As of 5 June 2026, the US stock market had lost almost $2 trillion in capitalisation after the release of one of the strongest US jobs reports in the past 18 months. Against this backdrop, Bitcoin fell by more than 50% from its October 2025 all-time high, while analysts, investors and crypto industry representatives offered sharply different assessments of what is happening in the market.

Exchanges

Crypto exchange Coinbase has announced the launch of perpetual futures contracts on shares of companies that have not yet held an initial public offering (IPO). The first such company will be SpaceX, whose stock market debut is expected in June 2026.

BitMine Immersion Technologies, the largest corporate holder of Ethereum, has filed with the U.S. Securities and Exchange Commission to publicly offer 3 million Series A perpetual preferred shares.

A “self-reinforcing cycle” of capital outflows is forming in the crypto market, according to analysts at Santiment. Investors are increasingly favoring equities, which have recently outperformed both gold and Bitcoin.

BitMine, the largest holder of Ethereum, may face major problems this year. The company currently holds 5.28 million Ethereum tokens, representing 4.37% of the circulating supply.

Strategy’s preferred shares (STRC) closed below the established $100 par value on May 28, 2026. In pre-market trading, they recovered part of the decline but still failed to move back above that level, according to Yahoo Finance.

The tokenized stock market has accelerated sharply. In May, the total amount of funds in this segment grew from roughly $995 million to more than $1.6 billion, according to RWA.xyz data.

Against the backdrop of growth in the main stock indices of major equity markets, bitcoin’s performance is lagging significantly. Experts have linked this to record capital outflows from exchange-traded funds and a shift in investor interest towards the AI sector.

Exchanges

On 8 June, Coinbase Derivatives will launch perpetual futures on stock indices within regulated US markets, giving traders direct exposure to artificial intelligence (AI), Chinese equities, defence industries, and the broader technology sector through four new thematic contracts.

The mechanism would allow companies to experiment with tokenized stocks without immediately violating US securities laws. According to Bloomberg’s sources, the SEC is considering allowing the trading of tokens created by third parties without approval from the stock issuers themselves.

On Friday, May 15, 2026, shares of publicly traded Bitcoin mining companies experienced a sharp decline. In a single trading session, all major listed mining stocks dropped between 2.52% and 9.59%, despite significantly outperforming Bitcoin itself since the beginning of the year.

Strategy’s perpetual preferred shares of the STRC series recorded a historic daily trading volume of $1.53 billion on May 15, becoming the company’s primary financing instrument for Bitcoin purchases in 2026.

Cryptocurrency exchange Gemini, founded by the Winklevoss brothers, reported a 42% increase in total revenue for Q1 2026, reaching $50.3 million.

NVIDIA surpassed silver in the global asset rankings after its market capitalization climbed to approximately $5.5 trillion. The company’s shares recently traded near $227, making the AI chip giant the world’s second-largest asset behind gold. Silver’s market capitalization during the move stood near $5 trillion, while gold remained far ahead at more than $32 trillion.

South Korea’s digital currency market may receive renewed support after a period of weak activity. Bitwise researcher Jeff Park links the potential recovery to the behavior of retail investors, who currently keep most of their capital in shares of the country’s largest companies.

On May 4, shares of Circle surged nearly 20% and closed at $119.53 after US Senators Thom Tillis and Angela Alsobrooks reached a bipartisan compromise on the wording of the CLARITY Act regarding stablecoin rewards.