Ripple donates Skull of Satoshi as firms invest billions in BTC and Trump revives trade tensions with 50% tariffs on steel and aluminum.
Ripple made a significant gesture to the Bitcoin community, large corporations added billions of Bitcoins to their balance sheets, and President Trump reignited trade tensions with new tariffs during a week filled with significant developments in global markets and cryptocurrency.
As the digital asset industry strives for regulatory clarity and unity, more institutions are diversifying into Bitcoin and Ripple XRP. These events are part of this effort.
Ripple Donated “Skull Of Satoshi” To Bitcoin Museum
Brad Garlinghouse, the CEO of Ripple, announced the donation of the “Skull of Satoshi” to the Bitcoin community.
The Bitcoin Museum in Nashville will exhibit the sculpture.
In collaboration with Greenpeace USA, Benjamin Von Wong constructed the 11-foot artwork from discarded electronics as part of an environmental campaign.
The art installation was initially displayed in March 2023 as part of the “Change the Code, Not the Climate” campaign.
It was intended to critique the energy consumption of Bitcoin’s proof-of-work model.
Nevertheless, the Bitcoin community deemed the statue a symbol of fortitude.
Brad Garlinghouse announced the news on X, stating, “The Skull of Satoshi was initially constructed to draw attention to the energy consumption of blockchains.
Today, it serves as a symbol and reminder of the remarkable longevity of Bitcoin for numerous individuals worldwide, including myself.”
Corporations Are Experiencing Increase In Their Bitcoin Holdings
Several organizations disclosed substantial Bitcoin acquisitions during the final week of May.
The initial Bitcoin procurement of 4,710 BTC, which is estimated to be worth approximately $513 million, was confirmed by GameStop Corp. today.
Proceeds from a convertible bond offering of $1.3 billion were utilized to finance the acquisition.
MicroStrategy, which has since been rebranded as Strategy, acquired an additional 4,020 Bitcoins, which are estimated to be worth $427 million.
The company’s total holdings now exceed 580,000 BTC.
The precise number of coins acquired has not been disclosed, but Trump Media & Technology Group has disclosed that it has raised $2.4 billion to establish a Bitcoin treasury.
DDC Enterprise Limited increased its reserves by 79 BTC, increasing the total to 100 BTC.
Jetking Infotrain, an Indian IT training firm, also disclosed a Bitcoin investment plan; however, the quantity of the investment remains undisclosed.
Additionally, Twenty One Capital, a company that Tether funds, raised $100 million through convertible notes to acquire additional Bitcoin.
It is currently the third-largest public Bitcoin holder, following Strategy and MARA Holdings, with 31,500 BTC.
In the interim, Meta Platforms, the parent company of Facebook and Instagram, has declined to allocate a portion of its treasury to Bitcoin, as per a shareholder proposal.
XRP Is Gaining Momentum As Treasury Asset
Although Bitcoin dominated the acquisitions, XRP also experienced a resurgence in corporate interest.
Ault Capital Group (ACG), a subsidiary of Hyperscale Data, disclosed its intention to acquire $10 million of the Ripple token XRP by the end of the year on May 28.
Additionally, the organization will introduce an XRP lending facility intended for companies listed on the NYSE.
The financial reports will reflect the fair market value of the XRP assets.
VivoPower International disclosed its intention to become the first enterprise to concentrate on XRP on the same day.
The company will utilize a portion of the $121 million in private funding, which is being led by Prince Abdulaziz bin Turki Abdulaziz Al Saud, to establish an XRP treasury and provide support for XRP Ledger-based initiatives.
Webus International, an AI-based company, subsequently disclosed a non-equity financing agreement valued at up to $300 million.
These developments have been preceded by Wellgistics Health’s announcement of a $50 million credit line to establish an XRP treasury.
Tariffs On Steel, Aluminum Are Doubled By President Trump Amid Trade Tensions
On May 30, President Donald Trump disclosed a novel trade policy initiative about importing steel and aluminum.
Starting June 4, tariffs on both materials will increase from 25% to 50%.
The announcement was made during a rally near Pittsburgh and was associated with a $14.9 billion agreement between U.S. Steel and Nippon Steel.
The administration asserts that the policy will safeguard employment and assist U.S. manufacturers.
Nevertheless, it has elicited criticism from significant commercial partners. India’s export organization expressed apprehension regarding the diminished market access of its steel and aluminum sectors.
The new tariffs have been temporarily permitted to remain in effect by an appeals court, despite the recent ruling by a U.S. federal court that certain aspects of Trump’s previous emergency powers on trade were unlawful.
Additionally, Trump accused China of violating an agreement regarding rare-earth mineral exports. He intends to converse with President Xi Jinping regarding the matter directly. These tensions may impact the ongoing trade negotiations between the two countries.
Efforts To Regulate, Recover Cryptocurrency Market Persist
Many in the crypto industry have supported the Digital Asset Market Clarity Act. Stuart Alderoty, Ripple’s chief legal officer, characterized the legislation as a “significant victory” in establishing standards.
He stated that the act could be a benchmark for other future policies.
In the interim, the recovery process from the Cetus protocol breach has reached a new phase.
A multi-sig wallet managed by Cetus, the Sui Foundation, and OtterSec has been used to secure approximately $160 million in misappropriated assets.
The recovery plan encompasses a complete relaunch and contract updates.
On June 2, Cetus will conduct a public Twitter Space to address the recovery and address inquiries from the community.
The total loss is estimated to be $260 million, and the breach occurred on May 23. Regardless of the ongoing community ballots, Cetus has guaranteed user reimbursements.