Morning Report | BitMine increased its holdings by 126,971 ETH last week; trader Eugene announced his exit from the crypto market

Compiled by: ChainCatcher

Important News:

• Trader Eugene announces exit from the crypto market, claiming stock opportunities far exceed crypto
• Syscoin cross-chain bridge attacked, involving about 5 billion SYS, bridging service has been suspended
• Moonshot AI seeks new round of financing up to $2 billion, valuation target reaches $30 billion
• BitMine increased its holdings by 126,971 ETH last week, total holdings rose to 5.5438 million
• Revolut plans to advance secondary equity sale at a valuation of $115 billion
• Strategy proposal approved: STRC dividends changed to bi-monthly payments, first payment date is July 15

What important events have occurred in the past 24 hours?

Strategy proposal approved: STRC dividends changed to bi-monthly payments, first payment date is July 15

According to ChainCatcher, Michael Saylor, founder and executive chairman of Bitcoin treasury company Strategy, posted that STRC and MSTR shareholders have approved changing the STRC dividend payment frequency from monthly to bi-monthly. According to the new arrangement, the first record date is June 30, and the first payment date is July 15.

Bloomberg: SBF formally applies for Trump pardon

According to ChainCatcher, Bloomberg reports that FTX founder Sam Bankman-Fried has formally submitted a presidential pardon application through official procedures. SBF is currently serving a 25-year sentence, and his family has been lobbying the Trump administration for months.

Trump clearly stated in January this year that he has no intention of pardoning SBF, and several pro-crypto Republican congressmen are also actively opposed, believing that this move is politically very sensitive.

Revolut plans to advance secondary equity sale at a valuation of $115 billion

According to ChainCatcher, Bloomberg reports that digital bank Revolut is planning a secondary equity sale transaction valued at approximately $115 billion, allowing early investors and employees to cash out, with formal processes expected to start as early as this month, although details are still under discussion.

It is reported that Revolut Chairman Martin Gilbert is meeting potential investors during the Monaco Grand Prix. If this valuation is achieved, CEO Nik Storonsky will be granted additional shares, potentially raising his share value to at least $36 billion.

In recent years, Revolut has mainly introduced new investors through secondary transactions, having arranged employee stock sales at a valuation of $75 billion last November, with participants including Coatue, a16z, and Nvidia's venture capital division.

BitMine increased its holdings by 126,971 ETH last week, total holdings rose to 5.5438 million

According to ChainCatcher, PR Newswire reports that Bitmine announced that as of June 7, 2026, the company holds 5,543,872 ETH, accounting for approximately 4.59% of the total Ethereum supply of 120.7 million, having completed 92% of its "Alchemy of 5%" goal. In the past week, BitMine increased its holdings by 126,971 ETH, marking the company's largest single-week buying power recently.

BitMine Chairman Thomas Lee stated that the company's previous weekly increase was about 26,000 ETH, and this week's significant increase is mainly due to their belief that the current ETH price correction does not reflect the ongoing improvement in Ethereum's fundamentals, as well as the long-term benefits brought by Wall Street asset tokenization and AI agent systems for the demand for open blockchains.

As of now, the total value of BitMine's crypto assets, cash, and other investments is approximately $9.6 billion, including $247 million in cash, 204 BTC, $180 million in Beast Industries equity, and $88 million in Eightco Holdings Inc. investment.

Of these, 4,718,677 ETH have been staked, accounting for over 85% of total holdings, valued at approximately $7.7 billion at current prices, with an expected annualized staking yield of about $230 million. BitMine stated that it has become the world's largest enterprise-level Ethereum reserve institution, second only to Strategy Inc.'s Bitcoin reserve scale, and expects to achieve its strategic goal of holding 5% of the total ETH supply by 2026.

Strategy spent $101.3 million to purchase 1,550 Bitcoins last week

According to ChainCatcher, Strategy submitted an 8-K filing to the SEC, stating that from June 1 to June 7, 2026, the company purchased 1,550 Bitcoins at an average price of approximately $65,332, totaling about $101.3 million, funded by the MSTR stock ATM program.

As of June 7, 2026, Strategy has accumulated 845,256 Bitcoins, with a total holding cost of approximately $63.97 billion, at an average price of about $75,680.
Trader Eugene announces exit from the crypto market, claiming stock opportunities far exceed crypto

According to ChainCatcher, trader Eugene stated on June 7 that he has exited the crypto market and turned to stocks, believing that stocks are more attractive on a research level and that there are significantly more trading and investment opportunities. Eugene stated that given the current trend of the crypto market, this shift may continue, and he will keep a distant eye on the crypto market but will no longer participate unless extremely attractive risk-reward opportunities arise, which he does not see happening in the short term.

Regarding Strategy (MSTR) and Saylor, Eugene believes this is the beginning of the entire collapse, questioning whether Saylor has really sold more BTC than last week, and even if he has, it is just delaying the problem. He stated that BTC is untouchable from a bullish perspective until it decouples from MSTR, and he does not know where the bottom is but will no longer attempt to catch the bottom.

South Korean internet giant Naver to build data center based on Nvidia model

According to ChainCatcher, Bloomberg reports that South Korean internet and cloud service provider Naver has decided to build a data center based on Nvidia's model to consolidate its leading position in the AI field in South Korea.

Raj Mirpuri, head of global AI cloud and infrastructure at Nvidia, stated that Naver will build AI infrastructure based on Nvidia's DSX platform, providing support for agents and robots at a gigawatt scale.

Goldman Sachs: No longer expects the Federal Reserve to cut interest rates this year due to a strong labor market
According to ChainCatcher, Jinshi reports that Goldman Sachs economists stated that due to the labor market being stronger than expected, they no longer expect the Federal Reserve to cut interest rates this year. The bank has pushed back its expectations for the last two rate cuts from December 2026 and March 2027 to June and December 2027. Goldman Sachs' chief U.S. economist Merrick noted that although the likelihood of rate hikes is low, the probability of a slight rate hike has been raised from 10% to 20%. Goldman Sachs also lowered its forecast for the U.S. unemployment rate this year from 4.6% to 4.4%.
Jiang Zhuoer: Strategy will not sell large amounts of coins, just executing a "rolling strategy"
According to ChainCatcher, Jiang Zhuoer, founder of the mining pool (B.TOP), expressed his views on Strategy's sale of Bitcoin. He believes that Strategy will not sell large amounts of coins, but will only sell small amounts to pay interest.

Jiang Zhuoer believes that Strategy is issuing new STRC to raise more BTC while selling a very small amount of early low-cost BTC to realize accounting gains for paying STRC interest. This is a manifestation of its "rolling strategy." However, if Strategy does not sell at all, it will make investors doubt the "using new money to pay old interest," and small sales can generate real gains, maintaining the image of "never selling coins," which is conducive to continued financing.

Syscoin cross-chain bridge attacked, involving about 5 billion SYS, bridging service has been suspended

According to ChainCatcher, Syscoin posted on the X platform that it is providing a preliminary update to the community regarding a recent security incident involving 5 billion SYS tokens on its cross-chain bridge. Currently, the bridging service has been suspended, and the team is investigating and fixing the verification issues. The attacker exploited a verification vulnerability in the cross-chain bridge process to create unauthorized SYS outputs on the UTXO side.

The affected funds have been transferred and split, and the team is tracking and coordinating with exchanges and ecosystem partners to prevent contaminated UTXOs from being deposited, traded, or further distributed. The team has identified a fix and advises users not to interact with the cross-chain bridge until it is restored.

Moonshot AI seeks new round of financing up to $2 billion, valuation target reaches $30 billion

According to ChainCatcher, Bloomberg reports that Moonshot AI is in preliminary talks with potential investors for a new round of financing, aiming to raise over $1 billion, with a maximum of $2 billion, and a valuation target of $30 billion.

It is reported that this is the company's third round of financing within six months, aimed at addressing the increasingly fierce AI competition in China.

JPMorgan: Strategy needs to rebuild dollar reserves to alleviate coin-selling concerns, likelihood of Clarity Act passing this year is below 50%

According to ChainCatcher, The Block reports that JPMorgan analysts in their latest report stated that although Strategy's previous sale of 32 Bitcoins caused market volatility, it was merely a symbolic operation, and the real issue lies in the lack of new investor demand.

The report pointed out that Strategy's current dollar reserves are only enough to cover about 6.3 months of preferred stock dividends, recommending that it rebuild its dollar reserves to restore investor confidence. JPMorgan also lowered its expectations, believing that the likelihood of the U.S. crypto market structure bill (Clarity Act) passing this year is now below 50%, and has shifted to a cautious stance on digital assets overall.

Despite this, analysts still expect Strategy to continue buying Bitcoin and believe that the current market weakness may become a bullish reversal signal in the future.

Prediction market infrastructure company EDGE Markets completes $29.2 million Series A financing, CoinFund leads the round

According to ChainCatcher, PR Newswire reports that prediction market infrastructure company EDGE Markets announced the completion of $29.2 million in Series A financing, led by CoinFund, with participation from Indicator Ventures, Mantis VC, Stepstone Group, and Bullpen Capital. This round of financing will be used to launch the banking platform EDGE Pro for prediction market market makers, as well as the payment network EDGE Connect designed specifically for entertainment and prediction markets.

Among them, EDGE Pro will provide high-throughput deposit accounts for market makers, supporting real-time fund transfers and settlements between trading platforms regulated by the U.S. Commodity Futures Trading Commission (CFTC). The company is applying for licenses as an introducing broker (IB) and futures commission merchant (FCM) from the National Futures Association (NFA) to enhance capital efficiency and support margin management.

EDGE Connect is positioned as a payment network specifically for the prediction market industry, enabling 24/7 real-time payments (RTP) and reducing transaction costs through a model that only charges for new net deposits. The company states that compared to traditional payment channels, this system can reduce payment processing costs by over 70%, while also reducing refunds and user churn.

Hong Kong police launch "Gobi and Wind Shield" operation to combat illegal gambling during the World Cup and investigate virtual asset betting

According to ChainCatcher, the World Cup will kick off on June 11, and the Hong Kong police have launched the Gobi and Wind Shield operation to combat illegal gambling from the perspectives of publicity, education, intelligence, and law enforcement. The police pointed out that illegal gambling has shown a trend of digitization in recent years, including online betting, social media solicitation of gamblers, and settling bets with virtual currencies, and the police stated that they still have the ability to trace participants.

According to the law, betting with illegal bookmakers can result in a maximum prison sentence of 9 months and a fine of 50,000 HKD, while accepting bets can lead to a maximum prison sentence of 7 years and a fine of 5 million HKD, and money laundering can result in a maximum prison sentence of 14 years and a fine of 5 million HKD. The police also shared a case of a young person who was addicted to illegal gambling, who at his peak owed 160,000 HKD, with a police clinical psychologist warning that those who start gambling before the age of 18 have a risk of developing gambling disorders of over 80%.

A man in China memorized a mnemonic to steal 107 Bitcoins and was sentenced to ten years and nine months for theft

According to ChainCatcher, Knews reports that on June 7, the Supreme People's Procuratorate disclosed a new type of virtual currency theft case. A man from Shandong, Zhang, had long assisted an acquaintance, Feng, with virtual currency transactions. After gaining the other party's trust, he proactively suggested that Feng switch to a more convenient digital wallet. The mnemonic (key) for the assets in such wallets is generated by randomly selecting 12 words from a pool of 2048 commonly used English words, which is the core password for storing virtual currency.

Taking advantage of the gap while Feng was writing down the mnemonic, Zhang memorized 11 complete words just by sight and noted the first letter of the last word. That night, relying on fragmented memory and repeated testing and combination cracking, he successfully unlocked Feng's digital wallet and transferred 107 Bitcoins, later selling them for illegal profits of 660,000 HKD. The court ultimately sentenced him to ten years and nine months in prison for theft and imposed a fine of 100,000 HKD.

Ministry of State Security issues safety alert: Beware of data security risks from "AI transit stations"

According to ChainCatcher, CCTV News reports that the Ministry of State Security today issued a safety alert. For some time, with the rapid growth in demand for artificial intelligence applications, "AI transit stations" that provide bulk access services to domestic and foreign large models have quickly become popular in China. However, the current "AI transit" market is mixed, with some "AI transit stations" lacking operational qualifications and having weak security protections, leading to frequent issues of user privacy leaks and data sales, making data security risks a significant concern.

"AI transit stations" serve as an intermediary layer between users and the official services of AI model vendors. They integrate the application programming interfaces (APIs) of various AI model vendors into a single platform and then provide them to users. Figuratively speaking, "AI transit stations" act as "intermediaries" between users and large models, helping users more conveniently call multiple AI large models and meet their diverse usage needs in a one-stop manner.

Meme Popularity Rankings

According to the meme token tracking and analysis platform GMGN, as of June 9, 09:00,

The top five popular ETH tokens in the past 24 hours are: HEX, SHIB, LINK, PEPE, mUSD

The top five popular Solana tokens in the past 24 hours are: TROLL, WORLDCUP, neet, Buttcoin, PBTC

The top five popular Base tokens in the past 24 hours are: toby, ELSA, SKI, cbETH, CYPR

What are some interesting articles worth reading in the past 24 hours?

Should we escape the peak? The principle of the tail-end market

The so-called "tail-end market" comes from Livermore's metaphor. Livermore's famous saying is:

"The last eighth of a copper coin is the most expensive."

This warns traders not to blindly guess the peak. Later, people likened it to three parts of a fish: fish head, fish body, and fish tail. Among them, the profits of the fish tail often come with great danger, advising everyone not to follow blindly.

However, as the market continues to develop, more and more "tail-end market" phenomena have emerged recently, which is to say tail-end surges. The increases in these markets are often astonishing, far exceeding the low price of "an eighth of a copper coin." So, what is the development principle of the tail-end market? How does the stock market reach its peak? Today we revisit Rockefeller's fable.

When reasoning becomes a scarce resource, who captures the value

In 2023, the hole proposed by David Cahn has never been filled on the training side. It has been filled on the reasoning side, and the market has only begun to account for it in pricing over the past few weeks. As Nvidia reorganizes its financial reporting around "service tokens" and Cerebras goes public with 20 times oversubscription, the bottleneck battle is over, and the real question becomes: when reasoning becomes a scarce resource, at which layer of the computing stack will value settle.