Morning Minute: Darkish Pool Dealer Dumps $1.3B in IBIT in Single Clip

Morning Minute is a day by day publication written by Tyler Warner. The evaluation and opinions expressed are his personal and don’t essentially mirror these of Decrypt. And take a look at our new day by day information present masking the entire high tales in 5 minutes, downloadable on Apple Pod or Spotify.

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Right this moment’s high information:

Crypto majors fall one other 2%, HYPE leads; BTC at $75,900
Darkish pool dealer sells $1.3B in IBIT in single clip
HYPE ETFs cross $100M in web inflows in first 10 classes
Technique pays off $1.5B in debt, doesn’t purchase any BTC
OpenZeppelin co-founder says all of DeFi is unsafe and to withdraw

Technique Paid Off $1.5 Billion in Debt, Whereas Darkish Pool Dealer Dumps $1.3B

Technique didn’t purchase Bitcoin final week. As a substitute, the corporate accomplished a $1.5 billion repurchase of its 0% Convertible Senior Notes due December 2029, paying roughly $1.38 billion in money at an 8% low cost to par.

This transfer drew down its USD reserve from $2.25 billion to $871 million within the course of, and complete convertible debt excellent dropped from $8.2 billion to $6.7 billion.

Wanting on the shiny aspect, Technique nonetheless holds 843,738 BTC, has lowered its near-term legal responsibility, and generated a BTC Yield of 0.7%, equal to 4,391 BTC in worth created via the deleveraging transaction alone. CEO Phong Le framed it as proactive capital administration.

The priority, although, is the dwindling money reserve. Now $871 million is all Technique has put aside to pay dividends and repair debt, in opposition to an annual dividend and debt obligation of roughly $1.2 billion throughout STRC and different most well-liked devices. That’s lower than 9 months of protection with out new STRC issuances. Meaning much more money must be raised…and shortly.

Oh, and now there are large sellers available in the market with a darkish pool dealer promoting $1.3B in IBIT in a single clip yesterday—with no Saylor bid to soak up the promote stress. Bitcoin fell 2% on the day to $75,850 within the wake.

💰 Hyperliquid Takes A Larger Shot at Polymarket

Hyperliquid expanded its HIP-4 final result market system to assist prediction-style contracts tied to offchain real-world occasions, beginning with US inflation information and Federal Reserve rate of interest choices. This locations the change in direct competitors with Polymarket and Kalshi for the primary time.

The important thing structural distinction is how markets get resolved. Polymarket depends on UMA, an exterior oracle protocol that makes use of an optimistic dispute system. With this method, a proposed settlement stands except challenged, at which level UMA tokenholders vote on the ultimate outcome (which has led to points up to now). UMA has confronted sustained criticism after the WSJ discovered 60% of lively UMA voters had monetary stakes within the outcomes they have been resolving. That’s a conflict-of-interest downside that Polymarket remains to be managing.

In the meantime, Hyperliquid resolves markets via its personal validator set, which ingests information, decides which markets to listing, and votes on settlement outcomes. No exterior oracle, no third-party dispute discussion board—thus the identical validators securing the L1 are additionally resolving the prediction markets.

And Hyperliquid’s differentiator right here is that merchants can take a directional guess on a prediction market final result (say Inflation taking place) and lengthy a crypto token like BTC or a tokenized inventory like NVDA in an efficient pair commerce—all from the identical platform. Quickly we are going to learn the way many merchants will really act on that functionality…

Ondo Finance Founder Nathan Allman Has Died

Ondo Finance introduced on Monday that founder and CEO Nathan Allman died unexpectedly. No reason behind demise was disclosed.

Ian De Bode, the corporate’s longtime president who has led technique, product, and day by day operations for over two years, will function CEO with rapid impact.

Allman, a Brown College graduate and former member of Goldman Sachs’s digital property group, based Ondo in 2021 and led its development into one of the essential tokenized real-world asset platforms in crypto. He grew complete worth locked (TVL) to $3.86 billion with merchandise together with USDY, a yield-bearing stablecoin, and OUSG, a tokenized US Treasury fund. Ondo partnered with the most important gamers within the TradFi world (JPMorgan, BlackRock, Mastercard, Franklin Templeton, and extra) below his management. The corporate participated within the first near-real-time cross-border tokenized Treasury settlement final month, a milestone that instantly mirrored the imaginative and prescient Allman had been constructing towards for 5 years.

De Bode joined Ondo as Chief Technique Officer in 2023 from McKinsey, the place he led digital property and fintech work, and was elevated to president in November 2025. The corporate mentioned he already performed a central position in day by day operations and that the transition is a continuation.

🤖 AI Tokens Are Lapping Bitcoin, By a Lot

The rotation out of BTC and into AI tokens that began final week accelerated over the Memorial Day weekend.

NEAR is up 54% over seven days. GRASS is up 67% over seven days. RENDER is up 21%. Akash is up 15%. The crypto AI tracker basket is up double digits over the week, in opposition to Bitcoin’s -12% YTD and sideways value motion since mid-Could.

The basics are actual this time. NEAR, Bittensor, Render, Akash, and Grass all have actual income fashions spanning compute marketplaces, bandwidth monetization, and GPU rental which might be instantly benefiting from the AI infrastructure spending wave that Nvidia’s blowout quarter and the US authorities’s $2B quantum computing grant simply confirmed is accelerating. So these aren’t actually “narrative” trades like earlier AI crypto darlings benefited from.

And with the general crypto AI market cap sitting at simply ~$11B, many are speculating it’s due for a significant repricing. Time will inform…

🌎 Macro Crypto and Markets

Crypto majors are crimson with HYPE main; BTC -2% at $75.9k; ETH -1% at $2,090; SOL -1% at $84; HYPE +3% at $63
RAIN (63%), ICP (+8%) and M (5%)
Oil -2% at $90.7; Gold -2% at $4,450
Inventory futures are inexperienced with the Nasdaq up 0.6% after Micron’s +20% day and oil falling
Trump posted that the CFTC should retain authority over prediction markets and the sector be allowed to thrive
A darkish pool dealer offered $1.3B in IBIT shares in a single transaction on Monday, one of many largest single gross sales ever
TeraWulf acquired the Muskie Information Campus in Japanese Kentucky on Tuesday, a 285-acre hyperscale AI and HPC improvement website able to supporting greater than 1 gigawatt of information heart capability; WULF surged 13% on the announcement
The UK sanctioned Huobi World S.A. (HTX) on Tuesday, a part of an 18-entity Russia-focused package deal focusing on crypto exchanges alleged to have helped Moscow transfer $1.5 billion
Indonesia blocked entry to Polymarket on Tuesday citing playing laws, becoming a member of South Korea, China, and Thailand in a rising Asian crackdown on prediction market platforms

Company Treasuries & ETFs

Meme Coin Tracker

Meme leaders have been largely crimson; DOGE -1%, SHIB -2%, PEPE -2%, PENGU -4%, TRUMP -3%, BONK -2%, SPX -2%, FARTCOIN -4%
Thriller (+500x), FCM (+40x) and Chubby Elephant (+69x) led notable movers on Solana
Base movers included Nock (+29%), Veilnet (+40%), and Nook (+10%)

📈 Myriad Market of the Day



💰 Token, Airdrop & Protocol Tracker

The OpenZeppelin co-founder posted that he feels that every one of Defi is unsafe and has been telling family and friends to exit
The CME launched AVAX and SUI futures on Tuesday

🚚 What is occurring in NFTs?

NFT leaders have been barely crimson once more; Punks -0.5% at 32.8 ETH, BAYC -3% at 8.67 ETH, Pudgy -1% at 4.64 ETH; Hypurr’s +6% at 324 HYPE
Ringers (+31%) and Freaks (+150%) led notable movers