May's crypto aggregate is out.

In May, we finally see ETH staging a rebound. Pectra upgrade took place and it has been good for ETH. The SEC also issued a statement stating that protocol staking does not involve the “offer and sale of securities”. Since late-April, Ethereum ETFs have experienced ~$1.5 billion in inflows.

We also see many more public listed companies trying to replicate what Michael Saylor did with Strategy. For example, Consensys announced a $425 million into Nasdaq-listed SharpLink Gaming to hold ETH in its corporate strategy. As at end-May, Galaxy Digital estimates that there’s at least ~$12.7 billion in outstanding corporate debt used to finance bitcoin treasuries, of which Strategy accounted for ~$8 billion.

Strategy’s market cap is currently trading at ~70% higher than the size of its Bitcoin treasury, while Japan’s Metaplanet (3350.T) market cap is ~5.7x larger than its Bitcoin holdings. Something for all of us to monitor is the mNAV metric and what happens when a company who has borrowed heavily sees their mNAV falls significantly below 1.

For the full writeup, read it here: