Bitpush Editor's Daily Selected Web3 News:
[Crypto Trading Platform Gemini Applies for IPO in the US]
According to The Block, the cryptocurrency trading platform Gemini has submitted an IPO application in the US. Gemini stated in a statement: "The number of Class A common shares to be issued and the price range have not yet been determined. The initial public offering is expected to proceed after the review process by the US Securities and Exchange Commission (SEC), with the specific timing depending on market and other conditions."
Previously, stablecoin issuer Circle applied for an IPO in April and began trading this week. According to Bloomberg, cryptocurrency exchange Kraken is also considering applying for an IPO.
[Sources: Pump.fun May Conduct Public Token Sale Within Two Weeks, Considering Distributing Protocol Revenue to PUMP Token Holders]
According to The Block, two sources revealed that Pump.fun is seeking to raise $1 billion through an initial token offering and is considering sharing protocol revenue with potential token holders.
According to one source, the team is currently selling to private investors at a price of $0.004 per token and plans to conduct a public sale within two weeks. The sale is reportedly to be conducted on exchanges including Binance, with an expected airdrop. One source estimates that approximately 25% of the token supply will be used for public sale, with another 10% for airdrop.
It is currently unclear how much of Pump.fun's revenue (if any) will be distributed to the upcoming PUMP token through a "buyback-driven utility structure," and it is uncertain whether this will include revenue generated by the decentralized exchange PumpSwap launched earlier this year. Pump.fun did not respond to multiple requests for comment.
A person close to the founding team who wished to remain anonymous told The Block: "Some of this may be adjusted, but our idea is to link buybacks with part of Pump's revenue. Our plan is for token issuers participating in this public or private offering to unlock tokens on the Token Generation Event (TGE)."
Pump.fun's daily revenue peaked on January 23rd at over $7 million but has since dropped to around $1 million per day. Since its launch in early 2024, the platform has accumulated approximately $677 million in revenue, making it one of the most profitable startups in the crypto space.
[US CFTC Acting Chair: 24/7 Derivatives Proposal Limited to Crypto Assets, Assessing Potential Benefits and Risks]
According to crypto journalist Eleanor Terrett, CFTC Acting Chair Pham recently stated that all public comment requests received regarding 24/7 derivatives and perpetual contract trading only involve crypto asset products, not traditional commodities.
Pham noted in a speech this week that the CFTC believes round-the-clock trading has potential benefits, including the ability to respond in real-time to sudden events, which is significant for risk managers. She cited Coinbase Derivatives' recently launched 24/7 Bitcoin futures as an example, noting that weekend trading volume is now comparable to active weekdays.
Notably, the CFTC is also considering tokenized assets and stablecoins as collateral to address credit risk in 24/7 markets.
Regarding perpetual contracts, the CFTC confirmed they are already trading in the US market, with Bitnomial launching Bitcoin perpetual futures in April. Some commentators hope more crypto perpetual contracts can operate under US regulation, citing higher efficiency and lower costs, while others warn that these contracts may not be suitable for physical commodities due to lack of convergence and additional risks.
[Eric Trump: TRUMP Token Collaborates with WLFI, WLFI Will Hold Large Amounts of TRUMP in Long-Term Treasury]
Trump's second son, Eric Trump, announced: "MEME coin TRUMP has reached a collaboration with WLFI. Although their Meme wallet project is no longer advancing, they remain focused on creating the world's most exciting MEME - Trump. Additionally, we proudly announce that World Liberty Financial plans to hold TRUMP in large quantities in its long-term treasury. We share a grand vision in cryptocurrency, patriotism, and long-term success. Stay tuned for more!"
[Japanese Listed Company Remixpoint Announces Purchase of 44.8 BTC, Worth $4.7 Million]
According to a document published by Bitcoin Magazine, Japanese listed company Remixpoint announced the purchase of 44.8 BTC, worth $4.7 million.
[James Wynn's On-Chain Assets Emptied, All Transferred to CEX]
According to @EmberCN monitoring, James Wynn's on-chain address has been emptied, with remaining assets transferred to CEX, totaling 1.91 million USDC.
Transfers include: Kucoin $1.5 million, MEXC $335,000, Gate $75,000.
[UK Considers Lifting Retail Ban on Crypto Exchange-Traded Products]
The UK Financial Conduct Authority (FCA) proposes lifting the ban on retail investors purchasing crypto-linked exchange-traded products to enhance its competitiveness in response to the US crypto market's revival under former President Trump. The FCA stated that this change means existing exchange-traded notes linked to tokens like Bitcoin and Ethereum can be sold to retail investors, as long as they are traded on FCA-approved exchanges. The regulator previously allowed such products to be traded on venues like the London Stock Exchange, but only for professional investors.
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