Monday, June 1, 2026. Bitcoin starts the month under $72,000 after Strategy quietly sold 32 coins, its first BTC sale in four years. U.S. spot Bitcoin ETFs just logged their longest outflow streak on record, $2.97 billion over 10 trading days. Meanwhile Wall Street keeps ripping on the AI trade, and Nvidia just dropped a Computex keynote that pulls them straight into the Windows PC business. Cognition, the company behind Devin, raised another billion at a $26 billion valuation. And the SEC cleared Nasdaq to list cash-settled Bitcoin index options. Four stories worth your time today.
Jensen Huang used Computex to do two things at once. First, he confirmed Vera Rubin is in full production. That's the next-generation data center platform, Vera CPU paired with Rubin GPU, and Nvidia is pitching it as the lowest token-cost inference system on the market. 88 Olympus cores, 227 billion transistors, 1.8 times faster than x86 on agentic workloads according to their numbers. NYSE, Anthropic, OpenAI, ByteDance, Oracle, and the usual hyperscalers are all signed up. Dell, HPE, Lenovo, Supermicro building the boxes. Shipping this fall.
But the more interesting move is RTX Spark. Nvidia is taking the GB10 silicon from DGX Spark, the Arm CPU they co-designed with MediaTek paired with a Blackwell GPU, and putting it inside Windows laptops and mini PCs. Up to 1 petaflop of AI performance, 128GB of unified memory, capable of running a 120-billion-parameter model locally with a million-token context window. 100 frames per second at 1440p with DLSS. 12K video editing in Premiere. Asus, Dell, HP, Lenovo, Microsoft Surface, and MSI all have devices coming this fall, with Acer and Gigabyte following.
This is Nvidia stepping directly onto Intel and AMD's lawn, and arguably onto Apple Silicon's lawn too. They're not selling a GPU anymore, they're selling the whole architecture, with Microsoft co-designing the OS layer for on-device AI agents. The pricing will likely sting. The GB10 reference boxes launched around $4,000, and these consumer machines won't be cheap. But the strategic message is clear: if personal AI agents are the next computing paradigm, Nvidia wants to own the silicon they run on, not just rent capacity in the data center.
Cognition, the maker of Devin, raised over $1 billion at a $26 billion post-money valuation. Eight months ago they were worth $10.2 billion. Lux Capital, General Catalyst, and 8VC led the round. Founders Fund, Ribbit Capital, Atreides all in.
The numbers behind it: annualized revenue jumped from $37 million in May 2025 to $492 million today. Devin usage growing 50% month-over-month for six straight months. Customers include Goldman Sachs, Mercedes-Benz, NASA, Santander, Citi, Dell, and several U.S. government divisions. And here's the line everyone fixated on: Devin now writes roughly 90% of Cognition's own code, up from 13% in December.
Meanwhile Visa just took a stake in Replit and is wiring its payment rails into the platform, including a Trusted Agent Protocol that gives AI agents a cryptographic identity so they can transact on a user's behalf. Replit is now claiming usage in 85% of the Fortune 500, with a self-serve enterprise tier going up to $200,000 in contract value.
So here's the picture. AI coding has clearly moved past autocomplete. It's autonomous agents shipping production code, signing contracts, and now spending money. At 53 times revenue, Cognition's valuation is aggressive, and the obvious risk is that the foundation model companies, OpenAI and Anthropic, compress pricing or just absorb this layer themselves. But $492 million in run rate with 50% monthly growth is not a vibe, that's a real business. The bigger question for everyone else: if Cognition writes 90% of its own code with four hundred million in revenue, what does that imply for engineering headcount across the industry over the next 24 months?
Bitcoin slid below $72,000 to start June. May closed down roughly 3.5%, which is unusual, May is historically a positive month. The selling pressure is coming from multiple directions.
One: ETF outflows. U.S. spot Bitcoin ETFs bled $2.97 billion over 10 consecutive trading days through Friday, the longest outflow streak since these products launched. Total crypto ETP outflows hit $1.67 billion for the week per CoinShares, with the U.S. doing most of the selling. Last week a single investor dumped $1.26 billion of BlackRock's IBIT in one off-exchange trade, paying roughly $30 million in slippage to get out fast. NYDIG analyzed the flow and concluded it was a directional whale exiting, not a basis trade unwinding.
Two: Strategy sold Bitcoin. Just 32 coins for $2.5 million at an average of $77,135, the first sale since 2022. The proceeds fund preferred stock dividends, but the symbolism matters. The largest corporate holder is now a net seller, even if marginally. Saylor did tease over the weekend that something is quote working better, which the market is reading as a signal that buying resumes soon.
Three: macro. Oil bounced on the stalled Iran deal. Geopolitical tension is real. And the Fed meets June 16th and 17th with prediction markets putting 93 to 98% odds on a hold. Polymarket has 57% odds on zero cuts for all of 2026.
The historical pattern is clear: crypto front-runs rate cuts, it doesn't react to them. In 2019 Bitcoin rallied 44% before the first cut, then dropped 45% after. The buyers who win are the ones positioned before easing is priced in. If you believe the Fed is on hold through year end, there's no rate-cut catalyst coming. The catalyst has to come from somewhere else, regulation, institutional flow, or geopolitical de-escalation. Until then, this looks like a market grinding sideways or lower while AI equities take all the oxygen.
The SEC cleared Nasdaq PHLX to list cash-settled Bitcoin index options under the ticker QBTC. These track the CME CF Bitcoin Real-Time Index, which aggregates pricing from eight regulated exchanges and updates every 200 milliseconds. European-style exercise, one Bitcoin per contract, which is one-fifth the size of CME's standard futures contract. That smaller size matters, it lowers the capital requirement and opens the door to a wider set of traders.
Launch is still pending CFTC exemptive relief and OCC approval, with second half of 2026 the realistic target. But the direction is unmistakable. The U.S. is steadily building out regulated Bitcoin derivatives infrastructure that mirrors what exists for equities. Kraken says it plans to offer regulated perpetual futures to U.S. institutional clients within the next month following CFTC approval. Citi is now forecasting the tokenized securities market grows to $5.5 trillion by 2030, with stablecoins driving $1 trillion of demand for on-chain Treasury bills alone.
A couple other regulatory threads worth tracking. Japan's ruling Liberal Democratic Party formally proposed a legal framework for crypto ETF trading and yen-based stablecoins. Coinbase launched direct rupee bank rails in India, plugging into a $3 billion market. Binance added U.S. equities trading and plans tokenized stocks. And in the U.S., the GENIUS Act comment period closes this week as Congress returns.
The through-line: while spot Bitcoin struggles with outflows, the plumbing connecting Bitcoin to traditional finance keeps getting built out. Options, perps, tokenized securities, stablecoin frameworks. The institutional rails are being laid even when prices are ugly. That's usually how cycles work, the boring infrastructure gets built in the drawdown.
One observation to close on. Nvidia is now worth more than the entire crypto market while Bitcoin ETFs see record outflows. Capital is voting, loudly, that AI infrastructure is the better trade right now. The question is whether that's a permanent divergence or a setup. Software stocks and Bitcoin used to move in lockstep. They've broken up. History says one of them eventually catches up to the other. Pick your direction.