Key Takeaways

• The U.S. Department of Energy has chosen Oklo for advanced discussions regarding its Surplus Plutonium Utilization Program.
• Oklo will collaborate with newcleo, a European nuclear technology company, to transform Cold War surplus plutonium into usable reactor fuel.
• Shares of OKLO are currently trading at $65.88, representing an almost 18% increase over the previous seven days.
• The collaboration with newcleo features a possible capital injection reaching $2 billion, pending final agreements and regulatory clearance.
• Congressional Democrats have expressed concern over security risks, highlighting that the stockpile theoretically contains material for 2,000 nuclear weapons.

The U.S. Department of Energy has tapped Oklo Inc. to enter advanced negotiations as part of its Surplus Plutonium Utilization Program. This federal initiative aims to repurpose designated surplus plutonium by converting it into fuel suitable for next-generation nuclear reactors.

Oklo Inc., OKLO

Shares were changing hands at $65.88 when the news broke, giving the company an $11.5 billion market capitalization. The stock has climbed nearly 18% in the last week alone.

Oklo stands among five advanced nuclear technology companies selected for participation in the program. The firm intends to spearhead the fuel conversion initiative in partnership with newcleo, a European developer of advanced nuclear reactor systems.

Newcleo’s involvement would contribute specialized fuel fabrication knowledge and potential financing for the project, contingent upon finalized contracts and government approvals. The partnership between the two entities was initially unveiled in October 2025, featuring a prospective $2 billion capital commitment from a newcleo-associated investment vehicle.

By February 2026, newcleo had initiated preliminary discussions with the U.S. Nuclear Regulatory Commission concerning an advanced fuel fabrication plant and a lead-cooled fast reactor architecture.

The plutonium targeted by this program originates from the Cold War era. Sourced from decommissioned nuclear weapons, approximately 20 metric tons are currently held by the United States at high-security storage sites located in South Carolina, Texas, and New Mexico.

President Trump issued an executive order roughly one year ago terminating a program intended to dilute and permanently dispose of this surplus material. The directive instead instructed federal agencies to make the plutonium accessible as fuel for cutting-edge nuclear energy systems.

Understanding the Plutonium Initiative

The substance possesses a half-life of 24,000 years and necessitates specialized protective equipment during handling. Storage occurs at facilities maintained under weapons-grade security protocols.

Oklo CEO Jacob DeWitte stated the program establishes a mechanism to accelerate reactor deployment. “Material previously earmarked for disposal can now be transformed into fuel for electricity generation,” he explained.

Newcleo CEO Stefano Buono indicated that utilizing the plutonium as reactor fuel would diminish America’s nuclear waste obligations.

The program mandates strict adherence to all U.S. security protocols, safeguard measures, and material tracking requirements.

Congressional Opposition and Regulatory Scrutiny

Democratic members of Congress have called on the Trump administration to abandon the initiative. Their concerns center on proliferation dangers, emphasizing that the accumulated stockpile theoretically holds sufficient plutonium to manufacture around 2,000 nuclear weapons.

The Department of Energy has not yet provided a response to inquiries regarding security protocols for the material.

It bears mentioning that current U.S. Energy Secretary Chris Wright was previously a board member at Oklo prior to his appointment to the Trump administration.

Regarding Wall Street coverage, BofA Securities launched coverage on Oklo with a buy recommendation and an $80 price objective, highlighting the company’s integrated build-own-operate business approach. Wolfe Research assigned a Peerperform rating with an estimated fair value between $51 and $71 per share.

Oklo disclosed Q1 2026 earnings per share of -$0.19, matching analyst consensus forecasts. Four financial analysts have recently increased their earnings projections for the next reporting period.

Bitmine Immersion (BMNR), the Ethereum treasury firm helmed by chairman Tom Lee, ramped up purchases again, making its biggest haul since December.

The company said Monday it bought 111,942 ether (ETH) last week, worth around $237 million at current prices. That lifted the firm’s holdings to almost 5.4 million ETH, about 4.47% of Ethereum’s circulating supply.

The purchase marks a renewed acceleration in Bitmine’s buying pace after Lee said earlier in May at Consensus 2026 in Miami that the company planned to slow weekly accumulation. The shift happened as the firm aims to take advantage of ETH sliding from $2,400 in early May and April to near $2,100.

“We continue to steadily acquire ETH,” Lee said in the statement. “We view the recent pullback of ETH to below $2,200 as an attractive opportunity.”

Lee added that the firm is expected to reach its goal to corner 5% of ether’s supply later in 2026.

Bitmine’s total crypto and cash holdings stand at $12.3 billion, according to the report. The company also holds 203 bitcoin, $444 million in cash and equity stakes including investments in Beast Industries and Eightco Holdings.

The firm said it has staked more than 4.7 million ETH — about 87% of its holdings — generating approximately $276 million in annualized staking revenue.

Zcash has extended its explosive recovery after confirming a bullish Adam and Eve pattern on the weekly chart, with traders now watching a potential breakout rally toward the $900 region.

Zcash (ZEC) price rose more than 110% over the past month and briefly touched $682 on May 22 before retreating toward the $600 support area at press time. From its year-to-date low, the privacy-focused cryptocurrency has rallied more than 245%, outperforming most major altcoins during the same period.

The latest leg higher followed a combination of regulatory relief, institutional accumulation, and aggressive short liquidations. Earlier this month, the U.S. Securities and Exchange Commission officially closed its investigation into the Zcash Foundation without recommending enforcement action, removing a long-standing compliance risk that had weighed on investor appetite for privacy-focused assets.

Grayscale accelerated the institutional narrative on May 12 after filing with the SEC to convert its Zcash Trust into a spot Zcash ETF on NYSE Arca. The proposal placed ZEC among a limited group of altcoins pursuing regulated spot ETF exposure in the United States as fund issuers continue expanding beyond Bitcoin and Ethereum products.

Arthur Hayes recently disclosed that Zcash had become his second-largest crypto holding after Bitcoin, while Raoul Pal and Multicoin Capital publicly backed the privacy-coin sector during the rally. Their comments fueled speculation that institutional capital could increasingly rotate into privacy-focused infrastructure projects after years of regulatory uncertainty around anonymity-enhanced cryptocurrencies.

On-chain supply conditions tightened sharply during the rally. Community data showed more than 30% of Zcash’s circulating supply, roughly 5.18 million coins, moved into privacy-focused shielded pools. The reduction in tradable supply amplified upside volatility once spot demand accelerated above key resistance levels.

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Foundry USA later added official mining support for ZEC, bringing institutional-scale mining infrastructure and additional hash-rate stability to the network. During Consensus Miami, the Zcash Open Development Lab also unveiled early-stage “quantum-recoverable” wallets as part of a broader push toward post-quantum security protections.

Adam and Eve breakout structure projects move toward $929

Weekly charts now show Zcash completing a textbook Adam and Eve bottom formation after reclaiming the neckline near the $560 region. The structure formed after a sharp capitulation low near $190 earlier this year transitioned into a rounded accumulation phase throughout March and April.

The measured move from the pattern projects a breakout target near $929, representing roughly another 50% upside from current levels. Traders calculate the target by measuring the distance between the neckline and the pattern low before extending the same range upward from the breakout point.

The chart also shows ZEC reclaiming the Supertrend indicator, which flipped bullish near the $314 region earlier this quarter. Price continues holding well above that level despite the recent rejection near local highs.

Momentum indicators remain constructive on higher timeframes. The weekly MACD histogram has expanded deeper into positive territory while the MACD line continues trading above the signal line, a structure traders often associate with continuation rallies rather than exhausted breakouts.

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Crypto trader Ardi described Zcash as “one of the best macro recovery charts in the market right now” after the token completed a V-shaped recovery back into the upper $680 resistance region. In a post published on X, he added: “Once that level breaks and confirms as support, I’m still targeting a move into the $740 region next.”

$ZEC

Still looking for continuation here.

Structurally, this is still one of the best macro recovery charts in the market right now.

Price has now completed a full V-shaped recovery back into the top of the local $680 range after reclaiming the entire corrective structure from… https://t.co/WKRy40j1hd pic.twitter.com/oGI2K8Wui1

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— Ardi (@ArdiNSC) May 24, 2026

Liquidation clusters and whale positioning tighten around $700

CoinGlass liquidation heatmap data shows dense leverage concentration between $680 and $700, where large short liquidation clusters accumulated during the past week.

A breakout through that resistance range could trigger another cascade similar to the rally earlier this month that erased more than $55 million in bearish positions during a single trading session.

Major liquidity pools have also formed around the $570 and $560 support zones beneath current prices. Those levels align closely with the Adam and Eve neckline retest area, making them key regions traders will likely monitor for dip-buying activity if ZEC extends its pullback.

Lookonchain reported that a trader reopened a 40x leveraged Bitcoin short position worth more than $40 million while simultaneously holding a 53,500 ZEC long valued near $33 million. The platform said the trader’s Zcash position briefly fell nearly $1.9 million underwater after the latest correction.

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Leverage exposure across ZEC derivatives markets has expanded rapidly alongside the price rally. Several perpetual futures platforms recorded elevated funding rates during the recent advance as traders crowded into aggressive long positions, expecting continuation toward new cycle highs.

Bitcoin stabilized near the $77,000 region after heavy ETF-driven selling pressure earlier this month, allowing speculative capital to rotate back into higher-beta altcoins, including Zcash, Solana, and other privacy-focused assets. The improvement in broader crypto sentiment helped sustain momentum across altcoins that had already broken above key technical resistance levels.

Upcoming U.S. inflation and labor-market reports remain another major focus for traders after Treasury yield volatility pressured crypto markets earlier this quarter. Any economic data supporting expectations for future Federal Reserve rate cuts could improve liquidity conditions for speculative assets and reinforce demand across altcoins.

Oil prices also retreated this week after reports that the United States and Iran extended ceasefire negotiations tied to shipping activity near the Strait of Hormuz. The pullback eased some inflation concerns across global markets and helped improve sentiment toward risk assets, including cryptocurrencies and high-beta altcoins like Zcash.

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Weekly candles have started printing longer upper wicks near the $680 resistance region after ZEC’s 245% rebound from yearly lows. The rejection suggests some traders have begun taking profits into strength while leveraged positioning across futures markets remains elevated.

Per analyst Skinny, Zcash is highly overbought at current levels, and while the token could still climb toward last year’s highs, it may quickly reverse bearish once it reaches the $740 resistance zone.

Failure to hold the $560 breakout zone could weaken the current bullish structure and expose downside retracements toward the psychological $500 level. A sustained breakdown below that region would invalidate the Adam and Eve continuation setup and likely trigger another wave of long liquidations across leveraged derivatives markets.

For now, Zcash continues trading above its key breakout threshold while shrinking liquid supply, institutional catalysts, and concentrated short exposure keep traders focused on a potential move toward the $900 region.

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Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.

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Key Takeaways

• SNDK has climbed 132.73% over the last quarter and 5.05% in the past week, significantly outperforming broader market indices.
• The company delivered Q1 earnings per share of $23.41, smashing analyst expectations of $14.17, alongside revenue of $5.95 billion—a 251% jump year-over-year.
• Shares opened Tuesday at $1,478.69, trading within a 12-month range spanning from $35.79 to $1,600.00.
• While Jefferies Financial Group reduced its holdings by 41.3%, offloading 15,101 shares, numerous other institutional players increased their stakes.
• Wall Street analysts have raised their price projections broadly, with Citigroup establishing a $2,025 target and Melius Research pushing as high as $2,350.

Sandisk Corporation (SNDK) has delivered one of the most stunning performances in recent market memory. Trading at $1,478.69 as of Tuesday’s opening bell, the stock has skyrocketed more than 3,866% over the past year—an achievement few equities can match.

Sandisk Corporation, SNDK

Technical indicators paint a picture of sustained momentum. The 50-day moving average currently stands at $999.79, with the 200-day average at $608.04. Remarkably, the stock’s 12-month low of $35.79 now seems like a distant memory given today’s valuation levels.

Zacks Investment Research has assigned SNDK a #1 Strong Buy rating, complemented by a Momentum Style Score of B. The stock’s 5.05% gain over the trailing week substantially outpaces the Computer Storage Devices sector’s modest 0.47% uptick during the same timeframe.

Looking at the monthly performance, SNDK’s 49.38% advance dwarfs the industry’s 26.52% gain. This isn’t merely short-term volatility—the fundamental data supports the extended rally.

Quarterly Results Shatter Forecasts

On April 30th, Sandisk unveiled quarterly results that exceeded even the most optimistic projections on Wall Street. The company posted earnings per share of $23.41, crushing the consensus estimate of $14.17 by an impressive $9.24.

Quarterly revenue reached $5.95 billion, representing a staggering 251% increase compared to the year-ago period when the company recorded a loss of $0.30 per share. Return on equity measured 44.06%, while net profit margin came in at a healthy 34.19%.

Looking ahead, management issued guidance for Q4 2026 with projected EPS ranging between $30.00 and $33.00. The full-year analyst consensus now stands at $63.58 per share—a substantial upgrade from the $41.60 consensus recorded just two months prior.

During the past 60 days, six earnings estimates have been revised upward for the current fiscal year with zero downward revisions. An additional five upward adjustments have been made for the following fiscal year.

Wall Street Raises Price Objectives

The blockbuster earnings report sparked a flurry of analyst upgrades and target increases. Wells Fargo elevated its price target from $975 to $1,250 while maintaining an equal weight stance. Mizuho established a $1,220 objective.

Weiss Ratings upgraded SNDK from hold to buy on May 20th. Citigroup increased its target from $1,300 to $2,025 alongside a buy rating. Melius Research now carries the Street’s most bullish target at $2,350.

The analyst community currently breaks down as follows: 3 Strong Buy ratings, 18 Buy ratings, and 4 Hold ratings. The consensus price target across all covering analysts sits at $1,157.14, yielding an aggregate “Moderate Buy” recommendation.

On the institutional ownership front, Jefferies Financial Group trimmed its stake by 41.3% during Q4, divesting 15,101 shares while retaining 21,499—valued at approximately $5.1 million based on the filing date.

Conversely, several other institutions moved to increase exposure. Larson Financial Group acquired an additional 37 shares, Westfuller Advisors boosted its holdings by 51.8%, and various other firms made incremental additions.

Regarding insider activity, Director Necip Sayiner offloaded 579 shares on May 8th at $1,503.11 per share, generating proceeds of $870,300.69. Company insiders have collectively sold 6,525 shares valued at roughly $6.55 million over the past three-month period.

Spain’s Ministry of Consumer Affairs opened disciplinary proceedings against prediction market platforms Polymarket and Kalshi and ordered internet service providers to block access to the platforms.

In notices published in the country’s official state gazette, Spain’s gambling regulator, the Directorate General for Gambling Regulation (DGOJ), said the companies were offering betting products tied to uncertain future events without the licenses required under Spanish law, according to local news outlets.

Authorities said the precautionary blocking measures would remain in place while the cases proceed, a process expected to take three to four months.

The notices came after regulators failed to notify the companies through known foreign addresses.

Kalshi and Polymarket currently dominate prediction markets’ trading activity. Over the past 30 days, Kalshi recorded roughly $5.9 billion in trading volume while Polymarket processed about $3.8 billion, according to DeFiLlama data.

Combined, the two platforms represent nearly 88% of the roughly $11 billion in trading volume among the sector’s top markets during the period.

The move sees Spain join a growing number of jurisdictions targeting prediction markets as regulators debate whether the products should fall under gambling or financial market rules.

Indonesia blocked Polymarket earlier this week under online gambling restrictions, as did India. Other countries including Taiwan, Thailand China, and Japan have restricted the platform, while Ukraine blocked it with no legal way for it to come back.

Polymarket’s list of blocked countries also includes Belgium, Australia, France, the U.K., and Germany. The platform is relaunching in the U.S.

Kalshi followed a different regulatory route in the U.S., where it operates under oversight from the Commodity Futures Trading Commission (CFTC). Still, it’s been under fire.

Spanish authorities said unlicensed operators may lack safeguards such as identity checks, protections for minors and systems for self-excluded gamblers.

Tom Lee’s Ethereum bet has cratered the BitMine Immersion Technologies balance sheet by more than $8 billion. His personal compensation package, however, is still worth tens of millions of dollars. 

BitMine is the publicly traded ether (ETH) acquisition company that Lee chairs. Its most recent quarterly filing disclosed a so-called treasury of 4,473,459 ETH, acquired for a not-so-brilliant cost basis of $16.97 billion as of February 28. Fair value on that date was only $8.79 billion. 

In other words, thanks to Lee’s leadership, the company had an unrealized loss of $8.18 billion, or just over 48%, below its then-average cost basis of $3,795 per ETH.

Undeterred, the company kept buying anyway and by May 17 had reported 18% more: 5,278,462 ETH.

Indeed, the company has repeatedly proclaimed that it “aims to eventually hold 5% of the total ETH supply” because of the importance of alchemy. 

However, like every so-called alchemist throughout human history, BitMine has failed to discover anything except how to make money disappear. 

Meanwhile, Lee, his co-executives, and the agents who keep BitMine’s stock printer running have done extraordinarily well on a personal basis.

$348 million in warrants before the losses even began

BitMine became an ETH treasury company in July 2025 by hiring Lee-affiliated firm Ethereum Tower as strategic advisor. 

• That deal cost shareholders 3,192,620 warrants at an exercise price of $5.40. That fair value was $348.96 million, expensed immediately against fiscal 2025 earnings. 

• The placement agent on the related June 2025 stock offering, ThinkEquity LLC, walked away with another 1,231,945 warrants worth $134.65 million.

• Three men — then-Chief Executive Jonathan Bates, Chief Financial Officer Raymond Mow, and President Erik Nelson — collected $3.37 million in combined salary, bonus, and stock for the year. 

• Outside directors split another $1 million in stock awards.

Tens of millions for Tom Lee

Five months after those strategic advisor warrants, BitMine asked stockholders to approve a new package for Lee, who had assumed the chairman role.

Despite BitMine’s common stock languishing 79% below its 52-week high at the time, a majority of voting power agreed on January 15, 2026.

The package was worth up to $95 million in cash over five years. BitMine paid $15 million upfront and committed to $20 million more in fixed payments over four years. The remaining $60 million unlocks only if BitMine hits annual revenue hurdles.

Targets escalate from $200 million in fiscal 2027 to $500 million in fiscal 2030. In addition to the cash, Lee received 1.5 million time-vesting restricted stock units and 4.5 million performance units.

Performance units vest at $125 and $250 share price targets. 

Curiously, BitMine’s board justified the lavish deal by calling Lee a uniquely qualified leader. In actual fact, the company’s ETH treasury was already underwater by more than $4 billion at the time of the January vote, and losses have doubled since then.