SK Hynix’s planned financing in the U.S. could exceed Alibaba’s to become the largest such deal in history, with its American Depositary Receipt (ADR) offering raising up to $29 billion.

U.S. crypto-themed stocks posted modest pre-market gains, with the following tickers rising: MSTR up 0.88%, COIN up 0.77%, CRCL up 0.98%, SBET up 0.50%, BMNR up 0.53%, HOOD up 0.34%, and HYPE Treasury’s PURR surging 2.58%.

According to documents SK Hynix filed with the U.S. Securities and Exchange Commission (SEC), Bank of America, Citigroup, Goldman Sachs, and JPMorgan Chase will serve as underwriters for its initial public offering (IPO). BlockBeats reported today that South Korean storage chip giant SK Hynix plans to raise up to 45 trillion won (approximately $29 billion) by issuing American Depositary Receipts (ADRs) in New York, with the transaction set to launch in July. If completed successfully, the financing scale will exceed Alibaba’s $25 billion 2014 IPO, making it one of the largest overseas equity financing projects in South Korean corporate history and approaching a global capital market record.

According to a diplomatic source familiar with the matter, Qatar’s prime minister launched relevant consultation processes in Muscat, Oman’s capital, on Wednesday to facilitate talks between Iran, Gulf Cooperation Council (GCC) member states, and Iraq on the reopening and future operational arrangements of the Strait of Hormuz. The source noted that while transit fees are not on the formal agenda, Iran is expected to propose plans including levying environmental, navigation, and security fees during negotiations. Gulf states, meanwhile, are anticipated to push for keeping the Strait of Hormuz free of transit fees to ensure unimpeded regional energy and trade transport.

South Korea has delayed the single-stock weekly option plan originally scheduled for June 29, which covers stocks including SK Hynix and Samsung Electronics. Single-stock weekly options are derivatives based on individual equities that expire weekly, designed to enhance market trading flexibility and risk management efficiency. This move further signals that after sharp stock market swings, regulators are concerned about market conditions. A Korea Exchange representative stated, "No decision has been made yet." Earlier, South Korea’s financial regulators expressed regret over the launch of single-stock leveraged ETFs last month, warning that their negative side effects have intensified.

On-chain data shows that as of now, the HIP-3 market has cumulatively generated $44 million in total revenue. Of this amount, $22 million has been distributed to HIP-3 developers, while the remaining $22 million is earmarked for HYPE token buybacks. HIP-3 is a market creation and incentive mechanism within the Hyperliquid ecosystem, allowing developers to create and operate trading markets and earn protocol revenue splits based on market performance. The disclosed data indicates that HIP-3 has become a key revenue source for the Hyperliquid ecosystem, while also continuously providing funding support for HYPE token repurchases.

Japanese financial group SBI Holdings has announced the official launch of the yen stablecoin JPYSC, with its first issuance completed on June 24. The stablecoin’s reserve asset management is handled by SBI Shinsei Trust Bank, while licensed cryptocurrency trading platform SBI VC Trade is responsible for its circulation and distribution. SBI noted that JPYSC is Japan’s first yen stablecoin with reserve assets managed by a trust bank, as well as the country’s first "electronic payment equivalent product" recognized under the Payment Services Act. Unlike Japan’s previously launched money transfer-type stablecoins, JPYSC is not subject to the 1 million yen cap on individual transactions or account balances. The firm expects JPYSC to attract both retail and institutional users via lower transaction costs and support for large-value transactions, serving as a yen base asset for on-chain foreign exchange markets, institutional lending, and settlements for RWA (real world asset) tokenization. Currently, JPYSC is only accessible to holders of SBI VC Trade accounts; its usage scope will be expanded after regulatory and tax frameworks are further clarified. SBI also plans to launch JPYSC lending services. In recent years, Japan has been pushing to integrate compliant stablecoins into the mainstream financial system. Following JPYC’s approval as Japan’s first legally recognized yen stablecoin in 2025, the country’s three major banks—MUFG Bank, Sumitomo Mitsui Banking Corporation (SMBC), and Mizuho Bank—are jointly advancing a stablecoin project, with plans to launch commercial transactions in fiscal 2026.