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By James Van Straten (All times ET unless indicated otherwise)

Bitcoin (BTC) is climbing up the asset ranks. The rally that this week took it to new highs has lifted its market capitalization to $2.2 trillion for the first time.

It's already overtaken Amazon (AMZN) and Google (GOOG) to become the world's fifth-largest asset and now sits behind iPhone maker Apple (APPL), software developer Microsoft (MSFT) and chipmaker Nvidia (NVDA), all of which are valued at over $3 trillion. Way ahead is hard-to-produce, store-of-value gold at an estimated $22 trillion.

Bitcoin’s No. 5 ranking reflects its growing status among traditional and institutional investors and comes as market sentiment turns decisively bullish, with strong buying action across all investor cohorts —from whales to minnows — and the BTC price holding steady around the $110,000 level with minimal pullbacks.

As the end-of-May options expiry approaches next Friday, the options market reveals significant activity, with the bulk of call —or bullish — options positioned at the $110,000 strike price and a max pain level at $96,000. Looking into June, there's a clustering of high-strike call options at $200,000 and even $300,000. That's a solid sign of traders betting on continued upward momentum.

Despite bitcoin’s strength, Strategy (MSTR), the largest corporate holder of bitcoin, has lagged in share price performance relative to its peers. The company recently announced a $2.1 billion at-the-market offering of its new perpetual preferred stock, STRF, intended to fund additional bitcoin acquisitions.

Meanwhile, BlackRock’s iShares Bitcoin Trust (IBIT) continues to dominate the institutional market, pulling in $877 million in inflows on Thursday alone and bringing its total net inflow to a staggering $47.6 billion, according to Farside data.

On the macroeconomic front, the largest cryptocurrency is showing clear divergence from traditional equities, rising 5% over the past five days while the S&P 500 has slipped by more than 1%. This uncorrelated performance is reinforcing bitcoin’s appeal as a macro hedge. Investors are now closely watching for Federal Reserve Chair Jerome Powell’s speech on Sunday, which could prove pivotal in shaping next week’s market trajectory. Stay alert!

Galaxy Now Trading on Nasdaq — Ticker: GLXY

Bringing digital assets and AI infrastructure to the forefront of U.S. markets

Galaxy (Nasdaq: GLXY) is trading on Nasdaq, marking a milestone for a company operating at the forefront of digital assets and artificial intelligence.

Founded in 2018 by billionaire investor Mike Novogratz, Galaxy has grown into a global platform offering institutional trading, asset management, lending, tokenization, and crypto ETFs. Its derivatives desk recorded over $20 billion in volume last year, and it ranks among the largest crypto lenders worldwide.

Galaxy is also expanding into AI infrastructure. Its Helios data center in West Texas is being repurposed from supporting BTC mining to high-performance compute, with a 15-year partnership to host CoreWeave’s AI workloads that will create a diversified source of predictable revenue that is uncorrelated to the prices of digital assets.

Find us on Nasdaq under the ticker GLXY and learn more about how Galaxy is building the future of finance and AI at www.galaxy.com.

Important Disclosures

This announcement shall not constitute a solicitation of a proxy, consent or authorization with respect to any securities. In addition, this announcement does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. No securities commission or securities regulatory authority in the United States or any other jurisdiction has in any way passed upon the merits of the Reorganization or the accuracy or adequacy of this communication.

Certain statements in these materials constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (“PLSRA”), Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). In some cases, you can identify these statements by forward-looking words such as “may,” “might,” “will,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential” or “continue,” the negative of these terms and other comparable terminology. These forward-looking statements, which are subject to risks, uncertainties and assumptions about us, may include projections of Galaxy Digital Inc.’s (the “Company”) future financial performance or results, our anticipated growth strategies, anticipated trends in our business or future events and circumstances. These statements are only predictions based on the Company's current expectations, estimates, forecasts and projections about future events and trends that may affect the business, results of operations, financial condition and prospects. And as a result, these statements involve known and unknown risks, uncertainties, assumptions and other important factors, many of which are beyond the control of the Company and which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements. For a further discussion of these risks, uncertainties and assumptions, please see the section titled “Risk Factors” in Part II, Item 1A of our Quarterly Report on Form 10-Q for the three months ended March 31, 2025. Forward-looking statements are provided as a general guide only, and should not be relied on as an indication or guarantee of future performance. They can be affected by inaccurate assumptions we might make or by known or unknown risks or uncertainties. Given these uncertainties, recipients are cautioned to not place undue reliance on any forward-looking statement. Forward-looking statements speak only as of the date they are made. Subject to any continuing obligations under applicable law the Company disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements in these materials to reflect any change in expectations in relation to such forward-looking statements or any change in events, conditions or circumstances on which any such statement is based.

Crypto:

June 6, 1-5 p.m.: U.S. SEC Crypto Task Force Roundtable on "DeFi and the American Spirit"

Macro

Earnings (Estimates based on FactSet data)

May 28: NVIDIA (NVDA), post-market, $0.88

Governance Votes & Calls

Unlocks

Token Launches

Spot BTC ETFs

Spot ETH ETFs

This chart from CoinGlass shows that bitcoin held on wallets linked to cryptocurrency exchanges on-chain has dropped dramatically since Donald Trump's inauguration.

That drop reflects how demand picked up after he campaigned on a pro-crypto platform. As supply was squeezed, prices rose.

🇮🇷 U.S., Iran yo Hold Nuclear Talks Amid Clashing Red Lines (Reuters): As a fifth round of diplomacy begins in Rome, Iran rejected U.S. demands to halt uranium enrichment and warns Washington it would bear the blame if Israel attacks its nuclear sites.

☎️ U.S., China Hold First Call Since Geneva Meeting, Signaling Progress in Trade Talks(CNBC): Chinese Vice Foreign Minister Ma Zhaoxu and U.S. Deputy Secretary of State Christopher Landau discussed a number of issues during the call, though neither side confirmed whether tariffs came up.

💪 Bitcoin Enters Strongest Accumulation Phase Since January as BTC Price Passes $110K (CoinDesk): Glassnode data shows all wallet cohorts are now accumulating, with options markets pricing in potential upside beyond $200K in June.

🏦 Big Banks Explore Venturing Into Crypto World Together With Joint Stablecoin (The Wall Street Journal): JPMorgan, BofA, Citi, and Wells Fargo are reportedly exploring a jointly issued stablecoin via bank-operated platforms Zelle and The Clearing House.

🛡Justin Sun Defends TRUMP After Presidential Dinner, Says 'Memecoins Have Merit' (CoinDesk): Sun called the event, attended by top holders of the official Trump memecoin, a sign of U.S. crypto revival and denied the token was being used to buy political favor.

🇨🇳China 50-Year Bond Yields Rise in Auction, First Time Since 2022 (Bloomberg): Weaker demand at Friday’s auction lifted the yield to 2.1% from 1.91% in February, as easing trade tensions with the U.S. and domestic stimulus reduced safe-haven buying.

CoinDesk Disclosure: The information contained in this newsletter, and any information linked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. You should seek additional information regarding the merits and risks of investing in any cryptocurrency or digital assets.

L1.co Disclosure: This material is for informational purposes only, and the content contained herein should not be considered investment advice or a solicitation, offer, or recommendation to sell or buy any asset, strategy, or product. Investing in digital assets involves a high degree of risk, including the loss of principal.

Edited by Sheldon Reback

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