Bitcoin’s market performance remained stagnant at approximately $77,000 on May 22, as U.S. equities enjoyed a favorable week in the lead-up to the Memorial Day holiday. The Dow Jones Industrial Average surged over 300 points, while the S&P 500 index approached an all-time high, bolstered by strong earnings reports from chipmaker Nvidia. Additionally, both Treasury yields and oil prices experienced a decline during this period.
Despite the upswing in stock markets, Bitcoin and other cryptocurrencies like Ethereum have shown little movement, with Bitcoin trading in a tight range between $75,000 and $80,000. Analysts suggest that a further drop in U.S. Treasury yields is necessary to trigger a rally in the cryptocurrency sector.
In notable crypto news, Trump Media & Technology Group announced plans to sell 2,650 Bitcoin, valued at $205 million, following significant losses amounting to $455 million on its cryptocurrency investments. The company originally purchased 11,542 Bitcoin at an average price of $118,522—considerably higher than its current trading value.
Meanwhile, Congress has launched an investigation into potential insider trading at prediction markets Kalshi and Polymarket, with the House Oversight and Government Reform Committee requesting information on how these platforms are managing insider trading risks. This investigation reflects a broader effort by Congress to regulate markets that allow bets on real-world events such as elections and conflicts.
Amid these developments, Cathie Wood’s Ark Invest made a significant investment of $12.5 million in Bullish, a crypto exchange targeting institutional clients. Wood’s firm acquired these shares as the stock saw a 7% decline over the week.
Shares of Bitcoin mining companies also saw gains following Nvidia’s impressive financial results. Firms like Core Scientific, Cipher Mining, Hut 8, and HIVE Digital recorded increases, benefitting from the rising demand attributed to the ongoing artificial intelligence and high-performance computing boom.
In corporate finance news, asset tokenization platform Securitize announced plans to go public through a merger with a special purpose acquisition company (SPAC), Cantor Equity Partners II. This merger will see Securitize listed on the Nasdaq exchange once finalized.
Cryptocurrency exchange Binance has introduced a new financial product allowing investors to speculate on the valuation of SpaceX prior to its anticipated initial public offering (IPO). This “Pre-IPO Perpetual Contract” offers retail investors a chance to bet on the unicorn startup’s estimated valuation, which could reach as high as $2 trillion.
Polymarket is also expanding its betting offerings, introducing parlays to its sports betting platform. The prediction market platform has submitted a proposal to the Commodity Futures Trading Commission to list “combinatorial outcome contracts,” enhancing its sports betting capabilities.
Canadian crypto miner Hut 8 announced a $16 million investment aimed at upgrading and expanding Louisiana’s water system, partnering with West Feliciana Parish to enhance local infrastructure. This move is part of Hut 8’s growth strategy as it continues to expand its energy-intensive operations in the U.S.
Lastly, analyst firm TD Cowen upgraded its price target on Strategy’s stock to $400, forecasting a 140% potential upside. The firm cites increased Bitcoin purchases and a healthier financial position as key motivators for its optimistic outlook. Strategy currently holds 843,738 Bitcoin, which were acquired at a total cost of $64 billion.
