Crypto news

Asset manager VanEck launched the first U.S. spot BNB exchange-traded fund on Nasdaq, trading under the ticker VBNB. The fund offers direct exposure to BNB, the native token of BNB Chain, without requiring investors to buy or store the token directly. The ETF holds BNB in cold storage via custodian Anchorage Digital Bank and charges a sponsor fee of 0.39%. VanEck highlighted BNB Chain's daily transaction volume of over 14 million and its support for more than 2.5 million daily active users. The launch follows amended filings from VanEck and Grayscale for spot BNB ETFs and comes amid a wave of new crypto ETFs, including those for SOL, DOGE, HYPE, and XRP, following the earlier approval of spot bitcoin and ether ETFs.

VanEck launched the first US spot BNB exchange-traded fund (VBNB) on Thursday, providing direct exposure to BNB. The fund is physically backed by BNB held in cold storage with Anchorage Digital Bank and carries a sponsor fee of 0.39%. The ETF excludes staking at launch due to regulatory uncertainty, though conditional staking language is included. BNB is the fourth-largest cryptocurrency with a market cap of about $88.3 billion, and the fund joins VanEck's growing lineup of spot crypto ETFs. VanEck's senior investment analyst noted BNB's resilience, citing over 14 million daily transactions and 2.5 million daily active users. The launch expands the US crypto ETF market beyond bitcoin and ether, following similar products for Solana, XRP, and others.

Arca CIO Jeff Dorman warns that MicroStrategy's Bitcoin accumulation strategy is reaching a breaking point. The firm faces $15 billion in preferred stock and $1.5 billion in annual dividend obligations, with a shrinking cash buffer and Bitcoin trading near $72,550, down 6% over the past week. MicroStrategy recently used most of its cash to repurchase $1.5 billion in zero-coupon convertible notes, leaving $871 million for dividends. Dorman notes that the preferred stock issuance assumed a sharp Bitcoin rally, which hasn't materialized, putting stakeholders in a bind. The company's next capital move will determine whether it prioritizes debt holders, preferred shareholders, or its Bitcoin thesis. Dorman predicts a resolution within four months.

The U.S. Commodity Futures Trading Commission (CFTC) has approved the first true bitcoin perpetual futures contract on a U.S. exchange, granted to KalshiEX, LLC, and issued no-action relief allowing Coinbase Financial Markets to offer digital commodity derivatives to U.S. customers, including access to offshore venues. Perpetual futures, or 'perps,' are a dominant product in crypto derivatives trading, previously concentrated on offshore platforms. CFTC Chair Michael Selig called the move a historic action to bring one of the most liquid segments of crypto markets into the U.S. regulatory framework. Coinbase CEO Brian Armstrong noted that U.S. traders were previously shut out of roughly 80% of global crypto markets, but now can access global perps and options, including Deribit, through a regulated structure. The agency also issued a staff advisory on 24/7 trading, clearing, and settlement, reflecting growing interest driven by digital asset markets. The actions together provide a blueprint for U.S.-regulated entities to participate in the global perpetuals market, marking a shift under Chair Selig and President Trump from enforcement-driven deterrence to structured onshoring of crypto market segments.

Ripple Labs is reportedly leading a $1 billion raise through a SPAC to create a new public-market vehicle that would accumulate XRP, testing institutional demand for the digital asset beyond bitcoin. The funds would be held in an XRP-focused digital asset treasury, with Ripple expected to contribute some of its own XRP. The deal would be the largest known XRP treasury vehicle. Digital asset treasury companies were a big stock-market trade in 2025, but the model has weakened as token prices turned choppy and investor excitement waned. Ripple's plan will test whether XRP can support such a structure, as the company holds billions of XRP it could place with investors.

The CFTC has approved KalshiEX LLC's BTCPERP, a cash-settled Bitcoin perpetual futures contract, marking a formal US-regulated test case for no-expiry perps. Separately, CFTC staff issued a no-action position allowing Coinbase Financial Markets to offer US clients access to certain Deribit digital commodity derivatives through its registered FCM structure. The Kalshi approval carries Commission-level legal weight but is limited to Bitcoin-like assets with deep, continuous spot markets. The Coinbase path provides conditional, staff-level relief tied to affiliate controls and margin safeguards, offering a route to global liquidity but with less precedential durability. Industry reactions highlight differing priorities: Michael Saylor linked the guidance to Bitcoin-backed credit strategies, while Brian Armstrong emphasized expanded customer access. The practical impact hinges on whether regulated venues can attract liquidity away from offshore exchanges through competitive terms and broader distribution.

Texas Acting Comptroller Kelly Hancock announced the members of the new Texas Strategic Bitcoin Reserve Advisory Committee, created under Senate Bill 21 to guide the state's management, custody, and valuation of bitcoin holdings. The five-member committee includes Hancock, investment expert Laurie Dotter, miner Jamie McAvity, legal scholar Carla Reyes, and CFO Gary Vecchiarelli. The state also issued an RFP for a crypto custodian to support its reserve, which currently holds about $10 million in BTC via a Bitcoin ETF. Texas plans to transition to direct Bitcoin custody within 60 days of contract execution, signaling a shift toward full ownership and institutional-grade security. The move comes as the federal government advances its own Bitcoin reserve, with President Trump's executive order and proposed legislation to purchase up to 200,000 BTC per year for five years.

Sui Network experienced a major outage on Thursday, with the blockchain reporting a network stall at around 10:30 a.m. ET. Transactions were paused as the Sui team worked on a fix, which began rolling out to validators by 3:40 p.m. ET. The outage lasted over five hours, just months after a similar six-hour downtime in January. The downtime impacted SUI’s price, which fell 5.4% in 24 hours to $0.92, down over 82% from its all-time high of $5.35 in January 2025. The network, developed by Mysten Labs, launched in 2023 and raised $300 million in a 2022 Series B round.

The Sui blockchain experienced another major outage on Friday, less than 24 hours after a six-hour network stall on Thursday. The Sui team confirmed that the mainnet is experiencing a network stall and is actively investigating the issue. The SUI token is trading at $0.90, down slightly on the day. Thursday's outage, the worst on record lasting nearly six hours, was attributed to a bug in the gas charging logic introduced in version 1.72. A fix was rolled out, with two-thirds of validators having upgraded, but it remains unclear if Friday's issue is connected. A full post-mortem has not yet been published.

Strategy transferred over 411 Bitcoin to Coinbase Prime on May 29, sparking speculation of a potential sale. On-chain analysts noted unusual movement patterns and a P2SH address format linked to Coinbase Prime OTC activity, though the company has not confirmed a sale. The transfer represents a fraction of Strategy's 843,738 BTC treasury but comes amid financial pressures. Strategy's dollar reserve fell from $2.25 billion to $871 million after repurchasing $1.38 billion in convertible notes, reducing the cash cushion for preferred dividends and interest. Analyst estimates show annual cash obligations of about $1.66 billion, with the reserve covering 6.3 months. STRC, a preferred stock, has traded below par, raising concerns about the company's ability to raise capital. Strategy faces a critical four-month window. Options include selling Bitcoin to fund dividends, halting dividends, or raising new capital—each with trade-offs. The company may sell higher-cost Bitcoin lots to rebuild cash, a move that would mark a shift in Michael Saylor's long-standing accumulation strategy.