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Largest funding round in history
Metaplanet Inc. resolved on June 6 to issue the 20th to 22nd series of stock acquisition rights (with exercise price modification clause and exercise suspension clause) through a third-party allocation.
The total issuance is 5.55 million units, with 100 common shares allocated for each stock option.
The total number of potential shares if fully exercised will reach 555 million shares, and the estimated funding amount will be approximately 767.4 billion yen (net proceeds). This will be the largest scale of issuance of stock acquisition rights in Japan's capital markets in history.


The target amount is over 26 times.
In the "21 Million Plan" announced on January 28, 2025, stock options from the 13th to the 17th round will be issued, with a two-year exercise period established.

Private credit leads the market
According to the monthly market analysis released on the 5th by the research department of the major cryptocurrency exchange Binance, the market for tokenized real-world assets (RWA) is rapidly expanding, with a 6.5% increase in market capitalization over the past month, surpassing $23 billion (approximately 3.3 trillion yen).
Source: Binance
In the first half of 2025 alone, the market size reached over $23 billion, up from $8.6 billion (¥1.2347 trillion) at the beginning of the year, recording an astonishing growth of 260% (3.5 times).
Among them, tokenized private credit accounts for about 58% of the share and is the main driving force behind market growth. Pura

The essay discusses an analysis by Saifedean Ammous regarding the current state of Bitcoin's bullish market cycle, suggesting a potential peak approaching. He warns of significant price drops after sharp rises and stresses the need for businesses to reconsider their Bitcoin strategies due to past volatility.

Uber's CEO revealed the company is exploring the use of stablecoins for practical applications beyond value storage, highlighting their potential to reduce transfer costs for global businesses. Meanwhile, US regulations on stablecoins are advancing amidst ongoing discussions.

The essay discusses the integration of StraitsX's stablecoins, XSGD and XUSD, into the PlatON network, enhancing cross-border payment systems for global merchants and financial institutions. It emphasizes the goal of evolving stablecoins into robust payment infrastructure.

Institutional investors have predominantly entered the Bitcoin (BTC) spot ETF market, with investment advisors holding the largest share. Their interest is also expanding towards Ethereum (ETH) ETFs, indicating a growing trend among various financial entities.

XRP and Dogecoin alternative asset issuance
The cryptocurrency exchange Coinbase announced on the 5th that it has launched a wrapped token "cbXRP" for XRP and a wrapped token "cbDOGE" for Dogecoin on Base.
Wrapping refers to the process of issuing alternative tokens to allow a specific cryptocurrency to be utilized on a different blockchain. This launch will improve the interoperability and practicality of XRP and Dogecoin.
Base is an L2 chain of Ethereum. It has the strength of being supported by Coinbase, and according to data from "CoinGecko," it has the largest amount of locked assets among L2s for operation.

Crypto Dan from Cryptoquant highlights divergent features in the current Bitcoin bull cycle compared to past cycles, noting two significant drop-offs in 2024-25. This trend suggests intentional market suppression by influential participants, aiming to cool down an overheated market. The cycle may ultimately end in a bubble phase, though Bitcoin's maturity as a reserve asset could mitiGate volatility.

From gold to digital gold
The UK-listed gold mining company Bluebird Mining Ventures announced on the 5th a strategy to convert future revenues from its gold mining operations into Bitcoin (BTC). It plans to adopt a Bitcoin-priority fund management approach as the first UK-listed mining company.
The company holds three major gold mining projects located in South Korea and the Philippines, with a total estimated gold resource of approximately 1.8 million ounces. "We systematically convert revenues from the gold mining projects into Bitcoin and adopt an aggressive fund management approach," it explains.
Bluebird Company has indicated its policy to record Bitcoin as a long-term holding asset on its balance sheet, in addition to revenue conversion. Corporate overhead (necessary

Criticism of the Trump administration's bill
Elon Musk, who stepped down from the U.S. Department of Efficiency (DOGE), criticized the U.S. government's "Big and Beautiful Bill" that includes tax cuts on X on the 5th.
While reposting a post by a U.S. senator, it points out that it includes content to raise the debt ceiling to the highest level in history. It strongly criticizes it as a bill that would enslave the American people to debt.
Recently, there have been reports of a deepening rift between Musk and U.S. President Donald Trump. This is not the first time he has criticized the Trump administration's bill. The rift with Mr. Trump seems to have affected the stock price of Tesla led by Mr. Musk, and the company's stock price fell by more than 14% on the 5th.
This time Mr. Musk reposted

トランプ家は、World Liberty Financialが「Fight Fight Fight」に対して法的命令を発出したため、暗号通貨事業を巡る争いに巻き込まれています。この「Fight Fight Fight」は「TRUMP wallet」の開発を発表しました。この対立は、トランプの拡大する暗号通貨ビジネス内の権力闘争を浮き彫りにしています。

More than three times higher than the IPO price
On the night of the 5th in Japan time, the issuer of the stablecoin USDC, Circle Internet Group (CRCL)
has started its IPO, and the stock price surged to over $103.75. It is trading significantly above the offering price of $31.
Circle raised approximately $1.1 billion (about 160 billion yen) in funding through this IPO. The company and existing shareholders sold 34 million shares at $31 per share, resulting in an amount raised that exceeded initial plans. The pricing was raised from the original expectation of $24–26 to $27–28, and ultimately set at $31.
On the 5th, co-founder and CEO Jeremy Allaire stated on X, "Above

Individual Miner Successful Mining Again
On June 5, a solo (individual) Bitcoin (BTC) miner independently mined Bitcoin block 899,826 and earned a reward of 3.15 BTC (approximately 45.7 million yen). This miner, using CKpool's solo mining environment, received a fixed reward of 3.125 BTC as newly issued coins, in addition to transaction fees worth $2,760.
CKpool developer Con Kolivas revealed that this Miner significantly increased its hash rate to achieve mining success. It appears that they expanded their computing power from a weekly average of 6.11PH/s to a maximum of 261PH/s, adopting a strategy to enhance their success rate.
Experts believe that this is a

Remixpoint Inc. announced on June 5 that it aims to acquire more than a cumulative total of 1,000 BTC by utilizing funds raised through the exercise of stock acquisition rights.
The company holds approximately 713.5 BTC as of June 4, and plans to continue increasing its purchases in the future.
Details of the fundraising and Bitcoin purchase plan
Remixpoint announced that it has completed the payment of a total issue amount of 3,625,000 yen through the issuance of the 24th stock acquisition rights (with exercise price revision clauses). In the future, as soon as it receives monetary contributions associated with the exercise of stock acquisition rights from the allocation destination, EVO FUND, it plans to sequentially purchase Bitcoin.
The company's current Bitcoin holdings are as follows:

The U.S. Senate has confirmed Michelle Bowman as the Federal Reserve's Vice Chair for Supervision, marking a positive shift for cryptocurrency regulation. Senator Cynthia Lummis welcomed this as a sign of a bright future for crypto, emphasizing evidence-based regulations to strengthen the financial system.

A cautiously progressing cycle
Fidelity Digital Assets pointed out in a report titled "Bitcoin Halving 2024: One Year Later" that Bitcoin (BTC) as a whole may be entering its maturity phase.
One year has passed since the fourth Bitcoin halving on April 19, 2024, and the report summarizes that signs of integration, network resilience, and increased adoption by institutional investors are observed, indicating a strengthening of the foundation based on structural indicators.
On the other hand, looking at the price trend, Bitcoin was trading at $83,671 as of April 15, 2025, which is a 31% increase from $63,762 on the day of the halving (April 19, 2024).

Geopolitical risks and trade friction are putting pressure on the market.
The cryptocurrency market has been showing unstable movements lately due to a combination of declining factors.
Mark Connors, the chief investment strategist at Bitcoin investment advisory firm Risk Dimensions, analyzed that "the recent intensification of hostilities in the Ukraine war and Trump tariffs on steel and aluminum are worsening the global macro environment."
One notable point is the significant change in tariff policy by President Trump. On June 3, the President signed a document doubling the additional tariffs on steel and aluminum products from the current 25% to 50%, which took effect at around 1 PM Japan time on the 4th. This measure is for domestic steel.