Indonesia blocked access to Polymarket after the prediction market platform hosted wagers on whether President Prabowo Subianto would leave office before the end of his term.

Indonesia’s Ministry of Communication and Digital Affairs (Komdigi) announced the block on Friday, describing Polymarket as an “online gambling site disguised as a prediction market.”

“The government will not allow any form of online gambling in Indonesia,” ministry official Alexander Sabar said, adding: “Activities like Polymarket involve betting and speculation on uncertain outcomes, thus violating Indonesian law.”

The move adds Indonesia to a growing list of jurisdictions treating prediction markets as gambling products, not merely forecasting tools, as platforms such as Polymarket and Kalshi face mounting legal scrutiny worldwide.

Political bets trigger scrutiny

The government action came days after Polymarket opened a wager tied to Prabowo’s presidency, allowing users to bet on whether the Indonesian leader would leave office early.

One of the markets, which appeared on Polymarket on May 21, lets users bet on whether Prabowo would leave office before several future dates, including May 31, June 30 and Dec. 31, 2026, even though his five-year presidential term is set to run until October 2029.

Source: Polymarket

The market recorded more than $46,000 in trading volume, with traders pricing a 1% chance of him leaving by May 31, 2% by June 30 and 18% by the end of 2026.

The ministry’s statement did not specifically reference the presidential exit prediction market, instead broadly characterizing Polymarket as a gambling platform operating in violation of Indonesian law.

Source: Indonesia’s Ministry of Communication and Digital Affairs (Kemkomdigi)

“As a measure to protect the public, especially the younger generation and users of the national digital space, the Ministry of Communication and Digital has blocked access to the Polymarket platform and similar services that are suspected of facilitating online gambling practices,” it said.

Prediction markets face global pressure

The Indonesian ban adds to growing regulatory pressure on prediction market platforms across multiple jurisdictions.

Supporters say prediction markets function as tools for crowd-sourced forecasting and sentiment tracking, while critics argue they can resemble online gambling and raise concerns around market manipulation as well as insider trading.

Related: CFTC officials who questioned prediction markets were suspended: NYT

India was among the latest countries to restrict access to Polymarket, extending a list of jurisdictions where the platform is blocked to more than 30. Despite the restrictions, Polymarket has recently signaled interest in pursuing regulatory approval in select markets, including Japan.

Magazine: Polymarket seeks Japan entry, Harvard dumps entire ETH position: Hodler’s Digest, May 17 – 23

TLDR

• YZi Labs has launched YZi Talent as a recruitment platform for its portfolio companies across Web3 AI and biotechnology sectors.
• The platform aggregates open roles into a single hub for candidates seeking opportunities in frontier technologies.
• Initial listings include senior engineering and leadership roles at predict.fun and AgriDynamics Robotics.
• YZi Talent supports hiring for both technical and business positions within YZi Labs backed startups.
• The platform complements YZi Labs internal hiring efforts by providing shared access to talent across its ecosystem.

YZi Labs has introduced YZi Talent, a recruitment platform for its portfolio companies. The platform aggregates job openings across Web3, artificial intelligence, and biotechnology sectors. YZi Labs said the initiative creates a unified entry point for candidates seeking roles in these fields.

The firm announced the launch in an official post on X. It described YZi Talent as a platform “integrating open positions” across its portfolio. The first listings include senior roles at predict.fun and AgriDynamics Robotics. These positions cover engineering and business leadership functions.

YZi Labs Builds Unified Hiring Platform for Portfolio Companies

YZi Talent centralizes hiring for companies backed by the firm. It allows candidates to explore roles across multiple sectors through one platform. The initial roles include Backend Chief Engineer and Frontend Staff Engineer positions at predict.fun. The platform also lists a Founding Business Leader role at AgriDynamics Robotics.

Predict.fun operates as a prediction market focused on improving liquidity using DeFi tools. AgriDynamics Robotics develops AI-driven systems for agricultural automation. YZi Labs highlighted both companies in its EASY Residency Season 2 portfolio. The initiative supports startups across Web3, AI, and biotech sectors.

Third-party job listings show the type of candidates YZi Talent targets. A Web3 Researcher role requires deep analysis of blockchain technologies and market trends. The same role also involves identifying developers and entrepreneurs for investment or collaboration. This combines technical research with investment-focused responsibilities.

YZi Labs also shared hiring updates through LinkedIn. The firm is recruiting Investment Directors, associates, and portfolio management leads. These roles focus on supporting founders building products in Web3, AI, and biotech. The firm also seeks recruiters and go-to-market specialists.

Platform Supports Growth Across AI, Web3 and Biotech Sectors

YZi Talent complements internal hiring efforts within YZi Labs. It provides a shared channel for portfolio companies to attract talent.

The firm positions itself as an investor across three technology sectors. It expanded beyond its origins as Binance Labs over the past 18 months. YZi Labs appointed Jane He to lead biotechnology investments in 2025. The firm also increased its focus on decentralized science and data-sharing projects.

By December 2025, YZi Labs had invested in 17 projects across its core sectors. These include ventures like AgriDynamics, predict.fun, Trellis Robotics, and Ethena Labs. Partners at the firm have discussed combining AI, blockchain, and biotech in public forums. They highlighted use cases such as tokenized health data and AI-driven trading systems.

In a conference talk, Jane He said users could share health data securely using blockchain. She added that participants could earn tokens for contributing to AI model training. YZi Labs continues to expand its ecosystem beyond funding. The launch of YZi Talent marks its latest effort to support portfolio growth through recruitment.

Zcash privacy claims faced a direct challenge after Arkham Intelligence linked 53% of ZEC transactions to identified entities.

Blockchain analytics firm Arkham Intelligence published research revealing it had labeled more than 53% of all Zcash transactions, attributing approximately $420 billion in ZEC volume to identifiable individuals and institutions. The research, published in December 2025, triggered immediate debate about the true extent of Zcash’s opt-in privacy model.

Arkham’s tracking covers 48% of all transaction inputs and outputs and links 37% of total ZEC balances, approximately $2.5 billion, to named entities. The firm did not crack Zcash’s cryptography. It combined entity clustering, exchange data, known government seizures, and transparent address analysis to attribute activity to real-world actors.

Why Arkham can track most Zcash activity but not all of it

The critical distinction is between transparent and shielded transactions. Zcash’s privacy is opt-in. Users choose between T-addresses, which are fully visible on the public ledger, and Z-addresses, which use zero-knowledge proofs to shield sender, recipient, and amount.

“[Arkham] didn’t actually deanonymize any ZEC that was held at rest in the shielded pool,” Zcash founder Zooko Wilcox said in response to the announcement. Tracking such transactions would be “impossible because the information just isn’t there,” he added.

As of December 2025, fewer than a quarter of all ZEC in circulation sat in the shielded pool. The majority of activity passes through transparent addresses, particularly on centralised exchanges which almost exclusively use T-addresses. Crypto.news has tracked the capital dynamics driving ZEC’s recent 73% monthly gain as the quantum and privacy narrative drives fresh interest.

Why the Arkham disclosure matters as ZEC rallies and NU7 approaches

The controversy resurfaced in May 2026 as ZEC rallied sharply on quantum computing concerns and the approaching NU7 network upgrade. The Orchard shielded pool provides stronger privacy guarantees than the older Sapling pool, but still holds a minority of ZEC activity.

Until shielded pool usage expands significantly, Arkham-style behavioural analysis of transparent activity will remain possible for the majority of network transactions.

Crypto.news has covered the quantum threat timeline, including research showing Bitcoin’s elliptic curve cryptography requires approximately 2,330 logical qubits to break. Privacy protocols with zero-knowledge proof infrastructure are increasingly discussed as potential safe harbors as those timelines accelerate.

Crypto.news has also noted Citi’s analysis that a quantum attack on major financial institutions could put $2 to $3.3 trillion of GDP at risk, context that makes Zcash’s NU7 privacy improvements directly relevant to institutional risk managers watching the space.

Ripple USD (RLUSD) recorded a strong liquidity increase during the past week as activity expanded across the XRP Ledger. Fresh minting transactions significantly exceeded token redemptions during the period. Consequently, the stablecoin added more than $275 million in net liquidity while its market capitalization continued to grow.

RLUSD Records Strong Minting Activity on XRP Ledger

RLUSD experienced a notable rise in network activity over the last seven days. Several large minting and redemption transactions took place on the XRP Ledger. As a result, the stablecoin supply expanded during the reporting period.

Data from XRP Ledger activity showed substantial token creation across multiple days. On May 22, RLUSD Treasury minted more than 10 million RLUSD. Meanwhile, additional minting and burning transactions occurred on May 21 and May 20.

The largest transaction involved the creation of 230 million RLUSD on the XRP Ledger. At the same time, Ripple removed smaller amounts of RLUSD from circulation through treasury burn events. Consequently, minting activity outweighed redemptions by a wide margin.

Network data showed that RLUSD minted approximately $354.4 million during the week. In contrast, total burned supply reached about $78.7 million. Therefore, the stablecoin generated a net liquidity increase exceeding $275 million.

The latest figures highlight growing usage of RLUSD within the XRP Ledger ecosystem. Increased token issuance often reflects higher demand for settlement and liquidity purposes. Moreover, stablecoin activity can support broader network participation.

RLUSD continues to serve as a key component of Ripple’s expanding digital payments strategy. The stablecoin supports value transfers while maintaining a dollar-pegged structure. As adoption grows, transaction volumes may continue increasing across supported platforms.

Binance Expands RLUSD Utility Through Trading Support

Major cryptocurrency exchange Binance contributed to RLUSD activity during the reporting period. The platform processed RLUSD transactions on the XRP Ledger. Consequently, exchange-related flows added to overall network volume.

Binance expanded support for RLUSD earlier this year through several product integrations. The exchange introduced spot trading support for the stablecoin. Additionally, it enabled portfolio margin eligibility for qualifying users.

The platform also added RLUSD to its Earn products. These additions created more use cases for holders across trading and yield-related services. Therefore, RLUSD gained broader exposure within the cryptocurrency market.

Exchange support often plays an important role in stablecoin growth. Larger trading venues provide liquidity and increase accessibility for users. Moreover, integration with multiple products can encourage wider adoption.

The recent increase in RLUSD activity coincided with continued exchange participation. Transaction processing across major platforms supported the movement of newly issued tokens. As a result, liquidity expanded alongside network usage.

Growing exchange availability may strengthen RLUSD’s position among dollar-backed digital assets. Stablecoins rely on liquidity and accessibility to support adoption. Therefore, exchange partnerships remain an important factor in future growth.

RLUSD Market Cap Climbs as Ecosystem Growth Continues

RLUSD’s market capitalization recently surpassed $1.7 billion. The milestone reflects continued expansion since the stablecoin entered the market. Furthermore, growing transaction activity has supported that upward trend.

Ripple has positioned RLUSD for use in payments and decentralized finance applications. These sectors continue to represent major growth areas for stablecoins. Consequently, broader utility may contribute to sustained demand.

Market participants also expect additional ecosystem developments in the near term. Industry discussions have pointed to potential end-of-month activity involving the cryptocurrency exchange Gemini. Such developments could generate further minting and redemption transactions.

Stablecoin growth remains a significant trend across the digital asset sector. Companies continue expanding products that support blockchain-based payments and settlements. Moreover, increased liquidity often improves efficiency across related services.

RLUSD’s latest expansion demonstrates rising activity on the XRP Ledger. Strong minting volumes drove a substantial weekly liquidity increase. As adoption advances, the stablecoin continues strengthening its presence within the broader digital asset ecosystem.

TLDR

• Bhutan transferred another 90 BTC worth about $7 million to a SegWit address.
• Total Bitcoin transfers from Bhutan-linked wallets have now exceeded $237 million in 2026.
• Arkham data shows Druk Holding and Investments’ Bitcoin holdings have declined by around 10,000 BTC since October 2024.
• Blockchain records indicate some earlier transfers moved funds toward wallets linked to Galaxy Digital and OKX.
• Druk Holding and Investments has not issued a public statement on the recent Bitcoin transfers.

Bhutan transferred another 90 BTC worth about $7 million to a SegWit address. On-chain data shows the total Bitcoin moved this year now exceeds $237 million. The fresh transaction has renewed focus on Bhutan’s sovereign crypto strategy.

Blockchain records show the 90 BTC left a wallet linked to state holdings. The funds moved to a SegWit address separate from three known P2SH clusters.

Those P2SH wallets have historically stored most of Bhutan’s Bitcoin reserves. The new address differs from the country’s primary sovereign holdings.

Arkham data indicates Druk Holding and Investments’ stash has declined by around 10,000 BTC. The reserve fell from about 13,390 BTC in October 2024 to roughly $233 million today.

Earlier this year, Bhutan transferred 100 BTC on April 29. That batch carried an estimated value of nearly $8 million.

At that stage, data showed more than $206.98 million had already moved since January. The steady flow of transactions has continued since then.

Bhutan Bitcoin Transfers Exceed $237M in 2026

On April 11, blockchain trackers recorded 319.7 BTC leaving a state-linked wallet. That transaction carried an estimated value of $22 million.

Reports indicate about 250 BTC from that batch entered wallets linked to Galaxy Digital and OKX. Both firms operate as major crypto trading platforms.

Also, Bhutan sold about 285 BTC in February. Those sales occurred in multiple batches during the month.

Arkham has tracked the transfers through publicly labeled blockchain addresses. The analytics platform continues to update Bhutan-linked wallet balances.

Mining Model Faces Pressure After Halving

Bhutan built its Bitcoin reserves through hydropower-backed mining operations. Druk Holding and Investments manages those activities.

Unlike other countries, Bhutan did not rely on seizures or treasury purchases. The state mined Bitcoin using domestic energy resources.

The 2024 halving reduced block rewards to 3.125 BTC per block. Mining competition increased as rewards declined.

Bitcoin price trades at $77,271 at press time and remains down nearly 12% year to date. The asset recently rebounded above $77,000 after dipping near $75,000.

Druk Holding and Investments has not issued a public statement on the transfers. The company has also not confirmed the current status of its mining infrastructure.

Texas’s political landscape is increasingly entwined with crypto lobbying as two pivotal primary runoffs approach. In the 18th congressional district, incumbent Democrat Al Green faces challenger Christian Menefee, while the Republican Senate contest narrows to Attorney General Ken Paxton versus Senator John Cornyn. Crypto-aligned political action committees have poured money into both races, illustrating how the industry aims to influence policy as the 2027 Congress and the broader regulatory environment take shape.

As of Sunday, Protect Progress, a PAC affiliated with ripple– and Coinbase-backed Fairshake, reported about $5 million in spending to back Menefee and $2.8 million in advertising opposing Green. Menefee also secured the endorsement of the Blockchain Leadership Fund, a committee backed by Anchorage Digital and Chainlink Labs, though the fund had not disclosed further expenditures as of Monday. On the other side of the ledger, the Fellowship PAC — financed by Cantor Fitzgerald and Anchorage Digital — reported $500,000 in spending in support of Paxton, arriving just after former President Donald Trump publicly endorsed Paxton and criticized Cornyn’s support timeline for Trump’s 2024 bid.

The dynamics in Texas reflect a broader pattern: crypto interests are increasingly using PACs to shape narratives and candidate support in districts and statewide races that could influence the policy direction of the next Congress. The March primaries produced runoffs precisely because no candidate secured a majority, thrusting these crypto-linked campaigns into the spotlight as Texans prepare to vote again this week.

“I saw 12 television commercials yesterday paid for by the Protect Progress PAC […] and that same group of people are the ones that are primarily funding Trump.”

The federal filings underpinning these expenditures come from the US Federal Election Commission. Protect Progress’s filings show the scale of outside money aimed at steering the Texas 18th District race, while the Fellowship PAC’s activity highlights how Wall Street–connected capital is financing Paxton’s bid in the Senate contest.

The policy stakes go beyond district lines. If Texas’s Republicans maintain the Senate majority, lawmakers have already enacted and advanced crypto-friendly measures, including legislation related to stablecoins and other digital-asset regulations. The GENIUS Act, cited by supporters as a framework for stablecoins and tokenized assets, is one such example of the policy direction that could gain momentum or face new scrutiny depending on the election outcome.

Key takeaways

• Crypto-focused PACs are directing significant sums into Texas primaries: Protect Progress backing Menefee with approximately $5 million and spending $2.8 million opposing Green, as first reported in FEC filings.
• Endorsements and industry ties shape candidate profiles: Menefee benefits from Blockchain Leadership Fund backing; Paxton’s campaign gains from the Fellowship PAC funding, tied to Cantor Fitzgerald and Anchorage Digital.
• Prediction markets reflect perceived outcomes: Kalshi places odds of 91% for Menefee over Green and 96% for Paxton over Cornyn, with total market activity exceeding $16 million in bids; Polymarket mirrors a similar assessment of the two runoffs.
• Campaign messaging crosses crypto boundaries: While some Protect Progress ads directly address Trump, others emphasize broader political dynamics that may influence crypto policy through the 2027 Congress.
• Electoral outcomes could reshape crypto policy in the near term: A Republican-majority Congress could accelerate certain crypto-friendly initiatives; ongoing debates around regulation and stablecoins remain central to the sector’s longer-term outlook.

Crypto money, messaging, and the Texas runoffs

The Texas races illustrate how crypto money is seeding political influence at both the state and federal levels. Protect Progress’s activity demonstrates a concerted effort to back a candidate perceived as favorable to blockchain and digital-asset policy, while also funding advertising that opposes Green. The FEC disclosures show a multi-million-dollar operation aimed at shaping public perception ahead of November’s general election. The specific market-facing spending and messaging underscore a broader industry strategy: leverage political access to create a more predictable regulatory backdrop for digital assets.

On the Senate side, the donation from the Fellowship PAC came in close proximity to Trump’s endorsement of Paxton, a development that activists and observers say can rapidly shift public sentiment and fundraising dynamics. Bill King, a former Houston Chronicle opinion writer, commented on the wave of Protect Progress ads, noting the overlap between the group funding Trump and the scale of its current campaign expenditures. While some ads focus on Trump or other political flashpoints, others frame cryptocurrency policy as a practical, economic concern that matters to a broad constituency.

The involvement of Blockchain Leadership Fund — a committee associated with Anchorage Digital and Chainlink Labs — signals a tangible alignment between infrastructure players and political outcomes. While the fund’s spending had not been fully disclosed at the time of reporting, its backing of Menefee points to a deliberate alignment between certain industry participants and political candidates who may adopt crypto-friendly policy perspectives.

Prediction markets as a read on political risk

Prediction markets have become an increasingly visible barometer of electoral sentiment in the crypto space. Kalshi’s contracts suggest a strong tilt toward Menefee and Paxton in their respective races. The platform has typically shown odds favoring the Democratic candidate in the Texas 18th District race since February, while Paxton’s odds surged to over 90% after Trump’s endorsement, reaching near 96% in the latest readings. Total bets on these contracts surpassed $16 million, reflecting the volume of interest from traders who weigh policy outcomes alongside political risk.

Polymarket, another platform that hosts event contracts, offered a similar framing for the Texas runoffs, indicating a broad consensus among traders about the likely outcomes. The alignment between predicted outcomes and the scale of crypto-linked spending underscores how market-based tools are being used to gauge and potentially influence political dynamics in a sector that remains highly consequential for regulatory direction.

For investors and builders in the crypto space, these market signals matter not only as anecdotal indicators of political fortune but also as a proxy for the potential policy environment in the near term. If crypto-friendly candidates prevail, there could be a clearer path toward a favorable regulatory framework or a more predictable rulemaking landscape that could affect stablecoins, exchanges, and other digital-asset ventures.

Looking ahead, observers should watch how the results in the Texas 18th District and Senate contest translate into policy momentum on Capitol Hill. The degree to which lawmakers align with the crypto industry’s priorities may depend on the resulting balance of power and the composition of key committees in 2027. As the market digests the outcome, readers should monitor updates from the Federal Election Commission for further disclosures and from prediction-market trackers for shifts in odds that could foreshadow policy pivots.

For readers tracking regulatory developments, the election’s outcome could illuminate how the industry’s capital and messaging shapes the next phase of U.S. crypto policy, including potential legislation, licensing regimes, and guidance that affect stablecoins, digital wallets, and the broader digital-asset ecosystem.

Stay tuned for results from the Texas runoff on Tuesday and the broader implications for crypto policy as the new political landscape takes shape in the year ahead.

Source notes and data references: Federal Election Commission filings detail Protect Progress and Fellowship PAC expenditures. Kalshi markets provide odds on the Texas Senate and House runoffs, with public pages accessible at Kalshi’s platform. Polymarket coverage mirrors similar probability assessments. The discussion of policy context references the GENIUS Act and related crypto legislation considerations discussed in recent coverage and sector analyses.

A Satoshi-era Bitcoin whale transferred 2,650 Bitcoin worth about $203 million to FalconX and Cumberland over-the-counter (OTC) trading desks, in an onchain move that may signal a planned sale or liquidity transaction from the long-dormant Bitcoin miner.

The early Bitcoin (BTC) miner transferred the funds across two transactions of 1,000 BTC each and another 650 BTC transaction on Sunday, according to blockchain data platform Arkham.

The address still holds another 6,000 BTC worth about $462 million, said blockchain data platform Onchain Lens in a Monday X post.

Transfers to over-the-counter trading desks can signal a planned sale or liquidity transaction, though they do not prove the Bitcoin has been sold. Large holders often use OTC desks to access deeper liquidity without placing visible sell orders on public exchange books.

Old miner wallets are closely watched as a source of long-dormant supply. When Satoshi-era coins move to institutional trading desks, traders often read it as a potential sign that early holders are preparing to reduce exposure.

Source: Onchain Lens

Bitcoin miners face profitability pressure

The Satoshi-era Bitcoin miner’s transfer occurred as Bitcoin’s price was stuck trading in a narrow range over the past month and fell about 0.5% to trade at $77,347 at the time of writing on Monday.

This is significantly below the average Bitcoin miner production cost of about $93,175 per BTC, according to TradingView data. The development shows that miners currently selling at these price levels are selling their Bitcoin at a loss compared to the cost of producing it.

The Bitcoin average miner cost production chart. Source: TradingView

However, other analytics providers are showing different Bitcoin cost production estimates. Capriole Investment’s data estimated a Bitcoin production cost of about $57,706, while research platform CryptoRank said that public miners had an average BTC production cost of about $74,600. 

When Bitcoin trades below this level, smaller mining operations may be pressured out of business, as they are forced to sell their BTC at a loss to fund operations. A March report from CoinShares found that as many as 20% of Bitcoin miners could be operating at a loss, particularly those using older mining equipment.

Related: New York lawsuit tests lost property claim over dormant Bitcoin

Some Bitcoin mining companies have started relying on new revenue models to address financial pressure.

Digital infrastructure company Soluna Holdings has offset part of its weaker Bitcoin mining revenue with its data center hosting business, which generated $6.7 million in first-quarter revenue, while cryptocurrency mining contributed roughly $2.2 million, down from nearly $3 million the year before, Cointelegraph reported on May 18.

Magazine: Bitcoin ETFs bleed $1B, Aave’s $71M ETH unfreeze bid delayed: Hodler’s Digest, May 10 – 16

NEW YORK and HONG KONG — Cyannova Capital (“Cyannova” or the “Company”), a New York-based investment firm, announces its inaugural investment fund, Cyannova Capital, LP, at its private industry reception held in Hong Kong. The fund is positioned as event-driven capital and operates as a resource integration platform, strategically leveraging the momentum of a significant global investment cycle fueled by the convergence of energy, computing, automation, and space-based infrastructure.

By leveraging a global network spanning North America, the Middle East, and Asia, Cyannova focuses on providing long-term support to its portfolio companies. Cyannova is targeting high-growth sectors that expand human productivity, including AI, renewable energy, robotics, and the emerging space economy.

At the reception, Cyannova announced that it entered into a strategic cooperation framework agreement with Butong Group (6090.HK), an emerging tech-driven lifestyle solutions provider. “Cyannova’s platform is built to do more than just deploy capital,” said Mr. Wang, Chairman of the Board of Butong Group. “Butong is proud to be one of Cyannova’s first strategic partners. They are integrating global resources to help companies scale across borders.”

Gathering over 200 business elites and strategic partners at the reception, Cyannova formally introduced its vision. The gathering featured technical fireside discussions on data center financing and the future of space-based data systems, underscoring Cyannova’s commitment to frontier technologies. The event further solidified the firm’s strategic footprint through signing ceremonies with two key partners, demonstrating its ability to foster meaningful cooperation across international markets.

“The reception was an important event to establish our credibility within the Hong Kong and broader Asia market,” said Alessandro Bianchi, Managing Director at Cyannova Capital. “The quality of the relationships formed and the strategic partners attending this event underscore the demand for a crossover investment platform focused on innovative companies. Cyannova is excited about the team we have put together, the investment themes we have chosen, and the geographies we are targeting. We are very excited to start deploying capital in the second half of 2026.”

For media inquiries, please contact: 

This announcement is for informational purposes only and should not be construed as investment advice or a solicitation to invest.

About Cyannova

Cyannova Capital is a New York–based investment management firm focused on energy, computing infrastructure, robotics, and space economy. Cyannova manages a crossover investment strategy fund spanning public and private markets. The firm partners with growth-stage to later-stage companies, supporting their growth through capital and strategic insights, connecting them with new markets, strategic partners, and enabling technologies, thereby enhancing long-term investment value.

About Butong Group

Butong Group (06090.HK) is an emerging, tech-driven lifestyle company dedicated to designing, developing, and manufacturing premium nursery and family living products for global consumers. Operating primarily under its flagship brand, BeBeBus, the Group delivers high-performance, aesthetically refined solutions across key family scenarios, including travel gear, sleep systems, feeding essentials, and child care. Leveraging its proprietary advanced materials, in-house research and development, and sustainable intelligent manufacturing, Butong Group transforms functional parenting utilities into highly integrated technology experiences, driving original value and elevating everyday lifestyle standards for modern elite families worldwide.

Cyannova Capital and Butong Group (6090.HK) enter into a strategic cooperation framework agreement.

John Riggins, CEO of Moon Inc speaks at the reception event where Cyannova Capital announces its global launch.

However, this model cuts both ways. On one hand, it lets companies raise capital on a wave of market optimism. On the other, it forces them to absorb the volatility of the underlying asset when prices fall.

For a public company, the situation is even more complicated. Accounting obligations mean financial losses quickly become public, and any asset movements against that backdrop attract intense scrutiny.

The recent discussion around Trump Media & Technology Group (TMTG) shows exactly that. Amid paper losses on its crypto strategy, the company moved 2,650 BTC to Crypto.com, having previously withdrawn applications to launch its own cryptocurrency ETFs.

The market absorbed this news fairly calmly, but the obvious question remains: is this part of a trading strategy, or preparation for a forced sale of digital assets?

Behind the $200 million move

Trump Media was not created as a financial or investment entity, but rather as a technology holding company. Its flagship product is Truth Social — a social network launched after Donald Trump was banned from major platforms.

In March 2024, the company went public through a SPAC merger. Until the following spring, TMTG remained strictly within the social media sphere, and only then did management decide to pivot, beginning the formation of a cryptocurrency reserve.

For these purposes, the company raised approximately $2.3 billion through equity sales and the issuance of zero-coupon convertible secured notes.

Initially, the organization stated that it wanted to establish a Bitcoin reserve, with Crypto.com and Anchorage Digital serving as its custodial partners. In practice, the model turned out to be broader than initially declared.

The company invested in the Cronos (CRO) token, which is affiliated with the aforementioned Crypto.com, and filed applications to launch several cryptocurrency ETFs at once.

However, the cryptocurrency strategy has apparently failed to pay off.

As of December 31, 2025, Trump Media disclosed holdings of 9,542 BTC with a cost basis of $1.131 billion and a fair value of $836.4 million, alongside 756 million CRO with a cost basis of $113.9 million and a fair value of $68 million.

The company’s first-quarter 2026 report made the financial pressure even more evident. TMTG kept the same BTC and CRO balances on its books, but their fair value dropped to $647 million and $53 million, respectively.

Separately, TMTG disclosed an unrealized loss on digital assets of nearly $244 million (including pledged assets). Meanwhile, the company’s net loss is estimated at $405.9 million.

A few days after the report’s publication, the company also withdrew its applications to launch ETFs. Then, in late May, addresses linked by Arkham to Trump Media transferred 2,650 BTC to Crypto.com infrastructure — amounting to over $200 million at the market prices at the time of writing.

Some interpret such transactions as preparation for a sale or, at the very least, securing liquidity for over-the-counter (OTC) deals. However, the U.S. Securities and Exchange Commission (SEC) does not require companies to disclose public wallet addresses, which makes it difficult for outsiders to independently verify their intentions.

Companies often use such transfers to post collateral for fiat-denominated loans. In particular, TMTG said in its quarterly report that it had pledged 4,260 BTC as collateral for its convertible notes.

Another 2,000 BTC was transferred to a third-party partner as insurance for options trading. That partner also received the right to move those assets freely at its own discretion.

Excerpt from Form 10-Q. Source: SEC.

A TMTG representative also said the Bitcoin had been “transferred, but not sold,” describing the move as part of a broader trading strategy.

The market reacted fairly calmly to both the loss data and the transfer of Bitcoin to the exchange. That is likely because such an adverse scenario had already been priced in.

Since the beginning of 2026, the stock price of Trump Media & Technology Group (DJT) has fallen by nearly 40%. Source:  TradingView.

From the outset, many analysts expressed skepticism over Trump Media’s ability to secure a foothold in an overheated crypto ETF market dominated by giants like BlackRock and Fidelity. 

The situation was further compounded by the fact that TMTG’s proposed products featured virtually no structural differences from those of its competitors, relying instead primarily on marketing and the political brand.

The illusion of onchain transparency

The Trump Media case exposes a systemic issue: despite the transparency of the blockchain, tracking the actual state of corporate crypto reserves remains exceptionally difficult. A large onchain transfer can represent either a forced liquidation or a routine operational process with no underlying intention to divest the assets.

However, public company status dictates its own rules. To prevent panic among traditional investors, management is forced to explain nearly every movement of funds. Under these conditions, clear and timely communication becomes just as vital as the financial strategy itself.

Furthermore, such precedents bring a major regulatory dilemma to the surface. Should the SEC require public companies to disclose their blockchain addresses to enable a full independent audit? Or are wallets a trade secret, the disclosure of which would make executing corporate trading strategies impossible? This question remains unanswered for now.

As for TMTG specifically, the company’s crypto business does not yet look like a sustainable operation with clear economics. The deal with Crypto.com’s parent structure and the sudden withdrawal of ETF applications increasingly resemble an ad hoc search for a model to monetize a political brand, rather than a calculated, long-term strategy.

Ultimately, the main intrigue is not whether the company will sell its Bitcoin. The question is broader. Can such a structure, in principle, withstand the pressure of an aggressive crypto strategy over the long haul?