Today in crypto, the US and Iran are edging toward a peace deal that crypto analysts predict could reinvigorate Bitcoin and other risk assets, though the timing remains unclear.
On the business front, Strategy’s executive chairman has continued to defend his firm’s recent Bitcoin sale, saying the ability to sell Bitcoin was necessary to continue issuing “digital credit,” and crypto exchanges were forced to cancel tokenized SpaceX IPO offerings on Friday due to an allocation shortfall.
Trump says Iran peace deal to be signed Sunday, contradicting Tehran
US President Donald Trump said a deal to end the fighting between the US and Iran is scheduled to be signed on Sunday, despite officials in Tehran previously casting doubt on the timeline.
“The Deal is scheduled to get signed tomorrow, and immediately after it is signed, the Hormuz Strait is OPEN TO ALL,” said Trump on Truth Social on Saturday.
Source: Donald Trump
The deal, a memorandum of understanding, is expected to extend the ceasefire between the US and Iran for 60 days and reopen the Strait of Hormuz.
The naval blockade has choked 20% of the world’s supply of oil and liquified natural gas, which has led to higher global asset prices and a sentiment shock that has pressured crypto markets for months.
Iran has not confirmed the Sunday signing. Iranian Foreign Ministry spokesperson Esmaeil Baghaei told state media earlier that the memorandum wouldn’t be signed on Sunday, but could happen “in the coming days.”
Crypto analyst Michaël van de Poppe said a peace deal between Iran and the US will likely prompt a surge in Bitcoin, along with positive ETF flows.
Bitcoin sales are necessary for Strategy’s digital credit business, Saylor says
Saylor defended the company’s recent Bitcoin sale, saying the ability to sell the asset is necessary to continue issuing “digital credit.”
Strategy disclosed its first reported Bitcoin sale since 2022 in a June 1 filing with the US Securities and Exchange Commission, offloading 32 BTC in a move that appeared at odds with Saylor’s long-running “never sell your Bitcoin” mantra.
In an interview with Cointelegraph at the BTC Prague conference, Saylor said that Bitcoin treasury companies must retain the ability to sell holdings when necessary to support dividend-paying securities and other Bitcoin-backed credit products.
“If the company’s policy is that we won’t sell the Bitcoin, then the credit won’t have value and the equity won’t have value,” he said, adding:
The company is in the business of selling digital credit. The credit is backed by capital. Bitcoin is capital.”
Cointelegraph’s Ciaran Lyons (left) and Strategy founder Michael Saylor (right) at BTC Prague. Source: Cointelegraph
Saylor described products like Strategy’s STRC preferred stock as “digital credit” instruments that use the company’s Bitcoin balance sheet to support credit obligations. For Strategy, such securities have become a primary vehicle for raising capital to acquire more Bitcoin.
Major crypto exchanges cancel SpaceX IPO allocations, promising refunds
Crypto trading platforms Bybit, Binance, Bitget Wallet and MEXC canceled their tokenized SpaceX IPO campaigns as SpaceX went public on the Nasdaq on Friday.
SpaceX’s IPO, which was reported as more than four times oversubscribed, raised $75 billion as it became a publicly traded company. SpaceX shares opened for trading at $150 on Friday, up from its IPO price of $135. It closed the day at $161.11, valuing the company at over $2 trillion.
SpaceX trading on Nasdaq on Friday. Source: TradingView
However, major crypto platforms offering tokenized access to the IPO were unable to fulfill demand for SpaceX allocations, with several blaming Kraken-owned xStocks’ inability to deliver the underlying assets.
The failed campaigns marked a setback for crypto platforms seeking to give their users high-demand public offerings for the first time.
“It’s disappointing that this didn’t work out in the end. We are in the process of sending out the refunds,” Bitget Wallet chief operating officer Alvin Kan said on X.
“Yes, we have hit a setback, and trust in the industry has taken a blow, but we’ll come out of this stronger,” he added.
