After several weeks of strong gains, cryptocurrency markets are taking a pause to consolidate.



<figure class="wp-block-table"><table class="has-fixed-layout"><tbody><tr><td>Cryptocurrency</td><td>Price&nbsp;&nbsp;&nbsp;</td><td>Gains +/-</td></tr><tr><td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td><td>&nbsp;$103,832.61</td><td>+0.8%</td></tr><tr><td>Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>)</td><td>&nbsp;$2,584.56&nbsp;</td><td>+2.3%</td></tr><tr><td>Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>)</td><td>&nbsp;$170.10</td><td>+0.2%</td></tr><tr><td>XRP (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/xrp/usd">XRP</a>)</td><td>&nbsp;$2.40</td><td>-1.5%</td></tr><tr><td>Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>)</td><td>&nbsp;$0.2254</td><td>+2.05%</td></tr><tr><td>Shiba Inu (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/shib/usd">SHIB</a>)</td><td>&nbsp;$0.00001491</td><td>+0.9%</td></tr></tbody></table></figure>



Notable Statistics:



<ul class="wp-block-list">
<li>IntoTheBlock data shows large transaction volume increasing by 5.4% and daily active addresses falling by 6.3%. Transactions greater than $100,000 are up from 11,304 to 11,517 in a single day. Exchanges netflows are down by 466.7%.</li>



<li>Coinglass data reports 90,592 traders were liquidated in the past 24 hours for $233.13 million.</li>
</ul>



Notable Developments:



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/markets/cryptocurrency/25/05/45471925/donald-trumps-crypto-ties-could-be-a-banana-skin-for-the-industry-report">Donald Trump&#8217;s Crypto Ties Could Be A Banana Skin For The Industry: Report</a></li>



<li><a href="https://www.benzinga.com/markets/cryptocurrency/25/05/45470447/14-us-state-pension-funds-now-hold-632-million-in-strategy-stock">14 US State Pension Funds Now Hold $632 Million In Strategy Stock</a></li>



<li><a href="https://www.benzinga.com/trading-ideas/movers/25/05/45470257/basel-medical-eyes-1-billion-bitcoin-bet-to-fuel-asia-healthcare-expansion">Basel Medical Eyes $1 Billion Bitcoin Bet To Fuel Asia Healthcare Expansion</a></li>



<li><a href="Bitcoin%20Up%201.46%25%20as%20JP%20Morgan%20Predicts%20It%20Will%20Outperform%20Gold,%20Public%20Companies%20Add%20Digital%20Assets">Bitcoin Up 1.46% as JP Morgan Predicts It Will Outperform Gold, Public Companies Add Digital Assets</a></li>



<li><a href="https://www.benzinga.com/news/legal/25/05/45471661/coinbase-under-sec-investigation-for-overstatement-of-user-numbers">Coinbase Under SEC Investigation For Overstatement Of User Numbers</a></li>



<li><a href="https://www.benzinga.com/markets/cryptocurrency/25/05/45464605/wisconsin-pension-fund-exits-300m-bitcoin-etf-position">Wisconsin Pension Fund Exits $300M Bitcoin ETF Position</a></li>
</ul>



Top Losers:



<figure class="wp-block-table"><table class="has-fixed-layout"><tbody><tr><td>Cryptocurrency</td><td>Price&nbsp;&nbsp;&nbsp;</td><td>Gains +/-</td></tr><tr><td>Pi (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">PI</a>)</td><td>&nbsp;$0.7700</td><td>-12.6%</td></tr><tr><td>Optimism (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">OP</a>)</td><td>&nbsp;$0.7336</td><td>-4.9%</td></tr><tr><td>Bonk (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">BONK</a>)</td><td>&nbsp;$0.00002060</td><td>-4.5%</td></tr></tbody></table></figure>



Trader Notes: According to <a href="https://x.com/santimentfeed/status/1923078207491727535">Santiment</a>, Bitcoin is encountering stiff resistance in the $104,000–$105,000 zone, sparking short-term bearish sentiment across the market. 



However, history suggests that when traders become fearful, it often sets the stage for a surprise rally.



A balanced 1:1 bullish-to-bearish social sentiment ratio is currently in play, which analysts say could be an early signal of a shift in market psychology, potentially preceding a breakout.



Crypto chart analyst Ali Martinez <a href="https://x.com/ali_charts/status/1923397505108083022">highlighted</a> $98,732 as a critical demand zone, where over 1.19 million BTC were accumulated by 1.19 million wallets. 



He <a href="https://x.com/ali_charts/status/1923428733362508265">noted</a> that a daily close above $107,000 would be a bullish confirmation that "will take Bitcoin places."



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">$98,732 is a major demand zone, where 1.19 million wallets accumulated over 1 million <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a>! <a href="https://t.co/qKORMMY4oU">pic.twitter.com/qKORMMY4oU</a>&mdash; Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1923397505108083022?ref_src=twsrc%5Etfw">May 16, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



The Cryptomist <a href="https://x.com/Thecryptomist/status/1923384206903636420">added</a> that if Bitcoin can clear $104,400, the next targets lie between $108,000 and $110,000, likely dragging altcoins higher with it. 



Meanwhile, Michael van de Poppe believes that as long as BTC holds above $98,000, it's in the final consolidation phase before a push to new all-time highs.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">The view remains unchanged on <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a>. As long as it stays above $98K, we&#39;ll be fine for further continuation upwards. Last consolidation before we&#39;ll break ATHs and start having fun. <a href="https://t.co/l9mQSvPrcq">pic.twitter.com/l9mQSvPrcq</a>&mdash; Michaël van de Poppe (@CryptoMichNL) <a href="https://twitter.com/CryptoMichNL/status/1923280827632283653?ref_src=twsrc%5Etfw">May 16, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Trader Tim <a href="https://x.com/trader_tim_/status/1923441402962182628">cautioned</a> that Bitcoin and Ethereum are showing mixed signals heading into the weekend:



<ul class="wp-block-list">
<li>Ethereum is trading between its Monday range and last week's high, a potential deviation setup that could favor short positions.</li>



<li>Bitcoin hasn&#8217;t yet reclaimed its Monday high, but a push above it could spark stop runs in ETH, potentially propelling it toward $3,000.</li>
</ul>



Tim advised traders to remain nimble in what he described as a choppy, tricky environment where it&#8217;s easy to get caught offside. &#8220;Tough conditions to trade lately. Hang in there. Stick and move.&#8221;



Read Next:&nbsp;



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/markets/cryptocurrency/25/05/45468089/bitcoins-dominance-hits-resistance-is-the-eth-xrp-doge-rally-coming">Bitcoin&#8217;s Dominance Hits Resistance: Is The ETH, XRP, DOGE Rally Coming?</a></li>
</ul>



Image: Shutterstock

Bitcoin, Ethereum, Dogecoin Hold Steady While XRP Dips — 'Tough Conditions, Hang In There,' Trader Says

Coinbase Global Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>) <a href="https://www.benzinga.com/trading-ideas/movers/25/05/45419064/coinbase-explodes-47-ahead-of-sp-500-debut-charts-flash-bullish-breakout">will be added to the S&amp;P 500 Index on May 19</a> in place of Discover Financial Services (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DFS#NYSE">DFS</a>), which is being taken over by Capital One Financial. Following the news, Coinbase shares are up more than 27%.



Coinbase is the first digital-asset firm to be included in the S&amp;P 500, marking a major breakthrough toward the <a href="https://www.benzinga.com/crypto">cryptocurrency sector&#8217;s</a> inclusion in mainstream finance. For the investors, the action presents the ideal time to tap into <a href="https://www.benzinga.com/etfs">exposure by way of ETFs</a> that hold significant stakes in the crypto exchange.



ETFs Riding The Coinbase Rally



As Coinbase gains on its S&amp;P 500 listing, a number of ETFs with significant exposure to the company have also seen a surge. Here are some prominent ETFs making a move:



First Trust SkyBridge Crypto Industry &amp; Digital Economy ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CRPT#NYSE">CRPT</a>)



This fund focuses on companies that are leading the way in crypto and digital assets. The second-largest holding is Coinbase, at a 17.5% allocation. The expense ratio is 0.85%. The fund shot up more than 7% this week.



Fidelity Crypto Industry and Digital Payments ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FDIG#NASDAQ">FDIG</a>)



FDIG provides exposure to digital payment systems and crypto-related stocks. The leading position is held by Coinbase with a 12.5% portfolio share. It charges a 0.40% expense ratio. The fund gained more than 8% this week, riding on Coinbase&#8217;s climb.



YieldMax Crypto Industry &amp; Tech Portfolio Option Income ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LFGY#NYSE">LFGY</a>)



For yield-hungry investors, LFGY brings a twist. The fund applies a covered call approach to crypto- and tech-oriented stocks to create monthly income without sacrificing exposure to the space. It might be attractive for investors who want to catch the Coinbase wave without sacrificing yield. With a 0.99% expense ratio, this fund gained 2.5% this week.



What Coinbase&#8217;s Inclusion Signals



The inclusion in the S&amp;P 500 opens Coinbase up to a vast new investor base, namely, passive funds that track the benchmark index. As these funds rebalance to accommodate COIN, analysts project billions in capital inflows. Bernstein estimates <a href="https://in.benzinga.com/markets/cryptocurrency/25/05/45371362/coinbase-could-see-up-to-16b-net-inflows-after-sp-500-entry-bernstein">Coinbase could see as much as $16 billion in fresh investment</a>, much of it from passive index-tracking vehicles.



Furthermore, Coinbase is said to be <a href="https://www.benzinga.com/analyst-ratings/analyst-color/25/05/45355405/coinbases-subscription-gains-deribit-acquisition-blockchain-revenue-strength-prompt-analyst-support">negotiating to buy Deribit</a>, a crypto derivatives exchange based in Dubai, for $2.9 billion. If agreed, the transaction would be the largest in crypto history and massively expand Coinbase&#8217;s presence in international crypto derivatives markets. Deribit is presently the global largest trading venue for Bitcoin options in terms of open interest and volume.



Outlook



Coinbase&#8217;s inclusion in the top S&amp;P 500 isn&#8217;t symbolic, it&#8217;s a game-changer for the mainstream visibility and institutional adoption of crypto-oriented companies. Investors who want to ride the trend have available to them ETFs with high Coinbase exposure, which are diversified and accessible.



As legacy finance warms to digital assets, Coinbase&#8217;s path could mark a new beginning—not only for crypto, but also for the ETF space centered around it.



Read Next: 



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/25/05/45472683/vontobel-joins-the-active-etf-race-with-global-precision">Vontobel Launches First Active ETF, Bets On High-Quality Global Stocks</a></li>
</ul>



Photo: Shutterstock

ETFs With Major Coinbase Stakes Surge As COIN Prepares To Join S&P 500

Dogecoin's (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>) price rally is supported by key metrics, <a href="https://www.benzinga.com/money/dogecoin-doge-price-prediction">creating a clean trading pattern</a>, according to prominent analysts. 



What Happened: Prominent analyst Kevin noted in an update in his exclusive <a href="https://www.patreon.com/posts/dogecoin-ta-129103048?utm_medium=clipboard_copy&amp;utm_source=copyLink&amp;utm_campaign=postshare_fan&amp;utm_content=web_share">Patreon group</a> that DOGE is tracking his previously outlined roadmap, with recent price action aligning with key support and resistance levels.



Kevin highlighted that the meme coin is currently finding support around the $0.215 zone, which aligns with both the 0.382 Fibonacci retracement and the 200-day exponential moving average. 



He believes this confluence makes it a strong structural level, and even if DOGE loses this zone, major support remains intact.



"With such a nice move to the upside", even a cool off, the structure remains bullish, Kevin said. The plan remains simple: "go up, cool off, and go up again."



He also pointed out that Bitcoin must break into price discovery mode to give altcoins the green light for further gains. 



Kevin reminded followers that he was accumulating during DOGE's lows, when sentiment was bearish.



Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/25/05/45448145/dogecoin-down-1-but-this-pattern-signals-a-breakout-is-imminent">Dogecoin Down 1% But This Pattern Signals A Breakout Is Imminent</a>



Why It Matters: Crypto analyst Ali Martinez added further bullish context, <a href="https://x.com/ali_charts/status/1923247539689607285">noting</a> that Dogecoin whales have accumulated more than 1 billion DOGE during this 47% rally over the past month. 



In a separate post on X, Martinez pointed to strong on-chain signals, including a surge in active addresses, increased transaction volume and elevated whale activity. 



All of them suggest continued upside for the meme coin.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://twitter.com/hashtag/Dogecoin?src=hash&amp;ref_src=twsrc%5Etfw">#Dogecoin</a> <a href="https://twitter.com/search?q=%24DOGE&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$DOGE</a> is seeing a rise in active addresses, transaction volume, and whale activity. All bullish signals that could support further upside! <a href="https://t.co/pRHObYo60J">pic.twitter.com/pRHObYo60J</a>&mdash; Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1923186889915498950?ref_src=twsrc%5Etfw">May 16, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Read Next:



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/markets/cryptocurrency/25/05/45348013/dogecoin-jumps-4-can-doge-hit-1-soon">Dogecoin Jumps 4%: Can DOGE Hit $1 Soon?</a></li>
</ul>



Image: Shutterstock

Dogecoin Up 47% In One Month: How Much Higher Can It Go?

Galaxy Digital (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GLXY#NASDAQ">GLXY</a>) CEO Mike Novogratz praised the <a href="https://www.benzinga.com/markets/cryptocurrency/25/05/45471925/donald-trumps-crypto-ties-could-be-a-banana-skin-for-the-industry-report">Trump administration's approach to crypto policy</a>, contrasting it sharply with the Biden era, which he described as "misery, misery."



What Happened: <a href="https://www.youtube.com/watch?v=kxzV_U8V1hc">Speaking </a>with CNBC on Friday, Novogratz said the current administration has been highly favorable to the cryptocurrency industry.



"The four years under Biden were really un-American when it came to crypto. It was just misery, misery," Novogratz said. 



In contrast, he noted that "this administration has been amazing for the space in general," emphasizing that Republican support for crypto has played a key role in shaping the current policy environment.



Novogratz said the company pivoted into infrastructure to meet growing demand from the AI sector, highlighting a recent $14 billion lease deal with CoreWeave (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CRWV#NASDAQ">CRWV</a>) as part of the company's strategy.



Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/25/05/45471925/donald-trumps-crypto-ties-could-be-a-banana-skin-for-the-industry-report">Donald Trump&#8217;s Crypto Ties Could Be A Banana Skin For The Industry: Report</a>



Why It Matters: He acknowledged concerns about the Trump family's involvement in crypto but stressed the importance of keeping the policy conversation bipartisan.



"If the Trump kids do something illegal, they should get prosecuted. We haven't seen them doing anything illegal yet," he added, urging policymakers not to let their participation derail regulatory progress.



A major crypto regulatory bill is expected to pass soon, Novogratz said, after years of what he described as regulatory hostility. 



He believes a combination of clearer laws and institutional support could push Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) toward new highs. "Now it looks like we'll take out 106, 107, 108 and make the next leg to 130, 150," he predicted.



Read Next: 



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/markets/cryptocurrency/25/05/45470447/14-us-state-pension-funds-now-hold-632-million-in-strategy-stock">14 US State Pension Funds Now Hold $632 Million In Strategy Stock</a></li>
</ul>



Image: Shutterstock

Trump Administration Has Been 'Amazing' For Crypto Industry, Bitcoin Ready To Go To $130,000, Galaxy CEO Says

XRP (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/xrp/usd">XRP</a>) is down 1% after a U.S. District Judge rejected a proposed $50 million settlement between Ripple Labs and the U.S. SEC. Despite this legal setback, several crypto analysts see signs of <a href="https://www.benzinga.com/money/ripple-xrp-price-prediction">a bullish reversal forming</a>.



<figure class="wp-block-table"><table class="has-fixed-layout"><tbody><tr><td>Cryptocurrency</td><td>Price&nbsp;&nbsp;&nbsp;</td><td>Market Cap</td><td>24-Hour Trend</td><td>7-Day Trend</td></tr><tr><td>XRP (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/xrp/usd">XRP</a>)</td><td>$2.42</td><td>$4.9 billion</td><td>-1.3%</td><td>+3.8%</td></tr><tr><td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td><td>$104,362.42</td><td>$2.07 trillion</td><td>+1.2%</td><td>+1.5%</td></tr><tr><td>Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>)</td><td>$2,590.27</td><td>$312.8 billion</td><td>+1.2%</td><td>+12.5%</td></tr></tbody></table></figure>



Trader Notes: Prominent trader Dark Defender <a href="https://x.com/DefendDark/status/1923325805473800250">said</a> XRP has completed its final correction wave on the 4-hour chart. 



He now anticipates a move toward $2.55, with the ultimate short-term target set at $3.333. His chart marks key levels:



<ul class="wp-block-list">
<li>Support: $2.3502 and $2.2222</li>



<li>Resistance: $2.58 and $3.3333</li>
</ul>



Meanwhile, trader Scofield echoed optimism, calling the current structure "great" for bulls.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://twitter.com/search?q=%24XRP&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$XRP</a> Looks great now <a href="https://t.co/thEUjpZefI">pic.twitter.com/thEUjpZefI</a>&mdash; Scofield (@Crypto_Scofield) <a href="https://twitter.com/Crypto_Scofield/status/1923352926761672753?ref_src=twsrc%5Etfw">May 16, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Another analyst, Cryptoinsightuk, <a href="https://x.com/Cryptoinsightuk/status/1923278829407080861">highlighted</a> that XRP's price is unfolding exactly as he predicted. 



While noting there are no guarantees, he believes the setup looks solid, and a bullish reaction here could confirm continuation to the upside. "The stage is set," he said, now waiting for confirmation from market momentum.



Statistics: According to Coinglass, XRP saw $17.32 million in total liquidations over the last 24 hours, with $14.85 million from long positions—indicating traders may have overextended their bets too early.



On-chain tracker Whale Alert spotted two massive XRP transactions on May 16:



<ul class="wp-block-list">
<li>100 million XRP (around $240 million) <a href="https://x.com/whale_alert/status/1923285370461888949">moved</a> <a href="https://x.com/whale_alert/status/1923285370461888949">between</a> unknown wallets</li>



<li>Another 94.3 million XRP (around $232.8 million) <a href="https://x.com/whale_alert/status/1923008301433839928">transferred</a>, again between undisclosed wallets</li>
</ul>



Community News: Judge Analisa Torres <a href="https://x.com/FilanLaw/status/1923075612299649405">dismissed</a> the proposed $50 million Ripple-SEC settlement, ruling that both parties failed to meet the legal requirements to amend the prior final judgment. 



The original $125M penalty and injunction imposed in August 2024 remain in place—for now. The decision adds more uncertainty to one of crypto's most watched legal showdowns.



Read Next:&nbsp;



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/markets/cryptocurrency/25/05/45468089/bitcoins-dominance-hits-resistance-is-the-eth-xrp-doge-rally-coming">Bitcoin&#8217;s Dominance Hits Resistance: Is The ETH, XRP, DOGE Rally Coming?</a></li>
</ul>



Image: Shutterstock

XRP Drops 1%: Why Is It Going Down?

The cryptocurrency industry's increasingly close alignment with president Donald Trump and the Republican Party has put its future at the mercy of American electoral cycles, raising concerns about political overreach, regulatory uncertainty <a href="https://www.benzinga.com/markets/cryptocurrency/25/05/45201052/trump-meme-coin-draws-attention-as-crypto-focused-dinners-projected-to-draw-millions">and reputational damage</a>.



What Happened: Once hailed as a decentralized alternative to entrenched financial institutions, crypto now finds itself entangled in the very power structures it once sought to disrupt, according to an <a href="https://www.economist.com/leaders/2025/05/15/crypto-has-become-the-ultimate-swamp-asset?utm_source=twitter&amp;utm_medium=social-media.content.np&amp;utm_campaign=editorial-social&amp;utm_content=discovery.content">article</a> by The Economist.



Over the past six months, the industry has entrenched itself in U.S. political life, with top crypto firms among the largest political donors and Trump-aligned officials and family members holding major crypto investments. 



This shift has sparked concern that the sector, once ideologically neutral and globally oriented, has effectively become a partisan tool.



"No industry that becomes so associated with one party can be immune to the mood swings of the American electorate," the article satted.



In embracing Trump as a political ally, crypto firms may have inadvertently tethered their future to his political fortunes, it added.



This marks a stark departure from crypto's founding ethos. 



Originally envisioned as a libertarian, anti-establishment alternative to centralized finance, the sector was meant to empower individuals and resist state overreach. 



Today, it is deeply intertwined with U.S. power structures, often to its own detriment. 



The industry's credibility has taken a hit due to allegations of financial misconduct and growing conflicts of interest, with the Trump family&#8217;s holdings now reportedly worth billions.



While regulators in Europe, Asia, and the Middle East have moved toward clearer crypto rules without political entanglements, the U.S. has veered in the opposite direction. 



Under the Biden administration, regulatory bodies like the SEC pursued aggressive enforcement, prompting crypto firms to turn to the courts. 



But now, with Trump's resurgence, many of those cases have been dropped, and regulation has stalled. 



A recent Senate bill aimed at clarifying crypto&#8217;s legal status failed to move forward after bipartisan support collapsed, an outcome linked in part to concerns over Trump's personal involvement in the sector.



Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/25/05/45469069/lendr-fi-launches-liquid-staked-real-world-asset-tokens">Lendr.fi Launches Liquid-Staked Real-World Asset Tokens</a>



Why It Matters: Meanwhile, the underlying blockchain technology continues to find traction.



Tokenization of real-world assets like treasuries and private credit has nearly tripled in 18 months. 



Traditional firms such as BlackRock (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BLK#NASDAQ">BLK</a>), Mastercard (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MA#NYSE">MA</a>), and Stripe are entering the space through stablecoins and tokenized products. 



But their cautious approach stands in contrast to the politicized chaos enveloping much of U.S. crypto policy.



Critics argue the industry&#8217;s aggressive push for influence during the Biden years may have been understandable given regulatory hostility, but the pendulum has now swung too far.



The lack of formal rules leaves room for instability.



 As evidenced by the 2023 failures of crypto-exposed banks like Silvergate and Signature, unchecked risk can have real consequences. 



Stablecoins, in particular, remain susceptible to rapid withdrawals and should be regulated more like banks.



The current dynamic, where crypto policy is shaped by electoral strategy rather than systemic planning, undermines long-term legitimacy. 



Despite the short-term gains for the Trumps, the broader sector may ultimately lose. 



"Crypto has been good to the Trumps. But ultimately the benefits of this deal will flow only one way,&#8221; the article states.



Read Next: 



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/markets/cryptocurrency/25/05/45465049/jim-chanos-goes-long-bitcoin-short-microstrategy-in-arbitrage-bet-against-retail-speculation">Jim Chanos Goes Long Bitcoin, Short MicroStrategy In Arbitrage Bet Against Retail Speculation</a></li>
</ul>



Image created using artificial intelligence with Midjourney.

Donald Trump's Crypto Ties Could Be A Banana Skin For The Industry: Report

Fourteen U.S. state-level public retirement and treasury funds reported a combined $632 million exposure to Strategy stock (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>) in the first quarter of 2025, marking a significant surge in institutional allocations toward <a href="https://www.benzinga.com/markets/cryptocurrency/25/05/45461159/michael-saylor-warns-strategy-shareholders-could-suffer-if-bitcoin-plunges-90-for-half-a-decade-explains-why-the-company-would-still-be-fine">Bitcoin-linked equities</a>.



What Happened: According to publicly filed Q1 holdings data <a href="https://x.com/Julian__Fahrer/status/1923128370956730717">compiled</a> by Julian Fahrer, founder of Bitcoin Laws, state retirement and pension funds across 14 states added $302 million in new MicroStrategy stock positions during the quarter—an average quarter-over-quarter increase of 44%. 



These funds now collectively hold over 2 million shares in Strategy, a company known for holding more than 214,000 BTC on its balance sheet.



The largest holders include California&#8217;s Public Employees Retirement System (357,183 shares, $142 million) and California State Teachers' Retirement System (336,936 shares, $134 million).



Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/25/05/45465049/jim-chanos-goes-long-bitcoin-short-microstrategy-in-arbitrage-bet-against-retail-speculation">Jim Chanos Goes Long Bitcoin, Short MicroStrategy In Arbitrage Bet Against Retail Speculation</a>



Other major increases came from:



<ul class="wp-block-list">
<li>Florida, with a 38% increase to 221,860 shares ($88M),</li>



<li>North Carolina, with a 41% jump to 107,925 shares ($43M),</li>



<li>Colorado, with a 67% increase to 30,567 shares ($12M),</li>



<li>Utah, which saw the sharpest rise—up 184% to 25,287 shares.</li>
</ul>



The data highlights how public pension and treasury managers are increasingly allocating capital into crypto-linked equities, despite the inherent volatility of such assets. 



Notably, Wisconsin's State Investment Board, which liquidated its $300 million Bitcoin ETF position earlier in 2025, still holds 127,528 <a href="https://www.benzinga.com/markets/cryptocurrency/25/05/45464605/wisconsin-pension-fund-exits-300m-bitcoin-etf-position">MSTR shares worth $51 million.</a>



What&#8217;s Next: This trend points toward a broader institutional pivot toward Bitcoin as part of long-term asset diversification strategies, even amid policy and macroeconomic uncertainty.



Read Next: 



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/markets/25/05/45457978/3-key-drivers-behind-ethereums-65-rally-bernstein">3 Key Drivers Behind Ethereum&#8217;s 65% Rally: Bernstein</a></li>
</ul>



Image: Shutterstock

14 US State Pension Funds Now Hold $632 Million In Strategy Stock

Basel Medical Group Ltd (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BMGL#NASDAQ">BMGL</a>) announced on Friday that it has entered exclusive negotiations to <a target="_blank" href="https://www.benzinga.com/pressreleases/25/05/g45467057/basel-medical-group-ltd-kicks-off-us-1-0-billion-bitcoin-btc-acquisition-strategy-move" rel="noreferrer noopener">acquire $1 billion worth of Bitcoin</a>, marking a bold move to strengthen its financial foundation while advancing its healthcare expansion plans across Asia.



The company is in advanced talks with a group of institutional backers and affluent crypto investors to execute the acquisition via a share-swap arrangement.



If finalized, the transaction would significantly diversify BMGL&#8217;s treasury assets and mark one of the most sizable balance sheet overhauls in the Asia-Pacific healthcare space.



The proposed $1 billion Bitcoin acquisition is designed to give BMGL robust capital strength to support its aggressive growth across emerging Asian markets.



Also Read: <a target="_blank" href="https://www.benzinga.com/markets/cryptocurrency/25/05/45449913/addentax-takes-800-million-bet-on-bitcoin-and-crypto" rel="noreferrer noopener">Addentax Takes $800 Million Bet On Bitcoin And Crypto</a>



The company expects the move to provide resilience against market fluctuations while unlocking capital for potential mergers and acquisitions. This diversification strategy aims to solidify BMGL&#8217;s position as a dominant healthcare player with the financial agility to act swiftly on new opportunities.



Dr. Darren Chhoa, CEO of BMGL, stated that the planned capital shift will provide &#8220;unprecedented capacity&#8221; to pursue expansion while maintaining fiscal discipline. &#8220;Our expanded balance sheet will allow us to move quickly on strategic opportunities as we build a premier healthcare platform across high-growth Asian markets,&#8221; he said.



In April, Basel Medical Group <a target="_blank" href="https://www.benzinga.com/pressreleases/25/04/g45090349/basel-medical-group-completes-acquisition-of-bethesda-medical-to-strengthen-healthcare-ecosystem-i" rel="noreferrer noopener">completed its acquisition</a> of Bethesda Medical Pte. Ltd., strengthening its Southeast Asia expansion strategy and unlocking synergies in diagnostic, outpatient, and musculoskeletal care through integrated cross-referral capabilities.



Price Action: BMGL shares are trading higher by 11.7% to $2.939 at the last check on Friday.



Read Next:



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<li><a href="https://www.benzinga.com/trading-ideas/movers/25/05/45446885/mastercard-taps-into-100-million-crypto-users-with-moonpay-partnership" target="_blank" rel="noreferrer noopener">Mastercard Taps Into 100 Million Crypto Users With MoonPay Partnership</a></li>
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Image by creativeneko via Shutterstock

Basel Medical Eyes $1 Billion Bitcoin Bet To Fuel Asia Healthcare Expansion

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="900" height="600" src="https://contributor-assets.benzinga.com/wp-content/uploads/2025/05/16063110/Cango-0516-900x600-1.png" alt="" class="wp-image-13017" srcset="https://contributor-assets.benzinga.com/wp-content/uploads/2025/05/16063110/Cango-0516-900x600-1.png 900w,https://contributor-assets.benzinga.com/wp-content/uploads/2025/05/16063110/Cango-0516-900x600-1-300x200.png 300w,https://contributor-assets.benzinga.com/wp-content/uploads/2025/05/16063110/Cango-0516-900x600-1-768x512.png 768w" sizes="(max-width: 900px) 100vw, 900px" /></figure>



The auto trader-turned-bitcoin miner has minted 2,944.8 bitcoins since entering the business last November, but has yet to sell any of those despite recent market volatility



<h4 class="wp-block-heading">Key Takeaways:</h4>



<ul class="wp-block-list">
<li>Cango owned 2,944.8 bitcoins at the end of April, as its costs for producing the cryptocurrency rise due to growing competition from new and existing miners</li>



<li>The bitcoin miner expects to install 18 EH of new capacity by the end of July, bringing its global total to 50 EH spread across four continents</li>
</ul>



Chinese companies are no strangers to the "cattle effect," which sees everyone rush into the latest hot sector, aiming to get a piece of the action.&nbsp;Cango Inc.&nbsp;(CANG.US) is learning that lesson now, as the recently minted bitcoin miner discovers that a growing pool of rivals chasing a limited pool of assets ultimately results in falling returns.



Still, the global supply of bitcoin is still more than large enough to keep quite a few people employed, including Cango, which entered the mining business last November in a surprise pivot away from its legacy businesses in auto financing and trading. Cango's&nbsp;<a href="https://www.prnewswire.com/news-releases/cango-inc-reports-first-quarter-2025-unaudited-financial-results-302455386.html">latest quarterly results</a>, released on Wednesday, showed how the effects of growing competition are eating into the productivity of its mining operation.



The company also provided some of the most detailed information to date on its global footprint, which includes mining facilities on four continents. Such diversity is part of its asset-light model that Cango believes is one of its most important strengths, giving it the flexibility to quickly add capacity and adjust its business mix by renting space in mining facilities owned by third parties. While such a strategy carries greater flexibility, it also tends to come with higher costs, especially for electricity, than the self-owned facilities used by many of its rivals.



Cango also revealed that it won't be an active bitcoin trader by selling its assets whenever the market gets wobbly. Reflecting that, the company revealed it has yet to sell any of the bitcoins it has mined since entering the business late last year, with its bitcoin holdings totaling 2,944.8 at the end of April, according to&nbsp;<a href="https://www.prnewswire.com/in/news-releases/cango-inc-maintains-strong-mining-efficiency-and-expands-bitcoin-holdings-amidst-april-production-shift-302448355.html">an announcement</a>&nbsp;earlier this month on its April output.



"Given our strong confidence in the&nbsp;bitcoin's long-term value appreciation potential, we have adopted a ‘Mine and Hold' strategy, prioritizing both self-mining and long-term holding," said Cango CEO Lin Jiayuan in the company's latest quarterly results. "Looking ahead, we will continue to consolidate and optimize our existing computing resources to maximize efficiency while actively exploring high-quality M&amp;A opportunities to further scale our operations and deliver long-term value to all stakeholders."



Cango's "mine and hold" strategy got one of its biggest tests in the first quarter, as the cryptocurrency's price stumbled starting in March from previous highs of more than $100,000 per bitcoin. The currency fell steadily from there to as low around $76,000 last month, before regaining strength to return to the $100,000 level.



Such volatility will inevitably affect the value of Cango's bitcoin holdings, and, as a result, its overall performance. The company cited the March sell-off as the primary factor that pushed it into the red on an operating basis during the first quarter, as it reported a 155.5 million yuan ($21.6 million) operating loss for the period versus a 74.2 million yuan operating profit a year earlier.



On the bottom line, the company also reported a net loss of 207.4 million yuan for the quarter, reversing a 90 million yuan profit a year earlier. Most of the loss was due to unrealized losses related to fair value changes in its bitcoin holdings during the cryptocurrency's March downturn. It remained profitable on an adjusted EBITDA basis, though its adjusted EBITDA also fell to 27.6 million yuan in the first quarter from 108.4 million yuan a year earlier.



None of that is really too important for Cango, at least not right now, since the company's cash and short-term investments have soared recently due to its growing bitcoin holdings. The company said it had 7.7 billion yuan worth of cash and short-term investments at the end of March, or more than triple the 2.5 billion yuan it had just three months earlier.



<h4 class="wp-block-heading">Falling returns</h4>



As we've previously noted, Cango isn't the only company rushing to take advantage of record bitcoin prices. The resulting gold rush has resulted in a huge rise in the number of miners and their deployed mining capacity, including a sudden surge in the global hashrate for bitcoin mining in April that was the second-biggest monthly increase ever, Cango said.



As global interest in the cryptocurrency has grown, the number of bitcoins Cango is mining each day is trending generally downward. Using its current 32 EH of capacity, the company was mining 18.4 bitcoins each day in December, its first full month of mining. But that number had slipped to just 15.7 per day in April, as the company harvested far smaller rewards for roughly the same amount of effort.



The falling output caused the company's actual cost of mining each bitcoin, excluding depreciation of mining machines, to rise to $70,602.10 during the latest quarter, up from $67,769.90 in the fourth quarter. Both figures are well below the industry average cost of about $94,000 per bitcoin as of mid-May, according to the website MacroMicro. But Cango's per-coin costs are also generally higher than those of some large peers like&nbsp;Mara&nbsp;(MARA.US), which use a more capital-intensive but also more efficient model that sees them build and operate their own facilities.



To offset the diminishing returns on its existing capacity, Cango is in the process of installing an additional 18 EH of new capacity that will bring its total to 50 EH, making it the world's second largest independent miner. The company has already procured the necessary mining machines, and said it expects to have them installed by the end of July.



Cango didn't reveal where exactly that new capacity will be located. But it provided some information on its current mining footprint, showing the U.S. and East Africa are its main production hubs, accounting for 38% and 37% of its capacity, respectively. Oman is its next biggest location with 15%, followed by Paraguay at 9% and Canada at 1%.



As its mining operation has matured, Cango reported revenue of 1.1 billion yuan in the first quarter of 2025, nearly double the 668 million yuan it reported in last year's fourth quarter when it first started mining bitcoin, and light years ahead of the 64.4 million yuan it recorded in the first quarter of 2024. Nearly all of its latest quarterly revenue, about 1 billion yuan, came from its bitcoin operation, as it mined 1,541 bitcoins during the quarter.



The company also gave out an update on its recently launched car export business, which it is selling as part of a deal announced last month to dispose of its original China-based businesses. It said that since the launch of its AutoCango last year, the export-oriented service's website has attracted 2.37 million visits, has more than 290,000 users and has listings for more than 480,000 used cars.

Is Bitcoin Mining Still Worth It, As Competition Heats Up And Costs Rise?

Lendr.fi on Friday introduced a decentralized platform that lets investors gain on-chain exposure to real-world assets like real estate, ETFs and commodities, combined with liquid staking, a structure that adds passive yield while <a href="https://www.benzinga.com/markets/cryptocurrency/25/03/44456074/tokenization-will-merge-crypto-and-equities-bernstein">preserving asset ownership.</a>



Lendr.fi has emerged as the first protocol offering liquid-staked real-world asset (RWA) tokens, according to a statement released on May 15. 



The platform allows users to convert traditional financial instruments, including real estate, commodities, ETFs, and intellectual property into fully collateralized digital tokens, accessible via a DeFi interface.



Unlike standard tokenization models, Lendr.fi introduces a staking layer on top of RWAs, enabling users to earn additional, market-neutral yield while maintaining full directional exposure to the underlying asset. 



Investors retain self-custody and receive 24/7 access to the tokens, which are integrated across the broader DeFi ecosystem.



Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/25/05/45465049/jim-chanos-goes-long-bitcoin-short-microstrategy-in-arbitrage-bet-against-retail-speculation">Jim Chanos Goes Long Bitcoin, Short MicroStrategy In Arbitrage Bet Against Retail Speculation</a>



"Centralized financial systems are no longer tenable or workable," said Nathaji Metivier, CEO of Lendr.fi. "We must look to the Financial Third Space, a fair and resilient foundation where ownership is protected."



The protocol aims to democratize a market typically limited to institutional players by enabling global access through blockchain. 



It claims to offer a transparent structure by leveraging Chainlink&#8216;s (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/link/usd">LINK</a>) proof-of-reserve, while security audits have been conducted by CertiK, SolidProof, and Immunefi through open-ended bug bounty programs.



Lendr.fi is developed in collaboration with Avalanche (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/avax/usd">AVAX</a>), Chainlink BUILD, and Animoca's Brinc accelerator, and says it will publish full audit results and bounty outcomes to maintain transparency.



The project positions itself as a solution for those seeking liquidity in traditionally illiquid sectors, with potential applications for digital lending, yield farming, and token-based financial strategies. 



Still, the platform has cautioned that returns will vary with market conditions and no performance guarantees are offered.



Read Next: 



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<li><a href="https://www.benzinga.com/markets/cryptocurrency/25/05/45464605/wisconsin-pension-fund-exits-300m-bitcoin-etf-position">Wisconsin Pension Fund Exits $300M Bitcoin ETF Position</a></li>
</ul>



Image: Shutterstock

Lendr.fi Launches Liquid-Staked Real-World Asset Tokens

Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) may be approaching a critical inflection point that could spark a wave of <a href="https://www.benzinga.com/markets/25/05/45384345/top-altcoins-of-the-week-altcoin-market-pops-as-eth-pi-and-pepe-post-double-digit-gains">strength across the altcoin</a> market, according to a prominent cryptocurrency analyst.



What Happened: In a <a href="https://www.youtube.com/watch?v=OeJrP3Rf9UA">podcast</a> published on May 14, analyst Kevin pointed to the convergence of technical signals and improving macroeconomic trends that support a bullish scenario. 



He explained that Bitcoin's resistance at $106,800 (1.272 Fibonacci extension level) now aligns with a notable decline in BTC dominance and falling USDT dominance. 



Historically, this combination has preceded major altcoin rallies.



"We're seeing macro clarity," Kevin noted, citing strong labour data, consistent GDP growth and easing inflation. 



He believes the recent correction in Bitcoin has likely ended, and a new bullish phase is unfolding.



On the altcoin front, Kevin highlighted the Total3 chart, representing the total crypto market cap excluding BTC and ETH, which recently defended the &#8220;golden pocket&#8221; Fibonacci zone. 



After consolidating through turbulence, altcoins have now broken above the key $871 billion resistance and are forming a bullish inverse head and shoulders pattern.



His earlier forecast around Bitcoin dominance also played out accurately. 



Two weeks ago, Kevin called for resistance at the 65.45% level, aligned with the 0.786 macro-Fibonacci level. 



Since then, dominance has retreated sharply, setting the stage for altcoins to gain traction.



Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/25/05/45463966/tom-lee-predicts-bitcoin-will-hit-1-5-million-in-10-years-calls-it-a-swiss-army-knife-of-money">Tom Lee Predicts Bitcoin Will Hit $1.5 Million In 10 Years, Calls It A &#8216;Swiss Army Knife&#8217; Of Money</a>



What's Next: Kevin is cautiously optimistic. 



While momentum is building, evidenced by a recent 3-day MACD cross above zero, typically a bullish signal, he emphasizes the importance of a clean breakout above $106,800 before declaring a full green light.



"We're gaining strength at this level, not fading into it like before," he said. If BTC can break out, Kevin sees potential upside toward $116,000 and $122,000.



Turning to Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>), Kevin sees striking similarities between the current market structure and past super cycles. 



He projects possible targets between $1.10 and $1.25, referencing Fibonacci levels that previously marked major tops for the meme coin.



Read Next:



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<li><a href="https://www.benzinga.com/markets/cryptocurrency/25/05/45445674/bitcoin-eyes-108000-but-one-thing-stands-in-the-way">Bitcoin Eyes $108,000, But One Thing Stands In The Way</a></li>
</ul>



Image: Shutterstock

Bitcoin's Dominance Hits Resistance: Is The ETH, XRP, DOGE Rally Coming?

Top Win International Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TOPW#NASDAQ">TOPW</a>) announced Friday it will <a target="_blank" href="https://www.benzinga.com/pressreleases/25/05/g45463363/topwin-prepares-to-enter-digital-assets-market-with-sora-ventures-driving-bitcoin-treasury-across-" rel="noreferrer noopener">enter the digital asset market</a> through a strategic partnership with Sora Ventures. The Hong Kong-based company also plans to rebrand as &#8220;AsiaStrategy,&#8221; pending shareholder and regulatory approval.



With Asia emerging as a hub for Web3 innovation, TopWin aims to capitalize on the region&#8217;s momentum by adopting a Bitcoin-backed treasury strategy, leveraging Sora Ventures&#8217; expertise, Globe Newswire reports.



While continuing its luxury watch business, TopWin will expand into crypto investments and hold Bitcoin as an inflation hedge and long-term asset on its balance sheet. The company seeks to replicate the success of MicroStrategy-style treasury models in Asia.



Also Read: <a target="_blank" href="https://www.benzinga.com/trading-ideas/movers/25/05/45446885/mastercard-taps-into-100-million-crypto-users-with-moonpay-partnership" rel="noreferrer noopener">Mastercard Taps Into 100 Million Crypto Users With MoonPay Partnership</a>



Sora Ventures, founded by Jason Fang, has backed over 30 crypto firms and recently launched a $150 million fund to build Bitcoin treasuries for public companies. Fang will join TopWin&#8217;s board and serve as co-CEO alongside Tony Ngai.



The rebranding to AsiaStrategy reflects TopWin&#8217;s push to become a key player in the decentralized economy, as Asia&#8217;s evolving regulatory landscape and tech-savvy population drive digital finance adoption.



Price Action: TOPW shares are trading higher by 24.3% at $9.32 at the last check on Friday.



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Image via Shutterstock

Why Is Top Win Stock Soaring On Friday?

Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) treasury companies like Michael Saylor&#8216;s Strategy Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>) (formerly MicroStrategy) were in focus as Brett Winton, the chief futurist at ARK Investment Management LLC, highlighted that trouble could be brewing for such companies in the long run.



What Happened: As companies like MSTR have been issuing equity and debt to raise funds for Bitcoin purchases, Winton underscored that funding purchases with debt &#8220;seems like a recipe for disaster on the back end of this cycle.&#8221;



According to him, if the treasury companies keep doing so, &#8220;a higher debt mix&#8221; will &#8220;be the seed that grows to destroy the business-less business model.&#8221;



He explains this by highlighting the presence of an arbitrage opportunity till the time the stock prices for companies like MSTR are trading at a premium to the net asset value (NAV).



As of its May 12 SEC filing, MSTR held 568,840 Bitcoins at an aggregate purchase price of $39.41 billion, whereas its market capitalization stood at a staggering $108.55 billion.



Thus, Winton implied that BTC treasury companies could keep issuing equity until the arbitrage opportunity closes. &#8220;Competitors are now launching/raising will accelerate that process,&#8221; he said in his X post.



However, as the equity to NAV gap closes, the companies will shift to debt for funding their BTC purchases, thus concocting the &#8220;recipe for disaster,&#8221; as underscored by Winton.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">though so-called bitcoin treasury companies don&#39;t make sense, but so long as they are trading at a NAV premium to the underlying holdings they should continue to sell equity and buy bitcoin until they arbitrage out the opportunity. That &quot;competitors&quot; are now launching/raising…&mdash; Brett Winton (@wintonARK) <a href="https://twitter.com/wintonARK/status/1923310593592926619?ref_src=twsrc%5Etfw">May 16, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



See Also: <a href="https://www.benzinga.com/general/market-summary/25/05/45399940/warren-buffett-shows-how-patience-pays-98-of-his-160-billion-wealth-came-after-turning-65-thanks-the-power-of-compound-interest">Warren Buffett Shows How Patience Pays: 98% Of His $160 Billion Wealth Came After Turning 65, Thanks The Power Of &#8216;Compound Interest&#8217;</a>



Why It Matters: While MSTR is the largest BTC treasury company that has issues both equity and debt to purchase Bitcoins, Ryan Cohen&#8216;s GameStop Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GME#NYSE">GME</a>) has recently announced its <a href="https://www.benzinga.com/general/market-summary/25/03/44511612/gamestop-follows-mstrs-footsteps-why-will-investors-buy-convertible-notes-with-no-interest">plans to join MSTR&#8217;s ranks</a>.



MARA Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MARA#NASDAQ">MARA</a>), Cantor Equity Partners Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CEP#NASDAQ">CEP</a>), Riot Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RIOT#NASDAQ">RIOT</a>), and Galaxy Digital Holdings Ltd. (TSE: GLXY) follow MSTR in having the highest number of Bitcoins as a part of their assets.



Meanwhile, other experts think that Bitcoin prices are poised to rise. Citing Tom Lee, the head of research at Fundstrat, the Moon Show highlighted on X Friday the potential for Bitcoin&#8217;s network value to <a href="https://www.benzinga.com/markets/cryptocurrency/25/05/45463966/tom-lee-predicts-bitcoin-will-hit-1-5-million-in-10-years-calls-it-a-swiss-army-knife-of-money">equal that of gold</a>. 



Lee argued that Bitcoin&#8217;s versatility, acting as a risk-on asset in bull markets, combined with growing adoption, fuels network value and price appreciation.



Price Action: Shares of MSTR fell 4.73% on Thursday and rose 1.03% in premarket on Friday. The stock was up 32.34% on a year-to-date basis, and 175.72% higher over a year.



Benzinga Edge Stock Rankings shows that MSTR had a stronger price trend over the short, medium, and long term. Its momentum ranking was solid at the 97.50th percentile, while the value ranking was very poor. You can check the details of other metrics <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">over here</a>. 



<figure class="wp-block-image size-large"><a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound"><img loading="lazy" decoding="async" width="1024" height="148" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/16075705/EDGE-MSTR-1024x148.png" alt="" class="wp-image-917803" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/16075705/EDGE-MSTR-1024x148.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/16075705/EDGE-MSTR-300x43.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/16075705/EDGE-MSTR-768x111.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/16075705/EDGE-MSTR.png 1224w" sizes="(max-width: 1024px) 100vw, 1024px" /></a></figure>



The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) and Invesco QQQ Trust ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), which track the S&amp;P 500 index and Nasdaq 100 index, respectively, were higher in premarket on Friday. The SPY was up 0.29% to $592.20, while the QQQ advanced 0.34% to $521.01, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a> data.



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<li><a href="https://www.benzinga.com/general/market-summary/25/05/45464528/rocket-companies-soars-6-in-friday-premarket-as-activist-investor-valueact-reveals-new-position-calls-rkt-a-sleeping-giant-in-early-innings">Rocket Companies Soars 6% In Friday Premarket As Activist Investor ValueAct Reveals New Position, Calls RKT A &#8216;Sleeping Giant&#8217; In Early Innings </a></li>
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Photo Courtesy: creativeneko on Shutterstock

Ark Invest Takes Swipe At MSTR, MARA, Says 'Bitcoin Treasury Companies Don't Make Sense:' 'Funding Purchases With Debt...Seems Like A Recipe For Disaster'

Major cryptocurrencies are trending higher early Friday, signaling renewed investor optimism heading into the weekend. 



<figure class="wp-block-table"><table class="has-fixed-layout"><tbody><tr><td>Cryptocurrency</td><td>Price&nbsp;&nbsp;&nbsp;</td><td>Gains +/-</td></tr><tr><td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td><td>$103,680.88</td><td>+1.3%</td></tr><tr><td>Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>)</td><td>$2,627.97</td><td>+2.7%</td></tr><tr><td>Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>)</td><td>$173.2</td><td>+1.2%</td></tr><tr><td>XRP (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/xrp/usd">XRP</a>)</td><td>$2.43</td><td>-1.8%</td></tr><tr><td>Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>)</td><td>$0.2278</td><td>+0.5%</td></tr><tr><td>Shiba Inu (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/shib/usd">SHIB</a>)</td><td>$0.00001507</td><td>+0.3%</td></tr></tbody></table></figure>



Notable Statistics:



<ul class="wp-block-list">
<li>IntoTheBlock data shows Bitcoin and Ethereum large transaction volume increased 5.4% and 1.3%, respectively. While ETH&#8217;s daily active addresses are up 1.6%, Bitcoin's daily active addresses are down 6.3%.</li>



<li>Coinglass data shows 123,626 traders were liquidated in the past 24 hours for $340.61 million.</li>



<li>Crypto chart analyst Ali Martinez <a href="https://x.com/ali_charts/status/1923278242007367731">noted</a> that Bitcoin whales have booked profits by selling more than 30,000 BTC in the last 72 hours.</li>
</ul>



Trader Notes: Crypto trader Ted Pillows believes Bitcoin is on the verge of a historic breakout, stating it&#8217;s &#8220;only one bullish candle away&#8221; from a new all-time high. His outlook remains ultra-bullish.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> is just one bullish candle away from a new ATH. I am ultra bullish. &#x1f525;&#x1f525; <a href="https://t.co/cdvFg3Geys">pic.twitter.com/cdvFg3Geys</a>&mdash; Ted (@TedPillows) <a href="https://twitter.com/TedPillows/status/1923327000623636560?ref_src=twsrc%5Etfw">May 16, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Meanwhile, trader Honey <a href="https://x.com/honey_xbt/status/1923255898987749520">highlights</a> a developing golden cross on BTC's 1-day charts historically bullish signal. The last time this pattern emerged, Bitcoin rocketed from $60,000 to $110,000 in just two months.



On the altcoin front, Ali Martinez <a href="https://x.com/ali_charts/status/1923130518817632333">suggests</a> Solana could break out of its long-forming cup-and-handle pattern if it decisively clears the $200 level, calling it an "instant buy" trigger.



Ethereum is gaining traction too. According to Michael van de Poppe, ETH just completed its first major move higher, though he expects short-term consolidation as volatility increases. He sees sub-$2,400 dips as strong buying opportunities.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">What to expect from <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a>? Right now, we&#39;ve seen the first big upwards move. Volatility up has been going through the roof, so that should assume that we&#39;ll have some consolidation before continuation. Sub $2,400 is a buy opportunity before the next breakout. <a href="https://t.co/qpPQW9k2cO">pic.twitter.com/qpPQW9k2cO</a>&mdash; Michaël van de Poppe (@CryptoMichNL) <a href="https://twitter.com/CryptoMichNL/status/1923306931164246484?ref_src=twsrc%5Etfw">May 16, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Complementing that view, Captain Faibik <a href="https://x.com/CryptoFaibik/status/1923280382968881454">notes</a> ETH has broken out of a descending broadening wedge after a 5-month correction, historically a bullish setup. A clean move above $2,700 could fuel a rally toward $3,800–$4,000.



XRP also <a href="https://x.com/Cryptoinsightuk/status/1923278829407080861">shows</a> early signs of life. Trader cryptoinsightuk believes a bullish continuation is on the table if momentum sustains.



Lastly, Dogecoin is consolidating just below resistance. Trader Tardigrade expects this pause to continue for several days before a potential breakout toward $0.40, citing a bullish technical setup.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://twitter.com/hashtag/Dogecoin?src=hash&amp;ref_src=twsrc%5Etfw">#Dogecoin</a> is on way to break the resistance &#x1f680; Consolidation is expected to stay for several days. A final breakout will be seen and <a href="https://twitter.com/search?q=%24Doge&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$Doge</a> will reach $0.4 as the next target &#x1f525; <a href="https://t.co/ue3PXfjzFn">https://t.co/ue3PXfjzFn</a> <a href="https://t.co/pMKmfkgD7q">pic.twitter.com/pMKmfkgD7q</a>&mdash; Trader Tardigrade (@TATrader_Alan) <a href="https://twitter.com/TATrader_Alan/status/1923301924801323490?ref_src=twsrc%5Etfw">May 16, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



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<li><a href="https://www.benzinga.com/markets/cryptocurrency/25/05/45445674/bitcoin-eyes-108000-but-one-thing-stands-in-the-way">Bitcoin Eyes $108,000, But One Thing Stands In The Way</a></li>
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Image: Shutterstock

Bitcoin, Ethereum, Dogecoin Climb Ahead Of Weekend — XRP Lags Behind

During a 2024 interview, SkyBridge Capital founder Anthony Scaramucci likened Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) to one of Wall Street's most iconic stocks, Berkshire Hathaway (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRK#NYSE">BRK</a>) (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRK#NYSE">BRK</a>), putting his weight behind cryptocurrency&#8217;s legitimacy as a long-term investment.



What Happened: Scaramucci posited Bitcoin as a modern-day store of value, deserving the same vein of patient investing conventionally associated with legacy companies. "We are now fully in a digital world and this [Bitcoin] is a value store," he <a href="https://www.youtube.com/shorts/DKep7QEu6-o">told</a> Yahoo Finance. 



"I think of Berkshire Hathaway as a value storage company. I&#8217;m a long-term holder of Berkshire Hathaway—27 years I've held that stock—of course it served me very well, and I think Bitcoin is something that people need to think about in terms of multiple-decade holding." He added, "I know Charlie Munger hated Bitcoin and Mr. [Warren] Buffett called it <a href="https://www.benzinga.com/news/management/25/01/43073354/warren-buffett-openly-called-bitcoin-a-rat-poison-in-2018-7-years-later-he-is-invested-in-this-crypto-linked-stock-which-soared-27-in-2024">rat poison</a>, but I have typically found that people that are not focusing on it are prone to overlooking its long-term potential.



In a March 2024 post on X, Scaramucci wrote, "Bitcoin is the Berkshire Hathaway of the 21st century &#8211; a compounding, wealth-generating machine for investors. &#8220;It was never &#8216;too late&#8217; to buy Berkshire stock. It is still very very early for Bitcoin."



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Bitcoin is the Berkshire Hathaway of the 21st century &#8211; a compounding, wealth generating machine for investors. It was never "too late" to buy Berkshire stock. It is still very very early for Bitcoin.&mdash; Anthony Scaramucci (@Scaramucci) <a href="https://twitter.com/Scaramucci/status/1763910815080452332?ref_src=twsrc%5Etfw">March 2, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



See Also: <a href="https://www.benzinga.com/news/management/25/05/45455434/warren-buffett-ditches-bitcoin-linked-nu-holdings-adds-to-constellation-brands-dominos-pizza-pool-corp-stakes">Warren Buffett Ditches Bitcoin-Linked Nu Holdings, Adds To Constellation Brands, Domino&#8217;s Pizza, Pool Corp Stakes</a>



Why It Matters: Scaramucci has continued his vocal support of Bitcoin, <a href="https://www.benzinga.com/markets/cryptocurrency/25/05/45442998/anthony-scaramucci-says-once-bitcoin-hits-500-000-it-will-be-considered-an-asset-class-jus">stating earlier this week</a>, &#8220;&#8230;Bitcoin can get to $500,000, people will be writing stories that Bitcoin is an asset class." He stressed that for Bitcoin to be viewed as a distinct asset class, it must reach a market value comparable to gold's current $21 trillion capitalization.



In another interview this week, he observed that bitcoin is transforming from a "tech asset" into something <a href="https://www.benzinga.com/markets/cryptocurrency/25/05/45372571/anthony-scaramucci-says-bitcoin-is-evolving-from-a-tech-asset-to-digital-gold">"akin to digital gold."</a>



Since Scaramucci called Bitcoin the &#8220;21st century&#8217;s Berkshire Hathaway&#8221; on March 4, 2024, the cryptocurrency has surged 67.43%, rising from $61,980 to $103,777. 



In comparison, Berkshire Hathaway&#8217;s Class A shares have gained 23.68%, moving from $611,955 to $754,154, while Class B shares have risen 24.61%, from $407.11 to $507.33 — both significantly underperforming Bitcoin during the same period.



For broader context, Bitcoin&#8217;s all-time return stands at an astonishing 167,725,764%, while Berkshire Hathaway Class A shares have gained 40,821%, and Class B shares have risen 2,013%.



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<li><a href="https://www.benzinga.com/general/education/25/05/45432012/warren-buffett-once-said-business-schools-teach-the-silliest-stuffand-this-is-what-he-and-charl">Warren Buffett Once Said Business Schools Teach &#8216;The Silliest Stuff&#8217;—And This Is What He And Charlie Munger Would Do Instead To Train The Next Generation Of Leaders</a></li>
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Image Via Shutterstock

Anthony Scaramucci Once Dubbed Bitcoin The 'Berkshire Hathaway Of The 21st Century'—Since Then, It Has Outpaced Warren Buffett's Stock By A Wide Margin

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