Morning Minute: SpaceX Files for IPO, BTC Wallet Stocks Surprise

Morning Minute is a daily newsletter written by Tyler Warner. The analyzes and opinions expressed are his own and do not necessarily reflect the views of Decrypt. And cCheck out our New daily news show Covers all the top stories in 5 minutes, and can be downloaded on Apple Pod or Spotify.

GM!

Today’s most important news:

• Major cryptocurrencies are slightly red during the day, following NVDA’s beat; Bitcoin at $77.1 thousand
• HYPE leads all tokens by 15% on the day to $57.40, captures $25M in ETF inflows
• SpaceX discloses $1.45 billion worth of BTC holdings in IPO filing, purchased for $661 million
• NVDA Beats Earnings But Walmart Issues Negative Forecast This Morning
• Vitalik outlines Ethereum’s privacy roadmap, while Bankless founder sells all his ETH

🟠 SpaceX records its S-1 order and unveils $1.45 billion worth of Bitcoin

SpaceX Officially filed S-1 with the Securities and Exchange Commission on Wednesday, to confirm plans for what could become the largest initial public offering in history.

The filing reveals that the company is targeting a valuation of $1.75 trillion with an upside of $80 billion, dwarfing Saudi Aramco’s previous record of $29.4 billion. Their promotion begins on June 4, and they will be listed on the Nasdaq on June 12 under the ticker SPCX.

Deposit too It has been detected SpaceX owns 18,712 bitcoins with a fair value of $1.45 billion. Notably, they bought Bitcoin for $661 million, so their holdings have increased by over 100%.

As for the business itself, Musk clearly has lofty goals with his efforts to combine launch systems, satellite internet, social media and artificial intelligence under one company. SpaceX generated $18.5 billion in revenue in 2025. Starlink represents roughly 45% of that revenue and is growing faster than the launch business. But we now know that Anthropic is under contract to pay them $1.25 billion a month for computing through 2029. So expect those revenues to rise.

And maybe Bitcoin collectibles too…

💰 Nvidia announces its largest quarter ever

Nvidia delivered another impressive quarter on Wednesday, validating the AI ​​infrastructure thesis that has led the sector all year.

Numbers:

• profit: $81.62 billion – beat consensus of $79 billion; +85% YoY
• EPS: $0.96 was revised – beating estimates of $0.93
• Directions for the second question: ~$91 billion – much higher than the $87 billion expected on Wall Street
• Repurchase: The $80 billion deal was approved, one of the largest in the company’s history
• Earnings: It was raised sharply to $0.25 per share
• China: Excluded from Q2 data center guidance due to export restrictions

This cadence instantly lifted the entire AI computing ecosystem. Keel Infrastructure +9%, IREN +8%, and Hive Digital +9% all jumped. IREN separately announced a 5GW strategic AI infrastructure partnership with Nvidia alongside earnings — with shares jumping 21% on that alone.

As for the broader impact on the market, unfortunately, Walmart issued ugly guidance this morning and stock futures are now in the red along with major cryptocurrencies. One hurdle has been overcome with Nvidia, but there are still plenty of others in the way.

📈 Excess liquid is separated from major cryptocurrencies

Hyperliquid’s HYPE token hit $57.40 on Wednesday, up more than 100% year-to-date, while Bitcoin’s price fell 12% over the same period.

Separation is The most striking performance in crypto this year. Notably, it is not a meme or narrative trade. It’s a fundamentals trade. Hyperliquid has generated $255 million in revenue year-to-date, more than the next two protocols combined, with 97% of that revenue going directly to HYPE holders through automated buybacks on the open market. The platform now accounts for 43% of all onchain fees, roughly $11 million weekly, with an annual revenue run rate approaching $850 million.

The release of HIP-3 has been a major driver of growth. Before HIP-3, Hyperliquid only traded perpetual cryptocurrencies. HIP-3 opened crude oil, gold, silver, and other perpetual commodities, all settled on-chain, all trading 24/7, and all generating fees that flow into HYPE buybacks. Then they started adding stock indicators. Then individual stocks. When the Iranian conflict sent the price of oil to $120 a barrel, traders needed a place to get exposure to commodities around the clock. Hyperliquid was ready. Then followed the pre-IPO contracts: OpenAI, Anthropic, Stripe, and now SpaceX SPCX, which launched on Hyperliquid’s Trade.xyz platform on May 17 at an implied valuation of $1.78 trillion, days before the official S-1 price drop.

Matt Hogan, IT Director at Bitwise, puts it simply: “Hyperliquid is not a cryptocurrency app. It is a super app. It is not targeting the $3 trillion cryptocurrency economy. It is targeting the $600 trillion global asset market.”

It seems that more and more people are paying attention…

♦ Vitalik just explained Ethereum’s privacy roadmap

Vitalik Buterin shown Three near-term upgrades to Ethereum aim to make privacy a native feature of the network rather than relying on third-party tools. This post came in response to an X user who asked why ETH continues to trade around $2,000 despite a long list of bullish developments.

The three initiatives identified are Account Abstraction 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 more difficult to censor by changing how accounts work and how auditors must include transactions in blocks.
• New key tools and access layer tools, such as the Kohaku Privacy Toolkit, aim to prevent on-chain transaction chaining and hide users’ wallet queries from central node providers.

The privacy push also overlaps directly with Ethereum’s quantum resistance work, as account abstraction is fundamental to both, meaning Higota can address two of the biggest long-term risks facing Ethereum in a single upgrade window. Meanwhile, the Ethereum Foundation is facing a wave of high-profile departures amid an internal transition tied to a new regulatory mandate. So, while the roadmap is general and clear, the implementation environment is more turbulent than it appears from the outside.

🌎 Total crypto and markets

• Major crypto companies are in red while HYPE steals the spotlight; Bitcoin -0.3% at $77.1 thousand; Ethereum -1% at $2,113; SOL +1% at $86; HYPE +15% at $57.30
• ZEC (+13%), LIT (+13%), MNT (+8%) and WLD (+7%) led the top movers
• oil -1% at $100; Gold +0.4% at $4,517
• Stock futures Red with Nasdaq down 0.6% after positive NVDA earnings but bad news from Walmart
• Fairshake He went 6-0 in Tuesday’s primary Across Kentucky, Alabama and Georgia, the PAC’s most notable win was the ouster of Iran war critic Thomas Massie in Kentucky; Fairshake has $193 million in its war chest for 2026
• Trump She signed an executive order on Tuesday Directs the Fed and federal financial regulators to review rules restricting cryptocurrency and fintech companies from accessing U.S. payment rails and Fed master accounts.
• pregnancy SoftBank bought all of its shares in Twenty One Capital on Wednesdaywith undisputed majority control of the NYSE-listed Bitcoin treasury company; XXI owns 43,514 BTC (about $3.4 billion USD); Tether is simultaneously pursuing a triple merger of XXI with Strike and Elektron Energy to create the most vertically integrated public Bitcoin company in existence.

Corporate Treasuries and ETFs

Meme Coin Tracker

• Meme leaders He was Mostly flat; Doji +1%, Shape +1%, Baby +1%, Bingo +4%, Trump Even, Bonk +1%, SPX +1%, Vartcoin +2%
• Ferrell (+70%), Either (+20%) Goblin (+30%) led Solana’s top movers
• Prime movers Including Gitbank (+60x), openhuman (+150%), Nook (+60%), and AVNT (+20%)

📈 Countless numbers in the market today

💰 Token tracking, airdrop and protocol

🚚 What happens in NFTs?

• NFT leaders It was mixed. Punks up at 34 ETH, BAYC -2% at 9.79 ETH, Pudgy up at 4.89 ETH; Hypurr +14% at 340 HYPE
• DropDedGorgez (+17%) and Invisible Friends (+17%) Leading movers