Tether, Bitfinex complete Bitcoin funding leg for Twenty One Capital with $2B transfer

Cryptocurrency

Summary:

The holdings matched a May 13 8-K filing that disclosed Twenty One bought the coins at an average price of $95,319.83 each in connection with its business-combination agreement with Cantor Equity Partners.

Tether and Bitfinex transferred 21,000 Bitcoins (BTC) to designated wallets on June 2, completing their agreed contributions to Twenty One Capital.

Tether CEO Paolo Ardoino wrote that Bitfinex sent 7,000 BTC, while Tether Group moved 14,000 BTC.

Furthermore, Tether moved 4,812.22 BTC as prefunding for Twenty One’s convertible-equity raise.

Venture structure and broader deal

Reports on April 23 indicated that Cantor Fitzgerald planned to launch a $3 billion digital asset platform called Twenty One Capital, with a Bitcoin seeding from its founding partners.

An April 24 announcement confirmed Twenty One Capital as a Bitcoin vehicle for capital markets to access BTC. The firm’s lead is Jack Mallers, CEO of Strike, who will guide both companies.

The deal’s framework consisted of Tether supplying roughly $1.5 billion in BTC, SoftBank adding $900 million, and Bitfinex providing $600 million.

The venture also intends to raise an additional $550 million, divided into $350 million through convertible senior secured notes and $200 million in private equity, to finance further Bitcoin purchases. Copper and Anchorage Digital will handle custody and collateral.

June 2 transfers move the parties closer to closing the private-investment-in-public-equity financing tied to the Cantor special purpose acquisition company (SPAC) merger.

The private investment in public equity (PIPE) allocates $385 million in convertible notes and $200 million in common equity, with an option for an extra $100 million in notes within 30 days of the initial deal.

Net proceeds target further Bitcoin acquisitions and operating capital for Twenty One, which aims to offer bitcoin-backed financing products to institutional clients.

SoftBank has yet to publish wallet details for its planned contribution, and Twenty One still must finalize regulatory approvals for the business-combination transaction.

Source: Cryptoslate

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Manuel

Economic

China–U.S. Trade War

President Donald Trump and Chinese leader Xi Jinping will likely speak this week, White House press secretary Karoline Leavitt said on Monday, days after Trump accused China of violating an agreement to roll back tariffs and trade restrictions.

Leavitt is the third top Trump aide to forecast an imminent call between the two leaders to iron out differences on last month's tariff agreement in Geneva, among larger trade issues.

It was not immediately clear when the two leaders will speak.

U.S. Treasury Secretary Scott Bessent told CBS' "Face the Nation" on Sunday that Trump and Xi would speak "very soon" to iron out trade issues including a dispute over critical minerals and China's restrictions on exports of certain minerals.

Trump said on Friday he was sure that he would speak to Xi. China said in April that the two leaders had not had a conversation recently.

On Saturday, the U.S. Trade Representative's office announced it would continue to exclude certain solar manufacturing equipment and other products from existing tariffs on Chinese goods until August 31, opens new tab, offering a three-month extension while talks with Beijing continue.

Bessent led negotiations with China in Geneva last month that resulted in a temporary truce in the trade war between the world's two biggest economies, but progress since then has been slow, the U.S. Treasury chief told Fox News last week.

The U.S.-China agreement to dial back triple-digit tariffs for 90 days prompted a massive relief rally in global stocks. But it did nothing to address the underlying reasons for Trump's tariffs on Chinese goods, mainly longstanding U.S. complaints about China's state-dominated, export-driven economic model, leaving those issues for future talks.

A U.S. trade court on Wednesday ruled that Trump overstepped his authority in imposing the bulk of his tariffs on imports from China and other countries under an emergency powers act. But less than 24 hours later, a federal appeals court reinstated the tariffs, saying it was pausing the trade court ruling to consider the government's appeal. The appeals court ordered the plaintiffs to respond by June 5 and the administration to respond by June 9.

Source: Reuters

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Manuel

Bond

Forex

Treasuries began June on the back foot with 30-year bond yields testing the 5% level as concerns over President Donald Trump’s tariff policies resurfaced at the start of a data-heavy week for assessing the health of the world’s largest economy.

Benchmark yields were trading four to seven basis points higher across the curve and yields resumed climbing after a brief pullback in response to weaker-than-expected US ISM manufacturing data for May that was accompanied by higher prices paid. The ISM remains in contraction territory below 50.

Following their first monthly decline of 2025 in May as measured by a Bloomberg index, US Treasuries — particularly longer-dated maturities — continue to face pressure amid persistent concerns over the nation’s fiscal outlook.

Longer-dated bonds led Monday’s declines, driving yields on 10-year debt up more than 6 basis points to a session high near 4.47%, while the 30-year bond briefly poked above 5%. The spread between five- and 30-year yields climbed to within a whisker of 100 basis points, a level it last closed above in 2021. A gauge of the dollar approached its lowest level since 2023.

“There is a general view that the curve should steepen” ahead of US employment data due Friday that is followed by sales of 10- and 30-year Treasuries next week, said Tom di Galoma, managing director at Mischler Financial Group.

Even with the long-end back near 5% and around former cycle peaks of 2007, large bond investors generally remain underweight and favor owning shorter-dated areas of the market around the five-year sector.

“Our strongest conviction has been staying underweight long-term US Treasuries,” BlackRock Investment Institute said in its latest weekly note. Amid persistent deficits and sticky inflation, the asset manager is watching to see whether Congress passes a budget bill that could push the US deficit higher, and “impact foreign investors and drive term premium even higher.”

The weakness in longer-dated bonds saw the 20-year yield briefly drop below that of the 30-year, the most in almost four years. Since Treasury revived 20-year bond sales, nearly five years ago, the benchmark has been unpopular among investors and traded at a discount with its yield above the 30-year.

“We can certainly see why the long end of safe haven curves are unloved,” said Rabobank strategists including Richard McGuire, adding the US policy outlook is too cloudy to attract buyers for long-dated Treasuries.

That reflects the risk of further trade salvos from the US president, after Trump announced he would be increasing tariffs on steel and aluminum to 50% from 25% to help protect American workers. He also said China had violated its trade agreement with the US.

What Bloomberg strategists say...

“A buyers’ strike in bonds coupled with Monday’s inflation outlook means investors’ steepeners, a heavily subscribed trade since mid-April, has staying power.” — Alyce Andres, MLIV Rates Strategist, Chicago

A slate of labor market reports due this week could play a key role in shaping the next moves in Treasury yields and the Federal Reserve’s interest rate path. Traders now anticipate two quarter-point rate cuts in 2025, down from expectations of three earlier in May.

One of the Fed officials speaking on Monday, US Chair Jerome Powell didn’t comment on the outlook for interest rates. Elsewhere, Chicago Fed President Austan Goolsbee said the central bank can proceed with interest-rate cuts if uncertainty around trade policy is resolved.

Speaking earlier, Dallas Fed President Lorie Logan said the US central bank can remain patient as it assesses risks to both inflation and unemployment.

Source: Bloomberg

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Manuel

Economic

Political

The European Commission said on Monday it would make a strong case this week for the United States to reduce or eliminate tariffs even after Donald Trump said he would double import duties on steel and aluminium to 50%.

European Trade Commissioner Maros Sefcovic will meet U.S. Trade Representative Jamieson Greer at an OECD gathering in Paris on Wednesday, while Commission technical teams will be in discussions with counterparts in Washington this week.

White House press secretary Karoline Leavitt told reporters that the EU was "negotiating in good faith" with U.S. officials and the Trump administration remained "hopeful and optimistic" that a deal could be struck with Brussels.

The Commission, which oversees trade policy for the 27-nation European Union, said it was prioritising negotiations to resolve the conflict.

"We don't want to go down the route of tariffs. Rather than have them increase, we want them to decrease and where possible eliminate them," a Commission spokesperson told a press conference on Monday.

"That remains the case, that remains our priority. We will be making that case strongly both at technical level and at political level this week."

The EU has said it strongly regrets the planned doubling of steel tariffs.

The decision "adds further economic uncertainty on both sides of the Atlantic," Olof Gill, the European Commission's spokesperson for trade, said on X, adding that both sides had agreed to accelerate their negotiations.

EU officials had no immediate comment on news that the Trump administration was asking trading partners to present their best offers on trade by Wednesday, news first reported by Reuters.

The EU currently faces 25% tariffs on steel and cars and for Trump and "reciprocal" tariffs on most EU goods, which were provisionally set at 20% for the EU but is being held at 10% during a 90-day pause until July.

The EU imposed, but immediately suspended, a first set of counter tariffs on 21 billion euros ($24 billion) of annual U.S. imports package in response to U.S. metals duties.

It is also weighing a response to the U.S. car and broader tariffs that would hit up to 95 billion euros of U.S. imports.

The Commission said that, in the absence of a mutually acceptable solution, these countermeasures would take effect automatically on July 14, or earlier if circumstances require.

Source: Reuters

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Manuel

Cryptocurrency

JPMorgan Chase reported an improvement in Bitcoin mining profitability in May, with 13 tracked companies seeing significant financial gains.

The increase in market value underscores broader implications for the cryptocurrency sector, potentially affecting investment and operational strategies.

May Sees 19% Growth in Miner Market Value

In May 2025, JPMorgan Chase analysts observed a rise in Bitcoin mining profitability. The market value of 13 U.S.-listed mining companies increased by about 19% from April, accompanied by a 36% rise in average daily gross profit. JPMorgan's report highlighted Bitdeer's market value rise of 43%, while Greenidge encountered a 5% decline. Bitcoin mining spaces noted a noteworthy change as network hashrate grew by 2% to an average of 885 EH/s in early May. Analysts highlighted a 13% rise in "hashprice," indicating improved miner revenue.

The mining profitability report drew no direct executive comments from JPMorgan leadership, including CEO Jamie Dimon. Reginald Smith and Charles Pearce provided the analysis, noting a 13% increase in daily profitability during the first half of May. Market dynamics reflected these changes, though major statements from government or leading industry figures remain absent.

"We estimate miners earned approximately $100 daily block revenue per/s during the first two weeks of the month, marking a 13% increase from the previous month and a 3% rise year-over-year." — Reginald Smith, Analyst, JPMorgan Chase

Bitcoin Price and Miner Revenue Trends in Focus

Did you know? Bitcoin mining profitability historically climbs with price increases or reduced network difficulty, often aligning with BTC's spot price trends.

Bitcoin's current price stands at $104,433.72, with a market cap of $2.08 trillion and market dominance of 63.48%, according to CoinMarketCap. Over 60 days, Bitcoin's price increased by 27.46%, despite a 0.55% dip in the past 24 hours. Trading volume reached $43.73 billion, reflecting a 20.96% change.

The Coincu research team indicates potential economic and technological advancements as profitability improves. Increases in miner revenue may enhance network resilience, attracting further investment and innovation. No significant regulatory or technological shifts directly link to this profitability surge.

Source: Coincu

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Manuel

Political

Commodity

Russia told Ukraine at peace talks on Monday that it would only agree to end the war if Kyiv gives up big new chunks of territory and accepts limits on the size of its army, according to a memorandum reported by Russian media.

The terms, formally presented at negotiations in Istanbul, highlighted Moscow's refusal to compromise on its longstanding war goals despite calls by U.S. President Donald Trump to end the "bloodbath" in Ukraine.

Ukraine has repeatedly rejected the Russian conditions as tantamount to surrender.

Delegations from the warring sides met for barely an hour, for only the second such round of negotiations since March 2022. They agreed to exchange more prisoners of war - focusing on the youngest and most severely wounded - and return the bodies of 12,000 dead soldiers.

Turkish President Tayyip Erdogan described it as a great meeting and said he hoped to bring together Russia's Vladimir Putin and Ukraine's Volodymyr Zelenskiy for a meeting in Turkey with Trump.

But there was no breakthrough on a proposed ceasefire that Ukraine, its European allies and Washington have all urged Russia to accept.

Moscow says it seeks a long-term settlement, not a pause in the war; Kyiv says Putin is not interested in peace. Trump has said the United States is ready to walk away from its mediation efforts unless the two sides demonstrate progress towards a deal.

Ukrainian Defence Minister Rustem Umerov, who headed Kyiv's delegation, said Kyiv - which has drawn up its own peace roadmap - would review the Russian document, on which he offered no immediate comment.

Ukraine has proposed holding more talks before the end of June, but believes only a meeting between Zelenskiy and Putin can resolve the many issues of contention, Umerov said.

Zelenskiy said Ukraine presented a list of 400 children it says have been abducted to Russia, but that the Russian delegation agreed to work on returning only 10 of them. Russia says the children were moved from war zones to protect them.

RUSSIAN DEMANDS

The Russian memorandum, which was published by the Interfax news agency, said a settlement of the war would require international recognition of Crimea - a peninsula annexed by Russia in 2014 - and four other regions of Ukraine that Moscow has claimed as its own territory. Ukraine would have to withdraw its forces from all of them.

It restated Moscow's demands that Ukraine become a neutral country - ruling out membership of NATO - and that it protect the rights of Russian speakers, make Russian an official language and enact a legal ban on glorification of Nazism. Ukraine rejects the Nazi charge as absurd and denies discriminating against Russian speakers.

Russia also formalised its terms for any ceasefire en route to a peace settlement, presenting two options that both appeared to be non-starters for Ukraine.

Option one, according to the text, was for Ukraine to start a full military withdrawal from the Luhansk, Donetsk, Zaporizhzhia and Kherson regions. Of those, Russia fully controls the first but holds only about 70% of the rest.

Option two was a package that would require Ukraine to cease military redeployments and accept a halt to foreign provision of military aid, satellite communications and intelligence. Kyiv would also have to lift martial law and hold presidential and parliamentary elections within 100 days.

Russian delegation head Vladimir Medinsky said Moscow had also suggested a "specific ceasefire of two to three days in certain sections of the front" so that the bodies of dead soldiers could be collected.

According to a proposed roadmap drawn up by Ukraine, a copy of which was seen by Reuters, Kyiv wants no restrictions on its military strength after any peace deal, no international recognition of Russian sovereignty over parts of Ukraine taken by Moscow's forces, and reparations.

UKRAINE TARGETS RUSSIAN BOMBER FLEET

The conflict has been heating up, with Russia launching its biggest drone attacks of the war and advancing on the battlefield in May at its fastest rate in six months.

On Sunday, Ukraine said it launched 117 drones in an operation codenamed "Spider's Web" to attack Russian nuclear-capable long-range bomber planes at airfields in Siberia and the far north of the country.

Satellite imagery suggested the attacks had caused substantial damage, although the two sides gave conflicting accounts of the extent of it.

Western military analysts described the strikes, thousands of miles from the front lines, as one of the most audacious Ukrainian operations of the war.

Russia's strategic bomber fleet forms part of the "triad" of forces - along with missiles launched from the ground or from submarines - that make up the country's nuclear arsenal, the biggest in the world. Faced with repeated warnings from Putin of Russia's nuclear might, the U.S. and its allies have been wary throughout the Ukraine conflict of the risk that it could spiral into World War Three.

A current U.S. administration official said Trump and the White House were not notified before the attack. A former administration official said Ukraine, for operational security reasons, regularly does not disclose to Washington its plans for such actions.

A UK government official said the British government also was not told ahead of time.

Zelenskiy said the operation, which involved drones concealed inside wooden sheds, had helped to restore partners' confidence that Ukraine is able to continue waging the war.

"Ukraine says that we are not going to surrender and are not going to give in to any ultimatums," he told an online news briefing.

"But we do not want to fight, we do not want to demonstrate our strength - we demonstrate it because the enemy does not want to stop."

Source: Reuters

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Kevin Du

Economic

U.S. manufacturing contracted for a third straight month in May and suppliers took longer to deliver inputs amid tariffs, potentially signaling looming shortages of some goods.

The Institute for Supply Management (ISM) said on Monday that its manufacturing PMI edged down to a six-month low of 48.5 last month from 48.7 in April. A PMI reading below 50 indicates contraction in the manufacturing sector, which accounts for 10.2% of the economy.The PMI, however, remains above the 42.3 level that the ISM says over time indicates an expansion of the overall economy.

Economists polled by Reuters had forecast the PMI rising to 49.3. The survey suggested manufacturing, which is heavily reliant on imported raw materials, had not benefited from the de-escalation in trade tensions between President Donald Trump's administration and China.

Economists say the on-gain, off-again manner in which the import duties are being implemented is making it difficult for businesses to plan ahead. Another layer of uncertainty was added by a U.S. trade court last week blocking most of Trump's tariffs from going into effect, ruling that the president overstepped his authority. But the tariffs were temporarily reinstated by a federal appeals court on Thursday.

The ISM survey's supplier deliveries index increased to 56.1 from 55.2 in April. A reading above 50 indicates slower deliveries. A lengthening in suppliers' delivery times is normally associated with a strong economy. But in this case slower supplier deliveries likely indicated bottlenecks in supply chains related to tariffs.

In April, the ISM noted delays in clearing goods through ports. Port operators have reported a decline in cargo volumes.

The ISM's imports measure dropped to 39.9 from 47.1 in April. Production at factories remained subdued, while new orders barely saw an improvement.

The ISM survey's forward-looking new orders sub-index inched up to 47.6 from 47.2 in April. Its measure of prices paid by manufacturers for inputs eased to a still-high 69.4 from 69.8 in April, reflecting strained supply chains.

Factories continued to shed jobs. The survey's measure of manufacturing employment nudged up to 46.8 from 46.5 in April. The ISM previously noted that companies were opting for layoffs rather than attrition to reduce headcount.