The Wire PM - June 4, 2026
Coinbase opens pre-IPO perps starting with SpaceX at a $1.77T valuation. Ether.fi routes $100M into Plume's RWA vault.
The Wire PM - June 4, 2026
Coinbase Opens Pre-IPO Perps, SpaceX First Coinbase launched perpetual futures on pre-IPO companies, starting with Elon Musk's SpaceX hours before its expected $75B Nasdaq listing next week. The SPCX-PERP contract went live at 6:00 AM UTC, USDC-settled, trading 24/7 with no expiry. SpaceX is currently valued at $1.77 trillion in private markets. The product is available only to international users; Coinbase said it plans to add AI, energy and other pre-IPO names. (The Block)
Ether.fi Routes $100M Into Plume RWA Vault Ether.fi allocated $100 million into Plume Network's flagship Nest vault, a structured income product backed by an overcollateralized credit pool, AAA CLOs and a total bond market ETF from issuers managing over $10 trillion in AUM. The vault gives ether.fi's $6B+ deposit base access to institutional-grade real-world yield on-chain for the first time. Plume said the product is non-custodial and compliant by design. (The Block)
Visa Tests Private Stablecoin Settlement With Brale Visa partnered with stablecoin infrastructure provider Brale to pilot privacy-enabled settlement on the Canton Network using the SBC dollar-backed stablecoin. Unlike public blockchains, Canton lets institutions transact on shared infrastructure while limiting visibility of sensitive data. Visa said the experiment reflects growing demand for stablecoin settlement that preserves compliance and operational controls. (Visa IR)
Immunefi: DeFi Exploit Losses Down 74% From 2022 Peak A new Immunefi report found that DeFi protocol losses have dropped 74% since the 2022 peak. Median loss per incident fell from $6 million to $1.5 million. Bridge exploits, which accounted for 73% of all losses in 2022, are now just 3% of the total. Immunefi credited improved audit practices, formal verification tools and the emerging use of AI-driven security scanners for the decline. (The Block)
Numbers (Updated)
- BTC: $63,623 (-3.4%)
- SOL: $69 (-4.8%)
- ETH: $1,772 (-2.9%)
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