Hyperliquid rallies on Trade.xyz SpaceX pre-IPO perp launch
Plus, Galaxy clears BitLicense from New York's NYDFS
gm, Defiers!
- Galaxy clears BitLicense from New York's NYDFS
- Hyperliquid HYPE rallies 7% on Trade.xyz SpaceX pre-IPO perp launch
- Verus-Ethereum bridge loses $11.58M in ongoing exploit
- VanEck and Grayscale push fresh amendments on spot BNB ETF filings
The drawdown that started on Friday is still running. Bitcoin extended losses on Monday and fell below $77,000, and ETH dropped more than 2.0% to $2,135, with every other major in the red.
In TradFi, Galaxy received a BitLicense from the New York State Department of Financial Services, clearing it to operate as a crypto business in NY. Separately, VanEck and Grayscale both filed fresh amendments on their spot BNB ETF applications; VanEck is now on its fifth amendment, suggesting active SEC engagement.
In DeFi, Trade.xyz launched the first pre-IPO perpetual market on Hyperliquid— for SpaceX at a $1.78 trillion reference valuation — and HYPE rallied 7% on the news. On-chain pre-IPO derivatives are now a real product category.
Further, an ongoing exploit on the Verus-Ethereum bridge has drained $11.58 million per security firm Blockaid. The vulnerability remained active at press time, with attackers continuing to withdraw funds. Cross-chain bridges continue to be the most exploited surface in the space.
Read more below!
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Galaxy Receives BitLicense From New York State Department of Financial Services
Galaxy has received a BitLicense from the New York State Department of Financial Services (NYDFS), clearing the company to conduct cryptocurrency business activities in New York. The BitLicense is one of the most stringent state-level crypto regulatory approvals in the United States, requiring applicants to meet detailed compliance, capital, and operational standards. The approval allows Galaxy to legally offer crypto services within New York State.
Hyperliquid's HYPE Token Rallies 7% as Trade.xyz Launches First Pre-IPO Perpetual Market for SpaceX
Hyperliquid's HYPE token rallied 7% in 24 hours as Trade.xyz launched the first pre-IPO perpetual market on the protocol — offering synthetic exposure to SpaceX at a $1.78 trillion reference valuation. HYPE outperformed Bitcoin's decline on the news, reflecting renewed investor interest in the Hyperliquid ecosystem. Pre-IPO perps let traders go long or short on private-company valuations before any public offering.
$11.58M Drained in Ongoing Exploit on Verus-Ethereum Bridge
An ongoing exploit on the Verus-Ethereum Bridge has drained $11.58 million in assets, per blockchain security firm Blockaid. The vulnerability remained active at press time, indicating attackers were still withdrawing funds. The Verus bridge facilitates asset transfers between the Verus blockchain and Ethereum; cross-chain bridge infrastructure has accounted for roughly $3 billion in stolen funds over the past two years.
VanEck and Grayscale Push Forward With Spot BNB ETF Filings
VanEck and Grayscale have both filed fresh amendments on their spot BNB ETF applications. VanEck is now on its fifth amendment since the original filing. Both proposed ETFs would directly hold BNB and trade on Nasdaq if approved, per Bloomberg ETF analyst James Seyffart, who noted the back-and-forth signals active SEC engagement.
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