Bullish applies for IPO; Blockchain Group plans to raise funds to purchase BTC.

Headline

▌Bullish, a subsidiary of Blockone, submits IPO application

Bullish, a cryptocurrency exchange backed by former PayPal CEO Peter Thiel and owned by EOS developer Blockone, has filed confidential initial public offering (IPO) application documents with the Securities and Exchange Commission (SEC), the Financial Times reported. Bullish had previously attempted to go public through a special purpose acquisition company (SPAC) in 2021, but the deal fell through the following year when rising U.S. interest rates caused the stock market to fall. Jefferies will act as lead underwriter for the IPO. The company's IPO plans come at a time of strong demand for crypto asset investments in the United States, with the Trump administration promising a series of industry-friendly policies and reversing the Biden-era crackdown on digital assets.

▌The Blockchain Group has been approved to launch a financing plan of over 10 billion euros to accelerate BTC purchases

The Blockchain Group, a European listed company, has received shareholder approval to launch an €11 billion funding plan to accelerate its Bitcoin stake strategy. The proposal, which passed with more than 95% support, authorizes companies to expand their Bitcoin reserves through the issuance of flexible financing tools such as stocks and bonds. Alexandre Laizet, the new deputy CEO, will lead the Bitcoin strategy, with his board of directors serving until 2030. The company's CEO said that this initiative will promote a deeper synergy between the Bitcoin reserve strategy and the main businesses such as data intelligence and AI consulting. It is reported that The Blockchain Group currently holds 1,471 bitcoins (about $160 million), and earlier this month announced the establishment of a 300 million euro ATM (market-to-market) financing mechanism with asset management company TOBAM.

Market

As of the time of writing, according to data from CoinGecko:

The price of BTC is $108,662, with a 24-hour change of -1.3%;

The price of ETH is $2,776.28, with a 24-hour change of -1.1%;

The price of BNB is $667.51, with a 24-hour change of -0.8%;

The price of SOL is $160.94, with a 24-hour change of -2.4%;

The price of DOGE is $0.193, with a 24-hour change of -2.4%;

The price of XRP is $2.27, with a 24-hour change of -1.6%.

Policy

▌U.S. Senate Votes to Advance the GENIUS Bill Related to Stablecoins

The U.S. Senate voted 68 to 30 to advance the "Guidance and Establishment of a National Stablecoin Innovation Act" (GENIUS Act), which has been proposed for over a month. Senate Majority Leader John Thune spoke in the Senate, urging lawmakers to support the bill, which echoes many of President Trump's views on digital assets, such as the bill helping the U.S. to become the "world's cryptocurrency capital." A majority of senators, including several Democrats, voted in favor of the bill, preparing for debate and a full vote, after which it may be submitted to the House for further consideration.

▌U.S. Treasury Secretary: Still expects demand for stablecoins against U.S. Treasuries to be $2 trillion

U.S. Treasury Secretary Becerra: The Trump administration is committed to maintaining the dollar's status as the reserve currency. It is still expected that the demand for stablecoins for U.S. Treasury bonds will be $2 trillion and could even exceed that level.

Trump: Federal Appeals Court Rules US Can Use Tariff Tools

U.S. President Trump: The federal appeals court has just ruled that the U.S. can use tariff measures, and this ruling is a significant and important victory for the U.S.

▌Trump: Will issue a letter requesting countries to decide whether to accept or reject the trade agreement

U.S. President Trump: Willing to extend the deadline for trade negotiations, but believes it is not necessary. We are negotiating trade issues with Japan and South Korea. At some point, we will send a letter asking countries to decide whether to accept or reject (the trade agreement). We will send out the letter within a week and a half. The EU wants to negotiate, and if I am satisfied, we will reassess within a week. The unilateral tariff rates will be determined within two weeks.

▌****The Crypto Asset Reserve Bill Submitted to the Ukrainian Parliament

Ukrainian lawmakers have registered a draft bill on cryptocurrency reserves in parliament, officially allowing the national bank to incorporate cryptocurrencies into the country's national reserves. Bill No. 13356, submitted to the Verkhovna Rada of Ukraine on June 10, is a series of amendments to the Law of Ukraine on the National Bank, concerning the inclusion of crypto assets into gold and foreign exchange reserves. Ukrainian lawmaker Yaroslav Zhelezniak stated that while the bill authorizes the Central Bank of Ukraine to allocate cryptocurrencies like Bitcoin as part of the national reserves, it does not mandate the institution to do so. The bill also does not limit the amount of crypto assets the National Bank of Ukraine can allocate.

Blockchain Applications

▌Payment giant Stripe acquires crypto wallet provider Privy

Market news indicates that payment giant Stripe has acquired cryptocurrency wallet provider Privy, with the specific transaction amount undisclosed. It is reported that this is another significant move by Stripe following its acquisition of stablecoin infrastructure company Bridge.

▌Bank of America CEO:** willing to launch stablecoins together with partners**

CEO of Bank of America: Willing to launch our own stablecoin in partnership, with trading volume of stablecoins primarily concentrated on transactions between cryptocurrencies.

▌GameStop plans to privately issue $1.75 billion convertible senior notes

GameStop announced plans to privately issue $1.75 billion of convertible senior notes. GameStop stated that the funds raised will be used for general corporate purposes, including investments made in accordance with the company's investment policy and potential acquisitions.

Cryptocurrency

▌Tether CEO retweets news about US banks issuing stablecoins, possibly suggesting a collaboration

Tether's CEO Paolo Ardoino retweeted the news on the X platform about Bank of America intending to issue a stablecoin, accompanied by the caption "Select your player," which seems to hint at a potential collaboration between the two parties. Previously, the CEO of Bank of America stated a willingness to launch our own stablecoin in partnership, with the trading volume of stablecoins mainly concentrated in transactions between cryptocurrencies.

▌Michael Saylor: STRD listed on Nasdaq, the third Bitcoin-backed preferred stock

Michael Saylor posted that the Bitcoin-backed preferred stock $STRD issued by Strategy Company is trading on Nasdaq starting today. This is the third such product launched, aimed at providing a fixed income investment tool backed by Bitcoin.

▌Mercurity Fintech announces an $800 million BTC reserve plan and is selected for the Russell 2000 Index

Blockchain fintech company Mercurity Fintech Holding Inc. today announced plans to raise $800 million to establish a long-term Bitcoin reserve. The company will leverage blockchain technology for digital asset management, including the deployment of institutional-grade custody infrastructure and staking tools, aiming to enhance asset yield and financial resilience. Additionally, according to the preliminary list from FTSE Russell, MFH will upgrade from the Russell Microcap Index to the Russell 2000 Index.

▌U.S. publicly listed company Interactive Strength raises $500 million to acquire FET tokens

Market news, US-listed company Interactive Strength (TRNR) has secured $500 million in financing to acquire FET tokens, initiating a strategy focused on AI cryptocurrency treasury assets.

▌Glassnode: The price of short-term ETH options has surged significantly in the past 48 hours

On-chain analysis platform Glassnode released data showing that the price of ETH short-term options surged significantly over the past 48 hours, with the 1-week IV rising from 65.2% to 79.0% and the 1-month IV increasing from 66.4% to 72.1%. Analysts believe that this steepening volatility term structure reflects an increasing demand for short-term protection or upside risk exposure due to the short-term explosion in ETH prices.

▌Suspected Consensys bought 17,864 ETH in the past 24 hours

According to on-chain analyst TheDataNerd's monitoring, within 24 hours, a wallet (possibly belonging to Consensys) purchased a total of 17,864 ETH (approximately $49.57 million) from Galaxy Digital OTC. Currently, it holds 71,671 lsETH (about $215.9 million) and 6,786 ETH (approximately $18.92 million) in its portfolio.

▌GameStop Financial Report: In Q1, the company purchased 4,710 Bitcoins in cash

GameStop, a company listed on the New York Stock Exchange, released its first quarter 2025 performance report, which disclosed: 1. Net sales for the quarter were $732.4 million, operating loss was $10.8 million, and net income was $44.8 million; 2. Cash, cash equivalents and marketable securities were $6.4 billion at the end of the first quarter, compared with $1.0 billion at the end of the first quarter of the same period last year; 3. The Canadian divestiture was completed on May 4, and 4,710 bitcoins were purchased in cash from May 3 to June 10.

Important Economic Dynamics

▌****U.S. May CPI increased by 2.4% year-on-year

In May, the US CPI increased by 2.4% year-on-year, estimated at 2.4%, and the previous value was 2.3%; it increased by 0.1% month-on-month, estimated at 0.2%, and the previous value was 0.2%. In May, the core CPI in the US increased by 2.8% year-on-year, estimated at 2.9%, and the previous value was 2.8%; it increased by 0.1% month-on-month, estimated at 0.3%, and the previous value was 0.2%.

▌The probability of the Federal Reserve maintaining the interest rate unchanged in June is 97.6%

According to CME's "FedWatch": The probability that the Federal Reserve will keep interest rates unchanged in June is 97.6%, and the probability of a 25 basis point cut is 2.4%. The probability that the Federal Reserve will keep interest rates unchanged in July is 80.5%, with a cumulative probability of a 25 basis point cut at 19.1%, and a cumulative probability of a 50 basis point cut at 0.4%.

▌The three-year U.S. Treasury yield fell more than 7 basis points on the day the U.S. CPI inflation data was released

At the end of Wednesday (June 11) in New York, the yield on the U.S. 10-year benchmark Treasury bond fell 4.95 basis points to 4.4203%, rising to 4.5037% at 20:09 Beijing time (less than half an hour before the release of the U.S. CPI inflation data), diving to 4.44% when the data was released, and refreshing the daily low to 4.4045% at 02:28. The yield on the two-year Treasury note fell 6.66 basis points to 3.9515%, rising to 4.0433% at 20:04 to refresh the daily high, and the CPI data dived to 3.96% when the data was released, and the daily low was 3.9369% at 02:18. The yield on the three-year Treasury note fell 7.22 basis points, the yield on the five-year Treasury note fell 6.49 basis points, and the yield on the seven-year Treasury note fell 6.03 basis points.

Golden Encyclopedia

▌How do 10-year U.S. Treasury yields affect crypto?

Cryptocurrency yields and stablecoins are part of the broader financial world, and the yield on 10-year government bonds can influence investor behavior, which in turn affects the cryptocurrency market.

The US dollar is the world's reserve currency, and US Treasury bonds are a global safe haven. Changes in the yield of the 10-year US Treasury bond can trigger shocks worldwide. For cryptocurrency investors, this global impact sets the backdrop. Rising yields on 10-year Treasury bonds may signal that cryptocurrency prices and yields will face a harsher market environment, especially amid global market turmoil. Conversely, low yields tend to stimulate risk appetite, thereby boosting speculative assets like cryptocurrencies.