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Strive CEO: The significant fluctuations of STRC and SATA today are due to leveraged liquidations, not a deterioration in underlying credit

Strive CEO Matt Cole stated that today is the most difficult day in the history of digital credit. STRC rebounded significantly after hitting a low of $82.5 during the trading session, while SATA recovered after dropping to just over $90 near its par value, with many investors experiencing a tough trading day. Matt Cole indicated that what occurred today was a leveraged liquidation event, not a deterioration in underlying credit quality.He pointed out that when investors find a certain type of asset with a high yield, relatively low volatility, and strong underlying credit characteristics, they often increase returns through borrowing and leveraging. However, once the market moves in the opposite direction, forced selling can trigger a cycle of price declines, margin calls, and further selling, causing the sell-off to detach from fundamentals and driven by balance sheet constraints. He emphasized that the issuer's credit quality remains robust. Strive's dividend reserves are intact, the company is not under pressure, and it still has the ability to meet obligations and continue executing its strategy.He also mentioned that both STRC and SATA saw significant buying near their intraday lows and quickly recovered, indicating that there is actual demand in the lower price range. Matt Cole stated that liquidation events are not the same as credit events. Today's price fluctuations did not change his confidence in the long-term opportunities in digital credit; instead, it reinforced his view that the sector is building a new category of financial instruments and will experience similar growing pains before maturing into a large fixed income market.

SpaceX today listed on Nasdaq at $135 per share, with a market value of $1.77 trillion, the largest IPO in history. Robinhood allocated SPCX shares to retail users through a random lottery

According to BBX data, the largest IPO in history officially opened yesterday, with retail allocation unprecedentedly conducted in an equitable manner. The core dynamics are as follows:SpaceX, Inc. (NASDAQ: $SPCX) officially began trading on the Nasdaq Global Select Market today, with an offering price of $135 per share (pricing confirmed on June 11), issuing 555,555,555 shares of Class A common stock, raising approximately $75 billion, with a total market capitalization of about $1.77 trillion, breaking the record for the largest IPO in history previously held by Saudi Aramco at $29.4 billion in 2019; underwriters have an additional 30-day over-allotment option to purchase 8.33 million shares, with IPO settlement expected to be completed on June 15. Investor demand exceeded the IPO size by 3.3 to 4 times, with total subscription intentions exceeding $200 billion; 30% of the shares are reserved for retail investors (far higher than the traditional IPO allocation of 5 to 10%), with participating brokers including Charles Schwab, Fidelity (minimum account $2,000), Robinhood, SoFi, and E*TRADE. Key financial data (from the S-1 prospectus): full-year revenue for 2025 is projected at $18.7 billion (with Starlink contributing about 61%, over 9 million users), net loss of $4.9 billion (mainly due to AI capital expenditures of $12.7 billion); Q1 2026 revenue is $4.69 billion, net loss of $4.27 billion (mainly due to xAI merger integration expenses); average analyst target price is $165.Robinhood Markets, Inc. (NASDAQ: $HOOD) is explicitly listed as one of the retail allocation brokers in the SpaceX S-1 prospectus, using a random lottery method to allocate SPCX shares (no minimum account balance requirement, but due to 3 to 4 times oversubscription, the actual allocation probability is very low); differentiated positioning compared to Fidelity (asset threshold stratification) and Schwab (account qualification requirements) ------ Robinhood is the only mainstream broker that unconditionally opens the subscription entry to all accounts, aligning with its "democratization of IPOs" positioning; the 30% retail reservation ratio by SpaceX is viewed by analysts as an important signal in Robinhood's narrative of transforming from "trading platform to capital market entry."
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