had reached a $7 billion annualized transaction run rate, underscoring increasing adoption of blockchain-based payment rails.Using a $200 remittance as a benchmark, World Bank data shows that digital transfer methods can reduce costs compared with traditional cross-border payment channels. Source: World BankThe trend comes as policymakers and international institutions continue to examine the role of stablecoins in cross-border payments. The World Bank has noted that traditional remittance channels remain costly and can limit access in developing economies, areas where stablecoin-based transfers could offer efficiencies.Related: Coinbase expands branded stablecoin infrastructure business with Flipcash USDF launch

Crypto exchange Bybit has added support for Western Union’s USDPT stablecoin, a move that brings the payments giant’s digital dollar onto a major crypto trading venue for the first time.The companies announced on Thursday that USDPT, Western Union’s US dollar-pegged stablecoin, is now available on Bybit for holding, trading and transfers. The integration expands USDPT beyond payments and into crypto trading while increasing the range of dollar-denominated stablecoins available to Bybit users.Bybit said it is the first major cryptocurrency exchange to support USDPT.Source: Western UnionWestern Union launched USDPT in May as part of its broader digital asset strategy. The stablecoin is issued by Western Union Digital and backed by reserves held at Anchorage Digital Bank. USDPT initially launched on the Solana blockchain.Originally founded in 1851 as a telegraph company, Western Union has said the stablecoin is designed to align with the framework outlined in the US GENIUS Act, the federal legislation that established regulatory standards for payment stablecoins. Related: Why stablecoins and SWIFT may have to coexistPayment giants deepen stablecoin pushStablecoins remain one of the fastest-growing segments of the digital asset market despite broader weakness in crypto prices. According to DeFiLlama, the total value of dollar-pegged stablecoins has climbed to nearly $320 billion.Western Union joins a growing list of financial institutions and payments companies entering the stablecoin market.Earlier this month, global payment service MoneyGram launched its own US dollar-pegged stablecoin, MGUSD, on the Stellar network as part of its broader push into blockchain-based payments and cross-border transfers.Meanwhile, Mastercard announced Wednesday that it is expanding support for several stablecoins, including USDC (USDC), PayPal USD (PYUSD) and Ripple USD (RLUSD), as the payments giant deepens its involvement in digital asset settlement.That support includes expanded settlement capabilities to let issuers and acquirers settle some card transactions using regulated stablecoins. Rival payment network Visa is also gaining traction. In April, the company said its stablecoin settlement pilot had reached a $7 billion annualized transaction run rate, underscoring increasing adoption of blockchain-based payment rails.Using a $200 remittance as a benchmark, World Bank data shows that digital transfer methods can reduce costs compared with traditional cross-border payment channels. Source: World BankThe trend comes as policymakers and international institutions continue to examine the role of stablecoins in cross-border payments. The World Bank has noted that traditional remittance channels remain costly and can limit access in developing economies, areas where stablecoin-based transfers could offer efficiencies.Related: Coinbase expands branded stablecoin infrastructure business with Flipcash USDF launch