Galaxy Digital, the crypto-focused financial services firm led by Mike Novogratz, has been awarded both a BitLicense and a Money Transmission License from the New York State Department of Financial Services (NYDFS) via its subsidiary GalaxyOne Prime NY. The approvals enable the firm to extend regulated digital asset trading and financing services to institutional clients operating within New York.

Galaxy disclosed the milestone on Monday, noting that GalaxyOne Prime NY will now offer its institutional trading and financing capabilities under the state’s stringent regulatory regime. The approvals deepen Galaxy’s footprint in New York, widely regarded as one of the most tightly regulated crypto markets in the United States. In commenting on the significance, Novogratz described New York as home to the deepest pool of institutional capital in the country and said the licenses would help broaden access to digital assets for institutional market participants.

BitLicense, introduced in 2015, is commonly viewed as one of the most challenging regulatory approvals for crypto businesses in the United States, requiring comprehensive controls around anti-money laundering, cybersecurity, capital reserves and consumer protection. The NYDFS issuance places Galaxy in a select group of firms authorized to operate crypto-related services for institutions within the state. The development follows other notable NYDFS approvals for prominent crypto players, including Jack Mallers’ Strike, which recently received authorization to provide Bitcoin services in New York.

Source: Galaxy

Key takeaways

• Galaxy One Prime NY gains BitLicense and Money Transmission License, enabling regulated institutional services in New York.
• The approvals mark a notable expansion of Galaxy’s regulated activities in one of the sector’s most scrutinized jurisdictions.
• In Q1 2026, Galaxy posted a net loss of $216 million as lower digital asset prices weighed on results, while gross revenue reached $10.2 billion for the quarter.
• The company is accelerating its pivot toward data-center infrastructure, with ambitions tied to the Helios Data Center campus in Texas and workloads in AI and high-performance computing.
• The NYDFS clearance follows a trend of increasing regulatory acceptance for major crypto firms, signaling evolving but rigorous oversight in the state.

Regulatory milestone and institutional access

Galaxy’s new authorization rests with its institutional arm, GalaxyOne Prime NY, which will be able to provide regulated trading and financing services to big-ticket clients in New York. The NYDFS approval underscores a broader push by state authorities to formalize compliance standards for digital asset businesses while preserving strong protections for consumers and the financial system. The BitLicense framework requires ongoing controls on money laundering prevention, cybersecurity resilience, capital adequacy and transparent consumer safeguards—stringent requirements that Galaxy will now align with for its New York clientele.

Novogratz’s remarks reflect the strategic rationale for the move: New York remains a central hub for institutional capital, and granting the licenses can help deepen institutional participation in digital assets. The NYDFS’s stance aligns with a longer-term trend of selective regulatory accommodation for established players that meet rigorous standards, contrasting with earlier cycles of cautious or restricted market access.

Cointelegraph’s coverage notes that other high-profile entrants, such as Strike, have also secured NYDFS approvals recently, illustrating a pattern of regulated entry for businesses seeking to unlock institutional access to digital asset services in New York.

From trading desks to data centers: Galaxy’s diversification strategy

Beyond its traditional trading and asset management activities, Galaxy is investing in data-center infrastructure to support compute-heavy workloads. In its recent disclosures, the company indicated that future growth would be anchored in the Helios Data Center campus in Texas and in revenues derived from AI and high-performance computing workloads. This shift mirrors a broader industry trend where crypto firms increasingly align with data-center capacity and compute services as a means to diversify revenue and capture demand from AI and cloud workloads.

The company has already signaled that the data-center business is a key growth vector, aiming to monetize the energy and compute scale required for mining, hosting, and AI-related tasks. Galaxy’s leadership argues that owning and operating scalable data-center capacity can stabilize revenue in periods of crypto price volatility and offer new avenues for institutional partners seeking robust compute resources beyond traditional trading and lending.

Galaxy’s exploration of data-center initiatives is not happening in a vacuum. Industry observers have highlighted similar trajectories among other crypto and digital-asset firms as they pivot to infrastructure, emphasizing the strategic value of stable, contract-backed data-center revenue in conjunction with trading and asset-management activities.

Q1 2026 results: a quarter of contrasts, with a longer-term pathway forward

Galaxy’s first-quarter results for 2026 reflect the volatility of the digital asset cycle. The firm reported a net loss of $216 million for the quarter ended March 31, attributable largely to lower digital asset prices, though the result was described as better than some analyst expectations. Gross revenue for the quarter totaled $10.2 billion, down from $12.9 billion in the year-ago period, underscoring the revenue sensitivity to crypto markets during the period.

Management projected that growth could accelerate into the current quarter as demand from Galaxy’s data-center operations increases. The earnings narrative shows a company navigating a cyclic market while doubling down on infrastructure investments that could underpin more diversified, recurring revenue streams in AI, high-performance computing and related workloads. In parallel with regulatory progress, Galaxy’s data-center shift could help balance profitability with the company’s capital allocation priorities in a market characterized by price volatility.

What to watch next

Readers should monitor how Galaxy scales its regulated institutional business in New York and how quickly its Helios Data Center initiatives translate into measurable revenue, particularly as AI compute demand grows. Regulatory developments in NYDFS will continue to shape the pace and scope of crypto market access for institutional players, while the company’s quarterly results will reveal whether the data-center strategy can dampen the volatility tied to crypto prices.

Bitcoin spent Monday under pressure, slipping back toward the $76,000 region as geopolitical headlines fueled a cautious mood across markets. A warning from US President Donald Trump about Iran added to the risk-off tone, with observers noting that even a measured military operation could intensify near-term volatility for the flagship cryptocurrency. On X, analyst CryptoRover warned that a potential US move against Iran “is extremely dangerous for BTC,” underscoring how macro headlines can quickly influence trader sentiment.

Against this backdrop, institutional flows also shifted. SoSoValue data showed spot Bitcoin ETFs recording $1 billion in weekly net outflows—the first net outflow after six straight weeks of inflows totaling $3.4 billion. The turn in ETF flow adds another layer of caution to an already sensitive tape as market participants weigh the prospects for a continued crypto rally into the second half of the year.

Meanwhile, a notable counterpoint to the softer price action came from Michael Saylor’s Strategy, the largest known public Bitcoin holder. The company disclosed it added 24,869 BTC for about $2.01 billion between May 11 and May 17, lifting its holdings to 843,738 BTC, per an 8-K filing with the U.S. Securities and Exchange Commission. The accumulation underscores a persistent bid from strategic, long-duration buyers even as the broader market wrestles with near-term headwinds.

Key takeaways

• Bitcoin is hovering near a key near-term support around $76,000, with a breach linked to increased downside risk unless a quick rebound materializes.
• Several top altcoins have broken below nearby supports, signaling a cautious mood among bulls in the immediate horizon.
• Spot BTC ETF outflows break a six-week inflow streak, suggesting a shift in institutional positioning or risk appetite.
• Strategic accumulation by the largest public BTC holder continues, reinforcing an ongoing bid at the long end of the spectrum.

Macro cues and Bitcoin’s near-term path

The broader market backdrop remains a mix of fresh macro headlines and technical pivot points. The S&P 500 advanced to an intraweek high around 7,517 before traders booked profits, a pattern that tests bulls’ resolve in the risk-on space. On the chart, a test of the 20-day exponential moving average around 7,273 could provide a telltale sign of whether buyers regain control or if sellers gain traction and push the index toward deeper consolidation. A sustained push above the 20-day EMA would tilt the market toward a renewed upside, whereas a break below could invite a retest of lower supports.

In the currency space, the U.S. Dollar Index (DXY) rebounded from a support level near 97.74 and cleared several moving averages. If the bulls can extend the breakout above interim resistance near 99.34, traders will eye a more substantial hurdle at 100.54, a level that, if cleared, could usher in a new uptrend toward 101.97. Conversely, a rejection at 100.54 or a slide below the 50-day moving average at 98.98 would keep the DXY in a broader range, sustaining a backdrop of mixed risk appetite for crypto assets.

Top coins in near-term focus: chart-driven paths and levels

Bitcoin remains the center of gravity for markets. The price sits near the 50-day moving average at roughly $75,627. A daily close above the 20-day EMA around $78,715 would embolden bulls and open a route toward the $84,000 resistance. A move that closes below the 50-day SMA keeps a risk of a test of the lower boundary of the current ascending channel, with a potential slide toward the mid-$60,000s if buyers fail to defend that line.

Ether has faced a softer patch as well, with price action breaking below the channel’s lower bound. The 20-day EMA near $2,255 has started to roll over, and the RSI sits near oversold territory, suggesting bears are in control in the near term. A recovery above the 20-day EMA will be essential for ETH to re-engage the broader uptrend; without that, 1,916 could become a more likely target as selling pressure persists.

XRP has slipped under the 50-day SMA around $1.39, signaling dwindling near-term momentum for the time being. A close below that level could expose a path toward $1.27 and then to $1.11, with a subsequent revisit to the psychological $1 mark if weakness persists. On the upside, a sustained push above $1.61 would suggest a short-term trend reversal and could carry the price toward $2 and then $2.40 as momentum re-accelerates.

BNB faced a pullback after failing to hold the $687 resistance. The immediate support sits near the 50-day SMA at about $637, with a break likely to target the $570 zone. A reversal above the $687 level would signal renewed demand and could send the pair toward $730, followed by a run to the $790 area if momentum remains constructive.

Solana’s structure turned softer as it closed below the 50-day SMA of roughly $85, implying a re-emergence of selling pressure. Support sits near $82, while the next resistance sits around the 20-day EMA near $88. A break below $82 would open the way to the mid-$70s, whereas a close above $98 would be a bullish signal that could re-assert the mid-$90s and beyond.

Dogecoin has slipped below the 20-day EMA, suggesting a short-term pause in momentum. The range appears to be consolidating between about $0.09 and $0.12. A sustained push above $0.12 could spark a move toward $0.14–$0.16, while a break below $0.09 would risk a slide toward $0.08.

Hyperliquid has demonstrated notable volatility as bulls and bears wrestle for control. A firm close above the $45.77 threshold would clear the way toward the $50–$51.43 zone, but the daily wick hints at selling pressure at higher levels. The 20-day EMA at $42.55 remains the critical line to watch for any sustained move lower, as a break could lead to a period of tight rangebound action between roughly $38 and $47.

Cardano has again traded near the 50-day SMA around $0.25, with the price flitting in a wide corridor between $0.22 and $0.31. A breakout above $0.31 could re-ignite upside momentum toward $0.40, while a break below $0.22 would raise the odds of a deeper correction toward the low-$0.20s or below.

Flows and what they imply for near-term dynamics

The juxtaposition of ETF outflows and recurrent accumulation by large holders paints a nuanced picture. On one hand, the outflow of about $1 billion from spot BTC ETFs marks a shift in funds leaving the greenlight-driven inflow streak that characterized much of the late spring. On the other hand, the stubborn accumulation by Strategy—adding nearly 25,000 BTC in a single week—underscores a persistent belief among long-term holders that Bitcoin remains a strategic treasury asset. How this tension resolves will likely hinge on macro risk appetite, the trajectory of inflation readings, and the persistence of geopolitical headlines that can abruptly tilt risk sentiment.

The market’s next turn will likely hinge on whether BTC can defend the critical $76,000 base and whether the wider crypto complex can hold its line above key moving averages during a period of elevated macro sensitivity. Traders should monitor whether the SPX can sustain its recent highs and whether the DXY can breach or retreat from its current levels. Any material moves in these macro gauges could quickly reshape crypto flows and price action in the days ahead.

As the week unfolds, analysts will be watching for fresh confirmations from major levels and any shifts in ETF positioning, which could either bolster a renewed rally or deepen a corrective move. The balance of risk and opportunity remains finely poised, with the next decisive move likely coming from risk-on catalysts or a decisive macro pivot.

Readers should stay attentive to the evolving mix of macro cues, liquidity flows, and technical patterns near these critical levels, as the coming sessions will likely define the near-term trajectory for Bitcoin and the broader market.

The U.S. Securities and Exchange Commission has rescinded a decades-old rule that barred parties from denying the agency’s allegations in enforcement settlements. The change ends a policy that had persisted since 1972 and signals a shift toward greater flexibility in how the SEC resolves—and potentially discloses—enforcement actions, including those affecting the crypto sector.

The SEC explained in its announcement that the no-deny policy created the impression that the agency was seeking to shield itself from criticism and did not reflect current enforcement practice. By removing the rule, the SEC said it would bring its settlement process in line with the approach used by the bulk of federal agencies, which do not maintain a comparable restriction on settlements.

“For more than 50 years, the Commission has conditioned settlement on a defendant’s promise not to publicly deny the Commission’s allegations. I am pleased that we are rescinding the no-deny policy today. This rescission ends the policy prohibiting such criticism by settling defendants,” SEC Chair Paul Atkins stated. The move follows a period of scrutiny over how crypto cases have been handled and how settlements are framed in public disclosures.

With the policy removed, the SEC indicated it will enjoy “more flexibility in settling enforcement actions.” The agency emphasized that it would not enforce existing no-deny provisions, though it may still require some defendants to admit to facts or liabilities as part of settlements on a case-by-case basis. The White House had been notified earlier in the month of the plan to rescind the rule, with the SEC submitting the rescission plan to the Office of Management and Budget for review.

Commissioner Hester Peirce supported the change in a separate statement, arguing that settlements that impose silence on non-governmental parties do not serve market integrity or investor protection. “Settlements shrouded in forced silence by the non-governmental party do not serve either the markets or the Commission’s investor-protection mission,” Peirce said.

As the policy shift takes effect, several contextual elements stand out for crypto markets and enforcement practices. Notably, the SEC has faced a steady stream of crypto-related actions in the past few years, with industry participants often criticizing the no-deny constraint as constraining legal rights and transparency in settlement disclosures. The agency’s crypto-related enforcement actions reached a high point in 2023, when dozens of actions were brought against crypto firms and settlements yielded hundreds of millions of dollars in penalties.

According to the broader regulatory narrative surrounding the sector, the move aligns with a trend toward more permissive public disclosures in settlements and a rebalancing of enforcement posture. The agency’s decision also unfolds within a wider ecosystem of U.S. policy and international standards, where firms monitor developments such as MiCA in the European Union and ongoing coordination among U.S. agencies on crypto regulation, licensing, and oversight. While the SEC is not adopting a blanket stance on admission or denial in all cases, the rescission invites attention to how settlements will be structured going forward and what information will be publicly reconciled as part of each resolution.

Key takeaways

• The SEC has rescinded its no-deny policy, ending a rule dating back to 1972 that barred defendants from denying allegations in settlements.
• The agency asserts greater flexibility in resolving enforcement actions, with no blanket requirement to deny or admit allegations in settlements.
• The SEC may still require some admissions of facts or liability on a case-by-case basis, signaling continued use of admissions in certain settlements.
• Historical context includes a notable Ripple Labs settlement and a record of crypto-related actions in the early 2020s, highlighting evolving enforcement strategies and industry responses.

Policy reversal and its practical implications for the crypto ecosystem

The rescission removes a long-standing constraint on how the SEC communicates settlements and how defendants articulate their positions in public disclosures. In practice, this change could affect the risk calculus for crypto firms negotiating settlements, particularly those that seek to limit public admissions or denials in order to maintain regulatory certainty for investors, partners, and banking relationships.

From a regulatory compliance perspective, the shift has several implications. First, it may alter how settlements are documented and disclosed, influencing due-diligence processes for banks, exchanges, and asset managers that rely on transparent and consistent enforcement histories. Second, the move interacts with ongoing licensing and oversight efforts by U.S. regulators, which increasingly emphasize clarity around liability, permissible conduct, and investor protection standards. Finally, the change dovetails with a global emphasis on clear governance and accountability in crypto markets, including how cross-border enforcement actions are coordinated and disclosed.

Historical context, enforcement strategy, and market impact

Several crypto actions have framed the enforcement landscape in recent years. The SEC’s crypto program has been characterized by a high volume of actions and settlements, with commentators noting the tension between aggressive regulatory posture and the need for transparent, predictable processes. A widely cited case from 2025—though not the only example—was a $50 million settlement with Ripple Labs that drew attention to the scope and terms of settlements in high-profile crypto matters. While the revised policy does not guarantee uniform outcomes across cases, it signals a shift toward more explicit public disclosures and potentially more nuanced settlements in which the government may permit or require admission of facts or liability where appropriate.

Industry observers have also pointed to ongoing debates about how settlements should balance investor protection with market openness. Commissioner Peirce’s remarks underscore concerns that silence in settlements can undermine regulatory integrity and market confidence. The SEC’s broader enforcement posture—particularly in the crypto arena—will likely continue to influence licensing decisions, collaboration with financial institutions, and the integration of crypto services within traditional banking rails.

Existing industry commentary suggests the rule’s removal may help reduce some of the friction encountered by firms negotiating settlements, while also preserving safeguards where admissions of facts or liability are warranted. In the regulatory context, the change may prompt lawmakers, watchdogs, and market participants to reassess how enforcement history is used in ongoing risk assessments, due diligence, and compliance programs.

According to Cointelegraph, the policy reversal reflects a broader shakeout in the approach to crypto enforcement and a recalibration of how settlements are framed for public accountability and investor protection. The move invites closer scrutiny of how the SEC will calibrate consent orders, admissions provisions, and the balance between rapid resolution and transparent disclosure, particularly for firms operating across multiple jurisdictions.

What comes next and how to monitor the trajectory

Key questions remain about how individual settlements will be structured going forward. Regulators will need to articulate when admissions will be required and how much emphasis will be placed on a defendant’s public statements as part of a resolution. Analysts and compliance teams should watch forthcoming enforcement actions and settlement agreements for changes in language, disclosures, and the presence or absence of admissions of facts or liability. Cross-agency coordination and potential impacts on licensing, enforcement priorities, and international cooperation will also merit close attention as market participants adapt to a recalibrated framework for enforcement settlements.

Institutions should reassess their internal policies on settlement disclosures, risk assessment, and communications with investors. The removal of the “gag” element could affect how inquiries from auditors, regulators, and counterparties are addressed, and may influence due-diligence practices in crypto product offerings, custody, and settlement services. As the regulatory landscape evolves, firms would do well to align their internal controls with the updated posture, ensuring that any admissions in settlements are consistent with risk appetite, disclosures, and investor protection standards.

Closing perspective: while the rescission broadens the toolset available in settlements, it also places renewed emphasis on regulatory clarity, lawful conduct, and transparent accountability. Stakeholders should monitor how this shift translates into practical terms for disclosure practices, enforcement outcomes, and the governance standards that underpin crypto market integrity in the United States.

Kevin Warsh is poised to be sworn in as the next chair of the U.S. Federal Reserve Board of Governors this Friday, a pick that could tilt policy toward a more accommodative stance in the eyes of President Donald Trump. The Senate voted to confirm Warsh largely along party lines, setting the stage for a leadership change that has already sparked debate about whether the Fed will lower interest rates in the near term despite current market expectations for a hold.

Trump has repeatedly argued that the central bank should be cutting rates, a drumbeat that has shaped both political rhetoric and investor sentiment. As Warsh steps into the chair’s role, market watchers will be watching not only for formal policy signals but also for how the new leadership interprets the Fed’s mandate in a way that could influence borrowing costs and risk asset pricing in the months ahead. The next major policy decision point remains the Federal Open Market Committee’s (FOMC) meeting scheduled for June 16, when traders will scrutinize new guidance in the context of a potentially shifting rate path.

Key takeaways

• Warsh is set to take the helm of the Federal Reserve, with expectations that his leadership could influence the direction of U.S. monetary policy.
• Markets express a cautious split: prediction markets place the odds of a rate cut before 2027 at roughly 38.2%, down from near certainty earlier this year.
• In contrast, the CME FedWatch tool continues to signal a high likelihood that the policy rate, currently 3.50%–3.75%, remains unchanged through the summer, with expectations of little to no movement into July.
• During Warsh’s confirmation process, concerns were raised about potential conflicts of interest, highlighted by remarks from lawmakers about his proximity to crypto and tech interests, underscoring the broader scrutiny of top financial regulators’ disclosures.
• With Warsh’s swearing-in imminent, lawmakers are pressing for timely CFTC nominations as part of a broader push to clarify U.S. market structure for digital assets and to address regulatory questions around prediction markets and crypto platforms.

Warsh’s ascent and policy outlook

Warsh’s confirmation signals a transition at the helm of U.S. central banking. While the Fed has navigated a complex inflation and growth backdrop in recent years, the new chair’s approach will be closely watched for how aggressively policy levers could be adjusted in response to evolving economic data. The immediate policy question, however, remains whether the Fed will pivot toward rate relief in the near term or maintain a cautious stance while inflation and growth readings come into sharper focus. The FOMC’s next meeting on June 16 will be a critical moment for readers seeking to gauge how a Warsh-led Fed might balance price stability with the need to support a slowing economy.

Market sentiment ahead of the swearing-in reflects a tension between political expectations and monetary policy signals. The president’s public commentary has consistently urged rate cuts, creating a frame in which Warsh’s chairmanship could be interpreted as a commitment to more dovish policy. Yet investors must weigh this against the Fed’s broader objective of inflation containment and the possibility that a new leadership approach could still hinge on incoming data, not political timing alone. That cross-currents dynamic is why traders will be attuned not just to the Chair’s statements, but to the committee’s communicate-and-respond style as data evolves.

Markets, bets, and the rate-path debate

Two analytical channels offer contrasting pictures of where policy might head. On the one hand, prediction markets have priced in a materially lower probability of an imminent rate cut, reflecting a more cautious or data-driven outlook. Kalshi’s market for a rate cut before 2027 shows roughly 38.2% odds, a significant pullback from February’s near-certainty levels. This reflects a broader recalibration among traders who treat rate-path expectations as sensitive to the incoming data and the Fed’s evolving narrative under a new leadership regime. For context, Kalshi’s rate-cut market is publicly accessible and used by participants to hedge or speculate on policy moves as the cycle unfolds. Kalshi.

Meanwhile, the CME Group’s FedWatch tool remains more sanguine about the status quo in the near term. The current reading assigns a 98.8% probability that the Fed does not change policy rates through June, with a similar likelihood (>94%) continuing through July. In practical terms, traders are still largely expecting rates to hold at 3.50%–3.75% at the next few meetings, even as a new Fed chair takes the helm. The juxtaposition highlights how markets can price in different trajectories depending on whether they prioritize the idea of a policy pivot or the commitment to a patient, data-responsive approach. CME FedWatch.

What this means for investors in the crypto and broader risk-asset space is nuanced. A potential shift toward easier financial conditions could buoy sentiment for higher-beta assets, including crypto, but the trajectory will still be tethered to inflation data, employment trends, and the Fed’s confidence in its inflation framework. Traders should watch for how Warsh’stone in forthcoming communications aligns with the data flow from upcoming inflation readings and growth indicators.

Disclosures, conflicts, and regulatory tensions

Warsh’s confirmation hearing touched on questions of conflicts of interest and insider risk. Massachusetts Senator Elizabeth Warren voiced concern that confirming Warsh could lead to favorable regulatory accommodations if connections to crypto or Wall Street circles were construed as a risk to impartial policy. Warsh had disclosed assets exceeding $100 million ahead of the hearing, including holdings in AI and crypto-related ventures, underscoring the ongoing scrutiny surrounding regulators’ personal investments. The discussion underscores a broader theme in crypto governance: the delicate balance between expertise, independence, and the perceived risk of regulatory capture. Cointelegraph coverage of the disclosure outlines the context of such concerns.

The same moment also features a country-wide focus on the U.S. commodities regulator, the CFTC, and its stance on new market structures for crypto. Since December, the CFTC has been led by Michael Selig, Trump’s nominee, who has taken a relatively aggressive posture toward predicting-market platforms like Kalshi and Polymarket, even as state authorities challenge advances in sports betting regulation. The leadership gap at the CFTC has left lawmakers pressing for a broader panel to address urgent regulatory issues as the Digital Asset Market Clarity Act (CLARITY) moves through the legislative process. Lawmakers on the House Committee on Agriculture urged Trump to nominate a full slate of CFTC commissioners to provide clarity and a steady hand on rulemaking as the crypto and prediction-market ecosystems continue to evolve. Cointelegraph coverage.

The regulatory storyline matters for crypto users, developers, and investors not only because it shapes how digital-asset markets may be structured in the future, but also because it frames the risk and compliance environment in which innovative platforms operate. Kalshi and similar prediction-market venues have become flashpoints for regulatory debates, with questions about whether such markets fall under securities, commodities, or a bespoke category for digital-asset-based markets. The CLARITY act’s fate and any CFTC decisions will influence market design, listing standards, and the degree of federal oversight that crypto markets face in the coming years.

What readers should watch next

As Warsh steps into the chair, all eyes will be on how the Fed’s policy narrative evolves in the face of incoming data and political expectations. The June 16 FOMC meeting will be the immediate inflection point, but the longer arc will hinge on how the new leadership interprets inflation signals and growth momentum. On the regulatory front, the pace of CFTC nominations and any progress on the CLARITY framework will shape the structural context for crypto markets and prediction platforms alike. For market participants, the tension between rate-path expectations and the regulatory timetable will frame how crypto and other risk assets move in the weeks and months ahead. Investors should stay tuned to official communications from the Fed and to updates on CFTC leadership and CLARITY-related discussions as the regulatory landscape continues to tighten around the digital asset space.

Bitmine Immersion Technologies added 71,672 Ethereum in one week, raising its holdings to 5.28 million ETH as the company moves closer to its 5% supply target.

Bitmine said its Ethereum holdings reached 5,278,462 ETH as of May 17 at 4:00 p.m. ET. The company valued the position at $2,191 per ETH and said the total represented 4.37% of Ethereum’s 120.7 million token supply.

Chairman Thomas “Tom” Lee said the company bought 71,672 ETH over the past week. He said “the recent pullback” below $2,200 made the asset attractive for Bitmine’s treasury plan.

The latest update shows Bitmine is now 87% of the way to its “Alchemy of 5%” target. The company wants to acquire 5% of Ethereum supply over time, making ETH its main treasury reserve asset.

How much Ethereum has Bitmine staked?

Bitmine also said it has staked 4,712,917 ETH, valued at about $10.3 billion using the same $2,191 ETH price. That means more than 89% of its 5.28 million ETH position is now staked.

Lee said annualized staking revenue has reached $289 million. He also said projected staking rewards could reach $324 million a year if Bitmine fully stakes its ETH through MAVAN and partner platforms, using a 2.80% seven-day annualized yield.

Additionally, Bitmine launched MAVAN, its Made in America Validator Network, as an institutional-grade staking platform. The company said the platform was first built for its own Ethereum treasury but may later serve institutions, custodians and ecosystem partners.

Earlier crypto.news coverage reported that Bitmine had already staked 4,712,917 ETH as of May 10, making it the largest ETH staker among public companies globally. That report also said the firm’s total crypto, cash and equity holdings stood at $13.4 billion at the time.

What is the wider Ethereum market context?

Bitmine remains the largest Ethereum treasury and the second-largest global crypto treasury behind Strategy, according to the company’s latest statement. The firm also held 202 Bitcoin, $685 million in cash, a $200 million Beast Industries stake and an $83 million Eightco stake.

The update comes while Ethereum faces wider market pressure. crypto.news reported that ETH fell near $2,100 after Lee linked selling pressure to rising oil prices, while ETF outflows, whale deposits and higher exchange reserves added more near-term pressure.