GM!
Today’s top news:
Crypto majors up 1%; BTC at $72K ZEC and MON rally 20% leading top movers; HYPE +5% CZ and OKX founder Star publicly dispute, CZ calls for $1B “divorce” bet Bessent and Brian Armstrong both say it’s time to pass the Clarity Act WLFI falls 10% after team reveals using 5B tokens to borrow $75M Bitcoin breaks $73K on ceasefire hopes, STRCThe Bitcoin options market is even more bullish. Data shows that the $80,000 level is seeing the most volume in June expiry contracts with over $1.6B in open interest, a full 10% move from current levels.
It’s a strong setup for Bitcoin near-term.
Key Details:
Bitcoin topped $73,000 Thursday, up ~9% over the past month as crypto decouples from software stocks, which are down 12% over the same stretch June $80K Bitcoin options showing $1.6B in open interest, most concentrated target Saylor’s STRC moved 3M shares, enough to buy $144M in Bitcoin; on pace for well over $300M in purchases this weekThe headline number from Galaxy’s 2025 annual report, a $241M net loss, buried the more important one: The firm’s Digital Assets segment generated $505M in adjusted gross profit.
GLXY closed up 11.3% Thursday, second-best crypto equity on the day.
The thesis Mike Novogratz is selling isn’t a crypto trading story anymore. It’s AI infrastructure. Galaxy’s Helios campus, once one of North America’s largest Bitcoin mines, is an 800-megawatt facility fully leased to CoreWeave that's beginning to generate compute revenue in 2026. “The most consequential shift right now is the move from narrative to infrastructure,” he wrote.
That pivot from BTC mining to AI is clearly paying off…
Key Details:
Galaxy posted a $241M 2025 net loss driven by unrealized losses and one-time costs; core Digital Assets segment generated $505M in adjusted gross profit GLXY closed up 11.3% at $21.15; total assets on platform hit $12B with $2B in net inflows during 2025 The Helios play: 800MW Texas facility fully leased to CoreWeave; AI compute revenue begins 2026; Galaxy is pitching itself as half crypto financial firm, half AI infrastructure companyPotential buyers are circling Gemini, but not in the way the Winklevoss twins might want.
GEMI stock jumped 11% on the acquisition reports, but has already shed some of those gains.
Key Details:
Potential buyers are circling Gemini’s shuttered EU and UK operations for MiCA and FCA licenses; no full takeover interest The distress context: $28 IPO September 2025, now $4.70 (down 83%); 25% workforce cut; exited EU/UK/Australia; three executives departed; class-action lawsuit filed March 2026 MiCA wrinkle: license doesn’t transfer in an acquisition; change of control triggers full regulatory reassessment; buyers face scrutiny equivalent to a new applicantThe only remaining variable is whether Senate Democrats and holdout Republicans will accept a stablecoin yield framework that Coinbase can live with.
And we may have gotten a signal from Brian Armstrong last night, who tweeted “It’s time to pass the Clarity Act” in union with Bessent.
Key Details:
Bessent urged the Senate to pass the Clarity Act, calling for resolution on stablecoin yield provisions; follows the White House CEA report that undercut the banking lobby’s deposit-flight argument What’s left: Senate Banking Committee markup; stablecoin yield language is the last unlock for the full US crypto regulatory stack Odds of the Clarity Act passing in 2026 rose 3% to 59% on ThursdayFlorida AG James Uthmeier launched a formal investigation into OpenAI and ChatGPT Thursday, citing the chatbot’s alleged role in the April 2025 FSU mass shooting that killed two people, child safety concerns, and the risk of OpenAI data reaching the Chinese government.
The quote Uthmeier posted to announce it is the week’s most ironic AI headline: “AI should advance mankind, not destroy it.”
The investigation arrives as AI infrastructure, specifically data centers, are coming under attack. Per Bloomberg and Sightline Climate, 30-50% of the data centers planned to come online this year are facing delays or outright cancellations. Of the 12 gigawatts of capacity announced for 2026, only a third is currently under construction. Bernie Sanders and AOC introduced the AI Data Center Moratorium Act in March to stop all new construction until federal safeguards are in place. It’s not going anywhere, but it signals the political mood around AI is shifting.
Key Details:
Florida AG Uthmeier launched a formal OpenAI investigation, citing ChatGPT’s alleged role in the 2025 FSU shooting, child safety, and CCP data concerns; subpoenas forthcoming; arrives as OpenAI eyes a $1T IPO 30-50% of US data centers planned for 2026 are facing delays or cancellations per Sightline Climate The political pressure: Sanders and AOC introduced the AI Data Center Moratorium Act in March, calling for a full construction halt until federal safeguards are in place; fringe bill, real signalCorporate Treasuries & ETFs
Bitcoin ETFs saw $343M in net inflows on Thursday; the ETH ETFs had $85M in net inflows STRC traded enough volume yesterday to raise capital for 2,000+ BTC in buy pressure TD Securities cut Strategy’s price target on dilution concerns while initiating a buy on Ethereum treasury firm SharpLink BitMine uplisted to the NYSE and expanded its buyback program to $4B Meme Coin Tracker Meme leaders were slightly green; DOGE +1%, SHIB +1%, PEPE +1%, TRUMP -2%, PENGU +4%, SPX +5%, FARTCOIN +2% SBTI (25x), triplet (+102%), chillguy (+32%), and hodl (+38%) led notable onchain movers
