Crypto Weekly 5/24/26
SpaceX Reveals $1.4 Billion in Bitcoin Ahead of Its IPO, Crypto Champion Hester Peirce Is Leaving the SEC, and Harvard Dumps Its Entire Ethereum Position After One Quarter
PRICE CHANGE: WTD/YTD
- Crypto Market Cap ($2.65T): -1% / -13%
- BTC ($77,063): -1% / -12%
- ETH ($2,103): -4% / -29%
- SOL ($85): -1% / -31%
- HYPE ($62): +34% / +145%
- COIN ($185): -5% / -18%
- Tether Mkt Cap ($189B): 0% / +1%
- USDC Mkt Cap ($76B): -1% / +1%
- BTC / ETH Dominance: 58% / 10%
THIS WEEK IN CRYPTO
- Spot bitcoin ETFs shed $1.26 billion, the steepest weekly drawdown since late January. Link.
- The SEC is delaying a plan to provide broad exemptions for US crypto firms to trade tokenized stocks. The SEC had planned to release an innovation exemption as early as this week. Link.
- SEC commissioner Hector Peirce, a long-time proponent of digital assets and the head of the SEC’s crypto task force, is departing the agency in November to become a law professor. Link.
- SpaceX, which began acquiring Bitcoin in 2021, holds 18,712 Bitcoin, valued at roughly $1.4 billion per its S-1 filing. Link.
- President Donald Trump has directed the Federal Reserve to evaluate its policies on granting fintech firms, including crypto companies, direct access to the Fed’s payment rails. Link.
- Tokenized equities volume hit a new high of $3.57 billion, primarily on Binance and Hyperliquid. Link.
- New bipartisan legislation, called the “American Reserve Modernization Act of 2026” (ARMA), would require the US government to lock bitcoin holdings into a strategic reserve for at least twenty years. The bill does not include earlier discussions of the reserve acquiring up to 1 million bitcoin over 5 years. Link.
- According to Q1 filings Abu Dhabi sovereign wealth fund Mubadala increased its position in BlackRock’s iShares Bitcoin Trust ETF to $660 million, while the Harvard Endowment cut its Bitcoin holdings in half and exited its entire Ether position just one quarter after entering it. Link. Link.
- Hyperliquid’s native HYPE token has become the best performing cryptocurrency this year, as institutional demand for the HYPE ETF has grown since its debut last week. Link. Link.
- US bitcoin ATM operator Bitcoin Depot filed for bankruptcy and will shut down its operations, citing regulatory difficulties from increased state scrutiny. Link.
- Crypto exchange Blockchain.com filed confidentiality for an IPO. Link.
- Ethereum infrastructure provider Syndicate Labs is winding down after five years, citing a broader contraction in the rollup market as a core reason. Link.
- Nasdaq received approval from the SEC to list index options based on the price of Bitcoin. Link.