US-Iran truce could lift Bitcoin; crypto firms cancel SpaceX tokens

A proposed memorandum of understanding to extend a 60-day ceasefire between the US and Iran and reopen the Strait of Hormuz prompted crypto analysts to forecast gains for Bitcoin and other risk assets. At the same time, several major crypto trading platforms canceled tokenized allocations for SpaceX’s Nasdaq IPO and began processing refunds after failing to secure the underlying shares.

US President Donald Trump posted on his social platform that “The Deal is scheduled to get signed tomorrow, and immediately after it is signed, the Hormuz Strait is OPEN TO ALL.” Iranian officials did not confirm that timeline. An Iranian foreign ministry spokesperson said the memorandum would not be signed on Sunday but could be completed “in the coming days.” The naval actions that led to talks had disrupted about 20% of global oil and liquefied natural gas flows.

Crypto analysts linked the prospect of resumed shipping through the Hormuz Strait to improved market sentiment. Analyst Michaël van de Poppe predicted a likely rebound in Bitcoin and increased flows into Bitcoin exchange-traded funds if the agreement is confirmed and shipping returns to normal.

In corporate crypto activity, Strategy disclosed a June 1 SEC filing showing it sold 32 BTC, its first reported public sale since 2022. Speaking at a conference in Prague, Michael Saylor defended the sale, saying firms that issue dividend-paying securities and other Bitcoin-backed credit products must retain the ability to sell holdings to support those instruments. He said, “If the company’s policy is that we won’t sell the Bitcoin, then the credit won’t have value and the equity won’t have value.” He described the company’s preferred stock and similar products as “digital credit” backed by Bitcoin used as capital.

On the tokenized offering front, Bybit, Binance, Bitget Wallet and MEXC canceled their tokenized SpaceX IPO campaigns on Friday as SpaceX listed on Nasdaq. The exchanges attributed the allocation shortfall to a third-party provider’s inability to deliver the necessary shares and announced refunds to affected customers. Bitget Wallet chief operating officer Alvin Kan wrote on X that the outcome was “disappointing” and that refunds were being processed, adding that the industry would recover from the setback.

SpaceX’s IPO raised about $75 billion. Shares opened at $150, above the $135 IPO price, and closed the first trading day at $161.11, valuing the company at more than $2 trillion. Tokenized IPO products are designed to give retail users access to high-demand listings, but the failed allocations exposed gaps in custody and share-sourcing arrangements. Several exchanges said they would refine those arrangements to avoid similar issues.

Market participants said they will watch for official confirmation of the memorandum, any timetable for reopening shipping through the Strait of Hormuz, and updates from exchanges on refunded allocations and changes to tokenized offering procedures.