The Frontier

Hedge fund manager Dan Loeb claims the DOJ threatened President Trump in his first term's final hours, warning it would 'go after him' if he commuted Ross Ulbricht's sentence, leading Trump to withdraw the commutation. Ulbricht received a full pardon in January 2025.

Fold Holdings sold $45M in Bitcoin at an average price of ~$71,000 to retire $20M in debt and fund growth. The company retains a treasury of roughly 1,500 Bitcoin worth about $95M and is now debt-free on the secured side.

Fold's 2025 revenue reached $31.8M, a 34% year-over-year increase, driven by transaction volume of nearly $960M. Since 2019, the company has processed over $2B in total transactions.

Botanics, a Bitcoin scaling network, is shutting down after four years, citing weak demand for Bitcoin DeFi. The team says most users treat Bitcoin as a reserve asset rather than something for frequent on-chain applications.

The U.S. CPI rose 4.2% year-over-year in May, matching economist forecasts. Core inflation, excluding food and energy, rose 2.9% annually.

Bitcoin price was $61,870 with a market cap of $1.24 trillion. The network hash rate is 862 exahashes per second, and there are 20,040,807.4 Bitcoin in circulation.

SpaceX's upcoming IPO is oversubscribed by 4x, attracting over $250B in demand for a $75B raise and valuing the company at $1.8T. Some analysts argue this 'IPO tax' is sucking liquidity from crypto and tech stocks.

Michael Saylor and critic Matthew Crater debated whether MicroStrategy's latest capital raise was dilutive. Saylor argues it was accretive when including new cash reserves, while Crater points to a decline in the firm's 'BTC yield' metric.

Prediction market CalShi is rolling out new compliance measures, including mandatory employment disclosure for traders in high-risk markets and a risk-scoring framework, to address insider trading concerns.

The CFTC proposed new rules for prediction markets, aiming to allow sports betting but limit contracts tied to terrorism, assassinations, and war. The 267-page proposal seeks to delineate permitted bets under federal law.

Michael Saylor argues Bitcoin needs disciplined expansion through banks, corporate treasuries, credit markets, and capital markets rather than relying solely on spot ETF inflows.

Spot Bitcoin ETFs posted weekly net outflows of $1.4B, $1.26B, and $1B in the last three weeks of May, with the current week's outflows at $1.4B.

MicroStrategy sold 32 Bitcoin to fund preferred stock dividends, its first sale since 2022.

Analyst Lacey Zhang said Bitcoin may be closer to clearing its leverage episode after an $1.8B liquidation wave and deeply negative funding rates.

Nikolai Sondergaard of Nansen said exchange flow data suggests participants are using Bitcoin's bounce to reduce exposure, not add positions.

The full text of the American Reserve Modernization Act (HR 8957) mandates a 20-year lockup for Bitcoin deposited into a federal strategic reserve, with sales capped at 10% every two years afterward.

Maritime service platform Hormuz SAFE in Iran claims to accept Bitcoin and Lightning payments for services like marine insurance and emergency response.

A Chinese court sentenced a man to 10 years and 9 months in prison for stealing 107 Bitcoin, ruling that Bitcoin meets China's legal definition of property.

Coinbase's John D'Agostino claimed institutional investors and Middle Eastern family offices view the Bitcoin price drop as an accumulation opportunity, not a reason to panic.

MicroStrategy purchased an additional 1,550 Bitcoin for $101M at approximately $65,000 per coin, days after selling a smaller amount.

Bitcoin's hash rate fell to 854 exahashes per second as price declines forced some miners offline.

Bitcoin price fell to $59,099, marking a more than 50% decline from its all-time high near $126,000.

Zcash's price fell 30% after security engineer Taylor Hornby disclosed a critical vulnerability in its Orchard pool that allowed unlimited counterfeit ZEC creation. The bug existed since May 2022 and was patched via a hard fork on June 3.

BitMEX co-founder Arthur Hayes sold his entire Zcash position due to the exploit, stating the Holy Trinity is dead, referencing ZEC, Hyperliquid, and NEAR Protocol. He remains a Bitcoin holder.

Michael Saylor framed Bitcoin's 22.7% drop as capital rotation into AI infrastructure, not a fundamental impairment. He cited $400 billion in AI buildout funding over six months and $4 billion in Bitcoin ETF outflows since May 14.

Saylor's firm, MicroStrategy, sold 32 Bitcoin in early June, breaking a no-sale streak since late 2022. The firm also repurchased $1.5 billion of its convertible notes at an 8% discount, reducing its outstanding debt.

JP Morgan, Bank of America, and Citi plan to launch a shared tokenized deposit network called the Bridge or the Chain by 2027. The Clearinghouse will operate it to counter stablecoin competition and retain deposits within the banking system.

Bernstein analysts argue Bitcoin miners are becoming power landlords for the AI boom, having signed 17 deals worth over $110 billion to provide six gigawatts of power to companies like Google and Microsoft.

Bernstein projects aggregate AI revenue for covered mining firms will rise from $1.2 billion in 2026 to $10.7 billion by 2030. TeraWulf is forecast to hit $1.7 billion in AI revenue with 84% EBITDA margins.

Anthropic reported its AI model Claude now authors over 80% of code merged into its codebase, increasing engineer output eightfold since 2024. The firm notes this trend points toward possible recursive self-improvement where AI designs its successors.