The Daily: Bitcoin taps $112,000 as analysts flip classic 'sell in May' adage, Kraken plots Solana-based tokenized stock trading, and more

The following article is adapted from The Block’s newsletter,  The Daily , which comes out on weekday afternoons.

Happy Bitcoin Pizza Day! On May 22, 2010, Laszlo Hanyecz made the first known real-world bitcoin purchase, buying two large Papa John's pizzas for 10,000 BTC — worth about $40 at the time. Little did he know that 15 years later, those pizzas would be worth $1.1 billion, with bitcoin now the fifth largest asset in the world.

In today's newsletter, analysts affirm the "buy in May and go away" mantra as bitcoin keeps making new highs, Kraken plans Solana-based tokenized stock trading outside the U.S., Safemoon's CEO is found guilty of crypto fraud, and more.

Meanwhile, Strategy launches a new $2.1 billion STRF ATM program to buy more bitcoin. Plus, Democrat Rep. Maxine Waters introduces a bill targeting "crypto corruption" just hours before President Trump's memecoin gala. And, the CFTC's Summer Mersinger says crypto perpetual futures trading could come to the U.S.

Let's get started.

Analysts embrace bullish spin on classic 'sell in May' adage as bitcoin taps $112,000

Bitcoin notched up another all-time high on Thursday, tapping $112,000 on Coinbase as bullish momentum swept through the broader crypto market.

• Options activity also hit record levels, with bitcoin open interest topping $45.8 billion in notional value — accounting for nearly 84% of the total digital asset options market, per CoinGlass data.
• Standard Chartered Head of Digital Assets Research Geoffrey Kendrick said market stimulants had moved in unison to fuel bitcoin's rally, reaffirming his $120,000 BTC price target by the end of Q2, citing institutional inflows and sovereign accumulation.
• Wincent Senior Director Paul Howard also said he expects bitcoin to trade higher in the weeks ahead amid increasing regulatory clarity.
• "The sense is it's more likely a case of buy in May and go away than any significant headwinds or selling pressure," Howard said.
• However, Dr. Kirill Kretov, senior automation expert at CoinPanel, advised caution amid rising open interest and thin liquidity, arguing the market could "turn at any moment."

Kraken to launch Solana-based tokenized stock trading

Crypto exchange Kraken is set to launch 24/7 tokenized stock and ETF trading for non-U.S. users, starting with over 55 assets, including Apple, Nvidia, and Tesla, through a partnership with Backed.

• The new "xStocks" product will also be integrated with certain Solana DeFi apps and be available to Kraken customers in Europe, Latin America, Africa, and Asia, according to the WSJ.
• Kraken co-CEO Arjun Sethi believes tokenized equities will eventually outgrow the $240 billion stablecoin market in size and impact.
• The move builds on Kraken's broader multi-asset push, including its recent $1.5 billion agreed acquisition of U.S. retail futures platform NinjaTrader.

SafeMoon CEO found guilty of crypto fraud, faces up to 45 years in prison

A federal jury on Wednesday found SafeMoon CEO Braden Karony guilty of defrauding investors and misusing millions of dollars from the crypto project's token liquidity pool for personal benefit.

• Karony faces up to 45 years in prison after being convicted on three charges, including securities fraud, wire fraud, and money laundering.
• Prosecutors said Karony and other co-conspirators secretly siphoned the liquidity pool's funds through hidden wallets while falsely claiming the pool was locked.
• Karony alone allegedly used over $9 million in crypto proceeds to buy luxury cars and real estate despite publicly denying any wrongdoing.

David Sacks says stablecoin bill could create trillions of dollars in demand for US Treasurys

White House crypto czar David Sacks said the GENIUS Act could unlock trillions of dollars for the U.S. Treasury by legitimizing stablecoins, expecting the bill to pass with bipartisan support.

• "We already have over $200 billion in stablecoins — it's just unregulated," he told CNBC on Wednesday. "I think that if we provide the legal clarity and legal framework for this, we could create trillions of dollars of demand for our Treasurys practically overnight, very quickly."
• Even ahead of the bill, USDT stablecoin issuer Tether has demonstrated considerable demand, recently nearing $120 billion in U.S. Treasury securities and surpassing Germany as the 19th largest global holder.
• Meanwhile, JPMorgan analysts cast doubt on such trillion-dollar stablecoin forecasts despite advancing regulation, describing the expectations as "far too optimistic."

Sui-based token prices plunge amid $223 million Cetus Protocol exploit

An attacker exploited Cetus Protocol for $223 million , triggering a sharp selloff that saw Sui-based tokens like LOFI, HIPPO, and CETUS itself plunge over 50% on DEXs in an hour on Thursday morning.

• Cetus paused its smart contract and worked with the Sui Foundation to freeze $162 million of the stolen funds, while about $60 million in USDC was bridged to Ethereum.
• The Sui ecosystem responded swiftly to the incident, with validators flagging and "ignoring transactions" tied to the attacker as teams continue efforts to recover the remaining assets.

In the next 24 hours

• U.S. Federal Reserve Governor Lisa Cook will speak at 12 p.m. ET on Friday.
• Moca Network and 1inch have token unlocks .
• Solana Accelerate concludes in New York.

Never miss a beat with The Block's  daily digest  of the most influential events happening across the digital asset ecosystem.