Good Morning,

Here's a quick preview of today’s content: A big week at The Bitcoin Conference 2025 in Vegas is adding bullish market sentiment, a trader publicly lost $87M profit in 5 days, BlackRock is going all in on Circle’s IPO, a public company announces an XRP treasury as Bitcoin treasuries stay hot, a $300M crypto scheme was discovered in Thailand, and so much more.

Happy Thursday 🤝

Don’t pull a James Wynn. Realize your gains. Let’s dive in.

Market Snapshot

  • The selloff in crypto accelerated somewhat during U.S. Wednesday morning trading hours

    • Bitcoin's roughly 50% rally from the post-early April bottom to a new record high of $112,000 last week has more than a few market participants suggesting 2021-like signs of froth

  • The bitcoin miners led declines in crypto-related stocks

    • MARA Holdings (MARA), Riot Platforms (RIOT) and Hut 8 (HUT) each lower by nearly -10%

  • NYDIG suggested this current bull move has plenty of room to run (CD)

Headline Roundup
The major headlines driving crypto markets

  • Hyperliquid whale 'James Wynn' publicly loses $47M after unrealized profits of $87M last week – the craziest trade journey you’ll ever read here

  • BlackRock looks to purchase 10% of Circle’s shares at IPO (TB)

  • Trump’s Executive Director Bo Hines tells the Bitcoin Conference crowd that the U.S. if officially the global crypto powerhouse (BM)

  • Nvidia shares rose 4% after strong earnings results boosting AI tokens like TAO, NEAR, and ICP – see the full earnings report breakdown here

  • $58M connected to the LIBRA memecoin scam has been frozen by Circle (DF)

  • Nasdaq listed energy firm VivoPower $VVPR ( ▲ 12.75% ) plans for XRP treasury strategy with $121M Saudi backing (CD)

  • GameStop announces $500M bitcoin purchase for corporate treasury (TC)

  • Mark Zuckerberg urged by Strive CEO to purchase bitcoin for corporate treasury (DF)

  • Gemini co-founder and multi-billionaire Cameron Winklevoss predicts $1M BTC price calling it ‘the new gold’ (DF)

  • 2% of the entire stablecoin market will be flooded by $5B creditor repayments from FTX beginning May 30 (DF)

  • 9dcc luxury retail phygital web3 project winds down operations (9D)

  • El Salvador ignores IMF warnings and purchases 8 more BTC (DT)

  • Bitcoin product lead at Block Miles Suter announces vision to make bitcoin an every day payment tool (BM)

  • Human Rights Foundation announces 22 global grants valued at ~ $875k (BM)

Venture Capital

  • Altose Ventures and Dragonfly co-lead $36M Series A for stablecoin startup Conduit (NG)

  • Freysa AI quietly raised $30M from Coinbase Ventures and Selini capital for AI x crypto tech (TB)

  • Web3 game distribution startup Oncade raises $4M seed led by A16Z CSX (FS)

  • BlockSpaces raises $2M led by Axiom for bitcoin native collateral and risk platform (PR)

  • Ego looks to ‘financialize’ all internet profiles with $800k pre-seed funding from Solana co-founder and Slow Ventures (ET)

Launches

  • CryptoLife Technology, Baanx Group, and Ledger partner to launch a CL card – waitlist is open here

  • Exodus launches a web3 card in partnership with Baanx – announced at the Bitcoin Conference

  • Coinbase showcases CDP wallets to allow users control without key management (TB)

  • Ethereum L2 ZKsync launches private blockchain platform Prividium for institutional use cases (DF)

  • StarkNet launches new class of bitcoin-native assets called Asset Runes (DF)

  • eToro lists 12 new tokens ahead of IPO roadshow (DT)

Regulation

  • The U.S. Department of Labor withdraws full 2022 guidance plan discouraging fiduciaries to exclude crypto from 401(k) plans (DoL)

  • The SEC is taking public comments during its review of proposes spot XRP ETF (CT)

  • Pakistan follows the U.S. with strategic bitcoin reserve (DF)

  • New York City Mayor showcases pro-crypto beliefs by announcing a Bit Bond (BM)

Cybersecurity

  • Thailand officials arrest a Vietnamese woman tied to a $300M crypto scam (CD)

  • Cork Protocol pauses all platform activity due to $12M exploit (CD)

  • Former director of Blockchain Global is being sued by Australia’s securities regulator for mismanagement of $15M of user funds (TB)

Extra Reads

Chart of the Day

Hyperliquid millionaire James Wynn reached an unrealized profit of $87M in 2 months before losing it in 5 days all on 15x leveraged trades – truly one of the craziest PNLs ever

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