SpaceX $75B IPO Holds 18,712 BTC as Stocks Slide 1.6%, Kraken Backs FIFA World Cup

Crypto News

Wall Street is increasingly treating a SpaceX-Tesla merger as a core reason to own TSLA, days before Elon Musk's rocket firm prices the largest listing in history. SpaceX plans to sell 555.6 million shares at a fixed $135 each, raising a record $75 billion at a $1.75 trillion valuation, with Nasdaq trading set to begin June 12 under the ticker SPCX. Demand has reportedly neared $150 billion, leaving the all-primary deal heavily oversubscribed while Musk faces a 366-day lockup. The filing also carries crypto weight: SpaceX disclosed 18,712 Bitcoin bought for roughly $661 million in 2021, now worth about $1.29 billion.

US equities sold off sharply on Tuesday, with the S&P 500 falling 1.63% as a deepening chip selloff hammered technology names. Strategists at a major bank urged clients to take profits, warning that 70% of their bear-market signposts have triggered, levels typically seen at past peaks, and flagging the index as expensive on 17 of 20 valuation metrics. Treasury yields stayed elevated, with two-year yields above 4.1% and traders pricing a possible rate hike as soon as October. Broadcom rattled the AI trade by holding its revenue estimates steady, and geopolitical tension involving Iran added to the risk-off tone. Defensive sectors held firm against the rotation.

Kraken has been named the Official Crypto Exchange Supporter of the FIFA World Cup 2026, securing visibility at one of the planet's largest sporting events. The seven-week tournament runs June 11 through July 19, featuring an expanded field of 48 teams and 104 matches across 16 host cities in the United States, Mexico and Canada, with a projected cumulative audience exceeding six billion viewers. The partnership begins with a multi-city countdown concert on June 10 and includes fan-focused product experiences across North America and Europe. The deal places the exchange alongside longstanding FIFA sponsors such as Adidas, Coca-Cola and Visa, extending its existing portfolio that already spans Tottenham Hotspur and Williams Racing.

Regulatory scrutiny of prediction markets intensified after an advertising watchdog referred Kalshi to regulators, including state Attorneys General, for possible enforcement action. The inquiry examined whether the platform's influencers and affiliates clearly disclosed paid relationships in social media promotions, in line with Federal Trade Commission endorsement guidelines. Kalshi declined to participate in the voluntary self-regulatory review, prompting the watchdog to notify the social platforms where the advertising appeared. The event-trading firm has faced parallel criticism over viral campaigns that promoted contract trading as a casual side hustle, raising questions about consumer protection as these venues court increasingly young, mobile-first audiences online.

The referral lands as prediction markets post explosive growth despite mounting oversight. Kalshi has told investors it is on track for a $1.5 billion annualized revenue run rate, momentum that helped secure a $1 billion funding round valuing the company at $22 billion. Social media marketing has been central to that expansion, driving new users and trading volumes tied to real-world outcomes from elections to sports. The centralized venue competes directly with its blockchain-based rival Polymarket, underscoring how contract trading on real-world events has matured into one of the fastest-scaling corners of the broader digital asset economy this cycle.

Rival Polymarket has aggressively expanded its own sports footprint, signaling a structural shift in how crypto-adjacent firms reach mainstream audiences. The decentralized platform became the official prediction market partner of UFC and Zuffa Boxing in November 2025, then signed Major League Soccer in January and Major League Baseball in March. The push echoes the 2022 "Crypto Bowl," when several exchanges aired Super Bowl advertisements before the FTX collapse chilled industry marketing. The return has been more measured, with firms favoring durable league partnerships over splashy one-off spots, a strategy that ties brand exposure to recurring events rather than fleeting bull-market hype.

Taken together, the day's developments capture a market caught between institutional mainstreaming and tightening oversight. Record listings, corporate Bitcoin treasuries and global sports sponsorships show digital assets embedding deeper into traditional finance, even as equity strategists flash bear-market warnings and regulators sharpen their focus on advertising and consumer protection. Prediction markets sit at the center of this tension, scaling rapidly while drawing enforcement attention. The dominant narrative this cycle is one of legitimization meeting accountability: as crypto firms chase six-billion-viewer audiences and trillion-dollar valuations, scrutiny over disclosure, valuations and macro risk is rising in lockstep.