🧠Neuralink Raises $650M

☀️Good morning. It's Tuesday, Jun. 3, and we're covering, Snowflake To Acquire Crunchy Data In $250M Deal, Elon Musk’s Neuralink Raises $650M To Advance Brain Tech, UN Demands Probe After Deadly Shooting At Gaza Aid Center, and much more. First time reading? Sign up to get this newsletter: Sign up here. 

We always Listen and respond to questions and feedback, email us at [email protected]

MARKETS

Cryptocurrency Prices by Market Cap

• The global cryptocurrency market cap today is $3.31 Trillion, a 1.08% increase in the last 24 hours.

• The total crypto market volume over the last 24 hours is $112.89B, which makes a 25.50% increase.

• The total volume in Defi is currently $37.42B, 33.15% of the total crypto market 24-hours.

• The volume of all stablecoins is now $108.02B, which is 95.69% of the total market 24-hour volume.

• Bitcoin’s dominance is currently 63.16%, a decrease of 0.51% over the day.

Circle Eyes $7.2B Valuation In Hotly Anticipated U.S. IPO

Stablecoin issuer Circle is now targeting a $7.2 billion valuation in its U.S. IPO, as investor interest intensifies. The company, which issues the USDC stablecoin, has raised the size and price range of its share offering, now aiming to sell 32 million shares at $27–$28 each, up from 24 million at $24–$26. USDC is the second-largest stablecoin globally, with a $60B market cap, behind only Tether (USDT) at $154B. The total stablecoin market has surged to $248B, showing rising utility and institutional adoption. (Read Deeper)

BUSINESS & FINANCE

Snowflake To Acquire Crunchy Data In $250M Deal

Snowflake has agreed to acquire Crunchy Data, a leading Postgres database startup, in a deal estimated at $250 million, though official terms were not disclosed. Crunchy Data’s open-source PostgreSQL tools are used by clients including UPS and the U.S. Department of Homeland Security. The acquisition positions Snowflake to launch an enterprise-grade Snowflake Postgres, supporting its broader AI data cloud ambitions. This marks the latest in a wave of data infrastructure M&A focused on powering AI agents, following similar moves by Salesforce, ServiceNow, and Alation in recent weeks.

WHY IT MATTERS: With the AI boom pushing demand for structured data platforms, Snowflake is betting big on Postgres as a cornerstone for its AI-native data stack. Crunchy Data brings credibility, federal clients, and a robust developer ecosystem — giving Snowflake a new leg up in the race to become the go-to AI data platform. The $350B data and AI platform market is heating up, and Snowflake just planted its flag. (Read Deeper)

Chime Aims For $11.2B Valuation In Long-Awaited IPO

Digital banking startup Chime is officially going public. The San Francisco-based fintech is targeting a $11.2 billion valuation on a fully diluted basis and plans to raise up to $832 million by offering 32 million shares at $24–$26 apiece. Chime itself will offer 25.9M shares, while early backers like Cathay Innovation are offloading 6.1M. The IPO, led by Morgan Stanley, Goldman Sachs, and J.P. Morgan. The company, which makes money from debit and credit card usage, was last valued in the pandemic-era fintech boom.

WHY IT MATTERS: This is the largest U.S. fintech IPO since the market reopened post-tariff turmoil — and a test for the public appetite for consumer-facing neobanks. With Klarna and others still waiting in the wings, Chime’s performance could either rekindle or cool off a broader fintech revival. (Read Deeper)

TECHNOLOGY & SCIENCE

Elon Musk’s Neuralink Raises $650M To Advance Brain Tech

Neuralink, Elon Musk’s brain-computer interface (BCI) company, has secured $650 million in new funding from investors including ARK Invest, Founders Fund, Sequoia, Thrive, and Lightspeed. The round will support expansion of its Telepathy system—which lets paralyzed patients control devices with their thoughts, and development of future devices like Blindsight, which aims to restore vision to the blind. With five patients already implanted and four clinical trials underway, Neuralink is racing against rivals like Synchron and Paradromics in the growing BCI field.

WHY IT MATTERS: Neuralink's progress show that Musk’s brain-tech ambitions are shifting from sci-fi to near-term reality. The $650M infusion not only boosts development but reflects VC conviction in the convergence of biotech and AI. If Neuralink can move from clinical promise to commercial product, it could reshape medical technology and human-computer interaction. (Read Deeper)

Meta Shareholders Overwhelmingly Reject Bitcoin Treasury Proposal

Meta shareholders have resoundingly rejected a proposal to convert a portion of the company’s $72 billion cash reserves into Bitcoin, with fewer than 4 million votes in favor out of nearly 5 billion cast, according to an SEC filing. The proposal came from Ethan Peck, a Bitcoin advocate with Strive Asset Management and the conservative think tank NCPPR, who argued BTC would serve as a hedge against inflation and a long-term strategic reserve asset. Similar proposals were also submitted at Microsoft (recently rejected) and Amazon (pending vote).

WHY IT MATTERS: Despite Bitcoin's mainstream gains, corporate America remains cautious. Meta’s decisive "no" reflects lingering regulatory, reputational, and volatility concerns — and the gap between crypto advocates and corporate governance norms. The message from shareholders: We’re not MicroStrategy. (Read Deeper)

AROUND DE WORLD & POLITICS

UN Demands Probe After Deadly Shooting At Gaza Aid Center

UN Secretary-General António Guterres has called for an independent investigation into the killing of dozens of Palestinians near an aid distribution site in Rafah, Gaza, where witnesses say Israeli forces opened fire on civilians waiting for food. The Red Cross confirmed receiving nearly 180 casualties, with 21 declared dead, and Médecins Sans Frontières described patients being "shot at from all sides." Israel has denied responsibility, calling the claims “outright fabrications,” and accused Hamas of spreading disinformation.

WHY IT MATTERS: The incident lays bare the humanitarian collapse in Gaza and growing tensions over the militarization of aid distribution. If proven true, the killings could constitute a war crime. The UN’s demand for accountability may put additional pressure on Israel and its allies, especially the U.S., which is a key backer of both Israel and the GHF. (Read Deeper)

U.S. Pushes Trade Partners For Final Offers As Tariff Deadline Nears

With a self-imposed July 8 deadline fast approaching, the Trump administration has issued a clear message to its trading partners: submit your best offers by Wednesday or face the return of sweeping tariffs. A draft letter from the U.S. Trade Representative (USTR) urges countries in ongoing negotiations—including the EU, Japan, Vietnam, and India—to detail their most favorable proposals on tariff reductions, quota expansions, non-tariff barriers, digital trade, and national security assurances. The urgency follows Trump’s 90-day suspension of his controversial "Liberation Day" tariffs, which were met with fierce resistance by markets earlier this year.

WHY IT MATTERS: This is economic hardball. With global supply chains still vulnerable, the U.S. is leveraging legal ambiguity and a ticking clock to force fast-track trade concessions. For trading partners, it’s a race to avoid tariffs and lock in stability amid U.S. unpredictability. For investors, the policy rollercoaster isn’t over yet. ( Read Deeper )

ENTERTAINMENT & SPORTS

UK Threatens To Sue Abramovich Over £2.5B Chelsea Sale Proceeds

The UK government has threatened legal action against Roman Abramovich to ensure the £2.5 billion from his 2022 Chelsea FC sale goes to Ukrainian humanitarian aid. The funds have been frozen since the sale, with the Russian oligarch sanctioned following the invasion of Ukraine. While Abramovich insists the money should benefit all victims of the war, including Russians, UK officials are demanding it go solely to Ukrainians. Chancellor Rachel Reeves and Foreign Secretary David Lammy said they are ready to go to court if talks fail. (Read Deeper)

Disney Announces Hundreds More Layoffs

Disney is laying off several hundred additional workers globally, affecting departments across film, television, marketing, casting, and corporate finance. The move comes as part of CEO Bob Iger’s ongoing cost-cutting strategy amid changing viewer habits, including the shift from cable to streaming. The company said it is taking a “surgical” approach to minimize the impact and no teams will be shut down entirely. Disney currently employs around 233,000 people globally. (Read Deeper)

PODCAST(WHAT WE ARE LISTENING TO)

• In a recent episode of the Bankless podcast, Galaxy Digital CEO Mike Novogratz shared his insights on Bitcoin's remarkable ascent, the evolving bond market crisis, the Genius Act's implications for stablecoins, and the convergence of AI and crypto technologies. (Listen)

EXTRA BREVITI

• Salesforce is absorbing key team members from Moonhub, an AI hiring startup it had previously invested in. While technically not a full acquisition—Moonhub is shutting down, its core team. (Read More)

• Tesla has filed a fresh round of trademark applications for the term “Tesla Robotaxi”, as it prepares to launch testing of its autonomous ride-hailing service in Austin later this month. (Read More)

• TSMC, the world’s largest contract chipmaker, says U.S. tariffs are having a mild but noticeable impact on its business—even as demand for AI chips continues to outpace supply. (Read More)