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Cypherpunk Cited by Satoshi Urges Musk to Pivot to Bitcoin
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Cypherpunk Cited by Satoshi Urges Musk to Pivot to Bitcoin

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Adam Back, one of the most prominent figures in the Bitcoin community, has urged centibillionaire Elon Musk to save his wealth in Bitcoin. 

so @elonmusk given the DOGE experience, inflation, financial repression (interest rates below inflation) as the only option. have you thought about saving in #bitcoin? seems like a no-brainer…

— Adam Back (@adam3us) June 5, 2025

Back’s comment came in response to a clip of famous economist Milton Friedman, who argued that government spending is actual taxation since everything that it spends ultimately comes from the people. 

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Friedman, who is admired by many members of the Bitcoin community, articulated this idea in various writings as well as speeches. 

On Thursday, Musk continued to voice opposition against the high-stakes House-passed tax bill. 

Earlier this week, he described the legislative effort as a disgusting abomination, urging the Senators to vote against it. 

The One Big Beautiful Bill Act (OBBA), which is set to deliver the biggest tax cut in history, is expected to add roughly $2.4 trillion to the national debt of the world’s leading economy. Some economists have concerns about the inflationary nature of the bill. 

As reported by U.Today, Bitcoiners have pitched the leading cryptocurrency as the ultimate solution to the deficit problem. Some of them urged Musk to put his “laser eyes” on.





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Publicly Traded Edtech’s Stock Soars 44% After Solana Treasury Pivot

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In brief

  • Classover joins a growing list of publicly traded companies to announce a crypto treasury strategy.
  • But the online educational platform is buying Solana not Bitcoin.
  • It has already purchased 6,472 SOL worth approximately $1 million.

A Nasdaq-listed online education platform has announced a crypto-buying strategy—but will snap up SOL, the sixth biggest digital coin, and not Bitcoin. 

Classover, which provides online children classes, said Tuesday that it had entered into an agreement with Solana Growth Ventures LLC to issue $500 million in senior secured convertible notes to purchase Solana.

The company added that it had already bought 6,472 SOL for approximately $1.05 million as part of its plan to “acquire, hold, and stake Solana.” 

In a statement, the New York-based firm’s CEO Hui Luo said the company had a “strong commitment to becoming a leader in blockchain-aligned financial strategy and positioning itself among the first publicly traded companies to directly integrate SOL into its treasury operations.”

Decrypt reached out to Classover for additional comment. 

SOL is the native coin of the Solana blockchain, a crypto network that competes with Ethereum.  Developers use the blockchain to build everything from crypto exchanges and meme coins to games. 

The asset has gained popularity in recent years with the likes of Visa announcing it would use the blockchain’s technology to speed up credit card payments. 



Solana’s payment protocol Solana Pay has also integrated with the e-commerce platform Shopify so merchants can accept stablecoin USDC via the blockchain.  

Classover is following a similar path to Nasdaq-listed AI-powered real estate platform DeFi Development Corporation, which has a SOL treasury of nearly 600,000 coins valued at close to $100 million. Its initiative is also part of a wave of companies building crypto treasuries. 

Strategy—formerly MicroStrategy—was the first publicly traded company to start a Bitcoin-buying masterplan. 

The software firm is now the largest corporate holder of Bitcoin, with 580,955 BTC—or $61.6 billion—in the leading cryptocurrency. The firm allows investors to buy its stock as a Bitcoin proxy. 

Other publicly traded companies that have followed suit include Semler Scientific and Metaplanet. 

Classover stock (KIDZ) was trading for a little over $5 on Tuesday, after jumping 40% over a 24-hour period.

Edited by James Rubin

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SharpLink Gaming Stock Falls Back to Earth Following Ethereum Treasury Pivot

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In brief

  • Shares in new Ethereum treasury company SharpLink Gaming are down more than 38% on the day.
  • The company said Monday that it has finalized its financing to acquire up to $425 million to fuel ETH purchases.
  • With its ETH acquisition, SharpLink says it will become the largest publicly traded holder of Ethereum.

Shares in SharpLink Gaming, a gambling marketing firm and affiliate network operator, are down more than 38% since the market opened, despite the company finalizing an investment round to help it acquire up to $425 million in Ethereum. 

The company, which last week announced plans to create an Ethereum-focused digital asset treasury, saw its shares surge as high as $124, after trading at $6 as recently as May 23. 

After closing at $76.70 on Friday, SharpLink shares—which trade with ticker SBET on the Nasdaq Exchange—are trading at $47.16, down more than 38% since open and a whopping 62% down from last week’s peak.

On the other hand, the stock price is still up 1,162% over the past month.



With the conclusion of its $425 million round, Ethereum co-founder and Consensys CEO Joseph Lubin became chairman of SharpLink’s board of directors. Consensys led the private placement round, funded in both fiat currency and ETH, which also included participation from prominent crypto investors like Galaxy Digital, Pantera Capital, Electric Capital, Arrington Capital, GSR, and ParaFi Capital.

(Disclosure: Consensys is one of 22 investors in an editorially independent Decrypt.)

The company’s newly established treasury pivot makes it the latest in a series of publicly traded companies adopting digital asset treasuries, a move popularized by the Bitcoin-stacking Strategy (formerly MicroStrategy) and outspoken co-founder Michael Saylor.

Those companies range from DeFI Development Corporation (formerly Janover), an AI-powered real estate platform that has built nearly a $100 million Solana treasury, to President Donald Trump’s Trump Media & Technology Group, which recently raised $2.4 billion to buy Bitcoin. 

SharpLink, though, is the most notable company to focus on acquiring Ethereum, crypto’s second largest asset by market capitalization. The firm’s Monday press release announcing the finalization of the funding says it will become the largest publicly traded holder of ETH.

ETH has been the butt of many jokes over the last year, especially as it has underperformed competing layer-1 blockchains like Bitcoin and Solana—but some optimism is growing for the asset following a price surge in May following the Pectra network upgrade.

Last week, BitMEX co-founder Arthur Hayes told Decrypt that he believes ETH could touch $4,000-$5,000 in 2025, potentially making a new all-time high in the process as the “most hated layer-1.” Plus, analysts from Bernstein have indicated a growing interest in underlying networks where stablecoins have a major presence, a metric ETH dominates with more than 51% of stablecoin market share, per the firm’s investment note. 

ETH is up 0.9% in the last 24 hours and is the best-performing coin in the top 10 by market cap over the last week, according to CoinGecko, dropping just 0.7% in that time to $2,532. 

Edited by Andrew Hayward

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Asia Trading Firm Caladan Targets US Market Amid Trump’s Pro-Crypto Pivot

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In brief

  • Caladan has revealed plans to open a representative office in New York City, committing at least 5% of its global workforce to expand into the U.S. market.
  • The firm is exploring broker-dealer registration and FINRA membership, seeking to build institutional partnerships and engage directly with U.S. regulators.
  • The move comes as the Trump administration rolls back enforcement and backs pro-crypto legislation, creating what Caladan sees as a more favorable environment for global players.

Crypto trading firm Caladan has announced plans to open a representative office in New York City, becoming the latest institutional player to expand into the U.S. as the Trump administration unwinds years of strict enforcement and signals a regulatory reset for the industry.

The Singapore-based firm will allocate at least 5% of its global headcount to the new U.S. office as it attempts to nab itself a broker-dealer registration and potential FINRA membership.

To lead the effort at its U.S. office, Caladan has hired a three-member team led by Gian-Paul Caccia, with experience across both crypto-native and traditional financial institutions, including crypto exchange Coinbase, asset manager BlackRock, investment bank Cowen Digital, and Bank of America.

Their mandate includes building institutional partnerships, advancing compliance strategy, and deepening regulatory engagement, according to a statement shared exclusively with Decrypt.

Caladan described its U.S. entry as part of a broader strategy to link Asia’s crypto market infrastructure with growing institutional momentum in the United States, seeking to serve as a conduit for liquidity, regulatory dialogue, and cross-border strategy.

“It’s not just about operating in the U.S., we want to help shape the rules-based future of crypto markets with full transparency and accountability,” Julia Zhou, COO at Caladan, said in the statement.

Caladan’s U.S. entry comes just as President Donald Trump’s administration tears up the rulebook that once kept firms like it at bay.

Since taking office in January, Trump has appointed pro-crypto SEC Chair Paul Atkins, dropped multiple lawsuits against digital asset firms, and reversed enforcement-heavy policies upheld by the previous administration. 

Nexo, the crypto lender that exited the U.S. market in 2022, citing “regulatory dead ends,” also announced its return last month, crediting Trump’s pro-innovation stance for the renewed access.

The administration has also hosted a White House crypto summit featuring top industry figures and backed the GENIUS Act, a stablecoin framework that cleared the Senate last week and now heads to the House.

Even before his presidential inauguration, Trump launched a meme coin on Solana to tap into crypto culture. Last week’s private gala for top Official Trump (TRUMP) meme coin holders turned that gesture into a focal point for political controversy.

Edited by Sebastian Sinclair

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KindlyMD shareholders approve Bitcoin pivot via Nakamoto Holdings merger
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KindlyMD shareholders approve Bitcoin pivot via Nakamoto Holdings merger

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KindlyMD shareholders have approved a merger with Bitcoin holding firm Nakamoto Holdings, paving the way for the creation of a publicly traded Bitcoin-focused conglomerate.

According to a May 20 announcement from the U.S.-based healthcare services provider, both companies will now file information statements with the Securities and Exchange Commission. 

The merger is expected to close 20 days after these disclosures are shared with shareholders. Completion is targeted for the third quarter of 2025.

Nakamoto Holdings, led by Donald Trump’s crypto adviser David Bailey, is a newly formed entity that seeks to consolidate Bitcoin-native businesses under one umbrella.

The deal gives Nakamoto Holdings a Nasdaq-listed vehicle to pursue its goal of turning Bitcoin into a foundational asset across global capital markets.

The merged firm plans to scale its Bitcoin holdings per share, a concept Bailey refers to as “Bitcoin Yield,” through equity, debt, and hybrid offerings. 

Though KindlyMD will continue operating its clinics focused on opioid reduction and alternative therapies, the new entity’s core focus will be financial, not medical.

“We are grateful that KindlyMD shares our vision for a future in which Bitcoin is a core part of the corporate balance sheet, and investors across global capital markets have exposure to the world’s greatest asset and store of value,” Bailey said in an accompanying statement.

The companies first announced the proposed merger on May 12. At the time, they described plans to launch a network of Bitcoin-native firms while using the merged balance sheet to accumulate BTC. 

Details of the merger were announced alongside a $710 million capital raise, with Nakamoto securing $510 million through a private placement and $200 million via convertible notes, which, according to Nakamoto, was the largest PIPE in any public crypto-linked transaction to date.

Bailey, who will become CEO of the merged entity, has likened his vision to building a modern counterpart to the Rothschilds or Morgans, except with Bitcoin as the reserve asset. 

“Every balance sheet, public or private, will hold Bitcoin,” he said at the time.

News of the merger sent shares of KindlyMD (KDLY) soaring more than 650% in premarket trading when it was first announced. Shares closed May 20 at $15.22, up 9% on the day, and climbed another 4.8% in after-hours trading. KDLY is now up over 979% year-to-date.

Bitcoin’s growing role as a treasury asset

With Bitcoin gaining traction as a corporate treasury asset, the KindlyMD–Nakamoto merger adds to a broader wave of public companies across the globe that have integrated Bitcoin into their financial strategies.

In the healthcare space, Basel Medical Group entered exclusive talks to buy up to $1 billion worth of Bitcoin earlier this month, while Semler Scientific has also joined the trend, and has been consistently building a sizable Bitcoin stash, holding 3,808 BTC as of May 21.

Meanwhile, in Latin America, Brazilian fintech Méliuz became the first publicly traded company in the region to adopt Bitcoin as a treasury asset, following shareholder approval earlier this month. 

Over in the Middle East, Al Abraaj Group kicked off its Bitcoin strategy with an initial 5 BTC purchase, while signalling plans to acquire more.

Strategy—formerly MicroStrategy—was the first major public company to adopt Bitcoin as a primary treasury asset back in 2020, effectively popularizing the corporate Bitcoin playbook. 

Recently, the firm disclosed a fresh $765 million purchase, adding 7,390 BTC to its balance sheet.



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