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Coinbase Launches Pre-IPO Perps, Starting With Elon Musk's SpaceX

Authored by Ryan Gladwin via Decrypt.co,

Cryptocurrency exchange Coinbase is rolling out a perpetual futures product for pre-initial public offering (IPO) companies, allowing traders to speculate on a company's valuation before its debut.

The first pre-IPO company to be traded on the platform is Elon Musk's aerospace company, SpaceX.

The SpaceX pre-IPO will be settled using the USDC stablecoin, can be traded 24/7, and all positions will automatically translate when the IPO is complete.

That means traders could make massive profits or losses depending on the difference between the pre-IPO valuation and the debut stock price.

"Pre-IPO perps are great to get exposure to private companies before they go public (outside the U.S. only for now) and to help with price discovery," Brian Armstrong, co-founder and CEO at Coinbase, tweeted.

It is worth noting that the pre-IPO perp product is not available for users from the United States. The Coinbase blog post explained that more pre-IPO listings will be announced "soon," including companies in technology, AI, energy, and space.

Pre-IPO perps are great to get exposure to private companies before they go public (outside the U.S. only for now) and to help with price discovery.

Now on Coinbase with SpaceX as our first listing. https://t.co/bQLLymd9wb

— Brian Armstrong (@brian_armstrong) June 4, 2026

This news comes the same day that Forbes reported that SpaceX's estimated IPO price of $135 per share would make Musk the first-ever trillionaire. Reuters reported that the IPO is targetted for June 12.

On prediction market Myriad, owned by Decrypt’s parent company Dastan, users place a 91% chance on Musk reaching the milestone net worth before July.

Perpetual futures, or simply perps, allow traders to speculate on the direction of an asset via a "long" or "short" position, without needing direct exposure to the underlying asset. Unlike traditional futures contracts, perps do not have an expiration date—making them a useful tool to hedge bets across a prolonged period of time.

Last year, perps became the crypto degen's new favorite way of investing with the rise of decentralized exchange Hyperliquid, which allowed anyone to use the investment tool.

Coinbase's new product combines this popular trading method with pre-market trading—another common offering in crypto. Often, exchanges offer users the opportunity to speculate on the price of a soon-to-debut crypto token in what's called pre-market trading.

However, traders be warned: pre-market prices are often inaccurate and extremely volatile as new information emerges.

Tyler Durden Thu, 06/04/2026 - 12:00

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Bring on the chaos!

The royal couple last traveled to the United States in 2022 for the second annual Earthshot Prize Awards in Boston, and they haven't visited NYC since 2014.

The royal couple last traveled to the United States in 2022 for the second annual Earthshot Prize Awards in Boston, and they haven't visited NYC since 2014.

The virus, which is harmless to humans but ⁠highly contagious and deadly in pigs, was reported ​on a farm in the village of Vallaj, in ​the eastern county of Szabolcs-Szatmar-Bereg.

The Knicks are making a slam dunk in the bank.

Democrats historically vote by mail at higher rates than Republicans, meaning later-counted ballots can sometimes shift margins after Election Day.

“I entered its environment, it was a mistake for which I paid,” the driver said.

Tapper blasted former first lady Jill Biden’s new memoir and questioned her account of former President Joe Biden’s mental state.

House Defies Trump By Advancing $8BN New Ukraine Aid Package

Late Wednesday saw President Trump receive a rare and much belated rebuke from the House of Representatives as it voted to pass a war powers resolution related to Iran. The passed resolution directs the withdrawal of US troops from armed hostilities with Iran, in a closely divided 215–208 vote, aided by four Republicans.

But this wasn't the only Trump-defying vote that took place Wednesday, as The Hill reports: "Six Republicans joined Democrats on Wednesday to push through a vote on military aid for Ukraine, a blow to President Trump’s handling of Russia’s war against the country and his withdrawal of U.S. support for Kyiv."

via Politico

"The House voted 218-204 in a procedural motion that clears the way for a vote on the Ukraine Support Act, authored by Rep. Gregory Meeks (D-N.Y.), the ranking member of the House Foreign Affairs Committee," the report adds.

So interestingly, and in a bit of a blaring contradiction, the House has shown itself to be dovish on the Iran war but hawkish on Russia-Ukraine.

Or rather, they are 'pro' Ukraine war but 'anti' Iran war, strangely enough.

"This vote is not a process vote, it’s a statement on whether this Congress and all of its members stand with and support Ukraine and the people of Ukraine, and its fight for freedom, its fight for democracy, and its fight for liberty," Meeks said on the floor after the vote.

There was no mention of using this massive funding for diplomacy, and to get Ukrainian and Russian negotiators back to the table:

It provides $8 billion in military financing loans to Ukraine, extends the Ukraine Security Assistance Initiative (USAI) through 2027, which allows for the U.S. to send Ukraine weapons directly from Pentagon stockpiles, additional sanctions against Russia, among other provisions.

Instead, there was the usual simplistic black-and-white moral posturing in a Bush-style "with us or against us" kind of way. "It’s between Ukraine or Putin, I choose Ukraine," Republican Rep. Joe Wilson stated.

Late last month Ukraine and Russia moved on from a brief ceasefire and resumed blasting each other. Russia has continued to make gradual progress in taking control of both the Luhansk and Donetsk oblasts which together comprise the Donbas region. Moscow is insisting that Ukraine's ceding of the last parts of the Donbas is a precondition to resumed peace talks.  

Not accounting for more billions in taxpayer dollars thrown into the Ukraine war -- to say nothing of the money pit that is the US-Israeli war on Iran -- the US government was in February projected to post a fiscal-year 2026 deficit of $1.9 trillion. Not that anyone in Washington cares. 

Tyler Durden Thu, 06/04/2026 - 11:40

“It’s my personal belief that probably many if not most of these UFO sightings are in fact demons,”

A federal officer is alleging the San Diego Police Department is trying to cover up his confrontation with an off-duty officer at a Costco — who allegedly directed a racial slur at the officer and shoved him down.

Jackson's life and legacy have been at the center of many a documentary.

"I’d be lying if I said I wasn’t sentimental about Hot Tools..."

Standard Chartered Sees Bitcoin Bottom "Almost In" As Crypto Crashes To 3-Month-Lows

Authored by Naga Avan-Nomayo via TheBlock.co,

After a brutal week for bitcoin (down over 20% in the last 9 days), Standard Chartered said the worst may soon be over for the largest cryptocurrency and the broader digital asset market.

The bank's Global Head of Digital Assets Research, Geoffrey Kendrick, said in a note entitled "The Low Is Almost In", the bitcoin market is close to a bottom, arguing that structurally resilient spot exchange-traded fund holdings and an anticipated large buyback by Strategy make a compelling case that the worst of the current sell-off is over.

"This week has been painful in crypto. There is really no other way of putting it," Kendrick wrote in a client note on Thursday.

"But I think when we look back at the end of 2026 with BTC at $100,000 and ETH at $4,000, we will say this was the buying zone we all wanted."

Bitcoin was trading around $64,000 at the time of writing, down roughly 2% on the day (after bouncing back from deeper losses), 14% on the week, 22% over the past month, and more than 40% over the past year.

Ether was flat on the day (also bouncing back from 6%-plus losses earlier, and 26% over the past month, trading around $1,780.

What changed since February

The note is a direct bookend to a February 12 call in which Kendrick warned of "pain and final capitulation" for digital assets, cutting his near-term bitcoin target to $50,000 and ether to $1,400. The Block reported on that note at the time.

The key variable that has shifted, Kendrick argued, is the holdings of spot bitcoin ETFs.

In February, he flagged ETF capitulation as a real downside risk.

It has not materialized, in his view.

ETF holdings went from 682,000 bitcoin to a peak, then settled back to around 674,000 - broadly flat over the period.

"This tells me that ETF holdings are more structurally strong than I had feared in February," he wrote.

The Strategy factor

The proximate cause of this week's pain, Kendrick said, was Strategy's sale of 32 BTC — a move he described as unfortunate timing that "fit the DAT naysayer thesis perfectly."

The question now, he argued, is what Strategy does next.

Kendrick’s reading on historical precedent here is instructive.

When Strategy last sold bitcoin on December 22, 2022 - 704 BTC sold for tax optimization - it bought back 810 BTC just two days later.

The analyst said he expects this week's response to be materially more aggressive.

In his view, Strategy could execute either a 10x repurchase of roughly 320 BTC or a 100x repurchase of around 3,200 BTC.

A confirmation of that buying, Kendrick argued, would be a tentative signal that the low has printed.

Liquidations and the residual risk

Kendrick also contextualized this week's futures liquidations, which ran to around $1.5 billion - comparable in scale to each of the January 29-31 and February 3-6 events, which he treats as separate liquidation episodes.

He acknowledged residual downside risk below $60,000 but argued the pool of vulnerable longs has been reduced given how poorly bitcoin has tracked equities year-to-date.

"There are a lot of ifs in the above, so accumulation is a better strategy than trying to outright declare the low has been printed," Kendrick wrote.

The view aligns with the bank's broader constructive stance on digital assets.

Kendrick has maintained a $100,000 year-end bitcoin target and a $4,000 ether target throughout the recent drawdown, and, in late May, he drew parallels between current ether price action and Amazon stock during the dot-com bust.

At the time, Standard Chartered’s analysts opined that onchain metrics would eventually drive a price catch-up.

Tyler Durden Thu, 06/04/2026 - 11:20

The NBA is looking into a pair of "vulgar" courtside fans who angered Jalen Brunson during Game 1 of the NBA Finals.

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Al-Ahmed will face Bankstown Local Court on July 29.