PA Daily | Circle prices IPO at $31 per share; Binance adds BIFI, FIS, KMD and MDT to the “monitoring tag” list

Today's news tips:

Ethereum Foundation announces new treasury management policy and proposes "Defipunk" framework: plans to gradually reduce annual expenditure ratio to 5% within 5 years

BitMine Completes $18 Million Financing Through Stock Offering, Net Proceeds to Be Used to Purchase Bitcoin

Upbit to Launch Ravencoin (RVN) KRW Trading, Lagrange (LA) BTC and USDT Trading

Binance adds BIFI, FIS, KMD and MDT to the “Monitoring Tags” list

Deribit: $3.8 billion in BTC and ETH options are about to expire, with call options dominating

Circle prices IPO at $31 per share, raising $1.1 billion at a valuation of $6.2 billion

Crypto credit startup 3Jane raises $5.2 million in seed funding, led by Paradigm

Abraxas Capital withdraws 13,771 ETH from Binance

Regulatory/Macro

The California House of Representatives passed AB-1052, which proposes that crypto assets that have not been operated for three years can be placed under state custody

According to Decrypt, the California House of Representatives passed AB-1052 with 78 votes in favor and 0 votes against, proposing to treat crypto assets with no operation records within three years as unclaimed property and to be managed by the state government. The bill clearly states that the assets will not be liquidated and will still be kept by a third party in encrypted form, and users can claim them at any time. Supporters say that this mechanism is similar to traditional unclaimed property laws and is intended to protect the security of user assets; critics worry that it violates the privacy and self-custody spirit of Bitcoin. The draft bill will now be submitted to the California Senate and may be further revised.

U.S. Senate confirms Michelle Bowman as Fed vice chair for supervision

The U.S. Senate approved the appointment by 48 votes to 46, confirming Federal Reserve Board Governor Michelle Bowman as Vice Chairman of Supervision for a four-year term, officially replacing Michael Barr as the Federal Reserve's top regulatory official.

U.S. Treasury Department: Discussed work on digital asset markets

The U.S. Treasury Department said that U.S. Treasury Secretary Bessant held an executive meeting of the Financial Stability Oversight Council today. During the meeting, the committee received a briefing from Treasury staff on the work of the President's Digital Asset Markets Working Group. The Chairman of the U.S. Securities and Exchange Commission and the Acting Chairman of the U.S. Commodity Futures Trading Commission (CFTC) also provided updates on the recent actions of their respective agencies. The speakers discussed the ongoing efforts to promote U.S. leadership in digital assets and financial technology and to provide greater regulatory clarity and certainty for digital asset markets.

Trump: Debt ceiling should be completely lifted to avoid economic disaster

U.S. President Trump posted on social media: "I am very pleased to announce that after so many years, I have finally reached a consensus with U.S. Democratic Senator Warren on something: the debt ceiling should be completely abolished to avoid an economic disaster. It is too dangerous to leave it in the hands of politicians - even if this may have a terrible impact on our country (and even indirectly on the world), there are still politicians who want to use the debt ceiling for political gain. As for Senator Warren’s second statement on $4 trillion, I also like it, but it must be done in the shortest possible time. Let us work together with the Republicans and Democrats to get this done!"

Viewpoint

Analyst: Robinhood is expected to be included in the S&P 500 index, which may trigger a large-scale purchase of passive funds

According to Bloomberg, BofA analysts pointed out that Robinhood Markets Inc. is a "prime candidate" in the S&P 500 index adjustment to be announced this Friday. The stock has recently hit a nearly four-year high as the stock market and crypto market rebounded. If included, it is expected to trigger concentrated buying by passive funds tracking the index. Coinbase's stock price rose 34% in the week when it was previously included. Analysts also mentioned that companies such as Ares Management, Carvana and AppLovin also have the potential to be selected.

Project News

Upbit to Launch Ravencoin (RVN) KRW Trading, Lagrange (LA) BTC and USDT Trading

According to the Upbit announcement, Ravencoin (RVN) will be listed on the KRW market on June 5, and Lagrange (LA) will be listed on the BTC and USDT markets. The expected trading support time is June 5.

Binance Futures Launches LAUSDT Perpetual Contract

According to the Binance announcement, the platform will launch the LAUSDT (Lagrange) perpetual contract at 17:00 Beijing time on June 5, supporting up to 50x leverage.

Binance: Users with 210 Alpha Points and above can participate in the CUDIS TGE event

According to the Binance Wallet announcement, the 21st exclusive TGE (Token Generation Event) will be held on June 5th from 16:00 to 18:00 (Beijing time), the project is CudisWellness (CUDIS), and it will be conducted through PancakeSwap. Users must hold at least 210 Binance Alpha points and consume 15 points to participate. This TGE also has an additional bonus event of 30 million CUDIS. Yesterday, it was reported that the 21st Binance Wallet exclusive TGE launched CUDIS (CUDIS)

Binance adds BIFI, FIS, KMD and MDT to the “Monitoring Tags” list

According to Binance's announcement, the platform has included Beefy (BIFI), StaFi (FIS), Komodo (KMD) and Measurable Data Token (MDT) in the "monitoring tag" list. Due to their high volatility and risk, these tokens will be subject to regular evaluation and may be at risk of being delisted. Users must complete the relevant risk questions and answers every 90 days and agree to the terms of use before they can trade. The tags will be displayed on the Binance spot and margin trading pages and the market overview page. Other related services will not be affected.

PancakeSwap (CAKE) is included in Coinbase’s listing roadmap

According to Coinbase Assets, PancakeSwap (CAKE) has been added to the Coinbase coin listing roadmap. Coinbase said that the asset must meet market making support and technical foundation conditions before it can be officially listed for trading, and the specific launch time will be announced separately.

Ethereum Foundation announces new treasury management policy and proposes "Defipunk" framework: plans to gradually reduce annual expenditure ratio to 5% within 5 years

According to the official blog of Ethereum Foundation, the foundation released the latest treasury management policy document, setting annual operating expenses at 15% of total assets and an operating buffer period of 2.5 years, emphasizing that 2025-26 is a critical period and will more actively support the ecosystem. EF will optimize asset allocation through ETH sales and DeFi deployment, enhance transparency and publish quarterly and annual reports. At the same time, the policy highlights the "Defipunk" framework, promotes the development of privacy, trustlessness, self-custody and decentralized UI, in order to defend the fundamental value of decentralized finance.

Coinbase to List Ethena (ENA)

Coinbase Assets announced on X that it will add support for Ethena (ENA) on the Ethereum network. If liquidity conditions are met, trading will begin on or after 00:00 on June 6, 2025 (GMT+8). Once the asset is in sufficient supply, the ENA-USD trading pair will be launched in phases. Support for ENA may be limited in some supported jurisdictions.

Coinbase International will launch Sophon perpetual contract

Coinbase International Station X Platform announced that Coinbase International Exchange and Coinbase Advanced Platform will add support for Sophon Perpetual Contract (SOPH-PERP). The SOPH-PERP market will begin trading on or after 17:30 on June 5, 2025, Beijing time.

Important data

HTX withdrew 400 million USDT from Aave an hour ago, causing the APY of loans to surge to 28.86%

According to ai_9684xtpa monitoring, HTX withdrew 400 million USDT from Aave an hour ago, causing the annualized interest rate (APY) of USDT borrowing on the Aave platform to soar to 28.86%, and the annualized deposit rate to 24.65%. The withdrawal of large amounts of funds in a short period of time has attracted market attention, and arbitrage addresses have begun to deposit USDT.

Deribit: $3.8 billion in BTC and ETH options are about to expire, with call options dominating

According to Deribit's announcement, more than $3.8 billion of crypto options will expire at 16:00 (Beijing time) this Friday. Among them, the nominal value of BTC options is $3.21 billion, the Put/Call ratio is 0.76, and the maximum pain point price is $105,000; the nominal value of ETH options is $624 million, the Put/Call ratio is 0.69, and the maximum pain point price is $2,600. Currently, call options dominate.

Ravencoin RVN breaks through $0.023, up 103.5% in 24 hours

According to OKX market data, Ravencoin token RVN broke through $0.023, up 103.5% in 24 hours, and is now quoted at $0.0231. According to previous news, Upbit will launch Ravencoin (RVN) KRW trading, Lagrange (LA) BTC and USDT trading.

Abraxas Capital Withdraws 13,771 ETH from Binance in the Past 12 Hours

According to Lookonchain monitoring data, crypto investment institution Abraxas Capital withdrew 13,771 ETH from Binance in the past 12 hours, worth approximately US$36.4 million.

Financing

YZi Labs announced that it has invested in hardware wallet company OneKey to promote global crypto asset self-custody security

YZi Labs announced that it has invested in OneKey, an open source hardware wallet company, to strengthen the security of global crypto assets and inclusive self-custody. Founded in 2019, OneKey has grown rapidly in China, Japan, South Korea, Europe and other places, with an average annual growth of 300% in hardware wallet sales. The new funds will be used to develop a new generation of hardware, enhance on-chain threat detection, expand compliance business in the United States, Europe and emerging markets, and strengthen its "Anzen Lab" security testing capabilities. OneKey's recently launched USDC income module attracted over $62 million in subscriptions.

Circle prices IPO at $31 per share, raising $1.1 billion at a valuation of $6.2 billion

According to CoinDesk, stablecoin issuer Circle completed its IPO on the New York Stock Exchange at $31 per share, exceeding the original expected pricing range ($24-26), raising $1.1 billion and valuing $6.2 billion. The stock code is "CRCL" and will start trading on Thursday. The IPO was originally planned to issue 24 million shares, but it was expanded to more than 34 million shares due to surging demand. Circle issues USDC, the second largest stablecoin in the United States, and its listing comes at a time when U.S. lawmakers are pushing for a stablecoin regulatory bill.

Web3 identity protocol Shards Protocol completes $2 million financing, Animoca Brands and others participate

Shards Protocol, an eb3 identity protocol, has completed a $2 million financing round, with participation from Animoca Brands, Kyber Ventures, and Yield Guild Games. The funds will be used primarily to develop its flagship product, Aura, a system that converts user on-chain activities into verifiable reputation and rewards. As a Web3 reputation layer, Aura allows users to display reputation scores and badges earned through their on-chain activities through the X platform. The system plans to launch tokens and expand functionality within the year, and users can unlock rewards by minting more badges. This financing will accelerate the integration of the protocol in the Web3 ecosystem.

Crypto credit startup 3Jane raises $5.2 million in seed funding, led by Paradigm

Crypto venture capital firm Paradigm led a $5.2 million seed round for crypto credit startup 3Jane, which also exited stealth operations. 3Jane plans to build the first credit-based money market protocol, focusing on bringing unsecured credit to the digital asset space. The 3Jane protocol is described as a "peer-to-pool credit money market" that provides unsecured USDC credit services in real time through algorithms for yield liquidity providers, traders, enterprises, and AI agents. On the technical level, 3Jane uses zkTLS technology to privately extract off-chain credit data. The project plans to launch the mainnet in the third quarter of 2025, focusing on the US market in the early stages.

Crypto exchange Rails completes $14 million in financing, with Kraken and others participating

Rails, a crypto exchange startup invested by Kraken, announced the completion of a $14 million financing, with participation from Kraken, CMCC Global, Slow Ventures, Round13 Capital and Quantstamp, bringing its total financing to $20 million. The company's hybrid trading platform combines the execution speed of centralized exchanges with the asset control of on-chain custody. Rails was founded by the crypto wallet BlockEQ team, which was acquired by Canadian exchange Coinsquare in 2018. The platform will be exclusively deployed on the Ink Layer2 blockchain developed by Kraken.

Institutional holdings of cryptocurrencies

BitMine Completes $18 Million Financing Through Stock Offering, Net Proceeds to Be Used to Purchase Bitcoin

According to GlobeNewswire, Bitcoin mining company BitMine Immersion Technologies (NYSE American: BMNR) announced the completion of a public offering of 2.25 million shares, priced at $8 per share, raising a total of $18 million. The company plans to use the net proceeds to directly purchase Bitcoin. At the same time, BitMine shares have been approved for listing on the NYSE American exchange on June 5, with the stock code "BMNR", and the original OTCQX market trading will be terminated simultaneously.

Publicly listed company Treasure Global launches $100 million digital asset financial strategy

Treasure Global Inc. (NASDAQ: TGL), a Nasdaq-listed company and e-commerce platform operator, announced the launch of a $100 million digital asset fund pool to strengthen its digital infrastructure and support the launch of its AI consumer intelligence platform. The funds for this program consist of two parts: $50 million from existing equity financing agreements and another $50 million from new investments from strategic institutional investors. The funds will be used in phases to allocate blockchain native assets such as Bitcoin, Ethereum and regulated stablecoins, aiming to improve capital efficiency and lay the foundation for future tokenization, loyalty programs and blockchain settlement systems.