The Weekly Grind (Jun 9–Jun 14): SpaceX's Secret Bitcoin Stash & Crypto Cold War

The Weekly Grind (Jun 9–Jun 14): SpaceX’s Secret Bitcoin Stash & Crypto Cold War

This week was a wild ride in the crypto world. SpaceX shocked everyone with their massive Bitcoin holdings revealed during its record IPO, while geopolitical tensions in the crypto space reached a boiling point between the EU and Russia. Meanwhile, Japan’s tax cut signals a potential boom, and the NFT market continues its collapse.

The Big Stories

• SpaceX’s Secret Bitcoin Stash: SpaceX pulled off the largest IPO in history, opening 30% above its $135 IPO price and raising $75 billion. Hidden in the disclosures was a surprise: SpaceX holds 18,712 Bitcoin, more than Coinbase. Read more

• EU & Russia’s Crypto Cold War: The EU unveiled a power to ban countries from crypto markets. Russia retaliated with new fees on stablecoins, intensifying the crypto cold war. Read more

• Japan’s Crypto Tax Cut: Japan’s parliament slashed the crypto tax rate from 55% to 20%, creating a more welcoming environment for the crypto industry and potentially sparking a financial awakening. Read more

• NFTfi Shuts Down: NFTfi, the original NFT lending protocol, calls it quits after $737 million in loans, as the NFT market collapses. Read more

• Morpho’s Record DeFi Raise: Morpho closes a $175M round backed by major VCs like Paradigm, a16z, and Ribbit, even as the broader market struggles. Read more

By the Numbers

• $75 billion: Amount raised by SpaceX in its record IPO.
• 18,712: Number of Bitcoin held by SpaceX.
• 55% to 20%: Japan’s crypto tax rate cut.
• $737 million: Total loans issued by NFTfi before shutdown.
• $175 million: Morpho’s record DeFi funding round.

What This Means for Crypto Jobs

The crypto job market is seeing mixed signals. Japan’s tax cut could lead to a surge in demand for crypto professionals, particularly in compliance and ETF management. Meanwhile, NFTfi’s shutdown indicates a downturn in NFT-related roles, but the DeFi sector remains hot with Morpho’s latest raise. GameFi developers are still in demand with salaries ranging from $90k to $300k.

Find your next crypto role at cryptogrind.com.