Crypto Morning Brief: SpaceX Plans to Proceed with Cursor Acquisition 30 Days After IPO; OpenAI Co-Founder Andrej Karpathy Joins Anthropic
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Crypto Morning Brief: SpaceX Plans to Proceed with Cursor Acquisition 30 Days After IPO; OpenAI Co-Founder Andrej Karpathy Joins Anthropic
Tether has applied for trademark registration in South Korea, possibly preparing to enter the South Korean market.
Navigating Web3 tides with focused insightsAuthor: TechFlow
Yesterday’s Market Updates
Russian President Putin Arrives in Beijing
According to CCTV News, Russian President Vladimir Putin arrived in Beijing aboard a special aircraft. At the invitation of Chinese President Xi Jinping, President Putin is paying a state visit to China from May 19 to 20.
Trump Signs Executive Order to Integrate Digital Assets into Traditional Financial Payment Systems
According to CoinDesk, U.S. President Donald Trump signed an executive order on Tuesday local time, directing federal agencies to modernize regulatory frameworks and integrate digital assets and innovative technologies into traditional financial services and payment systems. The order requires financial regulators to review existing rules within three months to identify barriers hindering collaboration between fintech firms and federal regulators, and to implement measures encouraging innovation within six months.
In addition, the executive order specifically directs the Federal Reserve to review regulations governing nonbank financial institutions’ access to payment accounts and services—a move that could directly benefit Wyoming Special Purpose Depository Institutions (SPDIs) and similar entities operating under such frameworks. Companies like Kraken have previously actively sought Fed master account access.
U.S. SEC Proposes Registration and Disclosure Reforms to Expand Financing and Disclosure Flexibility for Public Companies
According to an official announcement, the U.S. Securities and Exchange Commission (SEC) has proposed amendments to registration and disclosure rules and forms to enhance public companies’ efficiency, flexibility, and cost-effectiveness in raising capital, while also simplifying the public company disclosure framework. Under the proposal, more public companies would be eligible for shelf offerings; more companies would qualify for registration and communication flexibilities previously available only to “well-known seasoned issuers” (WKSIs); broker-dealers would be permitted to provide research coverage for a broader range of public companies; and state-level registration and qualification requirements under state securities laws for multi-state offerings would be preempted at the federal level. Additionally, the proposal seeks to raise the threshold for “large accelerated filers” from $700 million to $2 billion in public float, and stipulates that companies would not be classified as such due to public float for at least 60 months following their IPO. The public comment period for both proposals will last 60 days following publication in the Federal Register.
Bank of America Increases Stake in Strategy Stock by 117,374 Shares, Worth ~$19.6 Million
According to BitcoinTreasuries.NET, Bank of America increased its holdings in Strategy stock by 117,374 shares, valued at approximately $19.6 million. Its total position now stands at 3.96 million shares (~$664 million).
Pump.fun to Introduce USDC Trading Pairs for Newly Launched Tokens on May 21
According to SolanaFloor, Pump.fun will enable USDC trading pairs for newly launched tokens on May 21—marking a major shift away from its previous SOL-only pairing model. This update was first announced on May 7; existing SOL-based pairs remain unaffected.
Since its launch in January 2024, an estimated 5.07 million SOL (valued at $430 million) has been locked in liquidity pools upon token graduation. Previously, all tokens completing Pump.fun’s bonding curve migrated to its AMM, PumpSwap, where liquidity was paired with SOL—and the SOL used for pairing was permanently burned.
Zcash Foundation Q1 Report: Total Liquid Assets Reach ~$36.7 Million; ZEC Holdings Exceed 85,000 Coins
The Zcash Foundation released its Q1 2026 report, disclosing total liquid assets of approximately $36.7 million—including ~$12.11 million in cash, 506,556 USDC, 85,412 ZEC (~$21.2 million), 41.8 BTC (~$2.85 million), and 12.02 ETH (~$25,000).
The Zcash Foundation added that it faced leadership changes within the Electric Coin Company development team and governance controversies during Q1—but network operations remained unaffected, with transactions and block production continuing normally. On the regulatory front, the U.S. Securities and Exchange Commission (SEC) has concluded its investigation without taking any enforcement action—removing long-standing regulatory uncertainty.
Ostium Integrates Nasdaq Data, Launches Perpetual Contracts on Individual U.S. Stocks
According to CoinDesk, decentralized exchange Ostium has become the first on-chain platform to offer perpetual contracts on individual U.S. stocks using Nasdaq data—enabling users to gain exposure to U.S. equities via blockchain infrastructure. Built on Arbitrum, Ostium focuses on real-world asset–backed perpetual futures, supporting equities, indices, forex, and commodities. Official data shows the platform has generated over $50 billion in cumulative trading volume and attracted more than 26,000 traders since its 2024 launch. This partnership reflects growing demand for stock perpetuals in on-chain markets—and Nasdaq’s accelerating push into tokenized equity trading infrastructure.
Tether Files Trademark Applications in South Korea, Possibly Preparing Market Entry
According to South Korean media reports, Tether—the world’s largest stablecoin issuer—has recently filed seven trademark applications in South Korea, including for the “Tether” logo and its gold-backed stablecoin Tether Gold (XAUT). This marks Tether’s first application in South Korea for its corporate name and logo trademarks; previously, it had only applied for trademarks covering stablecoin product names.
Industry insiders believe this move may signal Tether’s preparation for market entry. Discussions around South Korea’s pending Digital Asset Basic Act (Phase II Virtual Asset Act) include proposals requiring foreign stablecoin issuers to establish local subsidiaries before conducting circulation activities in the country. Tether’s trademark filings may represent a strategic early move ahead of competitor Circle.
Circle co-founder and CEO Jeremy Allaire visited South Korea in April to discuss potential collaboration with local financial holding companies and virtual asset exchanges, calling South Korea “the world’s most dynamic virtual asset market—and a top candidate for the most mature stablecoin market of the future.”
Canaan Inc. Releases Q1 2026 Financial Results: Revenue $62.7M, Crypto Reserves Hit Record High
Canaan Inc. released its Q1 2026 financial results. The report shows total revenue of $62.7 million—within prior guidance—and a net loss of $88.7 million. As of March 31, 2026, its cryptocurrency reserves reached a record high of 1,807.60 BTC and 3,951.53 ETH.
Operationally, the company’s ten merged mining projects achieved a combined installed hash rate capacity of ~11 EH/s—an increase of 10.7% quarter-on-quarter—and produced 257 BTC in Q1. Strategically, Canaan acquired a 49% stake in Cipher Mining’s ABC project in West Texas; the project-level operational hash rate now stands at ~4.4 EH/s. Meanwhile, the company deployed a “hash-rate-to-heat” project in Northern Europe, targeting a total capacity of ~8 megawatts.
Canaan expects Q2 2026 total revenue to fall between $35 million and $45 million.
Source: SpaceX Plans Cursor Acquisition 30 Days After IPO Launch
According to JIN10 Data, sources indicate SpaceX plans to proceed with its acquisition of AI coding startup Cursor 30 days after launching its IPO.
OpenAI Co-Founder Andrej Karpathy Joins Large Language Model Firm Anthropic
Andrej Karpathy—OpenAI co-founder and former Tesla AI Director—announced he has joined Anthropic. He stated that the coming years represent a uniquely formative phase at the frontier of large language models—and expressed great excitement about joining the team and returning to hands-on R&D. Karpathy also affirmed his continued passion for education and plans to resume related work at an appropriate time.
Market Data
Recommended Reading
Harvard Endowment Sells Off Bitcoin and Ethereum ETFs—Do Top Universities Lose Money on Crypto Too?
https://www.techflowpost.com/zh-CN/article/31631
In Q1 2026, Harvard University’s endowment fully exited its position in BlackRock’s Ethereum spot ETF (ETHA) and significantly reduced its holdings in BlackRock’s Bitcoin spot ETF (IBIT). Narvekar, CEO of Harvard Management Company and architect of this strategy, plans to retire by the end of 2027. Harvard began investing in crypto assets in 2025, but due to market volatility and strategic adjustments, the value of its crypto holdings declined from a peak of $442 million to $117 million. Institutional investor confidence in crypto remains uncertain—and Harvard’s crypto experiment may be nearing its end.
Iran Launches Bitcoin-Based Maritime Insurance Platform “Hormuz Safe” Covering Strait of Hormuz, Claims Annual Revenue Could Exceed $10 Billion
https://www.techflowpost.com/zh-CN/article/31633
Iran has launched a Bitcoin-settled maritime insurance platform named “Hormuz Safe,” designed to provide cryptographically verified insurance services to Iranian shipowners and cargo owners transiting the Strait of Hormuz. Promoted as capable of generating over $10 billion in annual revenue, its practical viability faces skepticism due to Bitcoin’s volatility, U.S. sanctions risks, and technical controversies. Iran is also advancing legislation and institutional measures aimed at transforming control over the Strait of Hormuz into a de-dollarized financial system.
Musk’s $13.4B Lawsuit Lost—To a Calendar
https://www.techflowpost.com/zh-CN/article/31637
This article details how Elon Musk’s lawsuit against OpenAI ended in defeat—and analyzes the case timeline, trial details, and underlying legal and commercial maneuvering. It also explores OpenAI’s IPO plans and associated financial challenges.
Bitcoin Reverses Two-Day Gains, Ending Six-Week ETF Inflows—Consolidation or Trend Reversal?
https://www.techflowpost.com/zh-CN/article/31638
The Bitcoin market has experienced sharp volatility recently, with gains reversed rapidly—driven by U.S. macroeconomic data, ETF outflows, and geopolitical risk-aversion sentiment. Institutional investor behavior is diverging: some are increasing Bitcoin allocations, while others are reducing or exiting exposures to other crypto assets.
Global Long-Duration Bonds Break Down: The Fiscal Illusion of the Low-Interest-Rate Era Is Crumbling
https://www.techflowpost.com/zh-CN/article/31639
This article analyzes synchronized breakdowns across sovereign bond markets in multiple advanced economies, examining root causes including fiscal deficits, debt growth outpacing GDP expansion, inflationary pressures, energy price shocks, and shifts in central bank interest rate policy. It further highlights how domestic political structures impede fiscal adjustment—and evolving roles of the Federal Reserve and foreign central banks in bond markets.
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