SpaceX IPO priced at $135; Japan's foreign securities fall $75.6 billion in May

Fidelity has lowered the minimum account requirement for SpaceX's IPO from $500,000 to $2,000.

Fidelity has lowered the minimum account requirement for the SpaceX IPO from up to $500,000 to $2,000.

Japan's holdings of foreign securities declined sharply in May, suggesting that the Japanese government may have tapped into its overseas assets, including U.S. Treasuries, to fund its record-breaking currency market interventions over the past month. According to foreign exchange reserve data released by Japan's Ministry of Finance on Friday, Japan's holdings of foreign securities decreased by $75.6 billion from April.

As of the end of May, Japan’s total foreign exchange reserves fell to $1.09 trillion. Foreign currency deposits, another potential source of intervention funds, remained largely unchanged at $162 billion. It had previously been confirmed that, over the month ending May 28, Japan’s intervention in the foreign exchange market reached a record high of 11.73 trillion yen (approximately $73.4 billion).

According to people familiar with the matter, SpaceX (SPCX.O) has informed the banks managing its $75 billion IPO that it has set the offering price at $135 per share, a figure disclosed in its amended IPO filing on Wednesday. This decision signals Musk’s determination to lead what would be the largest IPO in history on his own terms, defying Wall Street norms—though the people emphasized that the decision remains subject to change before the official listing. SpaceX launched its IPO roadshow on Thursday, during which issuers and underwriters typically gather investor feedback and hold a final pricing meeting the day before the stock begins trading. Three people familiar with the situation described demand for SpaceX shares as “extremely hungry.” SpaceX is expected to begin trading on June 12.

Anthropic has called on leading AI labs to consider slowing the pace of development, noting that AI systems are evolving at an extremely rapid rate and may soon be capable of self-improvement without human intervention—a capability that could pose significant societal risks. Internal data from Anthropic reveals that the performance of its most advanced models is rapidly improving, with AI progress appearing to move toward “recursive self-improvement,” in which AI systems autonomously optimize themselves without human input. Anthropic argues that it would be globally beneficial if the world could choose to slow or temporarily pause frontier AI research, allowing social structures and related studies to catch up with technological advances. Anthropic proposes establishing a global agreement that defines how to slow AI development and implements mechanisms to verify that competitors adhere to the agreement.

On June 4 Eastern Time, the Grayscale Hyperliquid Staking ETF (ticker: HYPG) officially listed on Nasdaq. The total number of U.S.-listed spot HYPG ETFs now stands at three.

According to SoSoValue data, the total net inflow for HYPE spot ETFs on yesterday (Eastern Time, June 4) was $12.1494 million. Among these, HYPG recorded its first full trading day after listing with a net inflow of $4.6973 million, bringing its total historical net inflow to $4.6973 million. The Bitwise Hyperliquid ETF (BHYP) had the highest single-day net inflow at $7.4521 million, with a cumulative historical net inflow of $90.4123 million.

As of the time of this report, the total net asset value of the HYPE spot ETF is $186 million, with a net asset ratio of 1.24% for HYPE, and cumulative net inflows since inception have reached $152 million.

Last night, market reports indicated that SemiAnalysis’s latest research report stated: “NVIDIA’s next-generation AI server cluster, Rubin NVL72, has made significant adjustments to its memory configuration. To address supply chain constraints and ensure timely delivery of Rubin racks, the memory capacity per rack has been drastically reduced from the originally planned 55TB to 28TB—a decrease of approximately 50%. The system now uses a reduced-spec 96GB SOCAMM memory module, replacing the previous 192GB high-capacity module.” As a result of this news, memory-related stocks, including Micron and SK Hynix, came under pressure and declined.

SemiAnalysis founder, CEO, and chief analyst Dylan Patel (@dylan522p) said, "I like it when people share what we say but miss most of the content in our notes. Our original report did not use such clickbait headlines."

As computing resources become increasingly scarce, Jane Street plans to build its own data center to meet the demands of its operational expansion. The company is currently in preliminary discussions with several firms in the technology, crypto, and finance industries, though the specific capacity and location of the new facility have not yet been determined.

Jane Street currently obtains computing power through data centers in Dallas and cloud providers such as CoreWeave, and is seeking to increase its computing capacity tenfold—from the current tens of thousands of GPUs to hundreds of thousands. The new facilities will be used to train internal AI models for predicting asset prices. Jane Street’s co-head of technology stated that innovation and experimentation are constrained by available computing power, and the company is seeking additional capacity to support longer-term risk positions in trading.

Taylor Hornby discovered a critical forgery vulnerability in Zcash's Orchard shielded pool on May 29, 2026. Taylor reported the vulnerability to the Zcash Open Development Lab, and a fix was completed on June 2 through coordinated efforts. The vulnerability could have been exploited to secretly create an unlimited number of forged ZEC within Zcash Orchard. Due to Orchard’s privacy features, it is not possible to cryptographically prove whether the vulnerability was exploited prior to the fix.

The vulnerability existed since the activation of Orchard in May 2022 until an emergency fix was deployed on June 1, 2026. Taylor Hornby, with assistance from AI tools, developed a complete exploit and generated unlimited, undetectable forged ZEC in a local test environment. Shielded Labs is currently collaborating with other Zcash developers to explore network upgrade proposals that would allow anyone to verify the integrity of Zcash’s supply.

Plume has partnered with Ethereum liquid staking protocol ether.fi to launch a new RWA yield vault, offering ether.fi users access to tokenized real-world asset yields.

Plume stated that ether.fi has exclusively allocated $100 million to this vault, sourced from its liquidity provider base and managed capital from existing yield products such as liquid ETH, liquid USD, and liquid BTC. An ether.fi representative noted that there is strong market demand for yield products with institutional-grade risk controls and lower DeFi exposure.

Nova Markets has announced the completion of a new funding round, with participation from Wintermute Ventures, Robot Ventures, Big Brain VC, Cumberland, GSR, Greenfield Capital, Hash3, Bodhi Ventures, and Kairos Research. The project primarily focuses on on-chain capital and prediction market infrastructure, and the funding will be used to migrate additional perpetual contracts and prediction markets on-chain.

The U.S. House Committee on Ways and Means is preparing legislation to establish a cryptocurrency tax framework, with a potential release as early as Friday, followed by hearings early next week. Committee Chairman Jason Smith has made developing a tax framework for digital assets a top priority, with the Treasury Department also involved in the process.

The committee is expected to introduce seven bills addressing when tokens earned through mining or staking are taxed, exempting certain stablecoin transactions from capital gains tax, equating the tax treatment of digital assets and securities (including charitable donations), creating a safe harbor for foreign investors to trade U.S. securities without being taxed as domestic businesses, and extending the wash sale rule to digital assets.

Chicago Mercantile Exchange Group CEO Terry Duffy expressed serious concerns about the recently U.S.-regulated perpetual contracts. He stated that perpetual contracts offer little practical value for institutional investors while exposing retail investors to excessive risk. He fully disagrees with the CFTC’s decision to approve the first crypto perpetual contracts after a rapid review and has contacted the CFTC chair to voice his concerns.

Terry Duffy warned that perpetual contracts and prediction markets are fueling a retail speculative frenzy that could lead to an impending disaster. The first perpetual contracts approved by the CFTC have been listed by Kalshi, and several U.S. exchanges are discussing launching their own perpetual contracts.

The U.S. House Committee on Financial Services held a hearing today with banking regulators, focusing on stablecoin regulations and the bank charter application of World Liberty Financial, a crypto company linked to the U.S. President.

Jonathan Gould, Comptroller of the Currency, stated at a hearing that the only political pressure his agency felt regarding the decision on whether to grant World Liberty Financial a banking charter came from the Democratic Party, and he denied allegations that the agency was following presidential directives. Additionally, Travis Hill, Chairman of the Federal Deposit Insurance Corporation, said that a rule proposal requiring stablecoin issuers to implement customer identification procedures will be introduced soon.