Galaxy and BitGo Engage in Court Battle Over $100 Million Merger Termination Fee
May 22nd brought a court showdown between Galaxy Digital founder and billionaire Michael Novogratz and BitGo Holdings CEO Mike Belshe, centered on a four-year-old merger dispute. BitGo is suing Galaxy for at least $1 billion in breach-of-contract damages linked to a 2021 $12 billion acquisition offer—then the largest M&A deal in crypto industry history, which collapsed after the crypto market crash. BitGo alleges Galaxy failed to use reasonable efforts to close the transaction, and also concealed details of U.S. authorities investigations that could have significantly hampered the merger’s completion from relevant parties.
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HYPE’s largest contract short seller Oracle sells over 610,000 HYPE tokens, worth $36 million
On May 22nd, HyperInsight’s monitoring revealed that the largest short-position address—loracle.hl (@loraclexyz)—deposited 616,670 HYPE into HyperLiquid, worth $36 million, and began selling. Only 78,000 HYPE remains to be sold at this time. Additionally, loracle maintains a 5x leveraged HYPE short position for spot hedging, with a total position value reaching up to $104 million and an unrealized loss of $22.78 million.
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Tom Lee: Ethereum to Be Ensured as Future Financial and AI Settlement Layer, Continues to Bullish on ETH
May 22 – Tom Lee, chairman of BitMine—Ethereum’s largest treasury—stated Ethereum has a strong group of leaders and developers that will lock in its position as the future settlement layer for finance and AI. He noted much of the current bearish sentiment is simply desperation and blame-shifting stemming from the depths of the crypto winter’s bottom. Lee added blockchain is the only viable framework for agentic AI to conduct commercial interactions, and it will drastically boost the profitability of the global financial system. He remains firmly bullish on ETH.
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Mark Cuban Sells Most of His Bitcoin Holdings, Disappointed by Poor Performance of "Digital Gold" Narrative
May 22nd, billionaire Mark Cuban revealed on the Front Office Sports podcast that he has sold the vast majority of his Bitcoin holdings. The NBA owner turned sour on the cryptocurrency after it failed to act as an effective hedge amid recent geopolitical unrest and U.S. dollar weakness—breaking his long-held core investment thesis for Bitcoin.
Cuban originally viewed Bitcoin as “digital gold” superior to physical gold, arguing its fixed supply would protect against fiat currency devaluation. But recent events upended that belief: during the Iran conflict, gold prices surged while Bitcoin fell, and the crypto asset did not rally when the U.S. dollar weakened.
For years, Cuban was a vocal, major Bitcoin supporter, holding a significant position that made up roughly 60% of his entire crypto portfolio. Back in 2018, he even made headlines when the Dallas Mavericks started accepting Bitcoin as payment for tickets, and he’s also expressed bullishness on Ethereum in the past. But his consis
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Coinbase to Launch Perpetual Stock Index Futures on June 8th
Coinbase announced on May 22 that it will launch the first CFTC-regulated perpetual stock index futures product on June 8. The initial lineup of four themed contracts includes: AI10 (top 10 firms in AI infrastructure, semiconductors, data centers and related sectors), China10 (top 10 U.S.-listed Chinese ADRs), Defense10 (top 10 defense and aerospace companies), and Tech100 (top 100 innovative Nasdaq-listed enterprises). All contracts are cash-settled with a funding rate mechanism designed to maintain close alignment with their underlying indices.
These products offer traders 24/7 trading access, centralized liquidity and the 60/40 tax advantage standard for U.S. futures contracts. They enable investors to efficiently engage in thematic plays around AI, defense and China concepts while operating within a compliant regulatory framework. The platform plans to gradually expand access to these products to retail investors over time.
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Middle East Update: US-Iran Negotiation Gap Narrows but Agreement Still Challenging, Trump Once Again Threatens to Obtain Enriched Uranium
May 22: Earlier today, Iranian media outlets reported that a final draft of the U.S.-Iran agreement has been completed and is expected to be announced in the next few hours. However, Al Arabiya later disputed the reports, calling them fabricated. U.S. Secretary of State Mike Pompeo then clarified that while there has been progress in U.S.-Iran negotiations, a deal is not certain, and he doesn’t want to appear overly optimistic. Iranian President Ebrahim Raisi firmly stated that Iran will not back down in the talks.
### United States
U.S. Media: American intelligence indicates that Iran is rapidly rebuilding its military capabilities, which would pose a significant threat if bombing were to resume.
U.S. Officials: Iran’s stance on the nuclear issue remains tough.
Secretary of State Pompeo: “We have made some progress on the Iran issue and have seen some positive signs.”
Former President Donald Trump has reiterated his threat, demanding Iran hand over its enriched uranium, and suggestin
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