Crypto Morning Brief: BlackRock plans to subscribe to 10% of Circle's IPO shares, Binance Alpha Earn Hub launches
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Crypto Morning Brief: BlackRock plans to subscribe to 10% of Circle's IPO shares, Binance Alpha Earn Hub launches
GameStop purchases 4,710 bitcoins.
Navigating Web3 tides with focused insightsAuthor: TechFlow
Yesterday's Market Dynamics
The U.S. House of Representatives will introduce an updated version of the Digital Asset Market Structure Bill on Thursday
According to "Crypto in America," House leadership plans to introduce an updated version of the digital asset market structure bill during a "pro forma session" on Thursday, May 28, 2025. Widely seen as the foundational regulatory blueprint for America’s $34 trillion crypto industry, the bill will be formally submitted during procedural sessions while lawmakers are on recess.
Previously, a discussion draft of the bill was jointly released by senior Republican lawmakers including Financial Services Committee Chair French Hill. The House Financial Services Committee will hold a hearing on the updated bill on June 4 and may proceed with markup discussions on June 10.
SEC to host Emerging Trends in Asset Management conference on June 5
According to Cointelegraph, the U.S. Securities and Exchange Commission (SEC) will host an "Emerging Trends in Asset Management" conference on June 5, 2025, covering topics such as digital assets and tokenization. SEC Commissioner Hester Peirce will attend, along with representatives from major financial institutions including BlackRock, Franklin Templeton, and Fidelity.
Bloomberg: BlackRock plans to subscribe to 10% of Circle's IPO shares
According to Bloomberg, BlackRock plans to subscribe to 10% of Circle Internet's IPO shares.
Binance Alpha Earn Hub is now live
According to Binance Wallet’s official tweet, the Binance Alpha Earn Hub is now open. Users can earn annual percentage yield (APR) by providing liquidity for the Binance Alpha token on PancakeSwap V3.
Sui community passes “Cetus stolen asset recovery” proposal, meeting condition for 100% user loss compensation
The Sui community proposal on whether to recover stolen assets from the Cetus protocol via special transactions has passed with approximately 53% approval.
According to the proposal, the next Sui protocol upgrade will introduce two one-time special transaction authorizations to transfer about $162 million in frozen funds from attacker addresses to a multisig wallet jointly managed by Cetus, the Sui Foundation, and OtterSec.
In addition, for the $60 million in funds cross-chain transferred by hackers, the Sui Foundation will provide a guaranteed loan to Cetus. Together, these measures satisfy the conditions for Cetus to fully compensate users for their losses.
Earlier, Cetus stated that if the community votes to unlock funds, it will fully compensate users for off-chain stolen assets.
Cyvers: Cork Protocol疑似under attack, losses estimated at $12 million
According to Cyvers monitoring, a smart contract vulnerability involving $12 million has been detected, with tokenized risk protocol Cork Protocol being the likely target. On May 28, 2025 at 11:23:19 UTC, an address funded by an address starting with 0x4771 (possibly a service provider) deployed a malicious contract. Just 16 minutes and 45 seconds later, the attacker executed the exploit, acquiring 3,761.87 wstETH and quickly converting them into ETH. The funds have not yet been transferred to other addresses.
TON Foundation hires former Visa crypto executive as VP of Payments
According to The Block, the TON Foundation has appointed Nikola Plecas, former Visa crypto executive, as Vice President of Payments. Plecas will lead TON’s global payment strategy, manage partnerships with apps based on TON and Telegram, and oversee the foundation’s compliance strategy. He previously held several crypto-related roles at Visa, including Head of Crypto for Europe and Senior Director of Commercialization for Visa Crypto New Products.
Plecas will work closely with Max Crown, CEO of the TON Foundation, who joined in April this year. TON is a Layer 1 blockchain built for the Telegram messaging platform, with its native token Toncoin currently valued at around $7.5 billion.
eToro relaunches 12 cryptocurrencies in the U.S.
According to Decrypt, after settling with the SEC and paying a $1.5 million fine, trading platform eToro announced on Wednesday the reintroduction of 12 cryptocurrencies for U.S. users, including Cardano, Dogecoin, XRP, and Shiba Inu. Previously, the platform offered only three crypto assets—Bitcoin, Ethereum, and Bitcoin Cash—in the U.S.
Andrew McCormick, head of eToro U.S., said: "We’ve done extensive due diligence and research, and believe now is the best time to launch these 12 cryptocurrencies, especially following our IPO a few weeks ago."
GameStop purchases 4,710 bitcoins
According to official reports, GameStop (NYSE: GME) has announced the purchase of 4,710 bitcoins.
VivoPower secures royal Saudi backing, raises $121 million to advance XRP-focused asset reserve strategy
According to CoinDesk, Nasdaq-listed energy company VivoPower International (VVPR) has announced a $121 million private placement to advance its XRP-focused digital asset reserve strategy.
The funding round is led by Prince Abdulaziz bin Turki Abdulaziz Al Saud, chairman of Saudi-based Eleventh Holding Company, investing $100 million. The company plans to issue 20 million shares of common stock at $6.05 per share. Adam Traidman, former executive at SBI Ripple Asia, will serve as Chairman of the Advisory Committee.
VivoPower says it will become the first publicly traded company with an XRP-centric digital asset reserve strategy and plans to divest its traditional business operations.
Stablecoin firm Conduit completes $36 million Series A round led by Dragonfly Capital
According to Fortune, stablecoin payments company Conduit has announced a $36 million Series A funding round led by Dragonfly Capital, with participation from Sound Ventures, Altos Ventures, DCG, and Commerce Ventures. Founded in 2021, the company has now raised a total of $53 million.
Conduit provides cross-border payment solutions using stablecoin technology and currently supports 14 fiat currencies, operating in nine countries including the U.S., Mexico, Brazil, Nigeria, and Kenya.
Market Data
Suggested Reading
The Middle Eastern “White Knight” that acquired HiPhi is now publicly fundraising via token issuance
This article details how after HiPhi’s bankruptcy, the Chinese EV brand was restructured and taken over by Middle Eastern electric vehicle company EV Electra for $1 billion. The newly formed entity plans to raise $840 million through token sales and introduces a dual-token system allowing token holders to receive car purchase discounts and profit dividends. However, EV Electra’s business model and funding sources have sparked controversy, including past allegations of fraud and unauthorized use of others’ designs. Using the HiPhi brand for token promotion has drawn skepticism from the industry, prompting calls for careful assessment of partner qualifications and intentions.
Highlights from Day One of Bitcoin 2025 Conference
This article recaps key highlights from the first day of the Bitcoin 2025 conference, focusing on the future development of Bitcoin. Speakers included Donald Trump Jr. and David Sacks, White House crypto lead, discussing Bitcoin’s future potential.
Five crypto AI startups unveiled at Variant Demo Night
This article covers recent developments in the Crypto x AI space, particularly highlighting five innovative projects showcased at the Variant Demo Night, along with other industry updates at the intersection of cryptocurrency and artificial intelligence.
This article delves into Bitcoin’s role in the macroeconomy, market dynamics, investment strategies, and its relationship with other assets like gold and technologies such as AI. It also explores Bitcoin’s future trajectory, challenges within the international monetary system, and potential solutions offered by stablecoins.
The USDC power game: The only question around Coinbase acquiring Circle is price
This article discusses how Coinbase is highly likely to acquire Circle, gaining full control over USDC’s protocol layer, revenue rights, and technical infrastructure, thereby resolving structural limitations in the current partnership model and further strengthening its competitive position in the crypto industry.
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