PA Daily | Hong Kong's "Stablecoin Regulation" officially becomes law, licensing system expected to be implemented within the year; Binance Alpha has launched TAIKO, with 205 points you can claim 130 TAIKO Airdrop.

Today's news highlights:

1. The Hong Kong "Stablecoin Ordinance" has officially become law, and the licensing system is expected to be implemented within the year.

2. Trump Media Group completes $2.44 billion financing and will become a publicly listed company that holds a large amount of Bitcoin.

3. SharpLink Gaming plans to raise $1 billion to purchase ETH.

4. Coinbase International will launch Vaulta perpetual contracts, with trading opening on June 5.

5. The Cetus project plans to complete a full recovery and restart in about a week.

6. Binance Alpha has launched TAIKO, and users with 205 points can claim 130 TAIKO airdrops.

7. James Wynn closed his long positions on PEPE and BTC, with a total loss of 2.271 million USD.

8. The giant whale made mistakes by selling low and buying high, reducing 35,754 ETH to 19,302 ETH, resulting in a loss of 42.64 million USD.

Regulation/Macro

Canary Staked CRO ETF submitted S-1 form application for listing

The Canary Staked CRO ETF has submitted an S-1 registration statement to the U.S. Securities and Exchange Commission (SEC) and plans to list on an exchange. The ETF aims to gain exposure to the price of CRO by holding Cronos (CRO) and participating in transaction validation on the Cronos POS chain, while also earning additional CRO rewards. The ETF's net asset value (NAV) will be calculated based on the market price of CRO.

The Hong Kong "Stablecoin Ordinance" has officially become law, and the licensing system is expected to be implemented within the year.

Hong Kong's Stablecoin Ordinance was gazetted on 30 May, marking its formal enactment into law and is expected to come into force within this year. The Ordinance establishes a licensing regime for issuers of "fiat currency stablecoins", which only allows licensed institutions to issue or sell stablecoins pegged to the value of the Hong Kong dollar in Hong Kong, with the aim of enhancing the protection of the public and investors. According to the Hong Kong Monetary Authority, the regulation establishes a risk-based, pragmatic and flexible regulatory mechanism to provide institutional support for the healthy and sustainable development of stablecoins and digital assets. The regulations clearly stipulate that applicants must meet compliance requirements such as reserve asset management, value stabilization mechanism, redemption arrangement, and anti-money laundering.

U.S. April Core PCE Year-on-Year at 2.5%, a New Low in Over Four Years

The core PCE price index in the US recorded a year-on-year rate of 2.5% in April, the lowest since March 2021, with market expectations also at 2.5%. The month-on-month core PCE price index for April was 0.1%, with expectations at 0.10%, and the previous value was revised from 0.00% to 0.1%. Traders are still betting that the Federal Reserve will cut rates in September.

Brazilian listed company Meliuz plans to raise $26.45 million to purchase Bitcoin.

According to Bitcoin Magazine, Brazilian listed company Meliuz has submitted an application to raise $26.45 million to purchase Bitcoin.

Trump Media Group completes $2.44 billion financing and will become a major publicly traded holder of Bitcoin.

The Trump Media Group announced today that it has completed its previously announced private placement with approximately 50 institutional investors. The offering consisted of: (1) the sale of 55,857,181 shares of the Company's common stock at a price of $25.72 per share, raising gross proceeds of approximately $1.44 billion; and (2) issuance of US$1.0 billion principal amount of convertible senior secured notes due 2028 at a conversion price of US$34.72 per share. Together, the two companies raised approximately US$2.44 billion. Trump Media will use about $2.32 billion of net funds to build a Bitcoin reserve and use it for other general corporate purposes and working capital. As one of the largest bitcoin reserve deals among publicly traded companies, the net proceeds and corporate strategy of the offering will make Trump Media Group one of the largest bitcoin holdings among publicly traded companies in the United States. Following the offering, Bitcoin will be added to the Trump Media Group's balance sheet, alongside a total of $759 million in cash, cash equivalents and short-term investments by the end of the first quarter of 2025.

The Czech Ministry of Justice has come under scrutiny for selling 480 bitcoins gifted by criminals, and its minister has announced their resignation.

Czech Justice Minister Pavel Blažek announced his resignation on May 30, after the Justice Ministry sold 480 bitcoins (worth approximately $45 million) donated by a convicted drug trafficker. Upon receiving the bitcoins, the Ministry immediately liquidated the funds and allocated the proceeds to a victims' compensation fund and prison equipment. This donation raised questions among opposition lawmakers about the legitimacy of accepting donations from former criminals. Additionally, the police have launched an investigation into the source of these bitcoins and the circumstances under which the Justice Ministry accepted them.

A few hours after the investigation began, Pavel Blažek decided to resign from his term that started in December 2021. In a post on May 30, he stated: "After agreeing with Prime Minister Petr Fiala, I have decided to resign from the position of Minister of Justice. I have not committed any illegal acts. However, I do not want to harm the reputation of the government or the ruling coalition."

Drug trafficker Thomas Irykovsky donated this amount in Bitcoin. Irykovsky was arrested in 2016 for operating an illegal online drug and pharmaceutical trading market, and later served four years in prison for embezzlement and drug trafficking.

SharpLink Gaming plans to raise $1 billion to purchase ETH.

SharpLink Gaming has submitted Form S-3 ASR to the U.S. SEC, registering securities with a total size of up to $1 billion for the future issuance of common stock depending on market conditions. After this issuance, the maximum number of common shares issued could reach 72,051,288 shares. The majority of the proceeds from this issuance will be used to purchase the native cryptocurrency of the Ethereum blockchain, Ether (ETH), and it is also planned to use the proceeds for working capital needs, general corporate purposes, operating expenses, and more.

According to previous news, SharpLink Gaming announced that it will complete a private placement financing of approximately $425 million, with Consensys as the lead investor. The transaction is expected to be completed on May 29. The funds from the financing will be used to purchase Ethereum (ETH) and establish ETH as the company's primary reserve asset.

opinion

The New York City Comptroller opposes the Mayor's proposed Bitcoin bond plan, stating that he will not agree to its issuance during his tenure.

New York City Comptroller Brad Lander dismissed Mayor Eric Adams' proposal to issue Bitcoin-backed municipal bonds. Brad Lander, who is jointly responsible for the bond issuance with the Mayor's Office of Management and Budget, stated that New York City would not issue Bitcoin-backed bonds during his tenure. "The stability of cryptocurrencies is insufficient to fund our city's infrastructure, affordable housing, or schools." "Proposing to open our capital planning to cryptocurrencies could expose our city to new risks and undermine bond buyers' confidence in our city." Brad Lander is a Democrat and the successor to Mayor Eric Adams in the November election. Eric Adams is currently running as an independent candidate.

James Wynn: I will start over as always, and enjoy it.

James Wynn tweeted: "I will start over, as always, and I enjoy it. I love playing this game, I love the volatility, and money completely depends on mindset. I made a well-planned gamble and earned billions of dollars, something most of you wouldn't dare to do and never could, due to your lack of capability and mindset. Money cannot make you feel rich; peace, happiness, family, love, loyalty, health, nature, sunshine, and dogs can, and I have firmly grasped all of these. My passive income each month is more than most people's annual income. I am freer now than ever before."

Project Updates

Binance: You need to hold at least 207 Alpha points to receive 133 ASRR airdrop.

According to Binance's announcement, the platform will launch the Assisterr AI (ASRR) trading pair at 21:00 Beijing time on May 30, 2025. Qualified users holding at least 207 Alpha Points can claim 133 ASRR airdrops on the Alpha Events page starting at the same time. Claiming will consume 15 Alpha Points, and users must complete the confirmation within 24 hours, otherwise it will be considered as an automatic forfeiture.

Coinbase International will launch Vaulta perpetual contracts, opening for trading on June 5.

According to the announcement from Coinbase International Exchange, the Vaulta ($A) perpetual contract trading will be launched on June 5, 2025, at 9:30 (UTC), with supported platforms including Coinbase International Exchange and Coinbase Advanced.

REX Shares and Osprey Funds have submitted applications to the SEC to launch Ethereum and Solana staking ETFs.

REX Shares and Osprey Funds have submitted applications to the U.S. Securities and Exchange Commission (SEC) to launch Ethereum and Solana staking ETFs. The new ETH and SOL funds will "invest at least 80% of their net assets in their respective reference assets," namely ETH and SOL. Each fund will also invest "at least 50% of its holdings" in these cryptocurrencies. These funds will operate as "regular C corporations" to address U.S. federal income tax, rather than as "regulated investment companies" like spot Bitcoin and Ethereum ETFs.

Litecoin launches L2 network LitVM, introducing smart contract functionality and cross-chain liquidity.

Lunar Digital Assets launches LitVM, a zero-knowledge L2 network based on the Litecoin ecosystem. The network is built on BitcoinOS and Polygon CDK and is supported by the Litecoin Foundation. LitVM is an EVM-compatible zero-knowledge rollup (ZK Rollup) designed to introduce smart contract functionality, cross-chain liquidity, and real-world asset (RWA) support. LitVM will help Litecoin expand into DeFi and Web3 ecosystems, providing on-chain use cases such as stablecoin payments, programmable assets (Runes, Lordinals), and more.

The Cetus project is expected to complete full recovery and restart in about a week.

The Sui community recently approved an on-chain proposal that will release approximately $162 million that was frozen during the Cetus vulnerability last week, allowing the DEX to repay users and resume full operations. The affected funds will be transferred to a multi-signature wallet and held until they are returned to users according to the plan led by Cetus. In response, Cetus announced plans to complete full recovery and restart in about a week, which includes data recovery, restarting the upgraded CLMM contract, and fully restoring all paused product functions (including LP functions), among others.

Binance Alpha has launched TAIKO, with a score of 205 you can claim 130 TAIKO airdrops.

According to the official announcement, Binance Alpha has now launched Taiko (TAIKO). Eligible Binance users who have at least 205 Binance Alpha points can claim an airdrop of 130 TAIKO tokens on the Alpha event page starting from May 31 at 14:00 (UTC+8). Claiming the TAIKO airdrop will consume 15 Binance Alpha points.

Important Data

Bitcoin spot ETFs saw a net outflow of $616 million yesterday, with none of the 12 ETFs experiencing net inflows.

The Ethereum spot ETF had a net inflow of 70.2402 million USD yesterday, continuing a net inflow for 10 days.

On-chain whale James Wynn is once again heavily investing in BTC and PEPE.

According to Ember Tracking, on-chain whale James Wynn has just aggregated 344.7 ETH (approximately $900,000) through multiple addresses into Binance, and converted it to $500,000 USDC, which was then transferred to the Hyperliquid platform to open a Bitcoin long position.

Current positions are as follows:

• BTC Long Position: 437 BTC, Leverage 40x, Total Market Value approximately $46.1 million, Opening Price $105,560, Liquidation Price $102,713;
• kPEPE Long Position: 1.01 billion kPEPE, leverage 10x, total market value approximately 13.02 million USD, opening price $0.0129, liquidation price $0.0116.

A giant whale mistakenly sold low and bought high, reducing 35,754 ETH to 19,302 ETH, resulting in a loss of 42.64 million dollars.

According to Yu Jin, a giant whale experienced significant losses in ETH operations: on April 23, the whale sold a total of 50,754 ETH at a price of $1,754, exchanging it for $89.03 million USDT, of which 15,000 were borrowed coins sold short; today, the whale repurchased only 34,343 ETH using the same USDT at a price of $2,592, leaving a net of 19,302 ETH after repaying the borrowed coins.

Based on the current price, its ETH holdings have shrunk to 50.04 million USD, a decrease of 42.64 million USD from the original holding value of 92.69 million USD, resulting in a loss of approximately 16,452 ETH.

James Wynn closed his long positions on PEPE and BTC, with a total loss of $2.271 million.

James Wynn has closed all his PEPE and BTC positions, with a total loss of 2.271 million dollars. Among them, the BTC long position lost 1.175 million dollars, and the PEPE long position lost 1.596 million dollars. Currently, the margin remaining in the contract account is 464,000 dollars.