Cryptogrind Daily — Saturday, June 13, 2026

GM, and welcome to Cryptogrind Daily. I’m Alex, here to help you navigate the latest crypto currents with clarity and maybe a little dry humor. Let’s dive right in with the most unexpected reveal from the biggest IPO in history—SpaceX. Elon Musk, the ever-enigmatic figure, just pulled off the IPO of the century, raising a staggering $75 billion. But what caught the crypto world’s eye wasn’t just the eye-popping valuation of $1.77 trillion. It was SpaceX’s Bitcoin stash. Analysts were sure they had it nailed down to about 6,095 BTC, but the S-1 filing revealed 18,712 BTC. That’s more than triple the estimate, and just for context, that’s more Bitcoin than Coinbase holds. Elon rang the Nasdaq opening bell from the comfort of Texas while SPCX shares opened 30% above the IPO price.

What does this mean for us in the crypto world? First, it reinforces the narrative that even titans of industry are hedging bets with Bitcoin. It also means institutions are holding more crypto than they’re willing to disclose, and we’re just seeing the tip of the iceberg. SpaceX’s embrace of Bitcoin isn’t just validation; it’s an invitation for more corporates to jump in, making it a fertile ground for crypto services tailored for businesses.

Switching gears to a less cheerful note, we say goodbye to NFTfi, the platform that let you borrow ETH with your Bored Ape as collateral. After processing $737 million in loans, NFTfi is shutting down, marking the end of NFT-collateralized lending as we know it. They called it quits with all operations ceasing by August 31, 2026, and they’re already winding down. When NFTfi launched in 2020, the idea was simple: your NFT is an asset, so why not borrow against it? It worked—until it didn’t. As the NFT market cooled, so did the appetite for borrowing against volatile JPEGs.

For builders, this is a cautionary tale. The NFT market is still the Wild West, and the protocols that succeed will be those that can withstand the harshest dry spells. NFTfi’s closure is a reminder that speculative markets need rock-solid fundamentals, and that goes for any lending product in this space.

On a more optimistic note, Japan is shaking up its crypto tax regime. The country that’s been taxing crypto gains like the salary of a top-tier surgeon—up to 55%—is slashing that rate to a much more palatable 20%. The Japanese parliament’s move to reclassify Bitcoin, Ethereum, and XRP under the Financial Instruments and Exchange Act isn’t just tax relief; it’s a wholesale rethinking of how crypto fits into Japan’s financial system. With the legal framework for spot crypto ETFs now in place, and a tax rate that’ll be implemented in 2028, Japan is setting the stage for a crypto renaissance.

For developers and crypto professionals, Japan’s move is a green light. It opens up massive opportunities for localized tools, exchanges, and services to cater to a newly invigorated retail market. Call it the awakening of a sleeping giant. The Japanese market has long been seen as underutilized, and this legislation could catalyze a boom in blockchain innovation and adoption.

In summary, we’ve got a corporate giant quietly hoarding Bitcoin, a once bright star in the NFT space dimming out, and a major economy loosening its grip on crypto taxation. For you, the builders and job seekers, these developments are less about the headlines and more about what lies beneath: opportunities to innovate, to pivot, and to capitalize on seismic shifts in the landscape.

That’s it for today. I’m Alex, see you tomorrow.