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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<li><a href="https://www.benzinga.com/etfs/specialty-etfs/25/05/45699802/from-meme-stocks-to-mature-moves-why-schd-might-be-a-good-bet-for-young-investors-for-passive-income-power">From Meme Stocks To Mature Moves: Why SCHD Might Be A Good Bet For Young Investors For Passive Income Power</a></li>
</ul>



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>
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Image: Shutterstock

Bitcoin Dips Below $104,000 As Trump Media Raises $2.32 Billion To Build BTC Treasury

<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/2025/05/30065441/Cango-disposal-900x600-1.png" alt="" class="wp-image-13646" srcset="https://contributor-assets.benzinga.com/wp-content/uploads/2025/05/30065441/Cango-disposal-900x600-1.png 900w,https://contributor-assets.benzinga.com/wp-content/uploads/2025/05/30065441/Cango-disposal-900x600-1-300x200.png 300w,https://contributor-assets.benzinga.com/wp-content/uploads/2025/05/30065441/Cango-disposal-900x600-1-768x512.png 768w" sizes="(max-width: 900px) 100vw, 900px" /></figure>



The move could pave the way for the former car trader to relocate its headquarters outside the Chinese Mainland, with Singapore, Hong Kong and the U.S. as possible destinations 



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



<ul class="wp-block-list">
<li>Cango announced it completed the sale of its China business, including its car-trading and financing services in a deal valued at $352 million</li>



<li>The company also announced a major overhaul of its board, bringing in new members with financial expertise, reflecting its new focus on bitcoin mining</li>
</ul>



Where is recently minted bitcoin miner&nbsp;Cango Inc.&nbsp;(CANG.US) headed next?



That question loomed large this week, as the company&nbsp;<a href="https://www.prnewswire.com/news-releases/cango-inc-announces-closing-of-prc-business-disposal-and-certain-changes-to-board-of-directors-and-senior-management-302465638.html">announced</a>&nbsp;on Tuesday that it had taken a major step in shedding its roots in Mainland China, where cryptocurrency is illegal. Cango's original roots are in China, though all of its bitcoin mining operations are outside the country. But it announced it has completed the sale of its China-based business, including its core car-trading and financing services, in a deal first announced in April and approved by Cango shareholders on May 16.



That could pave the way for Cango to officially move its headquarters outside of Mainland China, as it implied it might do soon with a statement about the disposal of its China business. One strong candidate for such a relocation could be Hong Kong, which is part of China but is highly autonomous and allows cryptocurrency trading. Another is Singapore, which is also emerging as a regional cryptocurrency hub and where Cango also has some ties. And a third option is the U.S.



"As the company no longer has any business in the People's Republic of China, the company will submit a filing with the China Securities Regulatory Commission for the termination of the company's status as a ‘China Concept Stock' subject to CSRC's jurisdiction," Cango said in its statement, referring to China by its formal name.



The company also announced a major overhaul of its board, with the departure of four of its seven members and arrival of two new ones with strong financial backgrounds. More on that shortly.



The big picture for Cango is the company's sudden transformation, which it revealed last November with the announcement of its purchase of $256 million worth of bitcoin mining machines with 32 EH of capacity. The company plans to add another 18 EH by the end of July through another purchase valued at $144 million, bringing its total to 50 EH, making it one of the world's top bitcoin miners.



Before the purchases, Cango was a veteran of China's auto industry, starting as an auto financier and later transitioning into car-trading services. But co-founder and CEO Lin Jiayuan has repeatedly flagged problems in China's car sector following the buildup of huge overcapacity that has sent many manufacturers and dealers into the red after a two-decade boom. As a result, Cango was already playing down its car-related businesses before the shift, causing its revenue to shrivel to just 27 million yuan ($3.8 million) in last year's third quarter, the last full quarter before it began its crypto shift.



The company was listed on the New York Stock Exchange in 2018 and considered a "China concept" stock due to its headquarters and business operation in China. All such listings are subject to regulation by the CSRC, China's securities regulator. But the removal of such a designation, and Cango's statement that it is no longer subject to CSRC oversight, appear to be steps in the company's efforts to extricate itself from its original market.



<h4 class="wp-block-heading">$350 million sale</h4>



Cango first indicated its intent to dispose of its China business in March, when&nbsp;Enduring Wealth Capital Ltd.&nbsp;<a href="https://thebambooworks.com/news-wrap-investor-approaches-cango-for-control-of-the-company/">proposed taking control</a>&nbsp;of the company. As part of that proposal, Enduring Wealth agreed to help Cango find a buyer for its China business. True to its word, Cango announced a month later that Ursalpha Digital Ltd. had agreed to buy the China business for a total consideration of about $352 million&nbsp;in cash, including $211 million up front and the remainder in later installments.&nbsp;



In addition to completing that deal, the latest announcement detailed a major overhaul of Cango's board to reflect its transition to the cryptocurrency realm. The company said that four of its seven board members resigned, leaving co-founders Lin Jiayuan, who is also CEO, and Zhang Xiaojun, who is chairman, among the three remaining original members. The outgoing members included Zhang Yongyi, whose concurrent position as CFO will be filled an interim basis by Lin Jiayuan.



In conjunction with the departure of the four board members, Cango announced the arrival of two new directors, Lin Yanjun and Lu Haitian, both with strong backgrounds in finance. Lin Yuanjun is a founding partner of I.N Capital, a blockchain and AI investment and consulting company, and formerly worked as a senior investment banker at Credit Suisse and Barclays Capital. Lu Haitian is an accounting and finance professor at Hong Kong Polytechnic University, and has expertise in financial, regulatory and sustainability technology.



Cango's stock rose 6.1% after the announcement on Tuesday. The stock has more than tripled since the company first disclosed its move into bitcoin last November. But it has lost some momentum lately, roughly unchanged since the start of the year, indicating investors may believe it's fairly valued at its current level.



The company was quite cash-rich before the transition and has seen that amount swell even more with its recent cache of bitcoins that totaled 2,944.8 at the end of April. Its cash and short-term investments were worth 7.7 billion yuan at the end of March, or more than triple the 2.5 billion yuan they were worth just three months earlier.



That brings us to the question of where Cango might be headed next.



Singapore looks like the likeliest candidate, but Hong Kong could also be a strong contender if the company wants to remain closer to its original roots in Shanghai. The U.S., where Cango conducts more than a third of its bitcoin mining, is also a potential option. The Singapore connection comes through Enduring Wealth Capital, which looks likely to take control of Cango, and has ties to Antalpha Ventures, a Singaporean investment firm.



Both Singapore and Hong Kong would undoubtedly welcome Cango to set up shop in either city, as both have taken numerous steps in recent years to develop their cryptocurrency sectors. Most recently, Hong Kong's Securities and Futures Commission launched a five-pillar framework in February aimed at nurturing development of the city's virtual asset industry.

Cango's Crypto Makeover Gains Momentum With China Exit

Despite years of positioning as "digital gold," Bitcoin's (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) swift drop below $105,000 reveals a sobering truth: the asset still trades like high-beta tech, not a geopolitical hedge, though experts believe <a href="https://www.benzinga.com/markets/25/05/45602696/more-americans-now-hold-bitcoin-than-gold-report-says">a shift may be underway.</a>



What Happened: After President Donald Trump on Friday <a href="https://truthsocial.com/@realDonaldTrump/posts/114596705340367716">declared</a> on Truth Social that China had "totally violated" its trade agreement and warned that the U.S. is "no longer Mr. Nice Guy," markets responded swiftly.



Equities sold off, and Bitcoin, which had traded above $109,000 on Tuesday, retreated below $105,000 on early Friday.



That reaction prompted analysts and industry leaders to weigh in on what the move says about crypto's current and future position in institutional portfolios.



"Bitcoin's sharp drop underscores its sensitivity to macro shocks, challenging its narrative as a reliable hedge," Andy Lian, intergovernmental blockchain advisor and author, told Benzinga.



Lian acknowledged Bitcoin's growing appeal as a hedge against currency debasement and geopolitical instability but emphasized its continued volatility. 



Also Read: <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>



"It still dances to the tune of broader risk sentiment, correlating with equities during stress events," he noted, adding that institutional adoption remains hesitant due to these large price swings.



Speaking with Benzinga, Lingling Jiang, partner at DWF Labs, echoed the sentiment. "Bitcoin dropped to three-week lows after Trump's tariffs on China and others. That tells us crypto is still very much trading as a risk-on asset," she said. 



While Bitcoin is frequently touted as a hedge against inflation or global instability, Jiang said the data points in another direction: "Institutional flows still treat it like a high-beta tech play."



Why It Matters: Both experts believe the current volatility may actually signal a turning point, not a failure.



"Markets are trying to figure out what Bitcoin's role should be in a world where trade wars are becoming the norm," said Jiang. 



She believes this period of uncertainty could ultimately solidify Bitcoin's position as a strategic hedge, particularly if repeated geopolitical shocks normalize its use as a store of value.



Lian also pointed to a growing sentiment shift abroad. 



He cited a recent Chinese academic article, republished by the International Monetary Institution, which frames Bitcoin as a potential "strategic reserve asset." 



While not official policy, it suggests a possible rethinking of crypto's role even in traditionally skeptical jurisdictions.



Still, volatility remains the biggest hurdle. 



"Retail investors may accept the risk, but institutions—pensions, endowments—crave predictability," Lian said, noting that some may prefer gold or stablecoins until Bitcoin's swings stabilize.



Read Next: 



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<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>
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Bitcoin Drops To $105,000 After Trump Warns He's 'No Longer Mr. Nice Guy'

Robinhood (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HOOD#NASDAQ">HOOD</a>) CEO Vlad Tenev on Thursday warned that political conflict in Washington could derail <a href="https://www.benzinga.com/markets/cryptocurrency/25/05/45510057/senate-crypto-bill-passes-key-vote-genius-act-moves-toward-final-passage">critical crypto legislation</a>, emphasizing the need for regulatory clarity in the U.S. to realize the full potential of tokenized assets.



<a href="https://www.cnbc.com/video/2025/05/29/why-stablecoins-took-centerstage-at-bitcoins-largest-conference-cnbc-crypto-world.html">Speaking </a>with CNBC at the Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) Conference 2025, Tenev emphasized that legislative gridlock could hinder efforts to modernize U.S. financial infrastructure and create uncertainty over how crypto assets are regulated.



Tenev identified market structure legislation as a potential casualty of political infighting. 



"It's a concern," he said, referencing conflicts over regulatory jurisdiction and recent criticisms surrounding political figures&#8217; ties to crypto-related ventures. 



"You don't know which regulator you're going to be dealing with or which rules you're going to follow," he added, describing the current lack of regulatory clarity as a serious impediment to business.



Despite these concerns, Tenev noted that tokenization, especially of public and private equities, could move forward without needing congressional approval. 



Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/25/05/45678209/ethereum-becoming-more-attractive-for-institutional-investors-jpmorgan-analysts-say">Ethereum Becoming More Attractive For Institutional Investors, JPMorgan Analysts Say</a>



He suggested the SEC could enable such innovations via exemptive relief, akin to its approach with alternative trading systems decades ago. 



"We believe the SEC can just do it," he said, pointing to ongoing engagements with the SEC's crypto task force and other agencies.



He also criticized existing accreditation rules that prevent retail investors from accessing high-growth private companies like SpaceX and OpenAI, while allowing speculative investments in meme coins. Tenev advocated for self-certification frameworks to level the playing field.



Tenev argued that enabling global access to tokenized U.S. assets could strengthen American financial dominance and democratize venture capital access worldwide. 



He compared this to the international rise of stablecoins as substitutes for dollars in economies with volatile local currencies.



Read Next: 



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<li><a href="https://www.benzinga.com/markets/cryptocurrency/25/05/45677845/court-ruling-limiting-trumps-tariff-powers-sparks-hope-for-risk-asset-revival-including-bitcoin">Court Ruling Limiting Trump&#8217;s Tariff Powers Sparks Hope For Risk Asset Revival, Including Bitcoin</a></li>
</ul>



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Robinhood CEO Says Political Infighting Is 'A Concern' For Crypto Legislation

Former BitMEX CEO Arthur Hayes predicts Bitcoin could reach $1 million by 2028 through three key policy mechanisms that would inject approximately $9 trillion into the economy—<a href="https://www.benzinga.com/personal-finance/25/04/44745836/crypto-slump-on-trump-tariff-sparks-covid-crash-comparisons-heres-how-they-compare">more than double the COVID-era stimulus.</a>



What Happened: &#8220;The amount of money printing that&#8217;s going to happen between now and 2028 is going to dwarf what we saw during the 2020 to 2022 COVID period,&#8221; Hayes <a href="https://www.youtube.com/watch?v=cTNAX8cZDXY&amp;ab_channel=BitcoinMagazine">told</a> attendees at the 2025 Bitcoin Conference on Thursday.



Hayes identified Treasury Secretary Scott Bessent as the key figure driving these policies, describing him as essentially &#8220;a used car salesman&#8221; whose job is to sell bonds despite their poor performance. 



According to Hayes&#8217; analysis, bonds have underperformed the NASDAQ by 80% since 2017, gold by 80% and Bitcoin by 99%.



The first mechanism involves capital controls disguised as tax policy.



Hayes pointed out that removing the withholding tax exemption for foreign Treasury bond holders, implemented in 1984, could &#8220;raise over a trillion dollars over a decade by basically taxing foreigners.&#8221; 



This would likely drive foreign investors away, requiring the Federal Reserve to replace that demand through money printing.



The second component centers on the supplemental leverage ratio exemption for banks. 



&#8220;It&#8217;s a way for banks to buy bonds with infinite leverage,&#8221; Hayes stressed, noting that Bessent has discussed this in multiple Bloomberg and Fox News interviews.



This would allow commercial banks to purchase Treasury bonds without capital requirements, similar to COVID-era policies.



The third element involves freeing Fannie Mae and Freddie Mac from conservatorship. 



Hayes estimates this could inject &#8220;$5 trillion of liquidity&#8221; into markets, as these government-sponsored entities would be &#8220;allowed to take their equity capital, issue more debt with an implicit government guarantee and leverage it 33 times.&#8221;



Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/25/05/45678209/ethereum-becoming-more-attractive-for-institutional-investors-jpmorgan-analysts-say">Ethereum Becoming More Attractive For Institutional Investors, JPMorgan Analysts Say</a>



Why It Matters: Hayes calculated that these three mechanisms could create approximately $9 trillion in new liquidity: $3 trillion from increased bank lending, $900 billion to replace foreign Treasury demand and $5 trillion from mortgage market expansion.



Comparing this to COVID stimulus, Hayes noted that the pandemic response totaled about $4 trillion and drove Bitcoin from its March 2020 lows to $70,000 by November 2021—roughly a 10x increase. 



&#8220;If we&#8217;re printing double the amount of money between now and 2028 than we did during COVID, then Bitcoin $1 million is just easy,&#8221; he concluded.



The analysis assumes continued ETF demand reducing Bitcoin supply on exchanges while this massive liquidity injection occurs, creating favorable supply-demand dynamics for the cryptocurrency.



Read Next: 



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<li><a href="https://www.benzinga.com/markets/cryptocurrency/25/05/45677845/court-ruling-limiting-trumps-tariff-powers-sparks-hope-for-risk-asset-revival-including-bitcoin">Court Ruling Limiting Trump&#8217;s Tariff Powers Sparks Hope For Risk Asset Revival, Including Bitcoin</a></li>
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Image: Shutterstock

Bitcoin Hitting $1 Million By 2028 'Is Just Easy' With These 3 Policy Shifts, Says Arthur Hayes

The Trump administration is preparing to incorporate Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) into its long-term market infrastructure strategy, according to Bo Hines, <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-minutes">Director at President Trump&#8217;s Digital Assets Council.</a>



What Happened: <a href="https://www.cnbc.com/video/2025/05/29/why-stablecoins-took-centerstage-at-bitcoins-largest-conference-cnbc-crypto-world.html">Speaking</a> with CNBC at Bitcoin 2025 conference, Hines confirmed the administration is actively exploring a strategic Bitcoin reserve, positioning the cryptocurrency alongside traditional commodities like gold in the government's asset mix.



"This is something we absolutely need to capitalize on for the American people," Hines said. "That includes an accumulation strategy."



The remarks mark the clearest indication yet that a second Trump presidency would formally integrate Bitcoin into national economic planning. 



The strategy, Hines suggested, would be developed in coordination with the Commerce and Treasury departments, as outlined in the administration's first executive order on digital assets issued earlier this term.



Bitcoin's finite supply and decentralized nature were central to Hines&#8217; pitch. 



Citing venture capitalist David Sacks, he referred to Bitcoin as having "the immaculate conception," free from centralized control or a single issuer, features he said make it ideal for a sovereign reserve asset.



Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/25/05/45678209/ethereum-becoming-more-attractive-for-institutional-investors-jpmorgan-analysts-say">Ethereum Becoming More Attractive For Institutional Investors, JPMorgan Analysts Say</a>



Why It Matters: The proposed Bitcoin strategy forms part of a broader three-phase framework: demolition of red tape, construction of legislative clarity, and infrastructure implementation.



"We&#8217;re working to welcome in the golden age for digital assets," Hines said, underscoring efforts to streamline payment rails, reinforce dollar dominance, and welcome offshore innovation back to the U.S.



The administration has already secured bipartisan momentum for the Genius Act, a key <a href="https://www.benzinga.com/25/05/45560419/trumps-crypto-czar-david-sacks-foresees-stablecoin-bill-generating-trillions-for-us-treasury-practically-overnight">digital asset bill</a>.



Hines praised the progress, noting that "15 Democrats voted for the motion to proceed," and expressed confidence in final passage.



The potential move mirrors ongoing developments in the private sector. 



Earlier in the day, reports surfaced that Trump Media &amp; Technology Group has devised a $2.5 billion Bitcoin acquisition plan. 



Hines welcomed such initiatives, saying, "These companies are going to do the same for their shareholders. And we certainly welcome that."



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Image created using artificial intelligence with Midjourney.

Trump Administration Eyes Strategic Bitcoin Reserve As Part Of US Market Infrastructure Overhaul

Pseudonymous crypto trader James Wynn, <a href="https://www.benzinga.com/markets/cryptocurrency/25/05/45549318/bitcoin-whale-trader-ups-the-ante-to-1-billion-position-for-25-million-unrealized-gain-as-btc-sets-all-time-high">known for his high-leverage strategies</a>, suffered losses exceeding $110 million after Bitcoin&#8216;s (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) price slipped below key support levels on Friday.



Wynn had taken a bold bet on Bitcoin&#8217;s upward trajectory, opening a massive $830 million long position on May 21, acquiring over 7,700 BTC at roughly $105,000 per coin. 



By May 24, he had increased his exposure to 11,588 BTC, pushing his position&#8217;s value to $1.25 billion at an average cost of $108,243.



However, the market turned sharply following U.S. President Donald Trump's announcement of a <a href="https://www.benzinga.com/markets/25/05/45633299/donald-trumps-eu-tariff-delay-will-see-profit-booking-in-gold-this-is-the-beginning-of-a-currency-wa">50% tariff on EU exports</a>, pushing Bitcoin below $105,000 and triggering large-scale liquidations of Wynn's leveraged holdings.



Also Read: <a href="https://www.benzinga.com/markets/25/05/45685414/vice-president-jd-vance-predicts-100m-bitcoin-holders-the-us-ought-to-be-leaning-into-bitcoin">Vice President JD Vance Predicts 100M Bitcoin Holders: &#8216;The US Ought To Be Leaning Into Bitcoin&#8217;</a>



According to Hypurrscan, Wynn faced a series of painful liquidations: 527 BTC worth $55 million was wiped out at $104,950, followed by another 422 BTC at $104,150, and a final 95.5 BTC at $104,620. 



In total, 1,044 BTC were liquidated over the week.



Wynn expressed frustration over market integrity, <a href="https://x.com/JamesWynnReal/status/1928342016364269900">posting </a>on X: "I have exposed just how corrupt these markets are. Guess it's better to just buy and hold BTC on spot."



Despite the drawdown, Wynn reportedly maintains a remaining long position of 1,591 BTC, worth approximately $167 million, with a high-risk 40x leverage and a liquidation threshold near $104,530.



Read Next: 



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Image: Shutterstock

$110M Wiped Out: Bitcoin Whale Trader Gets Burned As BTC Tags $104,150

Strategy co-founder Michael Saylor took a dig at economist Peter Schiff on Thursday while highlighting Bitcoin&#8217;s (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) superiority over all assets, including gold.



What Happened:&nbsp;Speaking at the Bitcoin 2025 conference, Saylor said that Bitcoin is &#8220;engineered to outperform&#8221; all capital assets in the world.



&#8220;It&#8217;s going to grow faster than the S&amp;P, it&#8217;s going to appreciate faster than gold. Sorry, Peter!&#8221; Saylor poked fun at Schiff, a long-time gold advocate.



Schiff was quick to react, taking satisfaction in the fact that Saylor recognized him as the &#8220;world&#8217;s leading&#8221; gold advocate. 



&#8220;It&#8217;s just too bad he still refuses to debate gold versus Bitcoin with me,&#8221; Schiff 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">At least <a href="https://twitter.com/saylor?ref_src=twsrc%5Etfw">@Saylor</a> knows who the world&#39;s leading gold advocate is. It&#39;s just too bad he still refuses to debate gold verses Bitcoin with me. <a href="https://t.co/EAQBG7tTDg">https://t.co/EAQBG7tTDg</a>&mdash; Peter Schiff (@PeterSchiff) <a href="https://twitter.com/PeterSchiff/status/1928285011364425844?ref_src=twsrc%5Etfw">May 30, 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/markets/cryptocurrency/25/05/45469069/lendr-fi-launches-liquid-staked-real-world-asset-tokens" target="_blank" rel="noreferrer noopener">Lendr.fi Launches Liquid-Staked Real-World Asset Tokens</a>



Why It Matters:&nbsp;The friendly banter comes after Eric Trump, executive vice president of The Trump Organization, <a href="https://www.benzinga.com/markets/cryptocurrency/25/05/45661653/eric-trump-reveals-advice-from-michael-saylor-mortgage-mar-a-lago-and-take-2-billion-to-invest-in-bitcoin">praised Saylor&#8217;s Bitcoin optimism</a> and said that the cryptocurrency space is &#8220;fortunate&#8221; to have him.



Saylor, one of the most ardent supporters of Bitcoin, has put his money where his mouth is. His company Strategy is at the forefront of Bitcoin&#8217;s corporate adoption, owning a BTC stockpile worth more than $61 billion as of this writing, <a href="https://bitcointreasuries.net/">according</a> to bitcointreasuries.net.



Schiff, on the other hand, maintains that gold&#8217;s proven track record <a href="https://www.benzinga.com/markets/cryptocurrency/25/03/44332557/peter-schiff-teases-michael-saylor-apex-predator-gold-has-outperformed-bitcoin-by-24-since-2021">makes it a more reliable investment</a>. Interestingly, Schiff<a href="https://www.benzinga.com/markets/25/05/45685886/jd-vance-said-bitcoin-created-wealth-peter-schiff-says-it-did-no-such-thing-what-has-happened-is-a-m"> participated in the Bitcoin conference</a> to represent an opposing view about the asset.



Price Action: At the time of writing, Bitcoin was exchanging hands at $105,293.46, down 2.95% 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>. In the last year, the asset gained over 55%.



Spot gold traded at $3,295.79 per ounce as of this writing. The yellow metal rose 41% over the last year.



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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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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>



Photo courtesy: Shutterstock

Michael Saylor Says Bitcoin Is 'Engineered To Outperfom' And 'Going To Go Faster Than Gold:' Peter Schiff Says 'He Still Refuses To Debate...'

Pascal St-Jean, President and CEO of digital asset manager&nbsp;3iQ Corp., revealed the company&#8217;s three-phase master plan, designed to increase cryptocurrency adoption and secure the network infrastructure.



What Happened: In an exclusive chat with Benzinga, St-Jean shed light on the cryptocurrency-focused firm&#8217;s strategy. He said the first phase of the plan involves increasing adoption and securing&nbsp;networks through staking and supporting&nbsp;mining infrastructure, primarily through exchange-traded funds.



&#8220;Phase 2 is bringing more institutions to the game. We do a lot of education. We&#8217;re working with a lot of banks and asset managers globally,&#8221; he said. St-Jean hinted at several upcoming announcements from 3iQ over the next year.



The third and final phase of 3iQ&#8217;s master plan is to transition on-chain, which St-Jean described as the ultimate goal for the company.



&#8220;It&#8217;s not about the next ETF. It&#8217;s not about the next product. It&#8217;s going to be this next new financial ecosystem, distributed, empowered globally and accessible to the world that is coming,&#8221; he predicted about the space.



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: Headquartered in Canada, 3iQ was one of the first players in North America to launch Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) and Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) exchange-traded funds.



The company also outpaced <a href="https://www.benzinga.com/markets/cryptocurrency/25/04/44971214/solana-staking-etf-surges-18-in-debut-week-heres-how-much-cathie-woods-ark-invest-has-parked-in-it">U.S.-based asset managers</a> in launching its Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>) spot ETF, called 3iQ Solana Staking ETF&nbsp;(SOLQ.U), last month. The investment vehicle began trading on the Toronto Stock Exchange on April 16 and has since gained 31% in value.&nbsp;



The ETF has&nbsp;<a href="https://www.benzinga.com/25/04/44880757/cathie-woods-pours-another-4-95-million-into-solana-staking-etf-dumps-bitcoin-etf-again" target="_blank" rel="noreferrer noopener">drawn the interest of</a> Ark Invest, the asset management firm led by seasoned investor Cathie Wood.



Photo Courtesy: PeopleImages.com &#8211; Yuri A on Shutterstock.com



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3iQ's CEO Reveals Master Plan As Crypto Asset Manager's Solana ETF Gains 31% Since Launch

Matt Cole, CEO of Strive Asset Management, publicly called on tech behemoth Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) on Wednesday to buy Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) for its balance sheet.



What happened: Cole dialed the company from the Bitcoin 2025 conference in Las Vegas, listing the benefits of adding Bitcoin to corporate reserves.



<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: &#x1f1fa;&#x1f1f8; Strive CEO Matt Cole calls Mark Zuckerberg's Meta to buy <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> for their balance sheet. Bitcoin is good for corporations &#x1f64c; <a href="https://t.co/T0eoTVFhjw">pic.twitter.com/T0eoTVFhjw</a>&mdash; Bitcoin Magazine (@BitcoinMagazine) <a href="https://twitter.com/BitcoinMagazine/status/1927783863398412702?ref_src=twsrc%5Etfw">May 28, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



"The reality is that the corporate balance sheet in cash and short-term reserves is losing its ability to generate value for shareholders almost every single day," Cole said, citing a "global fiat debt crisis." Cole also highlighted potential disruptions from artificial intelligence over the next ten years.



Cole addressed Mark Zuckerberg, stating that the CEO had already done step one by <a href="https://www.benzinga.com/markets/cryptocurrency/21/05/21051620/facebook-ceo-mark-zuckerberg-sparks-bitcoin-speculation-as-he-reveals-the-name-of-his-pet-">naming his goat &#8220;Bitcoin.&#8221;</a>&nbsp;



&#8220;You have already done step one. You have named your goat Bitcoin,&#8221; Cole stated. &#8220;My ask is that you take step two and adopt a bold corporate Bitcoin treasury strategy," Cole added.



Meta didn't immediately return Benzinga's request for comment.



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: Earlier in January, Meta shareholders had <a href="https://www.benzinga.com/general/market-summary/25/01/42967576/meta-investors-push-mark-zuckerberg-to-replace-72b-cash-with-bitcoin-to-combat-inflation-heres-what-it-means-for-investors">reportedly requested</a> the company's board to conduct an assessment and determine if adding Bitcoin was in its best interest.



Strive, co-founded by entrepreneur-turned-politician Vivek Ramaswamy, is an asset management firm known for its advocacy and optimism about Bitcoin.



It previously <a href="https://www.benzinga.com/trading-ideas/movers/25/02/43963817/gamestop-themed-cryptos-soar-after-vivek-ramaswamy-co-founded-firms-ceo-urges-bitcoin-investment-graduate-from-being-meme-stock-to-sector-leader">sent a letter</a> to video game retailer GameStop Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GME#NYSE">GME</a>), recommending it add Bitcoin to its reserves. Earlier this week, the company <a href="https://www.benzinga.com/content/45684091/gamestop-buys-bitcoin-smart-strategy-or-big-mistake">made its first purchase</a>, buying 4,700 BTC for $512.6 million.



Price Action:&nbsp; At the time of writing, BTC was exchanging hands at $106,010.69, down 0.91% 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;



Shares of Meta were down 0.70% in after-hours trading after closing 0.23% higher at 645.05 during Thursday&#8217;s regular trading session.



It demonstrated a very high growth score— a measure of a stock&#8217;s combined historical expansion in earnings and revenue across multiple time periods,—as of this writing. <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">Benzinga Edge Stock Rankings</a> can help you determine how it compares to other &#8220;Magnificent 7&#8221; stocks.



<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="511" height="196" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/30004928/Screenshot-2025-05-30-101859.png" alt="" class="wp-image-932516" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/30004928/Screenshot-2025-05-30-101859.png 511w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/30004928/Screenshot-2025-05-30-101859-300x115.png 300w" sizes="(max-width: 511px) 100vw, 511px" /></a></figure>



Photo Courtesy: Kemarrravv13 on Shutterstock.com



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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Mark Zuckerberg Already Made It To 'Step 1' By Naming His Goat Bitcoin — Now Investor Dials Meta To Ask Him To Add BTC To Company's Reserves

Venture capitalist&nbsp;Chamath Palihapitiya&nbsp;deemed gold as the &#8220;only safe trade&#8221; Thursday following reports that quantum computers could crack Bitcoin&#8217;s (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) encryption faster than anticipated.



What Happened: In an X post, Palihapitiya expressed concern about Bitcoin&#8217;s vulnerability to quantum computing and questioned the apex cryptocurrency&#8217;s safe haven narrative.



&#8220;If this is even remotely true, combined with everything else happening rn, the only safe trade are hard assets and, dare I say, gold,&#8221; the tech investor 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">If this is even remotely true, combined with everything else happening rn, the only safe trade are hard assets and, dare I say, gold. Sheesh. <a href="https://t.co/xXep4kpblI">https://t.co/xXep4kpblI</a>&mdash; Chamath Palihapitiya (@chamath) <a href="https://twitter.com/chamath/status/1928162226466075094?ref_src=twsrc%5Etfw">May 29, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Aravind Srininvas, CEO of Perplexity AI, responded, saying, &#8220;Quantum is over hyped right now.&#8221;



A few cryptocurrency enthusiasts accused Palihapitiya of spreading FUD. Quinten Francois asked,&#8221; Do you have some financial interests in spreading it?&#8221;



See Also:&nbsp;<a href="https://benzinga.com/markets/cryptocurrency/25/05/45678209/ethereum-becoming-more-attractive-for-institutional-investors-jpmorgan-analysts-say" target="_blank" rel="noreferrer noopener">Ethereum Becoming More Attractive For Institutional Investors, JPMorgan Analysts Say</a>



Why It Matters:&nbsp;Palhipatiya&#8217;s concern comes <a href="https://www.benzinga.com/markets/cryptocurrency/25/05/45613248/google-warns-quantum-computers-could-crack-bitcoin-like-encryption-20-times-faster-than-expected">after new research</a> conducted by Google suggested that the RSA encryption could be broken with 20 times fewer quantum resources than previously estimated. 



Notably, the&nbsp;<a href="https://www.benzinga.com/money/what-is-cryptography" target="_blank" rel="noreferrer noopener">Elliptic Curve Cryptography algorithm</a>, which secures transactions on Bitcoin with public and private keys, is similar in principle to the RSA.



While some experts<a href="https://www.benzinga.com/24/12/42455205/will-googles-new-willow-chip-break-bitcoin-some-dismiss-it-as-fantasy-while-others-flag-risk-that-isnt-immediate" target="_blank" rel="noreferrer noopener">&nbsp;ruled out immediate dangers</a> to Bitcoin, a few others have advocated for proactive measures to prepare for the threat, such as switching to quantum-resistant algorithms.



Price Action:&nbsp; At the time of writing, BTC was exchanging hands at $106,127.15, down 1.95% 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;



Interestingly, quantum computing stock Quantum Computing Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QUBT#NASDAQ">QUBT</a>) has risen over 17% over the past week. During Thursday&#8217;s regular session, however, the shares closed down 2.81%.



QUBT demonstrated a very high momentum score—a measure of the stock's relative strength based on its price movement patterns and volatility over multiple timeframes—as of this writing. Check out how other quantum stocks are performing using <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">Benzinga Edge Stock Rankings</a>.



<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="530" height="190" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/29232123/image-400.png" alt="" class="wp-image-932477" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/29232123/image-400.png 530w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/29232123/image-400-300x108.png 300w" sizes="(max-width: 530px) 100vw, 530px" /></a></figure>



Photo Courtesy: Kathy Hutchins On Shutterstock.com



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<li><a href="https://benzinga.com/25/05/45661076/peter-schiff-challenges-jd-vances-bitcoins-safe-haven-assertion-urges-him-to-implement-policies-that-reduce-the-n" target="_blank" rel="noreferrer noopener">JD Vance Said Bitcoin Created Wealth, Peter Schiff Says It Did No Such Thing: &#8216;What Has Happened Is A Massive Transfer Of &#8230;&#8217;</a></li>
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Chamath Palihapitiya Says This Old-Fashioned Asset Is Among 'Safe' Trades If The Possibility Of Quantum Computing Cracking Bitcoin Is Even 'Remotely True'

A leading Democratic lawmaker launched a probe Thursday into the private dinner held by President Donald Trump for top investors in his Official Trump (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">TRUMP</a>)



What Happened:&nbsp;Rep.&nbsp;Jamie Raskin&nbsp;(D-Md.), Ranking Member of the House Judiciary Committee, sent a letter to Trump demanding he disclose the guest list of invitees for the event held last week. Raskin also inquired about the origin&nbsp;of the funds the investors used to&nbsp;purchase the meme coin



&#8220;Publication of this list will also let the American people know who is putting tens of millions of dollars into our President's pocket so we can start to figure out what—beyond virtually worthless memecoins—they are getting in exchange for all this money," Rasking wrote.



The legislator also objected to the presence of foreign individuals at the dinner, including controversial cryptocurrency mogul Justin Sun, the<a href="https://www.benzinga.com/markets/cryptocurrency/25/05/45367052/trump-memecoin-exclusive-dinner-guest-list-revealed-with-justin-sun-shining-at-the-top-rep"> largest investor</a> in the meme coin.



"Foreign nationals—who are not allowed to donate a dollar to your presidential campaign under federal election laws—are now purchasing access to you by buying millions of dollars of your personal memecoin,&#8221; Raskin alleged.



The White House didn&#8217;t immediately return Benzinga&#8217;s request for comment.



See Also:&nbsp;<a href="https://benzinga.com/markets/cryptocurrency/25/05/45678209/ethereum-becoming-more-attractive-for-institutional-investors-jpmorgan-analysts-say" target="_blank" rel="noreferrer noopener">Ethereum Becoming More Attractive For Institutional Investors, JPMorgan Analysts Say</a>



Why It Matters: The exclusive dinner was held at Trump&#8217;s private golf club near Washington, D.C., amid <a href="https://www.benzinga.com/markets/cryptocurrency/25/05/45581129/trump-gala-dinner-saw-president-wine-and-dine-top-memecoin-holders-as-protestors-flashed-don-the-con-signs-exclusive">protests and ethical concerns</a>.



Since the dinner&#8217;s announcement last month, there has been a growing uproar. <a href="https://www.benzinga.com/markets/cryptocurrency/25/04/45027557/trumps-memecoin-dinner-event-sparks-impeachment-call-from-democratic-senator-says-potus-is-selling-access-to-those-who-enrich-him">Democrats</a>, as well as some <a href="https://www.benzinga.com/markets/25/05/45563302/pro-trump-crypto-enthusiasts-slam-trumps-memecoin-dinner-as-distasteful-and-an-unnecessary-distraction-hes-becoming-a-salesman-in-chief">pro-Trump crypto aficionados</a>, have expressed concerns about potential conflicts of interest and the likelihood that mysterious buyers will obtain access to Trump through such gatherings.



Trump has&nbsp;<a href="https://in.benzinga.com/25/05/45187462/trump-denies-personal-profit-from-memecoin-venture-i-havent-even-looked" target="_blank" rel="noreferrer noopener">refuted claims</a>&nbsp;that he is financially benefiting from the venture. The team behind the meme coin—80% of which is managed by a Trump Organization affiliate—states that TRUMP is neither a political endeavor nor an investment opportunity, but rather a statement of support for Trump&#8217;s principles.



Price Action:&nbsp; At the time of writing, TRUMP was exchanging hands at $11.74, down 6.46% 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>. Over the last week, the coin has plummeted over 18%.



Photo Courtesy: Christopher Sciacca on Shutterstock.com



Read Next:&nbsp;



<ul class="wp-block-list">
<li><a href="https://benzinga.com/markets/cryptocurrency/25/03/44450232/white-house-says-gold-reserves-may-be-used-to-purchase-bitcoin" target="_blank" rel="noreferrer noopener">White House Says Gold Reserves May Be Used to Purchase Bitcoin</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>

Jamie Raskin Wants Trump To Disclose His Crypto Dinner Guest List, Says Foreigners Can't Donate Dollar But Are Buying Access To President Through Memecoin

Leading cryptocurrencies slid on Thursday, even as the Securities and Exchange Commission dropped its lawsuit against cryptocurrency behemoth Binance.



<figure class="wp-block-table"><table class="has-fixed-layout"><tbody><tr><td>Cryptocurrency</td><td>Gains +/-</td><td>Price (Recorded at 8:30 p.m. ET)</td></tr><tr><td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td><td>-1.81%</td><td>$105,900.54</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>-2.71%</td><td>$2,626.22</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>-3.80%</td><td>$0.2138</td></tr></tbody></table></figure>



What Happened: Bitcoin plunged below $105,000 overnight while its trading volume rose over 15% from the previous day.



Bitcoin&#8217;s slump pushed the entire market lower, with Ethereum falling below $2,600 and Dogecoin down more than 7%.



That said, blue-chip currencies looked set to end May on a high note, with Bitcoin up 12.12% and Ethereum up almost 45% since the month began.



Meanwhile, the SEC ended its nearly two-year-long enforcement action against Binance, which alleged that the cryptocurrency exchange had violated securities law and misled customers.



Binance celebrated the legal win, thanking SEC Chair Paul Atkins and President Donald Trump.



<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">Huge win for crypto today. The SEC's case against us is dismissed. Thank you to Chairman Atkins &amp; the Trump team for pushing back against regulation by enforcement. U.S. innovation is back on track &#8211; and it's just the beginning.&mdash; Binance (@binance) <a href="https://twitter.com/binance/status/1928202875773034556?ref_src=twsrc%5Etfw">May 29, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Over $734 million was liquidated from the cryptocurrency market in the last 24 hours, with $628 million in long liquidations wiped out.



Bitcoin&#8217;s Open Interest tumbled 3.34% in the last 24 hours, while Ethereum recorded a 4.15% decline. Interestingly, the majority of Binance traders with open BTC positions were positioned long as of this writing.



The market correction lowered the &#8220;Greed&#8221; sentiment from 74 to 60 in the last 24 hours, as indicated by the Crypto Fear and Greed Index, implying a degree of panic.



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 8:30 p.m. ET)</td></tr><tr><td>DeXe (DEXE)</td><td>+13.11%</td><td>$14.08</td></tr><tr><td>SPX6900 (SPX)</td><td>+9.18%</td><td>$1.13</td></tr><tr><td>Walrus (WAL)</td><td>+3.59%</td><td>$0.5616</td></tr></tbody></table></figure>



The global cryptocurrency market capitalization stood at $3.36 trillion, following a decrease of 1.71% in the last 24 hours.



Stocks edged higher Thursday. The Dow Jones Industrial Average rose 117 points, or 0.28%, to end at 42,215.73. The S&amp;P 500 gained 0.40% to close at 5,912.17, while the tech-heavy Nasdaq Composite rallied 0.39% to end at 19,175.87.



The market reacted to developments around Trump's tariffs. The U.S. Court of Appeals for the Federal Circuit issued a temporary stay on the judgment of the U.S. Court of International Trade, which had <a href="https://www.benzinga.com/news/legal/25/05/45683326/trump-tariffs-temporarily-preserved-as-appeals-court-pauses-lower-ruling">previously struck down</a> a significant portion of Trump's tariffs.



Additionally, Nvidia Corp.'s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) first-quarter revenue and earnings beat <a href="https://www.benzinga.com/analyst-ratings/price-target/25/05/45668727/nvidia-stock-is-surging-thursday-whats-fueling-the-move">helped drive the market</a>. The stock rose 3.24% during the regular session.



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



Analyst Notes: Blockchain analytics firm CryptoQuant noted that, despite the market being less noisy, the Bitcoin Combined Market Index, which includes key indicators like the Fear &amp; Greed Index, signaled an "early recovery" in market sentiment.



"With on-chain sentiment rising and profit-taking easing, the Bitcoin Combined Market Index suggests the market may be entering an early accumulation phase," CryptoQuant added.



<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">Market Still Quiet, But BCMI Says Otherwise "With on-chain sentiment rising and profit-taking easing, BCMI suggests the market may be entering an early accumulation phase." – By <a href="https://twitter.com/Woo_Minkyu?ref_src=twsrc%5Etfw">@Woo_Minkyu</a> <a href="https://t.co/TeX3LhH8JL">pic.twitter.com/TeX3LhH8JL</a>&mdash; CryptoQuant.com (@cryptoquant_com) <a href="https://twitter.com/cryptoquant_com/status/1928136618960961840?ref_src=twsrc%5Etfw">May 29, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Widely followed cryptocurrency analyst Rafaela Rigo said Bitcoin's correction was expected, and further downsides to $102,000 could be likely.



"Play safe," Rigo stated.



<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> Drop from $110k to $104k completed as expected. REVERSAL is not confirmed and we could still see some more downside towards $102k &#8211; play safe Will explore charts tomorrow for spot positions, and will long when reversal is confirmed . <a href="https://t.co/9Q9bJjk8PR">https://t.co/9Q9bJjk8PR</a> <a href="https://t.co/xcfcxmdXaY">pic.twitter.com/xcfcxmdXaY</a>&mdash; &#x2b50;RᗩᖴᗩEᒪᗩ

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