Iran said it will soon introduce a new transit system for the Strait of Hormuz that would impose routing controls and charge fees on vessels seeking safe passage through the waterway.

Intesa Sanpaolo has more than doubled its cryptocurrency exposure, raising holdings from roughly $100 million at the end of 2025 to about $235 million as of March 31, 2026, CoinDesk reported. The Italian banking group has broadened its positioning beyond bitcoin, adding regulated ETF and trust-based exposure to Ethereum and XRP in a move seen as another sign that parts of Europe's banking sector are warming to crypto after years of caution and regulatory scrutiny. A key change is the bank's first sizeable allocation to Ethereum. Intesa has bought more than 3.1 million shares of BlackRock's iShares Staked ETH Trust, which provides ETH exposure while passing through staking participation. The purchase suggests the bank is treating Ethereum not only as a price-risk asset, but also as an on-chain network with an embedded yield mechanism. The bank also initiated an XRP position through the Grayscale XRP Trust, holding more than 712,000 shares. The stake was initially valued at around $18 million and is now worth roughly $26 million after XRP's recent rally. Bitcoin remains the portfolio's anchor. Intesa increased positions in spot bitcoin ETF products, including BlackRock's IBIT and the ARK 21Shares Bitcoin ETF. It also added bitcoin call options for the first time, pointing to a more sophisticated approach combining hedging and directional exposure. At the same time, Solana appears to be fading in the strategy. Intesa has nearly exited the Bitwise Solana Staking ETF, cutting the position from more than 266,000 shares to 2,817 shares. The shift underscores a preference among large investors for more liquid and more heavily regulated vehicles tied to bitcoin and ether over higher-risk altcoins. Intesa said the crypto positions are held for proprietary purposes and are not linked to products offered to retail customers. The expansion comes as major European lenders post strong results and continue investing in digital platforms. Unicredit reported first-quarter profit of €2.8 billion, its highest on record, while Banco Santander has invested more than €5.7 billion in technology infrastructure from 2022 to 2026 and said its digital platform Isybank has more than 1.1 million users. The developments suggest crypto exposure is increasingly being folded into broader digitalization and revenue diversification plans at Europe's largest banks.

Payward, the parent company of crypto exchange Kraken, is cutting roughly 150 jobs, about 5% of Kraken's nearly 3,000 employees, as it trims costs ahead of a planned U.S. stock market debut. People familiar with the matter said the layoffs are part of a broader effort to streamline operations before the company returns to the IPO path. Payward has already submitted confidential listing documents, though a tougher market backdrop has pushed out the timetable. The latest reduction follows a series of restructuring steps. Kraken eliminated about 400 roles in October 2024, nearly 15% of headcount at the time, shortly after Arjun Sethi joined David Ripley as co-CEO. Additional cuts came in early 2025 as management combined overlapping teams and reviewed business lines. A Kraken spokesperson declined to comment on specific personnel decisions, saying the company continues to reassess its organizational setup to retain key talent and support growth. Payward is still hiring in targeted areas such as derivatives, payments and tokenized assets, where it sees stronger long-term demand. Payward confidentially filed a draft S-1 registration statement with the U.S. Securities and Exchange Commission in November 2025. The company later paused its IPO schedule in March 2026 after weak performance from recent crypto listings dampened investor interest. Sources said Payward still intends to go public when market conditions improve; Sethi has said Kraken is about 80% ready. Separately, Payward is reported to be seeking new funding at a $20 billion valuation, a move that would provide additional flexibility to expand while preparing for the scrutiny that comes with public markets. Even as it reduces costs, Payward has continued to pursue acquisitions. In 2025, it bought NinjaTrader for $1.5 billion. It has also recently acquired Reap Technologies, a stablecoin payments firm, and Bitnomial, a digital-asset derivatives platform. The deals underscore where Kraken is concentrating investment ahead of a potential listing: derivatives, payments and institutional trading. For now, the timing of an IPO remains the key variable, with management focused on margins, M&A and a leaner structure while waiting for a more supportive market window. Disclaimer: This content is for informational and educational purposes only and does not constitute financial advice. Readers should use caution before taking any action related to the company.

Penn Entertainment and Gambling.com Group announced new layoffs this week, underscoring a shakeout in sports betting as operators automate more work and prediction markets attract wagering activity. Gambling.com said it is cutting about 25% of its workforce, roughly 150 employees. Penn will eliminate more than 75 positions from its Interactive division, including teams tied to theScore Bet, online casino and social gaming. Gambling.com paired the reductions with its first-quarter results, reporting a $1.2 million loss on flat revenue of $40.4 million. Incoming CEO Kevin McCrystle told analysts AI is already producing about 80% of new engineering code, a shift the company expects will support $13 million in annualized savings. It also lowered full-year 2026 revenue guidance to $165 million-$170 million. The stock fell more than 45% following the update. Penn's moves extend a restructuring announced in January that centralized technology under Aaron LaBerge and removed two senior executive roles. The company reported first-quarter revenue of about $1.4 billion. The latest cuts come as regulated prediction-market venues, overseen by the Commodity Futures Trading Commission (CFTC), gain traction. Platforms including Polymarket and Kalshi have processed an estimated $150 billion in combined lifetime volume, with sports-related contracts driving much of the recent activity. DraftKings has acquired a CFTC-licensed exchange and partnered with Polymarket on clearing, while Penn has avoided event contracts, citing regulatory uncertainty. Industry lobbying has intensified. The American Gaming Association is pushing regulators to classify event contracts as gambling and, as Congress weighs the Clarity Act, is urging lawmakers along with the Indian Gaming Association to add language stating prediction platforms cannot offer nationwide sports betting and casino-style gambling. Kalshi reported $14.8 billion in monthly trading volume in April, overtaking Polymarket for the first time in eight months. Event-contract venues are increasingly competing with sportsbooks across player props, spreads and live markets, prompting operators to reduce headcount and lean further into automation. The next regulatory fault lines around event contracts are expected to emerge at both the state and federal level.

The US and China signaled a pullback from their latest trade escalation, striking a tentative framework on tariff cuts and broader cooperation that could improve global risk sentiment$$and, by extension, demand for digital assets. Beijing said the understanding, dubbed the "Kuala Lumpur Joint Arrangement", includes reciprocal tariff reductions, a pause in retaliatory actions, and a pledge to remove export controls on certain critical minerals. For markets, the read-ing is straightforward: when the world's two biggest economies de-escalate, capital typically rotates toward risk+ier corners, including crypto. Key terms investors are focused on At the center of the package is a 10 percentage point cut in US tariffs on Chinese imports. The reduction is aimed at goods linked to fentanyl flows, a framing that ties trade policy to the opioid crisis and gives both governments domestic political cover. On China's side, Beijing agreed to suspend retaliatory tariffs and non-tariff measures on US goods dating back to March 2025. That shift brings China's tariff rate on US exports to about 21.9%, easing pressure from the elevated levels that have weighed on supply chains. Technology supply chains are also in focus. China said it will eliminate export controls on rare earths and other critical minerals$$inputs essential to semiconductors and the hardware underpinning blockchain infrastructure. Beijing also pledged to halt retaliation against US semiconductor firms and loosen trade restrictions that have hit the chip sector. Why crypto is reacting The agreement is not a direct crypto catalyst, but it matters through macro channels. Trade conflicts raise uncertainty, prompting institutions to favor cash and government bonds. When uncertainty recedes, money tends to move back into equities and other risk assets$$a category where crypto increasingly trades. The critical minerals component adds an additional lever. Semiconductor constraints influence the cost and availability of specialized chips used in Bitcoin mining, AI compute, and broader blockchain infrastructure. If export controls are meaningfully lifted, miners and hardware-dependent operators could see input-cost relief. Currency dynamics are another factor. Past US'-China flare-ups have contributed to yuan volatility, which at times has coincided with Chinese capital seeking hedges such as Bitcoin. A more stable trade backdrop could reduce that channel, though improved global risk appetite may offset it. Context: a long trade cycle, and neutral ground US'-China trade relations have deteriorated in waves since 2018, spanning tariffs, countertariffs, and export controls across multiple administrations. Measures covered by this suspension trace to an especially aggressive retaliatory round in March 2025, when both sides appeared headed for a prolonged standoff. The decision to formalize the arrangement in Kuala Lumpur, rather than Washington or Beijing, is notable. Meeting on neutral ground suggests both sides sought to project cooperation without appearing to concede, consistent with a reciprocal structure rather than a one-sided rollback. Semiconductors remain a central flashpoint. China's commitment to stop targeting US chip companies addresses a key friction point after US curbs on advanced chip exports helped trigger a cycle of countermeasures that threatened to split the global semiconductor supply chain into competing blocs. What to watch next The word "tentative" matters. US'-China deals have a track record of being announced publicly and then weakened by implementation disputes. The 2020 Phase One agreement is a reminder: strong headlines, mixed follow-through. Investors will be watching whether China lifts critical mineral export controls in practice, not just in statements. Rare earth processing remains heavily concentrated in China, a strategic advantage Beijing may be reluctant to surrender permanently. Even with the reported easing, a 21.9% tariff rate on US exports to China remains high by historical standards. This is a de-escalation, not a return to free trade, and structural competition between the two economies persists. For crypto markets, the key question is whether this détente translates into a durable improvement in global risk appetite. Bitcoin has become more sensitive to macro conditions, and a genuine trade thaw could provide tailwinds into year-end. If implementation stalls or new flashpoints emerge, those tailwinds could reverse quickly. Developments in the semiconductor supply chain also warrant close attention for investors exposed to proof-of-work mining and blockchain infrastructure. Any sustained decline in chip-input costs would be structurally supportive for mining economics$$but the market is likely to price that outcome cautiously until concrete evidence of follow-through emerges.

Bitcoin and the broader crypto market sold off after U.S. inflation readings came in stronger than expected, pressuring global risk assets, CoinDesk reported. On May 16, total crypto market capitalization fell about $90.3 billion in under an hour to roughly $2.59 trillion. Bitcoin briefly dropped to $77,678. Ethereum, XRP, Solana and Dogecoin each fell between 3.5% and 6%. Inflation surprise dims rate-cut hopes The move extended beyond crypto. The latest U.S. PPI was reported to be about 6% above market expectations, the highest since December 2022. April CPI was previously reported at 3.8%. Two back-to-back firmer inflation prints have reduced expectations for near-term Federal Reserve rate cuts. CME FedWatch data shows the probability of a Fed rate hike by December has risen above 44%, prompting capital to rotate out of higher-risk assets. Spot Bitcoin ETFs flip to outflows Institutional flows added to the pressure. U.S. spot Bitcoin ETFs posted a combined net outflow of around $290 million on the day, snapping a six-week streak of net inflows. BlackRock's IBIT recorded about $136 million in outflows. SoSoValue data shows Bitcoin ETFs saw roughly $1.15 billion in net outflows over the past week. Analyst Ali Martinez said Bitcoin miners sold nearly 800 BTC over the past four days, worth about $64 million at current prices, adding to spot selling pressure. Derivatives liquidations accelerate the drop As spot prices weakened, forced selling spread through derivatives. CoinGlass data shows nearly 154,000 traders were liquidated over the past 24 hours, with total liquidations around $696 million. Bitcoin-related liquidations exceeded $235 million, up 125%. Over the same period, total crypto derivatives open interest fell more than 25%, signaling widespread closure of leveraged positions. Altcoins underperform With risk appetite fading, major altcoins declined more than Bitcoin. XRP, Solana, BNB, Hyperliquid, Zcash, Dogecoin, Chainlink and Cardano posted steeper losses. The report attributed the correction to a combination of macro-driven risk-off sentiment, ETF redemptions and leveraged liquidations, which weakened near-term demand and exposed crowded long positioning built during the prior inflow phase.

Canaccord Wealth UK, which oversees about $70 billion in assets, has signed an exclusive partnership with Bitwise to provide selected UK clients access to Bitcoin ($BTC) and Ether ($ETH) ETP products. Client allocations will be permitted at up to 5% of a portfolio.

Harvard has sold its ether ETF position, while Abu Dhabi's sovereign wealth fund continues to add to its bitcoin holdings.

Gold futures tumbled $111 on Friday in one of the year's steepest single-session drops, pressured by a mix of stalled Iran diplomacy, rising oil prices, a firmer U.S. dollar and Treasury yields climbing to their highest levels of 2026. June COMEX gold settled around $4,615 an ounce. The contract is down about 3% for the week and sits more than 17% below its January record near $5,589. The selloff followed fresh geopolitical headlines after President Trump's two-day summit with Chinese President Xi Jinping in Beijing. Trump rejected a proposed Iranian peace framework and warned that if Tehran did not accept U.S. terms—including a halt to nuclear enrichment and removing restrictions affecting the Strait of Hormuz—U.S. military operations could resume with greater intensity. Iran pushed back against outside pressure, leaving the two sides further apart by the end of the summit. Full article at Kitco: