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Crypto News

Circle Going Public On June 4

One of the most anticipated events in crypto business this year is set for Wednesday. Circle, the company behind USDC—the world’s second-largest stablecoin—is going public on the New York Stock Exchange. It will offer 32 million Class A shares at a range of $27-28 under the ticker CRCL, aiming for a $7.2 billion valuation, according to Forbes.

Circle may seem like an easy bet: issue stablecoins, invest the reserves in Treasuries, and earn risk-free yield while users essentially lend their dollars interest-free. But behind this seemingly simple model lies a more complex and vulnerable business.

Meta Shareholders Overwhelmingly Reject Proposal to Consider Bitcoin Treasury Strategy

Meta (META) shareholders have overwhelmingly voted against a proposal to add bitcoin BTC to the company’s balance sheet, according to a May 28 filing with the U.S. Securities and Exchange Commission.

Just 3.92 million votes supported the measure, while nearly 5 billion were cast in opposition. The idea was put forward in January by Ethan Peck, a bitcoin advocate who works as the bitcoin director for the wealth management firm Strive.

SharpLink Shares Sink 30% After Last Week's 2,000% Surge

Shares of SharpLink Gaming (SBET) slipped 30% on Monday, giving back a small bit of last week's 2,000% surge.

The historic move higher — the stock moving from less than $3 to above $100 at one point — came following news that Sharplink was raising $450 million to launch an ether treasury strategy, with ether co-founder Joseph Lubin to join the company board as chairman.

Tom Lee Predicts Bitcoin To Hit $250,000 By End Of 2025, $3M Long Term

Tom Lee, Managing Partner and Head of Research at Fundstrat Global Advisors, projected an aggressive long-term upside for Bitcoin, estimating a terminal valuation of up to $3 million per coin.

Speaking with CNBC, Lee suggested that Bitcoin could realistically climb to $250,000 by the end of 2025 and sees further gains as inevitable given global adoption trends and limited supply.

Lee underscored the stark disparity between Bitcoin’s fixed supply and its largely untapped global demand.

Bitcoin Spot ETF Flow

The overall net outflow of the US Bitcoin spot ETF on Monday was $267.52 million. The total net asset value of Bitcoin spot ETFs is $128.47 billion, and the ETF net asset ratio (market value compared to total Bitcoin market value) is 6.02%. The Bitcoin spot ETF with the highest net inflow on June 2 was Bitwise Bitcoin ETF , with a net inflow of $3.41 million.