SpaceX IPO Frenzy Sparks Regulatory Worries, SBF Sentence Upheld

SpaceX's record-breaking IPO on Nasdaq sent shockwaves throughout the crypto market. The company listed at $135 per share, raising $75 billion and valuing it at approximately $1.77 trillion. Before its official listing, crypto exchanges had already created a parallel market for SpaceX perpetual contracts, which reached prices above $180 on platforms like Hyperliquid and Binance.

The frenzied activity was driven by traders rotating capital into pre-IPO speculation, away from traditional tokens. However, this shift has raised concerns about liquidity in the crypto markets, as well as potential regulatory scrutiny of exchanges offering tokenized stock offerings.

In other news, Sam Bankman-Fried's appeal against his 25-year prison sentence for the $8 billion FTX fraud was rejected by the U.S. Court of Appeals, effectively ending his legal fight.