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Bitcoin(BTC) Surpasses $107,000 with a 1.5% Increase in 24 Hours

Bitcoin has crossed the $107,000 benchmark and is now trading at $107,321, with a narrowed 1.5% increase in 24 hours.

Crypto Entrepreneur Sun Will Join Trump’s Memecoin Dinner

Crypto entrepreneur Justin Sun announced that he’s joining a high-profile dinner with the US President Donald Trump later this week.

Sun, the China-born founder of the Tron blockchain, said on the social media platform X that he is the top holder of TRUMP coin, a memecoin launched by Trump-linked entities, and will be attending the dinner at Trump National Golf Club in Potomac Falls, Virginia, on Thursday. Sun did not immediately respond to a request for comment.

“Honored to support @POTUS and grateful for the invitation from @GetTrumpMemes to attend President Trump’s Gala Dinner as his TOP fan!” Sun wrote on X. As the top holder of $TRUMP, I’m excited to connect with everyone, talk crypto, and discuss the future of our industry.”

Blackstone Buys $1M Worth of Bitcoin ETF in First Crypto Bet

Blackstone, which bills itself as the “the world’s largest alternative asset manager,” disclosed its first-ever crypto-related purchase, buying shares in BlackRock’s spot Bitcoin exchange-traded fund.

However, Blackstone’s investment, reported in a May 20 filing with the US Securities and Exchange Commission, only totaled around $1.08 million — a fraction of the asset manager’s $1.2 trillion portfolio.

Blackstone reported holding 23,094 shares of BlackRock’s iShares Bitcoin Trust ETF (IBIT) as of March 31.

Bitcoin Options Traders Eye $300,000 With Record High In Sight

Bitcoin options traders are setting their sights on much higher prices while the largest cryptocurrency flirts with its fairly recent all-time high.

The far out-of-the-money Bitcoin call options expiring on June 27 at the strike price of $300,000 has been a close second behind the $110,000 calls in terms of open interest on the crypto options exchange Deribit. The contracts expiring on June 27 have seen the most open interest, or total number of outstanding contracts, across all expirations.

“Options skew remains bullish across tenors, with OTM calls trading rich versus puts out to 1 year — suggesting upside positioning,” said Jeffrey Howard, head of North America at crypto brokerage firm Nonco.

Block Leans Into Lending After Winning Direct Loans Approval

Jack Dorsey’s Block Inc. plans to grow its lending business with the aim of expanding access to credit services after a sequence of disappointing earnings results have shaken investor confidence in the company.

In total, Block, Inc. has extended more than $100 billion in credit globally across its lending products since 2013. Its credit offerings include small business loans through its Square point-of-sale system, consumer loans via its money transfer service Cash App and buy now, pay later loans offered through Afterpay, the service it acquired in 2022.

On Tuesday, the company shared that it has extended nearly $15 billion worth of short-term credit across more than 9 million Cash App active accounts through its product Borrow, launched in 2020. Block also extends short-term credit to more than 20 million consumers through Afterpay. On the merchant side, Square Loans has extended more than $22 billion worth of small business financing since launching in 2013.

Riot Platforms Expands Credit Facility with Coinbase to $200M

Riot Platforms has upsized its existing $100M credit facility to a total commitment of up to $200M with Coinbase Credit, a subsidiary of Coinbase Global, Inc..

Key terms under the credit facility remain identical to the existing facility, including the applicable interest rate.

Riot plans to use proceeds from the facility to pursue key strategic initiatives and for general corporate purposes. The amount borrowed will be secured by a portion of the company's total bitcoin holdings.

SEC Charges Unicoin and Executives With $100 Million Fraud

The US Securities and Exchange Commission has charged New York-based Unicoin Inc. and its executives with orchestrating a $100 million fraud.

The regulator charged the company and executives Alex Konanykhin, Silvina Moschini and Alex Dominguez for false and misleading statements related to an offering of certificates promising rights to receive crypto-assets and stock, according to a Tuesday statement.

“We allege that Unicoin and its executives exploited thousands of investors with fictitious promises that its tokens, when issued, would be backed by real-world assets including an international portfolio of valuable real estate holdings,” said Mark Cave, associate director in the SEC’s Division of Enforcement, in the statement. Those real estate assets were in reality worth “a mere fraction” of what the company claimed, Cave added.

Bitcoin Spot ETF Flow

The overall net inflow of the US Bitcoin spot ETF on Tuesday was $329.02 million. The total net asset value of Bitcoin spot ETFs is $126.80 billion, and the ETF net asset ratio (market value compared to total Bitcoin market value) is 5.97%.

The Bitcoin spot ETF with the highest net inflow on May 20 was iShares Bitcoin Trust, with a net inflow of $287.45 million. Following that was Fidelity Wise Origin Bitcoin Fund, with a net inflow of 23.26 million, according to SoSoValue.

SoSoValue