GM!
Today’s top news:
Crypto majors are slightly red on the day, following a NVDA beat; BTC at $77.1k HYPE leads all tokens up 15% on the day to $57.40, caught $25M in ETF inflows SpaceX discloses $1.45B in BTC holdings in IPO filing, purchased for $661M NVDA beats earnings but Walmart issues negative outlook this morning Vitalik outlined Ethereum’s privacy roadmap, while Bankless founder sells all his ETH 🟠 SpaceX Files Its S-1, Discloses $1.45B in BitcoinThe filing reveals the company is targeting a $1.75 trillion valuation with an $80 billion raise, dwarfing Saudi Aramco’s previous record of $29.4 billion. Their roadshow starts June 4, with the Nasdaq listing coming June 12 under ticker SPCX.
As for the business itself, Musk clearly has lofty goals with his effort to combine launch systems, satellite internet, social media, and artificial intelligence under one company. SpaceX generated $18.5 billion in revenue in 2025. Starlink accounts for roughly 45% of that and is growing faster than the launch business. But now we know that Anthropic is under contract to pay them $1.25B PER MONTH for compute through 2029. So expect that revenue to go up.
And maybe those Bitcoin holdings as well…
Nvidia delivered another blowout quarter Wednesday, validating the AI infrastructure thesis that has driven the sector all year.
The numbers:
Revenue: $81.62B—beat the $79B consensus; +85% year-over-year EPS: $0.96 adjusted—beat estimates of $0.93 Q2 guidance: ~$91B—well above the $87B Wall Street expected Buyback: $80B authorized—one of the largest in corporate history Dividend: sharply raised up to $0.25 per share China: excluded from Q2 Data Center guidance due to export restrictionsThe beat lifted the entire AI compute ecosystem immediately. Keel Infrastructure +9%, IREN +8%, Hive Digital +9% all jumped. IREN separately announced a 5GW strategic AI infrastructure partnership with Nvidia alongside the earnings—shares jumped 21% on that alone.
As for the broader market impact, unfortunately Walmart issued ugly guidance this morning and stock futures are now red alongside crypto majors. One hurdle cleared with Nividia, but many more remain in the path.
Hyperliquid’s HYPE token hit $57.40 on Wednesday, up over 100% year-to-date while Bitcoin is down 12% over the same period.
The HIP-3 release has been a key driver of growth. Before HIP-3, Hyperliquid traded crypto perpetuals only. HIP-3 opened crude oil, gold, silver, and other commodity perpetuals, all settled onchain, all trading 24/7, all generating fees that flow into HYPE buybacks. Then they started adding stock indices. Then individual stocks. When the Iran conflict sent oil toward $120/barrel, traders needed a venue for around-the-clock commodity exposure. Hyperliquid was ready. Then Pre-IPO contracts followed: OpenAI, Anthropic, Stripe, and now SpaceX SPCX, which went live on Hyperliquid’s Trade.xyz platform on May 17 at a $1.78 trillion implied valuation, days before the official S-1 dropped.
Bitwise CIO Matt Hougan put it simply: “Hyperliquid is not a crypto app. It’s a super app. It’s not targeting the $3 trillion crypto economy. It’s targeting the $600 trillion global asset market.”
And it seems like more and more folks are taking notice…
The three specific initiatives are Account Abstraction combined with FOCIL, Keyed Nonces (EIP-8250), and Kohaku. Most of these changes are scheduled for the Hegotá hard fork, planned for the second half of 2026.
Account abstraction and FOCIL are designed to make private transactions harder to censor by changing how accounts work and how validators must include transactions in blocks. Keyed nonces and new access-layer tools, such as the Kohaku privacy toolkit, aim to prevent onchain transaction linking and hide users’ wallet queries from centralized node providers.The privacy push also directly overlaps with Ethereum’s quantum resistance work—account abstraction is central to both, meaning Hegotá could address two of the biggest long-term risks to ETH in a single upgrade window. The Ethereum Foundation meanwhile faces a wave of high-profile departures amid an internal transition tied to a new organizational mandate. So while the roadmap is public and clear, the execution environment is more turbulent than it looks from the outside.
