Galaxy Digital (GLXY) narrowly avoided a total collapse, thanks to a shift in business mix and a newfound commitment to not throwing money at every passing trend. The company lost $216 million, or 49 cents a share-less than the 59 cents analysts had pessimistically predicted. Revenue? Down to $10.2 billion from $12.9 billion. Because nothing says “resilience” like a 20% drop in income.
The crypto panorama has not unfurled in a clean, straight line, like a well-taught waltz. Bitcoin has flirted with the coveted $80,000 crest more than once in the past week, only to retreat around $79,000 as if coyly retreating from a compliment. Ethereum? It pirouettes in its own ballet, guided by ETF flows and the pressure of positioning, a dainty pas de deux with the same bedrock of risk but different costume changes.
With Token2049 Dubai postponed, the crowd didn’t scatter like startled pigeons. No, they gathered instead at Birds, a dining den 63 floors above the city, where the Burj Khalifa looms like a jealous titan. No panels, no pitch decks-just the clink of glasses and the hushed whispers of millionaires plotting their next move.
In the shadow of Wall Street’s cathedral, T. Rowe Price, guardian of $1.71 trillion, inches toward unleashing its Active Crypto ETF (TKNZ). The fee? A mere 0.75%. Eric Balchunas, prophet of the markets, declares it “a land rush”-as if the gold rush never ended, only evolved.
This hawkish ruckus, paired with a forecast of inflation that’s got more jump than a cat on a hot tin roof, has rekindled fears of a June rate increase and stirred up the ghosts of yen carry trades past, which have had a tendency to send crypto markets into a tailspin like a chicken on a rollercoaster.
In a revelation that could spark laughter amid tears, reports from The Information reveal that the Pentagon can deploy Google’s AI tools for “any lawful government purpose.” A definition so broad it could fit an elephant, or perhaps an entire circus, under its tent. This arrangement positions Google shoulder to shoulder with OpenAI and xAI, both of whom have also stepped into this theatrical arena of classified use.
OKX, in a recent missive, proclaimed that users may now wield BlackRock’s BUIDL on their exchange, earning interest while their funds remain active. How avant-garde! Now, traders may access institutional-grade collateral, backed by the world’s largest asset manager-assuming, of course, one believes such a thing exists.
As it turns out, the posts have been ranging from the downright ludicrous-like a rumor that Sharjah might just pack its bags and declare independence-to a chorus of cautionary tales warning that Dubai is wading into a sea of geopolitical peril. Who knew the desert could be so dramatic?
Apparently, the University of Michigan’s Survey of Consumers-yes, that’s a thing-decided to throw a wrench in the works. Consumer sentiment hit an all-time low of 49.8, thanks to inflation that’s stickier than a toddler’s hands after candy. And let’s not forget the Iran conflict, because nothing says “economic stability” like geopolitical tension.
Ah, Block Inc., the fintech wizard led by the man who tweets in riddles, Jack Dorsey, has spilled the beans on its Bitcoin hoard. A whopping $2.2 billion in Bitcoin, or 28,355 BTC for the mathematically inclined, was paraded in its first-quarter report, faster than a child showing off their birthday loot. This treasure includes both customer and corporate goodies, sprinkled with a dash of proof-of-reserves pixie dust.
