Morgan Stanley Wealth Management and Galaxy Digital just launched a referral partnership that allows qualified clients to lend their crypto assets to be used as collateral in exchange for receiving shares of spot crypto exchange-traded products. This deal is designed for wealthy investors who want to merge their digital assets into traditional brokerage portfolios. According to Morgan Stanley’s (NYSE: MS) press release , clients can lend Bitcoin, Ethereum, or Solana to Galaxy Digital (NASDAQ: GLXY), who would then work with an authorized participant to deliver corresponding ETP shares directly into the client’s account. Galaxy Digital is also reducing its transaction minimum from $25 million to $5 million for clients referred through Morgan Stanley, and both firms expect onboarding times to reduce by up to 75%, compared to the current onboarding period that can take over four weeks. Alison Nest, the Head of Investment Solutions Products at Morgan Stanley Wealth Management, also stated that “This referral arrangement is a big step in bridging traditional finance and decentralized finance.” How will Morgan Stanley and Galaxy Digital’s partnership work? According to the press release, Morgan Stanley is not executing the transactions itself. Instead, it refers clients to Galaxy Digital on an unsolicited basis for onboarding and execution. Galaxy retains responsibility for all account decisions, and Morgan Stanley does not receive compensation for these referrals. Galaxy’s disclosed fees for the service range from 15 to 25 basis points, depending on the specific transaction. The ETP shares provided in this partnership can include the Morgan Stanley Bitcoin Trust (MSBT), managed by Morgan Stanley Investment Management. Once these shares are deposited into a client’s brokerage account, they possess margin and lending functionality, allowing clients to use them as collateral within their traditional portfolios. Zane Glauber, Global Head of Distribution at Galaxy, shared that “the lowered minimums and faster onboarding are designed to make it easier for clients to integrate digital assets alongside traditional investments.” Morgan Stanley’s broader crypto push The Galaxy referral is the latest in a series of crypto initiatives by Morgan Stanley. The bank first started offering wealthy clients exposure to Bitcoin through Galaxy Digital funds back in 2021. More recently though, Morgan Stanley has filed with the SEC to introduce its own Bitcoin and Solana exchange-traded funds, naming Coinbase and BNY Mellon as custodians for the proposed Bitcoin trust, as Cryptopolitan previously reported. Morgan Stanley also applied for a de novo national trust bank charter from the Office of the Comptroller of the Currency to establish the “Morgan Stanley Digital Trust.” The move would enable the bank to provide direct custody services for digital assets, placing it in the same category as crypto-native firms like Coinbase, Crypto.com, and BitGo that have sought or obtained similar regulatory approvals. The timing of this expansion is also interesting, as Morgan Stanley is growing its crypto offerings while most spot Bitcoin ETFs are facing asset depletion. U.S. spot Bitcoin ETFs experienced 13 consecutive days of outflows through Wednesday, losing approximately $4.4 billion since mid-May. That streak ended on Thursday when BlackRock and Morgan Stanley canceled out the withdrawals and dragged flow rate to $3.05 million net inflow. According to SoSoValue data, BlackRock’s IBIT attracted $47.66 million in inflows on Thursday, even while other funds (including Fidelity’s FBTC, Bitwise’s BITB, and Ark’s ARKB) continued to experience outflows. Morgan Stanley now joins BlackRock as one of the few issuers recording positive flows during the broader exodus, as Cryptopolitan previously reported. Citi told clients this week that flows into spot Bitcoin ETFs account for approximately 45% of weekly price movements in BTC, highlighting them as the most effective metric for tracking investor adoption. How will Morgan Stanley’s crypto push work out? Morgan Stanley’s referral model enables it to avoid directly handling cryptocurrency, allowing the bank to color inside the lines while allowing clients to access crypto ETPs. Whether this strategy will attract significant volume at the $5 million minimum remains to be seen. Despite this initiative, the SEC has not yet granted approval for the Morgan Stanley Bitcoin Trust or the Solana trust to begin trading. Furthermore, because Galaxy Digital acts as the intermediary, clients are required to perform their own due diligence on the unaffiliated firm before moving forward with the process. Don’t just read crypto news. Understand it. Subscribe to our newsletter. It's free .

2026-06-05 20:39

The global crypto market saw massive selling over the week. Its cumulative market cap dipped by almost 4% in the last 24 hours to stand at $2.14 trillion. Bitcoin price nose-dived to $61,000 levels, adding more pressure on the altcoins. Cardano (ADA) fell below $0.16 , hitting its lowest price since December 2020. This came when Charles Hoskinson stepped back from public appearances. However, TapTools also announced it would shut down. The situation worsened because of the weak crypto market. This led to ADA dropping over 70% from its peak near $1.00 in 2026. Now, with no strong leadership and facing the risks of a volatile market, people are asking if Cardano can hold on. It also tests whether its decentralized governance can handle crises without an outspoken leader like Hoskinson. Cardano braces for more project failures Cardano founder retreat and project closures point to growing pressure across the network. Hoskinson made it clear that he’s stepping back from public appearances because of relentless personal attacks. He also highlighted an overall toxic online atmosphere. Though he stated he wasn’t focused on raising ADA price , he vowed to keep working on the Midnight privacy sidechain, just with less fanfare. Right before going into hiding, Hoskinson also dropped a bombshell. He predicted there’d be more project closures in the second half of 2026. This reportedly came shortly after NFT marketplace JPG Store and analytics platform TapTools shut down. Hoskinson warned there’s a “wave of failures” headed towards the ecosystem. He went on to note that the community hasn’t shown much interest in using treasury funds to save failing projects. Bitcoin weakness and liquidations accelerate ADA breakdown below key support levels. ADA wasn’t the only coin to take a nosedive. Bitcoin dropped below $70,000 for the first time since early April. BTC price is down by more than 26% over the last 24 hours. It is trading at $60,210 at press time. ADA buzz surges as fear spreads Lower-liquidity large-cap tokens, such as ADA, can have larger percentage drops compared to BTC when the important support levels fail to hold. The drop below the $0.247 support level for ADA triggered more liquidations. Shorts account for about 75% of the liquidated. Analyst Ali Martinez provided two further targets for downside action in ADA; the two price levels are $0.11 and $0.051. These would correspond to falls of over 70% in price from recent levels. Selling pressure for ADA was also fuelled by Cardano’s governance issues. The Cardano Foundation cancelled the 2026 Cardano Summit that was supposed to be held in Singapore after a revised funding request of 7.8 million ADA failed to be passed by the two-thirds majority required, receiving only 65.2% support. Separately, a request for 32.9 million ADA for Input Output Global’s research and development budget failed to pass, with over 80% opposed; this raised questions about how upgrades will be funded going forward. Social media discussion of Cardano hit a 2026 high. ADA reached around 0.52% social dominance (more than one in every 190 crypto-related posts mentioned the token), according to Santiment. Daily active addresses surged to 28,459, the highest level in four months. But Santiment noted the activity was driven by bearish sentiment and volatility rather than adoption. If you're reading this, you’re already ahead. Stay there with our newsletter .

2026-06-05 19:22

U.S. bank and Wall Street giant, Morgan Stanley is predicting SpaceX to hit $3.4 trillion in annual revenue by 2040, representing a 182-times increase from the reported revenue of $18.7 billion in 2025, according to a WSJ report. This projection is coming after Elon Musk’s space, satellite and rockets company kicked off the build-up to its coming IPO, with the firm looking to raise $75 billion in what would be the largest public offering in history. AI development fuels Morgan Stanley’s prediction The Morgan Stanley forecast hinges directly on the positive expectations placed on SpaceX’s artificial intelligence division, which pulled in $3.2 billion in revenue during 2025. Morgan Stanley expects this division to reach almost $190 billion by 2030 alone, marking it out as the dominant revenue hub for SpaceX. This places the division well ahead of the company’s rocket and Starlink satellite divisions, the Wall Street Journal reported . By 2030, Morgan Stanley believes SpaceX’s total revenue will get close to $330 billion, with adjusted EBITDA hitting $230 billion. The 2040 forecast includes an adjusted EBITDA estimate of $2.7 trillion. Goldman Sachs, SpaceX’s foremost investment bank and one of the leading financial heavyweights in the IPO alongside Morgan Stanley, has an even higher expectation of the AI division. Goldman Sachs sees SpaceX’s AI revenue logging almost $322 billion by 2030, with total revenue reaching $474 billion and an adjusted EBITDA of $352 billion, according to a Financial Times report cited by Reuters. SpaceX is losing money SpaceX’s current financial situation is, however, markedly far from the standing of these predictions. Elon Musk’s company accrued a net loss of $4.9 billion in 2025 after posting a $791 million profit the previous year in 2024, according to Reuters. Revenue increased 33% from $14 billion in 2024 to $18.7 billion in 2025, with the net losses suggesting heavy capital spending. This is relatively unsurprising as SpaceX has continued to scale its constellation of satellites and AI infrastructure over the past two years. SpaceX’s IPO filing with the SEC mentioned plans to sell 555.55 million shares at $135 each, which would value the company at approximately $1.75 trillion. Elon is expected to retain about 82.4% of the voting power after the Nasdaq listing. Starlink and rocket operations projections Goldman Sachs’ projections expect revenue from SpaceX’s launch operations to grow modestly, from $4.1 billion in 2025 to $8.3 billion by 2030. Starlink, which currently serves about 10.3 million subscribers across 164 countries with a constellation of more than 9,600 satellites, is predicted to generate $144 billion in revenue by 2030, making it the second most profitable division behind AI. The Procure Space ETF (UFO) has gained 137% over the past 12 months, which could point to an increased investor interest in the space sector ahead of the SpaceX listing, according to Stocktwits. SpaceX began its investor meetings on Thursday, with reports that investors from China and Hong Kong would be barred from participating in the IPO. Morgan Stanley and Goldman Sachs are both key players in the IPO’s underwriting, alongside BofA Securities, JPMorgan and Citi. The smartest crypto minds already read our newsletter. Want in? Join them .

2026-06-05 17:49

Grayscale, a major asset manager, is warning that the current pool of corporate treasury buyers is not broad enough to absorb Bitcoin’s selling pressure alone. The warning came as Bitcoin has dropped toward the dreaded $60,000 support level after experiencing an extended streak in spot ETF outflows, and as long-term Bitcoin holder Strategy (NASDAQ: MSTR)also recently made its first sale of Bitcoin in nearly four years. Why is everyone selling Bitcoin right now? Bitcoin has been experiencing several crises, including an increase in its ETF outflows. On June 2, investors pulled $519 million out of U.S. spot Bitcoin ETFs. BlackRock’s fund (IBIT) lost $388.6 million while Grayscale’s fund (GBTC) lost $83.5 million. Strategy, a long-term corporate buyer of Bitcoin sold its holdings for the first time in four years. The company holds 843,706 BTC, which is more than 4% of all the Bitcoin that will ever exist. But last week, it sold 32 coins for about $2.5 million to pay its stockholders. The amount was only 0.0038% of its total holdings, and Cryptopolitan reported that Jeff Walton, Strive’s chief risk officer, defended the move , arguing that the sale allowed Strategy to grow its cash reserves by up to $29 million in the same week, a 3.3% increase. On-chain analyst Axel Adler Jr. said the momentum that drove prices higher earlier in the year is now gone. Once prices fell, traders who borrowed money to buy Bitcoin were forced to sell. Between $1.3 billion and $1.8 billion in crypto trades were liquidated within 24 hours. Most of the losses hit traders who were betting the price would go up. Where does Grayscale think new buyers will come from? The main buyers of Bitcoin in 2026 have been a small group of companies called digital asset treasury (DAT) firms. These are companies like Strategy that hold Bitcoin as their main business. But Grayscale believes the concentration of buying among a handful of treasury firms makes the current setup fragile. Strive (NASDAQ: ASST), the seventh-largest public corporate Bitcoin holder at 19,000 BTC, is raising $8.1 million per day through its SATA preferred stock program and recently acquired 2,500 coins in a single week at an average cost of roughly $74,092 each. Walton said that if Strive keeps raising money at its current speed, it could buy about 175,000 more Bitcoin, but that prediction would require the company to keep raising the same amount of money nonstop, get permission from the SEC to sell an extra $4.2 billion in stock, and spend every single dollar at today’s Bitcoin prices. Another cohort that could diversify the pool of buyers, based on a Coinbase survey, shows that 45% of Gen Z and Millennials already hold crypto, while only 18% of Gen X and Baby Boomers do. Grayscale suggests that about $110 trillion in assets held by Baby Boomers and the Silent Generation will pass to younger people over the next few decades, and so these younger investors could step in to save the market. Zach Pandl, Grayscale’s head of research, estimates that if just 2% of that $110 trillion went into crypto, it would create $2.2 trillion in new demand. Grayscale also expects regular companies to start adding Bitcoin to their treasuries. This is already starting to happen with SpaceX, Elon Musk’s space company that holds 18,712 Bitcoin worth about $1.4 billion. The company is planning to go public soon. Grayscale’s Zach Pandl said SpaceX could become “the largest public company to hold Bitcoin” after its IPO. Bitcoin’s price is currently around $63,000, down sharply from over $73,000 at the start of the month. Cumulative net inflows into Ether funds shrank to $11.24 billion, with $90.15 million exiting on June 2 alone. Don’t just read crypto news. Understand it. Subscribe to our newsletter. It's free .

2026-06-05 16:23

Pump.fun released a new product on June 4 called “Pump Fun GO.” It is a bounty marketplace that lets anyone pay strangers to complete tasks for cryptocurrency. However, what was launched as a means to boost engagement and also enable participants to earn as well has taken a turn that was least expected but not unfamiliar with the platform. A few hours after launch, a user posted a bounty worth 10,000 SOL (roughly $690,000) referencing suicide, bringing back the platform’s repeated history of users weaponizing its features for shock value and token manipulation. Wow this new @Pumpfun update is insane This guy just opened a $690K bounty Should I try it?? 🤯 https://t.co/pL8wKlUx7h pic.twitter.com/f7Oc1vctqN — TMH メタ (@thememeshunterx) June 4, 2026 The bounty feature’s tagline, “Pay ANYONE to do ANYTHING,” reads like an invitation to the same behavior that forced Pump.fun to shut down its livestream function twice since late 2024. In its announcement, which was posted on X , Pump.fun stated that GO is a way to “leverage the power of humans & money across the globe.” The post saw thousands of engagements, with some raising concerns about moderation given the platform’s history. Does Pump.fun have a history of controversial launches? In November 2024, Pump.fun had to suspend its livestream feature indefinitely after users started using the platform to broadcast threats of violence, animal abuse, and self-harm to inflate their memecoin prices. On-chain investigator ZachXBT noted at the time how brazen creators were, pointing out that many “barely take any measures to mask their identity.” Pump.fun’s pseudonymous founder Alon, acknowledged that content moderation “hasn’t been great” before the first shutdown, adding that the company had doubled its moderation team and invested in automated detection, but the volume of harmful streams overwhelmed both. Pump.fun revived the livestreaming feature about five months later, after the first incident, adding that they have put things in place to prevent the repeat of the previous incidents. However, by September 2025, reports emerged that users were again broadcasting illegal and degrading acts, including hate speech and exploitation of disabilities, to drive memecoin purchases. One of such incidents was the one that was also documented by Cryptopolitan, where a group of streamers staged a fake private jet crash at a rented Los Angeles studio to farm engagement. This happened during a period when the PUMP token had dropped by nearly 30% in two weeks. Why is GO raising the same red flags? The livestreaming feature gave users a way to attract attention and funnel it into token purchases. The bounty system helps them achieve the same goal and also adds an extra later which is a financial incentive to the participants. Instead of performing stunts for indirect token gains, users can now post cash rewards tied to specific actions, and so far, there have been no apparent content restrictions visible in the launch announcement. The 10,000 SOL bounty surfaced by crypto account @thememeshunterx on X illustrates the risk that’s being highlighted, where there are no guardrails or moderation of what users can do on the platform. The post , which included a screenshot of the bounty referencing suicide, asked followers, “Should I try it??” It got over 1,800 likes. Pump.fun has not publicly addressed the bounty or outlined moderation policies for GO. Platform financials remain strong despite controversies Pump.fun continues to generate significant revenue despite the recurring content scandals. DefiLlama data shows the platform has seen $1.16 billion in cumulative revenue across its products, with annualized revenue running at roughly $455 million. However, its PUMP token is currently down by over 6.3%, trading around $0.0015 . PUMP has a market capitalization of nearly $542 million, according to CoinMarketCap, but its token is well below its all-time high of $0.012, which it reached in July 2025. The smartest crypto minds already read our newsletter. Want in? Join them .

2026-06-05 16:05

Ordinary Russians will be permitted to purchase just three cryptocurrencies – BTC, ETH and USDT – once that becomes legal in their country. Confirming the shortlist of approved coins, those with the largest market cap, the monetary authority in Moscow made it clear it’s against adding more. Russia greenlights major cryptocurrencies for trading The Russian government intends to limit the cryptocurrencies available to its citizens to only the three most liquid digital assets. Non-professional investors will be allowed to trade Bitcoin (BTC), Ethereum (ETH), and Tether’s dollar-pegged stablecoin USDT. The exact list of pre-approved coins, first hinted about a month ago, was confirmed by a top executive of the Central Bank of Russia (CBR). The financial authority does not plan to expand it for the time being or increase applicable investment limits, its deputy governor told RBC Radio. Vladimir Chistyukhin was referring to the time after the implementation of Russia’s upcoming law “On Digital Currency and Digital Rights.” The legislation, which passed its first parliamentary hurdle in April, must be adopted and come into force by July 1, 2026. In an interview, the First Deputy Chairman noted that ahead of the bill’s second reading, the CBR had indicated it could add more coins, but elaborated: “However, if we consider the initial period after the law enters into force, we do not intend to expand the scope beyond the three currencies … Bitcoin, Ethereum, and USDT.” He also stressed that the Bank of Russia continues to see cryptocurrency as a volatile instrument that carries various risks, including that of funds being blocked, as in the case with Tether. According to the draft crypto law, only the cryptocurrencies that meet a set of strict criteria will be admitted to the regulated Russian market for non-qualified investors. These include having a market cap exceeding 5 trillion rubles on average for the past two years (more than $60 billion), an average daily trading volume over 1 trillion rubles for the same period, and a trading history of at least five years prior to admission. This will result in a pretty short list, which may include only leading cryptocurrencies such as Bitcoin, Ethereum, Solana (SOL), BNB, and TRON, among a few others, Russian media commented earlier. Non-dollar stablecoins may be added in the future Also quoted by the leading Russian crypto news outlet Bits.media, Chistyukhin pointed out that a future expansion will cover primarily domestic non-dollar stablecoins, so that they are “not discriminated against foreign ones.” He remarked this would make sense only if more of them emerge, noting: “We have one company that has already issued a token for international settlements and is using it. We’ll see how this develops. Perhaps we’ll expand it. But not right away.” While the banker did not name it explicitly, a ruble-pegged stablecoin called A7A5 , created by the Russian payments platform A7 and currently issued by the Kyrgyzstan-based entity Old Vector, has become the largest non-dollar stablecoin over the past year. According to recent research by the blockchain security firm CertiK, the coin has accounted for over $110 billion in transactions since its launch early last year. Russia recognized it as a digital financial asset that can be used in foreign trade to bypass financial restrictions imposed over the war in Ukraine. These transactions are often processed by sanctioned entities such as the Kyrgyz-registered crypto trading platform Grinex, which succeeded the Russian exchange Garantex, shut down in a U.S.-led operation in March 2025, when Tether froze $27 million worth of USDT in its wallets. Speaking to RBC, Vladimir Chistyukhin also stated he sees no need to increase the previously announced crypto investment limit for Russian citizens, as it will mitigate potential losses. Non-qualified investors will be able to acquire no more than 300,000 rubles’ worth of digital assets annually, or around $4,000. If you're reading this, you’re already ahead. Stay there with our newsletter .

2026-06-05 15:55

Bitcoin broke below $62k for the first time since February 6 and is now down over 14% on the week and over 50% since printing its all-time high in October last year. Short term holders, those who bought BTC over the past 155 days, are feeling the brunt of this decline. On-chain data from CheckOnChain shows that this group is now selling at the steepest loss-driven pace. Short-Term Holders Are Selling at a Record Loss Bitcoin Short-Term Holder Realized Profit/Loss Ratio is a value-based ratio that measures profit being realized against loss within the under-155-day group. Above zero on this metric means this group is mostly cashing out gains. Anything below zero flips it. At a reading of -1.5, the losses are swamping whatever profit is left on the table, and most notably, no other prior reading has gone this deep. The Fear and Greed Index is well within the extreme fear territory with a score of 12 as of this writing and the group that tends to move first when sentiment cracks seem to be heading for the door in size. 53,800 Coins Hit Exchanges, Zero in Profit This week we also saw another metric point to the same direction of short term holders capitulating. Data from CryptoQuant showed that around 53,800 BTC moved from short-term holders onto exchanges within a span of 24 hours with every coin in that batch underwater. That made it the most lopsided flow to be registered so far this year. Coins are usually transferred into exchanges with an intent to sell, so what this metric shows alongside the one above is that there is a fresh wave of loss-bearing supply queuing up alongside the losses that have been realized. Capitulation Has Marked Local Bottoms Before Loss-driven selling at this intensity has often coincided with local bottoms and has shown to indicate a transfer of hands from shaky hands to longer term investors. This is not to say that a deeper drawdown is improbable. Bitcoin is currently undergoing a 50% decline from its highs, and when we compare this dip to previous bull market corrections , we’ve seen prices go down further. That said, the pattern is familiar. More BTC is now being held at a loss than in profit. Glassnode data shows that supply in loss has reached 10.5 million BTC compared to 9.8 million in profit. In past cycles, this crossover has coincided with major market bottoms. At the same BTC has retraced to the 200 week moving average, a support level reached in every past bear market. Whether this turns into another floor comes down to one question. Who is buying the coins these sellers are dumping, and how fast. If you're reading this, you’re already ahead. Stay there with our newsletter .

2026-06-05 14:18

S&P Dow Jones Indices announced that it won’t change its rules for joining the S&P 500. This means SpaceX and other huge new public firms, called megacaps, can’t immediately become part of the benchmark that guides loads of investment money around the world. SpaceX is gearing up for what could be the biggest-ever IPO, with a $1.75 trillion value and an aim to raise $75 billion. Now, passive index funds holding trillions can’t just swoop in to buy SpaceX shares because the company isn’t in the S&P 500 yet. S&P DJI is sticking to its rule requiring companies to post at least one year of profits. So, for now, S&P Global is stopping a giant rush of funds from flowing into these stocks—that would occur if these firms had more attractive index listings. S&P 500 rejects proposed changes to IPO eligibility The index provider started a public consultation on April 30 , asking if the three main rules for big new companies to be listed on the S&P 500 Index should be relaxed. These 3 eligibility requirements include: A 12-month seasoning requirement — A company must generally trade publicly for at least one year before becoming eligible for inclusion. 10% public float requirement — At least 10% of a company’s shares must be available for public investors to trade. GAAP profitability requirement — A company must report positive Generally Accepted Accounting Principles (GAAP) earnings in its most recent quarter and across the sum of its four most recent quarters. On all three counts, the answer was no. S&P DJI said in its announcement that “exceptions to the financial viability, seasoning, and IWF requirements should not be granted solely based on market capitalization.” IWF, or Investable Weight Factor, is S&P’s measure of a company’s publicly tradable share float and is used to determine the portion of shares eligible for index weighting. The committee recognized a conflict between rigid eligibility rules and widespread market representation. Still, they decided their indices already offer “substantial market coverage and sector balance,” as stated in S&P’s press release . Why SpaceX IPO still fails S&P 500 test SpaceX reported a net loss of $4.94 billion in 2025, despite revenues of $18.67 billion — that’s a 33% jump from the year before . Under current guidelines, SpaceX can’t join the S&P 500 until it shows four straight profitable quarters using GAAP accounting. “Making exceptions because companies are so large and have been private so long yet are still not profitable didn’t make a great deal of sense,” said Art Hogan, chief market strategist at B. Riley Wealth, in comments reported by Reuters. Earlier, Cryptopolitan reported that the 2026 IPO market might be stealing the playbook from crypto launches. Profitability has always been a huge hurdle for companies’ inclusion in the S&P 500. For instance, Tesla became part of the index only in December 2020 after waiting years. Similarly, Uber and Airbnb spent lots of time in different indices before getting the nod from the S&P committee. This decision affects more than just SpaceX. Companies like Anthropic and OpenAI face similar requirements as they are thinking about going public. These firms haven’t shown the consistent GAAP profits that the S&P 500 needs. If you're reading this, you’re already ahead. Stay there with our newsletter .

2026-06-05 11:58

Forward Industries, the biggest Solana treasury company, has resumed selling some of its SOL. As the asset dipped below $70, the viability of treasuries is once again questioned. Forward Industries deposited 455,784 SOL to exchanges after a month of inactivity. In the past day, the company made two large transfers, one to Coinbase Prime and one unstaking transaction from the Sanctum bridge for 500K SOL. Forward Industries started moving SOL out of its holdings after a month of inactivity. | Source: Arkham Intelligence The recent slide of SOL to as low as $66 triggered the need to reassess the treasury’s needs. The sale happened as SOL sank by 19.3% since the beginning of June, reflecting the broader negative sentiment on the crypto market. Forward Industries still holds 3.787M SOL in its self-custodied wallet. The SOL was sent to a Coinbase Prime deposit. On-chain data shows the company also continued with moving another 500K SOL from its staking operations, but so far, the second tranche has not been sent to an exchange. Are SOL treasury companies viable? The recent treasury moves once again test the viability of DAT companies. In the case of Solana, a total of 20 entities hold SOL, staking a bit more than half the amount. Around 2.94% of the SOL supply is locked in treasuries, or around 18M tokens. Solana is still one of the most active networks, with 8M weekly users. The network produces 2.79M in weekly fees, and is still in the top 5 of the most productive chains. Despite this, the market price of SOL undermines the reserves. Forward Industries acquired SOL at $232.08, near its all-time highs, leaving the company with around $1.3B in unrealized losses. In total, Forward Industries spent nearly $1.6B to acquire SOL. As Cryptopolitan reported earlier, the company reported smaller losses at the end of 2025, just before SOL entered the more protracted bear market in 2026. As a result of the SOL losses, Forward Industries stock (Nasdaq: FWDI) lost nearly 40% in the year to date, and is down by 90% from the summer of 2025, the peak market for DAT companies. Forward Industries revealed that altcoin treasuries may be even riskier, following a similar path of unrealized losses as Strategy, the leading BTC treasury holder. Solana ecosystem got a boost in May While SOL traded near two-year lows, the Solana ecosystem remained robust. In total, Solana produced over $68M in app fees in May, up 16% month-on-month. Solana in four charts: 1. Solana apps generated $68M in revenue in May, up 16% MoM. 2. Collectible marketplace & gacha @collectorcrypt reached $9M in monthly revenue (an ATH). 3. Tokenized asset volumes hit a new ATH in May at over $1.1B, with the majority coming from… pic.twitter.com/ovp3MRkrRT — Solana (@solana) June 4, 2026 Solana expanded its stablecoin supply by 2%. A significant part of the activity growth came from tokenized stocks, where Solana’s XStocks is one of the tokenization leaders. Solana may also become the venue for post-IPO trading for SpaceX tokenized shares. While meme token activity has slowed down, other use cases like collectibles still generate significant fees. The Solana DeFi and trading ecosystem is facing competition from Hyperliquid, especially for trading on-chain contracts for US stocks and pre-IPO shares. Despite this, Solana is also a venue for trading bridged HYPE tokens. Solana is also still fighting for its position as a DeFi hub. The network still carries $4.92B in total value locked, with $14.74B in stablecoin liquidity. If you're reading this, you’re already ahead. Stay there with our newsletter .

2026-06-05 10:30