Bitcoin Reaches All-Time High, US Stablecoin Bill Moves Forward, and Coinbase and Ripple Enter Possible Bidding War for Circle

Takeaways

• Bitcoin hits all-time high, pushes past $110,000: The price of bitcoin surged past $110,000 late Wednesday amid continued ETF inflows, corporate adoption, and recent legislative momentum. It marked an all-time high for bitcoin, surging past the $109,000–plus mark previously reached in January.
• The US Senate voted 66-32 to advance the bipartisan GENIUS Act, which requires stablecoins to be fully backed by USD or similar liquid assets among other requirements: Crypto leaders have praised the bill for modernizing payment rails and further regulating the space, with final passage expected soon.
• Circle is reportedly discussing a sale to Coinbase or Ripple at a valuation of at least $5 billion: The company publicly insists it’s not for sale and remains committed to going public.
• The SEC alleges Unicoin sold over $3 billion in bogus rights certificates, when it raised only $110 million: CEO Alex Konanykhin and two other executives face antifraud charges after allegedly marketing fictitious asset-backed tokens to more than 5,000 investors.
• Metaplanet has acquired 1,004 bitcoin for nearly $105  million, raising its total to 7,800 BTC: This marks the Tokyo-based firm’s second‑largest buy after its May 12 1,241 BTC acquisition and positions it among the top ten corporate bitcoin holders globally.

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Bitcoin Pushes Past $111K, Reaches All-Time High

The price of bitcoin surged past $110,000 late Wednesday and nearly hit $112,00 by mid-day Thursday, pushing past a previous all-time high reached in January. The increase continues a dramatic turnaround for bitcoin from early April, when it dipped below $80,000. Over the past 30 days alone, the price has pushed more than 26% higher, outpacing the NASDAQ (about 16%) and S&P 500 (about 10%).

Analysts have suggested spot bitcoin ETFs have played a pivotal role in the rally, with approximately $3.6 billion in inflows in May alone. And the introduction of new corporate buyers mimicking Strategy’s Bitcoin Treasury buying program have served as a greenshoot propelling the entire ecosystem forward.

Last week, newly formed bitcoin acquisition company Twenty One Capital struck a deal to purchase around $459 million BTC with backing from Tether. On Thursday, Strategy issued another filing saying it planned to buy an addition $2.1 billion BTC. The industry also has benefited from a bipartisan push by lawmakers to create a legal framework for stablecoins and the broader crypto markets.

Senate Advances GENIUS Act in Historic Move

The US Senate took a landmark step Monday by voting to advance the US Stablecoins GENIUS Act. The legislation will now move on to a formal debate in the Senate before the final vote. If the bill passes, a similar version must pass the House before President Trump can sign into law.

Led by Republican Senator Bill Hagerty (R-TN), the bill mandates that any stablecoin issued in the United States be backed 1:1 by USD or equivalents and requires annual audits for issuers whose market capitalizations exceed $50 billion.

The legislation has been hailed by the US crypto industry not just for its advancements of regulation of the stablecoin sector, but the positive effect it would have on USD dollar-dominance. Advocacy group Stand With Crypto reportedly received over 60,000 constituent emails urging senators to back the measure, underscoring widespread support as the bill moves toward final passage.

Circle Reportedly Held $5 Billion Sale Talks with Coinbase, Ripple

Circle, the issuer of USDC and the second-largest stablecoin by market capitalization, engaged in informal discussions about selling the company to Coinbase or Ripple prior to its IPO filing last month. The stablecoin giant reportedly sought at least a $5 billion price tag, mirroring the valuation placed on the firm by JPMorgan.

Coinbase, already a minority stakeholder in Circle and a partner in sharing USDC reserve interest income, was among the prospective buyers. Ripple, having recently launched its own stablecoin in the form of RLUSD, also reportedly approached Circle with an acquisition proposal that was allegedly rejected.

Circle said is not for sale and remains focused on its IPO path. The company’s management previously walked away from a SPAC merger in 2021, opting instead to pursue a traditional listing.

SEC Targets Unicoin in $100 Million Fraud Case

The SEC charged Unicoin and its senior leadership of a sweeping $100 million fraud. According to the regulatory body, Unicoin promoted “fraud rights certificates” and token offerings purportedly backed by real estate and equity valued at billions. In reality, the company raised no more than $110 million, despite claiming to have sold over $3 billion.

Unicoin’s aggressive marketing campaign spanned television ads, major airport displays, and branding on thousands of New York City taxis, drawing more than 5,000 investors into the scheme. The SEC alleges that Unicoin falsely represented both its token registrations and the scope of its asset collateral, and the complaint charges the defendants with violations of federal antifraud provisions. The regulatory body will also seek to recover the allegedly ill-gotten gains.

Metaplanet Acquires 1,004 BTC in Second‑Largest Purchase

Tokyo firm Metaplanet this week made its second‑largest bitcoin acquisition, purchasing 1,004 BTC for approximately $105  million). The move lifts the company’s holdings to 7,800 BTC, and is helping solidify its status as the largest public corporate holder in Asia and the tenth largest worldwide. This purchase follows an earlier acquisition on May 12, where the company acquired 1,241 BTC, briefly causing Metaplanet’s treasury to surpass that of the nation of El Salvador.

The Japanese firm has aggressively accumulated bitcoin over the past few months, with 2,800 BTC added in May, 794 BTC across four buys in April, and 1,655 BTC in six purchases during March. With 7,800 BTC currently on its balance sheet, the company sits just 301 BTC shy of overtaking Galaxy Digital’s position of 8,100 BTC. Strategy (formally MicroStrategy) continued to lead comfortably however, with 568,840 BTC in holdings.

-Team Gemini