Crypto Currents: Trump crypto wealth surges on token sales

The Trump family’s crypto holdings come under fresh scrutiny as a Bloomberg investigation quantifies $660M in wealth gains from previously undisclosed World Liberty Financial token sales, raising new questions about executive-branch financial stakes in the very policy agenda shaping digital assets. Meanwhile, corporate bitcoin treasury strategies diverge sharply, with Hyperscale Data closing in on a $100M bitcoin balance while a Tony Parker-backed European firm abandons its accumulation plan entirely. On the infrastructure front, IREN prices a $2.6B convertible notes offering, Bitdeer posts a stunning 372% year-over-year mining surge, and Broadridge Financial Solutions moves to become the institutional backbone of tokenized securities. Stay up on the crypto news that matters with “Crypto Currents,” daily from The Fly. Join us at 2 PM ET for your essential briefing on the fast-moving world of cryptocurrency on FlyCast radio.

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TRUMP FAMILY TOKEN DISCLOSURE: A Bloomberg investigation based on its Billionaires Index found Trump family members generated approximately $1.55B in previously undisclosed token sales tied to World Liberty Financial (WLFI-USD), netting roughly $660M in wealth gains. American Bitcoin Donald Trump Jr., is a separate but related element of the Trump family’s broader crypto wealth ecosystem that has grown during the current administration. The disclosure adds a new dimension of political risk and policy-conflict scrutiny to the crypto regulatory calendar. With stablecoin legislation and broader market structure bills moving through Congress, any perception that the executive branch has direct financial stakes in crypto outcomes could create headwinds for orderly rule-making, particularly at the SEC and CFTC.

BITCOIN TREASURY WATCH: Hyperscale Data disclosed it held 686.7 bitcoin valued at approximately $56.4M at $82,139 per token as of May 10, alongside roughly $37.8M in cash and restricted cash, for a combined approximately $94.2M. The company’s combined bitcoin, cash, and restricted cash balance approaches the symbolic $100M threshold, with management signaling “major capital markets and treasury initiatives” to be discussed at Q1 earnings.

That contrasts with a cautionary data point from Europe. Bloomberg reported The Bitcoin Society, a firm backed by NBA legend Tony Parker that trades on Euronext Paris, has scrapped its planned bitcoin accumulation strategy citing market conditions and difficulty raising capital. The reversal is a signal worth noting for listed corporate bitcoin holders including Strategy (MARA), given elevated bitcoin prices and tightening corporate credit conditions.

MINING AND INFRASTRUCTURE: Bitdeer Technologies reported mining 783 bitcoin in April, up 372% vs. last year, driven by the mass-production launch of its proprietary SEALMINER A4 hardware. AI cloud annualized recurring revenue grew to approximately $69M in April, up 60% month-over-month, underscoring the company’s dual-revenue model across bitcoin mining and AI compute.

IREN (IREN) filed an 8-K announcing the pricing of a $2.6B convertible senior notes offering due 2033, a significant capital markets development for the pure-play miner. HIVE Digital Technologies (HIVE) also filed an 8-K, disclosing amendments to its shareholder meeting quorum rules to meet Nasdaq compliance requirements and a approximately $3.1M, five-year fiber and network infrastructure upgrade at its Grand Falls data center.

TOKENIZED SECURITIES INFRASTRUCTURE: Broadridge Financial Solutions unveiled a new integrated infrastructure platform for tokenized securities, providing institutional firms the infrastructure to operate across tokenized and traditional securities on a single, integrated platform, positioning the company as a key back-office layer for real-world asset adoption at scale. The move is notable because it signals institutional plumbing is advancing faster than regulatory frameworks. Broadridge’s post-trade infrastructure underpins the daily trading of over $15T in securities globally, and embedding tokenized securities into that network could give it a durable structural advantage as RWA issuance volumes grow.

PRICE ACTION: As of time of writing, bitcoin (BTC-USD) was trading at $80,620.41, while ether (ETH-USD) was trading at $2,272.64, according to price data from TipRanks.