TLDR

• Metaplanet reported a net loss of 114.5 billion yen or $725.6 million in the first quarter of fiscal 2026.
• The company recorded 116.4 billion yen in bitcoin valuation losses due to lower prices at quarter’s end.
• Revenue rose 251.1% year over year to 3.08 billion yen during the quarter.
• Operating profit increased 282.5% to 2.3 billion yen, driven by bitcoin income strategies and hotel operations.
• Metaplanet added 5,075 BTC in the quarter, bringing total holdings to 40,177 BTC as of March 31.

Metaplanet reported a net loss of 114.5 billion yen, or $725.6 million, for the fiscal 2026 first quarter. The company recorded heavy unrealized Bitcoin valuation losses, which offset higher revenue and operating profit. It released the figures in its consolidated financial report for the quarter ended March 31.

Metaplanet Records Bitcoin Markdowns Despite Higher Revenue

Metaplanet booked 116.4 billion yen, or $737.6 million, in bitcoin valuation losses during the quarter. The company said the losses stemmed from mark-to-market adjustments tied to lower Bitcoin price at quarter’s end. It stated that these losses reflect short-term fluctuations in the value of its holdings.

However, revenue rose to 3.08 billion yen, or $19.5 million, up 251.1% year over year. Operating profit increased to 2.3 billion yen, or $14.4 million, marking a 282.5% rise. The company attributed the operating growth to its bitcoin income generation business and hotel operations.

The firm said its bitcoin income strategies include options-based approaches linked to its BTC reserves. It reported that these activities contributed to improved operating performance during the period. At the same time, hotel operations continued to generate steady earnings.

Management reiterated its focus on bitcoin as a core treasury asset. The company described Bitcoin as the “world’s first truly decentralized monetary asset.” It maintained that accounting losses reflect price movements at the reporting date.

Bitcoin Holdings Expand Under Treasury Strategy

Metaplanet increased its Bitcoin reserves during the quarter. The company added 5,075 BTC to its balance sheet between January and March. As a result, total holdings reached 40,177 BTC as of March 31.

The company stated that it adopted a “Bitcoin Standard” in April 2024. Under this policy, it designated bitcoin as its primary treasury reserve asset. It said this move made it the first listed Japanese company to take that step.

Metaplanet reported that it holds about 87% of all bitcoin owned by listed companies in Japan as of May 2026. The company continued accumulating bitcoin during the quarter despite price volatility. It did not disclose the average purchase price for the added coins.

The quarterly filing showed that bitcoin markdowns drove the overall net loss. However, operating metrics improved compared with the prior year period. The company confirmed its total bitcoin holdings stood at 40,177 BTC at the end of March.

Bitcoin weakened further in midweek trading, dipping below the $80,000 level as bears maintained control into the session. The move spotlights a critical near-term test around the 20-day exponential moving average near $79,092, a level traders will watch closely for signs of a rebound or a deeper pullback. While the immediate technicals suggest caution, analysts offered a mix of scenarios, with some arguing that BTC’s current action could still give way to renewed upside, while others warned that a breakdown could accelerate losses across the market.

Among the points of debate, market observers cited a discussion around the Ichimoku cloud. One analyst noted that BTC did not breach the cloud during the last bear market, and that a breakout above it previously marked the start of a new bull cycle; yet current price action places BTC somewhat differently from that prior cycle. At the same time, Arthur Hayes, chief investment officer of Maelstrom, argued in a Substack post that Bitcoin could retake $126,000 after reclaiming $90,000, a threshold he sees as a catalyst for renewed momentum. He also linked the bounce to broader macro narratives—specifically, ongoing AI competition and geopolitical tensions he suggests could drive money printing into crypto markets.

On-chain curiosity also sits alongside the price debate. A well-known BTC whale, known by the handle pension-usdt.eth, has an active short of roughly 1,000 BTC (about $81 million at current prices) with 3x leverage. The position opened near $67,990 remains in the red by tens of millions, but the trader said on X that the rationale for the short remains intact. The existence of such a sizable, leveraged bet underscores the fragility of the intermediate-term setup and the risk of a rapid unwind should spot prices snap higher.

Key takeaways

• Bitcoin slipped below $80,000 and sits near the 20-day EMA at around $79,092; a break below could deepen the pullback toward the 50-day SMA near $74,571.
• Reclaiming $84,000 would be a bullish cue, potentially loading the path toward $92,000 and up to $97,924 if momentum accelerates.
• Analysts disagree on the longer-term arc: one view hinges on cloud-based chart signals, another on macro-driven money flows that could push BTC toward much higher levels.
• A prominent leveraged BTC short remains in place, illustrating ongoing risk-on/risk-off dynamics that could amplify swings if price action reverses.
• Altcoins across the top ranks are clustered around meaningful levels, with outcomes likely to hinge on short-term breaks of key moving averages and resistance lines.

Bitcoin: at a crossroad between support and resistance

BTC traded to new intraday lows beneath the $80,000 mark, with the 20-day exponential moving average hovering near $79,092 as the immediate fulcrum. A bounce from this level could rejuvenate the ascent toward the $84,000 zone, opening momentum for further gains toward $92,000 and potentially just shy of $98,000 if buyers accelerate through overhead supply. Conversely, a move through the 20-day EMA to the downside could invite a deeper correction, targeting the 50-day simple moving average near $74,571 and then the larger support line.

Chart observers have pointed to Ichimoku cloud dynamics as part of the narrative. While the cloud has historically functioned as a reference point for trend shifts, BTC’s current posture appears to differ from the last bear cycle, complicating the historical playbook. In parallel, an influential bullish thesis circulated by Arthur Hayes posits that a move beyond $90,000—after which BTC could retake $126,000—would likely be accompanied by a wave of short-covering and renewed buying interest, particularly if macro narratives around technology and policy remain supportive.

Altcoins in the crosscurrents: mixed signals across the top ranks

The broader market narrative remains cautious, with several top altcoins contending with selling pressure and choppy price action. Here is a concise guide to where some of the marquee assets sit relative to notable levels and what would constitute near-term catalysts or risks.

Ether (ETH): tests of supply and demand near moving averages

Ether is attempting to stage a recovery from the 50-day SMA near $2,245, but a long wick on the daily candle signals selling pressure at higher levels. A break and close below the 50-day SMA could open a path toward the ascending channel’s support line, around $1,916. Conversely, a break above the $2,465 resistance would suggest strength and could push ETH toward the channel’s upper boundary, with a potential climb toward $3,050 if momentum sustains.

BNB: watching the mid-range as bulls test higher

BNB bounced off the 20-day EMA around $643 and rose toward the $687 overhead resistance. An index-friendly close above $687 could pave the way for a rally toward $730 and then $790. Failure to clear the zone might see price consolidate in a $570–$687 corridor, keeping upside momentum on hold.

XRP: teetering on a potential breakout vs. continuation of the range

XRP has been oscillating between a descending-channel trendline and key moving averages. A decisive move above the $1.61 level could lift the pair toward $2.40, while a failure to clear the moving averages might pull the price to the $1.27 area, where buyers have historically stepped in. A sustained breakout above $1.61 would be a bullish signal for further upside, while a close below major moving averages raises the prospect of continued range-bound action.

Solana (SOL): resilience near the 20-day EMA but a high hurdle above

Solana’s price failed to extend a rally off the $98 resistance, suggesting ongoing seller interest at higher levels. A bounce from the 20-day EMA near $89 could renew attempts to clear $98, opening a route to $106 and then $117. A break below the 20-day EMA, however, could relegate SOL to oscillation within roughly $76–$98 in the near term.

Dogecoin (DOGE): dips seen as buying opportunities, but hurdles remain

Dogecoin rebounded from the 20-day EMA near $0.10, signaling that buyers view dips as opportunities. A sustained move above $0.12 remains a hurdle; a clean break above $0.14 and then $0.16 could follow, while a failure to clear resistance could keep DOGE in a tight range around $0.09–$0.12 for a while longer.

Hyperliquid (HYPE): the risk-off unwind and the need for a sustained breakout

Hyperliquid slipped below the 50-day SMA near $40.55, suggesting continued profit-taking. A break below $38.70 would reinforce a short-term top, with a potential slide toward $34.45. Any meaningful recovery would likely face selling near the 20-day EMA and the $43.76–$45.77 zone, with a persistent push above $45.77 needed to reassert an uptrend toward the $50 target.

Cardano (ADA): range-bound dynamics keep catalysts in suspense

ADA has struggled to establish a convincing bid above the moving averages, with the 20-day EMA near $0.26 acting as a buffer. A breakdown could trap ADA in a $0.22–$0.31 range for a few sessions, while a rebound above $0.31 could open a path toward $0.36 and even $0.40 if momentum builds.

Zcash (ZEC): within reach of a pivotal reversal or deeper correction

ZEC bounced off the $560 level but failed to sustain a move higher. A close below $560 would mark profit-taking by near-term traders and could push the price toward the 20-day EMA around $481, with a deeper tilt toward $400 if the EMA fractures. A sturdier bounce back above $643 could renew upside toward $750.

Bitcoin Cash (BCH): cracks at support could redefine the near-term trajectory

BCH fell below both the moving averages and the $443 support, signaling sellers’ edge in the immediate term. If price action pushes below $419, the downtrend could resume toward $375. On the other hand, a sharp reversal from $419 and a move above the moving averages might keep BCH within a range longer, with a close above $486 suggesting renewed upside pressure.

While BTC remains the primary driver of sentiment, the crosswinds within the top-10 cohort illustrate a market that is sensitive to short-term shifts in risk appetite and liquidity. Investors should monitor how quickly BTC can reclaim critical levels and whether the altcoins can sustain any breakout attempts beyond their local moving averages and resistance lines.

For readers, the takeaway is that price action this week is defining a bifurcated near-term narrative: BTC still sits at a pivotal juncture where a close above the $84,000 threshold would inject momentum, while the broader altcoin complex remains highly contingent on immediate support and resistance dynamics. The coming sessions will reveal whether risk appetite returns to the market or whether traders consolidate around key moving-average baselines and defense lines.

TLDR

• Fireblocks has integrated its RAW signing technology with Iagon’s enterprise Cardano nodes and Insights API for institutional access to ADA.
• The integration allows approved clients to create and sign custom ADA and Cardano Native Token transactions within Fireblocks’ MPC framework.
• Institutions can now delegate ADA to stake pools and participate in Cardano governance directly through the Fireblocks platform.
• Fireblocks Trust, regulated by the New York Department of Financial Services, provides qualified custody for supported clients.
• Iagon secured a $1.5 million ADA-denominated loan backed by 54 million IAG tokens to fund infrastructure development.

Fireblocks has connected its RAW signing system with Iagon’s enterprise Cardano nodes and Insights API for approved clients. The integration allows institutions to create and sign custom ADA and Cardano Native Token transactions within Fireblocks’ MPC framework. The update expands existing ADA custody support to include staking, governance, and token management inside a single regulated workflow.

Fireblocks Expands Institutional ADA Capabilities

Fireblocks enables institutions to construct custom transactions through RAW signing while securing private keys within its MPC structure. Instead of using preset templates, clients can define transaction parameters directly and execute them through the custody platform. As a result, firms gain operational flexibility while keeping assets secured inside Fireblocks’ infrastructure.

Fireblocks has supported ADA custody and transfers since August 2021, and this upgrade adds staking and governance functions. Clients can now delegate ADA to stake pools and vote on Cardano governance proposals without leaving the platform. Fireblocks Trust, regulated by the New York Department of Financial Services, oversees qualified custody operations and states it combines self-custody with “zero counterparty risk.”

The integration links Fireblocks’ custody stack with Iagon’s Cardano-specific node infrastructure and Insights API. Therefore, institutions can interact with ADA and Cardano Native Tokens through a direct institutional pipeline. The companies said the system provides a fully operational method for approved customers to access the Cardano network.

Lagon Supports Node Infrastructure and ADA-Backed Loan

Iagon supplies enterprise-grade Cardano nodes and API services that power the integration with Fireblocks. The company focuses on decentralized storage solutions driven by AI-based resource sharing. However, its enterprise infrastructure services secured the partnership tied to institutional ADA access.

In March 2026, Iagon secured a $1.5 million loan denominated in ADA to fund ecosystem infrastructure development. The company used 54 million IAG tokens as collateral to back the loan agreement. This structure links IAG token valuation directly to the collateral position supporting the ADA loan.

Iagon’s CEO disclosed abstaining from certain governance votes connected to the integration due to conflicts of interest. Community discussions have referenced concerns about institutional participation and decentralization. Cardano continues operating under its delegated proof-of-stake model, which allows token holders to earn rewards without running validator hardware.

The new workflow enables institutions to delegate ADA directly through Fireblocks instead of using separate staking tools. It also allows governance participation as Cardano advances further into its Voltaire era. The integration remains available to approved Fireblocks customers as of the latest company update.

TLDR

• The Senate Banking Committee will review dozens of amendments to the Clarity Act during a scheduled markup session.
• Most proposed amendments face limited chances of approval as the Republican majority prepares to advance the bill.
• Senator Jack Reed seeks to restrict stablecoin yields and remove developer protections from the current draft.
• Senator Catherine Cortez-Masto has proposed a safe harbor to shield software developers from money transmitter liability.
• Senator Chris Van Hollen wants to bar senior government officials from owning or promoting digital asset businesses.
• Senator Elizabeth Warren has introduced amendments targeting banking ethics and presidential ownership interests.

The Senate Banking Committee will review dozens of amendments to a major crypto market bill this week. Lawmakers will debate changes to the Digital Asset Market Clarity Act during a scheduled markup session. However, most proposals face long odds as the Republican majority prepares to move the bill forward.

Clarity Act amendments target ethics rules and developer protections

Lawmakers filed a wide range of proposals ahead of Thursday’s markup session. The amendments address ethics rules, stablecoin yields, and protections for blockchain developers.

Senator Jack Reed submitted 18 amendments, including one to restrict stablecoin yields. He also seeks to remove the Blockchain Regulatory Certainty Act from the bill. That section shields software developers from money transmitter rules when they do not control customer funds. Senator Catherine Cortez-Masto proposed a safe harbor to protect developers from criminal liability for failing to register as money transmitters.

Senator Chris Van Hollen introduced eight amendments focused on ethics standards. One measure would ban the president and senior officials from owning or promoting digital asset businesses. Senator Elizabeth Warren proposed to “prohibit political corruption in banking applications and presidential bank ownership.” Her proposal appears to target World Liberty Financial, which has ties to President Donald Trump and his family.

Warren also offered amendments that would cap credit card interest rates and request bank records tied to Jeffrey Epstein. The bill includes housing provisions backed by Senator John Kennedy, which fall outside crypto policy.

Lawmakers prepare for vote on the Clarity Act

Committee members will debate each amendment and hold votes unless sponsors withdraw them. A simple majority will decide whether to adopt or reject each proposal.

Senator Mark Warner proposed a control test for certain decentralized finance platforms. His amendment would determine when operators must comply with Bank Secrecy Act anti-money laundering rules. Meanwhile, Senator Bill Hagerty seeks to ban U.S. Federal Reserve central bank digital currencies.

Republican leaders have planned the markup process in advance. The committee previously considered about 75 amendments before postponing an earlier hearing.

Negotiators spent four months resolving disputes before this week’s session. Once approved, lawmakers can merge the bill with a version that cleared the Senate Agriculture Committee.

Democrats continue to press for conflict-of-interest rules tied to government officials and crypto businesses. Senator Kirsten Gillibrand has said the bill will not pass the Senate without that provision.

The bill must secure at least 60 votes to clear the Senate. It would then return to the House, which passed a similar version last year.

Coinbase CEO Brian Armstrong wrote on X that the bill is “strong.” He said it “will benefit the American people by making the US financial system faster, cheaper and more accessible.”

Major US banks and financial market intermediaries expect the transition to a digitized financial system to start slowly, then hit a tipping point at which it accelerates, according to credit rating agency Moody’s Ratings.

In a report Tuesday, the agency said that, during conversations with US banks and other financial market intermediaries, most viewed the shift as inevitable and agreed it would start “slow, then fast,” with tokenization volume increasing and extending to more market participants, assets and use cases.

“Across our conversations, industry leaders generally believed that broad asset tokenization will happen; the main uncertainties center around how quickly and in what sequence,” Moody’s said.

“In the near term, progress is expected to remain gradual and focused on those simpler segments, such as funds and short-term instruments, running alongside traditional processes. But beyond that, many believe a tipping point will eventually be reached where broader adoption accelerates rapidly.”

Tokenization has been one of the drivers of institutional interest in blockchain and crypto and is expected to experience massive growth over the next few years. Cathie Wood’s ARK Invest predicts digital assets could grow into a $28 trillion market by 2030, with Bitcoin, decentralized finance, stablecoins and tokenized RWAs as key drivers.

TradFi is laying the groundwork

Current tokenization activity is low, according to Moody’s, with the main uses coming through cryptocurrency trading, cross-border retail payments and some institutional use cases. But traditional financial institutions are actively preparing for a surge in adoption.

The size of the tokenized real-world asset market has increased by more than 420% since the start of 2025 and is worth $31.6 billion as of Thursday, according to analytics platform RWA.xyz.

“Almost all large banks and major financial market intermediaries have established dedicated digital-asset teams or innovation units and are participating in industry pilots to test new infrastructure,” Moody’s said.

“These efforts are strategic: firms want to be ready to serve clients with digital asset and digital money capabilities if adoption takes off, so they are not caught flat-footed by a sudden shift in market demand.”

In January, Morgan Stanley tapped veteran executive Amy Oldenburg to lead the investment bank’s new crypto unit weeks after announcing plans to launch three crypto exchange-traded funds and a crypto wallet.

Related: Moody’s brings credit ratings onchain with Canton Network integration

Three possible outcomes for financial system

Moody’s said in a separate report on Monday that there are three possible outcomes for the financial system, depending on the pace of tokenization. 

In the “steady growth” base case, which the agency said is the most likely, the financial system will largely stay the same; tokenization would scale in select assets such as stablecoins and tokenized deposits, but incumbent asset managers, banks and infrastructure providers retain central roles.

However, in a low-growth scenario, in which regulatory friction, unresolved legal questions and low demand from end users have stifled adoption, asset tokenization and digital money would stay confined to narrow use cases with modest changes to the financial system.

Moody’s predicts there are three possible outcomes for the financial system depending on the pace of tokenization. Source: Moody’s

The most disruptive would be if tokenization undergoes rapid growth and assets such as stablecoins become widely embraced as an onchain settlement option.

“Some incumbents would face greater pressure. For example, payment processors and parts of the legacy market plumbing, such as correspondent banks may lose revenue associated with settlement delay and siloed infrastructure, and for small to mid-sized banks, deposit balances could decline,” Moody’s said.

Macro investor and former hedge fund manager Jordi Visser said on Saturday the “tokenization reality” will start this year, with tokenized assets powering agentic AI payments.

Meanwhile, international financial institution, the International Monetary Fund, said in April tokenization has the potential to remove friction and boost transparency in finance but also warned it has the potential to create challenges around financial stability.

Magazine: Guide to the top and emerging global crypto hubs — Mid-2026 

Coinbase CEO Brian Armstrong has backed the latest version of the Digital Asset Market Clarity Act before the Senate Banking Committee’s Thursday markup. 

His comments mark another shift in the long-running debate over U.S. crypto market rules. Armstrong said the bill is now in its strongest position after months of talks between lawmakers, banks and crypto firms. 

Meanwhile, the main change centers on stablecoin yield. Armstrong said banking and crypto groups reached a “healthy compromise” brokered by Senators Thom Tillis and Angela Alsobrooks. He said both sides left talks partly unhappy, but reached terms they could accept.

The revised draft bars passive yield paid only for holding stablecoins. However, it still allows activity-based rewards tied to payments, platform use and real crypto network activity. Earlier reports noted that this issue helped stall the bill in January after Coinbase rejected the earlier version.

Revised draft adds DeFi and CFTC changes

Armstrong also said the latest CLARITY Act text improved language around decentralized finance, tokenized stocks and the Commodity Futures Trading Commission’s role in crypto markets. These were among the same issues Coinbase raised when it opposed the earlier Senate draft.

The Senate Banking Committee released a 309-page revised draft before the markup. The text also includes language tied to non-custodial developers and infrastructure providers, which could shape how DeFi builders are treated under federal law.

Polling adds pressure before markup

The markup comes with more than 100 amendments attached to the Senate crypto market structure bill. Lawmakers are expected to debate changes covering stablecoin rules, developer protections, ethics provisions and enforcement before deciding whether to advance the bill.

A HarrisX poll also showed public support for the CLARITY Act across party lines. The survey of 2,008 registered U.S. voters found that 52% supported the bill, while 11% opposed it. The poll showed net support among Democrats, Republicans and independents.

The crypto ownership backdrop also gives lawmakers a wider audience to consider. The National Cryptocurrency Association’s 2025 report, based on 54,000 U.S. residents, found that about 20% of Americans own crypto. It also found that 67% of owners are under 45, while 52% use crypto as an investment.

The TRUMP token, the official memecoin of U.S. President Donald Trump, is down 5%, according to CoinDesk market data, as Trump Mobile announced the long awaited T1 handset is set to begin shipments next week.

As CoinDesk previously reported, neither the Trump Mobile project nor the President’s memecoin has gone particularly well. Shipment dates for the handset have been repeatedly delayed — and customer support is limited — while the TRUMP token is down nearly 90%.

Another question is, what exactly is the T1 Phone? Trump Mobile is a Mobile Virtual Network Operator and doesn’t have the ability to design and manufacture its own handset. Instead, it has worked with an outside company to pick a handset and re-skin it to be Trump themed. This kind of arraignment is common; Solana re-skinned the Osom OV-1 for its first Saga phone.

The Verge got its hands on one of the T1 Phone handsets last month, and concluded that it “sure looks a lot like an HTC U24”, a handset that came out in 2024.

Exactly what company is manufacturing the Trump phone is unclear, as neither HTC nor Trump Mobile would give an answer to The Verge. Trump Mobile has previously confirmed that its phones have final assembly in the U.S. but originate overseas.

For buyers, the shipment update means the T1 may finally move from political merch concept to shipped consumer product.

For TRUMP holders, the 5% drop suggests the market is treating the phone less like a catalyst and more like another Trump-branded product trying to prove there is still demand after the first wave of hype.

Bitcoin’s $80,000 floor cracked under back-to-back inflation shocks, and Xi Jinping’s Taiwan warning further dampened expectations of a recovery.

BTC traded at $79,200 in Asian hours Thursday, down 2.3% over 24 hours and 2.2% on the seven-day, after slipping below the $80,000 level that had served as the floor for most of the past week, per CoinGecko data.

Solana (SOL) led the cohort lower with a 5.6% drop to $90, giving back most of the weekly gains that had made it the standout altcoin for the past two weeks. Ether dropped 2.1% to $2,250 and is now down 3% on the seven-day, the second-weakest performer among the majors after BTC.

BNB shed 1.6% to $660 but held a 3.9% weekly gain, while XRP slipped 1.7% to $1.43. Dogecoin held in green territory at $0.1126, up 0.9% on the day, the only major in the cohort to post a 24-hour gain.

The sell pressure built around the Trump-Xi summit in Beijing, the first visit to China by a sitting U.S. president in nearly a decade. Xi pressed Trump on Taiwan in their first meeting at the Great Hall of the People, warning of a potential “collision or even clashes” if the issue is mishandled.

China’s readout of Xi’s remarks appeared to be released before the meeting had concluded, thrusting the self-ruled island into the spotlight and rattling risk sentiment globally.

Asian equities swung between gains and losses on the back of the friction. MSCI’s Asia Pacific index slipped 0.1% after rising as much as 0.8% in early trading.

Mainland Chinese shares fell 1.3%, having touched their highest level since 2021 ahead of the talks. The offshore yuan edged up for an 11th day, the longest winning streak since September 2017, suggesting capital is starting to position for whatever comes out of the summit.

The crypto sell-off compounded pressure from Wednesday’s producer price index print, which came in at 1.4% month-over-month against a 0.5% forecast and 6% year-over-year.

That followed Tuesday’s CPI reading of 3.8%, the hottest inflation print in almost three years. The back-to-back inflation surprises complicate the Federal Reserve’s path to easing rates later this year, removing one of the structural tailwinds crypto has been pricing in.

Not everything broke down, however. Cisco shares jumped 20% in extended trading after a stronger-than-expected sales outlook, and a gauge of Asian technology shares climbed as much as 2.3% to a record high. Nasdaq 100 futures advanced 0.2%. The AI trade is still bid even as the broader risk tape turns choppy, which is the same divergence that has been running for the past three weeks.

The next test for bitcoin sits at the $78,000 level, which marked the early-May low before the rally to $82,000. A break below that would put the late-April capitulation zone in play. Holding above keeps the structural buyers’ case intact heading into the next round of macro data and the back end of the Trump-Xi talks.