OVERVIEW

Man Who Sold Yesterday Now A Believer Again 😆

Here’s What’s Happening 👇️

Today’s top trending tickers: AABBG, Holozone, The Last Play, Zcash, and Virtual Protocol

Biggest gainers: $TON ( ▲ 32.33% ) , $ZEC ( ▲ 2.95% ) , $NEAR ( ▲ 13.86% ) , $ICP ( ▲ 10.52% ) , and $TAO ( ▲ 7.09% )

Biggest losers: $HYPE ( ▼ 3.06% ) , $SKY ( ▼ 0.73% ) , $ETH ( ▼ 2.25% ) , $DOGE ( ▼ 3.95% ) , and $CC ( ▼ 0.43% )

Before we dive in, here’s today’s crypto crypto’s total market and altcoin market cap charts:

Source: TradingView

NEWS
Multicoin Builds Zcash Position In February, Discovers Cypherpunk Ideals In May 🤔

Tushar Jain says Multicoin has been buying ZEC since February. The market caught up Tuesday.

Twitter tweet

Multicoin – an Austin shop running roughly $2.7 billion, best known for being early and loud on $SOL ( ▲ 1.79% ) – posted a four-tweet piece disclosing the position. $ZEC ( ▲ 2.95% ) has ripped +43% to $603, extending the 30-day return past 110% and triggering about $62 million in liquidations, mostly from short sellers.

Zooko (the guy who created Zcash) asked on X what changed his (Tushar) mind.

Twitter tweet

Jain used to think privacy only mattered for payments. He flipped on store of value. No serious investor parks long-term capital in a fiat-pegged stablecoin, so you need a private and scarce SoV. ZEC is his pick.

He named ZODL as the unlock – the wallet team that raised $25 million in March, has facilitated over $600 million in ZEC swaps since October, and grew the shielded pool by more than 400%. Decentralized buying, easy shielding.

Roughly 30% of ZEC supply now sits in shielded addresses, a record.

Shielded Supply – Click to enlarge.

The pool is growing alongside price rather than lagging it. Sixty-two million in liquidations does not happen on conviction alone, but the structure under this move is real.

Levels to watch: $600-$650, where ZEC consolidated through late 2025. Reclaim and hold and the November high near $750 comes back. Fail there and the trade was a disclosure and a short squeeze. 🗜️

SPONSORED

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NEWS
Kraken Lets the Peasants Touch Margin 🧐

Kraken just rolled out CFTC-regulated crypto spot margin trading for US clients on Kraken Pro, with up to 10x leverage, long or short. No accredited investor gate. And that last part is the story.

For years, US retail has heard the same line: leverage is dangerous, so you can only have it if you can already afford to lose it. Want hedge fund toolkit access? Show the broker your net worth.

The accredited investor rule sets the bar at $1 million excluding primary residence, or $200,000 in annual income. The implicit message: in the land of the free, sophisticated risk is reserved for people who already have money. Everyone else gets a savings account and a lecture.

Wait, So How Is This A Thing Now?

What makes this launch possible is Payward’s completed acquisition of Bitnomial, a Chicago derivatives shop that spent more than a decade collecting the three CFTC licenses that matter: Futures Commission Merchant, Designated Contract Market, and Derivatives Clearing Organization.

No other crypto-native firm in the US holds all three. That trifecta lets one entity run the exchange, clear the trades, and broker the orders inside a single regulated stack. Spot margin is the opening act. Perpetuals and options are next.

The deal is reportedly worth up to $550 million in cash and stock at an implied $20 billion valuation. Payward also filed a confidential S-1 with the SEC for a potential IPO and took a $200 million check from Deutsche Börse last month for a 1.5% stake. 2025 revenue hit $2.2 billion, up 33% year over year, on roughly $2 trillion of processed volume.

For the trader with a Kraken Pro account, the backstory translates into something simple: the same tools institutions have used for years are now available onshore, regulated, with isolated per-position risk and 24/7 stop-loss functionality. Long, short, ten-to-one, around the clock, using existing holdings as collateral.

A real piece of market structure – one the rest of the global market has had for a decade – finally landing in the hands of US retail. 🫡

NEWS
Investors Cheer Ability To Hedge Volatility They Themselves Created By Trading Volatility 🎂

The $CME ( ▲ 0.53% ) is rolling out $BTC ( ▼ 0.3% ) Volatility futures on June 1, pending regulatory review. The contracts settle to the CME CF Bitcoin Volatility Index (BVX), a 30-day forward-looking implied vol measure pulled from CME’s own BTC options order books and published every second between 7 a.m. and 4 p.m. CT.

Traders can isolate volatility from price directio, so if you think the next thirty days are going to be calm, you sell vol. If you think a Fed surprise or an ETF flow shock is going to crack the tape, you buy it. No more bolting together delta-hedged options structures to express a vol view.

Morgan Stanley’s derivatives desk and CF Benchmarks both lined up behind the launch, framing it as the next leg in Bitcoin’s institutionalization after the spot ETFs and the reference rate became standard plumbing. 🪠

NEWS
Public Blockchain And Bank Infrastructure Make Eye Contact For First Time Without Going To Court 🏦

Four companies – $ONDO ( ▲ 0.42% ) , $XRP ( ▼ 0.07% ) , $MA ( ▼ 1.04% ) , and $JPM ( ▲ 1.78% ) – moved a tokenized U.S. Treasury fund across borders and between banks in seconds. The asset side cleared in under five seconds. The cash side cleared right behind it. Both legs ran as one transaction. Nothing waited until the next morning.

Now, that doesn’t sound very exciting, but it is. Tokenized treasuries are basically T-bills you can hold like a crypto token. The market has scaled to billions of dollars in the last two years. But every time someone wanted to cash out, the redemption ran on the same wire system your grandfather used. Mint at 3am. Wait until business hours to get out.

But now there’s a fix. Ripple cashed out a slug of Ondo’s tokenized Treasury fund directly on a public blockchain. Mastercard’s payment network told JPMorgan to pay. JPMorgan settled dollars to Ripple’s bank in Singapore. One flow. Two rails. No phone calls.

However, this is a pilot. Four parties on a single redemption is a lot of toll booths. The next test is the second transaction. The hundredth. The one at 0209 am on a Saturday and/or when one of the four parties has an outage.

But if everything checks out after many, many, many tests, wire transfers might be a thing of the past. 👋 

NEWS IN THREE SENTENCES
AI, Stablecoins, & Privacy News 🕵️

Mina Releases L2 So Developers Can Finally Build The Things Mina Was Supposed To Do Five Years Ago

Mina Protocol announced that Protokit, a “protocol development framework for building privacy-enabled applications,” is now live on Devnet, allowing developers to spin up application-specific L2s with recursive proofs, real-time pre-confirmations, and client-side proving. The announcement noted that Mina’s zkApps “excel at applications where state is user-specific,” a category that excludes exchanges, games, marketplaces, and prediction markets. Mina described Protokit as solving this. Mina Protocol.

ENS Replaces One Confusing Naming System With A More Confusing One, Calls It Progress

The Ethereum Name Service unveiled ENSv2 architecture Tuesday, replacing its single global registry with “a hierarchical system of linked registries” where every label exists in its own subregistry connected via a tree. The post compared the change to “a nested system of safe deposit boxes” rather than one big vault, an analogy that went on for several paragraphs. Resolving sub.nick.eth now requires walking from root to eth to nick to sub. ENS described this as “more expressive.” Wallets described it as “more support tickets.” Ethereum Naming Service.

NEWS IN THREE SENTENCES
Real World Asset Tokenization (RWA) News 🪙

NYSE-Listed Company Tokenizes Itself On Solana, Inadvertently Creating Most Compliant Token Of 2026

Bullish announced yesterday it has tokenized its own NYSE-listed shares on Solana, becoming “the first NYSE-listed company to fully tokenize its own equity cap table.” Holders can now self-custody real BLSH equity, which can only be sent between EQ-whitelisted wallets, fails at the smart-contract level otherwise, and offers no AMM or DEX trading. Solana enthusiasts, having waited years for a real asset, expressed mixed feelings about the whitelist. Solana.

Pre-Public Company Announces Plans To Tokenize Equity It Does Not Yet Have

OpenWorld, a “blockchain innovation company” still completing its proposed reverse merger with VerifyMe, announced an agreement to tokenize the equity it will theoretically have once that merger closes, on Figure’s OPEN network, in connection with a NASDAQ listing it has not yet received. Figure.

NEWS IN THREE SENTENCES
DeFi, DEX, & Lending News 🏦

Securitize, Jump, And Jupiter Build Tokenized Stock Market

Securitize, Jump Trading, and Jupiter announced Tuesday a fully on-chain regulated trading system for tokenized equities on Solana, combining Jump’s PropAMM liquidity, Jupiter’s DeFi interface, and Securitize’s broker-dealer infrastructure. CEO Carlos Domingo said the question is no longer whether assets can be issued onc-hain “but whether they can trade at scale.” Jump claimed PropAMMs are already “beating centralized exchange execution on nearly every fill.” Jupiter.

NEWS IN THREE SENTENCES
Protocol News 📰

Swiss Bank First To Custody Token Issued By Companies That Already Have Banks

AMINA Bank announced it is the first bank to support Canton Coin, the native token of a “public, privacy-preserving blockchain built for capital markets” backed by the DTCC, Visa, BitGo, and basically every TradFi institution that already custodies its own assets. AMINA’s chief product officer described Canton as “purpose-built for regulated institutions, not retrofitted.” Canton.

Linea Donates Its Code To Linux Foundation

Consensys-incubated Layer 2 Linea has contributed its open-source ZK rollup stack to LF Decentralized Trust, where it will be renamed Lineth and operated under “vendor-neutral governance.”. Linea Consortium board director Declan Fox called this “credible neutrality” and “progressive decentralization.” The rebrand resolves the long-standing problem of Linea sounding too much like Linea, with the new name resolving it by sounding too much like Linea. Linea. Or is it Lineth.

OLD NEWS
Crypto Stuff That Happened Today, But A Long Time Ago 📜

Here’s what was happening in the newsletter a year ago today:

• The big story was Bitcoin scarcity – only about 39,500 BTC had been mined in 2025, while roughly 360,000 BTC had been bought by ETFs and corporate treasuries.

• Exchange supply kept drying up – BTC on exchanges had fallen to about 1.42 million BTC, near October 2018 levels.

Here’s what was happening in the newsletter two years ago today:

• Bitcoin crossed 1 billion processed transactions – the big quiet milestone of the day.

• Someone paid a truly stupid Bitcoin fee – $100,254 for one transaction. Tough lesson.

Here’s what was happening in the newsletter three years ago today:

• PEPE blew up Ethereum fees – average ETH transaction costs hit about $14-$16, with memecoin mania doing the damage.

• Cathie Wood kept buying Coinbase – even with SEC heat all over the place.

OLD NEWS
Other Stuff That Happened Today, But A Long Ass Time Ago ⌛️

May 6

• 1537 – The High Renaissance period ends when German and Spanish troops sack Rome.

• 1861 – Arkansas secedes from the US, 9th state to do so.

• 1889 – The Eiffel Tower Opens.

• 1937 – The Hindenburg disaster.

• 1942 – Lt. General Jonathan Wainright surrenders all US troops in the Philippines to the Japanese.

• 1955 – West Germany joines NATO.

• 1960 – President Dwight D. Eisnehower signs the Civil Rights Act of 1960.

• 1962 – The first nuclear warhead is fired from a submarine (a Polaris).

• 1994 – The tunnel under the English Channel opens.

• 1998 – The first iMac.

• 2002 – Elon Musk founds SpaceX.

• 2004 – 52 million people watched the finale of ‘Friends’

• 2023 – Charles III and Camilla were crowned King and Queen, the first British coronation in seven decades.

LINKS
Links That Don’t Suck 🔗

🌻 WLFI Co-founder Witkoff Says Firm ‘Growing Like A Weed’ Amid Stablecoins, Tokenization Push

📜 CLARITY ACT Could Collapse Without Ethics Provision, Says Senator Gillibrand

📈 CORZ Stock Soars To Record High On Oklahoma Data Center Plan Reaching Gigawatt Scale

🪙 Bitcoin Bears Crowd In: Analysts Warn A Violent $93K Squeeze Could Be Next

🤦 INTC Stock Is Up Over 190% YTD, And Michael Burry Wants To Short It: ‘Poster Child For The Top’

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Author Disclosure: The author of this newsletter holds positions in AVAX, ADA, PUDGY, WLD, NEAR, INJ, LTC, LINK, ZEC, XLM, and FET. 📋