bond

According to Jinshi reports, SpaceX (SPCX.O) credit derivatives began trading after the initial bond issuance.

According to Jinshi reports, after the US PCE data showed moderate performance, US Treasury bonds erased most of their declines.

According to Cointelegraph, Polkadot OpenGov recently proposed two new staking proposals (Proposal #1909 and #1910) aimed at strengthening validator incentives, eliminating the nominator penalty mechanism, and reducing the unbonding period from approximately 28 days to 2 days.

According to Jinshi reports, market news indicates that SpaceX plans to raise $25 billion through the issuance of high-grade bonds.

According to Jinshi News, sources revealed that SpaceX may issue senior unsecured bonds denominated in dollars with maturities ranging from 5 to 30 years.

According to Jinshi reports, S&P has assigned a "BBB" rating with a stable outlook to the preferred bonds that SpaceX (SPCX.O) plans to issue.

According to CoinDesk, the dividend-paying preferred stock STRC issued by Bitcoin treasury company Strategy recently fell below its par value of $100, sparking discussions in the market about its capital structure and solvency. Key timeline events are as follows:May 14: STRC closed at $100 before the ex-dividend date, while the price of Bitcoin remained above $80,000, but market pressure was already evident. During the same period, Strive Asset Management announced that its competing product SATA would adopt a daily dividend mechanism, increasing its yield to 13%, further intensifying competitive pressure on STRC.May 15: Strategy announced a buyback of $1.5 billion of 2029 convertible bonds at approximately an 8% discount. The market then noted that the company's dollar cash reserves used for dividends and debt support were utilized for this transaction.May 26: Strategy confirmed that cash reserves participated in the bond buyback, reducing the fund size to approximately $871 million, which only covers about 6 months of STRC dividend payments, whereas the company's previous target was to maintain coverage for about 24 months.June 1: Strategy sold Bitcoin for the first time since 2022, selling 32 BTC to demonstrate its ability to support dividend payments through asset sales. Following the announcement, MSTR's stock price fell by 5.9%.June 5: Bitcoin fell below $60,000, and STRC dropped to around $90.June 8: Strategy shareholders approved changing STRC to pay dividends twice a month, while the company disclosed that dollar reserves had risen to $1 billion.June 15: Strategy repurchased 1,587 BTC, increasing dollar reserves to $1.1 billion.June 18: STRC fell below $83 during intraday trading, about 17% lower than the target price, marking a new low since its listing in July 2025, ultimately closing at $88.59.Analysis suggests that the core challenge facing STRC lies in its high-yield preferred stock structure being highly correlated with the Bitcoin cycle. In a Bitcoin bear market environment, investors are not only reassessing BTC itself but also beginning to reevaluate the financial products and capital systems built around Bitcoin.

According to BBX data, ahead of the FOMC meeting yesterday and under the dual catalyst of the US-Iran agreement, the sentiment for cryptocurrency concept stocks has significantly warmed up. The core dynamics are as follows:Strategy, Inc. (NASDAQ: $MSTR) rose 3.18% to $123.97 on June 15, marking one of several days of recovery; Bitcoin rose to about $64,000 during the same period, but there remains about a 15% discount compared to the company's average price of $75,680 for 843,738 BTC. The company's most important balance sheet action recently came from the SEC 8-K on May 25: repurchasing $1.5 billion in face value convertible bonds maturing in 2029 for about $1.38 billion in cash (completed at about an 8% discount to face value), reducing the convertible bond stock from $8.2 billion to $6.7 billion, generating a BTC Yield of 0.7% and a BTC Gain of about 4,391 BTC; as of May 25, USD reserves were $871 million, and the company stated it would "supplement reserves over time based on market conditions"; since the beginning of 2026, the cumulative BTC Yield is 13.3%. Phong Le (CEO): This transaction "reflects the discipline of using comprehensive capital management tools in debt management"; Saylor previously stated that Strategy still had assets covering all debts when BTC fell to $8,000, implying resilience in extreme scenarios.Coinbase Global, Inc. (NASDAQ: $COIN) was listed by CoinGape in a June 15 research report as one of the "three cryptocurrency concept stocks to watch" ahead of this week's FOMC (the other two being $MSTR and $BMNR); currently, BTC is about $64,000 and ETH is about $1,660, with the market pricing a 97.4% probability of no interest rate hike at the FOMC on June 17 (2.6% for a rate cut, 0% for a rate hike); the significant US-Iran agreement (over the weekend of June 14-15) has driven a comprehensive rebound in risk assets, with a sharp drop in oil prices easing inflationary pressures, providing additional support for the recovery of sentiment in the cryptocurrency market—if the FOMC dot plot does not show unexpectedly hawkish signals, Coinbase's prediction market and institutional custody business are expected to benefit from the dual improvement in trading volume and asset scale brought about by the recovery of BTC trends.

Hong Kong Mortgage Corporation Limited announced the first issuance of HKD 12 billion public digital bonds, including three tranches: HKD 6 billion for a two-year term, HKD 2.5 billion for a five-year term, and RMB 3 billion for a three-year term. Among these, the five-year HKD bond is the longest maturity digital bond ever issued.It is reported that this issuance transaction is the largest digital bond issuance globally to date, and the Mortgage Corporation has also become the first public institution in Hong Kong to issue digital bonds. The bonds will be generated on a distributed ledger technology platform operated by the Central Clearing and Settlement System for debt instruments, which also serves as the settlement and delivery system for the digital bonds.

According to the Korea Economic Daily, the National Bank of Korea successfully issued $100 million in blockchain digital bonds, marking the first instance in the country's banking sector. The bonds were issued through HSBC's digital asset platform Orion and will subsequently connect to the clearing and settlement system of the central depository and settlement institution under the Hong Kong Monetary Authority.The National Bank of Korea will also utilize the digital bond subsidy program from the Hong Kong Monetary Authority to reduce some of the issuance costs. The bank stated that this issuance is part of KB Financial Group's "transformation and expansion" strategy, and following the completion of the technology validation for Korean won stablecoin payment settlement, it is accelerating the advancement of digital financial transformation.

The Hong Kong Monetary Authority announced today the establishment of a Tokenized Bond Expert Group, bringing together industry representatives with relevant experience and a focus on the development of the tokenized bond market in Hong Kong, to further promote the application and expansion potential of tokenized bonds in Hong Kong.The members of the expert group include representatives from industry associations, financial institutions, legal advisory firms, as well as financial infrastructure and technology providers. Building on the progress made by the Monetary Authority in various tokenized bond-related initiatives to date, the expert group will jointly explore policy measures, market practices, and innovative solutions.

According to Jinshi reports, due to signs of a deadlock in peace negotiations between the United States and Iran, U.S. Treasury prices fell, leading to a rise in yields in the U.S. Treasury market, which amounts to $31 trillion. The yield on the 10-year Treasury rose by about 6 basis points, reaching nearly 4.5%, while the yield on the 2-year Treasury also increased by about 6 basis points, reaching 4.07%. Traders raised their expectations for a Federal Reserve interest rate hike, with the swap market indicating that traders have fully priced in one rate hike by March 2027, and believe there is a 50% chance of a hike as early as October.

According to Gate market data, U.S. Treasury bonds continue to rise, and the U.S. dollar index DXY has fallen to an intraday low, currently reported at 98.8.

According to Jinshi reports, Federal Reserve official Musalem stated that the bond market indicates the economy is resilient, while inflation expectations are rising.

According to BBX data, yesterday (May 26), the largest publicly traded company holding Ethereum announced the latest SEC filing, with Strive's weekly increase of 1,109 coins maintaining a steady pace, and the SATA financing flywheel continuing to operate. The core dynamics are as follows:Bitmine Immersion Technologies, Inc. (NYSE: $BMNR) submitted Form 8-K to the SEC on May 26, disclosing that as of that date, the company's ETH holdings reached 5.39 million coins (accounting for 4.47% of the total ETH circulation, with a target of 5%, currently completed 89%), with a total of approximately $12.3 billion in combined crypto assets, cash, and strategic equity investments; among which 4,712,917 ETH has been staked (valued at approximately $10.1 billion at $2,134 per coin), with a 7-day staking annualized yield of 2.75%, and an estimated annualized income of approximately $276 million based on full staking; the company's self-operated validation node platform MAVAN has also opened staking services to external institutions. Chairman Tom Lee pointed out in a statement that if the ETH closing price in May is above $2,100, it will be the first time there has been a positive monthly close for three consecutive months, "which has never happened in a crypto bear market." The average daily trading volume of $BMNR over the past 5 days is approximately $572 million, making it the 193rd most actively traded stock in the U.S.Strive, Inc. (NASDAQ: ASST) disclosed in its 8-K on May 26 the asset changes from May 18-22: BTC holdings increased from 15,391 coins to 16,500 coins (a net increase of 1,109 coins), cash increased from $87.3M to $93.3M (+$6M), and STRC holdings increased from $49.8M to $50.1M; during the same period, Class A common stock increased by approximately 2.23 million shares (conversion of SATA preferred stock), and the total amount of SATA preferred stock increased by approximately 515,000 shares. Strive uses the issuance of SATA preferred stock as its main financing tool, continuing the systematic accumulation of BTC; the BTC yield from 2026 to date is approximately 18.4% (as of May 19).

BitMEX senior research analyst Shang Wu stated that the continued rise in government bond yields signals an impending "structural" shift, which will create a "super cycle" for Bitcoin's price increase.Shang Wu pointed out that under the pressure of the $39 trillion U.S. debt and massive spending on AI infrastructure, central banks will ultimately respond through currency devaluation and invisible liquidity injections. At that time, investors will sell off devalued traditional assets and turn to allocate Bitcoin, a scarce asset that cannot be inflated.Last week, the yield on the 30-year U.S. Treasury bond broke 5.14%, while the yield on Japan's 10-year government bond reached 2.8%.He believes that while short-term volatility is inevitable, in the long run, this will be the biggest structural benefit for Bitcoin.

Michael Saylor posted: "This week we bought bonds, not Bitcoin. ₿itVac is charging."

According to CoinDesk, Mark Connors, Chief Investment Officer of Risk Dimensions and former Head of Global Portfolio Management at Credit Suisse, stated that Bitcoin's previous underperformance against the S&P 500 index, which lasted for 142 days, ended in early May, marking the longest duration in history. It has now entered a new phase of outperformance.