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Mark Cuban Sells Most of His Bitcoin Holdings, Disappointed by Poor Performance of "Digital Gold" Narrative

2026.05.22 08:21:09

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 consistent stance had always framed Bitcoin as the key asset for hedging against fiat currency devaluation and economic turmoil.
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Standard Chartered's subsidiary Anchorpoint has officially launched the first phase of the Hong Kong dollar stablecoin HKDAP.

Standard Chartered’s subsidiary Anchorpoint officially launched the first phase of its Hong Kong dollar stablecoin HKDAP on Wednesday, opening test access to institutional distributors and professional investors. Anchorpoint, a joint venture formed by Standard Chartered, HKT, and Animoca Brands, secured a stablecoin issuance license from the Hong Kong Monetary Authority (HKMA) in April this year, making it one of the first institutions to obtain such approval.

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US July unadjusted annual CPI rate comes in at 3.4%, in line with expectations.

US July unadjusted CPI rose 3.4% year-over-year, matching the 3.4% forecast and down from the prior 3.50%. Separately, US July unadjusted core CPI came in at 2.5% year-over-year, in line with the 2.50% expectation and lower than the prior 2.60%. US July seasonally adjusted core CPI posted a 0.2% month-over-month increase, meeting the 0.20% forecast, unchanged from the prior 0.00%.

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Following the release of CPI data, spot gold plunged $50 in a short period.

According to Bitget's market data, spot gold has plunged 50 USD in the short term, now quoted at 4399 USD per ounce.

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Alameda Research transferred $8.25 million worth of SOL to BitGo’s custodial wallet, reportedly for FTX creditor compensation.

According to Arkham’s monitoring, addresses linked to Alameda Research transferred a total of $8.25 million worth of SOL to BitGo’s custodial wallet via 24 transactions, with the transfers speculated to be used for compensating FTX creditors. Arkham data shows Alameda still holds over $200 million worth of SOL currently.

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New York City Council Investigates Four Major Prediction Market Platforms Including Polymarket, Focusing on Risks Related to Advertising and Forced Betting

The New York City Council is investigating the advertising practices of prediction market platforms Polymarket, Kalshi, Coinbase, and Titan, a prediction market platform under Gemini, as the prediction market industry faces new regulatory pressure. New York City Council Speaker Julie Menin has sent letters of inquiry to the four platforms as part of the legislative investigation, to assess whether existing city laws sufficiently protect residents from false or deceptive marketing. Additionally, the council is reviewing relevant policies to address issues such as prediction market products possibly inducing users to engage in "forced speculation" on event contracts. In its letter to Polymarket, the council noted that the investigation not only covers allegations against the platform but will also evaluate the prevalence of similar marketing practices across the entire prediction market industry and their potential social harms.

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Summary of Institutional Views on CoreWeave After Its Earnings Report: Overall Positive, 5 Firms Raise Price Targets

Wall Street analysts overall hold constructive views on AI dedicated computing cloud service provider CoreWeave’s Q2 results, which reached $2.575 billion in revenue, up 112% year-over-year. They attribute the company’s better-than-expected performance mainly to strong growth in demand for AI infrastructure and improved profit margins. Five analysts raised their price targets: Wells Fargo to $160 (overweight rating), Piper Sandler to $153 (overweight rating), Baird to $130 (outperform the market rating), citing growth in net new active megawatts, strong Q3 bookings, and diversification of enterprise AI applications. JPMorgan and Mizuho maintained neutral ratings while slightly lifting their price targets to $120 and $115 respectively, noting that while Q2 margins improved, near-term revenue upside still faces uncertainty.

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