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Block 1: Essential news
Tether injects $458.7m into Bitcoin to support Twenty One Capital
Tether is strengthening its bet on Bitcoin with a new acquisition of 4,812 BTC for $458.7m. This aims to support Twenty One Capital, a Bitcoin fund currently merging with Cantor Equity Partners via a SPAC. Once listed under the ticker XXI, the structure aims to become the direct alternative to Strategy (formerly MicroStrategy). With 36,312 BTC in reserve and the support of Tether, Bitfinex and SoftBank, the future entity could hold up to 42,000 BTC at launch. This would make it a new listed giant focused exclusively on Bitcoin.
JPMorgan completes its first public transaction of tokenized Treasury bonds via Ondo and Chainlink
Tokenization has reached a new milestone. JPMorgan, Ondo Finance, and Chainlink have completed a DvP transaction between JPMorgan's permissioned Kinexys (formerly Onyx) network and Ondo Chain's public testnet. The transaction was supported by Ondo's OUSG (tokenized Treasury bills) fund and Chainlink's interoperability technology. This first secure and compliant interconnection between public and private blockchains marks a strategic milestone in the rise of Real-World Assets (RWA). Nathan Allman, CEO of Ondo, hailed it as "a statement about the future of finance." Kinexys already processes more than $2bn in transactions per day.
Steak 'n Shake now accepts bitcoin in all its restaurants
A new step forward for the adoption of BTC as a means of payment: the American chain Steak 'n Shake will accept bitcoin in all its restaurants from May 16. Thanks to the Lightning Network, customers can pay in BTC in seconds, with virtually no fees. This initiative makes Steak 'n Shake one of the few brands to fully embrace cryptocurrency, where others such as Subway and KFC have backed away due to market volatility. The brand aims to attract a crypto-friendly audience and return Bitcoin to its original use: a peer-to-peer payment system.
Meta returns to the crypto market with a new stablecoin strategy
Three years after the failure of Diem, Meta is back in the game. Mark Zuckerberg's group is currently exploring the integration of stablecoins into its platforms, including Instagram, to facilitate cross-border payments. The goal is to leverage the stability of stablecoins (particularly those pegged to the dollar) for international micropayments, where card fees and bank transfers are too high. Meta has hired Ginger Baker (formerly of Plaid and a member of the Stellar Foundation) to lead this shift. In a 2025 context that is more favorable to crypto regulation, this comeback marks a possible comeback after the failure of Libra/Diem.
Block 2: Crypto Analysis of the Week
Once considered a risky bet, Coinbase is entering the most exclusive club on the US stock market. On Monday evening, the company confirmed its imminent inclusion in the S&P 500, the iconic index of the 500 largest publicly traded companies in the United States. This institutional recognition marks a spectacular turnaround for the US exchange, which has long been in the crosshairs of regulators.
"First they ignore you, then they laugh at you, then they fight you... and then they add you to the S&P 500." These are the words of Coinbase on X.
As the saying goes...
"First they ignore you.
Then they laugh at you.
Then they fight you.
Then they add you to the S&P 500."
…or something like that.
— Coinbase 🛡️ (@coinbase) May 12, 2025
Just a year ago, the company was facing SEC lawsuits over its listing and staking activities. Today, those lawsuits have been dropped under the Trump administration, and Coinbase becomes the first pure-play crypto company to be included in the benchmark index for institutional funds.
With a market capitalization of around $52bn, Coinbase will represent approximately 0.1% of the total weight of the S&P 500, and up to 0.7% of its sector exposure to financial services. According to Bernstein's calculations, this entry could generate up to $16bn in purchases from passive and active funds backed by the index.
For Bitcoin supporters, this milestone is highly symbolic. With more than $5 trillion in assets passively replicating the index's composition, the inclusion of a security represents an automatic windfall of capital.
Coinbase President Emilie Choi did not hide her pride on Twitter: "The S&P 500 is a magnet for institutional capital and the bedrock of American retirement portfolios. This is a historic day for Coinbase and for the entire crypto industry." Brian Armstrong, the founder and CEO, sees it as a clear signal: "Crypto is here to stay. And soon, it will be in every 401(k) portfolio in the country."
Two other thoughts:
1. Crypto is about to be in everyone's 401k
2. My goal is that in 5-10 years, getting into COIN50 index will feel as good as this https://t.co/fXfk2tJ6g8
— Brian Armstrong (@brian_armstrong) May 12, 2025
This integration comes at a strategic time for Coinbase. The company remains the undisputed leader in US exchanges with over 66% market share, 10 million active users, and over $400bn in assets under management.
Last week, the company announced the acquisition of Deribit, the world's largest crypto options platform, for a record $2.9bn. For many analysts, this acquisition puts Coinbase on track for a valuation of $1 trillion.
But it's not all good news. In the same week, Coinbase disappointed the markets by posting lower-than-expected quarterly results: $2bn in revenue (-13% compared to the previous quarter) and a 19% drop in transaction revenue. The stock remains 34% below its all-time high ($343), despite a 10% rebound after the announcement of its inclusion in the S&P.
The political environment is also playing a major role in this momentum. Since his return to the forefront, Donald Trump has made a number of pro-crypto statements: creation of a strategic Bitcoin reserve, legalization of stablecoin payments, adoption of ETFs, etc. The appointment of a new management team at the SEC and the easing of regulations around Coinbase have boosted investor confidence.
This climate of regulatory goodwill, combined with unprecedented institutional adoption, gives Coinbase the role of central platform in the new American narrative around digital assets. Coinbase is now a kind of Wall Street Trojan horse in Web3.
In conclusion, Coinbase's entry into the S&P 500 marks more than a turning point for the company: it establishes crypto as an asset class fully integrated into traditional financial markets. Bitcoin ETFs have paved the way, regulation is easing, investors are following — and Coinbase is emerging as the flagship of this convergence between traditional and digital finance.
The regulatory battle is not over. But one thing is certain: the age of institutional crypto is well and truly upon us.
Cryptocurrency rankings (Click to enlarge)
Block 4: Readings of the week
North Korean IT workers exposed on a large scale (Wired, in English)
Trump's real family business is cryptocurrency (The Atlantic)
NFTs in sports: what you need to know about the dangers of fraud and counterfeiting (The Conversation)
