CleanSpark announced a 62.5% year-over-year revenue increase in Q2 of fiscal year 2025, with Bitcoin assets approaching 1 billion USD but a net loss of 138.80 million USD. MARA's Q1 revenue grew by 30%, holding 47,531 Bitcoins valued at approximately 3.90 billion USD, with a net loss of 533 million USD. Hut 8's Q1 revenue declined by 58%, incurring a loss of 134.30 million USD, and plans to continue investing in AI high-performance computing centers. Ripple settled with the U.S. SEC, paying a 50 million USD fine and lifting the ban. Camp Network launched its first public testnet "K2," focusing on intellectual property management. Acurast will start its token sale on CoinList on May 16. The U.S. Senate rejected the GENIUS stablecoin bill, with Democrats accusing the Trump family of conflicts of interest related to cryptocurrency. Coinbase's Q1 revenue fell short of expectations, with trading activity down 10%, and plans to acquire Deribit. Meta plans to re-enter the stablecoin space, hiring former Plaid executive Ginger Baker. Bitcoin price surpassed 104,000 USD. Coinbase will support trading of the Space and Time (SXT) token. DeFi Development Corp increased its holdings by 20,473 SOL. Abraxas Capital withdrew approximately 49.60 thousand ETH from Binance and Kraken. The U.S. SEC is studying securities registration exemption schemes based on distributed ledger technology. Sonic Labs completed a 10 million USD strategic financing round led by Galaxy. Arbitrum DAO approved a 35 million ARB investment in U.S. Treasury tokens. Indian listed company Jetking plans to hold 18 thousand Bitcoins by 2030. The Sei community is considering abandoning Cosmos native accounts in favor of an EVM architecture.

 CleanSpark's quarterly revenue increased by 62.5% year-on-year, and its Bitcoin assets are close to $1 billion CleanSpark announced that its revenue for the second quarter of fiscal year 2025 ending March 31 reached $181.7 million, a year-on-year increase of 62.5%; its net loss for the same period was $138.8 million, compared with a profit of $126.7 million in the same period last year. Adjusted EBITDA was -$57.8 million, a year-on-year change from profit to loss. The company holds Bitcoin assets worth $980 million, total assets of $2.7 billion, net assets of $1.9 billion, and working capital of $838 million. 
 Mining company MARA's Q1 revenue increased by 30%, and its Bitcoin holdings soared to 47,531 According to the company's financial report, MARA Holdings' revenue in Q1 2025 reached US$214 million, a year-on-year increase of 30%; Bitcoin holdings reached 47,531, an increase of 174% over the same period last year, and the current valuation is about US$3.9 billion. Despite the increase in revenue, the company still recorded a net loss of US$533 million, mainly due to the decline in Bitcoin prices at the end of the quarter, which led to asset book losses. The company emphasized that it will continue to promote the transformation of vertically integrated energy and computing power infrastructure. 
 Hut 8's revenue plunged 58% in the first quarter, with losses of $134 million According to Bloomberg, Hut 8, a US Bitcoin mining company, announced its Q1 financial report after cooperating with Trump's son to establish American Bitcoin Corp., with revenue falling nearly 58% year-on-year to US$21.8 million and a loss of US$134.3 million. The company attributed the loss to the impact of Bitcoin halving and the suspension of mining machine upgrades. Despite this, Hut 8 still plans to continue investing in the joint venture project and expand the AI high-performance computing center. The company's stock price rose 17% after the news was announced. 
 Ripple and SEC formally reached a settlement agreement and intends to settle the case with $50 million Court documents show that Ripple and the U.S. Securities and Exchange Commission (SEC) have reached a settlement agreement to lift the ban imposed on Ripple by the court in August 2024, and to pay only $50 million of the $125 million civil fine to the SEC, and return the remaining $75 million to Ripple. Both parties agreed not to appeal or request the revocation of the previous judgment. The case has been filed since 2020 and involves the sale of XRP as a security. SEC Commissioner Caroline Crenshaw publicly opposed the agreement, saying that it would undermine regulatory authority, undermine court rulings and exacerbate regulatory gaps. The agreement still needs the court to make an "indicative ruling" and obtain the approval of the appellate court before it can officially take effect.
 Camp Network launches its first public testnet “K2”, focusing on intellectual property management According to The Block, Camp Network announced the launch of its first public testnet "K2", focusing on intellectual property management. The project completed a $30 million Series A financing led by 1kx and Blockchain Capital in April. Camp said that dozens of dApps will be deployed before the mainnet goes online, and the ecosystem partners cover more than 5 million users and creative content. Camp also built a "clearable AI training data market" to promote the verifiable traceability and fair realization of IP in the fields of art, music, data, etc. 
 Acurast will launch its token sale on CoinList at 1:00 AM on May 16 According to the announcement of CoinList, the decentralized computing network Acurast will start the token sale on CoinList at 1:00 am (Beijing time) on May 16, and the tokens will be 100% unlocked. Acurast uses smartphones to build a decentralized computing platform, and more than 65,000 devices have been connected. The total sales volume is 60 million ACUs, with a unit price of $0.09 and an estimated value of $90 million. The "bottom-up" distribution mechanism is adopted to give priority to small buyers. The sale is not open to specific regions such as the United States and Canada. 
 Stablecoin GENIUS bill fails in Senate vote, Democrats accuse Trump of currency conflict of interest According to NBC, the U.S. Senate rejected the GENIUS Act, a stablecoin regulatory framework bill, by a vote of 48:49, due to the collective opposition of the Democrats, who said that the Trump family's involvement in cryptocurrencies posed a corruption risk. Although the Republicans held a majority, they did not reach the 60-vote procedural threshold. The bill was originally intended to establish the first U.S. stablecoin regulatory system. The Democratic Party's request to prohibit government officials from holding crypto assets and other clauses were not included in the bill. Senate Republicans said they would push for another vote in the next few days. 
 Coinbase's first-quarter revenue fell short of expectations, trading activity fell 10% According to The Block, Coinbase announced its Q1 2025 financial report, with revenue of $2.034 billion, lower than the expected $2.12 billion; earnings per share of $0.24, far lower than the market expectation of $1.93. Trading volume fell 10% from the previous quarter, and trading revenue fell to $1.26 billion. The company previously announced that it would acquire derivatives exchange Deribit for $2.9 billion to expand its global derivatives business. For the quarter ended March 31, adjusted net profit was $527 million and net profit was $66 million.
 Meta plans to enter the stablecoin field again and has hired former Plaid executive Ginger Baker as vice president of product According to Fortune, three years after abandoning the Libra/Diem project, Meta is in preliminary talks with several crypto companies about the application of stablecoins, exploring cross-border payments to creators through stablecoins to reduce costs. Since January this year, former Plaid executive Ginger Baker has served as Meta's vice president of products, leading the relevant advancement.
 BTC breaks through $104,000, up 3.46% on the day
 The OKX market data shows that BTC has just broken through $104,000 and is currently trading at $104,253.40 per coin, with a daily increase of 3.46%.
 Coinbase to List Space and Time (SXT) According to the official announcement, Coinbase will add support for Space and Time (SXT) on the Ethereum network (ERC-20 token). Do not send this asset through other networks, otherwise your funds may be lost. Trading will start later today if liquidity conditions are met. Once the supply of this asset is sufficient, the SXT-USD trading pair will be launched in stages. Support for SXT may be limited in some supported regions. Coinbase will add "experimental" label support for SXT.
 DeFi Development Corp, a listed company, spent about $2.97 million to increase its holdings by 20,473 SOL According to Business Insider, Nasdaq-listed DeFi Development Corp (formerly real estate software company Janover) spent approximately US$2.97 million to purchase 20,473 SOLs today, increasing its total holdings to 420,690 SOLs.
 Abraxas Capital has withdrawn 49,644 ETH from Binance and Kraken today, equivalent to approximately $92 million
 According to Lookonchain monitoring, Abraxas Capital has withdrawn 49,644 ETH (worth about $92 million) from Binance and Kraken today. The latest withdrawal was 26 minutes ago.
 The US SEC is studying tokenized securities registration exemption scheme to accelerate the application of distributed ledger technology Hester Peirce, Commissioner of the U.S. Securities and Exchange Commission (SEC), disclosed that the SEC Cryptocurrency Working Group is studying a potential registration exemption program that allows companies to issue, trade and settle securities through distributed ledger technology (DLT). The exemption will exempt some SEC registration requirements and support companies to use innovative trading systems to handle eligible tokenized securities. The exemption mechanism comes with strict conditions: the exempted entity will comply with market integrity conditions to prevent fraud and manipulation. Other conditions may include requirements to provide users with important and relevant disclosures about platform products, services, operations, conflicts of interest and risks (including smart contract risks); comply with recordkeeping and reporting requirements; accept supervision and inspection by SEC staff; and have sufficient financial resources for operations. Supplementary requirements for participants who provide cryptocurrency custody services may include disclosing custody arrangements and risks to customers, and requiring the implementation of policies and procedures or substantive requirements related to blockchain and wallet security. Restrictions such as limiting the number and type of tokenized securities listed or traded or the trading volume can reduce risks for investors and the market. The SEC can increase these caps for companies that successfully operate under their initial restrictions. 
 Sonic Labs Completes $10 Million Strategic Financing, Galaxy Leads Investment According to official news, Sonic Labs announced the completion of a $10 million strategic S token financing, led by Galaxy. This cooperation will accelerate Sonic Labs' expansion in the US market and provide key support for the development of its DeFi ecosystem. The cooperation aims to bridge traditional finance with Sonic's high-performance blockchain infrastructure through its resources. Sonic Labs CEO Michael Kong said that Galaxy's joining will bring important market insights and resources to the ecosystem. This cooperation also reflects the confidence of institutions in the transformation of financial infrastructure by blockchain technology. 
 Arbitrum DAO approves 35 million ARB allocations to Franklin Templeton, Spiko, and WisdomTree’s tokenized U.S. Treasury bonds According to The Block, the Arbitrum community decided through on-chain voting to invest 35 million ARB tokens worth approximately $11.6 million in tokenized U.S. Treasuries. The funds will be allocated to tokenized treasury products issued by Franklin Templeton, Spiko and WisdomTree. The vote started on May 1 and was eventually passed with nearly 89% support. A professional committee elected by the community evaluated more than 50 proposals and finally selected the three institutions based on multiple criteria such as management fees, fund size, and risk control. The head of Franklin Templeton's digital asset business said that this cooperation will leverage the advantages of Arbitrum Layer2 network technology to provide customers with efficient financial services. Arbitrum Community Advisory Agency believes that this is an important milestone in the in-depth cooperation between the cryptocurrency field and traditional financial institutions. According to the plan, applicants who are not selected will have the opportunity to participate in the next round of fund allocation.
 Coinbase to acquire crypto options platform Deribit for $2.9 billion According to the Wall Street Journal, Coinbase executives said the company has agreed to acquire Deribit, the world's largest Bitcoin and Ethereum options trading platform, for approximately $2.9 billion. The transaction still needs regulatory approval, and Coinbase will also take over Deribit's operating license in Dubai.
 Strategy to Release Bitcoin Standard Model 2025 to Boost Enterprise Bitcoin Adoption According to Cointelegraph, Strategy (formerly MicroStrategy) will release the 2025 Bitcoin Standard Model to help companies adopt Bitcoin.
 Indian listed company Jetking plans to raise funds to gradually increase its holdings of Bitcoin, with the goal of hoarding a total of 18,000 Bitcoins by 2030 According to a post by crypto KOL @pete_rizzo_, Harsh Bharwani, CEO of Indian listed company Jetking, said that it is raising billions of dollars to buy 18,000 BTC. According to the video he shared, Jetking CEO said: "In the next six months, we plan to raise funds and expand the scale to about 180 bitcoins. In the next year, we will reach a scale of about 1,800 bitcoins. And finally, around 2030, using the various tools and resources available to us, we will reach a scale of about 18,000 bitcoins." 
 The Sei community is considering abandoning the Cosmos native account and switching to the EVM architecture According to The Block, Sei Labs, the core development team of Sei blockchain, recently proposed a key proposal SIP-3, which plans to gradually phase out the existing CosmWasm smart contracts and native Cosmos account functions, and fully switch to the Ethereum Virtual Machine (EVM) architecture. The proposal aims to simplify the network structure and improve performance. In the future, the Sei network will only support transactions initiated through EVM addresses, but underlying functions such as verification nodes will still retain Cosmos native technical support. This transformation is based on actual data after the launch of the Sei v2 mainnet: since the introduction of parallelized EVM in July 2024, EVM-related transaction volume has dominated network activities. The proposal is in the community discussion stage and will be decided through processes such as Snapshot voting. If passed, developers need to migrate CosmWasm applications to the EVM environment, and users also need to transfer assets to EVM-compatible wallets. This change is expected to optimize the developer experience and help Sei deeply integrate into the EVM ecosystem.


Summary of Major Developments in the Cryptocurrency and Blockchain Industry in May 2025