Welcome to our 222nd issue of State of the Market, where we provide an overview of crypto market activity from May 22 – May 28, 2025.
This week in crypto markets:
- Trump Media raised $2.5B through equity and convertible bond offerings to build a “Bitcoin treasury” as a core part of their assets.
- SharpLink Gaming adopted Ethereum (ETH) as its primary treasury reserve, backed by a $425M round led by ConsenSys.
- Circle is moving forward with its IPO, targeting a $6B valuation, with BlackRock reportedly eyeing a ~10% stake.
- Cantor Fitzgerald financed a $2B Bitcoin lending facility to Maple Finance and FalconX, supporting institutional access to on-chain credit.
- Bergen County will digitize $240B in property records on Avalanche, aiming to reduce processing times and modernize asset ownership records.
- Euler Finance launched EulerSwap, a new DEX that integrates lending and AMM trading via Uniswap v4 hooks.
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