Talos has closed a $45M Series B extension, bringing our total Series B funding to $150M. ➡️ Read more: ow.ly/eWJw50Y59Y6 The extension brings strategic partners in closer alignment with Talos as we continue building the unified, front-to-back infrastructure institutions rely on as markets move to digital rails. We are grateful to our new strategic investors: Robinhood Markets @RobinhoodApp Sony Innovation Fund @Sony_Innov_Fund IMC @IMCTrading QCP @QCPgroup Karatage @Karatage As well as returning investors: @a16zcrypto, @BNYglobal and @Fidelity Investments. 🎙️“We extended our Series B round to accommodate interest from strategic partners who recognize Talos’s role in providing core institutional infrastructure for digital assets. At a time when traditional asset classes are increasingly migrating to digital rails, these partners wanted to be more closely aligned with our growth. -- @KatzAnton, CEO and Co-Founder of Talos #DigitalAssets #FinTech #Crypto #Blockchain

In this edition of the Regulatory Roundup by Jon Blankfield: 🇬🇧 London drops wallet caps for stablecoins 🇺🇸 Chicago takes Washington to court over crypto perps 🇪🇺 Warsaw leaves Poland outside MiCA 🇯🇵 Tokyo moves crypto into securities law ➡️ Read it here: ow.ly/j1aN50ZjBHU ➡️ Or subscribe on LinkedIn: ow.ly/yY8850ZjBIj #CryptoRegulation #CryptoCompliance #DigitalAssets

Same $1M order, same hour, four assets. BTC: 4.4 bps. DOGE: 17.9 bps, about 4x the cost. Pre-trade cost analysis has been standard in equities for decades. In digital assets, it's just arriving. Eliad Hoch, Head of Quantitative Execution Services at Talos, breaks down the model behind those numbers in a piece featured by @CfCStMoritz, making the case for an agentic future where traders describe what they want and AI maps the cost-risk tradeoffs. ➡️ Read more on our Insights page: ow.ly/GR6J50Zjjpt

In the latest issue of State of the Network, Senior Research Associate @TanayVed uses our new State of the Market dashboard to break down Q2 2026 market performance, flows, exchange activity and the themes shaping the quarter. Key Takeaways: 🔹 Bitcoin gave back its entire April rally, ending Q2 down roughly 11% against a backdrop of shifting rate expectations, ETF outflows and capital rotation into AI equities. 🔹 The three major liquidity channels, ETFs, Strategy, and stablecoins weakened in Q2, with spot Bitcoin ETFs alone seeing -$4.08B in net outflows. 🔹 $8.35B in BTC and ETH long liquidations resulting in a meaningful deleveraging in Q2, leaving the market thinner but more stable heading into Q3. ➡️ Read the full issue: ow.ly/XN0T50ZiN4f

Talos Senior Product Manager, Anton Deshchenko, shares how settlement orchestration is the critical precursor to scalable digital asset infrastructure and why regulated stablecoins are emerging as a compelling mechanism for truly atomic DvP settlement. Read the feature article by Paul Golden in e-Forex magazine: "Bridging TradFi and blockchain: Advancing settlement solutions for institutional digital assets" ➡️ ow.ly/Ft9Y50Zi6lK 📘 View the full June issue of e-Forex Magazine: ow.ly/GgwN50Zi6lJ

Talos has been named Best Digital Assets Provider at the Hedge Fund Services Awards | APAC hosted by With Intelligence. Congrats to all of the winners, and thank you to the judges and to the clients who trust us to power their digital asset operations. ➡️ Read more: ow.ly/kWsn50Zhr9l

In the latest issue of State of the Network, Talos Researchers @TanayVed and @HCDuschang map the spectrum of tokenized equity models and show how those structures shape pricing and trading through the lens of NVIDIA. Key Takeaways: 🔹 Tokenized stocks today fall into three broad buckets: issuer‑native equity, custodial wrapped equity, and derivative exposure, each representing a different onchain claim on the same underlying stock. 🔹 Moving along this spectrum trades off direct ownership and shareholder rights for greater accessibility, capital efficiency, and simplicity of execution. 🔹 These structural differences translate directly into how markets behave. Taking Nvidia as an example, exposure through Backed’s NVDAx, Ondo’s NVDAon, and NVDA perpetual futures leads to occasional price gaps and fragmented liquidity. ➡️ Read the full issue: ow.ly/sNK150ZghwB

Talos has been named one of the Top 50 Digital Asset Institutions by The Digital Banker, ranking 18th in their 2026 DAA Maturity Index. The Index benchmarks the most influential organizations shaping the digital asset ecosystem across innovation, transaction capability, risk management and interoperability. We're proud to be recognized alongside the exchanges, custodians and infrastructure firms driving this space forward. ➡️ Read more: ow.ly/qiZR50Ze8rv

In the latest issue of State of the Network, Research Associate @HCDuschang examines Hyperliquid’s funding rates relative to other exchanges, HIP‑3 DEXs and non‑crypto perpetuals, HIP‑4 outcome markets and a growing partnership with USDC operators. Key Takeaways: 🔹 Hyperliquid’s $10 billion in perpetual futures open interest highlights growth in asset classes including equities, commodities, and pre-IPO markets. 🔹 Around $3 billion in daily volume is traded on HIP-3 builder deployed perpetuals, emphasizing trading expansion outside of crypto markets. 🔹 USDC sharing a portion of the underlying reserve yield with Hyperliquid enables additional HYPE buy backs and aligns Coinbase and Circle as strategic partners in the ecosystem. ➡️ Read the full issue: ow.ly/G7c650Zcg0q

Frank van Zegveld will be speaking at Dutch Blockchain Week next week on Wednesday, June 24, from 10:00–10:40 a.m. Frank will join a panel discussion with Stephanie Laurent (@Bitwise_Europe), Maxime Seiler @maxime_sts_ (@stsdigital_io), and Joe Wilson (@bunq) on "When TradFi Trades Bits, Not Bonds." Andrew Theodosiou (Sales Director) and Mike Toffolo (Account Management Director) will lead a breakout session, "From Alpha to Execution: How Infrastructure Determines Your Realized Returns," on Thursday, June 25, from 2:00–3:00 p.m. in the Buenos Aires Room on Level 3.5. To attend, please register through the Dutch Blockchain Week app. Talos is proud to support Dutch Blockchain Week as it continues to advance institutional adoption of digital assets across the Netherlands and the European Union. If you'll be in Amsterdam, reach out to the team to connect and learn more about our activities throughout the week. Learn more about how Talos empowers institutions to trade, manage, and access digital assets at ow.ly/Bw2h50ZbKs5.

SpaceX is set to debut on Nasdaq tomorrow, the largest IPO in history at a $135 IPO price with a $1.77T target valuation. Crypto derivatives markets have been pricing it for weeks. What does the market think @SpaceX is worth? We built a dashboard to track pre-IPO perp market data in real time, including pricing, liquidity and open interest. Check it out to here see what the market is reflecting ➡️ ow.ly/kB4k50ZavCI

Talos has been named EMS Provider of the Year at the @Hedgeweek Global Digital Assets Awards 2026, one of the industry's most respected benchmarks for excellence in the digital assets space. Congratulations to all nominees and winners. ➡️ Read more: ow.ly/HyMw50ZauwE

In the latest issue of State of the Network, Senior Research Analyst @TanayVed examines how pre-IPO perpetual futures work, tracing @Cerebras (CBRS) through its IPO as a case study in on-chain price discovery and gauging what @SpaceX is pricing across venues ahead of June 12th. Alongside this issue, we have built a dashboard tracking these markets in real time: ow.ly/KGZQ50Z9lV2 Key Takeaways: 🔹 Pre-IPO perpetual futures create synthetic, 24/7 derivative markets for private companies like SpaceX, OpenAI and Anthropic, providing exposure to their expected valuations before they go public. 🔹 Cerebras’ (CBRS) Nasdaq debut showed @Hyperliquid’s pre-IPO perp had already priced it within 1.3% of the $350 opening price, showing that these markets can provide a credible signal for IPO pricing. 🔹 Ahead of SpaceX’s June 12th IPO, SPCX perps are trading at an aggregated VWAP of $155 across venues against a $135 IPO price, with over $215M in open interest and $2.2B in cumulative volume across Hyperliquid, Binance and other venues ➡️ Read the full issue and check out the dashboard: ow.ly/Bbro50Z9lRN

We're honored to be recognized by the @ProofOfTalk x @BeInCrypto Institutional 100 Awards as Best Trading Infrastructure and Best Market Intelligence & Data Platform. These awards reflect our commitment to delivering the technology, data and insights institutions need to participate in digital assets with confidence. Congratulations to all nominees and winners, and many thanks to Proof of Talk and BeInCrypto for this recognition. ➡️ Read more: ow.ly/p9tU50Z7Kip

How can you be sure your digital asset risk measures stay accurate as markets evolve? In this latest paper, Marco Marchioro, Principal of Quantitative Research at Talos, presents the backtesting framework that helps our forecasts remain calibrated. The full series on defining the measures, building the scenarios and validating the outputs reflects Talos’s risk methodology purpose-built for digital asset markets. ➡️ Read “Backtesting Risk Measures for Digital Assets”: ow.ly/ZMu350Z6ti2

Talos CEO and Co-Founder @KatzAnton Anton Katz will be speaking today, June 4, from 2:30pm - 3:00pm (GMT 7) at REDeFiNE TOMORROW 2026, the seventh annual global DeFi & Web3 virtual summit hosted by @SCB10X_OFFICIAL. Anton will join Matthew Dorr (Principal, @generalatlantic) to discuss "Institutional Trading for Tokenized Markets: Execution, Risk Controls, and 24/7 Market Access." Register to watch the livestream at ow.ly/Kb7O50Z7re3 Thank you to SCB 10X for the invitation.

Institutional crypto lending accounts for just 6-10% of outstanding onchain loans today, but not because demand is lacking. The Institutional Crypto Lending Report by @block_stories maps the institutional adoption of crypto lending: where the market stands today, why institutions are moving onchain, which bottlenecks still limit broader participation, and what is being built to address them. See ow.ly/wf6450Z6taQ. 💡Talos Commercial Product Director Thomas Kennedy explains in the report how Talos is building to solve a core problem: "Credit markets today are highly fragmented. We are focused on enabling credit discovery across both CeFi and DeFi — building a smart credit routing layer intended to help borrowers access the most efficient financing based on their collateral and requirements, and to provide lenders with a more unified view of their exposures across different counterparties and protocols." More insights from Tom below. ➡️ Read the 6 key takeaways and download the full report here: ow.ly/iN8550Z6taO

In this edition of Regulatory Roundup by Jon Blankfield: 🇺🇸 Washington opens the perpetuals gate 🇪🇺 Brussels asks whether MiCA is fit for purpose 🇮🇳 Mumbai pilots tokenized bond markets 🇿🇦 Pretoria removes payments friction for crypto firms ➡️ Read it here: ow.ly/csLR50Z6FFi ➡️ Or subscribe on LinkedIn: ow.ly/xbN550Z6FE9 #CryptoRegulation #CryptoCompliance #DigitalAssets