TLDR

• Revolut has launched a Dogecoin-themed physical debit card in the United Kingdom and the European Union.
• The company said customers can use the card anywhere Visa and Mastercard are accepted.
• Revolut confirmed that users will not face additional exchange fees on purchases.
• The firm stated that transactions will follow the exchange rate at the time of payment.
• Revolut said crypto card payments may create tax obligations depending on local regulations.

Revolut has introduced a Dogecoin-themed physical debit card to expand crypto payments into daily spending. The company will launch the card in the United Kingdom and across the European Union, excluding Hungary, Switzerland, and Portugal. It said customers can use the card anywhere Visa and Mastercard operate.

Revolut Expands Crypto Payments With Dogecoin Card

Revolut confirmed that it will issue the Dogecoin card to users in selected European markets. The company stated that customers can pay at any merchant that accepts Visa (V) or Mastercard (MA). It said the rollout will begin in the United Kingdom and EU member states, except Hungary, Switzerland, and Portugal.

The company shared details about the card on X. It said users will not pay extra exchange fees when they make purchases. However, it clarified that transactions depend on the exchange rate at the moment of payment and may create tax obligations under local laws.

Revolut said the card forms part of its wider crypto offering. The company has worked to connect digital assets with standard payment networks. It aims to let users spend tokens through familiar retail systems.

The Dogecoin card supports payments funded by crypto balances held within the app. Users can convert their holdings at the point of sale. The company priced Dogecoin at $0.1047 during the announcement.

Revolut has expanded its crypto services during 2025. It integrated Polygon into its platform to support remittances and staking of POL tokens. It also enabled in-app crypto card payments for supported assets.

The company stated that the Dogecoin card aligns with growing demand for crypto-linked debit products. Exchanges such as Coinbase (COIN) and Crypto.com have widened their card programs. Firms now seek to connect token balances with daily retail activity.

Banking Push and Broader Expansion

Revolut continues to grow its banking operations alongside crypto services. In March, it secured approval to launch a fully licensed bank in the United Kingdom. The company confirmed that regulators granted the authorization after a formal review.

The firm also applied for a de novo banking license in the United States. It submitted the application to expand its presence in the American market. The move would allow it to operate as a regulated bank if approved.

Revolut stated that it will manage crypto card payments through its existing app framework. The company processes transactions using established payment rails. It said exchange rates apply at the time of each purchase.

The Dogecoin card represents the latest addition to Revolut’s payment portfolio. The company continues to introduce new financial products across regions. It confirmed that the card rollout will begin with eligible customers in the United Kingdom and EU markets.

Kraken revenue rose 3% year-on-year to $507m in Q1 2026 as futures trading jumped 51%, Payward said Monday.

Payward, Kraken’s Wyoming-based parent company, said in a Monday press release that it generated $507 million in Q1 2026 adjusted revenue, up 3% from the same quarter a year earlier. Bitcoin fell 22% during the quarter and industry-wide spot trading volume dropped 38%, yet Payward’s diversified platform cushioned the decline.

A year earlier, Payward had reported $492 million in Q1 2025 adjusted revenue, making the 3% year-on-year gain notable given the steeper market downturn this cycle.

Co-CEO Arjun Sethi said in the release: “Where others pulled back, we leaned in.” Growth in futures and newer business lines offset weakness in core crypto markets, with Kraken’s spot market share rising to 5.2% in March from roughly 3.5% in mid-2025.

Kraken revenue beats rivals through diversification

Rival platforms reported sharper declines in trading revenue over the same period. Payward attributed its resilience to its stronger institutional business and growing derivatives offering, built partly through its $550 million acquisition of CFTC-licensed platform Bitnomial, which crypto.news covered when the deal completed on May 4.

Total platform transaction volume reached $357 billion in Q1, while funded accounts rose 47% year-on-year to 6.1 million and assets on platform reached $40 billion.

Adjusted EBITDA fell to $18 million as Payward continued investing in acquisitions including tokenization platform Backed, token management firm Magna, Bitnomial, and payments company Reap.

Crypto.news reported that non-trading revenue sources including custody, payments, and financing accounted for 53% of Payward’s 2025 total, a structural shift that reduces dependence on volatile trading volumes.

What Payward’s IPO delay means

Payward filed its draft S-1 with the SEC confidentially in November 2025 but paused the process in March, citing market conditions. Sources indicate a public listing may slip to 2027. The exchange also cut approximately 150 employees in May, attributing the reductions to AI-driven operational efficiencies, representing roughly 5% of its total workforce.

Payward’s M&A push positions it as the most comprehensively regulated crypto derivatives platform in the US. Crypto.news documented how the Bitnomial deal and Deutsche Börse’s $200 million stake established Payward as a regulated hub for digital asset futures and options inside the US, with its IPO filing remaining active.

Hyperliquid DEX’s native token, HYPE, is showing potential for a 55% rally after a wallet reportedly tied to Silicon Valley-based venture capitalist, a16z, accumulated $90.87 million worth of tokens in just over a month.

Key takeaways:

• HYPE’s three-day chart shows a potential cup-and-handle breakout, with the neckline sitting near $45–$47.
• ETF launch, Coinbase-Circle USDC roles, and potential US regulatory clarity may expand Hyperliquid’s institutional demand base.

HYPE cup-and-handle setup eyes record highs

HYPE appears to be forming a cup-and-handle pattern, a classic bullish continuation setup.

A cup-and-handle forms when price makes a rounded recovery, pauses near resistance, and then breaks higher. Traders calculate the upside target by measuring the cup’s depth and adding that distance to the breakout level.

In HYPE’s case, the “cup” developed after its price fell from around $46 to nearly $21, then gradually recovered in a rounded structure back toward the $45–$47 resistance zone. That area now acts as the pattern’s neckline.

HYPE/USDT three-day price chart. Source: TradingView

As of Monday, HYPE was forming the structure’s “handle” part, confirmed by its slightly downward consolidation. The token may climb toward the $71–$72 range in 2026 if the breakout above the $45–$47 neckline area plays out as intended.

That would mean about 55% rise from current prices, a new record high for the token.

a16z-linked wallet accumulates $90.87M HYPE

HYPE’s bullish technical setup has gained support from a fresh on-chain accumulation signal.

On Monday, wallet 0xb5E4, which Lookonchain describes as linked to Andreessen Horowitz, or a16z, bought another 372,000 HYPE worth about $16.91 million in three hours.

Transaction records of the wallet ‘0xb5E4.’ Source: Arkham Intelligence

HYPE stood out in an otherwise weaker crypto market, gaining roughly 7% over 24 hours as Bitcoin (BTC) slipped 1.22% and Ether (ETH) lost 2.22%. On a year-to-date timeframe, HYPE was up 80% compared to BTC’s and ETH’s losses of nearly 12.5% and 28.3%.

HYPE/USDT year-to-date price performance vs. BTC/USD and ETH/USD. Source: TradingView

The latest “massive HYPE buy” lifted the a16z-linked wallet’s total accumulation since April 14 to 2.11 million HYPE, valued at roughly $90.87 million.

Source: X

Large venture-linked accumulation may strengthen market confidence, especially when it occurs while the price is already testing a major resistance zone.

The reported a16z-linked purchases add to a strong catalyst run for Hyperliquid.

Last week’s US spot HYPE ETF launches opened a regulated access point for traditional investors, while Coinbase and Circle’s USDC deployment roles strengthened Hyperliquid’s stablecoin infrastructure capabilities.

Trader Pentoshi said Hyperliquid’s revenue could “grow 5x–10x” if a compliant US framework, such as the CLARITY Act, allows hedge funds, prop desks, and asset managers to trade on the platform.

Source: X

Higher institutional activity may boost HYPE demand through stronger volume, revenues, and confidence in Hyperliquid’s growth.

TLDR

• Crypto funds recorded $1.07 billion in net outflows, ending a six-week streak of inflows.
• Bitcoin products led withdrawals with $982 million in outflows during the week.
• Ether funds posted $249 million in outflows, the largest since late January.
• XRP and Solana investment products attracted fresh inflows despite broader market weakness.
• US-based funds accounted for $1.14 billion of total outflows from crypto products.

Crypto investment products reversed course last week as investors reduced exposure to risk assets. CoinShares reported $1.07 billion in net outflows from digital asset exchange-traded products. The withdrawals ended a six-week inflow streak and marked the third-largest weekly exit this year.

Bitcoin and Ether lead Crypto funds retreat

Bitcoin investment products drove most of the weekly redemptions across global markets. Investors withdrew $982 million from Bitcoin funds, according to CoinShares. The pullback concentrated largely in United States-listed products.

Ether products also faced heavy selling during the same period. Funds tied to Ether recorded $249 million in outflows. That figure represented the largest weekly exit since the week ending January 30.

Most withdrawals originated in the United States, which posted $1.14 billion in net outflows. Meanwhile, Switzerland, Germany, and the Netherlands recorded modest inflows. The shift followed a broader decline in the S&P 500 from recent record levels.

Energy market disruptions near the Strait of Hormuz pushed oil prices higher last week. Rising energy costs contributed to a renewed increase in US inflation. Official data showed inflation reached its highest level in more than three years.

XRP and Solana attract inflows as regulation advances

While major tokens fell, select altcoins attracted fresh capital during the week. XRP investment products brought in $67.5 million in net inflows. Solana funds followed with $55.1 million in new allocations.

CoinShares head of research James Butterfill linked the flows to US policy developments. He said select altcoins benefited from improving regulatory sentiment. Butterfill cited progress on the CLARITY Act as a supportive factor.

The Senate Banking Committee advanced the CLARITY Act with bipartisan backing last week. Lawmakers designed the bill to establish clearer oversight for digital assets. Industry groups argue that the framework would reduce regulatory uncertainty in the United States.

Crypto Council for Innovation CEO Ji Hun Kim addressed the bill’s movement. He said, “The momentum and progress are both strong” as lawmakers review the legislation. However, several Senate Democrats requested stronger ethics provisions tied to officials’ crypto holdings.

Republican Senator Thom Tillis also commented on the draft legislation. He said, “more work remains in the weeks ahead to make this legislation even better.” Lawmakers continue discussions as the bill moves through Congress.

Ex-OpenAI researcher Leopold Aschenbrenner’s Situational Awareness fund has doubled to $13.67b, with Bitcoin miners as its top long positions.

Aschenbrenner, who was fired from OpenAI in 2024 over an alleged information leak, filed the fund’s Q1 2026 13F with the SEC on May 15, with the regulator accepting it on May 18. The document shows disclosed equity exposure more than doubling from $5.52 billion at end-2025 to $13.67 billion as of March 31.

The largest long positions span Bitcoin miners IREN, Core Scientific, Riot Platforms, CleanSpark, Bitfarms, Bitdeer, and Hive Digital, alongside energy and compute plays Bloom Energy, SanDisk, and CoreWeave. As Fortune noted in its March profile, the thesis holds that “the most valuable assets in the AI era may not be algorithms, but electricity and computing power.”

Bitcoin miners as AI infrastructure

Aschenbrenner’s investment logic holds that AI buildout will be bottlenecked by power and land, not chips. Bitcoin miners already hold high-density power sites and grid access that AI companies cannot replicate quickly. His 165-page “Situational Awareness: The Decade Ahead” paper argued that compute infrastructure, not model development, would determine the pace of AGI progress.

The trend is reshaping reported earnings across the sector. As crypto.news reported, TeraWulf’s AI and HPC hosting revenue of $21 million outpaced Bitcoin mining revenue for the first time in Q1 2026. Core Scientific, among Aschenbrenner’s disclosed holdings, has announced plans to repurpose its Pecos site into a 1.5GW AI data center campus, repurposing 300MW of existing mining capacity.

Why the semiconductor short matters

Alongside the miner longs, the fund opened $7.46 billion in put options against the chip sector. The largest positions were $2.04 billion against the VanEck Semiconductor ETF, $1.57 billion against Nvidia, $1.07 billion against Oracle, and $1.01 billion against Broadcom, the filing shows.

The pairing makes the thesis internally consistent: if AI value accrues to power sites rather than chip makers, semiconductor valuations face compression even as infrastructure operators gain.

Crypto.news documented this broader miner pivot in an earlier analysis of firms leaping into HPC, noting that companies from Bitdeer to Riot are accelerating the conversion of mining facilities into AI data centers. Full Q1 holdings data is available at the Situational Awareness LP 13F tracker on 13f.info.

ZachXBT is offering up to $10,000 for insider evidence that Hong Kong market maker HSBG manipulated centralized exchange markets, including trades around RIVER.

On-chain sleuth ZachXBT has announced a bounty of up to $10,000 for whistleblowers who can provide credible insider evidence of market manipulation tied to Hong Kong market maker “Heisenberg Guru” (HSBG). In a post shared via his investigations channel, he claimed that HSBG has been involved in “multiple market manipulation incidents” on centralized exchanges, singling out trading around the token RIVER as one of the affected markets.

ZachXBT targets alleged CEX manipulation ring

According to his statement, the goal of the bounty is to surface hard evidence that could substantiate or refute suspicions circulating in trading circles about HSBG’s tactics on order books. By explicitly framing the offer around “insider information,” ZachXBT is clearly aiming to reach people who have worked with, or inside, the market-making operation and have direct visibility into its strategies and instructions.

He also emphasized that the maximum payout is “up to” $10,000, implying that rewards will scale with the quality, relevance, and verifiability of the submissions rather than being a flat fee. That structure mirrors how he has handled other crowdsourced investigations, where documentation that can be independently confirmed often receives higher compensation than anonymous accusations.

Call for whistleblowers and documentary evidence

Potential whistleblowers are being asked to submit tips by sending him a private message on X, where he runs most of his public-facing investigative work. While he did not outline an explicit verification process in the initial announcement, his prior investigations have typically involved cross-checking on-chain data, platform logs, and corroborating testimony before publishing detailed reports.

The move underlines the growing role of independent on-chain investigators in policing grey-zone behavior in crypto markets, particularly in areas like thinly traded CEX listings where formal enforcement remains patchy. If the bounty surfaces credible documentation of manipulation linked to HSBG or any associated accounts, it could increase pressure on exchanges to revisit their relationships with certain market makers and potentially spur regulators to take a closer look at trading practices in the Hong Kong-linked segment of the market.