On June 4, a wave of updates emerged in both crypto and traditional finance. Polymarket recorded an all-time high in daily crypto trading volume, while HYPE flipped SOL in market value. Binance disclosed a revenue-sharing pact with Alpaca, payment giants Stripe, Visa, and Mastercard are expected to back a new stablecoin platform, and Variant closed a $222 million fund.
Crypto Market Highlights
Decentralized prediction market Polymarket hit $176 million in daily crypto volume, a new record. During the same period, HYPE token price surpassed SOL, pushing Solana to its lowest level since 2023.
In regulatory moves, Longbridge Securities suspended all new positions and margin additions for stocks and other assets within mainland China. Meanwhile, “New Stock God” Serenity noted that photonics-related stocks could benefit within 3 to 15 months after the EU CHIPS Act is released.
Platform and Institutional Updates
Binance disclosed a revenue-sharing agreement with market maker Alpaca, under which it will receive 50% of order flow fees. Kalshi officially launched Bitcoin perpetual contracts, while Kraken is set to offer global retail investors access to US stock IPOs via its xStocks platform. Payment giants Stripe, Visa, and Mastercard are planning to support an upcoming stablecoin platform.
On the fundraising side, Bitmine intends to raise $300 million through a perpetual preferred stock issuance with a 9.5% annual dividend. Variant has raised $222 million for a new fund focused on AI, crypto, and autonomy. Additionally, ahead of a potential SpaceX IPO, ten Trump administration officials were disclosed to hold SpaceX or xAI stock, with the highest position valued at $43.8 million.