Morning Minute is a daily newsletter authored by Tyler Warner. The views and insights expressed are his own and do not necessarily represent those of Decrypt. Also, be sure to check out our new daily news show that summarizes the leading stories in just 5 minutes, available on Apple Pod or Spotify.
Good morning!
Here are today’s highlights:
- Major cryptocurrencies rise amid peace talks regarding the Iran War; BTC increases by 1% to $63,800
- SPCX is trading at $177 on Hyperliquid ahead of its IPO this morning
- Coinbase introduces a new feature for AI agents to facilitate trading and payments
- Outflows from BTC ETFs decrease to their lowest in several weeks
- CARDS surges 50% as interest in the Pokemon gacha meta rekindles
🚀 SpaceX Launches the Largest IPO in History at $135, Trading Starts Friday
On Thursday evening, SpaceX priced its initial public offering at $135 per share, selling 555.6 million shares to accumulate $75 billion, leading to a company valuation of $1.77 trillion. This IPO surpasses Saudi Aramco’s $30 billion offering in 2019, making it the largest public offering to date. The stock will debut on Nasdaq on Friday with the ticker SPCX.
To summarize SpaceX’s operations, the company consists of three primary business segments.
- The launch division, which generated approximately $4 billion in 2025, is responsible for launching about 85% of global payloads into orbit using Falcon 9, Falcon Heavy, and the Dragon crew capsule, with Starship still undergoing testing.
- Starlink, regarded as the company's crown jewel, produces about $11.4 billion in revenue from its global internet services. This segment accounts for 61% of total revenue, boasting over 10 million subscribers in 164 countries, and is the only part of the business currently generating profits.
- The third segment involves AI, stemming from the xAI business formed through a merger in February. This has positioned SpaceX as a major player in computing resources. xAI transitioned its operations to a new cluster and leased the entire Colossus 1 supercomputer in Memphis, which comprises 220,000 Nvidia GPUs, to Anthropic for $1.25 billion monthly, and signed a deal with Google worth $920 million monthly. These contracts could yield around $26 billion in compute rentals annually.
In total, SpaceX reported revenues of about $18.7 billion in 2025 but incurred a net loss of $4.9 billion, primarily due to xAI’s expenditures outpacing Starlink’s earnings.
Overall, the satellite internet division is funding the company's growth prospects in rockets and AI, although returns on these investments, particularly in rocketry, may take years to materialize.
Regarding cryptocurrency, SpaceX owns 18,712 BTC, valued at nearly $1.2 billion. As the stock commences trading on Friday, Backpack Securities and Sunrise will launch a tokenized version, SPCX, on Solana the same day, which can be redeemed one-to-one for actual shares and traded continuously. Furthermore, Hyperliquid has been facilitating pre-IPO markets for SPCX and is currently trading at $177, which will be tested once the market opens today…
🤖 Coinbase Introduces AI Agent Trading and Payment Tool
Coinbase has unveiled Coinbase for Agents, a new feature that allows AI agents to directly access user accounts for trading, portfolio management, and payment processing within user-defined limits. This operates on x402, Coinbase’s protocol designed for machine-to-machine transactions.
Here’s how it functions:
- Users can connect an assistant, such as ChatGPT or Claude, to their account via Model Context Protocol integration, with a command-line option available for developers.
- Users then establish a mandate and set of restrictions, including session limits, per-trade maximums, and spending caps to ensure controlled operation.
- The agent can access live market data, place limit orders, rebalance portfolios towards designated allocations (like 60% BTC, 20% each in ETH and SOL), dollar-cost average, or manage idle cash. It can also autonomously purchase premium data and tools via x402, settling in USDC and operating gaslessly on Base.
- By utilizing an isolated sub-account, the agent does not have visibility into the user’s primary holdings.
Coinbase has indicated that stocks, index funds, prediction markets, and commodities will be added in the future.
Looking at the broader picture, the concept of an agentic economy is rapidly transitioning from theory to practical infrastructure, with cryptocurrency becoming its foundational framework. In just one week, Coinbase, Mastercard, and MetaMask have all developed solutions enabling AI agents to handle and transfer funds, all utilizing crypto networks.
Mastercard’s Agent Pay incorporates stablecoins along with traditional cards, while MetaMask has launched a wallet tailored for agents, and Coinbase has integrated USDC and x402 as the standard options. The expectation is that these will become the primary financial tools for machines, and those who control the infrastructure will benefit financially. For Coinbase, this means promoting activity on Base and making USDC the preferred currency for agents.
🌎 Macro Crypto and Markets
- Cryptocurrency markets are experiencing gains following Trump's announcement of peace in the Iran War; BTC is up 1% to $63.4k; ETH is also up 1% to $1,670; SOL rises by 3% to $66.80; HYPE increases by 8% to $60.30
- LAB (+25%), XMR (+11%), and JUP (+8%) are among the top gainers
- Oil prices decline by 4% to $84; Gold sees a 2.7% increase to $4,226
- Stock futures are showing positive movement due to hopes for peace in Iran and the upcoming SpaceX launch, with the DOW rising 0.7% and Nasdaq increasing 0.6%
- Two individuals were arrested in Georgia for reportedly laundering over $389 million in Bitcoin
- Ripple CEO Brad Garlinghouse responded to JPMorgan’s Jamie Dimon regarding Dimon’s comments on the CLARITY Act market-structure legislation
- Citigroup launched blockchain-based digital depositary receipts that enable investors to access shares in private companies
- Digital Asset, the creator of the Canton Network, secured $355 million to support Wall Street’s adoption of on-chain solutions
Corporate Treasuries & ETFs
- Bitcoin ETFs experienced $22 million in net outflows on Thursday, while ETH ETFs saw $16 million in outflows
- The HYPE ETFs received $0.6 million in net inflows on Wednesday
Meme Coin Tracker
- Meme coins are mostly up; DOGE +3%, SHIB +3%, PEPE +3%, PENGU +2%, TRUMP +25%, BONK +3%, SPX +4%, FARTCOIN +2%
- Gacha (+170%), TCG (+44%), and Cards (+27%) were the top gainers on Solana
- Base movers included Velvet (+100%), Check (+20%), and Diem (+15%)