BETR News & Events

Bitcoin crashes to a four-month low near $61,300, triggering $1.61B in forced liquidations as Coinbase launches SpaceX pre-IPO perpetual futures, CleanSpark reports 671 bitcoin mined in May, and a Michigan couple closes the first Fannie Mae bitcoin mortgage. Stay up on the crypto news that matters with "Crypto Currents," daily from The Fly. Join us at 2 PM ET for your essential briefing on the fast-moving world of cryptocurrency on FlyCast radio.BITCOIN LIQUIDATION CASCADE:Bitcoinfell to approximately $61,300 overnight, its lowest print since February, triggering $1.61B in liquidations across 271,000 traders, with long positions accounting for approximately 85% of the forced unwind, according todata. The drop extended bitcoin's five-day losing streak and came alongside etherfalling to roughly $1,750 and solanadeclining 10%. The total crypto market cap has shed over $2T from its October 2025 peak, as capital rotates toward conventional equities and the anticipated SpaceX IPO. Crypto-adjacent equities tracked lower in lockstep: MARA Holdingsfell 3.6%, Riot Platformsdropped 3.9%, Robinhoodslipped 2.5%, and CleanSparkfell approximately 5%.COINBASE LAUNCHES PRE-IPO PERPS:Coinbasewent live with SPCX-PERP, a USDC-settled, no-expiry perpetual futures contract on SpaceX, opening at 6:00 a.m. UTC targeting international customers, according to the. The contracts are designed to automatically transition to a standard SpaceX perpetual once the company's stock begins trading on Nasdaq, an event currently expected around June 12, per.The launch positions Coinbase among the first major exchanges offering synthetic pre-IPO exposure to what could be the largest public offering in history, as noted by. Coinbase stock fell roughly 6% on the session as the broader bitcoin selloff weighed on the crypto-equity complex, even as the platform expanded its derivatives product suite.CLEANSPARK MAY OPERATIONS REPORT:CleanSpark released its unaudited May operational update, reporting 671 bitcoin produced at an average daily rate of 21.66 bitcoin and a peak operational hashrate of 50.0 EH/s across 808 MW of utilized power within its 1.8 GW contracted portfolio, according to the. CleanSpark also named Ruben Sahakyan as senior VP of finance, bringing over $20B in advisory transaction experience from his prior role as managing director and co-head of digital assets & infrastructure investment banking at Keefe, Bruyette & Woods, to lead the company's capital markets and M&A push toward multi-gigawatt AI and digital infrastructure. The company holds 13,470 bitcoin as of May 31, sold 654 bitcoin during the month at an average blended price of $79,934, and has produced a cumulative 3,110 bitcoin in calendar year 2026.FIRST FANNIE MAE BITCOIN MORTGAGE:Better Home & Financeand Coinbase confirmed that a Michigan couple became the first U.S. borrowers to close a Fannie Mae-conforming mortgage using bitcoin as collateral, with Better Home & Finance announcing a nationwide product availability date of Summer, according to. The milestone marks the first time bitcoin collateral has been accepted within the Fannie Maeconforming loan framework, fusing crypto-native asset management with federally backed mortgage infrastructure.PRICE ACTION:As of time of writing, bitcoin was trading at approximately $63,807.99, while ether was trading at approximately $1,770.47, and solana was $69.58,.

Better Home & Finance Holding Company (BETR), and Coinbase (COIN) announced the funding of the first Fannie Mae (FNMA)-backed mortgage backed by Bitcoin in the United States. The companies also confirmed plans to make the product available to qualified borrowers nationwide by Summer 2026. n March 2026, Better and Coinbase announced plans to offer the first Fannie Mae-eligible token-backed mortgage. The product is designed to address the evolving financial profiles of modern homebuyers, based on how they store wealth and how the mortgage system has traditionally evaluated it. Initially supporting Bitcoin and USDC, the product allows borrowers to pledge digital assets as collateral, enabling them to secure a mortgage without liquidating their holdings. The companies plan to expand support to additional digital assets as the market matures.

Reports Q1 revenue $47.5M, consensus $47.7M. "Q1 2026 was a strong quarter for Better. We grew loan volume 89% year over year and exceeded the high end of our previously-issued guidance with revenue up 52% year over year. Tinman AI platform volume made up 50% of our loan volume, a level we expect to build from," said Vishal Garg, CEO and Founder of Better. "Going into Q2, the higher-rate macro environment is shifting our mix toward HELOCs, and we are leaning into that shift. HELOCs come in at lower loan balance than refinance, but they carry higher gain on sale margins, which is driving meaningful revenue growth in Q2. And in the month of April alone, our top of funnel increased dramatically as our existing partnership pre-approval volume 2x'ed within the month, to grow from $100 million per day to a $200 million per day as one of our larger partners increased customer exposure to our product. This is a huge reservoir of pent-up customer demand, that while it may hesitate to lock and fund immediately now due to the uncertainty in the Middle East and elevated rates, it will unlock into massive volume and revenue growth once things settle down. Combined with the capital and cost actions we took earlier this year, we are well-positioned to continue advancing toward profitability."