hodler

15 May 2026, 01:16

Bullish misses revenue targets as losses balloon to $604M despite tokenization push

Bullish revenue missed estimates in the first quarter of 2026, as the crypto exchange recorded a whopping $604.9 million loss, prompting concerns about the company’s profitability even as it continues to expand into tokenization and digital asset services. The Cayman Islands-based firm missed Wall Street estimates mainly due to reduced income from subscriptions and services, and lower crypto prices also reduced the worth of its digital asset holdings. The company reported adjusted revenue for the quarter ending March 31 of $92.8 million, below analysts’ estimates of $94.1 million. Subscription and services revenue totaled $54.8 million, also missing forecasts of $57.6 million. Bullish’s losses swelled from $348.6 million last year during the same period. The latest number also fell from the prior quarter, when the company recorded a $563.6 million loss. Bullish shares fell nearly 9 percent after opening on Thursday, then bounced back later in the day. The stock was last trading at roughly $41.32, dropping more than 1 percent. That leaves the company well below its August debut price of $69.54, when investor appetite for crypto-related firms was significantly higher. Despite the disappointing results, the firm continues to position itself for long-term growth through its push into tokenizing traditional assets. The company has emphasized this as a core pillar of its future business model, alongside expansion into derivatives and institutional trading infrastructure. Why did Bullish miss its revenue targets? Analysts said weaker-than-expected performance was in large part due to seasonal slowdowns in the company’s conference and services businesses. Analysts at Citigroup and Compass Point predicted that subscription revenue may be affected by the timing of large crypto conferences and events. One of Bullish’s key subscription-based businesses is CoinDesk, the crypto news outlet acquired by Bullish in 2023. It also recently hosted its annual Consensus conference. In Miami, among the largest crypto meets in the world, Bullish said its first- and second-quarter conferences attracted a combined 26,000 people. Nevertheless, analysts said conference-related revenue fluctuates depending on the timing of events, sponsors, and general market feeling. The company also remained under pressure due to low cryptocurrency prices throughout the quarter. Like so many crypto-native companies, Bullish has a large number of digital assets on its balance sheet. As prices plummeted, the exchange reported unrealized losses of around $559 million on those holdings. Bullish revealed that it currently holds roughly $2.3 billion in digital assets. Despite the disappointing financial results, CEO Tom Farley said he remained satisfied with the company’s overall progress. Farley cited Bullish’s planned $4.2 billion acquisition of Equiniti as a key step toward advancing its tokenization ambitions . Bullish said the Equiniti deal could enhance its capacity to offer tokenized financial products and services to institutional clients. But the exchange has increasingly looked beyond being a crypto exchange alone in its efforts to create infrastructure linking traditional finance with blockchain-based markets. This strategy emerges as several major financial firms further experiment with tokenized assets and blockchain settlement systems. Bullish expands Bitcoin options trading business Despite the large quarterly loss, Bullish highlighted growth in the derivatives business, particularly in Bitcoin options trading. In its shareholder presentation, the company announced that it traded $11.6 billion in options during the quarter. Bullish said it is now the second-largest Bitcoin options exchange after Deribit. The company also said it planned to expand that business into the United States. Bullish said it has already applied for licenses with the Commodity Futures Trading Commission (CFTC). The move is likely to enable Bullish to capitalize on rising interest in regulated crypto derivatives products in the U.S. market, especially as institutional investors continue to seek exposure to Bitcoin trading products. Yet the company has challenges ahead. Crypto markets remain quite volatile, and investors are increasingly focused on whether exchanges can generate sustainable profits beyond trading alone. Bullish’s latest earnings report shows that, despite heavy bets on tokenization and derivatives growth, the company’s financial outlook is closely tied to the volatility of digital asset prices and the broader crypto market cycle. If you're reading this, you’re already ahead. Stay there with our newsletter .

15 May 2026, 00:45

Whale Behind $230M Liquidation Moves $48.5M in BNB from Binance

BitcoinWorld Whale Behind $230M Liquidation Moves $48.5M in BNB from Binance A cryptocurrency whale who suffered a $230 million loss in a long position liquidation on the Hyperliquid platform in February has withdrawn 71,000 BNB, valued at approximately $48.46 million, from Binance, according to on-chain analytics firm EmberCN. The transaction, reported on X, comes just days after the same wallet deposited a massive 577,000 ETH, worth around $1.351 billion, to the same exchange. Timeline of a High-Stakes Move The whale’s recent activity has drawn attention from market analysts and traders. On-chain data shows that the investor transferred a substantial amount of Ether to Binance earlier this week. Days later, the withdrawal of BNB suggests a possible strategic shift. Speculation has emerged that the whale may have sold a portion of the deposited ETH to acquire the BNB tokens, though this has not been confirmed by the investor or any official source. Context: The February Liquidation Event In February 2025, the same whale was involved in a record-breaking $230 million liquidation of a long position on Hyperliquid, a decentralized derivatives exchange. The event was one of the largest single liquidations in crypto history at the time, highlighting the extreme risks associated with high-leverage trading on decentralized platforms. The whale’s subsequent movements have been closely monitored by the crypto community as a potential indicator of market sentiment. Implications for Market Observers Large wallet movements between exchanges and self-custody wallets often signal shifts in investor strategy. The whale’s decision to move significant ETH to Binance and then withdraw BNB could indicate a rotation of capital between major assets. For everyday traders, such activity may serve as a barometer for large-scale sentiment, though it does not necessarily predict short-term price movements. The transparency of blockchain data allows the public to observe these transactions in real time, adding a layer of accountability to whale behavior. Why This Matters Understanding whale activity is crucial for assessing liquidity and potential market pressure. A $48.5 million BNB withdrawal from Binance reduces available supply on the exchange, which could have a mild upward effect on price if demand remains steady. Conversely, the earlier $1.35 billion ETH deposit suggests a possible intent to sell or use the funds as collateral. These moves underscore the interconnected nature of centralized and decentralized finance, and the outsized influence that a single large player can have on market dynamics. Conclusion The whale’s actions represent a notable chapter in an ongoing story of high-stakes crypto trading. While the exact motivations remain speculative, the factual sequence of deposits and withdrawals provides valuable data for analysts. As the crypto market continues to mature, such transparency remains a double-edged sword—offering insight while also exposing strategic maneuvers to public scrutiny. FAQs Q1: Who is the whale behind the $230 million liquidation? The identity of the whale is not publicly known. On-chain data reveals only the wallet addresses involved in the transactions. Q2: What is Hyperliquid? Hyperliquid is a decentralized derivatives exchange that allows users to trade futures with high leverage. It operates on its own Layer 1 blockchain. Q3: Why did the whale move ETH to Binance and then withdraw BNB? The exact reason is unconfirmed. Market speculation suggests the whale may have sold ETH to acquire BNB, possibly for staking, trading, or portfolio diversification. This post Whale Behind $230M Liquidation Moves $48.5M in BNB from Binance first appeared on BitcoinWorld .

15 May 2026, 00:23

Elon Musk’s SpaceX to file public IPO prospectus in the next couple of days

SpaceX is getting ready to publish its IPO prospectus within days, putting Elon Musk’s rocket and satellite company on the edge of a stock sale so large that Wall Street has no clean comparison for it. The company filed its IPO papers privately in April with the U.S. Securities and Exchange Commission, and the public version may land as soon as next week. The listing is tied to a business now valued at about $1.25 trillion after SpaceX combined with xAI in February. The investor roadshow of SpaceX is scheduled to begin on June 8, which will mark the time when the bankers begin marketing the business deal to major investors. The public disclosure of the offering document needs to happen 15 days prior to the above date, however, SpaceX and its consultants wish to release it earlier so that the potential buyers have a chance to study the financials before they are pitched. SpaceX targets a giant IPO while bankers look for buyers outside the usual Wall Street crowd SpaceX has set its sights on raising between $70 billion and $75 billion via IPO, which would beat twice the amount raised by Saudi Aramco in its 2019 IPO, the largest public offering ever recorded. However, The Wall Street Journal is estimating a broader range of $40 billion to $80 billion, at the bottom end of which will still constitute a huge figure, while at the top end SpaceX would be standing alone. Therefore, it’s no surprise that bankers are reaching out beyond the usual American investment funds that typically buy up stock. Finding new ways of placing this unprecedented amount of stock during the IPO is the reason behind advisers investigating networks of brokers from countries like the United Kingdom, Japan, and Canada. This includes finding buyers that are likely to keep the stock in their portfolios for the long term since such a deal will require sustained buying interest rather than opportunistic ones. Brookfield Corporation (BN) has already bought $2 billion of SpaceX shares before the IPO. Brookfield said about $1 billion of the position is held directly, while the rest is held by its affiliates. The firm bought the shares at the current pre-IPO price as it increases exposure to businesses that could benefit from fast AI adoption. Pension chiefs tell Musk to drop control terms before SpaceX sells shares to the public The IPO is also drawing pressure from major pension leaders over how much power Elon may keep after SpaceX becomes public. New York State Comptroller Thomas DiNapoli, New York City Comptroller Mark Levine, and California Public Employees’ Retirement System CEO Marcie Frost sent a letter to Elon on Wednesday about the planned governance setup. Thomas, Mark, and Marcie represent three of the four largest public pension systems in the United States. They said they were worried about an “extreme” ownership and control structure that could reduce protections for regular shareholders. Their letter asked Elon to remove rules that would limit investor rights before SpaceX opens the listing to the public. They wrote, “We are writing to express our serious concerns with the reported novel and extreme governance structure ‌and provisions SpaceX is planning to disclose in its registration statement.” These issues involve alleged voting power, potential veto on the dismissal of Elon as CEO, liability protection for shareholders, and mandatory arbitration for shareholder disputes. Such a structure is precisely what pension fund managers despise since outside shareholders may face financial exposure while having minimal influence in negotiations. The leaders of pension funds also highlighted Elon’s busy portfolio of firms. He manages Tesla (TSLA), X, xAI, The Boring Company, Neuralink, and SpaceX. The multi-year remuneration deals at SpaceX and Tesla were mentioned by the managers, which may make both entities “operate in a relatively unique position where they will be competing against each other for Elon’s time.” Moreover, the managers stressed, “Long-term shareholders, in the present governance structure, will not have an independent board majority, a functioning derivative remedy, or even an effective mechanism for judicial review to address the inevitable conflicts of interest posed by such concentrated roles.” Mark, Thomas, and Marcie had opposed previous cases of corporate governance issues at publicly traded firms, including Meta Platforms (META) and Tesla. In connection with this news, the SpaceX prospectus may release at the time of the company’s twelfth Starship test launch, which had planned for May 19. If you're reading this, you’re already ahead. Stay there with our newsletter .

14 May 2026, 23:55

BitForex Founder Moves $48.2M in BNB From Binance, On-Chain Data Shows

BitcoinWorld BitForex Founder Moves $48.2M in BNB From Binance, On-Chain Data Shows An address linked to BitForex founder Garrett Jin has acquired 71,066 BNB tokens, valued at approximately $48.22 million, from the Binance exchange roughly five hours ago, according to on-chain analytics platform Onchain Lens. The transaction adds to a series of significant movements from Jin-associated wallets over the past two weeks. Large-Scale ETH Deposits Precede BNB Purchase Beyond the recent BNB withdrawal, on-chain data reveals that over the preceding two weeks, Jin deposited a total of 577,896 ETH, worth an estimated $1.35 billion, into Binance. This pattern of substantial deposits followed by a large token purchase raises questions about the strategy behind these fund movements, though no official statement from Jin or BitForex has been released. Context and Market Implications The movements come amid a period of heightened scrutiny for BitForex, a cryptocurrency exchange that has faced regulatory challenges and withdrawal suspensions in recent months. The transfer of such large volumes of ETH to a major exchange like Binance often signals potential selling pressure or strategic repositioning by large holders, commonly referred to as whales. Why This Matters for Crypto Markets Transactions of this magnitude are closely monitored by market participants because they can influence short-term price action and liquidity. The BNB purchase, in particular, may indicate a shift in asset allocation by a prominent industry figure. However, without direct confirmation, the intent behind these moves remains speculative. On-chain analysts will continue to track the associated wallets for further activity. Conclusion The coordinated deposit of $1.35 billion in ETH to Binance and subsequent withdrawal of $48.2 million in BNB by an address tied to BitForex founder Garrett Jin represents one of the larger wallet activity patterns observed this quarter. While the rationale is not yet public, the scale of the transactions warrants attention from traders and compliance observers alike. Further developments may emerge as the market digests these movements. FAQs Q1: Who is Garrett Jin? Garrett Jin is the founder of BitForex, a cryptocurrency exchange. He has been a notable figure in the crypto space, and his wallet activity is often tracked by on-chain analysts. Q2: Why is this BNB purchase significant? The purchase of $48.2 million in BNB from Binance is significant due to its size and because it follows large ETH deposits. Such whale movements can signal strategic shifts or potential market impact. Q3: What is Onchain Lens? Onchain Lens is a blockchain analytics platform that tracks and reports large cryptocurrency transactions and wallet activities, providing transparency into on-chain movements. This post BitForex Founder Moves $48.2M in BNB From Binance, On-Chain Data Shows first appeared on BitcoinWorld .

14 May 2026, 22:25

Bitcoin Exchange Reserves Hit Eight-Year Low as Long-Term Holder Trend Deepens

BitcoinWorld Bitcoin Exchange Reserves Hit Eight-Year Low as Long-Term Holder Trend Deepens The amount of Bitcoin (BTC) held on cryptocurrency exchanges has fallen to its lowest level since 2018, according to data from on-chain analytics firm Santiment. As of late May, exchange reserves represent approximately 5.6% of the total circulating supply of Bitcoin — a figure not seen in nearly eight years. Declining Exchange Supply Signals Long-Term Holding A drop in exchange reserves is widely interpreted by analysts as a signal that investors are moving their coins into private wallets for long-term storage. This behavior typically reduces the available supply for immediate sale, which can ease selling pressure on the market. The current level marks a continuation of a trend observed throughout 2024 and into 2025, where Bitcoin has increasingly been treated as a store of value rather than a trading asset. Santiment’s data shows that the last time exchange reserves were this low, Bitcoin was trading at a fraction of its current price, and the broader cryptocurrency market was emerging from a prolonged bear cycle. The persistent decline suggests a growing conviction among holders, often referred to as HODLers, who are less inclined to trade their coins amid price volatility. Ethereum Reserves Buck the Trend In contrast to Bitcoin, Ethereum (ETH) has seen a slight increase in the share of its supply held on exchanges. Over the past ten days, ETH exchange reserves rose from 4.2% to 4.6% of total circulating supply. While still historically low, this uptick indicates a different market sentiment among Ethereum holders in the short term. Analysts point to several possible explanations for the divergence. Ethereum’s active role in decentralized finance (DeFi) and staking may encourage some holders to keep coins on exchanges for yield-generating activities or liquidity provision. Additionally, recent network upgrades and shifts in gas fee dynamics could be prompting short-term trading behavior. What This Means for Market Dynamics The combination of declining Bitcoin reserves and slightly rising Ethereum reserves creates an interesting dynamic for the broader crypto market. Lower BTC exchange supply is generally viewed as a bullish signal by long-term investors, as it suggests a reduced likelihood of large sell-offs. However, the trend must be viewed alongside other on-chain metrics, such as transaction volume and active addresses, to gauge overall market health. For Ethereum, the modest increase in exchange holdings does not necessarily indicate bearish sentiment. It may simply reflect a higher velocity of ETH moving through DeFi protocols, staking pools, and layer-2 solutions — activities that often require coins to be held on exchange-connected wallets. The data underscores the growing complexity of on-chain analysis as different cryptocurrencies serve distinct economic functions. Conclusion The latest on-chain data from Santiment highlights a clear divergence in how Bitcoin and Ethereum holders are positioning their assets. Bitcoin’s exchange reserves continue to shrink, reinforcing its narrative as a long-term store of value. Meanwhile, Ethereum’s slight uptick in exchange supply reflects its more active role in the ecosystem. For investors, these trends provide useful signals but should be weighed alongside broader market conditions and individual risk tolerance. FAQs Q1: Why do low Bitcoin exchange reserves matter? Low exchange reserves mean fewer coins are available for immediate sale on trading platforms. This can reduce selling pressure and is often interpreted as a sign that investors are holding for the long term, which may support price stability or upward momentum. Q2: Is a rise in Ethereum exchange reserves bearish? Not necessarily. Ethereum’s higher exchange supply may be linked to its use in DeFi, staking, and other on-chain activities that require coins to be held on exchanges or exchange-connected wallets. It reflects different utility rather than pure selling intent. Q3: Where does the data come from? The data is provided by Santiment, a leading on-chain analytics platform that tracks wallet addresses and exchange flows across multiple blockchains. The figures are based on publicly available blockchain data and are widely used by market analysts. This post Bitcoin Exchange Reserves Hit Eight-Year Low as Long-Term Holder Trend Deepens first appeared on BitcoinWorld .

14 May 2026, 22:07

Hyperliquid (HYPE) Surges 14% As Coinbase And Circle Expand USDC Integration

Crypto exchange Coinbase (COIN) made a major move for the Hyperliquid (HYPE) ecosystem on Thursday, outlining how it plans to deepen support for Circle’s USDC stablecoin on the platform. In a blog post , Coinbase said it is expanding its role by becoming the official treasury deployer of USDC on Hyperliquid, treating USDC as an Aligned Quote Asset (AQA), while the network’s USDH token is expected to be phased out gradually. Coinbase Gains Rights To USDH The Hyperliquid official X (formerly Twitter) account said the technical deployment responsibilities were described as falling to Circle, which will handle key infrastructure such as CCTP and native cross-chain tooling. Both Coinbase and Circle also indicated that they will stake HYPE tokens as part of the process to turn on AQAv2. Beyond that, the transition includes an agreement involving Native Markets, which has agreed to grant Coinbase terms that give it the right to purchase the USDH brand assets. A central part of Coinbase’s plan is the way reserve proceeds are expected to flow. In its role as treasury deployer , Coinbase said it will share the vast majority of reserve yield revenue with the Hyperliquid protocol. In practical terms, Coinbase framed the change as a way to make USDC the most aligned stablecoin on Hyperliquid. It also said that, as part of a future network upgrade, canonical outcome (HIP-4) markets will use USDC as the quote asset. Coinbase emphasized that the migration won’t be abrupt for current users. Over the coming months, it said people will continue to be able to redeem USDH for USDC or for fiat without fees through Native Markets’ USDH Dashboard. In addition, Coinbase explained that the Hyper Foundation will distribute grants to eligible HIP-3 deployers, HIP-1 deployers, and builders who integrated USDH. Hyperliquid Jumps To $44 Circle also addressed the announcement separately, confirming that USDC will become the primary collateral across all Hyperliquid markets, and that it plans to stake 500,000 HYPE tokens as it moves toward validator status on the network. Coinbase also noted that it has invested in supporting builders on HyperEVM by backing stablecoin liquidity, and it framed its latest step as an extension of that strategy. Coinbase said it is “excited to further our support of the ecosystem and see USDC’s continued growth on Hyperliquid.” Alongside the protocol news, prices reacted as well. HYPE, Hyperliquid’s native token, saw a notable increase after the successful vote on the CLARITY Act in the Senate Banking Committee—a development that cleared a hurdle that had kept the bill from reaching a full Senate vote and potential signature. At the time of writing, HYPE traded at $44.50, reflecting a 14% gain over the past 24 hours. The move also placed Hyperliquid about 24% below all-time highs of $59, a level it reached during last year’s bull run. Featured image created with OpenArt, chart from TradingView.com