In a week full of major developments across cryptocurrency and global markets, Ripple made a notable gesture to the Bitcoin community, large corporations added billions in Bitcoin to their balance sheets, and President Trump reignited trade tensions with new tariffs.
These events come as the digital asset industry pushes for unity and regulatory clarity, with more institutions now diversifying into both Bitcoin and XRP.
Ripple Donates ‘Skull of Satoshi’ to Bitcoin Museum
Ripple CEO Brad Garlinghouse announced the donation of the “Skull of Satoshi” to the Bitcoin community. The sculpture will be displayed at the Bitcoin Museum in Nashville. The 11-foot artwork, created by Benjamin Von Wong with Greenpeace USA, was built from discarded electronics and was originally part of an environmental campaign.
The art piece was first shown in March 2023 during the “Change the Code, Not the Climate” campaign. It was meant to criticize the energy use of Bitcoin’s proof-of-work model. However, the Bitcoin community adopted the statue as a symbol of strength.
Brad Garlinghouse shared the news on X, saying: “The Skull of Satoshi was originally built to call attention to blockchain energy usage, and today it’s a symbol and reminder of Bitcoin’s incredible staying power to many around the world (including me!).”
Bitcoin Holdings Increase Across Corporations
During the last week of May, several companies announced large Bitcoin purchases. GameStop Corp. confirmed its first Bitcoin acquisition of 4,710 BTC, valued at around $513 million. The purchase was funded using proceeds from a $1.3 billion convertible bond offering.
MicroStrategy, now rebranded as Strategy, acquired 4,020 more BTC, worth about $427 million. The company’s total holdings now exceed 580,000 BTC. Trump Media & Technology Group announced it raised $2.4 billion to build a Bitcoin treasury, although it has not shared the exact number of coins acquired.
DDC Enterprise Limited added 79 BTC to its reserves, bringing its total to 100 BTC. Jetking Infotrain, an Indian IT training firm, also disclosed a Bitcoin investment plan, but the size remains undisclosed.
Twenty One Capital, a Tether-backed firm, also raised $100 million via convertible notes to buy more Bitcoin. It now holds 31,500 BTC, ranking as the third-largest public Bitcoin holder after Strategy and MARA Holdings.
Meanwhile, Meta Platforms, the parent company of Facebook and Instagram, has rejected a shareholder proposal to allocate a portion of its treasury to Bitcoin.
XRP Gains Ground as Treasury Asset
While Bitcoin dominated the acquisitions, XRP also saw renewed corporate interest. On May 28, Ault Capital Group (ACG), a subsidiary of Hyperscale Data, shared its plan to buy $10 million worth of the Ripple token XRP by year-end. The firm will also launch an XRP lending platform targeted at companies listed on the NYSE. The XRP assets will be marked to fair market value on financial reports.
On the same day, VivoPower International revealed plans to become the first XRP-focused enterprise. Backed by $121 million in private funding led by Prince Abdulaziz bin Turki Abdulaziz Al Saud, the company will use part of the capital to create an XRP treasury and support XRP Ledger-based projects.
Later, Webus International, an AI-based firm, disclosed a non-equity financing deal worth up to $300 million. These developments follow earlier news from Wellgistics Health, which announced a $50 million credit line to create an XRP treasury.
Trump Doubles Steel and Aluminum Tariffs Amid Trade Tensions
On May 30, President Donald Trump announced a new trade policy move involving steel and aluminum imports. Tariffs on both materials will rise from 25% to 50%, starting June 4. The announcement came during a rally near Pittsburgh and was tied to a $14.9 billion agreement between Nippon Steel and U.S. Steel.
The administration says the policy will support U.S. manufacturers and protect jobs. However, it has sparked criticism from major trading partners. India’s export organization raised concern about reduced market access for its steel and aluminum sectors.
U.S. federal court recently ruled parts of Trump’s earlier emergency powers on trade were unlawful, but an appeals court has allowed the new tariffs to stay temporarily.
Trump also accused China of breaking a deal on rare-earth mineral exports. He plans to discuss the matter directly with President Xi Jinping. These tensions may affect ongoing trade negotiations between the two countries.
Crypto Regulation and Recovery Efforts Continue
The Digital Asset Market Clarity Act has been welcomed by many in the crypto industry. Ripple’s chief legal officer, Stuart Alderoty, called the law a “big win” for setting standards. He said the act could serve as a reference point for other future policies.
Meanwhile, the recovery process from the Cetus protocol hack has entered a new stage. About $160 million in stolen assets have been secured in a multisig wallet controlled by Cetus, the Sui Foundation, and OtterSec. The recovery plan includes contract updates and a full relaunch.
Cetus will host a public Twitter Space on June 2 to discuss the recovery and take community questions. The hack occurred on May 23, with the total loss estimated at $260 million. Cetus has promised user reimbursements, regardless of ongoing community votes.
Kelvin Munene Murithi
Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.
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