Cointelegraph

Trump Media and Technology Group (TMTG), the company that owns US President Donald Trump’s Truth Social platform and is partially owned by the president, confirmed a $2.5 billion capital raise to purchase Bitcoin (BTC) after denying earlier reports of the deal.

According to a May 27 announcement from the company, the capital raise comprises a $1.5 billion stock sale and $1 billion in convertible senior secured bonds, with a 0% coupon. The sale is expected to close on May 29. TMTG CEO Devin Nunes said:

“We view Bitcoin as an apex instrument of financial freedom, and now Trump Media will hold cryptocurrency as a crucial part of our assets. This investment will help defend our Company against harassment and discrimination by financial institutions."

TMTG spokespeople responded to the initial report from the Financial Times, published a day before the announcement, with derision.

“Apparently, the Financial Times has dumb writers listening to even dumber sources,” TMTG representatives told the FT.

Shares of TMTG sank following the $2.5 billion capital raise announcement. Source: TradingView

Shares of TMTG fell by over 12% following the announcement and were trading around $23.60 at the time of publication.

The funding deal comes as a growing number of corporations and countries adopt Bitcoin treasury strategies as the digital asset matures into a financial instrument of geopolitical importance.

Bitcoin treasury companies keep stacking

Several Bitcoin treasury companies increased their holdings in May this year, including Michael Saylor’s Strategy. According to SaylorTracker, the company acquired an additional 4,020 BTC on May 26.

Technology company Semler Scientific purchased 455 BTC, valued at over $50 million, for its treasury, an acquisition the company disclosed in a May 23 filing.

Investment firm MetaPlanet, widely regarded by investors as Japan’s MicroStrategy, acquired an additional 1,004 BTC on May 19.

Market analyst Jesse Myers recently predicted that at the current rate of institutional accumulation, large entities will own 50% of the total Bitcoin supply by 2045.

Myers added that this growth in institutional adoption is driven by a flight to safety from traditional asset classes.

“Over the last two years, an exodus from fiat assets — bonds and money — has already begun. Hard money assets, BTC and gold, are where things are shifting,” the analyst wrote in a May 22 X post.

Magazine: Metric signals $250K Bitcoin is ‘best case,’ SOL, HYPE tipped for gains: Trade Secrets

Strive, an asset manager founded by American entrepreneur and politician Vivek Ramaswamy, has announced a $750 million raise to establish “alpha-generating” strategies through Bitcoin-related purchases.

According to a May 27 announcement, the strategies will include buying undervalued biotech companies, purchasing “distressed Bitcoin claims” like those associated with crypto hacks and bankruptcies, and acquiring bottom tranches of Bitcoin credit vehicles at discounted prices.

“ [...] our alpha-generating Bitcoin accumulation strategies are designed to drive sustained outperformance relative to Bitcoin itself, which requires a new valuation framework,” Strive CEO Matt Cole said.

The $750 million raise could expand further through the exercise of warrants, potentially doubling the total to $1.5 billion. The announcement indicates that the entire raise could go to Bitcoin purchases, which could make Strive the fifth-largest Bitcoin treasury company.

The raise, completed through private investment, was priced at $1.35 per share of common stock. The funds were raised in partnership with Asset Entities, a marketing company that Strive plans to merge with.

Strive announced its intentions to deploy a Bitcoin treasury strategy in early May, also revealing plans to go public through a reverse merger with social media marketing company Asset Entities.

In a May 20 regulatory filing, the company shared plans to purchase 75,000 BTC from the bankrupt crypto exchange Mt. Gox, targeting claims that have received definitive legal rulings and in line for distribution.

The company began offering Bitcoin to clients in November 2024 and sought regulators’ permission to offer a Bitcoin bond exchange-traded fund in the same year.

Vivek Ramaswamy, a billionaire who largely built his net worth through his biotech company Roivant Sciences, ran against US President Donald Trump in the Republican presidential primaries. He later withdrew and endorsed Trump.

Trump signed an executive order in March to create a national strategic Bitcoin reserve and digital asset stockpile.

Magazine: Trump’s crypto ventures raise conflict of interest, insider trading questions

BlackRock’s in-house portfolio has been quietly accumulating shares of its Bitcoin exchange-traded fund (ETF), underscoring the asset manager’s growing commitment to the cryptocurrency as part of a broader diversification strategy.

As of March 31, 2025, the BlackRock Strategic Income Opportunities Portfolio held 2,123,592 shares of the company’s iShares Bitcoin Trust (IBIT), valued at $99.4 million, according to filings with the US Securities and Exchange Commission (SEC). That’s a notable uptick from Dec. 31, 2024, when the portfolio held 1,691,143 IBIT shares. 

The BlackRock Strategic Income Opportunities Portfolio’s consolidated schedule of investments as of March 31, 2025. Source: SEC

BlackRock’s IBIT was among 11 spot Bitcoin ETFs approved by the SEC in January 2024. Since then, it has emerged as the largest fund in its category with more than $72 billion in net assets, according to Bitbo data.

The second-largest US Bitcoin ETF is the Fidelity Wise Origin Fund (FBTC), which trails IBIT in net assets by $50 billion. 

The Strategic Income Opportunities Portfolio is primarily a bond-focused strategy that also seeks diversified exposure to other markets, aiming to boost total returns while preserving capital, BlackRock’s prospectus reads. 

Source: MacroScope

Bitcoin ETF demand continues to rise among institutional investors

US spot Bitcoin ETFs shattered records in their debut year, and 2025 is shaping up to deliver a similar performance. 

As reported by Cointelegraph, May is shaping up to be a record month for spot ETFs, which saw more than $1.5 billion in net inflows over just two days.

BlackRock’s IBIT has driven much of that growth, posting consistent inflows since April 9, including multiple days with net buys topping $500 million. 

Net inflows indicate that asset managers are buying shares of the Bitcoin ETFs to meet growing investor demand.

Using the early success of gold ETFs as a benchmark, asset manager Bitwise recently projected that Bitcoin fund inflows could reach $120 billion this year and more than double to $300 billion by 2026.

In terms of net inflows, Bitcoin ETFs vastly outperformed gold ETFs in their debut year. This trend is expected to continue in the coming years. Source: Bitwise Asset Management

While spot Bitcoin ETFs have opened the door for retail and institutional investors, a major untapped market remains: the wealth management platforms and wirehouses of major institutions, Bitwise analysts Juan Leon, Guillaume Girard and Will Owens wrote in the report.

Magazine: Bitcoin bears eye $69K, CZ denies WLF ‘fixer’ rumors: Hodler’s Digest, May 18 – 24

Key takeaways:

Bitcoin could turn parabolic if prices move above $115,000 to liquidate more than $7 billion in short positions.

Onchain indicators enter overheated territory, suggesting prolonged profit-taking from BTC investors.

Bitcoin (BTC) showed strength on May 27, briefly tagging $110,700 after a strong US equities market open and the Trump Media and Technology Group’s announcement that it would raise $2.5 billion for a Bitcoin treasury.

Bitcoin’s bullish momentum aligns with the favorable US financial conditions, as noted by Ecoinometrics. The macroeconomic-focused Bitcoin newsletter highlighted that the National Financial Conditions Index (NFCI) shows a rapid shift to ultra-loose territory after a tightening phase in February 2025.

The NFCI, published by the Federal Reserve Bank of Chicago, tracks stress in the financial system by aggregating measures like credit spreads, leverage, and funding conditions. When the index moves into looser territory, it reflects easier access to capital and reduced market stress—conditions that typically encourage risk-taking behavior among investors.

For high-beta assets like Bitcoin, such periods often coincide with price rallies as capital flows into speculative markets.

US National Financial Conditions Index. Source: Ecoinometrics

Ecoinometrics mentioned that within four weeks, liquidity has returned, creating a supportive macroeconomic environment for risk assets like Bitcoin. The newsletter noted,

“That’s the kind of macro backdrop where Bitcoin thrives. Bitcoin’s rally to new highs didn’t come out of nowhere. It’s tracking the same pattern we saw since 2023: easing conditions → capital rotation → risk-on.”

With Bitcoin just 2% away from its all-time high price, data from CoinGlass indicates that the probability of a short-squeeze remains high due to significant sell-side liquidity. As illustrated below, if Bitcoin breaches $115,000, over $7 billion in short positions could get liquidated, triggering a cascading effect that pushes prices higher.

Bitcoin liquidation map. Source: CoinGlass

Related: Bitcoin shows signs of 'easing momentum' but traders still expect $150K

Onchain data shows Bitcoin in ‘overheated zone’

While the overall momentum remains bullish, Bitcoin’s rally has pushed the market into a zone where historical patterns urge caution. Two key onchain indicators—Supply in Profit Market Bands and the Advanced Net UTXO Supply Ratio—are flashing signals consistent with prior market tops.

The Supply in Profit Market Bands metric tracks how much of the circulating BTC supply is currently in profit. As of late May 2025, this figure has surged to 19.4 million BTC, nearing historical extremes and entering the “Overheated Zone.” Previously, BTC prices tested this zone on Dec. 17, 2025, which was followed by a price correction to $93,000 from $107,000.

Bitcoin Supply in Profit Market Bands. Source: CryptoQuant

Simultaneously, the Advanced Net UTXO Supply Ratio (NUSR), which compares profitable versus unprofitable UTXOs (unspent transaction outputs), is brushing against its historical ceiling around 0.95—a level frequently preceding sell signals. Red markers on the chart indicate prior instances when such conditions led to local price tops or prolonged consolidations.

Bitcoin Advanced Net UTXO Supply Ratio chart. Source: CryptoQuant

The above data does not guarantee an immediate drop, but these metrics suggest a high probability of increased volatility and profit-taking in the short-term.

Related: Bitcoin 2024 conference sparked 30% price crash — Can bulls escape this year?

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Key takeaways:

Ethereum has reclaimed a key level that preceded 100%+ rallies and triggered past altseasons.

Altcoin market cap could surge toward $15 trillion if Bitcoin dominance repeats its post-halving drop.

Despite bullish signals, ETH remains fragile, with $123B in supply near cost basis at risk of flipping into a loss.

Ethereum’s native token, Ether (ETH), has reclaimed a key technical level that has historically preceded sharp price gains and marked the start of an “altseason” across multiple market cycles in the last five years.

ETH price can double in the coming months

The level in question is the mid-line (~$2,600) of the Gaussian Channel—a moving average-based band that tracks long-term momentum—on the 2-week chart.

ETH/USD two-week price chart. Source: TradingView

In 2020-2021, ETH rallied from $400 to over $4,800 after closing above the Gaussian mid-line. A similar move in late 2023 saw ETH climb from below $1,500 to nearly $4,000 within a year.

In both instances, ETH quickly advanced toward and broke above the channel’s upper band as momentum built.

As of May 2025, that upper band sat near $3,200, making it the next key resistance. A breakout above this level could open the path toward the previous cycle high of $4,100 by July.

The next ETH pump may start altseason — analysts

ETH price rally may further influence the broader altcoin market to rise alongside, according to market analyst Moustache, who cited the same Gaussian Channel fractal.

Source: Moustache

The combined market cap of the altcoin market, excluding Ethereum, surged by over 1,400% over a year after Ether’s close above the channel’s midline in July 2020.

Similarly, the altcoin market cap gained by more than 200% a year after ETH’s midline breakout in November 2023.

ETH/USDT two-week price chart. Source: TradingView

The prospect of a 2025 altseason strengthens with a repeating post-Bitcoin-halving pattern.

In both 2017 and 2021, Bitcoin dominance dropped sharply around 400 days after the halving, triggering altcoin rallies. With the April 2024 halving nearing the same period, a similar decline could occur within the next 100 days.

BTC.D performance chart. Source: Wimar X

Analyst Wimar X expects the altcoin market cap to surge toward $15 trillion if the trend repeats.

Ethereum metric warns about potential bull trap

The largest portion of ETH’s market cap—around $123 billion—is held by investors who bought between $2,300 and $2,500, according to onchain data from Glassnode.

ETH market cap by profit and loss. Source: Glassnode

If ETH’s price drops even slightly below this range, a large number of holders would fall into a loss. That could increase the risk of panic selling, adding pressure to the market.

So while ETH is showing technical strength, its support remains shallow unless it can move further away from this cost zone.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Opinion by: Andre Omietanski, General Counsel, and Amal Ibraymi, Legal Counsel at Aztec Labs

What if you could prove you're over 18, without revealing your birthday, name, or anything else at all? Zero-knowledge proofs (ZKPs) make this hypothetical a reality and solve one of the key challenges online: verifying age without sacrificing privacy. 

The need for better age verification today

We're witnessing an uptick in laws being proposed restricting minors' access to social media and the internet, including in Australia, Florida, and China. To protect minors from inappropriate adult content, platform owners and governments often walk a tightrope between inaction and overreach. 

For example, the state of Louisiana in the US recently enacted a law meant to block minors from viewing porn. Sites required users to upload an ID before viewing content. The Free Speech Coalition challenged the law as unconstitutional, making the case that it infringed on First Amendment rights.

The lawsuit was eventually dismissed on procedural grounds. The reaction, however, highlights the dilemma facing policymakers and platforms: how to block minors without violating adults' rights or creating new privacy risks.

Traditional age verification fails

Current age verification tools are either ineffective or invasive. Self-declaration is meaningless, since users can simply lie about their age. ID-based verification is overly invasive. No one should be required to upload their most sensitive documents, putting themselves at risk of data breaches and identity theft. 

Biometric solutions like fingerprints and face scans are convenient for users but raise important ethical, privacy, and security concerns. Biometric systems are not always accurate and may generate false positives and negatives. The irreversible nature of the data, which can't be changed like a regular password can, is also less than ideal. 

Other methods, like behavioral tracking and AI-driven verification of browser patterns, are also problematic, using machine learning to analyze user interactions and identify patterns and anomalies, raising concerns of a surveillance culture.

ZKPs as the privacy-preserving solution

Zero-knowledge proofs present a compelling solution. Like a government ID provider, a trusted entity verifies the user's age and generates a cryptographic proof confirming they are over the required age.

Websites only need to check the proof, not the excess personal data, ensuring privacy while keeping minors at the gates. No centralized data storage is required, alleviating the burden on platforms such as Google, Meta, and WhatsApp and eliminating the risk of data breaches. 

Recent: How zero-knowledge proofs can make AI fairer

Adopting and enforcing ZKPs at scale

ZKPs aren't a silver bullet. They can be complex to implement. The notion of "don't trust, verify," proven by indisputable mathematics, may cause some regulatory skepticism. Policymakers may hesitate to trust cryptographic proofs over visible ID verification. 

There are occasions when companies may need to disclose personal information to authorities, such as during an investigation into financial crimes or government inquiries. This would challenge ZKPs, whose very intention is for platforms not to hold this data in the first place.

ZKPs also struggle with scalability and performance, being somewhat computationally intensive and tricky to program. Efficient implementation techniques are being explored, and breakthroughs, such as the Noir programming language, are making ZKPs more accessible to developers, driving the adoption of secure, privacy-first solutions. 

A safer, smarter future for age verification

Google's move to adopt ZKPs for age verification is a promising signal that mainstream platforms are beginning to embrace privacy-preserving technologies. But to fully realize the potential of ZKPs, we need more than isolated solutions locked into proprietary ecosystems. 

Crypto-native wallets can go further. Open-source and permissionless blockchain-based systems offer interoperability, composability, and programmable identity. With a single proof, users can access a range of services across the open web — no need to start from scratch every time, or trust a single provider (Google) with their credentials.

ZKPs flip the script on online identity — proving what matters, without exposing anything else. They protect user privacy, help platforms stay compliant, and block minors from restricted content, all without creating new honeypots of sensitive data.

Google's adoption of ZKPs shows mainstream momentum is building. But to truly transform digital identity, we must embrace crypto-native, decentralized systems that give users control over what they share and who they are online.

In an era defined by surveillance, ZKPs offer a better path forward — one that's secure, private, and built for the future.

Opinion by: Andre Omietanski, General Counsel, and Amal Ibraymi, Legal Counsel at Aztec Labs.

This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

Betting firm SharpLink Gaming has launched an Ethereum-based corporate treasury strategy and nominated Ethereum co-founder Joseph Lubin as chairman of its board of directors, the company announced May 27.

According to the announcement, SharpLink Gaming, a publicly traded company on Nasdaq, entered into a securities purchase agreement for a private investment in public equity worth $425 million. Ethereum infrastructure firm Consensys was among the investors.

“On close, Consensys looks forward to partnering with SharpLink to explore and develop an Ethereum Treasury Strategy and to work with them in their core business as a strategic advisor,” Consensys founder and CEO Lubin said.

SharpLink Gaming’s stock is up approximately 400% at the time of writing, changing hands at nearly $33.50. Trading today started at over $30 on the market after closing under $ 7 the day before.

SharpLink Gaming stock price chart. Source: Google Finance

A Consensys representative told Cointelegraph that the firm will not provide further commentary until the deal is closed. Still, they confirmed Consensys’ investment in SharpLink Gaming.

Major investors took part in the deal

Alongside Consensys, the investors included venture capital firms ParaFi Capital, Electric Capital, Pantera Capital, Arrington Capital, Galaxy Digital, Ondo, White Star Capital, GSR, Hivemind Capital, Hypersphere and Primitive Ventures. SharpLink CEO Rob Phythian and the firm’s CEO Robert DeLucia also participated.

The deal is expected to close “on or about May 29” if the customary closing conditions are satisfied. SharpLink Gaming intends to use the newly raised funds to jumpstart its Ether (ETH) treasury and for other general corporate purposes:

“ETH will serve as the Company’s primary treasury reserve asset.”

The rise of corporate crypto treasuries

Corporate crypto treasuries are on the rise, but most of them are focused on Bitcoin (BTC). One exception was Meitu, the developer of popular Photoshop-like apps, but the firm has since liquidated its 940 Bitcoin and 31,000 Ether at the end of last year.

Other notable examples include the Canadian subsidiary of Big Four auditor KPMG adding Ether to its treasury alongside Bitcoin in February 2022. Also, Hong Kong-based gaming firm Boyaa Interactive International held ETH, but at the end of 2024, it replaced Ether with Bitcoin.

Social media giant Reddit also acquired both Bitcoin and Ethereum, but the company was reported to have offloaded most of its holdings in late 2024. Publicly traded company BTCS also announced a $57.8 million financing agreement to purchase Ether earlier this month.

Magazine: Bitcoin bears eye $69K, CZ denies WLF ‘fixer’ rumors: Hodler’s Digest, May 18 – 24

Key points:

Bitcoin rebounds from another support retest, but fears over a Nashville conference-induced comedown are growing.

The biggest Bitcoin gathering tends to accompany BTC price weakness.

BTC price action can and will continue to experience drawdowns of 10-20%, analysis stresses.

Bitcoin (BTC) circled $110,000 at the May 27 Wall Street open amid concerns over a 30% BTC price crash.

BTC/USD 1-hour chart. Source: Cointelegraph/TradingView

Bitcoin “market memory” may recall 2024 crash

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD recovering after its latest support retest around $107,000.

As large-volume traders took advantage of the volatility, market commentators turned to potential risk factors, these coming from multiple sources.

Uncertainty over US trade tariffs and the return of Wall Street after the Memorial Day holiday combined with the ghost of BTC price losses from a year ago.

In July 2024, the Bitcoin 2024 Conference in Nashville, Tennessee formed the basis for snap downside in early August which took BTC/USD down 30% from $70,000 to $49,000.

Now, with the same event getting underway for 2025, some wondered whether the market would experience an unwelcome sense of deja-vu.

“The sustained elevation in near-term vols suggests that traders are positioning around headline risk ahead of the Bitcoin Conference in Las Vegas, scheduled for 27 to 29 May. Focus is already building around the event’s speaker line-up, which includes JD Vance, Michael Saylor, Donald Trump Jr., and Eric Trump,” trading firm QCP Capital wrote in its latest bulletin to Telegram channel subscribers.

“Last July’s Nashville Bitcoin Conference offers a useful analogue. At the time, a keynote by President Trump coincided with a sharp spike in 1-day implied vols above 90, followed by a swift reversal and a nearly 30% decline in BTC within two days. That episode continues to shape market memory.”

BTC/USD 1-day chart. Source: Cointelegraph/TradingView

A 30% retracement from current levels would put Bitcoin back at $77,000 — around the area in which it set a multimonth bottom in April.

Continuing, crypto trader, analyst and entrepreneur Michaël van de Poppe reiterated that the drop from $110,000 to the mid-$70,000 range had already happened once before.

“Corrections do happen and they'll continue to happen,” he told X followers on May 26, arguing that a correction of up to 20% “shouldn't disappoint you.”

As Cointelegraph reported, various sources have suggested that the Bitcoin bull market is in its final innings before a protracted trend reversal.

Liquidity “magnet” offers $106,000 target

Tackling short-term price action, popular trader Daan Crypto Trades was among those using exchange order book liquidity to identify potential targets.

“The longer price hovers around this price region, the thicker the liquidity clusters above and below will become,” he summarized on the day alongside data from monitoring resource CoinGlass.  

“There's a big liquidity cluster down at ~$106K and quite a few sitting from $111K and up. Keep an eye out for when price taps either of this regions as those usually act as a magnet when price is close.”

BTC liquidation heatmap. Source: CoinGlass

CoinGlass itself showed the first chunk of ask liquidity being taken into the start of the US trading session.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

South Korean authorities have arrested one of three Russian nationals accused of an attempted robbery during a fake crypto deal in Seoul. The suspects allegedly lured Korean investors to a hotel, where they tried to steal 1 billion won (approximately $730,000) in cash.

The Gangseo Police Precinct in Seoul detained a man in his 20s in Busan on May 27, according to a report by local news outlet JoongAng Daily. The suspect faces charges of assault and attempted robbery. The other two suspects reportedly fled South Korea shortly after the incident.

According to investigators, the robbery attempt occurred on May 21 at a hotel in Seoul’s Gangseo District. The suspects posed as participants in a peer-to-peer crypto transaction and invited 10 Korean men to the hotel.

Two were called to the room while the others waited in the lobby. Inside the room, the suspects — wearing protective vests — ambushed the victims with a replica handgun and a telescopic baton, tying their hands with cable ties.

Police seize weapons, launch global manhunt

Per the report, one of the victims managed to escape and raise the alarm, prompting the suspects to flee without the cash. Police responded to an emergency call and found one man bleeding in the lobby.

Officers discovered a cache of equipment in the suspects’ hotel room, including a replica firearm, batons, vests and a money counter. Police suspect the robbery had been carefully planned.

A request to prevent the suspects from leaving the country was filed the next morning, but two had already departed. “We have requested assistance from Interpol to track down the suspects who fled overseas,” a police official reportedly said.

Authorities are now questioning the detained suspect and preparing to seek a pretrial detention warrant.

Rise in crypto crime incidents

The incident comes amid a recent uptick in crypto-related violent crimes, including kidnapping and ransom cases.

A Manhattan crypto investor faces serious charges after allegedly kidnapping and torturing an Italian man in a bid to extract access to digital assets.

Source: Mario Nawfal

On May 13, the family of Pierre Noizat, the co-founder and CEO of French crypto exchange Paymium, was targeted in an attempted kidnapping.

In response, executives and investors in the crypto industry are increasingly seeking personal security services. On May 18, private firm Infinite Risks International reported a rise in requests for bodyguards and protection contracts from high-profile figures in the crypto space.

Magazine: TradFi is building Ethereum L2s to tokenize trillions in RWAs: Inside story

Layer-1 blockchain Solana may be evolving into a “one-trick pony” for memecoin generation and trading, according to a recent Standard Chartered report.

According to a May 27 Standard Chartered research report shared with Cointelegraph, Solana “dominates in areas that demand high-volume, low-transaction-cost solutions” due to its design prioritizing fast and cheap transaction confirmation. The report suggested this has had an unintended consequence:

“So far, this has been mostly in memecoin trading, which accounts for the majority of activity on Solana (as measured by ‘GDP’, which is application revenue).”

Standard Chartered said the memecoin frenzy served as a stress test for Solana’s scalability but came with drawbacks due to the volatility and speculative nature of such assets. As memecoin trading volumes decline, the bank warned that Solana may struggle to maintain momentum.

Memecoin trading passed its peak

Standard Chartered said Solana-based memecoin activity is past its peak, and “declining usage and trading ‘cheap’ are not a good mix.” The bank suggested that Solana should expand into other sectors that require processing large volumes of transactions cheaply and quickly.

Solana decentralized exchange volume. Source: Standard Chartered

Per the report, those sectors could include high-throughput financial apps and traditional consumer apps such as social media. Still, scaling such applications may take years, according to the bank, with dire consequences for Solana:

“As a result, we expect Solana to underperform Ethereum over the next two to three years, before catching up, at least in real terms.”

Standard Chartered’s crypto target prices. Source: Standard Chartered

Solana: Solana following Bitcoin? Network activity, chart pattern point to $300 SOL price

Solana’s edge is fading

Solana has long positioned itself as a fast and inexpensive layer-1 blockchain with smart contract support, competing directly with Ethereum. However, that edge may be narrowing.

Average transaction fees on Solana and Arbitrum. Source: Standard Chartered

Ethereum layer-2 platforms have caught up with Solana in terms of average transaction cost since the Dencun network upgrade in March 2024. This shift has put pressure on Solana’s value proposition as the cheapest high-throughput blockchain. Standard Chartered acknowledged that Ethereum’s modular design, which separates data availability, execution and consensus, has allowed it to scale more efficiently while preserving decentralization:

“The modular approach allows Ethereum to scale transactions at a low cost (post-Dencun upgrade) while maintaining the security benefits of a highly decentralised mainnet blockchain.”

Magazine: Memecoins are ded — But Solana ‘100x better’ despite revenue plunge

Investments in the fast-paced cryptocurrency market require real-time insights and efficient research. With thousands of projects emerging or disappearing, you need innovative ways to separate signal from noise. 

AI solutions such as ChatGPT and Grok could benefit you as your research assistant, reducing research time and delivering actionable information. 

This article discusses how to use both platforms to make better decisions regarding investment in altcoins.

How to share content with ChatGPT and Grok

Both ChatGPT 4o and Grok 3 allow you to share content in three ways. 

You can simply paste content in the text box with inverted commas and write your prompt. 

Alternatively, you can upload a document from your local drive or Google Drive on ChatGPT 4o. If you are working with Grok 3, you could upload a file from your local drive or connect a file on Google Drive and Microsoft Drive to the AI platform.

On both ChatGPT 4o and Grok 3, you can paste a link in the text box and write a prompt for the AI engine.

Use ChatGPT 4o and Grok 3 to analyze complex data and draw quick conclusions

ChatGPT 4o excels at processing and simplifying extensive and often fragmented information. Altcoin projects tend to have extensive white papers and technical documentation. It takes time to get through all the information, analyze it, and draw conclusions. 

With ChatGPT 4o and Grok 3, you can easily get the information you need without spending hours reading the content. You can use the AI platforms for:

Summarizing extensive documentation: You could get a quick summary of vast information that might go into thousands of words, using a prompt like “Summarize this document in plain English with pros, cons and use cases.”

Analyzing tokenomics: You could ask the AI platforms for the altcoin project’s breakdown of inflation, token distribution and staking models. For example, you could use a prompt such as “Explain the tokenomics of [Altcoin Name] and its impact on price.” 

Deconstructing roadmaps: Projects often publish unrealistic roadmaps that are hard to implement. AI platforms could quickly analyze the relevancy of roadmaps and suggest to you what you could expect of them. You could use prompts like, “What are the most realistic milestones in this roadmap for 2025?”

Spotting red flags: The goal is not just to understand but to spot red flags, such as overpromising, vague goals or lack of technical updates. 

Did you know? ChatGPT is trained on vast crypto data sets and can explain trends, decode memes, or simplify DeFi tools — even if you are just starting your crypto learning journey.

Ask for competitive comparisons on ChatGPT 4o and Grok 3

ChatGPT 4o and Grok 3 can be valuable tools for quickly comparing different cryptocurrency projects. To begin with, state the names of the cryptocurrencies you want to compare. Also mention the criteria such as use case, consensus process, tokenomics and development activities. 

For example, you can use the prompt, “Create a table comparing Solana and Avalanche in terms of transaction speed, fees and developer adoption.” 

Here is a response from ChatGPT 4o:

And this is Grok 3’s response for the same prompt:

AI tools typically use tables or bullet points for an answer. You can also ask additional questions to delve deeper into topics like security, scalability and partnerships. This allows for more efficient evaluation of many projects without the need to search through multiple sources.

To get a market-layer view on ChatGPT 4o, you can use the prompt: 

“Create a table of five layer-1 altcoins with higher throughput than Ethereum and evaluate their adoption metrics.” 

Here is the output of ChatGPT 4o:

Grok 3 gave the following response using the same prompt:

These comparisons help you map out where each altcoin stands relative to its peers and whether it offers a genuine edge.

Did you know? Elon Musk’s Grok chatbot was built with a rebellious tone. It excels at quickly pulling crypto insights directly from social chatter, perfect for memecoin hunters.

Find info about developer activity

Developer traction is a dependable indicator of an altcoin’s long-term potential. Use ChatGPT 4o and Grok 3 to find information about overall growth in development activity, surges after certain upgrades, developer count and contributions, commit activity, network upgrades and challenges before developers.

You could use prompts like:

“What has been the developer activity trend on [Project ] over the last 6 months?”

You can also request ecosystem breakdowns with prompts like:

“List top DeFi projects built on Arbitrum with TVL over $10 million.”

ChatGPT 4o generated the following response for this prompt:

Here is Grok 3’s response for the same prompt:

ChatGPT 4o and Grok 3 can synthesize data points from multiple sources and give you a cleaner picture faster than manual web browsing. You could track sudden price spikes with a prompt like:

“In 100 words, write why is $RNDR trending right now?”

Here is ChatGPT 4o’s response for this prompt:

This is Grok 3’s response for the same prompt:

Grok 3 is particularly useful for monitoring real-time sentiment and news. Grok 3 is ideal for real-time analysis of trends, especially on X, where crypto narratives form quickly. Grok 3 will pull recent posts, mentions and news threads to explain the momentum. It can monitor influencer sentiment.

For deeper and quicker research, you can use ChatGPT 4o and Grok 3 together.

Don’t just trust the bots — verify the alpha

AI tools like ChatGPT 4o and Grok 3 offer powerful support in the altcoin research process, enabling faster analysis, broader comparisons and streamlined access to information. However, even advanced AI models can occasionally misinterpret data or miss contextual nuances. As such, it is essential to treat their responses as a starting point — not a final answer.

When using these tools, take the time to compare outputs, evaluate the sources referenced, and cross-check insights against real-world data. Discrepancies between ChatGPT and Grok responses should prompt further investigation, not automatic preference.

Ultimately, these platforms are most effective when used to enhance critical thinking and research efficiency rather than replace human judgment.

In a fast-moving industry like Web3, effective research requires diligence, curiosity and verification. By applying these principles, you can make more confident and informed investment decisions in the altcoin space.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

MARA Holdings, formerly Marathon Digital Holdings, has reached a new all-time high in Bitcoin mining revenue, fueled by Bitcoin’s recent surge to a record price.

The company’s annualized mining revenue exceeded $752 million on May 27, according to data from CryptoQuant, making it the most profitable day in the company’s history. Marathon is currently the world’s largest publicly traded Bitcoin (BTC) mining firm by market capitalization.

“Quarterly reports are slow. Onchain shows revenue in real time,” CryptoQuant founder and CEO Ki Young Ju wrote in a May 27 X post confirming the milestone. 

Marathon’s record revenue surge occurred days after Bitcoin rose to a new all-time high of $112,000 for the first time on May 22, a development attributed by some analysts to Japanese bond market turbulence, which saw bond yields rise to new highs amid economic turbulence in the country.

BTC mining revenue, MARA, year-to-date chart. Source: CryptoQuant

The revenue surge comes two weeks after MARA’s earnings report for Q1, which missed Wall Street estimates by 0.35%. The company’s Bitcoin production fell 19% year-over-year, primarily due to the April 2024 Bitcoin halving, which cut block rewards in half from 6.25 to 3.125 BTC.

The 10 largest Bitcoin mining firms. Source: Companiesmarketcap

Marathon is the world’s largest Bitcoin mining firm with a $5.18 billion market capitalization, according to Companiesmarketcap data.

MARA’s Bitcoin holdings surpass $5 billion

Despite the reduction in production, Marathon has continued to expand its Bitcoin holdings.

As of May 27, MARA’s Bitcoin holdings are 48,237 BTC worth over $5.28 billion, making the Bitcoin mining firm the world’s second-largest corporate Bitcoin holder with over 0.23% of the total supply, Bitbo data shows.

Largest corporate Bitcoin holders. Source: Bitbo

The top spot remains held by Strategy (formerly MicroStrategy), which holds over $63 billion in Bitcoin.

Despite the revenue surge, daily miner revenues averaged around $50 million, significantly below historic peaks of $80 million, signaling that there is still “room to climb back to those previous highs,” noted macro researcher and CryptoQuant author Axel Adler, in a May 27 X post.

Source: Axel Adler

Marathon first adopted Bitcoin as a strategic treasury reserve asset in July 2024, when it added $124 million worth of BTC to its balance sheet.

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Blockchain company StarkWare has unveiled zero-knowledge (ZK) prover STARK Two (S-two), enabling enhanced privacy and verification on everyday devices like phones, laptops and browsers. 

The company said the new ZK prover allows users to generate complex cryptographic proofs from the client side. This means users can generate ZK-proofs directly on their devices instead of relying on a server or cloud infrastructure, opening the door for faster and more private applications across the internet. 

“S-two will bring STARK proving to everyday devices, and open the door for new real-world proving use cases,” said Eli Ben-Sasson, StarkWare co-founder and CEO, adding that the tool could empower the next wave of ZK applications. 

The company said the ZK prover is now available in public alpha and is set to roll out on Starknet, its Ethereum layer-2 scaling solution, later this year.  

StarkWare says new ZK prover is 39 times faster than old solutions 

StarkWare said that benchmark tests for the S-two ZK prover showed that it was 39 times faster than previous solutions. The performance leap enables smoother experiences in privacy-enhancing applications. 

The upgrade also allows use cases in private transactions, ZK-based identity and verifiable artificial intelligence. StarkWare said S-two runs on CPUs, GPUs and will soon be on browsers. 

“For years we’ve called the prover our magic wand, a tool that transforms complex computation into a simple proof,” Ben-Sasson said. “Now, the wand has become a lightsaber in your pocket, something anyone can wield, instantly, from your own device.”

According to StarkWare, developers can build with S-two, adding that its alpha release supports hardware targets. Furthermore, the company said ZK ecosystem participants like Kakarot, Nexus, ZAN and AntChain OpenLabs have already adopted the technology. 

Kakarot uses S-two inside ETHProofs to generate Ethereum block proofs more efficiently, while Nexus is standardizing RISC-V traces to align with S-two’s architecture. Meanwhile, ZAN and AntChain OpenLabs are adding GPU acceleration to push the prover’s performance even further.

Use cases for S-two zero-knowledge prover

StarkWare chief operating officer Oren Katz told Cointelegraph that S-two marks a shift in how ZK-proofs are used in daily lives. Generating validity proofs directly in devices would allow privacy-preserving features in messaging, payments and digital identity. 

“You can prove a payment was valid without showing your balance, or verify identity without revealing personal details,” Katz added. 

Katz said that even salary payments could be made onchain with full transparency and no exposure of sensitive information. He dubbed the development a “big step toward bringing zero-knowledge tech into the mainstream.”

Beyond privacy, Katz said local proof generation also unlocks use cases in other industries. The executive told Cointelegraph that it could allow gamers to play offline and later generate cryptographic proof of their achievements. 

“An operator, instead of running all logic onchain to prove integrity, can run it on their own servers and simply generate a proof that it was executed correctly,” Katz added.

New ZK prover follows Ethereum’s privacy push

The launch of StarWare’s upgraded ZK prover follows Ethereum’s push for better privacy. On April 11, Ethereum co-founder Vitalik Buterin published a roadmap that addresses privacy enhancements for wallets, decentralized finance (DeFi) applications and infrastructure. 

Buterin advocated implementing privacy-enhancing norms and features across the Ethereum ecosystem, including adding privacy tools in ETH wallets. 

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Fintech companies Taurus and Parafin have partnered to deliver blockchain infrastructure to financial institutions in Europe and Latin America — a move aimed at accelerating the adoption of crypto custody and settlement services across both regions.

As part of the partnership, Taurus has integrated its product suite into Parafin’s institutional platform, creating an end-to-end solution for digital asset management, including custody, governance, and compliant token issuance, the companies announced on May 27.

Financial institutions using the integrated Taurus-Parafin solution will gain access to custody and tokenization services, real-time wallet execution and a full range of trading capabilities.

Taurus is an enterprise digital asset custody and tokenization solution that enables businesses to issue, store and trade a range of crypto products. 

Parafin, by contrast, is not a blockchain-native company; instead, it offers financial infrastructure and merchant services for small businesses. In December, the company was valued at $750 million following a $100 million late-stage funding round. 

Taurus said the Parafin partnership gives it deeper inroads into Latin America, a region known for its heightened crypto adoption. 

Crypto transactions are on the rise in Latin America. Source: Chainalysis

Institutional interest in Bitcoin and crypto is growing

While the relationship between financial institutions and digital assets has been complex and evolving, a wave of positive regulatory developments in the US and globally has spurred broader adoption.

Banks are increasingly offering custody services for digital assets, while some institutions now facilitate crypto trading and investment. Several large banks, including JPMorgan, have also experimented with blockchain technology. 

A significant turning point came in April, when the US Federal Reserve eased restrictions on financial institutions engaging in cryptocurrency activities. Bitcoin (BTC) advocate Michael Saylor called the move a major milestone for banks looking to support digital assets.

On May 23, The Wall Street Journal reported that a group of major banks, including Bank of America, Wells Fargo, Citigroup and JPMorgan, has been discussing potentially issuing a stablecoin. 

If you can’t beat them, join them? An excerpt from NYU professor Austin Campbell’s recent X post claiming that the US banking lobby is “panicking” about yield-bearing stablecoins. Source: Austin Campbell

The report surfaced amid rising speculation that the US banking sector sees yield-bearing stablecoins as a potential threat to its traditional business models.

Circle, the issuer of USDC, the second-largest stablecoin by market capitalization, has launched an initial public offering (IPO) of 24,000,000 shares of its Class A common stock, the company announced on May 27.

The firm has applied to list its Class A common stock on the New York Stock Exchange (NYSE) under the ticker symbol CRCL. As part of the offering, Circle is issuing 9,600,000 shares of Class A common stock, the company said in a press release.

The remaining 14,400,000 shares of Class A common stock will be offered by selling stockholders, with Circle also expected to grant the underwriters a 30-day option to buy up to an additional 3,600,000 shares of Class A common stock to cover over-allotments.

The IPO involves participation from several major US investment banks, with JPMorgan, Citigroup and Goldman Sachs acting as joint lead active bookrunners, the announcement added.

The offering will also feature European banks such as Barclays, Deutsche Bank Securities and Societe Generale acting as bookrunners.

The IPO’s co-managers include BNY Capital Markets, Canaccord Genuity, Needham, Oppenheimer and Santander, while junior co-managers are represented by AmeriVet Securities, Drexel Hamilton, Mischler Financial Group and Roberts and Ryan.

This is a developing story, and further information will be added as it becomes available.

The United Kingdom is leading the world in increasing cryptocurrency ownership among its population in 2025, outpacing economies including the United States, according to a new study by Gemini.

Gemini, the US-based crypto exchange founded by Cameron and Tyler Winklevoss, on May 27 released its latest “State of Crypto” report, giving insights into changes in the global adoption of cryptocurrencies like Bitcoin (BTC).

Based on a survey of 7,200 adults across the US, Europe, Singapore and Australia, the report found that Europe has been leading the way in growing crypto ownership, with the UK in front.

The UK saw the biggest year-over-year growth in crypto ownership of the surveyed nations, with the share of respondents indicating crypto holdings rising to 24% as of April from 18% last year, Gemini said in the report shared with Cointelegraph.

Crypto sees highest ownership in Singapore

While the UK has reportedly seen an increase in new crypto owners, it’s yet to reach the world’s top crypto ownership rate.

According to Gemini’s report, Singapore has been the top country globally for crypto ownership in the past two years, with 28% of local survey respondents saying they were invested in crypto as of April. In 2024, that share was 26%.

Crypto ownership percentage in the US, UK, France, Singapore, Italy and Australia. Source: Gemini

Some European countries have picked up the pace, with 21% of French respondents reporting owning crypto in 2025, up from 18% in 2024. In the US, the indicator grew to 22% from 21%.

Overall crypto ownership rate in the US, UK, France and Singapore increased to 24% by April from 21% last year, suggesting that nearly one in four now own crypto globally.

Implications of the EU’s MiCA regulation?

According to Gemini, the rise of global crypto ownership in the past few years may be attributed to the impact of the Trump administration’s policies on overall positive sentiment following the bear market of 2022.

“In particular, crypto ownership in France and the UK increased, reflecting a warming regulatory environment for digital assets in Europe,” the report said, referring to the rollout of the European Union’s Markets in Crypto-Assets Regulation (MiCA).

However, the UK has yet to adopt a national regulatory framework for cryptocurrency.

An excerpt from the UK’s draft statutory instrument for crypto regulation. Source: Gov.uk

In April, the UK government published a draft statutory instrument (SI) aimed at regulating crypto exchanges, dealers and agents in order to bolster consumer protection and ensure operational resilience.

After conducting a public consultation with last entries accepted before May 23, the UK Treasury expects to finalize the “near-final version” of the SI later this year.

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Key takeaways:

Bitcoin’s RSI has dropped 15% and is now below the overbought threshold.

Bitcoin futures flip bearish with a 43% decline in perpetual CVD.

Analysts predict Bitcoin could reach $150,000 as long as a key support level holds.

Bitcoin’s (BTC) price hit fresh all-time highs of nearly $112,000 on May 23, gaining 50% from its April 1 lows. According to analysts, BTC price is now “showing signs of easing momentum” as it consolidates. 

Bitcoin’s rally to $111K triggered buyer fatigue

BTC’s recent run to $111,000 pushed the daily relative strength index (RSI) into the overbought zone at 79.6. However, “signs of easing momentum” have emerged as the RSI dropped by 15% to 67, said market intelligence firm Glassnode in its latest report, adding:

“This decline may signal cooling buyer enthusiasm, reduction in upward momentum and a potential pause or reversal in the recent bullish trend.”

Bitcoin: 14-day RSI. Source: Cointelegraph/TradingView

Additional data from Glassnode shows that while the Bitcoin futures open interest (OI) rose to all-time highs and funding rates increased with BTC’s all-time highs, the perpetual CVD trended lower, hinting at “stronger sell-side flows” and a more cautious stance among traders.

The chart below shows that Bitcoin’s perpetual CVD has dropped significantly to -$608.2 million from -$425.4 million, marking a 43% decrease.

Glassnode added:

“The persistent decline in CVD reflects bearish sentiment, highlighting dominant sell-side pressure in Bitcoin’s futures market.”

Bitcoin: Perpetual CVD. Source: Glassnode

Bitcoin traders set $150,000 BTC price target

Data from Cointelegraph Markets Pro and TradingView showed Bitcoin trading at $109,600 on May 27. BTC price has closed above $106,000 over the last seven days, reinforcing the importance of this level to buyers.

“Bitcoin is still holding above the 106K level,” said popular analyst AlphaBTC in a May 27 post on X.  

An accompanying chart showed Bitcoin trading in an ascending channel in the 12-hour timeframe, with a BTC price target above $120,000.

In a May 22 X post depicting a similar technical setup, AlphaBTC said:

“After taking the all-time high, I am watching how $BTC performs over the next couple of days. Ideally, it blasts up and shows strength to leave the breakout to be tested in the future.”

BTC/USD 12-hour chart. Source: AlphaBTC

MN Capital founder Michael van de Poppe said that Bitcoin is “looking to attack” all-time highs, but it could retest the $102,000 level before relaunching higher toward $115,000 and beyond. He added:

“Up we go.”

Using Fibonacci retracement levels, Titan of Crypto predicted a cycle top of $135,000 for BTC price if it repeated a 2024 pattern in the weekly timeframe. 

#Bitcoin 100% Fibonacci Extension at $135,000 🎯#BTC is replicating the same pattern. pic.twitter.com/m18vvBaYDQ

— Titan of Crypto (@Washigorira) May 27, 2025

Fellow analyst Rekt Capital shared his Bitcoin price discovery roadmap, showing that BTC was “transitioning into Price Discovery Uptrend 2,” as shown in the chart below.

This is similar to BTC’s price action between January 2024 and March 2024, when BTC/USD rallied more than 91% to its previous all-time highs above $73,000. According to the analyst, if the same scenario were to play out, BTC could reach its next peak of around $150,000.

BTC/USD weekly chart. Source: Rekt Capital 

As Cointelegraph reported, Bitcoin is looking for its next catalyst to reach the target of $155,000 after successfully retesting the key level at $106,000.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Luxembourg classified virtual asset service providers (VASPs) as high-risk entities for money laundering in its 2025 National Risk Assessment (NRA), highlighting concerns over the crypto industry’s exposure to financial crime.

According to the report, the inherent risk level of VASPs is deemed “High,” driven by factors including transaction volume, client reach, distribution channels, legal structures and the international scope of operations.

The NRA identified VASPs as an emerging risk in its 2020 report after “a detailed assessment of ML inherent risks emerging from virtual assets.” This was followed by a 2022 NRA report deeming “the risks associated with crypto assets and virtual currencies as very high,” because, among other things, they are internet-based and cross-border.

EU’s evolving crypto regulation

The EU, of which Luxembourg is a founding member, has been working to regulate the cryptocurrency industry. A key part of this effort is the Markets in Crypto-Assets (MiCA) framework, which is designed to unify crypto regulation across all 27 EU member states.

Since January, crypto asset service providers have started acquiring licenses to operate legally within the EU. This includes cryptocurrency exchange Kraken launching regulated derivatives trading and competitor Crypto.com securing a license allowing it to do the same, both this month.

MiCA also establishes a new set of requirements for stablecoins. The stablecoin market leader behind USDt (USDT), Tether, refuses to comply with the new rules and was delisted on Crypto.com, Coinbase and leading crypto exchange Binance on their EU platforms.

Money laundering with crypto

As the role of cryptocurrencies in the broader financial ecosystem increases, so does their popularity for money laundering. Earlier this month, Hong Kong police arrested 12 people involved in a cross-border money laundering scheme that relied on crypto and over 500 stooge bank accounts to launder 118 million Hong Kong dollars ($15 million).

Crypto value received by illicit addresses per year. Source: Chainalysis

According to reports this month, European law enforcement arrested 17 suspects of a “mafia crypto bank” for allegedly laundering over 21 million euros ($23.5 million) in crypto for Middle East and China-based criminal entities. As a result of the proceedings, 4.5 million euros ($5 million) worth of items were seized, including cash, crypto, 18 vehicles, four shotguns and several electronic devices.

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Japanese investment firm Metaplanet’s Bitcoin premium is almost $600,000 per coin, as Asia’s leading Bitcoin treasury firm pushes forward with its plan to purchase 21,000 BTC by 2026.

Metaplanet’s stockholders are paying a more than fivefold premium on Bitcoin’s (BTC) price when investing in the Japanese company, according to a report by 10x Research published on May 27, which wrote:

“A little-known Japanese stock trades as if Bitcoin were worth $596,154, more than five times its actual price.”

Investors who don’t understand the importance of a firm’s net asset value (NAV) may be “dramatically overpaying for their Bitcoin exposure,” on a position that doesn’t provide additional upside leverage, said the report.

The NAV represents the per-unit price of a fund, calculated by dividing the fund’s total assets minus its liabilities by the number of outstanding shares.

Related: $1M Bitcoin by 2030: Big names predict massive debt-driven BTC rally

Despite the significant premium, Bitcoin treasury firms like Metaplanet and Strategy are important for Bitcoin’s mass adoption, as entities that are front-running “global hyperbitcoinization,” a potential $200 trillion market opportunity, according to Adam Back, co-founder and CEO of Blockstream and the inventor of Hashcash.

Source: Adam Back

Metaplanet is Asia’s largest and the world’s 10th-largest corporate Bitcoin holder, with over 7,800 BTC worth $855 million, representing 0.037% of the total supply, Bitbo data shows.

The report comes nearly two weeks after Metaplanet purchased 1,004 BTC for $104.6 million on May 19, marking its second-largest investment to date, Cointelegraph reported.

Largest corporate Bitcoin holders. Source: Bitbo

Despite the fivefold premium, proxy stocks are becoming more attractive to retail investors, as Bitcoin’s high price tag is discouraging direct retail participation, according to 10x Research’s CEO and head of research, Markus Thielen.

“Retail is only like 7% of the Bitcoin market, and that peaked toward December 2023,” Thielen told Cointelegraph, adding that retail investors “tuned out” from Bitcoin when it first crossed the $45,000 mark, which is the average cost of a new car in the US.

Investors are paying a Bitcoin premium due to a lack of education

Other Bitcoin treasury firms are also trading at significant markups compared with spot Bitcoin prices.

Metaplanet, MicroStrategy premium, compared to Bitcoin. Source: 10X Research

Michael Saylor’s Strategy is currently trading at an implied Bitcoin price of $174,100, a premium which “isn’t extreme but still significant,” wrote the report, adding:

“Every time MicroStrategy issues new shares to retail investors—shares backed by Bitcoin worth only a fraction of the stock price—the company pockets the difference and frames it as Bitcoin yield.” 

While existing shareholders “cheer this on,” this may dilute the NAV per share over time, which is a cost “borne entirely by the new shareholders,” added 10X Research’s report.

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Blockchain.com is stepping up its presence in Africa, targeting markets where governments are beginning to implement formal crypto regulations.

The United Kingdom-based exchange plans to open a physical office in Nigeria during the second quarter of 2025 — its “fastest-growing market” in West Africa — amid broader expansion efforts in Ghana, Kenya and South Africa, according to a May 27 report by Bloomberg.

“Nigeria has taken meaningful steps toward creating a clear framework for crypto,” Owenize Odia, Blockchain.com’s general manager for Africa, reportedly said.

The move comes as global sentiment shifts, including political tailwinds from the United States, where President Donald Trump’s pro-crypto stance has encouraged industry expansion.

Nigeria and Ghana lead in crypto regulation

While cryptocurrency trading remains restricted in many African countries, some, including Nigeria and Ghana, are taking steps toward creating legal frameworks for exchanges.

Odia said the company is prioritizing a license application in Nigeria, which recently enacted a new securities law covering digital assets.

Ghana’s central bank released draft guidelines indicating plans to begin regulating crypto platforms by September 2025, while Kenya is still in the research phase.

Crypto exchange blockchain.com. Source: Blockchain.com

Odia added that such signals of regulatory intent are key to Blockchain.com’s expansion decisions across the continent. The exchange sees the region’s youthful population and currency instability as factors fueling crypto adoption.

Cointelegraph reached out to Blockchain.com for comment but did not receive a response by publication.

Blockchain.com claims 37 million verified users, 92 million wallets and over $1 trillion in transaction volume, according to its website.

In 2022, Blockchain.com closed a funding round that saw its valuation spike from $5.2 billion to $14 billion less than two months before the collapse of Do Kwon’s Terra ecosystem.

However, a $110 million Series E financing round in 2023 more than halved its 2022 valuation

South Africa leads in crypto race

South Africa is emerging as a frontrunner in Africa’s crypto race, with the country positioning itself as a regional hub for digital assets.

According to Ben Caselin, chief marketing officer at Johannesburg-based crypto exchange VALR, South Africa’s strong legal infrastructure and business-friendly environment make it an ideal launchpad for crypto companies looking to expand across the continent.

In a September 2024 interview with Cointelegraph, Caselin emphasized that regulatory clarity is a major factor drawing both local and international players to South Africa.

Momentum continues to build, with the Financial Sector Conduct Authority (FSCA) approving 59 crypto platform licenses by March 2024, as over 260 applications remain under review.

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