Executive brief

Digital asset markets are navigating a high stakes intersection of institutional consolidation and aggressive US legislative manoeuvres. The introduction of the American Reserve Modernization Act (ARMA) by Representative Nick Begich marks a pivotal attempt to codify a strategic Bitcoin reserve, potentially securing a federal stockpile currently valued at more than $25b. This policy shift coincides with the formal swearing-in of Kevin Warsh as Federal Reserve Chairman, an appointment widely viewed as a stabilizing force for markets as Bitcoin maintains a holding pattern near $77,000. While the legislative environment appears increasingly pro-innovation, the AFL-CIO has raised alarms regarding the Clarity Act, suggesting that regulatory certainty might inadvertently expose worker retirement funds to volatile digital assets before sufficient safeguards are established.

Corporate integration continues to serve as a primary directional driver, highlighted by SpaceX’s confidential IPO filing. The documentation reveals a significant balance sheet commitment of 18,712 Bitcoin worth $1.29b, alongside a massive $45b infrastructure deal with AI developer Anthropic. This move signals a deepening overlap between space technology, artificial intelligence, and digital treasury strategies. However, the sector faces persistent headwinds from a Congressional investigation into Polymarket and Kalshi over insider trading concerns. Further complicating the landscape, Polymarket suffered a $600,000 private key compromise, underscoring ongoing operational risks. Investors face a duality of opportunity in the accelerating AI-crypto pivot versus the risk of regulatory overcorrection and security vulnerabilities in decentralised infrastructure.

1) Top 20 news headlines

• US lawmakers push Strategic Bitcoin Reserve act to secure $25b federal stash; the ARMA bill mandates a 20 year holding period for the 328,372 Bitcoin currently held by the government.
• SpaceX IPO filing reveals $1.29b Bitcoin holdings and massive AI compute deal; the rocket company holds 18,712 Bitcoin at an average cost of $35,324 per coin.
• Kevin Warsh sworn in as Fed Chairman as Bitcoin holds $77,000; the new chairman took office in a White House ceremony as markets anticipate shifts in monetary policy.
• Congress hits Polymarket and Kalshi with massive insider trading probe; Rep. James Comer is demanding records to investigate if government employees used classified info for profits.
• Mark Cuban sells most Bitcoin after “hedge” narrative fails; the billionaire investor exited most positions after Bitcoin failed to rally during recent geopolitical turmoil.
• Polymarket suffers $600,000 private key compromise; the platform ruled out a smart contract exploit but confirmed an internal wallet for top-ups was drained of POL.
• Near Protocol surges 19.4% ahead of dynamic resharding upgrade; the token skyrocket follows news that the network will automatically add shards to handle demand in June.
• SEC Commissioner Peirce tempers expectations on tokenised stock exemptions; the commissioner clarified that the delayed proposal might not foster synthetic tokens as previously believed.
• Labor federation warns CLARITY Act could push crypto into retirement funds; the AFL-CIO claims the bill could reduce legal barriers for pension plans to hold digital assets.
• OKX and ICE launch “never-expiring” oil futures for crypto users; the partnership aims to bring traditional energy benchmarks to a user base of 120,000,000.
• Canaan revenue collapses to $62.7m despite record crypto treasury; revenue fell from $196.3m in the previous quarter while the company holds 1,807 Bitcoin.
• Trump Media moves $205m in Bitcoin as unrealised losses swell; the company is reportedly sitting on a total of $455m in unrealised crypto losses.
• XRP Ledger hits No. 4 in RWA rankings with $4.1b value; the network grew 45.97% in 30 days to surpass several major competitors in tokenised assets.
• Ark Invest buys $12.5m of Bullish stock during market downturn; Cathie Wood’s firm utilized the recent dip to increase exposure to the exchange operator.
• IREN co-founder identifies infrastructure as the primary AI bottleneck; Dan Roberts argues that power and data centres are more critical than GPU supply for AI scaling.
• World Liberty Financial burns 3b tokens after all-time low; the project removed $180.8m in market value to repair confidence in the family-backed ecosystem.
• India cracks down on prediction markets as Polymarket goes dark; local media reports suggest Kalshi may also be targeted by regulators in the region.
• Bitcoin implied volatility drops to 7 month low; options markets signal a period of calm despite significant geopolitical and macroeconomic headlines.
• Novogratz speaks in court over failed $1.2b BitGo merger; the Galaxy CEO told the court that SEC interference made the 2021 deal very difficult to complete.
• Bitcoin miner MARA spent $4.3m on CEO security in 2025; the expenditure included vehicle armouring as global “wrench attacks” on crypto executives increase.

2) BTC and ETH ETF flows

3) X trending news

• US ETF inflows hit record $852b YTD; average daily inflows of $8.5b per session represent a 33% increase over the 2025 pace.
• Kevin Warsh sworn in as Federal Reserve Chair; the pro-crypto official officially replaces Jerome Powell to lead the central bank today.
• US oil inventories collapse by 17.8m barrels; the largest weekly drawdown in history has left the Strategic Petroleum Reserve at its lowest level since July 2024.
• SpaceX discloses 18,712 Bitcoin holdings; the rocket company’s stash is worth over $1.4b at current market prices.
• US sending 5,000 troops to Poland; President Trump announced the military deployment as geopolitical tensions in the region remain elevated.
• GameStop seeks 2.5b share increase; the company is requesting approval to drastically expand its common stock from the current 448.7m shares outstanding.
• Downside protection demand plummets; the put-to-call skew has dropped to 0.04, the 4th-lowest reading in 20 years, indicating investors are ignoring risk.
• US-Iran agreement draft reached; Pakistani officials reportedly brokered a deal including a ceasefire and a monitoring mechanism for the Strait of Hormuz.