Half an hour ago, James Wynn's Bitcoin long position was liquidated with a value of $100 million
According to on-chain analyst Ember's monitoring, half an hour ago, whale James Wynn's Bitcoin long positions worth $100 million were liquidated.
Kyrgyzstan’s Ministry of Finance Releases Details of Gold-Backed Stablecoin USDKG
According to Finance Feeds, the Ministry of Finance of Kyrgyzstan has announced the details of the gold-backed stablecoin USDKG, which will be strictly anchored to the physical gold reserves in the national treasury. Each USDKG corresponds to a specific amount of gold, and the reserves are supervised by the National Vault of the Kyrgyz Republic and subject to regular audits to ensure transparency. The government said the move is aimed at improving financial inclusion and reducing transaction costs through blockchain technology, while providing investors with anti-volatile digital assets. USDKG is expected to be launched on the blockchain platform in the next few months, and is currently working with commercial banks and other institutions to promote system integration. The country hopes that this gold-backed model can provide a model for digital economic innovation in Central Asia. Kyrgyzstan has continued to promote financial modernization reforms in recent years, and its gold reserves ranked 58th in the world in 2024 (World Gold Council data). Earlier news, Kyrgyzstan will launch the US dollar stablecoin USDKG in Q3, supported by national gold reserves.
Tether CEO: Tether is expected to become the world's largest Bitcoin miner by the end of this year
According to Bitcoin Magazine, in addition to disclosing Bitcoin and gold reserves, Tether CEO Paolo Ardoino said at the Bitcoin 2025 conference that the company has invested $2 billion in energy production, and actually invested more in Bitcoin mining, and it is expected that by the end of this year, Tether will become the world's largest Bitcoin miner, a forecast that covers all listed companies. In addition, Ardoino also introduced the company's new AI system built for society. He hopes that the AI agent will have a non-custodial wallet, where the agent will keep the funds and work for itself, without being bound by the rules of others. At the same time, it was announced that the company's AI platform is called QVAC. Finally, Ardoino mentioned the cooperative investment and new projects with Rumble. The two parties will work together to launch the Rumble wallet, which prioritizes Bitcoin and will also provide stablecoin storage functions.
Michael Saylor: Adding Bitcoin to the balance sheet has a 90% chance of success in 5 years
According to Cointelegraph, Michael Saylor, founder of Strategy, said at the Bitcoin 2025 Conference: “If you allocate Bitcoin on your balance sheet, there is a 90% probability of success within five years.”
Arthur Hayes: Ethereum is expected to rise to $5,000 this year, setting a new all-time high
According to Decrypt, Arthur Hayes, founder of BitMEX, predicted at the Bitcoin 2025 conference that Ethereum may hit a record high of $4,000-5,000 this year, with a 50%-88% upside from the current $2,646. He believes that "the most hated L1" often performs well at cyclical turning points, and points out that Ethereum's recent 45% increase has shown signs of recovery. Analysts point out three major driving factors: 1) Ethereum occupies 51% of the underlying network share of stablecoin issuance; 2) Layer2 ecological expansion (such as Robinhood's acquisition of WonderFi, which may launch on-chain equity tokens); 3) Pectra upgrade is successfully implemented. Geoffrey Kendrick, head of digital assets at Standard Chartered Bank, is also bullish, giving a target price of $4,000 in 2025 and $7,500 in 2029. Currently, ETH needs to rise 88% to break through the previous high of $4,878 in 2021.
The blockchain games Realms of Alurya and Wonder Wars announced that they will soon be shut down
According to Decrypt, two games based on the Ethereum sidechain Ronin, "Realms of Alurya" and "Wonder Wars", announced that they will soon stop operating due to a shortage of funds. The developer Hello Monster said that it failed to achieve key operating indicators and failed to raise funds, so it decided to terminate the operation of "Wonder Wars" and cancel the token issuance. "Realms of Alurya" was forced to go offline due to the sudden termination of cooperation by the publisher Treasure and the break of the capital chain. The team is seeking a solution. This continues the wave of crypto game closures in 2025. Previously, projects such as "Nyan Heroes" and "Ember Sword" had ceased operations for similar reasons. Industry analysis pointed out that financing difficulties and insufficient players are accelerating the market reshuffle.
Coinbase International launches HYPE perpetual contract
Coinbase International announced that it will launch Hyperliquid perpetual contract (HYPE-PERP) trading on Coinbase International Exchange and Coinbase Advanced at or after 17:30 Beijing time on June 5, 2025.
According to GlobeNewswire, mobile travel service provider Webus International Limited (NASDAQ: WETO) announced two strategic collaborations: it plans to raise up to $300 million through non-equity financing to establish XRP reserves for the development of cross-border payment solutions and blockchain infrastructure; and at the same time, it will renew the national travel cooperation agreement with Tongcheng Tourism Holdings Co., Ltd. (HKSE: 0780.HK). The financing plan will support three major directions: establishing XRP strategic reserves, developing wallets and Web3 loyalty systems, and accelerating global expansion. The financing plan is currently under discussion and the final terms are to be determined.
Wall Street Investment Bank Cantor Fitzgerald to Launch Gold-Backed Bitcoin Fund
According to CoinDesk, Wall Street investment bank Cantor Fitzgerald announced that it will launch a gold-hedged Bitcoin fund, which is the institution's first Bitcoin-themed investment product. The fund is planned to run for five years, while retaining the upside of Bitcoin prices, it provides 1:1 downside protection through a gold-pegging mechanism. Brandon Lutnick, chairman of Cantor Fitzgerald, said at the Bitcoin 2025 conference that the product aims to attract traditional investors who are cautious about Bitcoin to enter the crypto ecosystem. Previously, the institution has launched a Bitcoin lending business, and the first batch of partners include crypto lending platform Maple and broker FalconX.
Pantera Capital reveals it invests in stocks using a “digital asset treasury” strategy
According to CoinDesk, crypto investment institution Pantera Capital disclosed in an investor memorandum that it focuses on a portfolio of listed companies holding crypto assets. The main investment targets include: Bitcoin reserve company Twenty One Capital (supported by Tether, SoftBank, etc.), DeFi Development Corp focusing on Solana, and Sharplink Gaming, an Ethereum holding company supported by ConsenSys. Pantera partner Cosmo Jiang said that such "digital asset vault" companies provide stock market investors with a channel to indirectly hold crypto assets. Its closed-end fund operation model may affect the supply and demand of underlying assets, and in volatile markets, financial operations may achieve returns that exceed the rise of the token itself.
According to the official website, the U.S. Securities and Exchange Commission (SEC) issued a policy statement on PoS network staking activities, clarifying that three types of staking activities do not constitute securities issuance: 1) autonomous staking (node operators use their own crypto assets to participate in network verification); 2) third-party non-custodial staking (asset owners retain control and only entrust verification rights); 3) compliant custodial staking (custodians strictly isolate customer assets and do not use them for operations or re-mortgage). The statement pointed out that the network rewards obtained from the above staking activities are verification service considerations, rather than investment returns based on the management efforts of others, and therefore do not meet the securities identification standards of the Howey test. At the same time, it is clarified that the four types of supporting services (forfeiture insurance, early unbinding, reward reorganization, and asset aggregation) also do not change the nature of the pledge. This policy does not apply to staking services that provide fixed income or use customer assets for trading and other operating activities. The SEC emphasizes that custodians must ensure that pledged assets: 1) are independent of operating funds; 2) are prohibited from lending or re-mortgage; 3) are not subject to third-party recourse. The policy is intended to provide regulatory certainty for compliant staking activities while maintaining law enforcement authority over security tokens.
OpenSea officially releases fully upgraded OS2 platform and will airdrop SEA tokens
According to CoinDesk, the NFT trading platform OpenSea officially released the fully upgraded OpenSea2 (OS2) platform, ending the testing phase and opening it to the public. The new version of the platform supports token trading functions for 19 blockchains, marking its transformation from focusing on NFT to a wider crypto market. The platform also launched a new reward system called "Voyages", where users can earn XP points by completing basic operations such as on-chain transactions. Devin Finzer, co-founder and CEO of OpenSea, said OS2 is "the foundation of the new generation of OpenSea." The company's CMO Adam Hollander revealed in a blog that SEA tokens will be issued through a token generation event (TGE) after completing a series of product updates, but a specific timetable has not yet been announced. The token will allow users to redeem accumulated XP points.
According to CoinDesk, Nigel Farage, leader of the UK Reform Party, announced at the Bitcoin Conference in Las Vegas that if elected prime minister, he would promote legislation supporting crypto assets. Its core policies include: establishing Bitcoin reserves at the Bank of England; passing the Crypto Assets and Digital Finance Act, prohibiting banks from closing accounts due to customer participation in crypto activities; reducing the capital gains tax on crypto assets to a uniform 10%; and explicitly opposing the issuance of central bank digital currencies (CBDCs). Farage declared that "London should become the world's top crypto trading center" and confirmed that the Reform Party would become the first political party in Europe to accept cryptocurrency donations. The latest polls show that the party's support rate continues to rise, but the next general election in the UK is not expected until August 2029. The Reform Party has achieved a breakthrough performance in the local elections in May.
Head of the U.S. SEC Crypto Working Group: Crypto traders need to grow up, not cry to the government
According to CoinDesk, Hester Peirce, head of the U.S. SEC's crypto working group, said at the Bitcoin 2025 conference that crypto investors should be responsible for their own investment decisions rather than seeking government assistance when they lose money. The commissioner emphasized: "If you advocate free choice, you should learn lessons when your investment fails rather than asking for assistance." Peirce pointed out that most crypto tokens are not securities themselves, and related trading platforms do not need to register with the SEC unless they involve securities business. Regarding the recent popular Meme coin, she made it clear that this is a speculative field where investors need to bear their own risks. On the issue of listed companies holding crypto assets, Peirce took a neutral attitude and only emphasized the need to disclose information. The SEC has recently adopted a policy statement to exclude Meme coins, some mining activities and stablecoins from the scope of regulation. Peirce said that the SEC is clarifying the regulatory boundaries of digital asset securities, but the specific regulatory framework for retail crypto transactions still needs to be established by Congress. When the audience was asked whether federal crypto regulation was needed, they received a clear response of opposition.
According to CoinDesk, Panama City Mayor Mayer Mizrachi said at the Bitcoin 2025 conference that he is considering promoting the use of Bitcoin payments in accordance with the El Salvador model. The city has passed a bill allowing residents to use Bitcoin, Ethereum and some stablecoins to pay municipal fees such as taxes and parking fees. Mizrachi specifically proposed to provide priority navigation rights for ships that use Bitcoin to pay Panama Canal tolls, and consider establishing a municipal Bitcoin reserve. This idea is directly inspired by the policies of Salvadoran President Bukele, who became the first country to adopt Bitcoin as legal tender four years ago. At present, the Panama Canal Authority has not yet officially responded to the cryptocurrency payment plan. The canal's toll revenue in fiscal year 2024 reached US$4.9 billion, and an average of 30-40 ships were processed per day.
U.S. House Republicans formally propose crypto market structure bill
According to CoinDesk, Republicans in the U.S. House of Representatives formally proposed a new crypto market structure bill, the Digital Asset Market Clarity Act, which is another important crypto regulatory legislation after the 21st Century Financial Innovation and Technology Act (FIT21). The 236-page bill gives the U.S. Commodity Futures Trading Commission (CFTC) primary regulatory power over the digital commodity spot market, while requiring crypto platforms to choose to register with the CFTC or SEC based on the type of trading assets. The core content of the bill includes: allowing crypto platforms to obtain temporary CFTC registration qualifications; excluding some DeFi projects and wallet providers from SEC supervision; prohibiting forced custodians from including customer assets in their own balance sheets; and clarifying that payment-type stablecoins do not fall within the scope of securities. The bill also requires the three major regulatory agencies to complete DeFi regulatory research within one year and authorizes the Government Accountability Office to submit a research report on DeFi and NFT. If the Clarity Act is officially enacted, the relevant regulatory agencies will have one year to implement its market structure rules. There is still some discussion about whether the Stablecoin Act and the Market Structure Act should be merged into a cryptocurrency bill for Congress to review.
Coinbase Institutional announced on the X platform that it will enable 24/7 trading for XRP and Solana (SOL) futures starting June 13, unlocking real-time access for U.S. traders.
Tether CEO: The company holds more than 100,000 bitcoins and 50 tons of gold
According to The Block, Paolo Ardoino, CEO of stablecoin issuer Tether, disclosed at the Bitcoin 2025 conference that the company currently holds more than 100,000 bitcoins (worth more than $10 billion) and more than 50 tons of gold. According to the latest financial report, as of the end of the first quarter of 2025, Tether held bitcoins worth more than $7 billion (based on the then $83,000 per bitcoin), and physical gold bars worth more than $6 billion. Ardoino said that Tether will realize a profit of about $13 billion in 2024, making it the most profitable company in the crypto industry. Regarding the decision to hold gold, he explained that "gold is not competing with Bitcoin, but with fiat currency." USDT is currently the world's largest dollar stablecoin.
Paris Saint-Germain Football Club Announces It Has Included Bitcoin in Its Financial Reserves
According to The Block, the French football club Paris Saint-Germain (PSG) announced that it has included Bitcoin in its financial reserves. Pär Helgosson, head of PSG Labs, revealed at the Bitcoin 2025 conference in Las Vegas that the club began buying and holding Bitcoin last year, becoming the first top football club to publicly hold Bitcoin. Helgosson said that PSG converted part of its fiat currency reserves into Bitcoin and still holds these assets. As one of the world's largest football clubs, PSG became the first institution in the sports world to publicly hold Bitcoin. The club also plans to invest in "Bitcoin entrepreneurs" and "Bitcoin projects" and use its 550 million global fan base to help these projects expand their markets.
Coinbase to reopen office in San Francisco
Daniel Lurie, mayor of San Francisco, said on the X platform: "Coinbase is returning to San Francisco after leaving it four years ago and opening a 150,000 square foot office in Mission Rock. San Francisco is an ideal place to start and grow a company. Welcome back." In response, Coinbase CEO Brian Armstrong replied: "We are very happy to reopen an office in San Francisco. Although there is still a lot of work to do to improve the city."
US SEC applies to court to dismiss lawsuit against Binance
According to The Block, the U.S. Securities and Exchange Commission (SEC) has filed documents with the court requesting the dismissal of the lawsuit against the cryptocurrency exchange Binance and its former CEO CZ. In a joint statement submitted to the District Court in Washington, D.C., the SEC said that based on policy considerations, it was appropriate to dismiss the case. The lawsuit began in 2023, and the SEC accused Binance of operating without registration and misrepresenting trading controls. In 2023, Binance pleaded guilty to violating the Bank Secrecy Act and paid a $4.3 billion fine. A Binance spokesperson called it "an important moment in regulatory policy change." The documents show that the SEC's newly established crypto working group has recently held extensive consultations with the industry. The SEC has recently withdrawn lawsuits against several crypto companies, including Coinbase and Uniswap. SEC Commissioner Peirce said that law enforcement should target clear violations, but will still crack down on violations in the crypto field.
Rain Launches Multi-Chain Stablecoin Visa Card Supporting Solana, Tron, and Stellar
According to CoinDesk, the stablecoin Visa card platform Rain announced that it will add support for Solana, Tron and Stellar networks, allowing projects based on these chains to quickly issue their own branded Visa cards and support stablecoins for global consumption and payment. KAST on Solana and Offramp on Tron have taken the lead in adopting the platform, focusing on instant wallet consumption and the popularization of US dollar payments in Latin America, respectively. Rain has previously supported Arbitrum, Optimism and Polygon, and completed a $24.5 million Series A financing in March.
According to Bloomberg, Spanish financial giant Santander is considering expanding its digital asset business. Its digital bank Openbank has applied for a crypto license under the EU MiCA framework and will provide stablecoin and crypto asset services to retail customers as early as this year. The bank is evaluating the feasibility of issuing euro and dollar-denominated stablecoins, either by developing its own or integrating existing stablecoin solutions.
According to CoinDesk, Bitcoin vault company Twenty One Capital recently raised another $100 million through convertible senior secured notes, bringing its total financing to $685 million. The company is preparing to merge with Nasdaq-listed Cantor Equity Partners and plans to go public as a Bitcoin Reserve Company. The SPAC is led by Brandon Lutnick, son of former Cantor chairman, and its shareholders include Tether and iFinex. Strike CEO Jack Mallers will serve as CEO. The company disclosed earlier this month that it spent $458 million to buy Bitcoin.
Arkham: Strategy has identified a total of 454,000 BTC holdings on the chain
According to Arkham's latest disclosure, it has tracked and identified 53,800 new BTC (about 5.75 billion US dollars) of Saylor, and the total tracked amount has reached 59.92 billion US dollars of BTC, accounting for 97% of its total holdings. The data is based on the newly identified Strategy address of 70,800 BTC yesterday. Arkham said that about 107,000 BTC of them are custodied in Fidelity and cannot be identified on the chain, and the remaining 454,000 BTC are in independent custody addresses visible on the chain. The goal is to achieve real-time public reserve proof of Strategy BTC assets.
Adam Back predicts Bitcoin will reach $1 million in 5 years
According to Bitcoin Magazine, Blockstream CEO and early Bitcoin promoter Adam Back recently predicted that Bitcoin will rise to $1 million in the next five years.
Telegram issues $1.7 billion in convertible bonds, partly for debt swap
According to Bloomberg, Telegram successfully issued $1.7 billion in five-year convertible bonds to replace $955 million in old bonds due in 2026 and raise $745 million in new financing. The coupon rate is 9%, 200 basis points higher than the 2021 bonds. If Telegram goes public, investors can redeem it at 80% of the IPO price. Telegram currently has more than 1 billion users, revenue will exceed $1 billion in 2024, and cash reserves exceed $500 million (excluding crypto assets).
The number of initial jobless claims in the United States for the week ending May 24 was 240,000, which was expected to be 230,000. The previous value was revised from 227,000 to 226,000. The revised annualized quarterly rate of real GDP in the first quarter of the United States was -0.2%, which was expected to be -0.30% and the previous value was -0.30%.
According to the announcement of SOL Strategies (CSE: HODL), the company spent $4.7 million on May 26 to purchase 26,478 SOLs, with an average price of about $177.5, and has liquidated all Bitcoin holdings (3.21 BTC, cashing out $331,000). The company currently holds a total of 420,355 SOLs (about 100 million Canadian dollars), and its asset allocation has been 100% focused on Solana ecosystem verification node operations and long-term investment.
