Morning Report | DeepSeek completes over $7 billion in financing, with a valuation exceeding $50 billion; Musk's personal wealth has surpassed the total market value of Bitcoin

Compiled by: ChainCatcher

Important News:

DeepSeek completes over $7 billion financing, valuation exceeds $50 billion

SpaceX's market value surpasses Microsoft, becoming the fourth largest company in the world

Flutterwave sells part of its equity to Ripple, valuation reaches $3.3 billion

Elon Musk's personal wealth has surpassed the total market value of Bitcoin

What important events have occurred in the past 24 hours?

NASDAQ confirms BlackRock's Bitcoin premium yield ETF BITA listing

According to ChainCatcher, Bloomberg ETF analyst Eric Balchunas stated on the X platform that NASDAQ has confirmed that BlackRock's iShares Bitcoin premium yield ETF (code: BITA) will be listed on Tuesday local time. The ETF aims for an annualized return of 15-25%, while allowing investors to gain at least 70% of Bitcoin's upside.

U.S. Congress plans to rebuild the DOJ's cryptocurrency crime working group to coordinate the fight against related theft and fraud

According to ChainCatcher, CryptoSlate reported that the U.S. Congress is pushing to rebuild the Department of Justice's cryptocurrency crime working group. Previously, the DOJ disbanded the National Cryptocurrency Enforcement Team in April 2025 and stopped its "enforcement instead of regulation" strategy against the crypto industry. The new bill, proposed by Representatives Lance Gooden and Josh Gottheimer, aims to establish a federal cryptocurrency theft working group within the DOJ, responsible for coordinating investigations and prosecutions of cryptocurrency theft, hacking, fraud, and other cases.

The working group's responsibilities include developing best practices for evidence collection, digital evidence analysis, asset tracking, and victim outreach, providing technical assistance and training to state and local law enforcement agencies, and coordinating international cross-border case cooperation. The bill explicitly excludes the cryptocurrency market, financial institutions, and financial products from the working group's regulatory scope, without changing the existing regulatory framework and criminal law. An FBI report indicated that in 2025, there were 181,565 complaints involving cryptocurrency, with reported losses exceeding $11 billion. The bill has not yet clarified details regarding funding, staffing, and victim response mechanisms.

CFTC Chairman clarifies four major misconceptions about perpetual futures contracts

According to ChainCatcher, Mike Selig, Chairman of the U.S. Commodity Futures Trading Commission (CFTC), clarified four major misconceptions about perpetual futures contracts.

Regarding the misconception of "fixed expiration date": Some believe that the defined "futures contract" requires a fixed expiration date or delivery date, and the indefinite nature of perpetual contracts does not align with congressional intent. Selig clarified that neither the Commodity Exchange Act nor CFTC regulations provide a clear definition of the term "futures contract," nor do they require a fixed expiration date or delivery date. Since Congress did not define the term, the criteria for its determination are provided by case law and CFTC interpretation, neither of which requires a fixed expiration date.

Regarding the misconception of "high leverage": Some believe that the CFTC approved the BTCPERP contract, allowing Americans to use leverage up to 250 times, violating its own rules. Selig clarified that extreme leverage is a characteristic of trading perpetual contracts in offshore venues since their inception, not an inherent feature of the contract structure. The perpetual contracts regulated by the CFTC are subject to the same leverage limits as other CFTC-regulated futures contracts.

Regarding the misconception of "public opinion": Some believe that the CFTC did not provide the industry with an opportunity to participate or express opinions. Selig clarified that the CFTC issued a request for comments on "perpetual contracts" and "24/7 trading" in April 2025, soliciting public input and receiving over 100 comments from a wide range of stakeholders, including many registered entities regulated by the CFTC.

Regarding the misconception of "funding rates": Some believe that the funding rate mechanism imposes unique and prohibitively high costs on market participants, fostering bad behavior in the market. Selig clarified that after considering the costs associated with opening and rolling over contracts with expiration dates, the annualized cost of holding a futures contract with an expiration date is roughly comparable to that of a perpetual contract. The funding rate mechanism is far from fostering bad behavior; rather, it serves as a constraint tool to keep the contract linked to the underlying spot market.

SpaceX's market value approaches $2.9 trillion, just $100 billion away from surpassing Microsoft

According to ChainCatcher, Cointelegraph reported that SpaceX's stock price broke through $220 in overnight trading, bringing its market value close to $2.9 trillion, just $100 billion away from surpassing Microsoft.

AI version of Alipay "Abao" officially launched

According to ChainCatcher, People's Finance reported that the AI version of Alipay has officially launched, named "Abao." Alipay has become the world's first super application to achieve full AI integration. Currently, the new version has started invitation testing and will gradually open to all users.

UPBIT launches SPX6900 (SPX) and supports KRW, BTC, USDT trading

According to ChainCatcher, UPBIT will launch trading for SPX6900 (SPX) at 14:00 on June 16 and will support KRW, BTC, USDT markets. Users can start depositing within 2 hours after the announcement, and specific trading support times will be announced later.

MANTRA acquired by strategic investor Inveniam, betting on RWA and AI data integration

According to ChainCatcher, The Block reported that MANTRA, a public chain focused on RWA asset tokenization, will be fully acquired by its strategic investor Inveniam Capital Partners, with the transaction expected to be completed in the third quarter of this year. Inveniam previously invested $20 million in MANTRA before its restructuring in 2025.

MANTRA holds a VASP license issued by the Dubai Virtual Assets Regulatory Authority (VARA), allowing it to operate a digital asset exchange and provide brokerage, proprietary management, and investment services. The Layer2 network NVNM Chain, jointly developed by both parties, is positioned to register identities and limit permissions for autonomous AI agents in compliant scenarios, while recording on-chain evidence for regulatory and counterparty independent verification.

Elon Musk's personal wealth has surpassed the total market value of Bitcoin

According to ChainCatcher, as SpaceX's stock price rose over 15%, Elon Musk, the head of Tesla and SpaceX, saw his personal wealth soar to an astonishing $1.4 trillion, setting a historical record, and this figure also surpassed the total market value of Bitcoin, which is currently about $1.31 trillion according to Coingecko data.

Coinbase to launch the first batch of real 1:1 backed tokenized stocks

According to ChainCatcher, Coinbase announced on the X platform that the first batch of real, 1:1 backed tokenized stocks will soon be launched, allowing users to hold actual tokenized stocks of U.S. companies and trade, hold, and redeem them on-chain, while automatically receiving dividends.

Coinbase emphasized that this product is not a derivative or an IOU, but a real asset mapping anchored 1:1 to the underlying stock, aimed at providing users with a more transparent and verifiable on-chain stock market experience.

SpaceX's market value surpasses Microsoft, becoming the fourth largest company in the world

According to ChainCatcher, market data shows that SpaceX (SPCX.O) has increased by 17%, surpassing Microsoft (MSFT.O) in total market value, becoming the fourth largest company in the world. Currently, SpaceX is only behind Nvidia, Apple, and Google's parent company Alphabet.

Binance's Greek license application may be rejected, facing the risk of losing EU service eligibility

According to ChainCatcher, two insiders revealed that Binance's license application submitted in Greece is expected to be rejected by regulators, which may lead to its loss of eligibility to provide services to customers within the EU. Reports indicate that if the license application is ultimately denied, Binance's compliance layout in the EU market will face significant challenges. However, as of now, no official decision has been announced.

Wintermute: Last week's CPI met expectations + Iran conflict ended, BTC rebounded but crypto liquidity has not reversed

According to ChainCatcher, Wintermute stated in its latest market report that there was a significant rebound in the market last week, driven by two main factors: first, the May CPI data met expectations (year-on-year 4.2%), without the overheating that the market had previously worried about; second, the end of the Iran conflict and the reopening of the Strait of Hormuz led to a significant drop in oil prices.

Wintermute believes that since October 2025, Bitcoin has experienced three pullbacks of over 20%, and the current drop from $83,000 to $60,000 is considered a "bear market false breakout." Currently, the inflows into ETFs, stablecoins, and Digital Asset Treasury (DAT) have not shown a structural reversal, and liquidity remains a key factor constraining the sustainability of the rebound.

The report points out that the risk-reward ratio for BTC around $60,000 is attractive, but the bottom has not yet been confirmed, and further declines to the $50,000 range cannot be ruled out.

Robinhood plans to lay off 10% of employees, expects to incur about $28 million in layoff expenses

According to ChainCatcher, Reuters reported that trading platform Robinhood announced on Tuesday that it will lay off about 10% of its full-time employees, aiming to further enhance the company's operational efficiency through flattening management levels.

Robinhood CEO Vlad Tenev stated that the company's business condition is currently very strong, but it must avoid excessive institutional layers and maintain a lean and highly focused team. It is reported that this round of layoffs is expected to incur about $20 million in employee severance and benefits restructuring costs, as well as about $8 million in stock compensation expenses.

Data shows that since June, Robinhood's platform has seen record daily trading volumes in stocks, options, and prediction markets.

Flutterwave sells part of its equity to Ripple, valuation reaches $3.3 billion

According to ChainCatcher, Bloomberg reported that one of Africa's most valuable fintech startups, Flutterwave, has sold part of its equity to blockchain company Ripple to drive its payment business expansion and strategic cooperation plans.

Flutterwave CEO Olugbenga Agboola stated in an interview that Ripple's investment has brought Flutterwave's valuation to $3.3 billion. However, he declined to disclose the specific investment amount from Ripple and the proportion of shares Ripple holds in Flutterwave.

Flutterwave is one of Africa's largest payment infrastructure companies, providing cross-border payment, collection, and financial service solutions for businesses, while Ripple has been continuously increasing its presence in the global payment network and stablecoin sectors in recent years. This investment is seen as an important move for Ripple to further expand into the African payment market.

Tether signs memorandum of understanding with DMCC to promote blockchain education and asset tokenization in Dubai

According to ChainCatcher, Tether has signed a memorandum of understanding with the Dubai Multi Commodities Centre (DMCC) to explore cooperation in asset tokenization, digital asset education, and broader blockchain applications.

According to the agreement, Tether plans to provide DMCC's business network with specialized seminars, customized blockchain consulting, digital asset pilot projects, and tokenization programs, and explore applications for peer-to-peer digital communication and payment systems. Both parties will also assess cooperation opportunities in blockchain infrastructure, digital payments, educational activities, and hackathons.

European Central Bank President: Europe faces the risk of losing payment sovereignty, digital euro is key to breaking the deadlock

According to ChainCatcher, Finance Feeds reported that European Central Bank President Christine Lagarde warned at the ECB meeting that Europe faces the risk of losing payment sovereignty, with dollar stablecoins and foreign networks dominating future financial infrastructure. Lagarde pointed out that Europe does not have its own pan-European card network, with international card organizations accounting for over 60% of European card payments, and 13 out of 21 eurozone countries no longer have national card schemes. She stated that the digital euro could break this situation, as its status as legal tender must be accepted across Europe.

Lagarde emphasized that tokenized finance requires central bank currency to expand safely, and market participants indicated that without central bank settlement infrastructure, they would not issue digital assets on a large scale. The European Central Bank is advancing two initiatives, Pontes and Appia, and establishing connections between TIPS and India's UPI, and Southeast Asia's Nexus system. She warned that if member states each create their own legal frameworks, it would legally recreate the fragmentation that technology is currently dissolving. This competition has evolved into geopolitical and sovereignty issues.

Shinichi Uchida: The Bank of Japan decides to raise interest rates today

According to ChainCatcher, Jinshi reported that Bank of Japan Deputy Governor Shinichi Uchida stated that the decision to raise interest rates today is based on considerations of the main economic scenario and risks.

Digital RMB International Operation Center launches "Digital Currency Express" cross-border settlement platform, first batch signs with 26 institutions

According to ChainCatcher, the Digital RMB International Operation Center has officially signed service agreements with the first batch of 26 financial institutions in Shanghai, marking the official launch of the upgraded "Digital Currency Express" (CBETS, Cross-Border Settlement Comprehensive Service Platform).

It is reported that with the overall upgrade of the infrastructure architecture, the original three platforms for digital RMB cross-border digital payment, blockchain services, and digital assets have been officially integrated into CBETS. The platform features low access costs, high settlement efficiency, and strong compatibility: technically compatible with both centralized and blockchain systems, and message standards compatible with ISO20022; business scenarios support not only barcode payments and tap-to-pay for cross-border retail but also comprehensively cover remittances, trade, and investment financing settlements.

The first batch of 26 financial institutions includes overseas branches and subsidiaries of banks such as ICBC, ABC, BOC, CCB, Bank of Communications, SPD Bank, and GF Securities, as well as Standard Chartered China and Xinyin International. After the business goes live, its services will cover multiple countries and regions, including Hong Kong, Macau, Singapore, Laos, Thailand, UAE, Qatar, and Brazil, further leveraging digital technology to facilitate cross-border trade and investment financing.

DeepSeek completes over $7 billion financing, valuation exceeds $50 billion

According to ChainCatcher, The Information reported that DeepSeek has completed a record financing of over $7 billion, bringing the company's valuation to over $50 billion.

In terms of funding sources, founder Liang Wenfeng personally invested 20 billion yuan, Tencent invested 10 billion yuan, CATL invested 5 billion yuan, and JD, NetEase, and IDG Capital each invested 3 billion yuan. The only exception is the National Artificial Intelligence Industry Investment Fund of China, which directly invested 1 billion yuan in DeepSeek, not only holding voting rights but also not subject to a 5-year lock-up period. Except for the national-level fund, external investors have no voting rights and can only access specific financial information and enjoy priority investment rights for subsequent financing.

This new round of financing marks a significant shift in DeepSeek's operating model. Since its establishment in 2023, DeepSeek, as the AI team under Huanshan Quantitative, has relied on its own funds for operation and maintained research independence due to a lack of commercialization pressure. However, under pressure to retain funding and talent, Liang Wenfeng and the team initiated financing in April and conducted strict due diligence on the limited partners behind the investors to prevent equity from falling into the hands of unknown investors.

Coinbase launches AI10 and three other industry index perpetual contracts

According to ChainCatcher, Coinbase announced the first launch of industry index perpetual contracts. This product allows users to go long or short on specific industry sectors with one click.

It is reported that the first four index contracts launched cover artificial intelligence, defense, the Chinese market, and technology sectors, specifically: AI10, Defense10, China10, and Tech100.

Meme Popularity Rankings

According to meme token tracking and analysis platform GMGN market data, as of June 16, 09:00,

The top five popular tokens in ETH over the past 24 hours are: UNI, ASTEROID, sato, PRISM, SPX

The top five popular tokens in Solana over the past 24 hours are: EMC, three, ANSEM, ANSEM, SON

The top five popular tokens in Base over the past 24 hours are: SOSO, PEAK, ELSA, Surplus, FUN

What excellent articles are worth reading in the past 24 hours?

Concerns behind the Binance customer service storm

This indicates that whether one can navigate private channels is not a competition of asset scale or influence, but whether one happens to know the right person. However, this variable of private channels is harder to grasp than asset scale and more difficult to institutionalize, which is precisely the danger of relationship-based governance.

This model may have been an advantage when the platform was smaller, allowing founders to directly perceive users' real experiences. But as the user base expands to Binance's current scale, relying on the personal efforts of the founder and a few employees to fill process gaps has become an unsustainable arrangement.

It can accommodate the loudest voices but cannot reach the silent majority.

The exchange has already reached a global infrastructure level, and whether customers can be treated equally in problem-solving still depends on whether they know the right person or how loud their voice is. If this gap is not institutionalized, it will be torn wider with the expansion of scale.

Merger and acquisition activity in the crypto market is unusually active

The rise in mergers and acquisitions is driven by a sluggish financing market, declining project valuations, and increased pressure on startup teams to exit. But it also indicates that the crypto industry has not lost its capital vitality but is completing resource reorganization in another way.

Another issue that must be recognized is that the crypto industry is becoming more centralized.

As asset issuance, trading, market making, custody, payments, and data gradually concentrate in the hands of a few companies, the openness and anti-monopoly nature initially emphasized by the crypto industry may be reshaped by real commercial logic.

Especially as compliance becomes a core barrier, the difficulty for new entrepreneurs to enter the market will further increase. The future crypto industry may resemble traditional finance: a few large platforms hold licenses, customers, and liquidity, while small and medium teams can only become technology suppliers, ecosystem plugins, or potential acquisition targets.

Therefore, the rising proportion of mergers and acquisitions also implies that the crypto industry is bidding farewell to the era of low-barrier entrepreneurship.

Future entrepreneurs will not only face market competition but also the ecological boundaries of giants and regulatory barriers.

Stablecoin positioning battle escalates: when compliance is just a ticket to entry, will USD1 become the biggest winner?

With the full implementation of the GENIUS Act, more and more traditional institutions, payment networks, and cross-border funds will enter the compliant stablecoin system. For a market that is still in a phase of rapid expansion, the allocation of new shares may not only depend on scale and first-mover advantage but also on who can adapt to the new rules faster and gain institutional-level credit support.

The future stablecoin market may not simply be dominated by one player, nor will it be just a duopoly of USDT and USDC. Beyond the offshore dollar system and traditional financial system, a new incremental market is gradually emerging, centered around the U.S. regulatory framework, policy resources, and institutional capital.

USD1 happens to stand at the entrance of this new market. With the final rules gradually being implemented by July 2026 and the full implementation of the GENIUS Act in early 2027, the stablecoin industry may experience the fastest reshaping since its inception. In the past, stablecoins competed to be the first to bring dollars on-chain; in the future, the competition may be about who is closer to the power center behind the dollar system.

A16Z: The sun bears witness, SpaceX is worth $7.5 trillion

Elon Musk's compensation plan at SpaceX revolves around two goals.

The first goal is: If the company's valuation reaches $7.5 trillion and establishes a permanent human colony of at least 1 million people on Mars, he will receive the first reward.

The second goal is: If SpaceX operates data centers in space and these data centers consume at least 100 terawatts of electricity—this number exceeds the total electricity consumption of all data centers on Earth by 1000 times—he will receive the second reward.

If neither goal is achieved, Musk will receive nothing except the $54,080 annual salary he has been receiving since 2019.

The board members who signed this compensation plan have witnessed one thing over the past twenty years:

Musk repeatedly makes predictions about SpaceX that sound impossible, and then those predictions repeatedly become reality.

How to exit after asset tokenization?

Currently, three models have emerged to provide immediate exit routes for tokenized real-world assets, but they differ in funding sources and structures:

1. Balance Sheet Model. In this model, a well-capitalized single entity immediately provides liquidity from its own reserves when eligible holders redeem stablecoins, and then waits for the underlying settlement in the background. Grove's Basin project is an example, funded by Sky's balance sheet.

2. Dedicated Vault Model. Independent liquidity providers create separate funding pools for each supported asset and earn the redemption price spread. Upshift Clear, initially launched in collaboration with Superstate, adopts this model.

3. Shared Liquidity Layer Model. Independent capital providers fund a common capital base that supports multiple assets and settles through an open, competitive market. Symbiotic's Liquid Lane is built on this model.