Introducing Mid-Month Market News

Bursera Capital is pleased to roll out our first mid-month newsletter. From now on, we will issue two market updates each month: the first, published at the beginning of the month, will include our performance results alongside broader market commentary; the second, delivered mid-month, will focus exclusively on the latest market developments. This new cadence ensures you stay informed on both our progress and real-time shifts in the digital asset landscape.

Market News

Key takeaways from this month's market activity:

• Bitcoin briefly surged past $111,000, surpassing its all-time high (ATH), coinciding with massive exchange-traded fund (ETF) inflows as U.S. markets recovered.
• Mastercard will roll out new stablecoin cards in its latest cryptocurrency push with MoonPay.
• Metaplanet, Strategy, and many other firms announced massive Bitcoin (BTC) purchases, with corporate investors buying over 157,000 BTC in 2025, outpacing the new supply provided by miners.
• Coinbase joins the S&P 500 as its market capitalization exceeds $65 billion.
• Dubai has partnered with Crypto.com on government cryptocurrency payments to support the emirate's 90% cashless transaction target by 2026.
• Alex Mashinsky, founder of Celsius (CEL), was sentenced to 12 years in prison for fraud involving the CEL token and network after taking a plea deal that barred him from a potential 30-year sentence.

Mastercard and MoonPay Partner on Global Stablecoin Cards

Mastercard is expanding its cryptocurrency initiatives by partnering with MoonPay to launch stablecoin-powered card services globally. The collaboration will utilize infrastructure from Iron (acquired by MoonPay in March) to enable stablecoin payments across 150 million merchants, with transactions automatically converting to fiat currency.

• MoonPay and Mastercard will enable stablecoin payments across 150 million merchants worldwide.
• The partnership leverages infrastructure from Iron, a stablecoin payment firm acquired by MoonPay.
• Transactions will automatically convert stablecoins to fiat currency.
• Regulatory clarity on stablecoins remains limited despite guidance from the Securities and Exchange Commission (SEC).
• Mastercard has expanded its cryptocurrency portfolio with recent partnerships with OKX and Nuvei.
• Visa is conducting competitive pilots of similar stablecoin services in six Latin American countries.
• Card networks are investing in stablecoin infrastructure for remittances and cross-border commerce.
• The SEC recently dropped an investigation into PayPal's stablecoin.

Corporate Buyers Lead Bitcoin Accumulation in 2025, Outpacing ETFs and Retail

Corporations have emerged as the dominant force in Bitcoin acquisitions during 2025, significantly outpacing ETFs, governments, and retail investors, according to new data from Bitcoin investment firm River. Led by Michael Saylor's Strategy, corporations have added 157,000 BTC, worth over $16 billion, to their holdings this year, with Strategy alone accounting for 77% of this growth. Meanwhile, ETFs added a more modest 49,000 BTC (approximately $5 billion), governments increased their holdings by 19,000 BTC, and retail investors reduced positions by about 247,000 BTC.

• Corporations have purchased 157,000 BTC in 2025 (over $16 billion at current prices).
• Strategy dominates corporate acquisitions, representing 77% of new corporate Bitcoin holdings.
• Corporate interest in Bitcoin has surged 154% since the beginning of 2024.
• ETFs added 49,000 BTC while retail investors reduced holdings by 247,000 BTC.
• Government Bitcoin holdings grew by 19,000 BTC.
• Financial and investment firms lead corporate purchases (35.7%), followed by tech firms (16.8%).
• Japanese firm Metaplanet now holds more Bitcoin than El Salvador.
• At least twelve public companies added BTC to their balance sheets for the first time in the first quarter (Q1) of 2025.
• Strategy's current accumulation pace exceeds total miner output, creating a deflationary trend of -2.3% annually.

Bitcoin continues to gain legitimacy as an asset class through rising institutional adoption and broader acceptance across industries. Corporate demand is outpacing new supply, creating scarcity that will increase its value vastly if the trend holds long term. As ownership shifts from retail to institutions and Bitcoin appears on corporate balance sheets, the market becomes increasingly enthusiastic and reassured.

Coinbase Joins S&P 500 as Bitcoin Surpasses $111,000

Coinbase, the leading cryptocurrency exchange, joined the S&P 500 index on May 19, 2025, replacing Discover Financial Services, which Capital One is acquiring. This milestone comes just days after Bitcoin surpassed the $100,000 mark, which it has since surpassed with a new all-time high of $111,000. The announcement sparked an 8% jump in Coinbase shares during extended trading, highlighting the growing integration of cryptocurrency businesses into mainstream financial markets.

• Coinbase replaced Discover Financial in the S&P 500 effective May 19, 2025.
• After the announcement, the crypto exchange's stock jumped 8% in extended trading.
• Bitcoin recently topped $111,000, surpassing its January record price.
• Coinbase closed at $207.22 last Monday with a $53 billion market capitalization, still below its 2021 peak of over $357.
• Stocks added to the S&P 500 typically rise as index-tracking funds must purchase shares.
• The S&P 500 continues to add tech companies, including Dell, Palantir, Super Micro Computer, and CrowdStrike.
• Companies must report profit in their latest quarter and show cumulative profit over four quarters to join the index.
• Coinbase reported net income of $65.6 million ($0.24 per share) in the first quarter (Q1) of 2025, down from $1.18 billion ($4.40 per share) a year earlier.
• Coinbase recently announced plans to acquire Dubai-based Deribit for $2.9 billion, its largest acquisition to date.
• Coinbase shares are down 17% year-to-date, underperforming Bitcoin's 10% gain over the same period.

Dubai Partners with Crypto.com to Enable Cryptocurrency Payments for Government Services

Dubai's Department of Finance has formed a strategic partnership with Crypto.com to allow government service fees to be paid using large-cap cryptocurrencies. The memorandum of understanding was signed Monday at the Dubai Financial Technology (FinTech) Summit between government officials and Mohammed Al Hakim, President of Crypto.com United Arab Emirates (UAE). This initiative supports Dubai's ambitious "Cashless Strategy," which aims to achieve ninety percent (90%) cashless transactions across public and private sectors by 2026, furthering the emirate's goals of becoming a leading digital city and global technology hub.

• The partnership will enable individuals and businesses to pay government service fees through Crypto.com digital wallets.
• The platform will securely convert cryptocurrency payments into Emirati dirhams for government accounts.
• Users will be able to pay for government-provided utility services, including parking, with large-cap crypto assets.
• Crypto.com's Al Hakim describes the initiative as a "truly global first programme".
• Crypto.com received its initial license for virtual asset service activities in Dubai in 2023.
• In April 2025, the company also obtained a limited license to offer derivatives in Dubai.
• The partnership supports Dubai's "Cashless Strategy," targeting 90% cashless transactions by 2026.
• Dubai has been investing in the crypto industry as part of its broader ambition to establish itself as a global technology hub.

Celsius Founder Alexander Mashinsky Sentenced to 12 Years for Fraud

Alexander Mashinsky, founder and former CEO of Celsius Network, has been sentenced to 12 years for commodities and securities fraud. Mashinsky deceived customers about Celsius's financial stability while marketing it as the "safest place for your crypto." He orchestrated a scheme to artificially inflate the price of the Celsius (CEL) token through market manipulation, personally profiting $48 million from CEL token sales. Shortly before Celsius halted customer withdrawals in June 2022, Mashinsky withdrew $8 million of his assets while continuing to assure customers of the platform's strong financial position. When Celsius ultimately filed for bankruptcy, approximately $4.7 billion in customer assets became inaccessible.

• Mashinsky pleaded guilty on December 3, 2024, to charges brought by the SDNY.
• In addition to prison time, he received three years of supervised release, a $50,000 fine, and must forfeit $48.4 million.
• Celsius grew exponentially under false pretenses, holding approximately $25 billion in assets at its peak.
• Mashinsky and executives used customer deposits to fund market purchases of CEL tokens without disclosure.
• The SEC and the Commodity Futures Trading Commission (CFTC) have filed parallel civil actions against him.

Mashinsky's sentencing represents a crucial step forward for the digital asset industry. It reinforces that fraudulent behavior and failure to comply with established regulatory frameworks will result in severe consequences. Regulatory authorities are actively protecting retail and institutional participants from deception and fraud in the emerging digital asset marketplace.