Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) co-founder Vitalik Buterin said Friday that the blockchain's base layer will be scaled tenfold in about a year.



What happened: Buterin was speaking about ecosystem developments at a fireside chat at ETHGlobal Prague 2025.



"I think we should scale L1 by about 10x over the next year and a bit based on delay," the cryptocurrency mogul stated when asked &#8220;how fast&#8221; the recently proposed changes would be implemented.



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="Kartik Talwar &amp; Vitalik Buterin I Opening Ceremonies I ETHGlobal Prague 2025" width="500" height="281" src="https://www.youtube.com/embed/zlqheiMPuhE?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div></figure>



Once that is accomplished, Buterin stated that the team will &#8220;take a breather&#8221; and review how far they have progressed on the decentralization goals. He said that a hard fork could then be done to "tie up loose ends."



A hard fork occurs when a new blockchain version emerges that is incompatible with the original version. Networks undergo hard forks to implement necessary changes.



See Also:<a href="https://www.benzinga.com/25/04/44621245/gold-backed-cryptos-match-yellow-metals-highs-following-trumps-liberation-day-shock"> </a><a href="https://www.benzinga.com/25/05/45556899/from-amazon-to-warren-buffetts-berkshire-hathawaybitcoin-is-now-bigger-than-these-wall-street-titans">From Warren Buffett&#8217;s Berkshire Hathaway To Jeff Bezos&#8217; Amazon — Bitcoin Is Now Outshining These Wall Street Titans</a>



Why It Matters: The mainnet, or Ethereum's base layer, has been battling a sharp dip in transaction activity. According to <a href="https://etherscan.io/chart/dailyethburnt">Etherscan</a>, the number of ETH burned has plummeted from a yearly high of 4,274 in mid-January to less than 1,000 in the previous month.



Since a portion of the transaction fees is burned, the dip was indicative of fewer transactions on the chain.



Buterin&#8217;s comments <a href="https://www.benzinga.com/25/04/44893218/ethereums-vitalik-buterin-suggests-major-overhaul-to-improve-network-efficiency-as-transaction-fees-plunge-to-5-year-lows">follow his proposal</a> for a long-term solution to improve the scalability and efficiency of the network&#8217;s execution layer, i.e., Layer-2 solutions. He theorized that, in some situations, implementing the plan might result in efficiency gains of over 100x.



Price Action: At the time of writing, ETH was exchanging hands at $2,492.06, down 0.70% in the last 24 hours, according to <a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA..">data from Benzinga Pro</a>. 



Read Next:&nbsp;



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/markets/cryptocurrency/25/05/45611404/anthony-scaramucci-remains-firm-on-bitcoin-as-the-best-investment-idea-even-as-the-largest-crypto-hovers-around-109000">Anthony Scaramucci Remains Firm On Bitcoin As The Best Investment Idea Even As The Largest Crypto Hovers Around $109,000</a></li>
</ul>



Photo Courtesy: VPLAB On Shutterstock

Ethereum's L1 Will Be Scaled By 10x Over The Next Year, Says Vitalik Buterin

Strategy Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>) executive chairman Michael Saylor expressed interest Saturday in discussing Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) with popular podcaster Joe Rogan.



What Happened:&nbsp;In an X post, Saylor wrote, &#8220;Hey Joe Rogan, let&#8217;s talk about Bitcoin.&#8221;



The comment came in response to a fan-run account&#8217;s question to X users about who they&#8217;d like to see Rogan interview that he hasn&#8217;t before.



Rogan, one of the world&#8217;s most successful podcasters, has interviewed influential figures like tech mogul&nbsp;Elon Musk, boxing legend&nbsp;Mike Tyson and President&nbsp;Donald Trump on his "The Joe Rogan Experience" show. As of this writing, his YouTube channel has nearly 20 million subscribers.



<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">Hey <a href="https://twitter.com/joerogan?ref_src=twsrc%5Etfw">@JoeRogan</a>, let&#39;s talk about Bitcoin.&mdash; Michael Saylor (@saylor) <a href="https://twitter.com/saylor/status/1928931268852412704?ref_src=twsrc%5Etfw">May 31, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



In other news, Saylor hinted on X that his firm Strategy would continue to pile on BTC in the coming week. 



&#8220;Orange is my Preferred Color,&#8221; he wrote,<a href="https://www.benzinga.com/markets/cryptocurrency/25/05/45188974/michael-saylor-hints-more-btc-purchases-on-the-way-as-mstr-surges-47-in-a-month-too-much-blue-not-enough-orange"> typical of his Sunday posts</a> which have almost always preceded Bitcoin purchases the following Monday.



As of this writing, Strategy's Bitcoin stockpile has grown to 580,250 BTC, worth nearly $61 billion, with an unrealized profit of 50%,&nbsp;<a href="https://bitcointreasuries.net/" target="_blank" rel="noreferrer noopener">according&nbsp;</a>to&nbsp;&nbsp;bitcointreasuries.com.



<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">Orange is my Preferred Color <a href="https://t.co/rc9JIcJOAT">pic.twitter.com/rc9JIcJOAT</a>&mdash; Michael Saylor (@saylor) <a href="https://twitter.com/saylor/status/1929152786186301755?ref_src=twsrc%5Etfw">June 1, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



See Also:&nbsp;<a href="https://benzinga.com/cannabis/25/06/45713578/jerome-powell-to-step-down-x-abuzz-with-rumors-but-polymarket-bettors-are-not-buying-it" target="_blank" rel="noreferrer noopener">Jerome Powell To Step Down? X Abuzz With Rumors, But Polymarket Bettors Are Not Buying It</a>



Why It Matters:&nbsp;The proposed discussion holds significance in light of Rogan&#8217;s known interest in Bitcoin. The podcast host has previously <a href="https://www.benzinga.com/markets/cryptocurrency/23/10/35139978/joe-rogan-tells-sam-altman-that-bitcoin-can-become-a-universal-viable-currency-admits-cbdc" target="_blank" rel="noreferrer noopener">called Bitcoin the &#8220;real fascinating cryptocurrency</a>&#8221; and one with the most likelihood of becoming a &#8220;universal viable currency.&#8221;



In fact, back in April 2014, <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42229486/joe-rogans-bitcoin-pile-has-grown-over-30000-in-value-but-he-hasnt-sold-conviction-based-hodling-or-has-the-podcast-king-lost-his-keys">Rogan publicly shared details</a> of his Bitcoin address, which as of this writing has a balance of 5.243 BTC, translating to $550,362.



Price Action:&nbsp; At the time of writing, Bitcoin was exchanging hands at $104,971, up 0.52% in the last 24 hours, according to&nbsp;<a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA.." target="_blank" rel="noreferrer noopener">data from Benzinga Pro</a>.&nbsp;



Shares of Strategy closed 0.39% closer at $369.20 during Friday&#8217;s regular session. The stock has returned over 27% year-to-date.



MSTR exhibited a very high momentum score—a measure of the stock&#8217;s relative strength based on its price movement patterns and volatility over multiple timeframes—as of this writing. Visit <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound" target="_blank" rel="noreferrer noopener">Benzinga Edge Stock Rankings</a>. to view the top ten stocks with the highest momentum scores.



<figure class="wp-block-image size-full"><a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound"><img loading="lazy" decoding="async" width="517" height="200" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/02024043/Screenshot-2025-06-02-121027.png" alt="" class="wp-image-934601" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/02024043/Screenshot-2025-06-02-121027.png 517w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/02024043/Screenshot-2025-06-02-121027-300x116.png 300w" sizes="(max-width: 517px) 100vw, 517px" /></a></figure>



Photo Courtesy: Rokas Tenys on Shutterstock.com



Read Next:&nbsp;



<ul class="wp-block-list">
<li><a href="https://benzinga.com/crypto/cryptocurrency/25/06/45712312/michael-saylor-called-scaramucci-from-a-yacht-and-it-changed-the-ending-of-his-book" target="_blank" rel="noreferrer noopener">Michael Saylor Called Scaramucci From a Yacht and It Changed the Ending of His Book</a></li>
</ul>



Disclaimer:&nbsp;This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.<a href="https://www.benzinga.com/apis?utm_source=benzinga.com&amp;utm_campaign=article-bottom" rel="noreferrer noopener" target="_blank"></a>

Michael Saylor Asks Joe Rogan For A Chat: 'Let's Talk About Bitcoin'

A wallet linked to Ross Ulbricht, the creator of illegal drug marketplace&nbsp;Silk Road, received over $30 million in Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) on Saturday, sparking intrigue among the cryptocurrency community.



What Happened: According to on-chain tracker Lookonchain, Ulbricht&#8217;s donation wallet&nbsp;received a transfer of 300&nbsp;BTC, approximately $31.47 million. Hours later, the stash was transferred to another wallet, details about which remained unknown as of this writing.



A message sent to the Instagram accounts of Ulbricht and his wife by Benzinga did not receive an immediate response.



<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">Ross Ulbricht(<a href="https://twitter.com/RealRossU?ref_src=twsrc%5Etfw">@RealRossU</a>), the founder of the <a href="https://twitter.com/hashtag/SilkRoad?src=hash&amp;ref_src=twsrc%5Etfw">#SilkRoad</a> marketplace, received 300 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a>($31.4M) to his donation wallet 8 hours ago.<a href="https://t.co/3DEsM9rpBq">https://t.co/3DEsM9rpBq</a> <a href="https://t.co/JoUMNqM99p">pic.twitter.com/JoUMNqM99p</a>&mdash; Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1929015485439389888?ref_src=twsrc%5Etfw">June 1, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Soon after, theories and conjectures arose, with observers making various claims. A cryptocurrency commentator called CR1337 said, &#8220;You want to tell me that a single entity donated 300 BTC, more than $30M, to Ross Ulbricht, and that this is not just one of his old wallets and he sent it to himself?&#8221;



<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">You want to tell me that a single entity donated 300 BTC, more than $30M, to Ross Ulbricht, and that this is not just one of his old wallets and he sent it to himself? <a href="https://t.co/avPg6CXIf2">https://t.co/avPg6CXIf2</a>&mdash; CR1337 (@cryptonator1337) <a href="https://twitter.com/cryptonator1337/status/1929073295724355656?ref_src=twsrc%5Etfw">June 1, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Another user, Execute, meanwhile, invoked the ideas of &#8220;freedom, privacy, and justice&#8221; while discussing the massive transfer.



<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">Someone just donated 300 <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> over $30 million to support Ross Ulbricht. A powerful reminder that the fight for freedom, privacy, and justice is far from over. Ross inspired a generation to question control and choose sovereignty. The world is watching.<a href="https://twitter.com/hashtag/FreeRoss?src=hash&amp;ref_src=twsrc%5Etfw">#FreeRoss</a>… <a href="https://t.co/J8xD5WEnJ4">pic.twitter.com/J8xD5WEnJ4</a>&mdash; Execute (@0xExecute) <a href="https://twitter.com/0xExecute/status/1929207691995742231?ref_src=twsrc%5Etfw">June 1, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



See Also:&nbsp;<a href="https://benzinga.com/cannabis/25/06/45713895/bitcoin-ethereum-dogecoin-hold-steady-amid-us-china-trade-war-tensions-analyst-foresees-big-party-if-btc-reclaims-106000" target="_blank" rel="noreferrer noopener">Bitcoin, Ethereum, Dogecoin Hold Steady Amid US-China Trade War Tensions: Analyst Foresees &#8216;Big Party&#8217; If BTC Reclaims $106,000</a>



Meanwhile, Ulbricht has managed to raise nearly <a href="https://scarce.city/collections/b25-ross-ulbricht-collection">$1.3 million</a> in&nbsp;pledged BTC by auctioning off&nbsp;personal items from before and during his imprisonment&nbsp;through the Bitcoin auction platform&nbsp;Scarce City. The items included his prison ID card, prison notebok and artworks he created while imprisoned.



Why It Matters: Ulbricht was <a href="https://www.benzinga.com/markets/cryptocurrency/25/01/43118234/president-trump-signs-executive-order-to-pardon-silk-road-creator-ross-ulbricht">pardoned</a> by President Donald Trump earlier this year as part of a campaign promise. 



Ulbricht was serving a double life sentence since 2013 for creating the darknet website Silk Road—a hub of the illegal trafficking of heroin, cocaine, LSD, and other substances, all paid for in Bitcoin.



Shortly after the pardon, <a href="https://www.benzinga.com/25/01/43150266/unclaimed-bitcoin-worth-44-million-found-in-ross-ulbrichts-wallets-but-doubts-about-the-silk-road-founders-access-to-keys">wallets belonging to&nbsp;Ulbricht were discovere</a>d, containing as many as 430&nbsp;BTC unmoved for over 13 years.



Price Action:  At the time of writing, BTC was exchanging hands at $104,903.51, up 0.19% in the last 24 hours, according to <a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA..">data from Benzinga Pro</a>. 



Photo Courtesy: Paopano on Shutterstock.com 



Read Next: 



<ul class="wp-block-list">
<li><a href="https://benzinga.com/markets/cryptocurrency/25/05/45616666/dogecoin-shiba-inu-and-other-meme-coins-are-entry-points-to-crypto-ecosystem-report" target="_blank" rel="noreferrer noopener">Dogecoin, Shiba Inu And Other Meme Coins Are Entry Points To Crypto Ecosystem: Report</a></li>
</ul>



Disclaimer:&nbsp;This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.<a href="https://www.benzinga.com/apis?utm_source=benzinga.com&amp;utm_campaign=article-bottom" rel="noreferrer noopener" target="_blank"></a>

Ross Ulbricht, The Silk Road Founder Pardoned By Trump Soon After His Inauguration, Receives A Whopping $31 Million Worth Of Bitcoin In Donation Wallet

Meme coins named after &#8220;Kekius Maximus&#8221; surged late Sunday night after tech mogul Elon Musk mentioned it in an X post.



What happened: Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>)-based Kekius Maximus (KEKIUS) jumped 10% in a matter of minutes after Musk's post, <a href="https://coinmarketcap.com/currencies/kekius-maximus-vip/">according </a>to CoinMarketCap. The coin's market valuation hit $32.97 million, reflecting a 1.07% spike in the 24-hour period.



Another similarly-named coin, KEKIUS, based on Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>) but with a considerably smaller valuation, rose 9.5% since the post.



The rally comes after Musk posted a clip from what appeared to be the video game &#8220;Path of Exile.&#8221;



"Kekius Maximus pit level 117, hardcore rank 1," Musk wrote, showing a character named Kekius Maximus in combat.



<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">Kekius Maximus pit level 117, hardcore rank 1 <a href="https://t.co/6klD67ahFR">pic.twitter.com/6klD67ahFR</a>&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1929379017003585755?ref_src=twsrc%5Etfw">June 2, 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/25/04/44621245/gold-backed-cryptos-match-yellow-metals-highs-following-trumps-liberation-day-shock"> </a><a href="https://www.benzinga.com/25/05/45556899/from-amazon-to-warren-buffetts-berkshire-hathawaybitcoin-is-now-bigger-than-these-wall-street-titans">From Warren Buffett&#8217;s Berkshire Hathaway To Jeff Bezos&#8217; Amazon — Bitcoin Is Now Outshining These Wall Street Titans</a>



Why It Matters: Kekius Maximus—a combination of &#8220;Pepe the Frog&#8221; and "Maximus Decimus Meridius," the iconic character from the movie Gladiator—shot to prominence after <a href="https://www.benzinga.com/24/12/42739155/elon-musk-changes-his-name-to-kekius-maximus-on-x-sending-to-memecoin-skyrocketing-over-600">Musk used it as his X profile name</a> on New Year&#8217;s Eve 2024.



Since then, the coin has experienced brief bursts of dramatic growth, aided by Musk's social media activity. Last month, <a href="https://www.benzinga.com/trading-ideas/movers/25/05/45486627/elon-musks-new-emperor-kekius-maximus-avatar-sends-pepe-and-this-namesake-coin-rallying">Musk changed his X profile name</a> to Kekius Maximus and updated his profile picture, depicting him as an ancient warrior called "Emperor Kekius Maximus."



Benzinga Note: Investing in meme coins is highly speculative and involves significant risk. Meme coins often lack intrinsic value and are driven by market sentiment, social media trends, and speculative trading



Photo Courtesy: Frederic Legrand &#8211; COMEO On Shutterstock.com



Read Next:&nbsp;



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/markets/cryptocurrency/25/05/45611404/anthony-scaramucci-remains-firm-on-bitcoin-as-the-best-investment-idea-even-as-the-largest-crypto-hovers-around-109000">Anthony Scaramucci Remains Firm On Bitcoin As The Best Investment Idea Even As The Largest Crypto Hovers Around $109,000</a></li>
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Elon Musk's 'Kekius Maximus' Gameplay Sends These Namesake Coins Surging

Fartcoin was trading higher Sunday night, surpassing legacy meme heavyweights Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>) and Shiba Inu (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/shib/usd">SHIB</a>).



What happened: The Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>)-based memecoin rose over 4% in the last 24 hours to a market capitalization of $1.13 billion.



The rally helped the token reduce its weekly losses, which had reached more than 21% in the last seven days.



FARTCOIN was the most successful $1 billion-plus meme coin in the last 24 hours, outperforming DOGE and SHIB, which gained 0.51% and 0.13%, respectively.



See Also:<a href="https://www.benzinga.com/25/04/44621245/gold-backed-cryptos-match-yellow-metals-highs-following-trumps-liberation-day-shock"> </a><a href="https://www.benzinga.com/25/05/45556899/from-amazon-to-warren-buffetts-berkshire-hathawaybitcoin-is-now-bigger-than-these-wall-street-titans">From Warren Buffett&#8217;s Berkshire Hathaway To Jeff Bezos&#8217; Amazon — Bitcoin Is Now Outshining These Wall Street Titans</a>



The frivolously named cryptocurrency was the most purchased token by smart money investors, according to the on-chain tracking platform Stalkchain.



<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/FARTCOIN?src=hash&amp;ref_src=twsrc%5Etfw">#FARTCOIN</a> is the most sold token by smart money in the last 24 hours <a href="https://t.co/sDISL4qN0Z">pic.twitter.com/sDISL4qN0Z</a>&mdash; Stalkchain (@StalkHQ) <a href="https://twitter.com/StalkHQ/status/1929313259661987989?ref_src=twsrc%5Etfw">June 1, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



FARTCOIN <a href="https://www.benzinga.com/trading-ideas/movers/25/04/44941248/fartcoin-soars-121-in-a-month-dwarfs-bitcoin-dogecoin-amid-trump-tariff-induced-economic-jitters">accumulated gravity-defying gains</a> in April, when the rest of the market was rocked by tariff-related downturns. The momentum continued in May as the coin hit a multi-month high of $1.60.



However, the trajectory has reversed since then, in line with the rest of the market.&nbsp;



Price Action:&nbsp; At the time of writing, FARTCOIN was exchanging hands at $1.12, up 4.07% in the last 24 hours, according to <a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA..">data from Benzinga Pro</a>.&nbsp;



Benzinga Note: Investing in meme coins is highly speculative and involves significant risk. Meme coins often lack intrinsic value and are driven by market sentiment, social media trends, and speculative trading.



Shutterstock/alfernec



Read Next:&nbsp;



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<li><a href="https://www.benzinga.com/markets/cryptocurrency/25/05/45611404/anthony-scaramucci-remains-firm-on-bitcoin-as-the-best-investment-idea-even-as-the-largest-crypto-hovers-around-109000">Anthony Scaramucci Remains Firm On Bitcoin As The Best Investment Idea Even As The Largest Crypto Hovers Around $109,000</a></li>
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Fartcoin Outgains Dogecoin, Shiba Inu Sunday Night—What's Going On?

Leading cryptocurrencies were in the green on Sunday, stock futures dipped amid concerns that trade hostilities between the U.S. and China would resume.



<figure class="wp-block-table"><table class="has-fixed-layout"><tbody><tr><td>Cryptocurrency</td><td>Gains +/-</td><td>Price (Recorded at 9:30 p.m. ET)</td></tr><tr><td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td><td>+0.97%</td><td>$105,427.19</td></tr><tr><td>Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td><td>+0.21%</td><td>$2,529.68</td></tr><tr><td>Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td><td>+1.00%</td><td>$0.1931</td></tr></tbody></table></figure>



What Happened: Bitcoin traded in the $105,000 range for most of the day, while Ethereum remained in the $2,500 range. Trading volumes for both blue-chip currencies declined significantly in the last 24 hours.



The apex cryptocurrency ended May with returns of nearly 11%, higher than the average return of 8.18% for the month. ETH surged 40.84%, snapping a five-month-long losing streak.



About $147 million was liquidated from the cryptocurrency market in the last 24 hours, with nearly equal amounts of longs and shorts erased.



Bitcoin&#8217;s Open Interest rose 1.62% in the last 24 hours. Over 50% of Binance traders with open BTC positions were long as of this writing.



The &#8220;Greed&#8221; sentiment rose sharply from 56 to 65 in the last 24 hours, as indicated by the Crypto Fear and Greed Index, implying a resurgence in buying pressure.



Top Gainers (24-Hours)



<figure class="wp-block-table"><table class="has-fixed-layout"><tbody><tr><td>Cryptocurrency</td><td>Gains +/-</td><td>Price (Recorded at 9:30 p.m. ET)</td></tr><tr><td>Flare (FLR)</td><td>+9.05%</td><td>$0.01899</td></tr><tr><td>Monero (XMR)</td><td>+7.54%</td><td>$345.71</td></tr><tr><td>Zcash (ZEC)</td><td>+6.40%</td><td>$53.19</td></tr></tbody></table></figure>



The global cryptocurrency market capitalization stood at $3.3 trillion, following an increase of 0.98% in the last 24 hours.



Stock futures edged lower overnight Sunday. The Dow Jones Industrial Average Futures fell 104 points, or 0.25%, as of 9:31 p.m. EDT.&nbsp; Futures tied to the S&amp;P 500 dipped 0.28%, while Nasdaq 100 Futures lost 0.40%.



This comes after President Donald Trump <a href="https://www.benzinga.com/trading-ideas/movers/25/05/45703311/us-listed-chinese-stocks-drop-after-trump-renews-trade-tensions">accused China</a> of violating an agreement with the U.S. to ease tariffs.



Nonetheless, equities enjoyed a resurgence last month, with the Dow Jones Industrial Average and the S&amp;P 500 rising 3.72% and 5.49%, respectively, on favorable <a href="https://www.benzinga.com/news/topics/25/06/45711633/trumps-tariffs-in-court-summers-stark-warning-us-china-stalemate-and-woods-reaganomics-comparison-this-week-in-economics">tariff-related developments</a>.



See More: <a href="https://www.benzinga.com/money/best-crypto-scanners">Best Cryptocurrency Scanners</a>



Analyst Notes: Widely followed cryptocurrency analyst Michaël van de Poppe anticipated a "decisive week" for Bitcoin ahead.



"If it breaks back above $106,000, the big party is about to happen," Van De Poppe predicted. "With PMI &amp; unemployment data during this week, I assume we&#8217;ll have a lot of volatility."



<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">Decisive week coming up for <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a>. If it breaks back above $106,000, the big party is about to happen. With PMI &amp; Unemployment Data during this week, I assume we&#39;ll have a lot of volatility. <a href="https://t.co/c4fGKTzVNq">pic.twitter.com/c4fGKTzVNq</a>&mdash; Michaël van de Poppe (@CryptoMichNL) <a href="https://twitter.com/CryptoMichNL/status/1929276012770324485?ref_src=twsrc%5Etfw">June 1, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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Cryptocurrency influencer Mando CT was optimistic about a "big" move for ETH in the week ahead.



"The reason? Our mid and low-cap alts are still down and need to catch up," the influencer said.



<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=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a> is holding strong in a good range, and I&#39;m very optimistic for another big move up this week. The reason? Our mid and low-cap alts are still down and need to catch up. <a href="https://t.co/L2vFuhHcZH">pic.twitter.com/L2vFuhHcZH</a>&mdash; MANDO CT (@XMaximist) <a href="https://twitter.com/XMaximist/status/1929193565378265585?ref_src=twsrc%5Etfw">June 1, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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Photo Courtesy: Yalcin Sonat On Shutterstock.com



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<li><a href="https://www.benzinga.com/crypto/cryptocurrency/25/06/45712515/miner-wars-is-not-play-to-earn-its-play-the-hashrate-says-gominings-jeremy-dreier">&#8216;Miner Wars Is Not Play-To-Earn, It&#8217;s Play-The-Hashrate,&#8217; Says GoMining&#8217;s Jeremy Dreier</a></li>
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Bitcoin, Ethereum, Dogecoin Hold Steady Amid US-China Trade War Tensions: Analyst Foresees 'Big Party' If BTC Reclaims $106,000

Bettors on Polymarket were not convinced about Jerome Powell&#8217;s exit as rumors circulated that the Federal Reserve Chair would step down on Monday.



What Happened: The odds for the betting contract titled "Will Trump remove Jerome Powell in 2025?" remained unchanged at 12%, despite strong speculation on X regarding his resignation.



According to the rules, the market will resolve to "Yes" if Powell ceases to be Fed Chair before Dec. 31. Over $838,000 has been wagered on this outcome as of this writing.



Note that Polymarket, which operates on the&nbsp;Polygon (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">POL</a>) blockchain, is&nbsp;<a href="https://www.benzinga.com/markets/cryptocurrency/25/03/44185814/polymarket-ceo-who-was-raided-by-the-fbi-on-allegations-of-regulatory-violations-gets-invited-to-white-house-crypto-summit" target="_blank" rel="noreferrer noopener">unavailable to U.S. residents due to regulatory restrictions</a>.



See Also:<a href="https://www.benzinga.com/25/04/44621245/gold-backed-cryptos-match-yellow-metals-highs-following-trumps-liberation-day-shock"> </a><a href="https://www.benzinga.com/25/05/45556899/from-amazon-to-warren-buffetts-berkshire-hathawaybitcoin-is-now-bigger-than-these-wall-street-titans">From Warren Buffett&#8217;s Berkshire Hathaway To Jeff Bezos&#8217; Amazon — Bitcoin Is Now Outshining These Wall Street Titans</a>



Widely followed X handles have been amplifying rumors that Powell will resign on Monday, despite no evidence supporting this possibility yet.



The Fed didn't immediately return Benzinga's request for comment.



<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">JUST IN: Rumors are circulating Jerome Powell will resign on Monday and the Trump admin plans on lowering interest rates. If this happens prepare for a parabolic run.&mdash; The ₿itcoin Therapist (@TheBTCTherapist) <a href="https://twitter.com/TheBTCTherapist/status/1929233132789604725?ref_src=twsrc%5Etfw">June 1, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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Why It Matters: These developments come days after President Donald Trump <a href="https://www.benzinga.com/news/politics/25/05/45692797/trump-tells-powell-hes-making-a-mistake-by-not-cutting-rates-fed-reaffirms-independence">summoned Powell to the White House</a>. Trump informed the central bank chief that he was making a "mistake" by not lowering interest rates.



Powell maintained the Fed's independence, stating that monetary policy "will depend entirely on incoming economic information. The rates have been kept steady at 4.25% to 4.50% for the third consecutive meeting.



Tensions between Trump and the central bank over the direction of interest rate policy have persisted. <a href="https://www.benzinga.com/25/04/44940900/us-futures-dollar-jump-amid-trumps-latest-comments-on-fed-nikkei-rebounds-to-three-week-high">Trump has continuously called for further cuts</a>, arguing that inflation is no longer a pressing issue.



While Trump has taken potshots at Powell, he <a href="https://www.benzinga.com/25/04/44940900/us-futures-dollar-jump-amid-trumps-latest-comments-on-fed-nikkei-rebounds-to-three-week-high">stated earlier that he had &#8220;no intention&#8221;</a> of firing the Fed Chair.



Photo Courtesy: miss.cabul on Shutterstock.com



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<li><a href="https://www.benzinga.com/markets/cryptocurrency/25/05/45611404/anthony-scaramucci-remains-firm-on-bitcoin-as-the-best-investment-idea-even-as-the-largest-crypto-hovers-around-109000">Anthony Scaramucci Remains Firm On Bitcoin As The Best Investment Idea Even As The Largest Crypto Hovers Around $109,000</a></li>
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Jerome Powell To Step Down? X Abuzz With Rumors, But Polymarket Bettors Are Not Buying It

As institutional interest in Bitcoin mining continues to surge, GoMining stands out with its deep-rooted ecosystem, robust infrastructure, and innovative approach to bridging the retail-institutional divide. At the forefront of this evolution is Jeremy Dreier, Managing Director of GoMining Institutional and Chief Business Development Officer (CBDO) at GoMining.



With over 3.5 million users and 350+ megawatts of mining power under management, GoMining has steadily grown into a powerhouse in the crypto mining space. Now, with the launch of a $100 million Bitcoin mining fund tailored for institutional investors, the company is making headlines again—this time with an eye on strategic capital deployment, efficiency, and scale.



In this exclusive conversation with Benzinga, Jeremy Dreier—whose career spans technology, capital markets, and blockchain—unpacks GoMining's institutional strategy, the dynamics behind their mining innovation Miner Wars, and what the future holds for Bitcoin mining in the U.S. and globally. Excerpt from the interaction.



What's the goal of GoMining's new $100M Bitcoin mining fund, and how's the response so far?



GoMining Institutional created the Alpha Blocks Fund to give institutions the simplest possible path to genuine, yield-generating Bitcoin exposure. Instead of buying equity in a public miner or a passive spot ETF, allocators get pro-rata ownership of live hashrate that we actively compound: every satoshi the fleet earns is redeployed into newer, more efficient data centers, so the underlying BTC stream grows block after block.&nbsp;



The vehicle is fully custodied by BitGo and is powered by the infrastructure with a total hashrate of 7.8+ million TH/s. Since our April launch, we've secured early soft commitments from institutional investors and are now preparing to onboard initial LPs. Capital deployment into next-generation data centers is set to begin shortly, laying the groundwork for stable, yield-generating performance from day one.



How is institutional capital changing the dynamics of Bitcoin mining?



A decade ago, mining rigs were whirring away in basements; today, the same activity sits on Fortune 500 balance sheets and is discussed on quarterly earnings calls. Bitcoin ETFs pried the door open, but once inside, allocators realised the real engine of value was the machinery behind the ticker, not just the ticker itself.



Those allocators arrive with infrastructure-sized expectations, they want yield that compounds, transparency they can audit, and governance frameworks their boards already understand. That has forced miners to professionalise everything from custody to ESG reporting while exposing the limits of the "grow-at-all-costs" playbook that plagued early public miners whose quick scale often came with dilution, leverage, and energy-price whiplash. As a result, many institutions now bypass listed equities and instead back managed funds or white-label strategies that deliver block-reward economics without the operational drag.<a href="https://docs.google.com/presentation/d/1gKVhbZ92aFX5A8KFb-Y0RmvyA14sgJAn/htmlpresent">&nbsp;</a>



The influx of deep pockets is also financialising the hashrate itself. What began with equity stakes has expanded into ASIC-backed debt, hashprice options, structured notes linked to network difficulty, and LP funds that treat hashrate as a yield-bearing commodity. That toolkit lets investors tune exposure to Bitcoin issuance, transaction-fee upside, or even grid-balancing revenues, and it's breaking the old one-to-one correlation between mining fortunes and spot BTC.&nbsp;



It's no coincidence that the U.S.-based pools now command more than 40 percent of global hashrate, and trade volumes are emerging for hashrate futures on major venues – the capital is demanding instruments that look and settle like any other real-asset derivative.



3. What shifts have you seen in institutional attitudes toward Bitcoin over the last two years? Institutions are looking for infrastructure-related strategies because they want the economics of blockchain rewards, not just price exposure in the form of BTC on the balance sheet. They also want custody, governance, and transparency – features that are in line with what they expect from traditional investments in real assets or credit.



In 2023, most CIOs still asked whether Bitcoin would be regulated out of existence. The launch of U.S. spot ETFs, the MiCA framework in Europe, and political tailwinds in Washington changed that conversation from "if" to "how much." A Coinbase-EY survey in January found 76% of institutions plan to increase allocations in 2025, with nearly 60% targeting more than 5% of AUM. The Bitwise/VettaFi adviser poll shows crypto allocations in client accounts doubling year-on-year to an all-time high.



 4. How does GoMining Institutional's white-label model work for allocators?



Think of it as "mining-as-a-service." An allocator can brand a feeder vehicle, set its own fee stack, and rely on our global hashrate power of 7.8+ million TH/s, compliance, treasury, and reporting. All this comes with 99% continuous uptime, which is a really high benchmark for a fine-tuned data center operation. We handle power procurement, equipment refresh, SOC-2 reporting, and annual audits; they handle distribution to their LPs. Because we already run 350 MW across four continents, adding another 10 MW for a partner is accretive to everyone's power curve. The result is turnkey exposure to clean, provably sourced Bitcoin that fits neatly into an alternative sleeve.



 5. How does Miner Wars blend gaming with real BTC mining, and why does that matter



Miner Wars is not "play-to-earn": it's "play-the-hashrate." Every NFT inside the game represents actual terahash running in our data centers. When clans solve in-game "blocks," they're competing for a prize pool funded by the real BTC those rigs earn. We now have an average of 71,222+ monthly players within Miner Wars and have paid out over 200 BTC since launch. That matters because it onboards a demographic that would never buy a miner or read an ASIC spec sheet, yet it still drives utilization for the underlying equipment. In other words, the game is a distribution funnel that keeps the hardware sweating 24/7.



6. What's the current state of Bitcoin mining in the U.S. and globally post-halving?



The halving cut rewards to 3.125 BTC per block, so inefficient fleets were brutalized, but the winners are thriving. Hash-rate hit new highs as modern rigs at 14 J/TH came online, and public miners produced nearly $800 million worth of BTC in Q1 2025 alone. Many U.S. operators are stockpiling coins instead of paying selling, betting on price appreciation and the emerging federal Strategic Bitcoin Reserve policy.&nbsp;



Globally, we see expansion into Paraguay and Oman, where stranded renewables and flare gas keep opex below $0.05/kWh.&nbsp;



The key metric of this cycle isn't sheer hashrate, but energy efficiency per delivered terahash, and the spread between top-quintile and bottom-quintile operations is the widest I've ever seen. Bitdeer's February report nails how equipment cost per TH has fallen to $16 even as power prices diverge.



7. What trends will shape the future of institutional Bitcoin mining — tech, energy, or something else?



All of the above, but the connective tissue is flexibility. On the technology front, 3-nanometer ASICs will arrive alongside immersion and hydro-cooling systems that push efficiency below 16 J/TH, enabling high-density data centers that can moonlight as AI inference farms during fee lulls.&nbsp;



On the energy side, flare-gas mitigation and behind-the-meter renewables give miners a seat at climate strategy tables; oil majors are already piloting modular gensets that turn 148 billion cubic meters of wasted gas into low-cost electricity, and allocators love the methane-abatement angle. But the fact still stands: even with new sources, the main factor in the energy market is the cost of energy itself.&nbsp;&nbsp; Finally, capital markets themselves are evolving: as more governments stockpile mined coins, miners become quasi-sovereign infrastructure providers, opening doors to green bonds and export-credit insurance that didn't exist a year ago. The winners will be operators who can toggle between Bitcoin blocks, AI jobs, and grid-balancing services without shutting down a single container.&nbsp;

'Miner Wars Is Not Play-To-Earn, It's Play-The-Hashrate,' Says GoMining's Jeremy Dreier

REX Financial and Osprey Funds&#8217; plans to launch US crypto ETFs offering staking rewards have encountered regulatory challenges, even after an initial nod from the Securities and Exchange Commission (SEC).



What Happened: The proposed ETFs, designed to track Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) and Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>), are facing scrutiny from US regulators. 



The regulators are questioning if these ETFs fulfill the legal criteria of ETFs under federal securities law. The&nbsp;SEC expressed its concerns in a letter to ETF Opportunities Trust, the legal entity issuing the ETFs, on Friday.



The SEC pointed out potential problems with the funds&#8217; registration statement and suggested that the ETFs&#8217; status as investment companies could be misleading.&nbsp;Greg Collett, general counsel at&nbsp;REX Financial, responded, &#8220;We&nbsp;think we can satisfy the&nbsp;SEC on the investment company&nbsp;question, and we don&#8217;t&nbsp;intend to launch the funds&nbsp;until we do that.&#8221;



SEC Commissioner&nbsp;Caroline Crenshaw&nbsp;criticized the agency&#8217;s inconsistent approach to crypto regulation. She raised questions about how crypto assets could be considered non-securities for registration purposes, but be classified as securities when launching a new product, <a href="https://www.bloomberg.com/news/articles/2025-05-31/us-regulators-say-two-crypto-vehicles-may-not-qualify-as-etfs?srnd=homepage-americas&amp;sref=TBDibEcD">reports </a>Bloomberg. 



Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/25/05/45602645/crypto-mogul-justin-sun-dines-with-trump-then-flexes-100k-watch-whats-the-deal">Crypto Mogul Justin Sun Dines With Trump, Then Flexes $100K Watch — What&#8217;s The Deal?</a>



This incident marks&nbsp;the second time in recent&nbsp;months that the SEC has&nbsp;publicly questioned&nbsp;a listed fund investing in&nbsp;alternative asset classes. Despite the regulatory uncertainty, REX Financial remains hopeful about launching the ETFs by mid-June.



Why It Matters: The SEC&#8217;s scrutiny of these proposed crypto ETFs underscores the regulatory challenges facing the crypto industry. 



The inconsistent approach to crypto regulation, as highlighted by Commissioner Crenshaw, further complicates the situation. 



The outcome of this regulatory review could have significant implications for the future of crypto ETFs in the US, potentially influencing the pace and direction of innovation in this emerging asset class. 



Despite these challenges, the optimism shown by REX Financial indicates the industry&#8217;s resilience and its commitment to navigating the complex regulatory landscape.



Read Next



<a href="https://www.benzinga.com/markets/25/05/45509537/bitcoin-skyrockets-past-105-000-mark-triggers-250-billion-crypto-market-rally">Bitcoin Skyrockets Past $105,000 Mark, Triggers $250 Billion Crypto Market Rally</a>



Image: Shutterstock/Tada Images

SEC Raises Red Flags Over Crypto ETFs Offering Staking Rewards

Anthony Scaramucci,&nbsp;the founder of SkyBridge Capital, shared his journey into the world of Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) that started during his brief stint at the White House. His interest in cryptocurrency has since led him to become a significant player in the digital currency space.



What Happened: Scaramucci&#8217;s second encounter with Bitcoin happened in the Roosevelt Room of the White House in 2017. The meeting, attended by then-Treasury Secretary Steve Mnuchin and officials from The Federal Reserve, revolved around cryptocurrency research and was a pivotal moment in sparking Scaramucci&#8217;s interest in Bitcoin and blockchain technology.



After his departure from the White House, Scaramucci delved deeper into digital currency research, eventually becoming a crypto investor through his hedge fund. His publication, The Little Book of Bitcoin, shares stories about people&#8217;s journey to cryptocurrency, reflecting his belief that most people who explore Bitcoin end up believing in it.



As per the Fortune, the book has been well-received, earning praise from Strategy chairman Michael Saylor, despite initial disagreements about investment allocation recommendations.&nbsp;



According to Scaramucci, he approached Saylor to pen the foreword for his book. After reading the manuscript, Saylor called him—while sailing on his yacht—to say he was impressed overall, but strongly disagreed with the final chapter. 



Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42378636/scaramucci-bitcoin-is-a-volatile-asset-but-ready-for-prime-time-institutional-investing">Scaramucci: Bitcoin Is a Volatile Asset, But &#8216;Ready for Prime Time Institutional Investing&#8217;</a>



Saylor questioned why Scaramucci would advocate for Bitcoin with such strong conviction yet suggest only a modest investment. 



Saylor told him, "You just got done telling me this is the greatest investment" but you only recommend a 2% allocation, Scaramucci said. That feedback led Scaramucci to revise the book's conclusion.



While Scaramucci has found success in his crypto investments, he has made it clear that he has no political ambitions. He expressed hope for a resolution to the political impasse and the ongoing tariff issues with Canada.



Why It Matters: Scaramucci&#8217;s journey from the White House to becoming a crypto investor highlights the growing interest and acceptance of cryptocurrencies among traditional finance professionals. 



His story, as told in his book, could inspire more people to explore and invest in digital currencies, potentially driving further growth in the cryptocurrency market.



Read Next



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Image: Shutterstock/Al Teich

Michael Saylor Called Scaramucci From a Yacht and It Changed the Ending of His Book

The past week was a rollercoaster ride in the world of finance and cryptocurrency. From the early release of a notorious fraudster to a heated debate over Bitcoin&#8217;s value, the weekend was packed with intriguing stories.



Here&#8217;s a quick recap of the top stories that made headlines.



Sam Bankman-Fried&#8217;s Early Release



Once a promising figure in the cryptocurrency world,&nbsp;Sam Bankman-Fried&nbsp;is now set to leave prison four years ahead of his 25-year sentence. The Federal Bureau of Prisons has updated its inmate database to reflect the new release date of Dec. 14, 2044, thanks to &#8220;good conduct time&#8221; credits. Bankman-Fried&#8217;s pre-sentence time in jail also contributed to this early release.



<a href="https://www.benzinga.com/markets/cryptocurrency/25/05/45614311/fraudster-sam-bankman-fried-set-to-leave-prison-four-years-early-as-good-conduct-credits-t">Read the full article here.</a>



Schiff Challenges Vance On Bitcoin



Economist and market commentator&nbsp;Peter Schiff&nbsp;publicly disagreed with Vice President&nbsp;JD Vance&#8216;s support for Bitcoin at a recent cryptocurrency conference. Schiff challenged Vance&#8217;s remarks, sparking a debate over the true value and impact of Bitcoin.



<a href="https://www.benzinga.com/25/05/45661076/peter-schiff-challenges-jd-vances-bitcoins-safe-haven-assertion-urges-him-to-implement-policies-that-reduce-the-n">Read the full article here.</a>



See Also:&nbsp;<a href="https://benzinga.com/markets/cryptocurrency/25/05/45667896/hedera-co-founder-predicts-that-everything-of-value-will-be-tokenized" target="_blank" rel="noreferrer noopener">Hedera Co-Founder Predicts That &#8216;Everything Of Value&#8217; Will Be Tokenized</a>



Bitcoin Drops To $105,000



Bitcoin&#8217;s (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) value took a hit, dropping below $105,000 after President Donald Trump warned that the U.S. is &#8220;no longer Mr. Nice Guy&#8221; in its trade agreement with China. This swift drop reveals that Bitcoin still behaves more like high-beta tech than a geopolitical hedge.



<a href="https://www.benzinga.com/cannabis/25/05/45698521/bitcoin-drops-to-105000-after-trump-warns-hes-no-longer-mr-nice-guy">Read the full article here.</a>



Google&#8217;s Quantum Warning



Alphabet Inc.&#8217;s Google has warned that RSA encryption, a key security feature in securing Bitcoin, may be more vulnerable to quantum computing attacks than previously thought. New research suggests that RSA encryption could be broken with 20 times fewer quantum resources.



<a href="https://www.benzinga.com/markets/cryptocurrency/25/05/45613248/google-warns-quantum-computers-could-crack-bitcoin-like-encryption-20-times-faster-than-ex">Read the full article here.</a>



Trump&#8217;s Meme Coin Dinner



A black-tie gala hosted by Donald Trump for top TRUMP (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">MAGA</a>) meme coin holders turned into a high-net-worth crypto networking event. Despite Trump&#8217;s brief appearance, the event served as a valuable gathering for major players in the crypto space.



<a href="https://www.benzinga.com/markets/cryptocurrency/25/05/45626262/trump-meme-coin-dinner-turned-into-high-net-worth-crypto-networking-trump-was-there-for-20">Read the full article here.</a>



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Photo courtesy: Shutterstock



This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/ananya-gairola" target="_blank" rel="noreferrer noopener">Ananya Gairola</a>

Sam Bankman-Fried's Early Release, Schiff Vs Vance, Bitcoin's Fall, And Trump's Meme Coin Dinner: This Week In Crypto

JPMorgan Chase &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>) CEO Jamie Dimon delivered a pointed message on national security policy at the Reagan National<a href="https://www.benzinga.com/markets/economic-data/25/05/45704089/jamie-dimon-warns-of-bond-market-crisis-caused-by-us-debt-binge-youre-going-to-panic"> Economic Forum on Friday.&nbsp;</a>



The Details: The head of the largest bank in the country spoke to a group gathered and argued that the United States must focus more on traditional defense priorities and less on Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>).&nbsp;



"We don't need to stockpile bitcoin," Dimon said. "We should be stockpiling guns, bullets, tanks, planes, drones, you know, rare earths—we know what we need to do, it's not a mystery."&nbsp;



Read Next:<a href="https://www.benzinga.com/news/management/25/05/45675714/can-michael-burrys-nvidia-short-survive-the-stocks-stunning-comeback?utm_source=articleShare"> Can Michael Burry&#8217;s Nvidia Short Survive The Stock&#8217;s Stunning Comeback?</a>



Dimon said that JPMorgan will publish a "Defense Action Form" that aims to guide industry and government toward eliminating excess production surpluses and increased defense spending, among other recommendations.&nbsp;



He also criticized the military's reliance on long-term procurement cycles and suggested the need to become more flexible with contracts in order to pivot, when necessary, to evolving technologies.&nbsp;



"The military can't have a 30-year program," he urged, echoing a growing chorus in Washington calling for increased defense budgets and faster modernization to keep pace with global rivals.



Why It Matters: Dimon's comments on the importance of increased defense spending and preparations in the name of national security come amid heightened debate over America's role in the world, as policymakers grapple with the balance between domestic needs and global security commitments.



However, Dimon's comments on bitcoin <a href="https://www.benzinga.com/markets/cryptocurrency/25/05/45557864/jamie-dimon-is-no-fan-of-bitcoin-but-trumps-crypto-czar-made-an-attempt-to-change-the-jpmorgan-ceos-mind-using-this-narrative">were not surprising</a> as the JPMorgan CEO has been consistently skeptical of the cryptocurrency and said it has "no intrinsic value" in a January 2025 interview with CBS.&nbsp;



"It's used heavily by sex traffickers, by money launderers, ransomware. So I just don't feel great about bitcoin," he added.&nbsp;



Read Next:&nbsp;



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Photo: Shutterstock

US Should Stockpile Bullets, Not Bitcoin, Jamie Dimon Says

Canary Capital Group LLC is looking to introduce a new level of accessibility and framework to <a href="https://www.benzinga.com/crypto">crypto investing</a> by means of a recently submitted S-1 registration statement to the U.S. Securities and Exchange Commission. The resulting product, the Canary Staked CRO ETF, seeks to give investors access to the native token of Crypto.com, Cronos (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">CRO</a>), without having to directly hold or oversee the digital asset.



The ETF is constructed to replicate the market price of CRO, minus fund expenses, and adds a second stream of income-generating activity through staking some of its assets on the Cronos proof-of-stake blockchain. The staking process, usual in blockchain networks rewarding validators for securing the network, enables the fund to receive incremental rewards in CRO in addition to price appreciation, if any.



In order to calculate its daily net asset value (NAV), <a href="https://www.benzinga.com/etfs">the fund</a> will use a benchmark pricing approach that averages CRO prices from various crypto exchanges. The aim is to present a more accurate, fair-market valuation in an otherwise fragmented and volatile trading environment.



As the <a href="https://www.sec.gov/Archives/edgar/data/2069288/000199937125006858/canarycro-s1_053025.htm">filing </a>explains, this structure isn't backed by federal institutions like the FDIC—a detail that may matter to risk-averse investors.



In particular, the fund avoids leverage, derivatives, or lending of assets, a fairly conservative approach in crypto investing, where structured products tend to come with sophisticated financial engineering layered on top. This might be attractive to investors who want uncomplicated exposure with magnified risk.



The ETF filing extends the earlier partnership between Canary Capital and Crypto.com via the Canary CRO Trust to launch a regulated avenue for qualified U.S. investors to gain access to CRO in a custody structure.



If approved, the Canary Staked CRO ETF would be another incremental move in bringing traditional capital markets together with decentralized assets. It would provide a regulated, passive means of crypto exposure with the added benefit of built-in on-chain yield generation. Investors may see this as innovation or just iteration, but it is certainly another indication of crypto&#8217;s continued shift toward mainstream financial frameworks.



Read Next: 



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Photo: chayanuphol/ Shutterstock.com

Canary Capital Seeks SEC Approval For Staked CRO ETF Offering Passive Crypto Exposure

Cryptocurrency markets are down on Friday, with continued uncertainty over the future of tariffs depressing risk assets.



<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;$104,722</td><td>-1.6%</td></tr><tr><td>Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>)</td><td>&nbsp;$2,6570</td><td>-3.1%</td></tr><tr><td>Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>)</td><td>&nbsp;$160.41</td><td>-5.0%</td></tr><tr><td>XRP (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/xrp/usd">XRP</a>)</td><td>&nbsp;$2.20</td><td>-3.7%</td></tr><tr><td>Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>)</td><td>&nbsp;$0.1992</td><td>-9.4%</td></tr><tr><td>Shiba Inu (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/shib/usd">SHIB</a>)</td><td>$0.0000131</td><td>-7.2%</td></tr></tbody></table></figure>



Notable Statistics:



<ul class="wp-block-list">
<li>IntoTheBlock data shows large transaction volume dropping by 18%, with daily active addresses down by 5%.</li>



<li>Coinglass data reports 269,555 traders were liquidated in the past 24 hours for $841 million.</li>
</ul>



Notable Developments:



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/crypto/cryptocurrency/25/05/45701548/bitcoin-dips-below-104000-as-trump-media-raises-2-32-billion-to-build-btc-treasury">Bitcoin Dips Below $104,000 As Trump Media Raises $2.32 Billion To Build BTC Treasury</a></li>



<li><a href="https://www.benzinga.com/crypto/cryptocurrency/25/05/45695347/bitcoin-hitting-1-million-by-2028-is-just-easy-with-these-3-policy-shifts-says-arthur-hayes">Bitcoin Hitting $1 Million By 2028 &#8216;Is Just Easy&#8217; With These 3 Policy Shifts, Says Arthur Hayes</a></li>



<li><a href="https://www.benzinga.com/cannabis/25/05/45692508/trump-administration-eyes-strategic-bitcoin-reserve-as-part-of-us-market-infrastructure-overhaul">Trump Administration Eyes Strategic Bitcoin Reserve As Part Of US Market Infrastructure Overhaul</a></li>



<li><a href="https://www.benzinga.com/cannabis/25/05/45691518/110m-wiped-out-bitcoin-whale-trader-gets-burned-as-btc-tags-104150">$110M Wiped Out: Bitcoin Whale Trader Gets Burned As BTC Tags $104,150</a></li>
</ul>



Trader Notes: Trade Mayne warns that Bitcoin must bounce around the $104,000 region or face a steeper drop below $100,000.



<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> Bounce from right here or we going sub $100k. <a href="https://t.co/JKCAXVmIv0">pic.twitter.com/JKCAXVmIv0</a>&mdash; Mayne (@Tradermayne) <a href="https://twitter.com/Tradermayne/status/1928491766505726431?ref_src=twsrc%5Etfw">May 30, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Trader XO <a href="https://x.com/Trader_XO/status/1928493970574758063">sees</a> &#8220;sellers in control&#8221; and announces he would be interested in bidding the $102,000 region. 



Citrini Research <a href="https://x.com/Citrini7/status/1928178070793441733">highlighted</a> the inverse correlation between Bitcoin and treasuries, while Lookonchain pointed out that prominent whale trader James Wynn got <a href="https://x.com/lookonchain/status/1928491814270501052">liquidated again</a> on his long positions on Bitcoin and Pepe.



Market commentator Scott Melker shared a snippet from an interview with Vice President JD Vance, where the latter points out Bitcoin&#8217;s properties as a &#8220;store of value.&#8221;



<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">&#x1f1fa;&#x1f1f8;VP JD VANCE SAYS <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> IS SECURE, SAFER FROM FRAUD, AND A STORE OF VALUE <a href="https://t.co/wZbWV3pcTA">pic.twitter.com/wZbWV3pcTA</a>&mdash; The Wolf Of All Streets (@scottmelker) <a href="https://twitter.com/scottmelker/status/1928473757523366050?ref_src=twsrc%5Etfw">May 30, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Read Next:



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<li><a href="https://www.benzinga.com/markets/cryptocurrency/25/05/45679277/how-strategys-052-bitcoin-correlation-drives-risk-asset-surge-report">How Strategy&#8217;s 0.52 Bitcoin Correlation Drives Risk Asset Surge: Report</a></li>
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Image: Shutterstock

Bitcoin, Ethereum, XRP, Dogecoin Can't Catch A Break As Traders See 'Sellers In Control'

Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) continues to slide on Friday and is down 2.5% at the time of publication, trading around $104,000, even as Trump Media and Technology Group (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DJT#NASDAQ">DJT</a>) has closed a $2.44 billion private placement offering to establish <a href="https://www.benzinga.com/cannabis/25/05/45698521/bitcoin-drops-to-105000-after-trump-warns-hes-no-longer-mr-nice-guy">a corporate Bitcoin treasury</a>.



What Happened: The offering consisted of 55.8 million shares of common stock at $25.72 per share for $1.44 billion in gross proceeds, plus $1 billion in convertible senior secured notes due 2028. 



Trump Media will use approximately $2.32 billion in net proceeds to acquire Bitcoin and fund general corporate purposes.



&#8220;Trump Media is focused on acquiring great assets, and this deal will give us the financial freedom to implement the rest of our strategies,&#8221; said CEO and Chairman Devin Nunes in a <a href="https://www.globenewswire.com/news-release/2025/05/30/3091176/0/en/Trump-Media-Closes-Bitcoin-Treasury-Deal.html">press release</a>.



The company expects to become &#8220;one of the top Bitcoin holders among publicly-traded U.S. firms with one of the most comprehensive Bitcoin treasury strategies.&#8221;



The announcement initially triggered a 10% drop in DJT shares on Tuesday morning as traders sold the news. 



Trump Media, which operates Truth Social and the FinTech brand Truth.Fi, is down more than 37% year-to-date.



Also Read:&nbsp;<a href="https://www.benzinga.com/cannabis/25/05/45692508/trump-administration-eyes-strategic-bitcoin-reserve-as-part-of-us-market-infrastructure-overhaul" target="_blank" rel="noreferrer noopener">Trump Administration Eyes Strategic Bitcoin Reserve As Part Of US Market Infrastructure Overhaul</a>



Why It Matters: The timing of Trump Media&#8217;s Bitcoin treasury announcement coincides with broader market volatility that has seen Bitcoin pull back from recent highs. 



The apex crypto has struggled to hold on to early-week gains, dipping as low as $103,901 on Friday afternoon.



Prominent cryptocurrency analyst Kevin <a href="https://x.com/Kev_Capital_TA/status/1928497609062101224">noted</a> the relative resilience of Bitcoin during the recent selloff as many altcoins like Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>), XRP (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/xrp/usd">XRP</a>) and Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>) recorded losses between 3.5% and 6% on Friday.



Some traders view the current weakness as a potential buying opportunity. 



Prominent trader Flow Horse suggested that a sweep of $101,000 down to $97,000 is &#8220;probably a great bounce opportunity, if it presents.&#8221;



Read Next:



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/cannabis/25/05/45691518/110m-wiped-out-bitcoin-whale-trader-gets-burned-as-btc-tags-104150" target="_blank" rel="noreferrer noopener">$110M Wiped Out: Bitcoin Whale Trader Gets Burned As BTC Tags $104,150</a></li>
</ul>



Image: Shutterstock

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