Takeaways
- SpaceX set for record-breaking IPO: Space exploration company SpaceX priced its IPO on Thursday night at $135 per share, selling 555.6 million shares to raise $75 billion. The record-setting public debut will value the company at about $1.77 trillion and is four times oversubscribed, indicating strong institutional demand for one of the most anticipated public offerings in recent memory. SpaceX will allocate about 30% of the sale to retail, well above the roughly 5% to 10% typically set aside for non-institutional investors. Meanwhile, onchain traders are expecting the stock to pop. SpaceX perpetual future contracts are currently trading at about $162, below a recent peak around $220.
- Bitcoin moves higher after Trump cancels more strikes on Iran: The price of bitcoin pushed above $63,000 Thursday after President Donald Trump announced he would call off strikes on Iran. The moves came after Trump had threatened to escalate attacks and seize Kharg Island, citing the slow progress in negotiations over striking a new nuclear deal with the Iranian regime. But Trump said he ultimately called off more attacks “based on the fact that discussions with the Islamic Republic of Iran have been brought to the highest level of Iranian leadership and approved.” The US will continue to blockade Iranian ports until the deal is finalized, potentially ending months of US conflict in the Middle East.
- Strategy buys more than $100M BTC following controversial sale: Crypto treasury company Strategy announced it has purchased 1,550 BTC worth about $101 million, resuming its aggressive accumulation Strategy after it unloaded 32 BTC on June 1, sparking concern among investors. With the latest buy, Strategy now owns 845,256 BTC at an average purchase price of $75,620. This week, Strategy CEO Phong Le said the sale was not made due to financial distress. “We did not need to sell our Bitcoin to satisfy our dividends,” Le said. “We’re able to do that through other capital-raising activities.”
- XRP continues downward move: The price of XRP continued to drop this week, nearly hitting $1 amid wider weakness among alt crypto assets. Over the past six months, XRP has stayed in a bearish trend, dropping more than 40%. Since hitting an all-time high of $3.65 in July 2025, XRP has dropped more than 70%. But institutional investors continue to show interest in XRP, with XRP spot ETFs recording $131.94 million in inflows in May and an additional $4.13 million through early June, pushing the total XRP ETFs to more than $1 billion in assets under management.
Onward and Upward,
Team Gemini
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