The Wire PM - June 1, 2026

The Wire PM - June 1, 2026

BitMine slows ETH buying pace but still adds $53M as it nears 5% of supply Tom Lee's BitMine purchased 26,497 ETH last week, worth roughly $53 million at current prices. The pace is a sharp pullback from the prior week's 120,000 ETH haul, following Lee's remarks at Consensus 2026 that the firm planned to moderate accumulation. BitMine now holds 5.42 million ETH, or 4.49% of Ethereum's circulating supply, making it the largest single-entity holder outside of exchanges. The slowdown contrasts with Strategy's first BTC sale in four years reported this morning, signaling divergent institutional conviction between the two largest corporate treasury bets in crypto. (Source: The Block, CoinDesk)

Binance rolls out 7,000 US stocks for non-US traders, tokenized bStocks next Binance launched zero-commission trading in more than 7,000 US-listed stocks and ETFs for customers outside the United States. Positions can be funded with USDC, USDT, or BNB, with fractional purchases starting at $5. Broker-dealer Nest Trading arranges share purchases while Alpaca handles custody, dividends, and corporate actions. Binance also previewed bStocks, a feature that will convert equity holdings into tokenized assets on BNB Chain with near-instant settlement and DeFi composability. The tokenized layer is pending regulatory approval from FSRA in Ontario. (Source: The Block, Decrypt)

Kelp DAO hacker launders nearly all $220M in stolen ETH, recovery hopes dim The attacker behind the $293 million Kelp DAO bridge exploit in April has laundered approximately $220 million of the stolen funds through THORChain and Tornado Cash, generating roughly $910,000 in swap fees for THORChain in the process. The laundering moved ETH to BTC via Wasabi mixer, then back to Ethereum through Tornado Cash. About $71 million remains frozen by Arbitrum's security council. Aave Labs has asked Arbitrum DAO to direct the frozen 30,765 ETH to a recovery address. This morning's wire covered Aave's rule overhaul prompted by the same exploit. (Source: Cointelegraph)

HYPE hits record near $74 as CFTC perps approval lifts the entire category Hyperliquid's native token surged over 30% in five days to a record near $74, driven by the CFTC's approval of Kalshi as the first US-regulated platform to offer bitcoin perpetual futures. The approval, announced May 29, effectively legitimizes the perps market that Hyperliquid dominates offshore. Technical analysts flagged a bull pennant breakout with a measured target near $105. Grayscale filed for a HYPE ETF earlier this year, and NYSE parent ICE has publicly acknowledged studying Hyperliquid's model rather than dismissing it. (Source: Cointelegraph, CoinDesk)

Numbers (Updated)

• BTC: $72,144 (-2.3%)
• SOL: $81.00 (-2.2%)
• ETH: $1,982 (-1.0%)

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