Can corporates handle a Bitcoin crash?

June 04, 2025

Reading time: 5 minutes

Trump’s crypto empire expands: $47 airdrop, Truth Social Bitcoin ETF filing

Key points:

  • Trump-linked World Liberty Financial airdropped $47 in USD1 stablecoins to WLFI holders, boosting engagement and scrutiny.

  • Truth Social, owned by Trump Media, has filed with the SEC to launch a spot Bitcoin ETF backed by Yorkville and Crypto.com.

News - Donald Trump’s crypto empire is making waves on two fronts this week. First, Trump-backed World Liberty Financial (WLF) executed a surprise airdrop of 47 USD1 stablecoins, pegged to the U.S. dollar and backed by Treasuries, to every wallet that participated in its WLFI token sale. While the $47 giveaway may seem modest, it reignited social media buzz and was quickly verified by on-chain sleuths, reinforcing WLF’s transparency credentials.

Meanwhile, Trump Media & Technology Group (TMTG), the parent company of Truth Social, filed a 19b-4 with the U.S. Securities and Exchange Commission to list a new spot Bitcoin ETF under NYSE Arca. If approved, the Truth Social Bitcoin ETF would track the spot price of BTC and mark the first ETF initiative from a social media platform. Custody for the fund would be handled by Foris DAX Trust Company, which also secures Crypto.com assets.

Airdrop sparks debate on decentralization - While the airdrop boosted community trust, it also highlighted concerns around USD1’s decentralization. Analysts noted that the stablecoin’s supply is heavily concentrated in just three wallets, raising red flags about liquidity control and systemic risk. Still, with Chainlink CCIP integration and high-profile support, USD1 has captured attention despite its $200M market cap.

Trump’s ETF bet: More than just branding - Although the ETF’s branding avoids direct Trump references, filings show his media firm is at the center of this crypto pivot. With the SEC’s approval deadline set for January 2026, the Truth Social Bitcoin ETF could face a crowded market of 11 competitors, but it brings with it unmatched political visibility. Trump Media also reportedly plans to invest $2.32 billion in a Bitcoin treasury, a move that could further shake up institutional interest in crypto.

Public companies hold 3.2% of all Bitcoin: Risk or resilience?

Key points:

  • Public firms now control over 673,000 BTC, equal to 3.2% of Bitcoin’s total supply, as corporate buying accelerates.

  • Semler, SolarBank, and K33 are among the newest entrants, but analysts warn of risks if mass sell-offs begin.

News - Bitcoin’s status as a corporate treasury asset is accelerating, with 61 publicly listed firms now holding a combined 673,897 BTC, approximately 3.2% of the total supply that will ever exist, per Standard Chartered. That’s nearly double their holdings just two months ago, outpacing even the aggressive pace set by Strategy, Michael Saylor’s firm.

Semler Scientific alone acquired 185 more BTC in late May, pushing its total stash to 4,449 BTC, worth nearly $500 million. The company funded the purchase using proceeds from its $500M stock issuance program. Meanwhile, SolarBank and K33 have joined the trend, citing Bitcoin as a hedge against inflation and a strategic diversification move.

Corporate buying: Boon or looming bust? - Standard Chartered warns that while corporate demand is currently boosting Bitcoin’s price, it could become a source of volatility. Half of the companies involved have an average BTC acquisition cost above $90,000, exposing them to deeper losses in a downturn. Saifedean Ammous, author of The Bitcoin Standard, cautioned that an 80% drop remains possible, even for large buyers.

Whales, profits, and price pressure - On-chain metrics show a sharp spike in realized profits, over $500 million per hour three times in the last 48 hours, signaling increased profit-taking. Whale wallets (10K–100K BTC) have been steadily selling for years, reducing their share of supply from 2.7M to 1.6M BTC. With Bitcoin’s price hovering near $105K, analysts warn that a break below key support could trigger further downside.

Pump.fun’s $1B token rumor fuels Solana’s scalability woes

Key points:

  • Pump.fun is reportedly raising $1 billion via a token launch at a $4 billion valuation, with a 10% airdrop planned for its community.

  • The potential surge in activity has spotlighted Solana’s congestion issues, boosting attention on Solaxy, Solana’s first native Layer-2 solution.

News - Solana’s top memecoin launchpad, Pump.fun, is reportedly preparing a $1 billion token sale at a $4 billion fully diluted valuation, according to a report from Blockworks. The team has yet to officially confirm or deny the speculation, but multiple sources say the token launch could happen within two weeks, featuring listings on major centralized exchanges and a 10% airdrop for community members.

The protocol, which has earned over $677 million in cumulative revenue, became the heart of 2024’s memecoin frenzy. However, it has recently suffered a 66% drop in monthly revenue, falling from $137M in January to $46.6M in May.

Community split and SOL volatility - While some, like analyst Ansem, expressed excitement about the token, others raised red flags. DefiLlama’s 0xngmi questioned why Pump.fun needs $1B when it's already sitting on hundreds of millions. Meanwhile, SOL briefly dipped 2% on the news, reflecting market caution amid rumors that lack clarity on utility, allocation, or vesting.

Solana scalability under scrutiny - The rumored token raise has also reignited conversations around Solana’s long-standing congestion issues, which intensify during periods of high on-chain activity. With Pump.fun having already pushed the network to its limits, many now view Solaxy (SOLX), Solana’s first native Layer-2 protocol, as a timely solution.

SOLX, which batches and offloads transactions to ease mainnet pressure, is currently wrapping up its presale with over $43.8 million raised. The team has also announced a DEX and launchpad to rival Pump.fun, potentially reshaping Solana’s meme economy with better scalability and infrastructure.

South Korea elects pro-Bitcoin leader: ETFs, stablecoin, and pension access on agenda

Key points:

  • South Korea’s new president, Lee Jae-myung, plans to legalize spot Bitcoin ETFs and integrate BTC into the $884B national pension fund.

  • He also aims to launch a Korean won-pegged stablecoin to prevent capital flight and drive domestic adoption.

News - In a historic shift for Asia’s crypto landscape, South Korea has elected Lee Jae-myung as its new president, ushering in an administration with an ambitious pro-Bitcoin agenda. Lee, who secured over 49% of the vote in a record-breaking 79.4% turnout, replaces former President Yoon Suk-yeol, impeached following a failed attempt to impose martial law.

Crypto was a bipartisan issue in the high-stakes election, but Lee’s platform was especially bold: He pledged to legalize spot Bitcoin exchange-traded funds (ETFs), allow the $884 billion national pension fund to invest in Bitcoin, and establish a won-pegged stablecoin to mitigate capital outflows.

“The first wave of stablecoin innovation here won’t be about volumes or yield, it’ll be about real-world adoption,” said Alex Lim of LayerZero, highlighting Korea’s potential as a global hub for stablecoin utility.

While legal hurdles remain, crypto is still not classified as a financial instrument in South Korea, Lee’s victory is widely seen as a turning point. His administration also plans to implement clearer market surveillance and transparency rules as part of an ongoing two-part digital asset regulatory overhaul.

Bitcoin becomes a political battleground - The election adds South Korea to a growing list of countries where Bitcoin has emerged as a key political theme. France and Pakistan are reportedly exploring national BTC strategies, with Pakistan already planning a state-run Bitcoin reserve.

Lee’s swift moves have already stirred the markets. Bitcoin traded nearly 2% higher on South Korea’s exchanges post-election, triggering the return of the “kimchi premium” and signaling renewed retail enthusiasm.

What’s next for Korea’s crypto landscape? - Despite the optimism, execution will be key. Regulatory ambiguity has historically stalled crypto policy progress in South Korea. Observers are watching closely to see if Lee’s government can deliver where predecessors fell short.

Did you know?

  • Bhutan launched the world’s first national crypto tourism payment system, allowing visitors to pay for flights, hotels, and local services using digital assets via Binance Pay and DK Bank.

  • Coinbase refused to pay a $20 million ransom after overseas support agents were bribed in a targeted data breach. The company expects a financial impact of up to $400 million and has issued a reward for leads on the attackers.

  • With its acquisition of Hidden Road, Ripple became the first crypto firm to offer global prime brokerage services, expanding its institutional reach and boosting RLUSD adoption.

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Top 3 coins of the day

Uniswap (UNI)

Key points:

  • At press time, UNI was trading at $6.71, up 1.22% over the last 24 hours.

  • The price held above the 9-day SMA as the EWO flipped positive, signaling renewed bullish momentum.

What you should know:

UNI resumed its upward trend after rebounding off the $6.40 level, holding above the 9-day simple moving average for the second consecutive session. The price action showed a steady structure of higher lows, while the recent green volume spike reinforced bullish participation. The Elder Ray Index (EWO) flipped back into positive territory, suggesting that buying pressure had returned. Broader market factors may have played a role too: rising DEX-to-CEX trading volume ratios have fueled renewed optimism around Uniswap’s platform, contributing to UNI’s bounce. If momentum holds, UNI may challenge the $7.00–$7.20 resistance range next. A failure to sustain this push could trigger a short-term pullback toward the $6.40–$6.50 support zone.

Fartcoin (FARTCOIN)

Key points:

  • At press time, FARTCOIN was trading at $1.06, up 3.18% over the last 24 hours.

  • The token bounced off the $1.00 zone, but continued to trade below its 9-day SMA.

What you should know:

FARTCOIN posted a minor intraday recovery after slipping below the $1.10 mark earlier this week. Despite the bounce, the price stayed under its 9-day simple moving average, reflecting lingering bearish pressure in the short term. The Directional Movement Index (DMI) painted a neutral-to-slightly-bearish bias, while the ADX hovered near 26, the -DI line held above the +DI, indicating that the prevailing downtrend hadn't fully reversed. Bulls would need a close above the $1.15–$1.18 zone to regain control. On the flip side, failure to reclaim the 9-day SMA could expose FARTCOIN to further declines toward $0.95–$1.00.

XRP (XRP)

Key points:

  • At press time, XRP was trading at $2.23, down 0.41% over the last 24 hours.

  • The Supertrend indicator flipped bearish, while the Awesome Oscillator moved closer to the zero line.

What you should know:

XRP faced resistance near the $2.45–$2.50 zone and retraced slightly, with the Supertrend indicator switching to a sell signal during the dip. Price action showed lower highs recently, suggesting growing caution among buyers. Meanwhile, the Awesome Oscillator showed fading bullish momentum, hovering just below the neutral line. Volume remained relatively steady, indicating indecision as XRP held the $2.20 support. If buyers defend this level, a bounce toward $2.40 may follow. However, a drop below $2.20 could expose XRP to further downside, potentially toward $2.00. Recent catalysts—renewed speculation around an SEC settlement with Ripple, Dubai’s approval of Ripple’s RLUSD stablecoin integration, and growing optimism around an XRP-spot ETF (with 93% approval odds on Polymarket)—have all contributed to sustained trader interest despite short-term weakness.

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